InMac
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 2 filings
Turnover
€10.2m▼ 16.1%
2024 · €12.2m
EBIT margin
-0.7%▼ 1.6pp
2024 · 1.0%
Net result
€267,079▲ 53.9%
2024 · €173,574
Working capital
€2.6m▲ 3.3%
2024 · €2.6m
Multi-year overview
2024 to 2025, 2 financial yearsTurnover
€10.2m
▼ 16.1%
2025
20242025
Operating result
-€67,749
2025
20242025
Net result
€267,079
▲ 53.9%
2025
middle half of the sector
20242025
EBIT margin
-0.7%
▼ 1.6pp
2025
20242025
Equity
€3.2m
▲ 9.1%
2025
middle half of the sector
20242025
Total assets
€4.1m
▼ 24.7%
2025
middle half of the sector
20242025
Debt
€870,850
▼ 64.7%
2025
20242025
Working capital
€2.6m
▲ 3.3%
2025
middle half of the sector
20242025
Solvency
78.6%
▲ 24.3pp
2025
highest quarter of the sector
20242025
Current ratio
4.24
▲ 2.19
2025
highest quarter of the sector
20242025
Return on assets (ROA)
6.6%
▲ 3.4pp
2025
middle half of the sector
20242025
Staff (FTE)
12
2025
middle half of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20242025
Turnover€12.2m-€10.2m▼ 16.1%
Operating result€0.1m--€0.07m
Net result€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 53.9%
EBIT margin1.0%--0.7%▼ 1.6pp
Equity€2.9mwithin the sector's middle half-€3.2mwithin the sector's middle half▲ 9.1%
Total assets€5.4mwithin the sector's middle half-€4.1mwithin the sector's middle half▼ 24.7%
Debt€2.5m-€0.9m▼ 64.7%
Working capital€2.6mwithin the sector's middle half-€2.6mwithin the sector's middle half▲ 3.3%
Solvency54.2%within the sector's middle half-78.6%above the sector's middle half▲ 24.3pp
Current ratio2.05within the sector's middle half-4.24above the sector's middle half▲ 2.19
Return on assets (ROA)3.2%within the sector's middle half-6.6%within the sector's middle half▲ 3.4pp
Staff (FTE)12within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €67,749, after a profit of €119,204 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.1m
Fixed assets
€604,448 ▲ 52.5%
Current assets
€3.5m ▼ 30.8%
Equity and liabilities €4.1m
Equity
€3.2m ▲ 9.1%
Debt
€870,850 ▼ 64.7%
Debt's share of the balance-sheet total falls from 45.8% to 21.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€110,368▼
2024 · €235,290
Cash flow
€445,196▲
2024 · €289,660
Quick ratio
3.36▲
2024 · 1.54
Debt to equity
0.27▼
2024 · 0.84
ROE
8.4%▲
2024 · 5.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€815,209▼
2024 · €2.4m
Debt > 1 year
€43,333
Income taxes
€94,542▲
2024 · €58,460
Customer credit
51 days▲
2024 · 50 days
Supplier credit
27 days▼
2024 · 79 days
Staff costs
€302,616▲
2024 · €37,296
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 12 |
| full-time | 12 |
| part-time | 0 |
| in full-time equivalents | 12 |
| Average over the year, in full-time equivalents | 12 |
| On a permanent contract | 12 |
| Joined | 12 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Securities and guarantees
| Item | 2024 | 2025 |
|---|---|---|
| Debts secured on the company's own assets | - | €58,333 |
| Pledge on other assets, amount secured | - | €58,333 |
| Carrying value of the other pledged assets | - | €68,052 |
Source: notes to the 2024 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €336,329 | €393,300 |
| Intangible fixed assets | €0 | - |
| Depreciation and write-downs of the year | €116,086 | €178,118 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PARMENTIER GUY.
| Item | 2024 | 2025 |
|---|---|---|
| Fee for the audit | €10,186 | €10,186 |
| Other work by the auditor | €1,500 | - |
Source: notes to the 2024 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Operating income70/76A | €12.4m | €10.5m | ▼ 14.9% |
| Turnover70 | €12.2m | €10.2m | ▼ 16.1% |
| Other operating income74 | €0.2m | €0.3m | ▲ 44.6% |
| Non-recurring operating income76A | - | €0.02m | - |
| Operating charges60/66A | €12.3m | €10.6m | ▼ 13.5% |
| Goods for resale, raw materials and consumables60 | €11.3m | €9.4m | ▼ 16.7% |
| Purchases600/8 | €11.3m | €8.9m | ▼ 21.2% |
| Change in stocks: decrease (increase)609 | €0.02m | €0.5m | ▲ 34× |
| Services and other goods61 | €0.8m | €0.7m | ▼ 13.5% |
| Remuneration, social security and pensions62 | €0.04m | €0.3m | ▲ 711% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.2m | ▲ 53.4% |
| Other operating charges640/8 | €0.01m | €0.02m | ▲ 63.7% |
| Operating profit (loss)9901 | €0.1m | -€0.07m | - |
| Financial income75/76B | €0.1m | €0.4m | ▲ 283% |
| Recurring financial income75 | €0.1m | €0.04m | ▼ 68.3% |
| Income from current assets751 | - | €0.004m | - |
| Other financial income752/9 | €0.1m | €0.03m | ▼ 71.5% |
| Non-recurring financial income76B | - | €0.4m | - |
| Financial charges65/66B | €0.001m | €0.007m | ▲ 575% |
| Recurring financial charges65 | €0.001m | €0.007m | ▲ 575% |
| Debt charges650 | €8 | €0.001m | ▲ 110× |
| Other financial charges652/9 | €0.001m | €0.006m | ▲ 488% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.4m | ▲ 55.8% |
| Income taxes67/77 | €0.06m | €0.09m | ▲ 61.7% |
| Taxes670/3 | €0.06m | €0.09m | ▲ 61.7% |
| Profit (loss) for the period9904 | €0.2m | €0.3m | ▲ 53.9% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.3m | ▲ 53.9% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €5.4m | €4.1m | ▼ 24.7% |
| Fixed assets21/28 | €0.4m | €0.6m | ▲ 52.5% |
| Intangible fixed assets21 | €0.03m | €0.02m | ▼ 26.3% |
| Tangible fixed assets22/27 | €0.4m | €0.6m | ▲ 58.4% |
| Plant, machinery and equipment23 | €0.1m | €0.09m | ▼ 21.1% |
| Furniture and vehicles24 | €0.02m | €0.2m | ▲ 612% |
| Other tangible fixed assets26 | €0.2m | €0.3m | ▲ 45.0% |
| Current assets29/58 | €5.0m | €3.5m | ▼ 30.8% |
| Stocks and contracts in progress3 | €1.2m | €0.7m | ▼ 42.4% |
| Stocks30/36 | €1.2m | €0.7m | ▼ 42.4% |
| Goods purchased for resale34 | €1.2m | €0.7m | ▼ 42.4% |
| Amounts receivable within one year40/41 | €3.2m | €1.6m | ▼ 48.9% |
| Trade receivables40 | €1.7m | €1.4m | ▼ 14.9% |
| Other amounts receivable41 | €1.5m | €0.2m | ▼ 85.5% |
| Cash at bank and in hand54/58 | €0.5m | €1.1m | ▲ 103% |
| Deferred charges and accrued income490/1 | €0.006m | €0.02m | ▲ 283% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €5.4m | €4.1m | ▼ 24.7% |
| Equity10/15 | €2.9m | €3.2m | ▲ 9.1% |
| Contributions10/11 | €0.5m | €0.5m | = |
| Reserves13 | €2.4m | €2.7m | ▲ 11.1% |
| Distributable reserves133 | €2.4m | €2.7m | ▲ 11.1% |
| Amounts payable17/49 | €2.5m | €0.9m | ▼ 64.7% |
| Amounts payable after more than one year17 | - | €0.04m | - |
| Financial debts170/4 | - | €0.04m | - |
| Credit institutions173 | - | €0.04m | - |
| Amounts payable within one year42/48 | €2.4m | €0.8m | ▼ 66.6% |
| Current portion of amounts payable after more than one year42 | - | €0.02m | - |
| Trade debts44 | €2.4m | €0.7m | ▼ 71.1% |
| Suppliers440/4 | €2.4m | €0.7m | ▼ 71.1% |
| Taxes, remuneration and social security45 | - | €0.09m | - |
| Taxes450/3 | - | €0.07m | - |
| Remuneration and social security454/9 | - | €0.03m | - |
| Accrued charges and deferred income492/3 | €0.03m | €0.01m | ▼ 58.3% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €173,574 | €267,079 | ▲ 53.9% |
| + Depreciation and write-downs630 | €116,086 | €178,118 | ▲ 53.4% |
| Operating cash flow (approximation) | €289,660 | €445,196 | ▲ 53.7% |
| Investment in fixed assets (approximation) | - | -€386,249 | - |
| Change in cash | - | €544,776 | - |
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, 3,127 companies had the same profile as InMac has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of InMac 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.
| 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 3,127 companies, not a prediction for InMac. 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.