IMMOROUTE
ActiveSummary
IMMOROUTE has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €217,889. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 38% of 300 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▼-2
Solvency56▼-7
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85,000 at 30 days acceptable
Liquidity ample (current ratio 1.54 against 1.87 in 2024; short-term debt: 51.2% and cash: 0.5% of total assets), but 69% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
31%
Return on assets
4.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
24 d early
2023
21 d early
2022
28 d early
2021
34 d early
2020
33 d early
2019
23 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 41% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by equity in Thuin, Construction sector#3 company by total assets in Thuin, Construction sector#8 employer in Thuin
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€217,889▼ 11.8%
2024 · €246,965
Working capital
€1.3m▼ 12.2%
2024 · €1.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,227-€7,853▼ 50.2%€2,954€263,210▲ 8,811%€221,067▼ 16.0%
Net result€3,783below the sector's middle half▼ 96.7%€6,973below the sector's middle half▲ 84.3%€15,249within the sector's middle half▲ 119%€246,965within the sector's middle half▲ 1,520%€217,889within the sector's middle half▼ 11.8%
Equity€1.4mwithin the sector's middle half▲ 0.3%€1.4mwithin the sector's middle half▲ 0.5%€1.4mwithin the sector's middle half▲ 1.1%€1.4mwithin the sector's middle half▲ 3.4%€1.4mwithin the sector's middle half▲ 1.3%
Total assets€3.0mwithin the sector's middle half▲ 2.7%€3.4mwithin the sector's middle half▲ 14.7%€3.2mwithin the sector's middle half▼ 6.8%€3.7mwithin the sector's middle half▲ 18.0%€4.6mwithin the sector's middle half▲ 24.4%
Debt€1.3m▲ 6.2%€1.7m▲ 33.3%€1.5m▼ 14.2%€2.0m▲ 35.6%€2.9m▲ 44.8%
Working capital€1.4mwithin the sector's middle half▼ 6.3%€1.4mwithin the sector's middle half▲ 1.2%€1.5mwithin the sector's middle half▲ 4.7%€1.5mwithin the sector's middle half▼ 1.2%€1.3mwithin the sector's middle half▼ 12.2%
Solvency45.7%within the sector's middle half▼ 1.1pp40.1%within the sector's middle half▼ 5.7pp43.5%within the sector's middle half▲ 3.4pp38.1%within the sector's middle half▼ 5.4pp31.0%within the sector's middle half▼ 7.1pp
Current ratio2.58within the sector's middle half▲ 0.201.98within the sector's middle half▼ 0.602.12within the sector's middle half▲ 0.141.87within the sector's middle half▼ 0.261.54within the sector's middle half▼ 0.33
Return on assets (ROA)0.1%below the sector's middle half▼ 3.9pp0.2%within the sector's middle half▲ 0.1pp0.5%below the sector's middle half▲ 0.3pp6.6%within the sector's middle half▲ 6.1pp4.7%within the sector's middle half▼ 1.9pp
Staff (FTE)30.1within the sector's middle half=32.9within the sector's middle half▲ 9.3%27.7within the sector's middle half▼ 15.8%30.4within the sector's middle half▲ 9.7%33.6within the sector's middle half▲ 10.5%
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 16% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.6m
Fixed assets
€990,246 ▲ 63.9%
Current assets
€3.6m ▲ 16.8%
Equity and liabilities €4.6m
Equity
€1.4m ▲ 1.3%
Provisions
€315,000 ▼ 0.1%
Debt
€2.9m ▲ 44.8%
Debt's share of the balance-sheet total rises from 53.4% to 62.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€492,234▲
2024 · €470,565
Cash flow
€489,056▲
2024 · €454,320
Quick ratio
1.20▼
2024 · 1.74
Debt to equity
2.01▲
2024 · 1.40
ROE
15.1%▼
2024 · 17.4%
Interest coverage
11.98▼
2024 · 18.71
Debt ≤ 1 year
€2.4m▲
2024 · €1.7m
Debt > 1 year
€505,204▲
2024 · €318,227
Income taxes
€10,588▼
2024 · €19,871
Staff costs
€1.9m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,732 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | €500 | €0 | - | - |
| Remuneration, social security and pensions62 | €1.3m | €1.5m | €1.3m | €1.5m | €1.9m | ▲ 23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €132,441 | €184,094 | €170,597 | €207,355 | €271,167 | ▲ 30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€35,000 | €0 | - | €452,525 | €0 | ▼ 100% |
| Other operating charges640/8 | €41,191 | €8,179 | €6,270 | €15,815 | €8,954 | ▼ 43.4% |
| Non-recurring operating charges66A | €4,607 | €0 | - | - | €15,667 | - |
| Gross operating margin9900 | €1.5m | €1.7m | €1.5m | €2.5m | €2.4m | ▼ 2.7% |
| Operating profit (loss)9901 | -€5,227 | -€7,853 | €2,954 | €263,210 | €221,067 | ▼ 16.0% |
| Financial income75/76B | €32,364 | €35,753 | €36,220 | €28,098 | €48,274 | ▲ 71.8% |
| Recurring financial income75 | €32,364 | €35,753 | €36,220 | €28,098 | €48,274 | ▲ 71.8% |
| Financial charges65/66B | €15,684 | €14,143 | €12,600 | €25,147 | €41,103 | ▲ 63.5% |
| Recurring financial charges65 | €15,684 | €14,143 | €12,600 | €25,147 | €41,103 | ▲ 63.5% |
| Profit (loss) for the period before taxes9903 | €11,452 | €13,758 | €26,574 | €266,161 | €228,238 | ▼ 14.2% |
| Transfer from deferred taxes780 | €840 | €987 | €675 | €675 | €239 | ▼ 64.6% |
| Transfer to deferred taxes680 | €0 | - | - | - | - | - |
| Income taxes67/77 | €8,510 | €7,772 | €12,000 | €19,871 | €10,588 | ▼ 46.7% |
| Profit (loss) for the period9904 | €3,783 | €6,973 | €15,249 | €246,965 | €217,889 | ▼ 11.8% |
| Transfer from tax-exempt reserves789 | €2,521 | €2,962 | €2,026 | €2,026 | €718 | ▼ 64.6% |
| Transfer to tax-exempt reserves689 | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6,304 | €9,935 | €17,275 | €248,991 | €218,607 | ▼ 12.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.0m | €3.4m | €3.2m | €3.7m | €4.6m | ▲ 24.4% |
| Fixed assets21/28 | €690,522 | €556,287 | €385,560 | €604,028 | €990,246 | ▲ 63.9% |
| Tangible fixed assets22/27 | €689,145 | €554,334 | €383,738 | €601,056 | €987,274 | ▲ 64.3% |
| Land and buildings22 | - | - | - | - | €67,500 | - |
| Plant, machinery and equipment23 | €75,869 | €65,040 | €44,746 | €358,422 | €406,181 | ▲ 13.3% |
| Furniture and vehicles24 | €85,850 | €81,169 | €50,166 | €73,107 | €72,802 | ▼ 0.4% |
| Leasing and similar rights25 | €527,426 | €408,126 | €288,826 | €169,526 | €440,791 | ▲ 160% |
| Financial fixed assets28 | €1,378 | €1,953 | €1,823 | €2,973 | €2,973 | = |
| Current assets29/58 | €2.3m | €2.8m | €2.8m | €3.1m | €3.6m | ▲ 16.8% |
| Stocks and contracts in progress3 | €243,617 | €243,617 | €665,326 | €208,288 | €808,288 | ▲ 288% |
| Stocks30/36 | €243,617 | €243,617 | €665,326 | €208,288 | €808,288 | ▲ 288% |
| Amounts receivable within one year40/41 | €2.0m | €2.5m | €2.0m | €2.6m | €2.8m | ▲ 5.4% |
| Trade receivables40 | €1.1m | €1.6m | €1.0m | €1.4m | €1.5m | ▲ 6.2% |
| Other amounts receivable41 | €850,992 | €946,505 | €1.0m | €1.2m | €1.2m | ▲ 4.4% |
| Cash at bank and in hand54/58 | €50,442 | €7,524 | €46,507 | €259,188 | €24,169 | ▼ 90.7% |
| Deferred charges and accrued income490/1 | €14,152 | €33,929 | €37,974 | €32,440 | €49,700 | ▲ 53.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.0m | €3.4m | €3.2m | €3.7m | €4.6m | ▲ 24.4% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 1.3% |
| Contributions10/11 | €676,000 | €676,000 | €676,000 | €676,000 | €676,000 | = |
| Capital10 | €676,000 | €676,000 | €676,000 | €676,000 | €676,000 | = |
| Issued capital100 | €676,000 | €676,000 | €676,000 | €676,000 | €676,000 | = |
| Reserves13 | €675,680 | €682,653 | €697,902 | €744,868 | €762,757 | ▲ 2.4% |
| Non-distributable reserves130/1 | €70,351 | €70,351 | €70,351 | €70,351 | €70,351 | = |
| Legal reserve130 | €70,351 | €70,351 | €70,351 | €70,351 | €70,351 | = |
| Tax-exempt reserves132 | €26,482 | €23,520 | €21,494 | €19,468 | €18,750 | ▼ 3.7% |
| Distributable reserves133 | €578,847 | €588,782 | €606,057 | €655,049 | €673,656 | ▲ 2.8% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | - |
| Provisions and deferred taxes16 | €317,577 | €316,590 | €315,915 | €315,239 | €315,000 | ▼ 0.1% |
| Provisions for liabilities and charges160/5 | €315,000 | €315,000 | €315,000 | €315,000 | €315,000 | = |
| Pensions and similar obligations160 | €315,000 | €315,000 | €315,000 | €315,000 | €315,000 | = |
| Deferred taxes168 | €2,577 | €1,590 | €915 | €239 | €0 | ▼ 100% |
| Amounts payable17/49 | €1.3m | €1.7m | €1.5m | €2.0m | €2.9m | ▲ 44.8% |
| Amounts payable after more than one year17 | €401,597 | €283,110 | €163,365 | €318,227 | €505,204 | ▲ 58.8% |
| Financial debts170/4 | €401,597 | €283,110 | €163,365 | €318,227 | €505,204 | ▲ 58.8% |
| Amounts payable within one year42/48 | €878,687 | €1.4m | €1.3m | €1.7m | €2.4m | ▲ 41.8% |
| Current portion of amounts payable after more than one year42 | €131,288 | €118,487 | €119,746 | €182,830 | €209,693 | ▲ 14.7% |
| Trade debts44 | €475,046 | €1.0m | €894,975 | €801,584 | €1.6m | ▲ 97.2% |
| Suppliers440/4 | €475,046 | €1.0m | €894,975 | €801,584 | €1.6m | ▲ 97.2% |
| Taxes, remuneration and social security45 | €84,223 | €80,521 | €104,817 | €199,814 | €209,835 | ▲ 5.0% |
| Taxes450/3 | €13,405 | €8,226 | €50,630 | €72,028 | €69,898 | ▼ 3.0% |
| Remuneration and social security454/9 | €70,817 | €72,295 | €54,187 | €127,786 | €139,937 | ▲ 9.5% |
| Other amounts payable47/48 | €188,130 | €182,273 | €186,753 | €490,625 | €374,768 | ▼ 23.6% |
| Accrued charges and deferred income492/3 | €5,205 | €0 | - | - | €5,350 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,783 | €6,973 | €15,249 | €246,965 | €217,889 | ▼ 11.8% |
| + Depreciation and write-downs630 | €132,441 | €184,094 | €170,597 | €207,355 | €271,167 | ▲ 30.8% |
| Operating cash flow (approximation) | €136,224 | €191,067 | €185,846 | €454,320 | €489,056 | ▲ 7.6% |
| Investment in fixed assets (approximation) | - | -€49,859 | €130 | -€425,823 | -€657,385 | ▼ 54.4% |
| Change in cash | - | -€42,918 | €38,983 | €212,681 | -€235,019 | ▼ 211% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet €3,783 ▼96.7%
Net result drops to €3,783, the lowest in the series; recovery starts the following year.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Thuin · 3 establishment units since 2004
Ground area
5,997 m²
Building footprint
214 m²
Volume, LiDAR
1,424 m³
2 parcels, Wallonia · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
3 establishment units
IMMOROUTE
since 20042.139.494.950
IMMOROUTE
since 20232.341.359.967
IMMOROUTE
since 20242.360.106.406
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53054C0041/00M000 | Wallonia | 5,910 m² | 1 · 127 m² | 8.4 m · 2 fl. |
| 56078D0118/00D006 | Wallonia | 87 m² | 1 · 87 m² | 8.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
- Sourceaccounts COBEFI 202519.97%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Recognised contractor
12 categoriesIMMOROUTE SA39907
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Of 2,325 companies in sector 42110 we hold annual accounts for 1,096. 603 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-09-2004
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
42110Construction of roads and motorways
E-invoicing
Reachable via Peppol
Peppol ID
0208:0867329953
Also
9925:BE0867329953
Registered
08-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.