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IMPRITEX

Active
Public limited companyfounded 1987active for 39 yearsAvenue Vésale 10, 1300 Wavre, BelgiumKBO/BCE: BE 0431.667.519

Financials · financial year 2025, full format

Annual accounts 2025 filed on 09-07-2026 at the NBB all 39 filings

Turnover
≈ €3.1m
Estimated: probably between €2.1m and €5.0m
EBIT margin
Not included in this filing
Net result
€237,704▼ 10.5%
2024 · €265,554
Working capital
€1.2m▲ 29.4%
2024 · €903,151
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 15% lower than in 2024 and the lowest since 2021. It is the second fall in a row.

Operating result€0.3m 2025 Net result€0.2m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Manufacture of paper and paper products (NACE 17). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.4m▲ 44.9%€0.3m▼ 18.8%€0.5m▲ 53.3%€0.7m▲ 51.8%€1.1m▲ 58.8%€0.4m▼ 66.4%€0.3m▼ 14.7%
Net result€0.2m-€0.3m▲ 98.5%€0.2mwithin the sector's middle half▼ 27.9%€0.3mwithin the sector's middle half▲ 33.8%€0.6mwithin the sector's middle half▲ 67.8%€0.8mwithin the sector's middle half▲ 49.0%€0.3mwithin the sector's middle half▼ 67.8%€0.2mwithin the sector's middle half▼ 10.5%
Equity€1.1m-€1.3m▲ 18.1%€1.4mbelow the sector's middle half▲ 7.9%€1.5mwithin the sector's middle half▲ 12.3%€1.8mwithin the sector's middle half▲ 19.6%€1.9mwithin the sector's middle half▲ 4.9%€2.2mwithin the sector's middle half▲ 13.7%€2.4mwithin the sector's middle half▲ 7.5%
Total assets€5.0m-€4.5m▼ 10.0%€4.1mwithin the sector's middle half▼ 7.5%€4.1mwithin the sector's middle half▼ 0.7%€4.8mwithin the sector's middle half▲ 17.6%€4.6mwithin the sector's middle half▼ 5.9%€3.8mwithin the sector's middle half▼ 17.5%€3.6mwithin the sector's middle half▼ 3.5%
Debt€3.9m-€3.2m▼ 17.8%€2.8m▼ 13.7%€2.6m▼ 7.2%€3.0m▲ 16.5%€2.6m▼ 12.6%€1.5m▼ 40.7%€1.3m▼ 19.1%
Working capital€0.06m-€0.3m▲ 340%€0.5mwithin the sector's middle half▲ 81.3%€0.7mwithin the sector's middle half▲ 43.3%€0.4mwithin the sector's middle half▼ 39.1%€0.5mwithin the sector's middle half▲ 23.3%€0.9mwithin the sector's middle half▲ 77.6%€1.2mwithin the sector's middle half▲ 29.4%
Solvency21.6%-28.4%▲ 6.8pp33.1%within the sector's middle half▲ 4.7pp37.4%within the sector's middle half▲ 4.3pp38.1%within the sector's middle half▲ 0.6pp42.5%within the sector's middle half▲ 4.4pp58.5%within the sector's middle half▲ 16.1pp65.2%within the sector's middle half▲ 6.7pp
Current ratio1.03-1.20▲ 0.171.44within the sector's middle half▲ 0.231.60within the sector's middle half▲ 0.171.23within the sector's middle half▼ 0.371.31within the sector's middle half▲ 0.082.07within the sector's middle half▲ 0.762.50above the sector's middle half▲ 0.43
Return on assets (ROA)3.5%-7.6%▲ 4.2pp5.9%within the sector's middle half▼ 1.7pp8.0%above the sector's middle half▲ 2.1pp11.4%above the sector's middle half▲ 3.4pp18.1%above the sector's middle half▲ 6.7pp7.1%within the sector's middle half▼ 11.0pp6.6%within the sector's middle half▼ 0.5pp
Staff (FTE)15.7-16.8▲ 7.0%15.6below the sector's middle half▼ 7.1%13.9below the sector's middle half▼ 10.9%14.5below the sector's middle half▲ 4.3%15below the sector's middle half▲ 3.4%15.1below the sector's middle half▲ 0.7%15.3within the sector's middle half▲ 1.3%
above within below The sector band is the middle half of the companies in Manufacture of paper and paper products (NACE 17). 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 turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.6m
Fixed assets €1.7m ▼ 16.5%
Current assets €1.9m ▲ 11.5%
Equity and liabilities €3.6m
Equity €2.4m ▲ 7.5%
Provisions €11,886 ▼ 5.0%
Debt €1.3m ▼ 19.1%
Debt's share of the balance-sheet total falls from 41.2% to 34.5%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€733,527▼
2024 · €786,580
Cash flow
€643,831▼
2024 · €668,235
Quick ratio
1.74▲
2024 · 1.25
Debt to equity
0.53▼
2024 · 0.70
ROE
10.1%▼
2024 · 12.1%
Interest coverage
46.48▲
2024 · 31.08
Debt ≤ 1 year
€776,984▼
2024 · €842,214
Debt > 1 year
€473,248▼
2024 · €702,113
Income taxes
€77,323▼
2024 · €98,641
Staff costs
€1.0m▲
2024 · €917,843
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date1415151616
full-time1213131414
part-time22222
in full-time equivalents13.714.714.715.815.3
Average over the year, in full-time equivalents13.914.51515.114.7
On a permanent contract1314141415
Joined04145
Left13135

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€27,530€607,556€202,008€15,428€58,229
Intangible fixed assets€20,066€18,902€9,303€9,848€12,995
Financial fixed assets€19,629€63,167--€2,189
Depreciation and write-downs of the year€346,628€366,945€404,071€402,681€406,127

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 70 lines
Balance sheet Code20242025
Assets
Total assets20/58€3.8m€3.6m▼
Fixed assets21/28€2.0m€1.7m▼
Intangible fixed assets21€0.04m€0.03m▼
Tangible fixed assets22/27€2.0m€1.6m▼
Land and buildings22€0.2m€0.2m▲
Plant, machinery and equipment23€0.6m€0.6m▲
Furniture and vehicles24€0.03m€0.03m▼
Leasing and similar rights25€1.1m€0.7m▼
Financial fixed assets28€0.02m€0.03m▲
Current assets29/58€1.7m€1.9m▲
Stocks and contracts in progress3€0.7m€0.6m▼
Stocks30/36€0.7m€0.6m▼
Amounts receivable within one year40/41€0.6m€0.8m▲
Trade receivables40€0.6m€0.8m▲
Other amounts receivable41€0.01m€0.05m▲
Cash at bank and in hand54/58€0.5m€0.5m▲
Deferred charges and accrued income490/1€0.02m€0.04m▲
Equity and liabilities
Total equity and liabilities10/49€3.8m€3.6m▼
Equity10/15€2.2m€2.4m▲
Contributions10/11€0.06m€0.06m=
Capital10€0.06m€0.06m=
Issued capital100€0.06m€0.06m=
Reserves13€2.1m€2.3m▲
Non-distributable reserves130/1€0.006m€0.006m=
Legal reserve130€0.006m€0.006m=
Tax-exempt reserves132€0.02m€0.02m▼
Distributable reserves133€2.1m€2.3m▲
Profit (loss) carried forward14€0.001m€0.002m▲
Investment grants15€0.02m€0.02m▼
Provisions and deferred taxes16€0.01m€0.01m▼
Deferred taxes168€0.01m€0.01m▼
Amounts payable17/49€1.5m€1.3m▼
Amounts payable after more than one year17€0.7m€0.5m▼
Financial debts170/4€0.7m€0.5m▼
Amounts payable within one year42/48€0.8m€0.8m▼
Current portion of amounts payable after more than one year42€0.2m€0.2m▼
Financial debts43€0.2m-
Credit institutions430/8€0.2m-
Trade debts44€0.3m€0.4m▲
Suppliers440/4€0.3m€0.4m▲
Advances received on contracts in progress46-€0.007m
Taxes, remuneration and social security45€0.1m€0.1m▼
Taxes450/3€0.02m€0.02m▲
Remuneration and social security454/9€0.1m€0.09m▼
Other amounts payable47/48-€0.07m
Accrued charges and deferred income492/3€0.002m€237▼
Income statement Code20242025
Non-recurring operating income76A€0.005m-
Remuneration, social security and pensions62€0.9m€1.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.4m€0.4m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.02m-
Other operating charges640/8€0.02m€0.02m▲
Gross operating margin9900€1.7m€1.8m▲
Operating profit (loss)9901€0.4m€0.3m▼
Financial income75/76B€0.005m€0.003m▼
Recurring financial income75€0.005m€0.003m▼
Financial charges65/66B€0.03m€0.02m▼
Recurring financial charges65€0.03m€0.02m▼
Profit (loss) for the period before taxes9903€0.4m€0.3m▼
Transfer from deferred taxes780€0.001m€0.001m▼
Income taxes67/77€0.1m€0.08m▼
Profit (loss) for the period9904€0.3m€0.2m▼
Transfer from tax-exempt reserves789€0.001m€0.001m▼
Profit (loss) for the period to be appropriated9905€0.3m€0.2m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.3m€0.2m▼
Profit (loss) brought forward from the previous period14P€0.001m€0.001m▼
Transfer to equity691/2€0.3m€0.2m▼
To other reserves6921€0.3m€0.2m▼
Profit to be distributed694/7-€0.07m
Return on contributions (dividend)694-€0.07m
Social balance sheet
Average headcount (FTE)908715.115.3▲

The notes to these accounts have 15 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 09-07-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A---€0.03m-€0.09m€0.005m--
Remuneration, social security and pensions62---€0.6m€0.8m€0.9m€0.9m€1.0m▲ 12.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.4m€0.4m€0.3m€0.4m€0.4m€0.4m€0.4m▲ 0.9%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.002m€0.001m€0.02m--
Other operating charges640/8---€0.02m€0.02m€0.02m€0.02m€0.02m▲ 7.5%
Gross operating margin9900€1.3m€1.7m€1.5m€1.4m€1.9m€2.4m€1.7m€1.8m▲ 2.5%
Operating profit (loss)9901€0.3m€0.4m€0.3m€0.5m€0.7m€1.1m€0.4m€0.3m▼ 14.7%
Financial income75/76B---€0.007m€0.007m€0.003m€0.005m€0.003m▼ 43.7%
Recurring financial income75€0.01m€0.005m€0.001m€0.007m€0.007m€0.003m€0.005m€0.003m▼ 43.7%
Financial charges65/66B---€0.03m€0.02m€0.03m€0.03m€0.02m▼ 37.6%
Recurring financial charges65€0.02m€0.05m€0.03m€0.03m€0.02m€0.03m€0.03m€0.02m▼ 37.6%
Profit (loss) for the period before taxes9903€0.2m€0.3m€0.3m€0.5m€0.7m€1.1m€0.4m€0.3m▼ 13.5%
Transfer from deferred taxes780---€0.001m€0.001m€0.001m€0.001m€0.001m▼ 5.0%
Income taxes67/77€0.002m-€0.001m€0.03m€0.1m€0.2m€0.3m€0.1m€0.08m▼ 21.6%
Profit (loss) for the period9904€0.2m€0.3m€0.2m€0.3m€0.6m€0.8m€0.3m€0.2m▼ 10.5%
Transfer from tax-exempt reserves789---€0.001m€0.001m€0.001m€0.001m€0.001m▼ 4.9%
Profit (loss) for the period to be appropriated9905€0.2m€0.3m€0.2m€0.3m€0.6m€0.8m€0.3m€0.2m▼ 10.5%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€5.0m€4.5m€4.1m€4.1m€4.8m€4.6m€3.8m€3.6m▼ 3.5%
Fixed assets21/28€3.2m€3.0m€2.6m€2.3m€2.6m€2.4m€2.0m€1.7m▼ 16.5%
Intangible fixed assets21€0.02m€0.01m€0.03m€0.04m€0.05m€0.04m€0.04m€0.03m▼ 12.3%
Tangible fixed assets22/27€3.1m€2.9m€2.6m€2.3m€2.5m€2.3m€2.0m€1.6m▼ 16.9%
Land and buildings22---€0.2m€0.2m€0.2m€0.2m€0.2m▲ 7.8%
Plant, machinery and equipment23---€0.04m€0.6m€0.7m€0.6m€0.6m▲ 1.0%
Furniture and vehicles24---€0.02m€0.02m€0.03m€0.03m€0.03m▼ 0.2%
Leasing and similar rights25---€1.9m€1.7m€1.4m€1.1m€0.7m▼ 32.5%
Financial fixed assets28€0.02m€0.03m€263€0.02m€0.08m€0.02m€0.02m€0.03m▲ 9.0%
Current assets29/58€1.8m€1.5m€1.5m€1.8m€2.2m€2.2m€1.7m€1.9m▲ 11.5%
Stocks and contracts in progress3€0.4m€0.5m€0.5m€0.5m€0.6m€0.7m€0.7m€0.6m▼ 13.7%
Stocks30/36---€0.5m€0.6m€0.7m€0.7m€0.6m▼ 13.7%
Amounts receivable within one year40/41€1.2m€0.7m€0.6m€0.8m€1.1m€0.8m€0.6m€0.8m▲ 41.0%
Trade receivables40---€0.8m€1.1m€0.8m€0.6m€0.8m▲ 34.7%
Other amounts receivable41---€0.03m€0.03m€0.03m€0.01m€0.05m▲ 317%
Cash at bank and in hand54/58€0.1m€0.3m€0.4m€0.4m€0.4m€0.5m€0.5m€0.5m▲ 9.6%
Deferred charges and accrued income490/1---€0.04m€0.03m€0.1m€0.02m€0.04m▲ 69.4%
Equity and liabilities
Total equity and liabilities10/49€5.0m€4.5m€4.1m€4.1m€4.8m€4.6m€3.8m€3.6m▼ 3.5%
Equity10/15€1.1m€1.3m€1.4m€1.5m€1.8m€1.9m€2.2m€2.4m▲ 7.5%
Contributions10/11€0.06m€0.06m€0.06m€0.06m€0.06m€0.06m€0.06m€0.06m=
Capital10---€0.06m€0.06m€0.06m€0.06m€0.06m=
Issued capital100---€0.06m€0.06m€0.06m€0.06m€0.06m=
Reserves13€1.0m€1.2m€1.3m€1.5m€1.8m€1.9m€2.1m€2.3m▲ 7.8%
Non-distributable reserves130/1---€0.006m€0.006m€0.006m€0.006m€0.006m=
Legal reserve130---€0.006m€0.006m€0.006m€0.006m€0.006m=
Tax-exempt reserves132---€0.03m€0.03m€0.02m€0.02m€0.02m▼ 5.0%
Distributable reserves133---€1.4m€1.7m€1.8m€2.1m€2.3m▲ 8.0%
Profit (loss) carried forward14€0.002m€0.001m€0.003m€0.005m€0.009m€0.001m€0.001m€0.002m▲ 115%
Investment grants15---€0.02m€0.02m€0.02m€0.02m€0.02m▼ 5.0%
Provisions and deferred taxes16€0.02m€0.02m€0.02m€0.01m€0.01m€0.01m€0.01m€0.01m▼ 5.0%
Deferred taxes168---€0.01m€0.01m€0.01m€0.01m€0.01m▼ 5.0%
Amounts payable17/49€3.9m€3.2m€2.8m€2.6m€3.0m€2.6m€1.5m€1.3m▼ 19.1%
Amounts payable after more than one year17€2.2m€1.9m€1.7m€1.4m€1.2m€0.9m€0.7m€0.5m▼ 32.6%
Financial debts170/4---€1.4m€1.2m€0.9m€0.7m€0.5m▼ 32.6%
Amounts payable within one year42/48€1.7m€1.3m€1.1m€1.1m€1.8m€1.7m€0.8m€0.8m▼ 7.7%
Current portion of amounts payable after more than one year42---€0.2m€0.2m€0.2m€0.2m€0.2m▼ 7.3%
Financial debts43---€0.2m€0.2m€0.2m€0.2m--
Credit institutions430/8---€0.2m€0.2m€0.2m€0.2m--
Trade debts44€0.4m€0.3m€0.2m€0.4m€0.9m€0.3m€0.3m€0.4m▲ 35.2%
Suppliers440/4---€0.4m€0.9m€0.3m€0.3m€0.4m▲ 35.2%
Advances received on contracts in progress46-------€0.007m-
Taxes, remuneration and social security45---€0.1m€0.2m€0.2m€0.1m€0.1m▼ 13.7%
Taxes450/3---€0.05m€0.1m€0.05m€0.02m€0.02m▲ 8.2%
Remuneration and social security454/9---€0.07m€0.1m€0.1m€0.1m€0.09m▼ 17.8%
Other amounts payable47/48---€0.2m€0.3m€0.7m-€0.07m-
Accrued charges and deferred income492/3---€152€0.001m€0.005m€0.002m€237▼ 85.6%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.2m€0.3m€0.2m€0.3m€0.6m€0.8m€0.3m€0.2m▼ 10.5%
+ Depreciation and write-downs630€0.1m€0.4m€0.4m€0.3m€0.4m€0.4m€0.4m€0.4m▲ 0.9%
Operating cash flow (approximation)€0.3m€0.7m€0.6m€0.7m€0.9m€1.2m€0.7m€0.6m▼ 3.7%
Investment in fixed assets (approximation)--€0.1m-€0.01m-€0.07m-€0.7m-€0.2m-€0.02m-€0.07m▼ 237%
Change in cash-€0.2m€0.05m€0.03m€293€0.1m-€0.08m€0.04m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 20,136 companies had the same profile as IMPRITEX has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.

  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.2% went bankrupt
4.7% stopped otherwise
95.0% was still going

That fits the bankruptcy probability of IMPRITEX itself: < 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for IMPRITEX. 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 39 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 09-07-2026 2026-00273128 PDF
31-12-2024 full format 02-07-2025 2025-00221382 PDF
31-12-2023 full format 24-06-2024 2024-00156904 PDF
31-12-2022 full format 09-07-2023 2023-00219496 PDF
31-12-2021 full format 07-07-2022 2022-20162341 PDF
31-12-2020 full format 22-07-2021 2021-38300110 PDF
31-12-2019 full format 07-07-2020 2020-27300482 PDF
31-12-2018 full format 04-07-2019 2019-28900413 PDF
31-12-2017 full format 21-06-2018 2018-20900350 PDF
31-12-2016 full format 05-07-2017 2017-27100492 PDF

Show all 39 filings

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