KAIZEN IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 17 filings
Equity
€2,952▼ 72.6%
2024 · €10,764
Total assets
€20,430▼ 15.3%
2024 · €24,121
Net result
-€7,812
2024 · €10,721
Working capital
-€1,966
2024 · €3,681
In the rankings
#6 oldest company in Incourt, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,583
2025
20182025
Net result
-€7,812
2025
middle half of the sector
20182025
Equity
€2,952
▼ 72.6%
2025
lowest quarter of the sector
20182025
Total assets
€20,430
▼ 15.3%
2025
lowest quarter of the sector
20182025
Debt
€17,478
▲ 30.9%
2025
20182025
Working capital
-€1,966
2025
middle half of the sector
20182025
Solvency
14.4%
▼ 30.2pp
2025
middle half of the sector
20182025
Current ratio
0.89
▼ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
-38.2%
▼ 82.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€409--€8,748-€10,400▼ 18.9%-€4,684▲ 55.0%-€8,470▼ 80.8%€5,097€10,969▲ 115%-€6,583
Net result€702--€9,016-€12,719below the sector's middle half▼ 41.1%-€6,325within the sector's middle half▲ 50.3%-€9,905below the sector's middle half▼ 56.6%€3,704within the sector's middle half€10,721within the sector's middle half▲ 189%-€7,812within the sector's middle half
Equity€28,104-€19,088▼ 32.1%€12,569below the sector's middle half▼ 34.2%€6,244below the sector's middle half▼ 50.3%-€3,661below the sector's middle half€43below the sector's middle half€10,764within the sector's middle half▲ 250×€2,952below the sector's middle half▼ 72.6%
Total assets€38,358-€32,884▼ 14.3%€40,113below the sector's middle half▲ 22.0%€30,695below the sector's middle half▼ 23.5%€24,803below the sector's middle half▼ 19.2%€19,647below the sector's middle half▼ 20.8%€24,121below the sector's middle half▲ 22.8%€20,430below the sector's middle half▼ 15.3%
Debt€10,254-€13,796▲ 34.5%€27,544▲ 99.6%€24,451▼ 11.2%€28,464▲ 16.4%€19,604▼ 31.1%€13,356▼ 31.9%€17,478▲ 30.9%
Working capital€23,864-€17,139▼ 28.2%€11,628within the sector's middle half▼ 32.2%€5,304within the sector's middle half▼ 54.4%-€4,601within the sector's middle half-€897within the sector's middle half▲ 80.5%€3,681within the sector's middle half-€1,966within the sector's middle half
Solvency73.3%-58.0%▼ 15.2pp31.3%within the sector's middle half▼ 26.7pp20.3%within the sector's middle half▼ 11.0pp-14.8%below the sector's middle half▼ 35.1pp0.2%below the sector's middle half▲ 15.0pp44.6%within the sector's middle half▲ 44.4pp14.4%within the sector's middle half▼ 30.2pp
Current ratio3.33-2.24▼ 1.091.42within the sector's middle half▼ 0.821.22within the sector's middle half▼ 0.210.84within the sector's middle half▼ 0.380.95within the sector's middle half▲ 0.121.28within the sector's middle half▲ 0.320.89within the sector's middle half▼ 0.39
Return on assets (ROA)1.8%--27.4%▼ 29.2pp-31.7%below the sector's middle half▼ 4.3pp-20.6%below the sector's middle half▲ 11.1pp-39.9%below the sector's middle half▼ 19.3pp18.9%above the sector's middle half▲ 58.8pp44.4%above the sector's middle half▲ 25.6pp-38.2%below the sector's middle half▼ 82.7pp
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 a loss of €6,583, after a profit of €10,969 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16,342
Fixed assets
€830 ▼ 49.1%
Current assets
€15,512 ▼ 9.0%
Equity and liabilities €20,430
Equity
€2,952 ▼ 72.6%
Debt
€17,478 ▲ 30.9%
Debt's share of the balance-sheet total rises from 55.4% to 85.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€4,418▼
2024 · €12,550
Cash flow
-€5,647▼
2024 · €12,303
Debt to equity
5.92▲
2024 · 1.24
ROE
-264.6%▼
2024 · 99.6%
Interest coverage
-3.59▼
2024 · 50.60
Debt ≤ 1 year
€17,478▲
2024 · €13,356
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €905 | - |
| Depreciation and write-downs of the year | - | - | - | €1,581 | €2,165 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €2,394 | €2,291 | €1,009 | - | - | - | €1,581 | €2,165 | ▲ 36.9% |
| Other operating charges640/8 | - | - | - | €6,754 | - | €1,355 | €895 | €757 | ▼ 15.4% |
| Gross operating margin9900 | €7,769 | -€5,378 | -€1,807 | €2,070 | -€8,470 | €6,452 | €13,445 | -€3,661 | - |
| Operating profit (loss)9901 | €409 | -€8,748 | -€10,400 | -€4,684 | -€8,470 | €5,097 | €10,969 | -€6,583 | - |
| Financial income75/76B | - | - | - | - | €1 | €3 | €1 | - | - |
| Recurring financial income75 | €834 | €674 | €255 | - | €1 | €3 | €1 | - | - |
| Financial charges65/66B | - | - | - | €1,392 | €1,106 | €1,396 | €248 | €1,229 | ▲ 395% |
| Recurring financial charges65 | €541 | €943 | €1,408 | €1,392 | €1,106 | €1,396 | €248 | €1,229 | ▲ 395% |
| Profit (loss) for the period before taxes9903 | €702 | -€9,016 | -€11,552 | -€6,076 | -€9,575 | €3,704 | €10,721 | -€7,812 | - |
| Income taxes67/77 | - | - | €1,167 | €249 | €330 | - | - | - | - |
| Profit (loss) for the period9904 | €702 | -€9,016 | -€12,719 | -€6,325 | -€9,905 | €3,704 | €10,721 | -€7,812 | - |
| Profit (loss) for the period to be appropriated9905 | €702 | -€9,016 | -€12,719 | -€6,325 | -€9,905 | €3,704 | €10,721 | -€7,812 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,358 | €32,884 | €40,113 | €30,695 | €24,803 | €19,647 | €24,121 | €20,430 | ▼ 15.3% |
| Formation expenses20 | - | - | - | - | - | - | €5,452 | €4,088 | ▼ 25.0% |
| Fixed assets21/28 | €4,240 | €1,949 | €940 | €940 | €940 | €940 | €1,631 | €830 | ▼ 49.1% |
| Tangible fixed assets22/27 | €4,240 | €1,949 | €940 | €940 | €940 | €940 | €1,631 | €830 | ▼ 49.1% |
| Plant, machinery and equipment23 | - | - | - | €940 | €940 | €940 | €140 | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,491 | €830 | ▼ 44.3% |
| Current assets29/58 | €34,118 | €30,935 | €39,172 | €29,755 | €23,863 | €18,706 | €17,037 | €15,512 | ▼ 9.0% |
| Stocks and contracts in progress3 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | - | - | - |
| Stocks30/36 | - | - | - | €2,400 | €2,400 | €2,400 | - | - | - |
| Amounts receivable within one year40/41 | €17,834 | €24,915 | €33,153 | €23,735 | €17,654 | €3,848 | €4,902 | €13,258 | ▲ 170% |
| Trade receivables40 | - | - | - | €22,663 | €15,550 | €2,936 | €2,936 | €13,258 | ▲ 352% |
| Other amounts receivable41 | - | - | - | €1,073 | €2,104 | €912 | €1,966 | - | - |
| Cash at bank and in hand54/58 | €1,860 | €3,620 | €3,620 | €3,620 | €3,809 | €12,458 | €12,135 | €2,254 | ▼ 81.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,358 | €32,884 | €40,113 | €30,695 | €24,803 | €19,647 | €24,121 | €20,430 | ▼ 15.3% |
| Equity10/15 | €28,104 | €19,088 | €12,569 | €6,244 | -€3,661 | €43 | €10,764 | €2,952 | ▼ 72.6% |
| Contributions10/11 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €13,844 | €4,828 | -€7,891 | -€14,216 | -€24,121 | -€20,417 | -€9,696 | -€17,508 | ▼ 80.6% |
| Amounts payable17/49 | €10,254 | €13,796 | €27,544 | €24,451 | €28,464 | €19,604 | €13,356 | €17,478 | ▲ 30.9% |
| Amounts payable within one year42/48 | €10,254 | €13,796 | €27,544 | €24,451 | €28,464 | €19,604 | €13,356 | €17,478 | ▲ 30.9% |
| Financial debts43 | - | - | - | €9,796 | €9,796 | - | - | €3,544 | - |
| Credit institutions430/8 | - | - | - | €9,796 | €9,796 | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €3,544 | - |
| Trade debts44 | €866 | €727 | €642 | €9,269 | €5,653 | €10,468 | €9,508 | €9,431 | ▼ 0.8% |
| Suppliers440/4 | - | - | - | €9,269 | €5,653 | €10,468 | €9,508 | €9,431 | ▼ 0.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,752 | €1,059 | €2,916 | - | - | - |
| Taxes450/3 | - | - | - | €1,752 | €1,059 | €2,916 | - | - | - |
| Other amounts payable47/48 | - | - | - | €3,634 | €11,957 | €6,220 | €3,849 | €4,503 | ▲ 17.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €702 | -€9,016 | -€12,719 | -€6,325 | -€9,905 | €3,704 | €10,721 | -€7,812 | - |
| + Depreciation and write-downs630 | €2,394 | €2,291 | €1,009 | - | - | - | €1,581 | €2,165 | ▲ 36.9% |
| Operating cash flow (approximation) | €3,096 | -€6,726 | -€11,710 | -€6,325 | -€9,905 | €3,704 | €12,303 | -€5,647 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€2,273 | -€1,364 | ▲ 40.0% |
| Change in cash | - | €1,760 | €0 | €0 | €189 | €8,649 | -€323 | -€9,881 | ▼ 2,960% |
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, 1,294 companies had the same profile as KAIZEN IMMO has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KAIZEN IMMO itself: 2.9% 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 1,294 companies, not a prediction for KAIZEN IMMO. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00320438 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00178626 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00392082 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00407753 | |
| 31-12-2021 | micro format | 27-12-2022 | 2022-20548427 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-49800144 | |
| 31-12-2019 | micro format | 17-09-2020 | 2020-53900349 | |
| 31-12-2018 | abbreviated format | 25-11-2019 | 2019-74400222 | |
| 31-12-2017 | abbreviated format | 29-03-2019 | 2019-08700490 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-57800250 |