KLAPS IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-06-2026 at the NBB all 22 filings
Turnover
€80,335▼ 35.2%
2024 · €123,942
EBIT margin
12.7%▼ 54.3pp
2024 · 67.0%
Net result
-€43
2024 · €57,499
Working capital
€127,187▼ 31.1%
2024 · €184,469
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€80,335
▼ 35.2%
2025
20182025
Operating result
€10,212
▼ 87.7%
2025
20182025
Net result
-€43
2025
middle half of the sector
20182025
EBIT margin
12.7%
▼ 54.3pp
2025
20182025
Equity
€172,187
▼ 8.2%
2025
middle half of the sector
20182025
Total assets
€191,497
▼ 6.9%
2025
middle half of the sector
20182025
Debt
€19,309
▲ 6.7%
2025
20182025
Working capital
€127,187
▼ 31.1%
2025
highest quarter of the sector
20182025
Solvency
89.9%
▼ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.59
▼ 4.73
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.0%
▼ 28.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€232,180-€145,697▼ 37.2%€217,126▲ 49.0%€170,782▼ 21.3%€111,958▼ 34.4%€188,170▲ 68.1%€123,942▼ 34.1%€80,335▼ 35.2%
Operating result€106,832-€21,995▼ 79.4%€30,560▲ 38.9%€16,575▼ 45.8%€6,094▼ 63.2%€28,309▲ 365%€83,097▲ 194%€10,212▼ 87.7%
Net result€76,588-€15,438▼ 79.8%€22,681within the sector's middle half▲ 46.9%€10,292within the sector's middle half▼ 54.6%€3,679within the sector's middle half▼ 64.3%€17,882within the sector's middle half▲ 386%€57,499above the sector's middle half▲ 222%-€43within the sector's middle half
EBIT margin46.0%-15.1%▼ 30.9pp14.1%▼ 1.0pp9.7%▼ 4.4pp5.4%▼ 4.3pp15.0%▲ 9.6pp67.0%▲ 52.0pp12.7%▼ 54.3pp
Equity€190,142-€186,867▼ 1.7%€209,548within the sector's middle half▲ 12.1%€219,840within the sector's middle half▲ 4.9%€210,698within the sector's middle half▼ 4.2%€205,121within the sector's middle half▼ 2.6%€187,669within the sector's middle half▼ 8.5%€172,187within the sector's middle half▼ 8.2%
Total assets€236,800-€226,697▼ 4.3%€226,789within the sector's middle half=€235,253within the sector's middle half▲ 3.7%€222,124within the sector's middle half▼ 5.6%€231,474within the sector's middle half▲ 4.2%€205,765within the sector's middle half▼ 11.1%€191,497within the sector's middle half▼ 6.9%
Debt€46,658-€39,829▼ 14.6%€17,241▼ 56.7%€15,413▼ 10.6%€11,426▼ 25.9%€26,353▲ 131%€18,096▼ 31.3%€19,309▲ 6.7%
Working capital€180,054-€175,900▼ 2.3%€200,577above the sector's middle half▲ 14.0%€220,440above the sector's middle half▲ 9.9%€210,698above the sector's middle half▼ 4.4%€206,321above the sector's middle half▼ 2.1%€184,469above the sector's middle half▼ 10.6%€127,187above the sector's middle half▼ 31.1%
Solvency80.3%-82.4%▲ 2.1pp92.4%above the sector's middle half▲ 10.0pp93.4%above the sector's middle half▲ 1.1pp94.9%above the sector's middle half▲ 1.4pp88.6%above the sector's middle half▼ 6.2pp91.2%above the sector's middle half▲ 2.6pp89.9%above the sector's middle half▼ 1.3pp
Current ratio4.86-5.42▲ 0.5612.63above the sector's middle half▲ 7.2215.88above the sector's middle half▲ 3.2519.44above the sector's middle half▲ 3.569.20above the sector's middle half▼ 10.2412.32above the sector's middle half▲ 3.127.59above the sector's middle half▼ 4.73
Return on assets (ROA)32.3%-6.8%▼ 25.5pp10.0%above the sector's middle half▲ 3.2pp4.4%within the sector's middle half▼ 5.6pp1.7%within the sector's middle half▼ 2.7pp7.7%above the sector's middle half▲ 6.1pp27.9%above the sector's middle half▲ 20.2pp0.0%within the sector's middle half▼ 28.0pp
Staff (FTE)1-1=11=1=1=1=
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 88% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €191,497
Fixed assets
€45,000 ▲ 800%
Current assets
€146,497 ▼ 27.0%
Equity and liabilities €191,497
Equity
€172,187 ▼ 8.2%
Debt
€19,309 ▲ 6.7%
Debt's share of the balance-sheet total rises from 8.8% to 10.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.11▲
2024 · 0.10
ROE
0.0%▼
2024 · 30.6%
Debt ≤ 1 year
€19,309▲
2024 · €16,296
Income taxes
€8,838▼
2024 · €22,783
Customer credit
113 days▲
2024 · 39 days
Supplier credit
15 days▼
2024 · 20 days
Staff costs
€10,795▲
2024 · €10,263
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 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Average over the year, in full-time equivalents | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,372 | €0 | - | - | - |
| Financial fixed assets | - | - | - | €5,000 | €40,000 |
| Depreciation and write-downs of the year | €0 | - | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €232,180 | €145,697 | €217,126 | €170,782 | €111,958 | €188,170 | €123,942 | €80,335 | ▼ 35.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €141,517 | €97,311 | €148,609 | €129,542 | €107,921 | ▼ 16.7% |
| Remuneration, social security and pensions62 | - | - | - | €8,454 | €8,144 | €10,502 | €10,263 | €10,795 | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,932 | €2,332 | €1,998 | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €5,429 | €410 | €750 | €1,040 | €1,408 | ▲ 35.3% |
| Gross operating margin9900 | €138,407 | €46,952 | €41,142 | €30,457 | €14,648 | €39,560 | €94,400 | €22,414 | ▼ 76.3% |
| Operating profit (loss)9901 | €106,832 | €21,995 | €30,560 | €16,575 | €6,094 | €28,309 | €83,097 | €10,212 | ▼ 87.7% |
| Financial income75/76B | - | - | - | €3 | €2 | - | - | - | - |
| Recurring financial income75 | €2 | €2 | €9 | €3 | €2 | - | - | - | - |
| Financial charges65/66B | - | - | - | €144 | €269 | €2,239 | €2,815 | €1,417 | ▼ 49.6% |
| Recurring financial charges65 | €124 | €93 | €102 | €144 | €269 | €2,239 | €2,815 | €1,417 | ▼ 49.6% |
| Profit (loss) for the period before taxes9903 | €106,710 | €21,904 | €30,467 | €16,433 | €5,826 | €26,070 | €80,283 | €8,795 | ▼ 89.0% |
| Income taxes67/77 | €30,123 | €6,466 | €7,786 | €6,141 | €2,147 | €8,188 | €22,783 | €8,838 | ▼ 61.2% |
| Profit (loss) for the period9904 | €76,588 | €15,438 | €22,681 | €10,292 | €3,679 | €17,882 | €57,499 | -€43 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €16,682 | - |
| Profit (loss) for the period to be appropriated9905 | €76,588 | €15,438 | €22,681 | €10,292 | €3,679 | €17,882 | €57,499 | €16,639 | ▼ 71.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €236,800 | €226,697 | €226,789 | €235,253 | €222,124 | €231,474 | €205,765 | €191,497 | ▼ 6.9% |
| Fixed assets21/28 | €10,089 | €10,968 | €8,971 | €0 | €0 | €0 | €5,000 | €45,000 | ▲ 800% |
| Tangible fixed assets22/27 | €8,470 | €9,348 | €7,350 | €0 | €0 | €0 | €0 | €0 | - |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Financial fixed assets28 | €1,618 | €1,620 | €1,621 | €0 | - | - | €5,000 | €45,000 | ▲ 800% |
| Current assets29/58 | €226,712 | €215,729 | €217,818 | €235,253 | €222,124 | €231,474 | €200,765 | €146,497 | ▼ 27.0% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €14,081 | €13,718 | €35,802 | €8,908 | €17,799 | €50,518 | €20,332 | €25,395 | ▲ 24.9% |
| Trade receivables40 | - | - | - | €6,165 | €16,935 | €50,518 | €13,116 | €24,812 | ▲ 89.2% |
| Other amounts receivable41 | - | - | - | €2,743 | €864 | €0 | €7,217 | €582 | ▼ 91.9% |
| Cash at bank and in hand54/58 | €211,494 | €200,873 | €180,161 | €224,910 | €204,325 | €179,596 | €179,035 | €119,585 | ▼ 33.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,435 | €0 | €1,359 | €1,398 | €1,517 | ▲ 8.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €236,800 | €226,697 | €226,789 | €235,253 | €222,124 | €231,474 | €205,765 | €191,497 | ▼ 6.9% |
| Equity10/15 | €190,142 | €186,867 | €209,548 | €219,840 | €210,698 | €205,121 | €187,669 | €172,187 | ▼ 8.2% |
| Contributions10/11 | €18,600 | €18,600 | €0 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €171,542 | €168,267 | €190,948 | €201,240 | €192,098 | €186,521 | €169,069 | €153,587 | ▼ 9.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €16,682 | €16,682 | €16,682 | €16,682 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €182,698 | €173,556 | €169,839 | €152,387 | €153,587 | ▲ 0.8% |
| Amounts payable17/49 | €46,658 | €39,829 | €17,241 | €15,413 | €11,426 | €26,353 | €18,096 | €19,309 | ▲ 6.7% |
| Amounts payable within one year42/48 | €46,658 | €39,829 | €17,241 | €14,813 | €11,426 | €25,153 | €16,296 | €19,309 | ▲ 18.5% |
| Trade debts44 | €11,517 | €13,512 | €7,095 | €5,357 | €3,192 | €943 | €6,933 | €4,388 | ▼ 36.7% |
| Suppliers440/4 | - | - | - | €5,357 | €3,192 | €943 | €6,933 | €4,388 | ▼ 36.7% |
| Taxes, remuneration and social security45 | - | - | - | €9,456 | €8,235 | €24,192 | €9,321 | €13,645 | ▲ 46.4% |
| Taxes450/3 | - | - | - | €8,201 | €6,418 | €22,040 | €7,243 | €11,424 | ▲ 57.7% |
| Remuneration and social security454/9 | - | - | - | €1,255 | €1,817 | €2,152 | €2,078 | €2,221 | ▲ 6.8% |
| Other amounts payable47/48 | - | - | - | €0 | €0 | €18 | €43 | €1,276 | ▲ 30× |
| Accrued charges and deferred income492/3 | - | - | - | €600 | €0 | €1,200 | €1,800 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,588 | €15,438 | €22,681 | €10,292 | €3,679 | €17,882 | €57,499 | -€43 | - |
| + Depreciation and write-downs630 | €1,932 | €2,332 | €1,998 | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | €78,520 | €17,770 | €24,679 | €10,292 | €3,679 | €17,882 | €57,499 | -€43 | - |
| Investment in fixed assets (approximation) | - | -€3,211 | -€1 | €8,971 | €0 | €0 | -€5,000 | -€40,000 | ▼ 700% |
| Change in cash | - | -€10,621 | -€20,713 | €44,749 | -€20,585 | -€24,728 | -€562 | -€59,450 | ▼ 10,483% |
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, 12,322 companies had the same profile as KLAPS IMMO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KLAPS IMMO 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 12,322 companies, not a prediction for KLAPS 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-06-2026 | 2026-00178867 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00182797 | |
| 31-12-2023 | micro format | 22-06-2024 | 2024-00154574 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00141094 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20116899 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-21900164 | |
| 31-12-2019 | abbreviated format | 20-06-2020 | 2020-18900435 | |
| 31-12-2018 | abbreviated format | 02-07-2019 | 2019-26800513 | |
| 31-12-2017 | abbreviated format | 27-07-2018 | 2018-40400342 | |
| 31-12-2016 | abbreviated format | 12-08-2017 | 2017-43500427 |