UCMI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 48 filings
Turnover
≈ €520,000
Estimated: probably between €490,000 and €650,000
EBIT margin
Not included in this filing
Net result
-€16,471
2024 · €3,879
Working capital
€250,605▲ 33.5%
2024 · €187,728
In the rankings
#6 oldest company in Liège, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,186
2025
20182025
Net result
-€16,471
2025
middle half of the sector
20182025
Equity
€648,776
▼ 2.5%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 0.7%
2025
middle half of the sector
20182025
Debt
€602,972
▲ 4.4%
2025
20182025
Working capital
€250,605
▲ 33.5%
2025
middle half of the sector
20182025
Solvency
51.8%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
2.04
▲ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.3%
▼ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
5
=
2025
highest 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€0.2m-€0.08m▼ 49.4%€0.3m▲ 305%€0.1m▼ 63.4%€0.08m▼ 30.9%-€0.02m€0.02m-€0.01m
Net result€0.06m-€0.01m▼ 79.4%€0.2mabove the sector's middle half▲ 15×€0.05mwithin the sector's middle half▼ 74.3%€0.04mwithin the sector's middle half▼ 31.4%-€0.05mbelow the sector's middle half€0.004mwithin the sector's middle half-€0.02mwithin the sector's middle half
Equity€0.4m-€0.4m▲ 3.2%€0.6mwithin the sector's middle half▲ 47.4%€0.7mwithin the sector's middle half▲ 8.3%€0.7mwithin the sector's middle half▲ 5.2%€0.7mwithin the sector's middle half▼ 6.7%€0.7mwithin the sector's middle half▲ 0.6%€0.6mwithin the sector's middle half▼ 2.5%
Total assets€1.8m-€1.7m▼ 4.1%€1.8mwithin the sector's middle half▲ 5.7%€1.6mwithin the sector's middle half▼ 10.6%€1.5mwithin the sector's middle half▼ 7.5%€1.3mwithin the sector's middle half▼ 11.3%€1.2mwithin the sector's middle half▼ 6.9%€1.3mwithin the sector's middle half▲ 0.7%
Debt€1.4m-€1.3m▼ 6.3%€1.2m▼ 7.8%€1.0m▼ 20.4%€0.8m▼ 16.6%€0.7m▼ 15.4%€0.6m▼ 14.3%€0.6m▲ 4.4%
Working capital€0.3m-€0.3m▲ 3.5%€0.4mwithin the sector's middle half▲ 34.4%€0.3mwithin the sector's middle half▼ 12.6%€0.3mwithin the sector's middle half▼ 10.6%€0.2mwithin the sector's middle half▼ 21.8%€0.2mwithin the sector's middle half▼ 12.9%€0.3mwithin the sector's middle half▲ 33.5%
Solvency22.7%-24.5%▲ 1.7pp34.1%within the sector's middle half▲ 9.7pp41.4%within the sector's middle half▲ 7.2pp47.1%within the sector's middle half▲ 5.7pp49.5%within the sector's middle half▲ 2.4pp53.5%within the sector's middle half▲ 4.0pp51.8%within the sector's middle half▼ 1.7pp
Current ratio2.28-2.29▲ 0.012.01within the sector's middle half▼ 0.282.11within the sector's middle half▲ 0.102.23within the sector's middle half▲ 0.122.02within the sector's middle half▼ 0.211.77within the sector's middle half▼ 0.252.04within the sector's middle half▲ 0.27
Return on assets (ROA)3.6%-0.8%▼ 2.8pp11.0%above the sector's middle half▲ 10.2pp3.2%within the sector's middle half▼ 7.8pp2.3%within the sector's middle half▼ 0.8pp-3.6%below the sector's middle half▼ 5.9pp0.3%within the sector's middle half▲ 3.9pp-1.3%within the sector's middle half▼ 1.6pp
Staff (FTE)8.3-7.8▼ 6.0%5.2within the sector's middle half▼ 33.3%5.6within the sector's middle half▲ 7.7%5.6within the sector's middle half=5.2within the sector's middle half▼ 7.1%5within the sector's middle half▼ 3.8%5above 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 a loss of €11,186, after a profit of €22,651 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 €1.3m
Fixed assets
€759,166 ▼ 6.4%
Current assets
€492,582 ▲ 14.0%
Equity and liabilities €1.3m
Equity
€648,776 ▼ 2.5%
Debt
€602,972 ▲ 4.4%
Debt's share of the balance-sheet total rises from 46.5% to 48.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€85,169▼
2024 · €120,051
Cash flow
€79,884▼
2024 · €101,280
Quick ratio
1.91▲
2024 · 1.69
Debt to equity
0.93▲
2024 · 0.87
ROE
-2.5%▼
2024 · 0.6%
Interest coverage
7.51▲
2024 · 6.12
Debt ≤ 1 year
€241,977▼
2024 · €244,493
Debt > 1 year
€212,417▼
2024 · €332,417
Income taxes
€0
Staff costs
€313,797▲
2024 · €288,822
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 | 6 | 6 | 5 | 5 | 5 |
| full-time | 5 | 5 | 5 | 5 | 5 |
| part-time | 1 | 1 | - | - | 0 |
| in full-time equivalents | 5.6 | 5.6 | 5 | 5 | 5 |
| Average over the year, in full-time equivalents | 5.6 | 5.6 | 5.2 | 5 | 5 |
| On a permanent contract | 6 | 6 | 5 | 5 | 5 |
| Joined | - | - | 0 | - | 5 |
| Left | - | - | 1 | - | 0 |
| Training hours | - | 18 | 63 | 25 | 28 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,533 | €19,147 | - | - | €44,770 |
| Intangible fixed assets | - | €51,300 | - | - | - |
| Depreciation and write-downs of the year | €95,624 | €106,490 | €97,502 | €97,400 | €96,355 |
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 | - | - | - | - | - | €0 | €24 | €173 | ▲ 607% |
| Remuneration, social security and pensions62 | - | - | - | €273,345 | €280,169 | €285,536 | €288,822 | €313,797 | ▲ 8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €134,084 | €132,615 | €94,993 | €95,624 | €106,490 | €97,502 | €97,400 | €96,355 | ▼ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€10,105 | - | €9,374 | -€9,374 | €734 | - |
| Other operating charges640/8 | - | - | - | €65,797 | €61,929 | €56,686 | €58,323 | €69,079 | ▲ 18.4% |
| Non-recurring operating charges66A | - | - | - | €253 | €242 | €10,031 | €886 | €33 | ▼ 96.3% |
| Gross operating margin9900 | €688,441 | €648,358 | €725,265 | €543,717 | €530,975 | €435,562 | €458,708 | €468,812 | ▲ 2.2% |
| Operating profit (loss)9901 | €158,097 | €80,024 | €324,451 | €118,804 | €82,145 | -€23,569 | €22,651 | -€11,186 | - |
| Financial income75/76B | - | - | - | €1,017 | €1,242 | €788 | €860 | €6,050 | ▲ 603% |
| Recurring financial income75 | €173 | €136 | €211 | €57 | €162 | €788 | €860 | €6,050 | ▲ 603% |
| Non-recurring financial income76B | - | - | - | €960 | €1,079 | - | - | - | - |
| Financial charges65/66B | - | - | - | €48,626 | €31,732 | €24,678 | €19,632 | €11,335 | ▼ 42.3% |
| Recurring financial charges65 | €60,518 | €55,681 | €48,372 | €39,671 | €31,345 | €24,678 | €19,632 | €11,335 | ▼ 42.3% |
| Non-recurring financial charges66B | - | - | - | €8,955 | €387 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €98,865 | €24,094 | €278,312 | €71,195 | €51,654 | -€47,458 | €3,879 | -€16,471 | - |
| Income taxes67/77 | €34,898 | €10,887 | €78,031 | €19,735 | €16,358 | €274 | - | €0 | - |
| Profit (loss) for the period9904 | €63,967 | €13,207 | €200,281 | €51,460 | €35,297 | -€47,732 | €3,879 | -€16,471 | - |
| Profit (loss) for the period to be appropriated9905 | €63,967 | €13,207 | €200,281 | €51,460 | €35,297 | -€47,732 | €3,879 | -€16,471 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €1.7m | €1.8m | €1.6m | €1.5m | €1.3m | €1.2m | €1.3m | ▲ 0.7% |
| Fixed assets21/28 | €1.3m | €1.3m | €1.1m | €1.0m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 6.4% |
| Intangible fixed assets21 | €0.004m | €0.02m | €0.01m | €0.006m | €0.04m | €0.03m | €0.01m | €0.002m | ▼ 86.3% |
| Tangible fixed assets22/27 | €1.3m | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | €0.8m | €0.8m | ▼ 4.9% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 17.8% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.001m | €0.001m | €242 | - | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.5m | €0.5m | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | €0.5m | ▲ 14.0% |
| Stocks and contracts in progress3 | €0.05m | €0.05m | €0.07m | €0.04m | €0.02m | €0.04m | €0.02m | €0.03m | ▲ 64.3% |
| Stocks30/36 | - | - | - | €0.04m | €0.02m | €0.04m | €0.02m | €0.03m | ▲ 64.3% |
| Amounts receivable within one year40/41 | €0.07m | €0.07m | €0.1m | €0.08m | €0.07m | €0.1m | €0.08m | €0.2m | ▲ 89.9% |
| Trade receivables40 | - | - | - | €0.03m | €0.05m | €0.03m | €0.02m | €0.05m | ▲ 113% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.03m | €0.07m | €0.06m | €0.1m | ▲ 80.4% |
| Current investments50/53 | - | - | - | - | - | - | €0.3m | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.5m | €0.4m | €0.4m | €0.3m | €0.003m | €0.3m | ▲ 98× |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.04m | €0.004m | €0.007m | €0.006m | ▼ 5.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €1.7m | €1.8m | €1.6m | €1.5m | €1.3m | €1.2m | €1.3m | ▲ 0.7% |
| Equity10/15 | €0.4m | €0.4m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 2.5% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 3.1% |
| Amounts payable17/49 | €1.4m | €1.3m | €1.2m | €1.0m | €0.8m | €0.7m | €0.6m | €0.6m | ▲ 4.4% |
| Amounts payable after more than one year17 | €1.2m | €1.1m | €0.8m | €0.7m | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 36.1% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.5m | €0.3m | €0.2m | ▼ 36.1% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Trade debts44 | €0.03m | €0.06m | €0.05m | €0.06m | €0.06m | €0.03m | €0.07m | €0.08m | ▲ 11.2% |
| Suppliers440/4 | - | - | - | €0.06m | €0.06m | €0.03m | €0.07m | €0.08m | ▲ 11.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 18.2% |
| Taxes450/3 | - | - | - | €0.003m | €0.02m | €0.01m | €0.02m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 16.6% |
| Accrued charges and deferred income492/3 | - | - | - | €66 | €7 | €0.01m | €0.001m | €0.1m | ▲ 182× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,967 | €13,207 | €200,281 | €51,460 | €35,297 | -€47,732 | €3,879 | -€16,471 | - |
| + Depreciation and write-downs630 | €134,084 | €132,615 | €94,993 | €95,624 | €106,490 | €97,502 | €97,400 | €96,355 | ▼ 1.1% |
| Operating cash flow (approximation) | €198,051 | €145,822 | €295,275 | €147,084 | €141,787 | €49,770 | €101,280 | €79,884 | ▼ 21.1% |
| Investment in fixed assets (approximation) | - | -€44,984 | €43,118 | -€18,533 | -€70,447 | €0 | €0 | -€44,770 | - |
| Change in cash | - | -€7,391 | €176,245 | -€139,227 | €11,275 | -€71,396 | -€287,010 | €298,915 | - |
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 UCMI 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 UCMI 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 UCMI. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00301684 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00310093 | |
| 31-12-2023 | full format | 16-07-2024 | 2024-00264862 | |
| 31-12-2022 | full format | 22-08-2023 | 2023-00355727 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20173110 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-62500132 | |
| 31-12-2019 | full format | 01-07-2020 | 2020-25400120 | |
| 31-12-2018 | full format | 05-06-2019 | 2019-16500588 | |
| 31-12-2017 | full format | 08-06-2018 | 2018-17400064 | |
| 31-12-2016 | full format | 12-06-2017 | 2017-18400451 |