Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of Immovlan is 3.5% (moderate). The 2024 annual accounts show equity of €6.95M and a net result of €-8.53M. Equity is shrinking by ~25.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 79% of 220 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 4 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone3.5%
Moderate
0%0,5%1,5%4%10%≥25%
Young company
+Higher-failure-rate region
+Multiple establishment units
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
2 signals · with evidencePersistent losses
Two consecutive loss-making years (2023 and 2024); equity fell accordingly. May indicate structural pressure on profitability.
View the result trend Strong solvency vs sector
Solvency is in the sector's strongest quartile: better than 79% of 220 peers (2024). A comfortable equity buffer.
View the sector comparison Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Trust signals
2 signalsMore than 3 years active
Founded in 2021, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No administrative flags
Financials
Turnover€6.47M-7.2%
EBIT margin-132.0%-109.0pp
Net result€-8.53M-435.9%
Working capital€-461k
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 24-06-2025 with the NBB · fiscal year 2024 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, equity would indicatively turn negative around fiscal year 2027, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 73, Advertising & market research · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 78.1% | 46.7% | |
| Net result | €-8.53M | €31k | |
| Equity | €6.95M | €133k | |
| Gross operating margin | €720k | €71k | |
| Staff costs | €976k | €200k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P79
Weakening position over 2021-2024
· n=127-220
P5
Stable position over 2021-2024
· n=127-220
P95
Stable position over 2021-2024
· n=127-220
P88
Stable position over 2021-2024
· n=125-218
Describes the position versus peers, not a forecast.
€6.47M
-7.2%
21-24
€-6.62M
-
far below sector median
€-8.53M
-435.9%
far below sector median
€-6.61M
-
far below sector median
€8.89M
-49.3%
far above sector median
€6.95M
-55.1%
far above sector median
€-461k
-
far below sector median
13
-7.7%
far above sector median
€976k
-10.8%
far above sector median
€1k
+63.3%
-88% vs sector
€1.94M
-5.3%
far above sector median
€1.94M
-5.3%
far above sector median
0.76
-28.2%
-83% vs sector
0.76
-28.2%
-83% vs sector
78.1%
-11.5%
+23% vs sector
0.28
+111.0%
-52% vs sector
-122.8%
-1093.7%
far below sector median
-95.9%
-956.5%
far below sector median
-131.9%
-477.5%
21-24
-102.3%
-
21-24
-821.16
-
far below sector median
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Revenue | €6.47M |
| EBITDA | €-6.62M |
| Net profit | €-8.53M |
| Cash flow | €-6.61M |
| Staff costs | €976k |
| Income taxes | €1k |
| Dividends | - |
| Total assets | €8.89M |
| Equity | €6.95M |
| Debt | €1.94M |
| of which ≤ 1y | €1.94M |
| of which > 1y | - |
| Working capital | €-461k |
| Employees (FTE) | 13.2 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 0.76 |
| Quick ratio | 0.76 |
| Working capital ratio | -5.2% |
| Solvency | 78.1% |
| Debt / equity | 0.28 |
| Long-term debt ratio | - |
| Interest coverage | -821.16 |
| Gross margin | 9.4% |
| Net margin | -131.9% |
| ROA | -95.9% |
| ROE | -122.8% |
| EBITDA margin | -102.3% |
| Days sales outstanding | 50d |
| Days payable outstanding | 84d |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €8.89M |
| Fixed assets | 21/28 | €7.41M |
| Intangible fixed assets | 21 | €7.39M |
| Tangible fixed assets | 22/27 | €13k |
| Financial fixed assets | 28 | €10k |
| Current assets | 29/58 | €1.48M |
| Amounts receivable within one year | 40/41 | €898k |
| Cash & bank | 54/58 | €414k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €8.89M |
| Equity | 10/15 | €6.95M |
| Contributions / capital | 10/11 | €22.00M |
| Accumulated profits (losses) | 14 | €-15.05M |
| Amounts payable | 17/49 | €1.94M |
| Amounts payable within one year | 42/48 | €1.94M |
| Trade debts payable within one year | 44 | €1.35M |
| Income statement | ||
| Turnover | 70 | €6.47M |
| Gross operating margin | 9900 | €720k |
| Operating result | 9901 | €-8.54M |
| Financial income | 75 | €17k |
| Financial charges | 65 | €8k |
| Result before taxes | 9903 | €-8.53M |
| Income taxes | 67/77 | €1k |
| Net result for the period | 9904 | €-8.53M |
| Result to be appropriated | 9905 | €-8.53M |
You're seeing the latest fiscal year only. Unlock 3 prior years (figures + ratios) with a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2024 · computed17
/ 100
Critical
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Unlock the full score breakdown, per-year score history and the indicative credit limit with Plus.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
12 directorsCurrent directors & mandates
-
Current09-01-2025 → present
-
Current22-10-2024 → present
2 events
- 22-10-2024 Appointed· Director
- 22-10-2024 Mandate renewed· Managing director
-
Current13-03-2023 → present
-
Current10-09-2021 → present
2 events
- 12-06-2023 Mandate renewed· Director
- 10-09-2021 Appointed· Director
Former directors (8)
-
Former- → 21-05-2025
-
Former22-10-2024 → 02-04-2025
3 events
- 02-04-2025 Resigned· Director
- 22-10-2024 Appointed· Director
- 22-10-2024 Mandate renewed· Director
-
Former- → 21-02-2025
-
WAAR SRLLegal entityDirector· perm. rep.: Jeroen MOUTONState Gazette act 25149870 (26-11-2025)Former- → 21-02-2025
-
Former02-08-2021 → 06-05-2024
2 events
- 06-05-2024 Resigned· Director
- 02-08-2021 Appointed· Managing director
-
Former18-11-2021 → 19-02-2024
3 events
- 19-02-2024 Resigned· Director
- 12-08-2022 Appointed· Director
- 18-11-2021 Appointed· Director
-
Former- → 15-11-2022
-
Former02-08-2021 → 10-09-2021
2 events
- 10-09-2021 Resigned· Director
- 02-08-2021 Appointed· Director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.
Statutory auditor
2 auditors| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| C² REVISEURS & ASSOCIESCurrent Statutory auditor · represented by Cédric Mattart en Cheryl Delforge |
- | 22-11-2023 → present |
| BDO Statutory auditor · represented by Veerle Catry |
- | - → 22-11-2023 |
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Activiteiten van reclamebureaus(73110) |
| Legal form | Private limited company(610) |
| Incorporation | 08-01-2021 |
| Status | Active |
| Postal code | 1000 |
Structure & network
Connections & network
13 connected companiesGroup structure
Parent · 12 subsidiaries · 3 locations
Control→
Parent · 1 subsidiary · 1 location
Control→
Network connections
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Locations & real estate
Establishment units
2 locationsImmovlan
since 20212.313.139.105
Immovlan
since 20212.315.147.795
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels2
Ground area2.5 ha
Buildings2
Building footprint6,393 m²
Volume (LiDAR)54,689 m³
Tallest building28.8 m · ±8 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21821C0080/00C003 | Brussels | 2.4 ha | 1 · 5,327 m² | 11.7 m · 1 fl. |
| 21803C1147/00M000 | Brussels | 1,099 m² | 1 · 1,066 m² | 28.8 m · 8 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
9 acts All acts · 9
updated 8 months ago
2025
26-11-2025 3 resigning
- VANDENBOGAERDE Steven, Bestuurder
- Jeroen MOUTON, Bestuurder
- Vincent Muller, Bestuurder
Summary:
v3.2
02-04-2025 1 director appointed, 1 resigning
2024
22-10-2024 2 directors appointed, 2 resigning, 2 reappointed
- Pieter Falepin, Bestuurder
- Jeroen Mouton, Bestuurder
- Sylvie Busschaert, Bestuurder
- Xavier Bouckaert, Bestuurder
- Pieter Falepin, Bestuurder
- Jeroen Mouton, Gedelegeerd bestuurder
Summary:
v3.2
16-01-2024 1 director appointed, 1 resigning
- Cédric Mattart en Cheryl Delforge, Commissaris
- Veerle Catry, Commissaris
Summary:
v3.2
2023
12-06-2023 1 director appointed, 1 resigning, 1 reappointed
- Steven Vanden Bogaerde, Bestuurder
- Jeroen Mouton, Bestuurder
- Johan Vankelecom, Bestuurder
Summary:
v3.2
2022
12-08-2022 2 directors appointed, 1 resigning
- Johan Vankelecom, Bestuurder
- Sylvie Busschaert, Bestuurder
- Geert Van Mol, Bestuurder
Summary:
v3.2
12-08-2022 1 director appointed, 1 resigning
2021
02-08-2021 2 directors appointed
- Geert Van Mol, Bestuurder
- Xavier Bouckaert, Gedelegeerd bestuurder
Summary:
v3.2
12-01-2021 Incorporation of a new BV
Summary:
oprichting
Analysis
Snowflake analysis
financial profile on 5 axes43
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
17
Profitability
0
Solvency
73
Growth
31
Stability
94
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verdict per customer and amountSimilar
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Company registry (CBE)
Crossroads BankActivities
Overige uitgeverijen58190Overige activiteiten van uitgeverijen, met uitzondering van het uitgeven van software58190Reclamebureaus73110Activiteiten van reclamebureaus73110Ontwerpen en programmeren van computerprogramma's62010Computerconsultancy-activiteiten62020Ontwerpen van computerprogramma’s62100Activiteiten op het gebied van computerconsultancy en beheer van computerfaciliteiten62200Computerinfrastructuur, gegevensverwerking, hosting en aanverwante activiteiten63100Gegevensverwerking, webhosting en aanverwante activiteiten63110Webportalen63120Activiteiten van webportalen63910Adviesbureaus op het gebied van public relations en communicatie70210Activiteiten van adviesbureaus op het gebied van public relations en communicatie73300
Primary activity highlighted.
Names & trade names
| Legal nameNL | Immovlan |
Registered office
Koningsstraat 100
1000 Brussel, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.