IMOZA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 53 days after the deadline Filed on 22 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00521609.
Annual accounts 2025 filed on 22-09-2026 at the NBB all 8 filings
Turnover
≈ €19,000
Estimated: probably between €6,400 and €32,000
Total assets
€8,521▼ 52.6%
2024 · €17,980
Net result
€1,190▼ 86.7%
2024 · €8,921
Working capital
€3,768▲ 46.2%
2024 · €2,578
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,263
▼ 85.5%
2025
20182025
Net result
€1,190
▼ 86.7%
2025
middle half of the sector
20182025
Equity
€3,768
▲ 46.2%
2025
lowest quarter of the sector
20182025
Total assets
€8,521
▼ 52.6%
2025
lowest quarter of the sector
20182025
Debt
€4,753
▼ 69.1%
2025
20182025
Working capital
€3,768
▲ 46.2%
2025
middle half of the sector
20182025
Solvency
44.2%
▲ 29.9pp
2025
middle half of the sector
20182025
Current ratio
1.79
▲ 0.63
2025
middle half of the sector
20182025
Return on assets (ROA)
14.0%
▼ 35.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€16,965--€2,033▲ 88.0%-€2,398▼ 18.0%-€9,661▼ 303%-€7,334▲ 24.1%€28,049€8,695▼ 69.0%€1,263▼ 85.5%
Net result-€17,826--€6,095▲ 65.8%-€8,322within the sector's middle half▼ 36.6%-€13,493below the sector's middle half▼ 62.1%-€7,414within the sector's middle half▲ 45.1%€28,197within the sector's middle half€8,921within the sector's middle half▼ 68.4%€1,190within the sector's middle half▼ 86.7%
Equity€784--€5,311-€13,633below the sector's middle half▼ 157%-€27,127below the sector's middle half▼ 99.0%-€34,541below the sector's middle half▼ 27.3%-€6,343below the sector's middle half▲ 81.6%€2,578below the sector's middle half€3,768below the sector's middle half▲ 46.2%
Total assets€150,915-€207,943▲ 37.8%€424,258within the sector's middle half▲ 104%€192,056within the sector's middle half▼ 54.7%€10,414below the sector's middle half▼ 94.6%€35,121below the sector's middle half▲ 237%€17,980below the sector's middle half▼ 48.8%€8,521below the sector's middle half▼ 52.6%
Debt€150,132-€213,254▲ 42.0%€437,892▲ 105%€219,182▼ 49.9%€44,954▼ 79.5%€41,465▼ 7.8%€15,402▼ 62.9%€4,753▼ 69.1%
Working capital€58,221--€5,846-€13,962within the sector's middle half▼ 139%-€27,247within the sector's middle half▼ 95.2%-€34,541within the sector's middle half▼ 26.8%-€6,343within the sector's middle half▲ 81.6%€2,578within the sector's middle half€3,768within the sector's middle half▲ 46.2%
Solvency0.5%--2.6%▼ 3.1pp-3.2%below the sector's middle half▼ 0.7pp-14.1%below the sector's middle half▼ 10.9pp-331.7%below the sector's middle half▼ 317.6pp-18.1%below the sector's middle half▲ 313.6pp14.3%within the sector's middle half▲ 32.4pp44.2%within the sector's middle half▲ 29.9pp
Current ratio1.63-0.97▼ 0.660.97within the sector's middle half=0.88within the sector's middle half▼ 0.090.23below the sector's middle half▼ 0.640.85within the sector's middle half▲ 0.621.17within the sector's middle half▲ 0.321.79within the sector's middle half▲ 0.63
Return on assets (ROA)-11.8%--2.9%▲ 8.9pp-2.0%within the sector's middle half▲ 1.0pp-7.0%below the sector's middle half▼ 5.1pp-71.2%below the sector's middle half▼ 64.2pp80.3%above the sector's middle half▲ 151.5pp49.6%above the sector's middle half▼ 30.7pp14.0%above the sector's middle half▼ 35.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 85% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €8,521
Equity
€3,768 ▲ 46.2%
Debt
€4,753 ▼ 69.1%
Debt's share of the balance-sheet total falls from 85.7% to 55.8%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
1.26▼
2024 · 5.97
ROE
31.6%▼
2024 · 346.1%
Debt ≤ 1 year
€4,753▼
2024 · €15,402
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €294 | €207 | €207 | €207 | €121 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €623 | €159 | €694 | €2,154 | €1,590 | ▼ 26.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,546 | - |
| Gross operating margin9900 | -€15,750 | -€1,275 | -€1,689 | -€8,830 | -€7,054 | €28,743 | €10,849 | €4,399 | ▼ 59.5% |
| Operating profit (loss)9901 | -€16,965 | -€2,033 | -€2,398 | -€9,661 | -€7,334 | €28,049 | €8,695 | €1,263 | ▼ 85.5% |
| Financial income75/76B | - | - | - | - | €61 | €224 | €294 | - | - |
| Recurring financial income75 | - | - | - | - | €61 | €224 | €294 | - | - |
| Financial charges65/66B | - | - | - | €3,832 | €141 | €76 | €68 | €73 | ▲ 7.9% |
| Recurring financial charges65 | €861 | €4,062 | €5,924 | €3,832 | €141 | €76 | €68 | €73 | ▲ 7.9% |
| Profit (loss) for the period before taxes9903 | -€17,826 | -€6,095 | -€8,322 | -€13,493 | -€7,414 | €28,197 | €8,921 | €1,190 | ▼ 86.7% |
| Profit (loss) for the period9904 | -€17,826 | -€6,095 | -€8,322 | -€13,493 | -€7,414 | €28,197 | €8,921 | €1,190 | ▼ 86.7% |
| Profit (loss) for the period to be appropriated9905 | -€17,826 | -€6,095 | -€8,322 | -€13,493 | -€7,414 | €28,197 | €8,921 | €1,190 | ▼ 86.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €150,915 | €207,943 | €424,258 | €192,056 | €10,414 | €35,121 | €17,980 | €8,521 | ▼ 52.6% |
| Formation expenses20 | €743 | €535 | €328 | €121 | - | - | - | - | - |
| Current assets29/58 | €150,173 | €207,407 | €423,930 | €191,935 | €10,414 | €35,121 | €17,980 | €8,521 | ▼ 52.6% |
| Stocks and contracts in progress3 | €120,027 | €203,161 | €383,489 | €185,932 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €185,932 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €26,287 | €357 | €38,498 | €4,118 | €5,216 | €34,525 | €17,980 | €8,517 | ▼ 52.6% |
| Trade receivables40 | - | - | - | €3,984 | €3,452 | €26,815 | €10,757 | €2,460 | ▼ 77.1% |
| Other amounts receivable41 | - | - | - | €134 | €1,764 | €7,710 | €7,223 | €6,057 | ▼ 16.1% |
| Cash at bank and in hand54/58 | €3,858 | €3,890 | €1,944 | €1,884 | €5,198 | €596 | - | €4 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €150,915 | €207,943 | €424,258 | €192,056 | €10,414 | €35,121 | €17,980 | €8,521 | ▼ 52.6% |
| Equity10/15 | €784 | -€5,311 | -€13,633 | -€27,127 | -€34,541 | -€6,343 | €2,578 | €3,768 | ▲ 46.2% |
| Contributions10/11 | €18,610 | €18,610 | - | €18,610 | €18,610 | €18,610 | €18,610 | €18,610 | = |
| Profit (loss) carried forward14 | -€17,826 | -€23,921 | -€32,243 | -€45,737 | -€53,151 | -€24,953 | -€16,032 | -€14,842 | ▲ 7.4% |
| Amounts payable17/49 | €150,132 | €213,254 | €437,892 | €219,182 | €44,954 | €41,465 | €15,402 | €4,753 | ▼ 69.1% |
| Amounts payable after more than one year17 | €57,940 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €91,951 | €213,254 | €437,892 | €219,182 | €44,954 | €41,465 | €15,402 | €4,753 | ▼ 69.1% |
| Trade debts44 | €1,055 | €1,409 | €39,108 | €4,354 | €4,322 | €22,357 | €4,581 | €3,832 | ▼ 16.3% |
| Suppliers440/4 | - | - | - | €4,354 | €4,322 | €22,357 | €4,581 | €3,832 | ▼ 16.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €18,109 | €10,000 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €449 | €66 | - | - | - |
| Taxes450/3 | - | - | - | - | €449 | €66 | - | - | - |
| Other amounts payable47/48 | - | - | - | €214,828 | €40,183 | €933 | €822 | €921 | ▲ 12.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,826 | -€6,095 | -€8,322 | -€13,493 | -€7,414 | €28,197 | €8,921 | €1,190 | ▼ 86.7% |
| + Depreciation and write-downs630 | €294 | €207 | €207 | €207 | €121 | - | - | - | - |
| Operating cash flow (approximation) | -€17,533 | -€5,887 | -€8,115 | -€13,286 | -€7,293 | €28,197 | €8,921 | €1,190 | ▼ 86.7% |
| Change in cash | - | €32 | -€1,946 | -€60 | €3,314 | -€4,602 | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as IMOZA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMOZA itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for IMOZA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-09-2026 | 2026-00521609 | |
| 31-12-2024 | micro format | 25-09-2025 | 2025-00511388 | |
| 31-12-2023 | micro format | 17-09-2024 | 2024-00464724 | |
| 31-12-2022 | micro format | 11-08-2023 | 2023-00327491 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20281761 | |
| 31-12-2020 | micro format | 27-09-2021 | 2021-68500273 | |
| 31-12-2019 | micro format | 19-10-2020 | 2020-61900315 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34400061 |