Imvap
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392388.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 48 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€1.5m▲ 13.5%
2024 · €1.3m
EBIT margin
54.6%▲ 51.6pp
2024 · 3.0%
Net result
€344,194▼ 53.5%
2024 · €739,638
Working capital
-€2.7m▲ 42.3%
2024 · -€4.6m
In the rankings
#1 oldest company in Zoersel, Real estate sector#3 company by total assets in Zoersel, Real estate sector#3 company by equity in Zoersel, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.5m
▲ 13.5%
2025
20182025
Operating result
€815,793
▲ 21×
2025
20182025
Net result
€344,194
▼ 53.5%
2025
highest quarter of the sector
20182025
EBIT margin
54.6%
▲ 51.6pp
2025
20182025
Equity
€10.9m
▲ 3.2%
2025
highest quarter of the sector
20182025
Total assets
€51.2m
▼ 12.1%
2025
highest quarter of the sector
20182025
Debt
€38.7m
▼ 18.7%
2025
20182025
Working capital
-€2.7m
▲ 42.3%
2025
lowest quarter of the sector
20182025
Solvency
21.4%
▲ 3.2pp
2025
middle half of the sector
20182025
Current ratio
0.46
▼ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▼ 0.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.9m-€1.1m▲ 29.7%€1.1m▼ 2.2%€1.0m▼ 6.0%€1.0m▲ 0.2%€1.3m▲ 27.0%€1.3m▼ 0.2%€1.5m▲ 13.5%
Operating result-€0.8m--€0.4m▲ 48.4%€1.6m€7.1m▲ 339%€0.2m▼ 97.3%€0.2m▼ 21.6%€0.04m▼ 73.9%€0.8m▲ 21×
Net result-€1.9m-€1.6m€3.4mabove the sector's middle half▲ 118%€6.2mabove the sector's middle half▲ 82.7%-€0.4mbelow the sector's middle half-€1.4mbelow the sector's middle half▼ 304%€0.7mabove the sector's middle half€0.3mabove the sector's middle half▼ 53.5%
EBIT margin-90.8%--36.1%▲ 54.7pp147.1%▲ 183.2pp685.9%▲ 538.8pp18.5%▼ 667.4pp11.4%▼ 7.1pp3.0%▼ 8.4pp54.6%▲ 51.6pp
Equity€7.4m-€9.0m▲ 21.2%€12.4mabove the sector's middle half▲ 38.1%€18.6mabove the sector's middle half▲ 50.4%€18.3mabove the sector's middle half▼ 1.9%€16.9mabove the sector's middle half▼ 7.8%€10.6mabove the sector's middle half▼ 37.1%€10.9mabove the sector's middle half▲ 3.2%
Total assets€61.8m-€58.8m▼ 4.8%€60.6mabove the sector's middle half▲ 3.0%€59.2mabove the sector's middle half▼ 2.2%€59.8mabove the sector's middle half▲ 1.0%€59.1mabove the sector's middle half▼ 1.2%€58.3mabove the sector's middle half▼ 1.5%€51.2mabove the sector's middle half▼ 12.1%
Debt€54.4m-€49.9m▼ 8.3%€48.2m▼ 3.3%€40.6m▼ 15.7%€41.6m▲ 2.3%€42.3m▲ 1.8%€47.7m▲ 12.7%€38.7m▼ 18.7%
Working capital-€24.3m-€2.7m€3.4mabove the sector's middle half▲ 26.4%€1.6mabove the sector's middle half▼ 53.8%€3.6mabove the sector's middle half▲ 132%€3.8mabove the sector's middle half▲ 6.3%-€4.6mbelow the sector's middle half-€2.7mbelow the sector's middle half▲ 42.3%
Solvency12.0%-15.2%▲ 3.3pp20.4%within the sector's middle half▲ 5.2pp31.4%within the sector's middle half▲ 11.0pp30.5%within the sector's middle half▼ 0.9pp28.5%within the sector's middle half▼ 2.0pp18.2%within the sector's middle half▼ 10.3pp21.4%within the sector's middle half▲ 3.2pp
Current ratio0.29-1.64▲ 1.361.83within the sector's middle half▲ 0.191.25within the sector's middle half▼ 0.581.57within the sector's middle half▲ 0.331.64within the sector's middle half▲ 0.060.63within the sector's middle half▼ 1.010.46within the sector's middle half▼ 0.17
Return on assets (ROA)-3.0%-2.7%▲ 5.7pp5.6%above the sector's middle half▲ 3.0pp10.5%above the sector's middle half▲ 4.9pp-0.6%within the sector's middle half▼ 11.1pp-2.4%below the sector's middle half▼ 1.8pp1.3%within the sector's middle half▲ 3.7pp0.7%within the sector's middle half▼ 0.6pp
Staff (FTE)1.3-1▼ 23.1%1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
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 nearly 21 times that of 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51.2m
Fixed assets
€49.0m ▼ 2.9%
Current assets
€2.3m ▼ 71.2%
Equity and liabilities €51.2m
Equity
€10.9m ▲ 3.2%
Provisions
€1.5m
Debt
€38.7m ▼ 18.7%
Debt's share of the balance-sheet total falls from 81.8% to 75.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.6m▲
2024 · €674,876
Cash flow
€1.1m▼
2024 · €1.4m
Debt to equity
3.54▼
2024 · 4.50
ROE
3.1%▼
2024 · 7.0%
Interest coverage
1.24▲
2024 · 0.34
Debt ≤ 1 year
€4.9m▼
2024 · €12.5m
Debt > 1 year
€32.3m▼
2024 · €33.7m
Customer credit
13 days▼
2024 · 54 days
Staff costs
€61,938▼
2024 · €62,406
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | - | - | 1 |
| Left | - | - | - | - | 1 |
| Training hours | - | - | - | 8 | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €17.2m | €13.7m | €19.0m | €14.3m | €10.2m |
| Mortgages, amount registered | €38.7m | €16.1m | €16.1m | €18.5m | €18.5m |
| Mortgage mandates | €742,000 | €742,000 | €742,000 | €1.3m | €1.3m |
| Carrying value of the mortgaged assets | €6.4m | €5.3m | €5.1m | €5.0m | €5.0m |
| Pledge on the business | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Pledge on other assets, amount secured | €412,500 | €412,500 | €412,500 | €412,500 | €412,500 |
| Guarantees given for others' debts | - | €3.8m | €3.8m | €3.8m | €3.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €414,350 | €75,603 | €14,855 | €1.8m | €611,966 |
| Financial fixed assets | - | - | €0 | €0 | €49,100 |
| Depreciation and write-downs of the year | €706,970 | €704,638 | €666,851 | €635,648 | €802,755 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,645 | €4,954 | €6,500 | €6,500 | €6,990 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €10.2m | €1.5m | €1.4m | €1.3m | €2.1m | ▲ 61.6% |
| Turnover70 | €0.9m | €1.1m | €1.1m | €1.0m | €1.0m | €1.3m | €1.3m | €1.5m | ▲ 13.5% |
| Other operating income74 | - | - | - | €9.1m | €0.5m | €0.05m | €0.009m | €0.1m | ▲ 972% |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.5m | - |
| Operating charges60/66A | - | - | - | €3.0m | €1.3m | €1.2m | €1.3m | €1.3m | ▲ 3.2% |
| Services and other goods61 | - | - | - | €0.8m | €0.4m | €0.4m | €0.5m | €0.3m | ▼ 32.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.8m | ▲ 26.3% |
| Other operating charges640/8 | - | - | - | €0.08m | €0.1m | €0.07m | €0.1m | €0.08m | ▼ 24.7% |
| Non-recurring operating charges66A | - | - | - | €1.4m | €0.02m | €469 | €0 | €0.06m | - |
| Operating profit (loss)9901 | -€0.8m | -€0.4m | €1.6m | €7.1m | €0.2m | €0.2m | €0.04m | €0.8m | ▲ 21× |
| Financial income75/76B | - | - | - | €1.0m | €0.6m | €0.4m | €2.7m | €2.1m | ▼ 22.4% |
| Recurring financial income75 | €0.001m | €3.2m | €3.0m | €1.0m | €0.6m | €0.4m | €2.7m | €2.1m | ▼ 22.4% |
| Income from financial fixed assets750 | - | - | - | €1.0m | €0.5m | €0 | €2.3m | €2.0m | ▼ 13.0% |
| Income from current assets751 | - | - | - | €0.001m | €0.1m | €0.4m | €0.4m | €0.1m | ▼ 74.1% |
| Other financial income752/9 | - | - | - | €0.04m | €107 | €2 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1.0m | €1.0m | €2.0m | €2.0m | €2.6m | ▲ 27.9% |
| Recurring financial charges65 | €1.4m | €1.2m | €1.2m | €1.0m | €1.0m | €2.0m | €2.0m | €1.3m | ▼ 34.8% |
| Debt charges650 | €1.4m | €0.9m | €1.0m | €0.9m | €1.0m | €1.9m | €2.0m | €1.3m | ▼ 35.0% |
| Other financial charges652/9 | - | - | - | €0.1m | €0.01m | €0.01m | €0.006m | €0.008m | ▲ 37.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €1.3m | - |
| Profit (loss) for the period before taxes9903 | -€2.2m | €1.6m | €3.4m | €7.1m | -€0.2m | -€1.4m | €0.7m | €0.3m | ▼ 53.5% |
| Income taxes67/77 | €0 | €0 | - | €0.9m | €0.2m | €0 | - | - | - |
| Taxes670/3 | - | - | - | €0.9m | €0.2m | €0 | - | - | - |
| Profit (loss) for the period9904 | -€1.9m | €1.6m | €3.4m | €6.2m | -€0.4m | -€1.4m | €0.7m | €0.3m | ▼ 53.5% |
| Profit (loss) for the period to be appropriated9905 | -€1.2m | €1.6m | €3.4m | €6.2m | -€0.4m | -€1.4m | €0.7m | €0.3m | ▼ 53.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61.8m | €58.8m | €60.6m | €59.2m | €59.8m | €59.1m | €58.3m | €51.2m | ▼ 12.1% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €52.1m | €52.1m | €53.2m | €51.4m | €50.0m | €49.3m | €50.4m | €49.0m | ▼ 2.9% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €12.9m | €12.6m | €11.6m | €9.9m | €8.4m | €7.7m | €8.9m | €8.6m | ▼ 2.8% |
| Land and buildings22 | - | - | - | €6.4m | €5.3m | €5.1m | €5.0m | €5.0m | ▼ 0.2% |
| Plant, machinery and equipment23 | - | - | - | €1.2m | €1.0m | €0.7m | €2.3m | €2.1m | ▼ 6.9% |
| Furniture and vehicles24 | - | - | - | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | ▲ 0.7% |
| Leasing and similar rights25 | - | - | - | €1.2m | €1.1m | €0.9m | €0.8m | €0.6m | ▼ 19.5% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | €0.06m | - |
| Financial fixed assets28 | €39.2m | €39.4m | €41.6m | €41.6m | €41.6m | €41.6m | €41.6m | €40.3m | ▼ 2.9% |
| Affiliated companies280/1 | - | - | - | €41.6m | €41.6m | €41.6m | €41.6m | €40.3m | ▼ 2.9% |
| Participating interests280 | - | - | - | €41.6m | €41.6m | €41.6m | €41.6m | €40.3m | ▼ 2.9% |
| Current assets29/58 | €9.7m | €6.8m | €7.4m | €7.8m | €9.9m | €9.8m | €7.8m | €2.3m | ▼ 71.2% |
| Amounts receivable after more than one year29 | - | - | - | €7.8m | €8.8m | €9.7m | €7.5m | €0.6m | ▼ 92.3% |
| Other amounts receivable291 | - | - | - | €7.8m | €8.8m | €9.7m | €7.5m | €0.6m | ▼ 92.3% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.9m | €0.08m | €0.01m | €0.003m | €0.2m | €0.006m | €0.3m | €0.07m | ▼ 74.5% |
| Trade receivables40 | - | - | - | €0.003m | €0.2m | €93 | €0.2m | €0.06m | ▼ 71.9% |
| Other amounts receivable41 | - | - | - | €0 | €0.007m | €0.005m | €0.07m | €0.01m | ▼ 82.2% |
| Current investments50/53 | - | - | - | - | - | - | - | €1.6m | - |
| Own shares50 | - | - | - | - | - | - | - | €1.6m | - |
| Cash at bank and in hand54/58 | €0 | €0 | - | €0.003m | €0.8m | €0.08m | €0.06m | €0.05m | ▼ 23.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.006m | €0.05m | €0.005m | ▼ 90.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61.8m | €58.8m | €60.6m | €59.2m | €59.8m | €59.1m | €58.3m | €51.2m | ▼ 12.1% |
| Equity10/15 | €7.4m | €9.0m | €12.4m | €18.6m | €18.3m | €16.9m | €10.6m | €10.9m | ▲ 3.2% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €2.0m | ▲ 391% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €1.7m | ▲ 16× |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Own shares acquired1312 | - | - | - | - | - | - | - | €1.6m | - |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €6.0m | €7.5m | €10.9m | €17.2m | €16.8m | €15.4m | €9.2m | €7.9m | ▼ 13.3% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €1.5m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €1.5m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €1.5m | - |
| Amounts payable17/49 | €54.4m | €49.9m | €48.2m | €40.6m | €41.6m | €42.3m | €47.7m | €38.7m | ▼ 18.7% |
| Amounts payable after more than one year17 | €20.2m | €45.7m | €44.1m | €34.3m | €35.2m | €36.2m | €33.7m | €32.3m | ▼ 4.0% |
| Financial debts170/4 | - | - | - | €14.5m | €10.9m | €15.6m | €12.7m | €8.5m | ▼ 33.2% |
| Subordinated loans170 | - | - | - | €1.5m | €1.5m | €1.5m | €2.5m | €2.5m | ▲ 2.0% |
| Leasing and similar obligations172 | - | - | - | €0.9m | €0.7m | €0.4m | €0.2m | €0 | ▼ 100% |
| Credit institutions173 | - | - | - | €12.1m | €8.8m | €13.7m | €10.0m | €5.9m | ▼ 40.6% |
| Other amounts payable178/9 | - | - | - | €19.9m | €24.3m | €20.6m | €21.0m | €23.9m | ▲ 13.8% |
| Amounts payable within one year42/48 | €34.1m | €4.1m | €4.0m | €6.3m | €6.3m | €6.0m | €12.5m | €4.9m | ▼ 60.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4.9m | €4.3m | €4.8m | €4.1m | €4.3m | ▲ 3.9% |
| Financial debts43 | - | - | - | €0 | - | - | - | €0.3m | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | €0.3m | - |
| Trade debts44 | €2.1m | €0.6m | €0.4m | €0.3m | €0.4m | €0.4m | €0.6m | €0.3m | ▼ 48.5% |
| Suppliers440/4 | - | - | - | €0.3m | €0.4m | €0.4m | €0.6m | €0.3m | ▼ 48.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.9m | €0.9m | €0.01m | €0.01m | €0.01m | ▲ 5.8% |
| Taxes450/3 | - | - | - | €0.9m | €0.9m | €0.01m | €0.01m | €0.01m | ▲ 5.8% |
| Remuneration and social security454/9 | - | - | - | €421 | €0.001m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.8m | €0.8m | €7.7m | €0.08m | ▼ 99.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.04m | €0.04m | €1.5m | €1.5m | ▼ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.9m | €1.6m | €3.4m | €6.2m | -€0.4m | -€1.4m | €0.7m | €0.3m | ▼ 53.5% |
| + Depreciation and write-downs630 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.8m | ▲ 26.3% |
| Operating cash flow (approximation) | -€1.3m | €2.2m | €4.1m | €6.9m | €0.4m | -€0.8m | €1.4m | €1.1m | ▼ 16.6% |
| Investment in fixed assets (approximation) | - | -€0.6m | -€1.8m | €1.1m | €0.8m | -€0.01m | -€1.8m | €0.7m | - |
| Change in cash | - | €0 | - | - | €0.8m | -€0.7m | -€0.02m | -€0.02m | ▼ 0.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 11-08-2026 | 2026-00392388 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00279786 | |
| 31-12-2023 | full format | 21-06-2024 | 2024-00153976 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00213835 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20053128 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-31700417 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-29800323 | |
| 31-12-2018 | full format | 17-07-2019 | 2019-33300529 | |
| 31-12-2017 | full format | 16-08-2018 | 2018-46500213 | |
| 31-12-2016 | full format | 02-06-2017 | 2017-15500084 |