IMMOSAL
ActiveSummary
IMMOSAL has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €106,934 and a net result of €17,999. Equity is growing by ~29.3% per year across the filed fiscal years. Its solvency ranks better than 34% of 3321 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74=
Solvency50▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity tight (current ratio 1.12 against 0.79 in 2024; short-term debt: 12% and cash: 11.1% of total assets), and 74.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
25.1%
Return on assets
4.2%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
25 d late
2024
26 d late
2023
26 d late
2022
29 d late
2021
29 d late
2020
23 d late
2019
61 d late
← 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 31 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€17,999▲ 5.7%
2024 · €17,026
Working capital
€6,061
2024 · -€7,916
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€34,461▲ 1,029%€35,193▲ 2.1%€27,113▼ 23.0%€29,958▲ 10.5%€30,656▲ 2.3%
Net result€20,821€18,941▼ 9.0%€14,497▼ 23.5%€17,026▲ 17.4%€17,999▲ 5.7%
Equity€38,471▲ 118%€57,412▲ 49.2%€71,909▲ 25.3%€88,935▲ 23.7%€106,934▲ 20.2%
Total assets€496,122▼ 3.6%€476,860▼ 3.9%€448,418▼ 6.0%€426,878▼ 4.8%€426,586▼ 0.1%
Debt€457,651▼ 7.9%€419,448▼ 8.3%€376,509▼ 10.2%€337,943▼ 10.2%€319,652▼ 5.4%
Working capital-€46,695▲ 8.8%-€34,056▲ 27.1%-€21,543▲ 36.7%-€7,916▲ 63.3%€6,061
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 2% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €426,586
Fixed assets
€369,461 ▼ 7.2%
Current assets
€57,125 ▲ 97.4%
Equity and liabilities €426,586
Equity
€106,934 ▲ 20.2%
Debt
€319,652 ▼ 5.4%
Debt's share of the balance-sheet total falls from 79.2% to 74.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€59,140▲
2024 · €58,443
Cash flow
€46,483▲
2024 · €45,510
Current ratio
1.12▲
2024 · 0.79
Debt to equity
2.99▼
2024 · 3.80
ROE
16.8%▼
2024 · 19.1%
ROA
4.2%▲
2024 · 4.0%
Interest coverage
8.97▲
2024 · 8.10
Debt ≤ 1 year
€51,065▲
2024 · €36,849
Debt > 1 year
€268,587▼
2024 · €301,094
Income taxes
€6,061▲
2024 · €5,718
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,270 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
2.1%
went bankrupt
2.5%
stopped otherwise
95%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 3,270 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 |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €31,576 | €30,415 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,627 | €29,169 | €29,287 | €28,484 | €28,484 | = |
| Other operating charges640/8 | €4,936 | €4,823 | €5,729 | €5,711 | €5,883 | ▲ 3.0% |
| Gross operating margin9900 | €68,024 | €69,185 | €62,129 | €64,153 | €65,023 | ▲ 1.4% |
| Operating profit (loss)9901 | €34,461 | €35,193 | €27,113 | €29,958 | €30,656 | ▲ 2.3% |
| Financial income75/76B | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - |
| Financial charges65/66B | €8,832 | €9,939 | €7,783 | €7,215 | €6,595 | ▼ 8.6% |
| Recurring financial charges65 | €8,832 | €9,939 | €7,783 | €7,215 | €6,595 | ▼ 8.6% |
| Profit (loss) for the period before taxes9903 | €25,629 | €25,254 | €19,329 | €22,744 | €24,060 | ▲ 5.8% |
| Income taxes67/77 | €4,808 | €6,314 | €4,832 | €5,718 | €6,061 | ▲ 6.0% |
| Profit (loss) for the period9904 | €20,821 | €18,941 | €14,497 | €17,026 | €17,999 | ▲ 5.7% |
| Profit (loss) for the period to be appropriated9905 | €20,821 | €18,941 | €14,497 | €17,026 | €17,999 | ▲ 5.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €496,122 | €476,860 | €448,418 | €426,878 | €426,586 | ▼ 0.1% |
| Fixed assets21/28 | €480,086 | €455,717 | €426,429 | €397,945 | €369,461 | ▼ 7.2% |
| Intangible fixed assets21 | €881 | €755 | €629 | €503 | €377 | ▼ 25.0% |
| Tangible fixed assets22/27 | €479,205 | €454,962 | €425,800 | €397,442 | €369,083 | ▼ 7.1% |
| Plant, machinery and equipment23 | €469 | €234 | - | - | - | - |
| Furniture and vehicles24 | €1,138 | €569 | - | - | - | - |
| Other tangible fixed assets26 | €477,599 | €454,159 | €425,800 | €397,442 | €369,083 | ▼ 7.1% |
| Current assets29/58 | €16,037 | €21,143 | €21,989 | €28,933 | €57,125 | ▲ 97.4% |
| Amounts receivable within one year40/41 | €540 | €1,200 | €10,705 | €1,765 | €8,300 | ▲ 370% |
| Trade receivables40 | €388 | €929 | €8,477 | €37 | €8,300 | ▲ 22,357% |
| Other amounts receivable41 | €152 | €270 | €2,228 | €1,728 | - | - |
| Cash at bank and in hand54/58 | €14,809 | €17,644 | €9,589 | €25,145 | €47,433 | ▲ 88.6% |
| Deferred charges and accrued income490/1 | €688 | €2,299 | €1,695 | €2,023 | €1,393 | ▼ 31.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €496,122 | €476,860 | €448,418 | €426,878 | €426,586 | ▼ 0.1% |
| Equity10/15 | €38,471 | €57,412 | €71,909 | €88,935 | €106,934 | ▲ 20.2% |
| Contributions10/11 | €20,449 | €20,449 | €22,494 | €22,494 | €22,494 | = |
| Capital10 | €20,449 | €20,449 | - | - | - | - |
| Issued capital100 | €20,449 | €20,449 | - | - | - | - |
| Reserves13 | €2,045 | €2,045 | - | - | - | - |
| Non-distributable reserves130/1 | €2,045 | €2,045 | - | - | - | - |
| Legal reserve130 | €2,045 | €2,045 | - | - | - | - |
| Profit (loss) carried forward14 | €15,978 | €34,918 | €49,415 | €66,441 | €84,440 | ▲ 27.1% |
| Amounts payable17/49 | €457,651 | €419,448 | €376,509 | €337,943 | €319,652 | ▼ 5.4% |
| Amounts payable after more than one year17 | €394,919 | €364,249 | €332,978 | €301,094 | €268,587 | ▼ 10.8% |
| Financial debts170/4 | €394,919 | €364,249 | €332,978 | €301,094 | €268,587 | ▼ 10.8% |
| Amounts payable within one year42/48 | €62,732 | €55,199 | €43,531 | €36,849 | €51,065 | ▲ 38.6% |
| Current portion of amounts payable after more than one year42 | €30,082 | €30,671 | €31,271 | €31,883 | €32,507 | ▲ 2.0% |
| Trade debts44 | €1,464 | €1,842 | €2,882 | €3,248 | €16,484 | ▲ 408% |
| Suppliers440/4 | €1,464 | €1,842 | €2,882 | €3,248 | €16,484 | ▲ 408% |
| Taxes, remuneration and social security45 | €4,808 | €4,808 | - | €1,718 | €2,073 | ▲ 20.7% |
| Taxes450/3 | €4,808 | €4,808 | - | €1,718 | €2,073 | ▲ 20.7% |
| Other amounts payable47/48 | €26,379 | €17,879 | €9,379 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,821 | €18,941 | €14,497 | €17,026 | €17,999 | ▲ 5.7% |
| + Depreciation and write-downs630 | €28,627 | €29,169 | €29,287 | €28,484 | €28,484 | = |
| Operating cash flow (approximation) | €49,448 | €48,110 | €43,784 | €45,510 | €46,483 | ▲ 2.1% |
| Investment in fixed assets (approximation) | - | -€4,800 | €0 | €0 | €0 | - |
| Change in cash | - | €2,836 | -€8,056 | €15,557 | €22,287 | ▲ 43.3% |
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
22-09
State Gazette act
Resignations: Pierre Pichault (director) and Joëlle Decharneux (director)Director discharge22 facts ▸
State Gazette act
Resignations: Pierre Pichault (director) and Joëlle Decharneux (director)
Director discharge22 facts ▸
- General meeting, 11-09-2026
- Director resignation, Pierre Pichault (director)
- Director resignation, Joëlle Decharneux (director)
- Director resignation, Joëlle Decharneux (managing director)
- Board meeting, 11-09-2026
- Director in office, Paul CRAHAY (président de l'organe d'administration)
- Director in office, Marc LEVAUX (managing director)
- Director in office, Manuel GUSTIN (managing director)
- Director in office, Joëlle Decharneux (managing director)
- Director in office, Cécile DELFORGE (managing director)
- Director in office, Pierre Pichault (director)
- Director in office, Pascale BABILONE (director)
- +10 further facts in this act
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
31-12
Financial
Equity above €100,000Eq €106,934 ▲20.2%
5 profitable years in a row build equity to €106,934.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 26 days late
2024
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 26 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
31-12
Financial
Back to profitnet €20,821
Net result €20,821 after one loss-making year.
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 23 days late
2020
31-12
Financial
Weakest financial yearnet -€6,397
Net result drops to -€6,397, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
8 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège
Ground area
807 m²
Building footprint
128 m²
Volume, LiDAR
2,335 m³
Parcel 62803B0206/00G002, Wallonia · tallest building 26.3 m, ±6 floors. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62803B0206/00G002 | Wallonia | 807 m² | 1 · 128 m² | 26.3 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 0 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Joëlle Decharneux |
|
| Pierre Pichault |
|
Structure & network
Owners and holdings
1 ownerOwners 1
-
9.09%
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.
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Of 22,076 companies in sector 69101 we hold annual accounts for 9,058. 7,555 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-10-2018
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
E-invoicing
Reachable via Peppol
Peppol ID
0208:0707919559
Also
9925:BE0707919559
Registered
24-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.