Imperbel
ActiveFinancials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 16-06-2026 at the NBB Consolidated accounts 2025 at the NBB all 84 filings
Turnover
€72.5m▲ 0.9%
2024 · €71.8m
EBIT margin
3.3%▼ 2.1pp
2024 · 5.3%
Net result
€1.4m▼ 65.3%
2024 · €3.9m
Working capital
€12.1m▲ 4.5%
2024 · €11.6m
In the rankings
#1 company by equity in Beersel, Construction sector#1 oldest company in Beersel, Construction sector#2 company by total assets in Beersel, Construction sector
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
€72.5m
▲ 0.9%
2025
20182025
Operating result
€2.4m
▼ 38.4%
2025
20182025
Net result
€1.4m
▼ 65.3%
2025
highest quarter of the sector
20182025
EBIT margin
3.3%
▼ 2.1pp
2025
20182025
Equity
€31.5m
▲ 4.5%
2025
highest quarter of the sector
20182025
Total assets
€55.6m
▼ 51.3%
2025
highest quarter of the sector
20182025
Debt
€22.8m
▼ 72.4%
2025
20182025
Working capital
€12.1m
▲ 4.5%
2025
highest quarter of the sector
20182025
Solvency
56.6%
▲ 30.2pp
2025
middle half of the sector
20182025
Current ratio
1.86
▲ 0.71
2025
middle half of the sector
20182025
Return on assets (ROA)
2.4%
▼ 1.0pp
2025
middle half of the sector
20182025
Staff (FTE)
151.2
▼ 2.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202022202320242025
Turnover€55.6m-€56.5m▲ 1.6%€57.6m▲ 1.9%€84.0m-€72.4m▼ 13.8%€71.8m▼ 0.8%€72.5m▲ 0.9%
Operating result€1.5m--€1.7m€2.4m-€2.0m--€0.2m▲ 88.6%€3.8m€2.4m▼ 38.4%
Net result€0.3m--€2.5m€1.5mabove the sector's middle half-€5.2mbelow the sector's middle half-€3.4mabove the sector's middle half€3.9mabove the sector's middle half▲ 14.7%€1.4mabove the sector's middle half▼ 65.3%
EBIT margin2.7%--3.0%▼ 5.8pp4.1%▲ 7.1pp-2.4%--0.3%▲ 2.1pp5.3%▲ 5.7pp3.3%▼ 2.1pp
Equity€25.3m-€22.8m▼ 10.0%€23.6mabove the sector's middle half▲ 3.8%€22.8mabove the sector's middle half-€26.2mabove the sector's middle half▲ 15.0%€30.1mabove the sector's middle half▲ 15.0%€31.5mabove the sector's middle half▲ 4.5%
Total assets€62.7m-€61.8m▼ 1.5%€57.2mabove the sector's middle half▼ 7.5%€59.7mabove the sector's middle half-€76.4mabove the sector's middle half▲ 27.9%€114.3mabove the sector's middle half▲ 49.6%€55.6mabove the sector's middle half▼ 51.3%
Debt€37.0m-€38.5m▲ 3.9%€32.8m▼ 14.7%€34.8m-€48.1m▲ 38.3%€82.5m▲ 71.5%€22.8m▼ 72.4%
Working capital€9.4m-€3.7m▼ 60.2%€4.3mabove the sector's middle half▲ 14.7%€4.1mabove the sector's middle half-€9.0mabove the sector's middle half▲ 118%€11.6mabove the sector's middle half▲ 28.4%€12.1mabove the sector's middle half▲ 4.5%
Solvency40.3%-36.8%▼ 3.5pp41.3%within the sector's middle half▲ 4.5pp38.1%within the sector's middle half-34.3%within the sector's middle half▼ 3.8pp26.3%within the sector's middle half▼ 7.9pp56.6%within the sector's middle half▲ 30.2pp
Current ratio1.30-1.12▼ 0.181.17within the sector's middle half▲ 0.051.15within the sector's middle half-1.21within the sector's middle half▲ 0.061.15within the sector's middle half▼ 0.061.86within the sector's middle half▲ 0.71
Return on assets (ROA)0.4%--4.1%▼ 4.5pp2.6%within the sector's middle half▲ 6.6pp-8.7%below the sector's middle half-4.5%within the sector's middle half▲ 13.2pp3.4%within the sector's middle half▼ 1.0pp2.4%within the sector's middle half▼ 1.0pp
Staff (FTE)151-152.9▲ 1.3%147.3above the sector's middle half▼ 3.7%156.4above the sector's middle half-159.5above the sector's middle half▲ 2.0%154.7above the sector's middle half▼ 3.0%151.2above the sector's middle half▼ 2.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 38% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55.6m
Fixed assets
€29.4m ▲ 24.2%
Current assets
€26.2m ▼ 71.0%
Equity and liabilities €55.6m
Equity
€31.5m ▲ 4.5%
Provisions
€1.4m ▼ 16.0%
Debt
€22.8m ▼ 72.4%
Debt's share of the balance-sheet total falls from 72.2% to 40.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.1m▼
2024 · €5.5m
Cash flow
€3.1m▼
2024 · €5.5m
Quick ratio
1.03▲
2024 · 0.99
Debt to equity
0.72▼
2024 · 2.74
ROE
4.3%▼
2024 · 13.0%
Interest coverage
1.90▼
2024 · 4.98
Debt ≤ 1 year
€14.1m▼
2024 · €79.0m
Debt > 1 year
€8.6m▲
2024 · €3.4m
Income taxes
€51,557▼
2024 · €120,706
Customer credit
32 days▼
2024 · 59 days
Supplier credit
45 days▲
2024 · 41 days
Staff costs
€15.4m▼
2024 · €16.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 154 | 162 | 154 | 151 |
| full-time | 145 | 151 | 146 | 144 |
| part-time | 9 | 11 | 8 | 7 |
| in full-time equivalents | 152 | 159.7 | 152.4 | 149.4 |
| Average over the year, in full-time equivalents | 156.4 | 159.5 | 154.7 | 151.2 |
| On a permanent contract | 143 | 149 | 147 | 146 |
| Joined | 28 | 30 | 10 | 9 |
| Left | 28 | 22 | 18 | 12 |
| Agency workers, average number | 25.4 | 13.3 | 6.4 | 11.5 |
| Training hours | - | - | - | 941 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2.0m | €3.4m | €2.3m | €2.6m | €1.5m |
| Intangible fixed assets | €164,097 | €301,645 | €91,796 | €12,953 | €7,883 |
| Financial fixed assets | €410,504 | €1,063 | - | - | €6.1m |
| Depreciation and write-downs of the year | €1.4m | €1.4m | €1.5m | €1.6m | €1.7m |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €40,800 | - | €63,657 | €72,000 | €56,689 |
| Other work by the auditor | - | €5,500 | - | - | - |
Source: notes to the 2020 to 2025 annual accounts (relations with the auditor)
Group figures
Imperbel heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2020 |
|---|---|
| Turnover | €88.2m |
| Operating result | €2.3m |
| Result for the year | €52,366 |
| Equity | €16.4m |
| Total assets | €52.6m |
Source: 2020 consolidated accounts
Subsidies and aid
European research
3 projects · 1 as coordinator · €537,609 EU contributionProgrammes
Projects
Improvement of the plastic packaging waste chain from a circular economy approach
4x4, demonstrating a flexible value chain to utilize biomass functionalities in the processing industry
Manufacturing technologies and equipment to produce low-cost PV bituminous-modified roofing membrane with full integration of high efficiency flexible thin-film silicon PV modules
Annual accounts
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €57.8m | €57.6m | €57.6m | €90.6m | €76.6m | €73.1m | €74.8m | ▲ 2.3% |
| Turnover70 | €55.6m | €56.5m | €57.6m | €84.0m | €72.4m | €71.8m | €72.5m | ▲ 0.9% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €0.7m | -€0.1m | -€1.5m | €1.3m | €1.4m | -€0.6m | -€0.08m | ▲ 85.5% |
| Own construction capitalised72 | €0.3m | €0.4m | €0.2m | €0.03m | €0.02m | - | - | - |
| Other operating income74 | €1.1m | €0.8m | €1.1m | €0.9m | €2.7m | €1.9m | €2.5m | ▲ 29.8% |
| Non-recurring operating income76A | €0.01m | €0.02m | €0.3m | €4.4m | €0.05m | €0.03m | €0.008m | ▼ 76.9% |
| Operating charges60/66A | €56.3m | €59.3m | €55.2m | €92.6m | €76.8m | €69.3m | €72.5m | ▲ 4.6% |
| Goods for resale, raw materials and consumables60 | €30.5m | €31.6m | €28.9m | €51.7m | €40.4m | €39.1m | €38.3m | ▼ 1.8% |
| Purchases600/8 | €28.8m | €31.7m | €29.4m | €53.7m | €41.4m | €38.7m | €38.4m | ▼ 0.9% |
| Change in stocks: decrease (increase)609 | €1.8m | -€0.1m | -€0.5m | -€2.0m | -€1.0m | €0.3m | -€0.02m | - |
| Services and other goods61 | €11.2m | €10.8m | €10.7m | €16.7m | €18.7m | €13.2m | €15.9m | ▲ 20.7% |
| Remuneration, social security and pensions62 | €12.5m | €14.0m | €13.2m | €15.0m | €15.2m | €16.2m | €15.4m | ▼ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.0m | €1.8m | €1.4m | €1.4m | €1.5m | €1.6m | €1.7m | ▲ 4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.04m | €0.7m | €0.5m | €1.1m | €0.8m | -€1.0m | €0.7m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€0.2m | €0.1m | €0.2m | €1.7m | -€0.08m | €0.004m | €0.002m | ▼ 42.6% |
| Other operating charges640/8 | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 7.0% |
| Non-recurring operating charges66A | - | €0.01m | - | €4.6m | - | €0.003m | €0.2m | ▲ 70× |
| Operating profit (loss)9901 | €1.5m | -€1.7m | €2.4m | -€2.0m | -€0.2m | €3.8m | €2.4m | ▼ 38.4% |
| Financial income75/76B | €2.0m | €0.4m | €0.6m | €4.1m | €5.2m | €1.8m | €1.6m | ▼ 10.8% |
| Recurring financial income75 | €1.0m | €0.4m | €0.6m | €4.1m | €0.6m | €1.8m | €1.6m | ▼ 10.8% |
| Income from financial fixed assets750 | €0.1m | €0.07m | €0.08m | €3.5m | - | €0.2m | €0.2m | ▼ 27.2% |
| Income from current assets751 | €0.09m | €0.09m | €0.04m | €0.1m | €0.2m | €1.3m | €1.2m | ▼ 8.7% |
| Other financial income752/9 | €0.8m | €0.3m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.1% |
| Non-recurring financial income76B | €1.0m | - | - | - | €4.6m | - | - | - |
| Financial charges65/66B | €3.2m | €1.2m | €1.3m | €7.1m | €1.4m | €1.6m | €2.6m | ▲ 58.7% |
| Recurring financial charges65 | €1.1m | €0.9m | €1.2m | €1.1m | €1.0m | €1.6m | €2.6m | ▲ 58.7% |
| Debt charges650 | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | €1.1m | €2.1m | ▲ 94.5% |
| Other financial charges652/9 | €0.6m | €0.5m | €0.9m | €0.8m | €0.8m | €0.5m | €0.4m | ▼ 15.3% |
| Non-recurring financial charges66B | €2.1m | €0.3m | €0.07m | €6.0m | €0.3m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.3m | -€2.5m | €1.7m | -€5.1m | €3.6m | €4.0m | €1.4m | ▼ 65.0% |
| Income taxes67/77 | €0.05m | €0.07m | €0.3m | €0.1m | €0.2m | €0.1m | €0.05m | ▼ 57.3% |
| Taxes670/3 | €0.05m | €0.07m | €0.3m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 7.1% |
| Tax adjustments and reversals of tax provisions77 | - | - | €0.008m | €0.02m | €0.08m | - | €0.06m | - |
| Profit (loss) for the period9904 | €0.3m | -€2.5m | €1.5m | -€5.2m | €3.4m | €3.9m | €1.4m | ▼ 65.3% |
| Transfer to tax-exempt reserves689 | €0.06m | - | €0.8m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | -€2.5m | €0.7m | -€5.2m | €3.4m | €3.9m | €1.4m | ▼ 65.3% |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €62.7m | €61.8m | €57.2m | €59.7m | €76.4m | €114.3m | €55.6m | ▼ 51.3% |
| Fixed assets21/28 | €22.1m | €26.4m | €27.5m | €27.6m | €24.3m | €23.7m | €29.4m | ▲ 24.2% |
| Intangible fixed assets21 | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | €0.4m | €0.3m | ▼ 30.8% |
| Tangible fixed assets22/27 | €10.8m | €15.3m | €16.1m | €16.7m | €17.7m | €17.2m | €17.0m | ▼ 1.2% |
| Land and buildings22 | €3.5m | €3.3m | €5.1m | €4.3m | €4.6m | €4.7m | €4.5m | ▼ 4.3% |
| Plant, machinery and equipment23 | €2.4m | €2.7m | €10.6m | €10.2m | €11.3m | €11.0m | €10.6m | ▼ 3.9% |
| Furniture and vehicles24 | €0.5m | €0.5m | €0.4m | €0.5m | €0.4m | €0.3m | €0.3m | ▲ 1.9% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Assets under construction and advance payments27 | €4.5m | €8.8m | €0.03m | €1.4m | €0.9m | €0.6m | €1.1m | ▲ 82.7% |
| Financial fixed assets28 | €10.7m | €10.5m | €10.9m | €10.2m | €6.0m | €6.0m | €12.1m | ▲ 101% |
| Affiliated companies280/1 | €10.6m | €10.5m | €10.9m | €10.2m | €6.0m | €6.0m | €12.1m | ▲ 101% |
| Participating interests280 | €10.6m | €10.5m | €10.9m | €10.2m | €6.0m | €6.0m | €12.1m | ▲ 101% |
| Companies linked by participating interests282/3 | €0.005m | €0.005m | €0.005m | - | - | - | - | - |
| Participating interests282 | €0.005m | €0.005m | €0.005m | - | - | - | - | - |
| Other financial fixed assets284/8 | €0.02m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | = |
| Amounts receivable and cash guarantees285/8 | €0.02m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €40.7m | €35.4m | €29.7m | €32.1m | €52.1m | €90.6m | €26.2m | ▼ 71.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.2m | €0.5m | €0.6m | ▲ 37.3% |
| Other amounts receivable291 | - | - | - | - | €0.2m | €0.5m | €0.6m | ▲ 37.3% |
| Stocks and contracts in progress3 | €11.0m | €10.8m | €9.7m | €11.2m | €12.6m | €12.4m | €11.7m | ▼ 5.3% |
| Stocks30/36 | €11.0m | €10.8m | €9.7m | €11.2m | €12.6m | €12.4m | €11.7m | ▼ 5.3% |
| Raw materials and consumables30/31 | €4.4m | €4.9m | €5.2m | €5.3m | €4.8m | €5.0m | €5.0m | ▼ 0.6% |
| Work in progress32 | €0.1m | €0.1m | €0.07m | €0.003m | €0.02m | €0.03m | €0.008m | ▼ 69.4% |
| Finished goods33 | €4.1m | €3.9m | €2.5m | €4.4m | €5.7m | €5.2m | €4.7m | ▼ 9.1% |
| Goods purchased for resale34 | €2.4m | €1.9m | €1.9m | €1.5m | €2.0m | €2.1m | €2.0m | ▼ 6.7% |
| Advance payments36 | €0.03m | €0.01m | €0.02m | €0.03m | - | - | - | - |
| Amounts receivable within one year40/41 | €23.9m | €21.6m | €17.3m | €15.2m | €38.1m | €75.3m | €12.1m | ▼ 83.9% |
| Trade receivables40 | €13.7m | €9.7m | €8.0m | €12.1m | €14.3m | €11.6m | €6.4m | ▼ 44.6% |
| Other amounts receivable41 | €10.2m | €11.9m | €9.3m | €3.2m | €23.8m | €63.7m | €5.7m | ▼ 91.1% |
| Current investments50/53 | €3.7m | €2.1m | €0.001m | €294 | - | - | - | - |
| Other investments51/53 | €3.7m | €2.1m | €0.001m | €294 | - | - | - | - |
| Cash at bank and in hand54/58 | €1.6m | €0.5m | €2.6m | €5.5m | €1.1m | €2.3m | €1.5m | ▼ 36.5% |
| Deferred charges and accrued income490/1 | €0.5m | €0.4m | €0.2m | €0.2m | €0.06m | €0.1m | €0.3m | ▲ 162% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €62.7m | €61.8m | €57.2m | €59.7m | €76.4m | €114.3m | €55.6m | ▼ 51.3% |
| Equity10/15 | €25.3m | €22.8m | €23.6m | €22.8m | €26.2m | €30.1m | €31.5m | ▲ 4.5% |
| Contributions10/11 | €1.2m | €1.2m | €1.2m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Capital10 | €1.2m | €1.2m | €1.2m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Issued capital100 | €1.2m | €1.2m | €1.2m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Reserves13 | €24.1m | €21.5m | €22.4m | €21.0m | €24.4m | €28.4m | €29.7m | ▲ 4.8% |
| Non-distributable reserves130/1 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 35.1% |
| Legal reserve130 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 40.2% |
| Reserves not available under the articles1311 | €0.02m | €0.02m | - | - | - | - | - | - |
| Other1319 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | €0.3m | €0.2m | €1.0m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | €23.6m | €21.2m | €21.2m | €20.7m | €24.1m | €28.0m | €29.3m | ▲ 4.7% |
| Provisions and deferred taxes16 | €0.4m | €0.6m | €0.7m | €2.2m | €2.1m | €1.7m | €1.4m | ▼ 16.0% |
| Provisions for liabilities and charges160/5 | €0.4m | €0.6m | €0.7m | €2.2m | €2.1m | €1.7m | €1.4m | ▼ 16.0% |
| Pensions and similar obligations160 | €0.05m | €0.04m | €0.002m | - | - | - | - | - |
| Environmental obligations163 | - | €0.1m | €0.1m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 24.1% |
| Other liabilities and charges164/5 | €0.4m | €0.4m | €0.6m | €1.6m | €1.6m | €1.3m | €1.1m | ▼ 13.4% |
| Amounts payable17/49 | €37.0m | €38.5m | €32.8m | €34.8m | €48.1m | €82.5m | €22.8m | ▼ 72.4% |
| Amounts payable after more than one year17 | €5.4m | €6.3m | €7.0m | €6.6m | €5.0m | €3.4m | €8.6m | ▲ 151% |
| Financial debts170/4 | €5.4m | €6.3m | €7.0m | €6.6m | €5.0m | €3.4m | €8.6m | ▲ 151% |
| Credit institutions173 | €5.4m | €6.3m | €7.0m | €6.6m | €5.0m | €3.4m | €2.4m | ▼ 30.2% |
| Other loans174 | - | - | - | - | - | - | €6.2m | - |
| Amounts payable within one year42/48 | €31.2m | €31.6m | €25.4m | €28.0m | €43.0m | €79.0m | €14.1m | ▼ 82.1% |
| Current portion of amounts payable after more than one year42 | €2.1m | €1.1m | €1.2m | €1.6m | €1.6m | €1.6m | €1.0m | ▼ 35.1% |
| Financial debts43 | €11.0m | €14.9m | €10.0m | €4.6m | - | - | - | - |
| Credit institutions430/8 | €11.0m | €14.9m | €10.0m | €4.6m | - | - | - | - |
| Trade debts44 | €11.9m | €10.1m | €5.9m | €10.2m | €6.2m | €4.4m | €4.7m | ▲ 7.8% |
| Suppliers440/4 | €11.9m | €10.1m | €5.9m | €10.2m | €6.2m | €4.4m | €4.7m | ▲ 7.8% |
| Advances received on contracts in progress46 | - | €0.03m | - | - | - | €189 | €0.01m | ▲ 52× |
| Taxes, remuneration and social security45 | €2.5m | €2.7m | €3.5m | €4.0m | €3.8m | €4.2m | €3.8m | ▼ 9.3% |
| Taxes450/3 | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | €0.1m | €0.3m | ▲ 91.2% |
| Remuneration and social security454/9 | €2.1m | €2.4m | €2.9m | €3.3m | €3.1m | €4.0m | €3.5m | ▼ 12.7% |
| Other amounts payable47/48 | €3.8m | €2.8m | €4.7m | €7.7m | €31.4m | €68.9m | €4.6m | ▼ 93.3% |
| Accrued charges and deferred income492/3 | €0.4m | €0.5m | €0.4m | €0.2m | €0.07m | €0.07m | €0.07m | = |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | -€2.5m | €1.5m | -€5.2m | €3.4m | €3.9m | €1.4m | ▼ 65.3% |
| + Depreciation and write-downs630 | €2.0m | €1.8m | €1.4m | €1.4m | €1.5m | €1.6m | €1.7m | ▲ 4.5% |
| Operating cash flow (approximation) | €2.3m | -€0.7m | €2.9m | -€3.8m | €4.9m | €5.5m | €3.1m | ▼ 44.8% |
| Investment in fixed assets (approximation) | - | -€6.1m | -€2.6m | - | €1.8m | -€1.0m | -€7.4m | ▼ 674% |
| Change in cash | - | -€1.1m | €2.1m | - | -€4.4m | €1.2m | -€0.9m | - |
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, 1,887 companies had the same profile as Imperbel has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of Imperbel itself: 0.2% 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 1,887 companies, not a prediction for Imperbel. 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.
Latest 10 of 84 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00190814 | |
| 31-12-2025 | consolidated | 16-06-2026 | 2026-00190252 | |
| 31-12-2024 | full format | 15-07-2025 | 2025-00286079 | |
| 31-12-2024 | consolidated | 15-07-2025 | 2025-00295745 | |
| 31-12-2023 | consolidated | 16-07-2024 | 2024-00278233 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00149671 | |
| 31-12-2022 | consolidated | 20-06-2023 | 2023-00149834 | |
| 31-12-2022 | full format | 19-06-2023 | 2023-00145835 | |
| 31-12-2021 | full format | 18-07-2022 | 2022-20213807 | |
| 31-12-2021 | consolidated | 13-07-2022 | 2022-20189717 |