Summary
Improva is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €426,515 and a net result of €55,606. Equity is growing by about 9.7% per year across the filed financial years. Its solvency ranks better than 83% of 9,645 sector peers (NACE 64, financial year 2025). The company has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
2025 annual accounts filed late (26 days) Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00426338.
Equity
€426,515▲ 15.0%
2024 · €370,909
Net result
€55,606▲ 0.8%
2024 · €55,174
Total assets
€500,109▲ 10.1%
2024 · €454,148
Solvency
85.3%▲ 3.6pp
2024 · 81.7%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 6% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€75,723
2025
Net result€55,606
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€500,109
2025
Equity€426,515
2025
Debt€73,594
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€357,908
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)11.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency85.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio5.86
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€49,478-€81,598▲ 64.9%€100,238▲ 22.8%€104,606▲ 4.4%€64,288▼ 38.5%€57,558▼ 10.5%€80,499▲ 39.9%€75,723▼ 5.9%
Net result€32,253-€56,403▲ 74.9%€70,048above the sector's middle half▲ 24.2%€76,673above the sector's middle half▲ 9.5%€48,131within the sector's middle half▼ 37.2%€40,932within the sector's middle half▼ 15.0%€55,174within the sector's middle half▲ 34.8%€55,606within the sector's middle half▲ 0.8%
Equity€185,624-€242,027▲ 30.4%€292,096within the sector's middle half▲ 20.7%€348,024within the sector's middle half▲ 19.1%€336,222within the sector's middle half▼ 3.4%€347,989within the sector's middle half▲ 3.5%€370,909within the sector's middle half▲ 6.6%€426,515above the sector's middle half▲ 15.0%
Total assets€271,421-€316,456▲ 16.6%€372,461within the sector's middle half▲ 17.7%€441,730within the sector's middle half▲ 18.6%€487,032within the sector's middle half▲ 10.3%€410,167within the sector's middle half▼ 15.8%€454,148within the sector's middle half▲ 10.7%€500,109within the sector's middle half▲ 10.1%
Debt€85,796-€74,429▼ 13.2%€80,365▲ 8.0%€93,706▲ 16.6%€150,810▲ 60.9%€62,177▼ 58.8%€83,238▲ 33.9%€73,594▼ 11.6%
Working capital€123,430-€180,768▲ 46.5%€232,568above the sector's middle half▲ 28.7%€292,334above the sector's middle half▲ 25.7%€259,487above the sector's middle half▼ 11.2%€266,461above the sector's middle half▲ 2.7%€293,933above the sector's middle half▲ 10.3%€357,908above the sector's middle half▲ 21.8%
Solvency68.4%-76.5%▲ 8.1pp78.4%above the sector's middle half▲ 1.9pp78.8%above the sector's middle half▲ 0.4pp69.0%within the sector's middle half▼ 9.8pp84.8%above the sector's middle half▲ 15.8pp81.7%above the sector's middle half▼ 3.2pp85.3%above the sector's middle half▲ 3.6pp
Current ratio2.88-3.92▲ 1.054.09above the sector's middle half▲ 0.174.12above the sector's middle half▲ 0.032.93within the sector's middle half▼ 1.195.62above the sector's middle half▲ 2.694.53above the sector's middle half▼ 1.095.86above the sector's middle half▲ 1.33
Return on assets (ROA)11.9%-17.8%▲ 5.9pp18.8%within the sector's middle half▲ 1.0pp17.4%within the sector's middle half▼ 1.4pp9.9%within the sector's middle half▼ 7.5pp10.0%within the sector's middle half▲ 0.1pp12.1%within the sector's middle half▲ 2.2pp11.1%within the sector's middle half▼ 1.0pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €500,109
Fixed assets
€68,607 ▼ 10.9%
Current assets
€431,502 ▲ 14.4%
Equity and liabilities €500,109
Equity
€426,515 ▲ 15.0%
Debt
€73,594 ▼ 11.6%
Debt's share of the balance-sheet total falls from 18.3% to 14.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
13.0%▼
2024 · 14.9%
Debt ≤ 1 year
€73,594▼
2024 · €83,238
Income taxes
€24,123▼
2024 · €29,442
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 | €9,376 | €9,031 | €9,253 | €8,912 | €6,364 | €8,678 | €9,093 | €9,113 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €449 | €588 | €1,204 | €721 | €743 | ▲ 3.1% |
| Gross operating margin9900 | €59,834 | €91,732 | €109,938 | €113,966 | €71,241 | €67,440 | €90,313 | €85,579 | ▼ 5.2% |
| Operating profit (loss)9901 | €49,478 | €81,598 | €100,238 | €104,606 | €64,288 | €57,558 | €80,499 | €75,723 | ▼ 5.9% |
| Financial income75/76B | - | - | - | €206 | €5,626 | €1,668 | €4,811 | €4,640 | ▼ 3.6% |
| Recurring financial income75 | €149 | €210 | €227 | €206 | €5,626 | €1,668 | €4,811 | €4,640 | ▼ 3.6% |
| Financial charges65/66B | - | - | - | €3,156 | €3,300 | €925 | €694 | €635 | ▼ 8.6% |
| Recurring financial charges65 | €3,965 | €2,701 | €2,475 | €3,156 | €3,300 | €925 | €694 | €635 | ▼ 8.6% |
| Profit (loss) for the period before taxes9903 | €45,662 | €79,107 | €97,991 | €101,657 | €66,614 | €58,301 | €84,616 | €79,729 | ▼ 5.8% |
| Income taxes67/77 | €13,408 | €22,704 | €27,943 | €24,984 | €18,484 | €17,369 | €29,442 | €24,123 | ▼ 18.1% |
| Profit (loss) for the period9904 | €32,253 | €56,403 | €70,048 | €76,673 | €48,131 | €40,932 | €55,174 | €55,606 | ▲ 0.8% |
| Profit (loss) for the period to be appropriated9905 | €32,253 | €56,403 | €70,048 | €76,673 | €48,131 | €40,932 | €55,174 | €55,606 | ▲ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €271,421 | €316,456 | €372,461 | €441,730 | €487,032 | €410,167 | €454,148 | €500,109 | ▲ 10.1% |
| Fixed assets21/28 | €82,203 | €73,854 | €64,602 | €55,690 | €93,381 | €86,070 | €76,977 | €68,607 | ▼ 10.9% |
| Tangible fixed assets22/27 | €26,735 | €18,386 | €9,134 | €222 | €37,913 | €30,602 | €21,509 | €13,139 | ▼ 38.9% |
| Plant, machinery and equipment23 | - | - | - | - | €3,122 | €2,657 | €2,191 | €1,725 | ▼ 21.3% |
| Furniture and vehicles24 | - | - | - | €222 | €34,790 | €27,945 | €19,318 | €11,414 | ▼ 40.9% |
| Financial fixed assets28 | €55,468 | €55,468 | €55,468 | €55,468 | €55,468 | €55,468 | €55,468 | €55,468 | = |
| Current assets29/58 | €189,218 | €242,602 | €307,859 | €386,040 | €393,651 | €324,097 | €377,171 | €431,502 | ▲ 14.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €46,209 | €70,000 | €63,000 | ▼ 10.0% |
| Trade receivables290 | - | - | - | - | - | €46,209 | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | - | - | €70,000 | €63,000 | ▼ 10.0% |
| Amounts receivable within one year40/41 | €19,001 | €29,291 | €19,764 | €42,539 | €27,883 | €39,703 | €19,947 | €20,386 | ▲ 2.2% |
| Trade receivables40 | - | - | - | €42,492 | €13,206 | €16,594 | €14,260 | €14,777 | ▲ 3.6% |
| Other amounts receivable41 | - | - | - | €47 | €14,677 | €23,109 | €5,687 | €5,609 | ▼ 1.4% |
| Current investments50/53 | €9,352 | €9,352 | €9,352 | €9,352 | €9,352 | €218,606 | €207,086 | €233,198 | ▲ 12.6% |
| Cash at bank and in hand54/58 | €160,468 | €203,713 | €277,868 | €333,254 | €356,003 | €17,766 | €79,729 | €113,101 | ▲ 41.9% |
| Deferred charges and accrued income490/1 | - | - | - | €895 | €413 | €1,814 | €409 | €1,818 | ▲ 344% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €271,421 | €316,456 | €372,461 | €441,730 | €487,032 | €410,167 | €454,148 | €500,109 | ▲ 10.1% |
| Equity10/15 | €185,624 | €242,027 | €292,096 | €348,024 | €336,222 | €347,989 | €370,909 | €426,515 | ▲ 15.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €179,307 | €235,827 | €285,896 | €341,824 | €330,022 | €341,789 | €364,709 | €420,315 | ▲ 15.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €339,964 | €328,162 | €341,789 | €364,709 | €420,315 | ▲ 15.2% |
| Profit (loss) carried forward14 | €117 | €117 | €117 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €85,796 | €74,429 | €80,365 | €93,706 | €150,810 | €62,177 | €83,238 | €73,594 | ▼ 11.6% |
| Amounts payable after more than one year17 | €20,009 | €12,595 | €5,074 | - | €16,645 | €4,194 | €0 | - | - |
| Financial debts170/4 | - | - | - | - | €16,645 | €4,194 | €0 | - | - |
| Amounts payable within one year42/48 | €65,787 | €61,834 | €75,291 | €93,706 | €134,165 | €57,636 | €83,238 | €73,594 | ▼ 11.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,458 | €12,260 | €12,452 | €4,194 | €0 | ▼ 100% |
| Trade debts44 | €1,010 | €4,628 | €1,261 | €954 | €3,173 | €7,748 | €23 | €1,845 | ▲ 7,790% |
| Suppliers440/4 | - | - | - | €954 | €3,173 | €7,748 | €23 | €1,845 | ▲ 7,790% |
| Taxes, remuneration and social security45 | - | - | - | €9,552 | €5,536 | €8,271 | €12,822 | €27,710 | ▲ 116% |
| Taxes450/3 | - | - | - | €6,330 | €2,480 | €5,066 | €9,547 | €24,409 | ▲ 156% |
| Remuneration and social security454/9 | - | - | - | €3,222 | €3,056 | €3,206 | €3,275 | €3,300 | ▲ 0.8% |
| Other amounts payable47/48 | - | - | - | €74,742 | €113,195 | €29,165 | €66,199 | €44,039 | ▼ 33.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €348 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,253 | €56,403 | €70,048 | €76,673 | €48,131 | €40,932 | €55,174 | €55,606 | ▲ 0.8% |
| + Depreciation and write-downs630 | €9,376 | €9,031 | €9,253 | €8,912 | €6,364 | €8,678 | €9,093 | €9,113 | ▲ 0.2% |
| Operating cash flow (approximation) | €41,630 | €65,434 | €79,300 | €85,585 | €54,495 | €49,611 | €64,266 | €64,719 | ▲ 0.7% |
| Investment in fixed assets (approximation) | - | -€682 | €0 | €0 | -€44,055 | -€1,367 | €0 | -€744 | - |
| Change in cash | - | €43,245 | €74,154 | €55,387 | €22,749 | -€338,237 | €61,963 | €33,372 | ▼ 46.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00426338 |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00292234 |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00168033 |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00249156 |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20309283 |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51000232 |
| 31-12-2019 | micro format | 23-07-2020 | 2020-32900047 |
| 31-12-2018 | micro format | 07-05-2019 | 2019-12400562 |
| 31-12-2017 | micro format | 14-05-2018 | 2018-12800081 |
| 31-12-2016 | micro format | 04-05-2017 | 2017-11200494 |
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Subsidies and aid
Flemish government
2022 · 1 entry · €75 awarded · €75 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.