ML IMMO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-09-2026 at the NBB all 25 filings
Turnover
≈ €110,000
Estimated: probably between €91,000 and €140,000
EBIT margin
Not included in this filing
Net result
€21,976▲ 161%
2024 · €8,417
Working capital
€111,962▼ 68.7%
2024 · €357,772
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,982
2025
20182025
Net result
€21,976
▲ 161%
2025
middle half of the sector
20182025
Equity
€2.1m
▲ 1.1%
2025
middle half of the sector
20182025
Total assets
€2.4m
▲ 0.7%
2025
middle half of the sector
20182025
Debt
€202,282
▼ 1.7%
2025
20182025
Working capital
€111,962
▼ 68.7%
2025
middle half of the sector
20182025
Solvency
85.4%
▲ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
3.02
▼ 7.15
2025
middle half of the sector
20182025
Return on assets (ROA)
0.9%
▲ 0.6pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m-€0.06m€0.1m▲ 120%€0.1m▲ 18.7%€0.8m▲ 425%-€0.05m-€0.004m▲ 92.3%€0.02m
Net result-€0.02m-€0.05m€0.1mabove the sector's middle half▲ 144%€0.1mwithin the sector's middle half▲ 5.1%€0.6mabove the sector's middle half▲ 363%-€0.05mbelow the sector's middle half€0.008mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 161%
Equity€1.2m-€1.3m▲ 4.0%€1.4mwithin the sector's middle half▲ 9.3%€1.5mwithin the sector's middle half▲ 9.0%€2.1mwithin the sector's middle half▲ 38.1%€2.0mwithin the sector's middle half▼ 2.3%€2.1mwithin the sector's middle half▲ 0.4%€2.1mwithin the sector's middle half▲ 1.1%
Total assets€2.0m-€1.6m▼ 23.2%€1.6mwithin the sector's middle half▲ 5.5%€1.7mwithin the sector's middle half▲ 4.1%€2.5mwithin the sector's middle half▲ 44.4%€2.3mwithin the sector's middle half▼ 8.3%€2.4mwithin the sector's middle half▲ 6.9%€2.4mwithin the sector's middle half▲ 0.7%
Debt€0.8m-€0.3m▼ 64.8%€0.2m▼ 11.6%€0.2m▼ 23.4%€0.2m▲ 11.3%€0.06m▼ 73.8%€0.2m▲ 269%€0.2m▼ 1.7%
Working capital€0.4m-€0.4m▲ 24.5%€0.6mwithin the sector's middle half▲ 41.1%€0.8mwithin the sector's middle half▲ 27.3%€1.6mabove the sector's middle half▲ 98.0%€1.1mabove the sector's middle half▼ 32.5%€0.4mwithin the sector's middle half▼ 66.2%€0.1mwithin the sector's middle half▼ 68.7%
Solvency60.5%-81.9%▲ 21.4pp84.8%above the sector's middle half▲ 2.9pp88.8%above the sector's middle half▲ 4.0pp85.0%above the sector's middle half▼ 3.9pp90.5%above the sector's middle half▲ 5.6pp85.0%above the sector's middle half▼ 5.5pp85.4%above the sector's middle half▲ 0.3pp
Current ratio1.56-4.07▲ 2.515.22above the sector's middle half▲ 1.157.29above the sector's middle half▲ 2.079.78above the sector's middle half▲ 2.4920.70above the sector's middle half▲ 10.9310.17above the sector's middle half▼ 10.533.02within the sector's middle half▼ 7.15
Return on assets (ROA)-1.2%-3.1%▲ 4.3pp7.2%above the sector's middle half▲ 4.1pp7.3%above the sector's middle half▲ 0.1pp23.4%above the sector's middle half▲ 16.1pp-2.1%below the sector's middle half▼ 25.5pp0.3%within the sector's middle half▲ 2.5pp0.9%within the sector's middle half▲ 0.6pp
Staff (FTE)2.6-2.7▲ 3.8%2.7within the sector's middle half=2.7within the sector's middle half=2.6within the sector's middle half▼ 3.7%
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 profit of €24,982, after a loss of €4,245 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.3m ▲ 12.2%
Current assets
€167,362 ▼ 57.8%
Equity and liabilities €2.4m
Equity
€2.1m ▲ 1.1%
Provisions
€154,516 ▼ 1.2%
Debt
€202,282 ▼ 1.7%
Debt's share of the balance-sheet total falls from 8.5% to 8.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€81,717▲
2024 · €36,733
Cash flow
€78,710▲
2024 · €49,395
Debt to equity
0.10▼
2024 · 0.10
ROE
1.1%▲
2024 · 0.4%
Interest coverage
13.26▲
2024 · 6.73
Debt ≤ 1 year
€55,400▲
2024 · €39,021
Debt > 1 year
€146,667▼
2024 · €166,667
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | - |
| full-time | 2 | 1 | - |
| part-time | 2 | 2 | - |
| in full-time equivalents | 2.7 | 2.3 | - |
| Average over the year, in full-time equivalents | 2.7 | 2.6 | - |
| On a permanent contract | 4 | 3 | - |
| Joined | - | 0 | - |
| Left | - | 1 | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €143,893 | €518,771 | €940,256 | €302,899 |
| Depreciation and write-downs of the year | €81,268 | €44,600 | €89,567 | €40,978 | €56,734 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €634,726 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €152,647 | €162,572 | -€18,376 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €111,977 | €100,931 | €98,627 | €81,268 | €44,600 | €89,567 | €40,978 | €56,734 | ▲ 38.5% |
| Other operating charges640/8 | - | - | - | €6 | €1,947 | €0 | €1 | €50 | ▲ 49× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €9,997 | - | - |
| Gross operating margin9900 | €220,851 | €327,176 | €370,632 | €380,847 | €980,581 | €16,262 | €46,731 | €81,767 | ▲ 75.0% |
| Operating profit (loss)9901 | -€13,618 | €56,329 | €123,782 | €146,926 | €771,462 | -€54,929 | -€4,245 | €24,982 | - |
| Financial income75/76B | - | - | - | €446 | €375 | €8,530 | €16,285 | €1,318 | ▼ 91.9% |
| Recurring financial income75 | €27 | €231 | €179 | €446 | €375 | €8,530 | €16,285 | €1,318 | ▼ 91.9% |
| Financial charges65/66B | - | - | - | €4,620 | €2,436 | €1,733 | €5,460 | €6,161 | ▲ 12.8% |
| Recurring financial charges65 | €10,832 | €7,397 | €4,696 | €4,620 | €2,436 | €1,733 | €5,460 | €6,161 | ▲ 12.8% |
| Profit (loss) for the period before taxes9903 | -€24,423 | €49,163 | €119,265 | €142,752 | €769,401 | -€48,132 | €6,580 | €20,139 | ▲ 206% |
| Transfer from deferred taxes780 | - | - | - | - | - | €493 | €1,836 | €1,836 | = |
| Transfer to deferred taxes680 | - | - | - | - | €158,681 | - | - | - | - |
| Income taxes67/77 | - | €350 | €356 | €17,755 | €32,603 | - | - | - | - |
| Profit (loss) for the period9904 | -€24,423 | €48,813 | €118,909 | €124,997 | €578,116 | -€47,639 | €8,417 | €21,976 | ▲ 161% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €1,479 | €5,509 | €5,509 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €476,044 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€24,423 | €48,813 | €118,909 | €124,997 | €102,072 | -€46,160 | €13,926 | €27,485 | ▲ 97.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €1.6m | €1.6m | €1.7m | €2.5m | €2.3m | €2.4m | €2.4m | ▲ 0.7% |
| Fixed assets21/28 | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | €1.2m | €2.0m | €2.3m | ▲ 12.2% |
| Intangible fixed assets21 | €0.1m | €0.07m | €0.04m | €0.02m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | €1.2m | €2.0m | €2.3m | ▲ 12.2% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €1.0m | €0.9m | €1.9m | ▲ 106% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 5.2% |
| Furniture and vehicles24 | - | - | - | €0.06m | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.02m | €0.05m | €1.0m | €0.3m | ▼ 73.1% |
| Financial fixed assets28 | €125 | €125 | €125 | €125 | €125 | €125 | €125 | €125 | = |
| Current assets29/58 | €1.0m | €0.6m | €0.8m | €0.9m | €1.7m | €1.1m | €0.4m | €0.2m | ▼ 57.8% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.1m | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0.1m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.7m | €0.3m | €0.3m | €0.3m | €1.2m | €0.2m | €0.2m | €0.01m | ▼ 94.6% |
| Trade receivables40 | - | - | - | €0.07m | €0.1m | €0.02m | €0.02m | €0.003m | ▼ 85.2% |
| Other amounts receivable41 | - | - | - | €0.2m | €1.1m | €0.2m | €0.2m | €0.009m | ▼ 95.5% |
| Current investments50/53 | - | - | - | - | - | €0.8m | €0.1m | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.5m | €0.5m | €0.07m | €0.09m | €0.2m | ▲ 82.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.001m | €0.04m | €105 | €0.001m | ▲ 608% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €1.6m | €1.6m | €1.7m | €2.5m | €2.3m | €2.4m | €2.4m | ▲ 0.7% |
| Equity10/15 | €1.2m | €1.3m | €1.4m | €1.5m | €2.1m | €2.0m | €2.1m | €2.1m | ▲ 1.1% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 1.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 1.2% |
| Profit (loss) carried forward14 | €1.0m | €1.0m | €1.1m | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 2.1% |
| Provisions and deferred taxes16 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.2% |
| Deferred taxes168 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.2% |
| Amounts payable17/49 | €0.8m | €0.3m | €0.2m | €0.2m | €0.2m | €0.06m | €0.2m | €0.2m | ▼ 1.7% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.1m | €0.06m | €0.03m | €0.002m | €0.2m | €0.1m | ▼ 12.0% |
| Financial debts170/4 | - | - | - | €0.06m | €0.03m | €0.002m | €0.2m | €0.1m | ▼ 12.0% |
| Amounts payable within one year42/48 | €0.6m | €0.1m | €0.1m | €0.1m | €0.2m | €0.05m | €0.04m | €0.06m | ▲ 42.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.03m | €0.01m | €0.02m | €0.02m | ▼ 9.4% |
| Trade debts44 | €0.1m | €0.07m | €0.08m | €0.06m | €0.1m | €0.002m | €0.002m | €0.003m | ▲ 41.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.1m | €0.002m | €0.002m | €0.003m | ▲ 41.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.02m | - | €0.003m | - |
| Taxes450/3 | - | - | - | €0.01m | €0.008m | €0.02m | - | €0.003m | - |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €249 | - | €0.02m | €0.01m | €0.03m | ▲ 96.8% |
| Accrued charges and deferred income492/3 | - | - | - | €258 | - | - | - | €215 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,423 | €48,813 | €118,909 | €124,997 | €578,116 | -€47,639 | €8,417 | €21,976 | ▲ 161% |
| + Depreciation and write-downs630 | €111,977 | €100,931 | €98,627 | €81,268 | €44,600 | €89,567 | €40,978 | €56,734 | ▲ 38.5% |
| Operating cash flow (approximation) | €87,553 | €149,744 | €217,536 | €206,265 | €622,716 | €41,927 | €49,395 | €78,710 | ▲ 59.3% |
| Investment in fixed assets (approximation) | - | -€35,278 | €0 | €0 | €24,906 | -€518,771 | -€911,481 | -€302,899 | ▲ 66.8% |
| Change in cash | - | €17,216 | €142,423 | €172,376 | €56,389 | -€456,187 | €10,331 | €70,012 | ▲ 578% |
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, 14,766 companies had the same profile as ML IMMO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ML 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 14,766 companies, not a prediction for ML 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-09-2026 | 2026-00537883 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00207627 | |
| 31-12-2023 | full format | 03-07-2024 | 2024-00203742 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00203993 | |
| 31-12-2021 | full format | 10-08-2022 | 2022-20285851 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-28300166 | |
| 31-12-2019 | full format | 19-06-2020 | 2020-19200229 | |
| 31-12-2018 | full format | 17-06-2019 | 2019-19500261 | |
| 31-12-2017 | full format | 16-07-2018 | 2018-33700559 | |
| 31-12-2016 | full format | 03-08-2017 | 2017-41000282 |