IMMOTERRE
ActiveSummary
IMMOTERRE has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €106k and a net result of €-34k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 51% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability6▼-4
Solvency55▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity short (current ratio 0.86 against 1.14 in 2024; short-term debt: 34.4% and cash: 9.3% of total assets), and 69.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
30.3%
Return on assets
-9.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-34k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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 · 10 filingsDeviation from the deadline
2025
24 d late
2024
28 d late
2023
12 d early
2022
12 d early
2021
44 d early
2020
47 d early
2019
18 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€106k▼ 24.4%
2024 · €141k
2018: €50k
2019: €-157k▼ -413% vs 2018
2020: €-216k▼ -37.8% vs 2019
2021: €-234k▼ -8.4% vs 2020lowest in 8 years
2022: €217k▲ +193% vs 2021highest in 8 years
2023: €171k▼ -21.4% vs 2022
2024: €141k▼ -17.4% vs 2023
2025: €106k▼ -24.4% vs 2024
2018 → 2025
Total assets
€351k▼ 13.6%
2024 · €406k
2018: €236k
2019: €152k▼ -35.6% vs 2018
2020: €66k▼ -56.5% vs 2019
2021: €52k▼ -21.1% vs 2020lowest in 8 years
2022: €741k▲ +1318% vs 2021highest in 8 years
2023: €513k▼ -30.7% vs 2022
2024: €406k▼ -20.9% vs 2023
2025: €351k▼ -13.6% vs 2024
2018 → 2025
Net result
€-34k▼ 16.0%
2024 · €-30k
2018: €-136k
2019: €-201k▼ -47.2% vs 2018lowest in 8 years
2020: €-55k▲ +72.8% vs 2019
2021: €-18k▲ +66.7% vs 2020
2022: €476k▲ +2722% vs 2021highest in 8 years
2023: €-46k▼ -110% vs 2022
2024: €-30k▲ +35.9% vs 2023
2025: €-34k▼ -16.0% vs 2024
2018 → 2025
Working capital
€-17k
2024 · €19k
2018: €-60k
2019: €-195k▼ -224% vs 2018
2020: €-272k▼ -39.8% vs 2019
2021: €-285k▼ -4.6% vs 2020lowest in 8 years
2022: €-70k▲ +75.3% vs 2021
2023: €40k▲ +156% vs 2022highest in 8 years
2024: €19k▼ -52.0% vs 2023
2025: €-17k▼ -188% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-234k-€217k€171k▼ 21.4%€141k▼ 17.4%€106k▼ 24.4%
2021: €-234klowest in 5 years
2022: €217k▲ +193% vs 2021highest in 5 years
2023: €171k▼ -21.4% vs 2022
2024: €141k▼ -17.4% vs 2023
2025: €106k▼ -24.4% vs 2024
Operating result€-18k-€476k€-40k€-24k▲ 40.0%€-27k▼ 14.4%
2021: €-18k
2022: €476k▲ +2754% vs 2021highest in 5 years
2023: €-40k▼ -108% vs 2022lowest in 5 years
2024: €-24k▲ +40.0% vs 2023
2025: €-27k▼ -14.4% vs 2024
Net result€-18k-€476k€-46k€-30k▲ 35.9%€-34k▼ 16.0%
2021: €-18k
2022: €476k▲ +2722% vs 2021highest in 5 years
2023: €-46k▼ -110% vs 2022lowest in 5 years
2024: €-30k▲ +35.9% vs 2023
2025: €-34k▼ -16.0% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27k in 2025 against €24k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €351k
Fixed assets
€247k ▼ 1.8%
Current assets
€104k ▼ 32.7%
Equity and liabilities €351k
Equity
€106k ▼ 24.4%
Debt
€245k ▼ 7.8%
Debt's share of the balance-sheet total rises from 65.3% to 69.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-8k▼
2024 · €-5k
Cash flow
€-15k▼
2024 · €-10k
Current ratio
0.86▼
2024 · 1.14
Debt to equity
2.30▲
2024 · 1.88
ROE
-32.4%▼
2024 · -21.1%
ROA
-9.8%▼
2024 · -7.3%
Interest coverage
-1.10▼
2024 · -0.78
Debt ≤ 1 year
€121k▼
2024 · €136k
Debt > 1 year
€121k▼
2024 · €129k
Staff costs
€33k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€406k€351k▼
Formation expenses20€0€0=
Fixed assets21/28€252k€247k▼
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€251k€247k▼
Land and buildings22€251k€232k▼
Assets under construction and advance payments27-€15k
Financial fixed assets28€500€500=
Current assets29/58€155k€104k▼
Amounts receivable within one year40/41€66k€71k▲
Trade receivables40€1k€4k▲
Other amounts receivable41€65k€67k▲
Cash at bank and in hand54/58€88k€33k▼
Deferred charges and accrued income490/1€536€759▲
Equity and liabilities
Total equity and liabilities10/49€406k€351k▼
Equity10/15€141k€106k▼
Contributions10/11€186k€186k=
Reserves13€75k€75k=
Non-distributable reserves130/1€12€12=
Reserves not available under the articles1311€12€12=
Distributable reserves133€75k€75k=
Profit (loss) carried forward14€-120k€-154k▼
Investment grants15€0€0=
Amounts payable17/49€266k€245k▼
Amounts payable after more than one year17€129k€121k▼
Financial debts170/4€129k€121k▼
Amounts payable within one year42/48€136k€121k▼
Current portion of amounts payable after more than one year42€9k€8k▼
Trade debts44€518€2k▲
Suppliers440/4€518€2k▲
Advances received on contracts in progress46€95k€65k▼
Taxes, remuneration and social security45-€15k
Taxes450/3-€2k
Remuneration and social security454/9-€13k
Other amounts payable47/48€31k€31k▲
Accrued charges and deferred income492/3€1k€3k▲
Income statement
Code20242025
Remuneration, social security and pensions62-€33k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€19k=
Other operating charges640/8€4k€3k▼
Gross operating margin9900€-854€27k▲
Operating profit (loss)9901€-24k€-27k▼
Financial income75/76B-€120
Recurring financial income75-€120
Financial charges65/66B€6k€7k▲
Recurring financial charges65€6k€7k▲
Profit (loss) for the period before taxes9903€-30k€-34k▼
Profit (loss) for the period9904€-30k€-34k▼
Profit (loss) for the period to be appropriated9905€-30k€-34k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-120k€-154k▼
Profit (loss) brought forward from the previous period14P€-90k€-120k▼
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €5 | €166 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €33k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €5k | €19k | €19k | €19k | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-334 | - | - | - | - | - |
| Other operating charges640/8 | €6k | €5k | €3k | €4k | €3k | ▼ 27.9% |
| Non-recurring operating charges66A | - | €2k | - | - | - | - |
| Gross operating margin9900 | €-7k | €489k | €-18k | €-854 | €27k | ▲ 3,300% |
| Operating profit (loss)9901 | €-18k | €476k | €-40k | €-24k | €-27k | ▼ 14.4% |
| Financial income75/76B | - | - | €0 | - | €120 | - |
| Recurring financial income75 | - | - | €0 | - | €120 | - |
| Financial charges65/66B | €211 | €250 | €7k | €6k | €7k | ▲ 24.5% |
| Recurring financial charges65 | €211 | €250 | €7k | €6k | €7k | ▲ 24.5% |
| Profit (loss) for the period before taxes9903 | €-18k | €476k | €-46k | €-30k | €-34k | ▼ 16.0% |
| Income taxes67/77 | - | €-1 | - | - | - | - |
| Profit (loss) for the period9904 | €-18k | €476k | €-46k | €-30k | €-34k | ▼ 16.0% |
| Profit (loss) for the period to be appropriated9905 | €-18k | €476k | €-46k | €-30k | €-34k | ▼ 16.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €52k | €741k | €513k | €406k | €351k | ▼ 13.6% |
| Formation expenses20 | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €51k | €287k | €271k | €252k | €247k | ▼ 1.8% |
| Intangible fixed assets21 | - | - | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €50k | €287k | €271k | €251k | €247k | ▼ 1.8% |
| Land and buildings22 | €49k | €287k | €271k | €251k | €232k | ▼ 7.7% |
| Plant, machinery and equipment23 | €982 | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €15k | - |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €1k | €454k | €242k | €155k | €104k | ▼ 32.7% |
| Amounts receivable within one year40/41 | €407 | €5k | €96k | €66k | €71k | ▲ 6.9% |
| Trade receivables40 | €389 | €1k | - | €1k | €4k | ▲ 225% |
| Other amounts receivable41 | €18 | €4k | €96k | €65k | €67k | ▲ 2.8% |
| Cash at bank and in hand54/58 | €934 | €449k | €147k | €88k | €33k | ▼ 63.0% |
| Deferred charges and accrued income490/1 | - | - | - | €536 | €759 | ▲ 41.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €52k | €741k | €513k | €406k | €351k | ▼ 13.6% |
| Equity10/15 | €-234k | €217k | €171k | €141k | €106k | ▼ 24.4% |
| Contributions10/11 | €186k | €186k | €186k | €186k | €186k | = |
| Capital10 | €186k | €186k | - | - | - | - |
| Issued capital100 | €186k | €186k | - | - | - | - |
| Revaluation surpluses12 | €40k | - | - | - | - | - |
| Reserves13 | €60k | €75k | €75k | €75k | €75k | = |
| Non-distributable reserves130/1 | €60k | €12 | €12 | €12 | €12 | = |
| Legal reserve130 | €12 | €12 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €12 | €12 | €12 | = |
| Other1319 | €60k | - | - | - | - | - |
| Distributable reserves133 | - | €75k | €75k | €75k | €75k | = |
| Profit (loss) carried forward14 | €-520k | €-44k | €-90k | €-120k | €-154k | ▼ 28.8% |
| Investment grants15 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €286k | €524k | €343k | €266k | €245k | ▼ 7.8% |
| Amounts payable after more than one year17 | - | - | €137k | €129k | €121k | ▼ 6.3% |
| Financial debts170/4 | - | - | €137k | €129k | €121k | ▼ 6.3% |
| Amounts payable within one year42/48 | €286k | €524k | €203k | €136k | €121k | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | - | €7k | €9k | €8k | ▼ 10.1% |
| Trade debts44 | €3k | €19k | €7k | €518 | €2k | ▲ 253% |
| Suppliers440/4 | €3k | €19k | €7k | €518 | €2k | ▲ 253% |
| Advances received on contracts in progress46 | - | - | €95k | €95k | €65k | ▼ 31.6% |
| Taxes, remuneration and social security45 | €49 | - | €4 | - | €15k | - |
| Taxes450/3 | €49 | - | €4 | - | €2k | - |
| Remuneration and social security454/9 | - | - | - | - | €13k | - |
| Other amounts payable47/48 | €283k | €505k | €93k | €31k | €31k | ▲ 0.2% |
| Accrued charges and deferred income492/3 | - | - | €3k | €1k | €3k | ▲ 227% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-18k | €476k | €-46k | €-30k | €-34k | ▼ 16.0% |
| + Depreciation and write-downs630 | €6k | €5k | €19k | €19k | €19k | = |
| Operating cash flow (approximation) | €-13k | €482k | €-27k | €-10k | €-15k | ▼ 45.9% |
| Investment in fixed assets (approximation) | - | €-242k | €-3k | €0 | €-15k | - |
| Change in cash | - | €448k | €-303k | €-59k | €-55k | ▲ 5.5% |
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
01-09
State Gazette act
Appointments: Serge Poaka Fotso, Charles-Antoine Kervyn and François MalaiseReappointments: Jérôme Vanmeerbeek (managing director) and François Malaise (director)6 facts ▸
State Gazette act
Appointments: Serge Poaka Fotso, Charles-Antoine Kervyn and François Malaise
Reappointments: Jérôme Vanmeerbeek (managing director) and François Malaise (director)6 facts ▸
- General meeting, 30-06-2026
- Director appointment, Serge Poaka Fotso (director)
- Director appointment, Charles-Antoine Kervyn (director)
- Director reappointment, Jérôme Vanmeerbeek (managing director)
- Director reappointment, François Malaise (director)
- Director appointment, François Malaise (chair)
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 24 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €476k
Net result €476k after 4 loss-making years.
31-12
Financial
Equity above €200kEq €217k
Equity rises from €-234k to €217k.
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
14-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 18 days late
2019
31-12
Financial
Weakest financial yearnet €-201k
Net result drops to €-201k, the lowest in the series; recovery starts the following year.
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 17 acts read
About the unread acts
Of the 17 Belgian State Gazette acts we know for this company, 1 has been read. The other 16 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26110810). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Charles-Antoine Kervyn
CurrentDirector · since 30-06-2026
François Malaise
CurrentDirector · since 30-06-2026
Jérôme Vanmeerbeek
CurrentManaging director · since 30-06-2026
Serge Poaka Fotso
CurrentDirector · since 30-06-2026
30-06-2026
Charles-Antoine Kervyn: Appointed as Director
30-06-2026
François Malaise: Mandate renewed as Director
30-06-2026
François Malaise: Appointed as Chair
30-06-2026
Jérôme Vanmeerbeek: Mandate renewed as Managing director
30-06-2026
Serge Poaka Fotso: Appointed as Director
Not every act has been read: a resignation may be missing here
16 of this company's 17 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, Herstal · 1 establishment unit since 1999
Ground area
5,965 m²
Building footprint
402 m²
Volume, LiDAR
2,244 m³
2 parcels, Wallonia · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
Rue Saint-Léonard 398, 4000 Liège
since 19992.087.494.834
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62312A0044/00R000 | Wallonia | 5,507 m² | 1 · 341 m² | 8.2 m · 2 fl. |
| 62810B0243/00T004 | Wallonia | 458 m² | 1 · 61 m² | - |
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.
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 4,242 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCooperative company
Founded19-06-1998
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68202Real estate activities
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.