Public limited company · founded 1987 · 39 yrs activeOude baan (OUD) 120, 9200 Dendermonde, BelgiumKBO/BCE: BE 0431.101.850
Summary
IMMOWELL has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €7.0m. Equity is shrinking by ~7% per year across the filed fiscal years. Its solvency ranks better than 38% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability100▲+9
Solvency44▼-52
Growth58=
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 0.49 in 2024; short-term debt: 80.7% of total assets), and 80.7% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 39 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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.
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
IMMOWELL was incorporated on 6 May 1987.1The board currently has 2 members; FinCoPro has served longest, since 2011.2Total assets rose from EUR 4.1 million in 2018 to EUR 10 million in 2025.3
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Net result€447,059above the sector's middle half▲ 2.1%€483,562above the sector's middle half▲ 8.2%€499,717above the sector's middle half▲ 3.3%€494,655above the sector's middle half▼ 1.0%€7.0mabove the sector's middle half▲ 1,316%
Equity€2.7mabove the sector's middle half▲ 1.8%€2.7mabove the sector's middle half▼ 0.6%€2.2mabove the sector's middle half▼ 18.6%€1.9mabove the sector's middle half▼ 11.7%€1.9mabove the sector's middle half▲ 0.2%
Total assets€3.2mwithin the sector's middle half▲ 0.1%€3.2mwithin the sector's middle half▲ 2.3%€3.2mwithin the sector's middle half=€2.7mwithin the sector's middle half▼ 15.3%€10.0mabove the sector's middle half▲ 268%
Working capital€345,347▲ 29.5%€337,343▼ 2.3%-€156,540-€407,811▼ 161%€1.8m
Solvency85.7%above the sector's middle half▲ 1.4pp83.3%above the sector's middle half▼ 2.4pp67.8%above the sector's middle half▼ 15.5pp70.7%above the sector's middle half▲ 2.9pp19.3%within the sector's middle half▼ 51.4pp
abovewithinbelowthe middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 46% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.0m
98.4%
Fixed assets€161,362 ▼ 93.1%
Current assets€9.9m ▲ 2,426%
Equity and liabilities €10.0m
19.3%
80.7%
Equity€1.9m ▲ 0.2%
Debt€8.1m ▲ 914%
Debt's share of the balance-sheet total rises from 29.3% to 80.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€349,368▼
2024 · €647,355
Cash flow
€7.0m▲
2024 · €498,729
Current ratio
1.22▲
2024 · 0.49
Debt to equity
4.18▲
2024 · 0.41
ROE
362.0%▲
2024 · 25.6%
ROA
69.8%▲
2024 · 18.1%
Interest coverage
201.75▼
2024 · 5394.62
Debt ≤ 1 year
€8.1m▲
2024 · €798,548
Income taxes
€91,832▼
2024 · €165,627
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 373 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97% are still going.
Medium-sized
20 years or older
solvency 10 to 30%
a profit of 5% of the balance sheet or more
0.3%went bankrupt
2.7%stopped otherwise
97%still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
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%.
The companies in ten equal groups, from lowest to highest expected share.
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 373 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 43 lines
Balance sheetCode20242025
Assets
Total assets20/58€2.7m€10.0m▲
Fixed assets21/28€2.3m€161,362▼
Tangible fixed assets22/27€163,815€161,362▼
Land and buildings22€160,911€158,458▼
Plant, machinery and equipment23€2,904€2,904=
Financial fixed assets28€2.2m-
Current assets29/58€390,736€9.9m▲
Amounts receivable within one year40/41€390,736€9.9m▲
Trade receivables40€108,475€930,330▲
Other amounts receivable41€282,261€8.9m▲
Equity and liabilities
Total equity and liabilities10/49€2.7m€10.0m▲
Equity10/15€1.9m€1.9m▲
Contributions10/11€1.1m€1.1m=
Capital10€1.1m€1.1m=
Issued capital100€1.1m€1.1m=
Reserves13€112,800€112,800=
Non-distributable reserves130/1€112,800€112,800=
Legal reserve130€112,800€112,800=
Profit (loss) carried forward14€689,563€694,153▲
Amounts payable17/49€798,548€8.1m▲
Amounts payable within one year42/48€798,548€8.1m▲
Trade debts44€22,098€1.1m▲
Suppliers440/4€22,098€1.1m▲
Taxes, remuneration and social security45€26,449€10,627▼
Taxes450/3€26,449€10,627▼
Other amounts payable47/48€750,000€7.0m▲
Income statementCode20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,074€2,453▼
Other operating charges640/8€30,500€31,289▲
Gross operating margin9900€677,855€380,657▼
Operating profit (loss)9901€643,281€346,915▼
Financial income75/76B€17,121€6.8m▲
Recurring financial income75€17,121€22,145▲
Non-recurring financial income76B-€6.7m
Financial charges65/66B€120€1,732▲
Recurring financial charges65€120€1,732▲
Profit (loss) for the period before taxes9903€660,282€7.1m▲
Income taxes67/77€165,627€91,832▼
Profit (loss) for the period9904€494,655€7.0m▲
Profit (loss) for the period to be appropriated9905€494,655€7.0m▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.4m€7.7m▲
Profit (loss) brought forward from the previous period14P€944,908€689,563▼
Profit to be distributed694/7€750,000€7.0m▲
Return on contributions (dividend)694€750,000€7.0m▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€31,516
€8,435
€6,399
€4,074
€2,453
▼ 39.8%
Other operating charges640/8
€24,872
€27,957
€29,090
€30,500
€31,289
▲ 2.6%
Gross operating margin9900
€652,585
€678,867
€678,793
€677,855
€380,657
▼ 43.8%
Operating profit (loss)9901
€596,196
€642,475
€643,303
€643,281
€346,915
▼ 46.1%
Financial income75/76B
-
€2,394
€23,178
€17,121
€6.8m
▲ 39,333%
Recurring financial income75
-
€2,394
€23,178
€17,121
€22,145
▲ 29.3%
Non-recurring financial income76B
-
-
-
-
€6.7m
-
Financial charges65/66B
€117
€121
€120
€120
€1,732
▲ 1,343%
Recurring financial charges65
€117
€121
€120
€120
€1,732
▲ 1,343%
Profit (loss) for the period before taxes9903
€596,079
€644,749
€666,361
€660,282
€7.1m
▲ 975%
Income taxes67/77
€149,020
€161,187
€166,644
€165,627
€91,832
▼ 44.6%
Profit (loss) for the period9904
€447,059
€483,562
€499,717
€494,655
€7.0m
▲ 1,316%
Profit (loss) for the period to be appropriated9905
€447,059
€483,562
€499,717
€494,655
€7.0m
▲ 1,316%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€3.2m
€3.2m
€3.2m
€2.7m
€10.0m
▲ 268%
Fixed assets21/28
€2.4m
€2.3m
€2.3m
€2.3m
€161,362
▼ 93.1%
Tangible fixed assets22/27
€182,723
€174,288
€167,889
€163,815
€161,362
▼ 1.5%
Land and buildings22
€170,307
€165,817
€163,364
€160,911
€158,458
▼ 1.5%
Plant, machinery and equipment23
€2,904
€2,904
€2,904
€2,904
€2,904
=
Furniture and vehicles24
€9,512
€5,567
€1,621
-
-
-
Financial fixed assets28
€2.2m
€2.2m
€2.2m
€2.2m
-
-
Current assets29/58
€795,210
€875,041
€881,141
€390,736
€9.9m
▲ 2,426%
Amounts receivable within one year40/41
€795,210
€875,041
€881,141
€390,736
€9.9m
▲ 2,426%
Trade receivables40
€100,285
€71,774
€106,780
€108,475
€930,330
▲ 758%
Other amounts receivable41
€694,924
€803,267
€774,361
€282,261
€8.9m
▲ 3,067%
Equity and liabilities
Total equity and liabilities10/49
€3.2m
€3.2m
€3.2m
€2.7m
€10.0m
▲ 268%
Equity10/15
€2.7m
€2.7m
€2.2m
€1.9m
€1.9m
▲ 0.2%
Contributions10/11
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
=
Capital10
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
=
Issued capital100
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
=
Reserves13
€112,800
€112,800
€112,800
€112,800
€112,800
=
Non-distributable reserves130/1
€112,800
€112,800
€112,800
€112,800
€112,800
=
Legal reserve130
€112,800
€112,800
€112,800
€112,800
€112,800
=
Profit (loss) carried forward14
€1.5m
€1.4m
€944,908
€689,563
€694,153
▲ 0.7%
Amounts payable17/49
€449,863
€537,698
€1.0m
€798,548
€8.1m
▲ 914%
Amounts payable within one year42/48
€449,863
€537,698
€1.0m
€798,548
€8.1m
▲ 914%
Trade debts44
€20,159
€20,576
€22,244
€22,098
€1.1m
▲ 4,809%
Suppliers440/4
€20,159
€20,576
€22,244
€22,098
€1.1m
▲ 4,809%
Taxes, remuneration and social security45
€29,704
€17,122
€15,438
€26,449
€10,627
▼ 59.8%
Taxes450/3
€29,704
€17,122
€15,438
€26,449
€10,627
▼ 59.8%
Other amounts payable47/48
€400,000
€500,000
€1.0m
€750,000
€7.0m
▲ 833%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€447,059
€483,562
€499,717
€494,655
€7.0m
▲ 1,316%
+ Depreciation and write-downs630
€31,516
€8,435
€6,399
€4,074
€2,453
▼ 39.8%
Operating cash flow (approximation)
€478,575
€491,997
€506,116
€498,729
€7.0m
▲ 1,305%
Investment in fixed assets (approximation)
-
€0
€0
€0
€2.2m
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Net result drops to €148,946, the lowest in the series; recovery starts the following year.
22-05
NBB filingAnnual accounts filed
fiscal year 2018 · abbreviated schema
28-02
State Gazette actResignations: Guaran NV (director) and Damien Bridoux (director)
3 facts ▸
General meeting, 31-01-2019
Director resignation, Guaran NV (director)
Director resignation, Damien Bridoux (director)
2018
25-10
State Gazette actResignation: Uni-Par (director)
Appointment: Pierre Macharis (director) · Director discharge · Mandate compensation7 facts ▸
General meeting, 30-08-2018
Director resignation, Uni-Par (director)
Director discharge, Uni-Par
Director appointment, Pierre Macharis (director)
Mandate compensation, Pierre Macharis
Board meeting, 30-08-2018
Director appointment, Pierre Macharis (managing director)
25-06
NBB filingAnnual accounts filed
fiscal year 2017 · abbreviated schema
2017
08-12
State Gazette actReappointments: Damien Bridoux, Uni-Par and 4 others
Mandate compensation15 facts ▸
General meeting, 28-04-2017
Director reappointment, Damien Bridoux (director)
Director reappointment, Uni-Par (director)
Director reappointment, Perkament (director)
Director reappointment, Guaran (director)
Director reappointment, FinCoPro (director)
Mandate compensation, Damien Bridoux
Mandate compensation, Uni-Par
Mandate compensation, Perkament
Mandate compensation, Guaran
Mandate compensation, FinCoPro
Auditor reappointment, Enst & Young Bedrijfsrevisoren BV CVBA (statutory auditor)
+3 further facts in this act
07-07
NBB filingAnnual accounts filed
fiscal year 2016 · abbreviated schema
2015
25-03
State Gazette actPermanent representative: Marleen Mannekens
2 facts ▸
General meeting, 18-12-2014
Permanent representative, Marleen Mannekens
2014
30-09
State Gazette actAppointment: Ernst & Young Lippens & Rabaey Audit BV CVBA (statutory auditor)
2 facts ▸
General meeting, 25-04-2014
Auditor appointment, Ernst & Young Lippens & Rabaey Audit BV CVBA (statutory auditor)
2012
31-07
State Gazette actAppointments: Guaran nv (director) and Damien Bridoux (director)
Permanent representatives: Damien Bridoux and Pierre Macharis · Mandate compensation7 facts ▸
General meeting, 22-12-2011
Director appointment, Guaran nv (director)
Mandate compensation, Guaran nv
Permanent representative, Damien Bridoux
Director appointment, Damien Bridoux (director)
Mandate compensation, Damien Bridoux
Permanent representative, Pierre Macharis
2011
29-06
State Gazette actAppointments: Uni-Par, Perkament and Jean-Paul Macharis
Permanent representatives: Pierre Macharis and Jean-Paul Macharis6 facts ▸
Board meeting, 02-05-2011
Director appointment, Uni-Par (managing director)
Director appointment, Perkament (managing director)
Director appointment, Jean-Paul Macharis (chair)
Permanent representative, Pierre Macharis
Permanent representative, Jean-Paul Macharis
29-06
State Gazette actReappointments: Uni-Par, Perkament and Grant Thornton, Lippens & Rabaey BVCV
Permanent representatives: Pierre Macharis, Jean-Paul Macharis and Erik Peeters · Appointment: FinCoPro (director) · Power of attorney9 facts ▸
General meeting, 29-04-2011
Director reappointment, Uni-Par (director)
Permanent representative, Pierre Macharis
Director reappointment, Perkament (director)
Permanent representative, Jean-Paul Macharis
Director appointment, FinCoPro (director)
Permanent representative, Erik Peeters
Auditor reappointment, Grant Thornton, Lippens & Rabaey BVCV (statutory auditor)
Power of attorney, Stefaan Rabaey
2008
17-11
State Gazette actAppointments: Perkament N.V. (gedelegeerd bestuurder en tevens voorzitter) and Uni-Par N.V. (managing director)
Permanent representatives: Jean-Paul Macharis, Pierre Macharis and Jozef Schoonjans6 facts ▸
Board meeting, 05-09-2008
Director appointment, Perkament N.V. (gedelegeerd bestuurder en tevens voorzitter)
Permanent representative, Jean-Paul Macharis
Director appointment, Uni-Par N.V. (managing director)
Permanent representative, Pierre Macharis
Permanent representative, Jozef Schoonjans
2007
25-06
State Gazette actReappointment: C V Bonne, Delva, Morel & C° (statutory auditor)
Permanent representatives: Pierre Macharis and Jozef Schoonjans4 facts ▸
General meeting, 27-04-2007
Auditor reappointment, C V Bonne, Delva, Morel & C°
Permanent representative, Pierre Macharis
Permanent representative, Jozef Schoonjans
2004
16-07
State Gazette actReappointment: BDM & C° (statutory auditor)
Permanent representatives: Morel Emmanuel, Jozef Schoonjans and Pierre Macharis5 facts ▸
General meeting, 29-05-2004
Auditor reappointment, BDM & C°
Permanent representative, Morel Emmanuel
Permanent representative, Jozef Schoonjans
Permanent representative, Pierre Macharis
2003
13-08
State Gazette actPermanent representatives: Pierre Macharis, Jean-Paul Macharis and Jozef Schoonjans
Accounting effect5 facts ▸
Board meeting, 18-12-2002
Permanent representative, Pierre Macharis
Permanent representative, Jean-Paul Macharis
Permanent representative, Jozef Schoonjans
Accounting effect, 01-09-2002
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
17 of 17 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
1 director, 1 in day-to-day management, no change since 2023
Managing director · since 17-06-2011 · Public limited company · perm. rep.: Jean-Paul Macharis
Not recently confirmed
Permanent representatives 1
PE
Erik Peeters
Permanent representative · since 29-04-2011 · for FinCoPro
Current
3 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
MP
Pierre Macharis
Permanent representative · since 05-09-2008 · for N.V. Uni-Par
Not recently confirmed
MJ
Jean-Paul Macharis
Permanent representative · since 29-04-2011 · for PERKAMENT
Not recently confirmed
BD
Damien Bridoux
Permanent representative · since 01-01-2012 · for GUARAN
Not recently confirmed
Statutory auditor 1
KB
KPMG Bedrijfsrevisoren BV
Statutory auditor · since 26-06-2020 · perm. rep.: Filip De Bock
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Registered office, Dendermonde · 1 establishment unit since 2001
The establishment unit on the mapLoading the map
seatestablishmentThe establishment unit on the map
Ground area
8.0 ha
Building footprint
1.8 ha
Volume, LiDAR
262,870 m³
Parcel 42016B0865/00K003, Flanders · tallest building 35.6 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Oude baan (OUD) 120, 9200 Dendermonde
NACE 70201
since 20012.102.567.941
1 parcel
Flanders1(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
42016B0865/00K003
Flanders
8.0 ha
1 · 1.8 ha
35.6 m · 4 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
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het verwerven en het beheer van roerend en onroerend patrimonium; Het verwerken, recycleren, distribueren…
Full purpose
Alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het verwerven en het beheer van roerend en onroerend patrimonium; Het verwerken, recycleren, distribueren en commercialiseren van papier en verpakking; Het verlenen van diensten en adviezen aan personen en bedrijven; De vennootschap zal alle burgerlijke, industriële, commerciële, financiële, hypothecaire, roerende en onroerende handelingen mogen verrichten; Zij kan tevens rechtstreeks of onrechtstreeks belangen nemen in alle vennootschappen; Zij kan optreden als bestuurder of vereffenaar in andere vennootschappen; De vennootschap mag haar voorwerp verwezenlijken, zowel in het binnen- als in het buitenland, op alle wijzen die zij het meest geschikt zal achten.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of IMMOWELL and those 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
5 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 3,669 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded06-05-1987
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land