Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 53 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2024.
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Busy address KBO
26 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
IMAGOR S.A. from Brussel, company number BE0461328436, closed financial year 2025 with a result of € 3.8 million after tax. For that financial year IMAGOR S.A. recorded revenue of € 5.8 million and equity of € 199.2 million. Compared with financial year 2024, the result moved from € 5 million to € 3.8 million. The company is profitable. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on January 14, 2026.
€ 199.2 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 3.8 million
▼ 23% vs 2024
Profit after tax over the fiscal year.
€ 5.9 million
▲ 221% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 3.7 million paid out
95 % of the profit went to the shareholders, mostly to PLUXEE BELGIUM SA (50 % of the shares). That is where the money ends up.
People and assets in 2025
10.7
▼ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.1 million
▲ 64% vs 2024
€ 199,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 25.9 million
▲ 12% vs 2024
Loans from banks and other lenders, long and short.
€ 774,215
▼ 22% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 42 days on average.
€ 554,992
▼ 19% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 3,399,291 | € 3,291,271 | € 4,487,967 | € 5,828,743 | ▲ 30% |
| Profit after taxes | € 74,109 | € 2,108,775 | € 4,968,900 | € 3,844,119 | ▼ 23% |
| Equity | € 198,639,692 | € 198,745,131 | € 198,993,576 | € 199,185,782 | |
| Total debts | € 504,328,624 | € 659,690,851 | € 803,105,608 | € 1,380,963,475 | ▲ 72% |
| Cash | € 48,855,987 | € 40,951,273 | € 1,827,179 | € 5,864,256 | ▲ 221% |
| Retained profit | € 3,394,042 | € 3,499,481 | € 3,747,926 | € 3,940,132 | ▲ 5% |
| Dividend | € 2,267,833 | € 2,003,336 | € 4,720,455 | € 3,651,913 | ▼ 23% |
| Bank debt | € 12,500,000 | € 0 | € 23,157,611 | € 25,852,583 | ▲ 12% |
| Balance sheet total | € 702,968,316 | € 858,435,982 | € 1,002,099,184 | € 1,580,149,257 | ▲ 58% |
| Employees (FTE) | 8.1 | 7.5 | 10.8 | 10.7 | ▼ 0.1 |
Key figures of IMAGOR S.A., fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 March 2027.
What happened to IMAGOR S.A.?
What happened at IMAGOR S.A. in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Alexandre COTARMANAC'H stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 3.8 million (▼ 23% vs 2024). Source: NBB ↗
- Ben Broeckx stepped down as director. NBB
- Hubert LIMAGNE stepped down as director. NBB
- Ben Broeckx became a director. NBB
- Sven MARINUS stepped down as director. NBB
- Hubert LIMAGNE became a director. NBB
- Alexandre COTARMANAC'H became a director. NBB
In short
From € 74,109 profit in 2022 to € 3.8 million profit in 2025.
Paid € 5.1 million in corporate taxes since 2022.
Best year ever: 2024, with € 5 million profit.
Paid out € 12.6 million in dividends to the owners in total.
A new publication or filing at IMAGOR S.A.? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by PLUXEE BELGIUM SA (50.4%), PLUXEE DEUTSCHLAND GmbH (15.3%), PLUXEE ESPAÑA SAU (10.4%), PLUXEE ITALIA SRL (10.2%), PLUXEE AUSTRIA GmbH (10.1%) and PLUXEE Luxembourg SA (3.5%).
Directors
According to the 2025 annual accounts
Hubert LIMAGNE
Director
since 2024 · until 2025
Alexandre COTARMANAC'H
Director
since 2024 · until 2027
since 2025 · until 2025
since 2021 · until 2025
Shareholders
50.4%
PLUXEE DEUTSCHLAND GmbH
15.3%
PLUXEE ESPAÑA SAU
10.4%
PLUXEE ITALIA SRL
10.2%
PLUXEE AUSTRIA GmbH
10.1%
PLUXEE Luxembourg SA
3.5%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Ravensteinstraat 36
1000 Brussel
Charles Lemairestraat 1
1160 Oudergem
Active since 19 September 1997
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 26 companies are registered at this address.
All companies at this address →Nationalorchester von Belgien
Société de Compensation pour l'Industrie de la Production du Cuir
PLUXEE BELGIUM same network
€ 98 million revenue · 2025
Sodexo Belgium SA
€ 410.8 million revenue · 2025
Royale Association générale des Classes moyennes de Belgique, A.C.M.
€ 1,729 gross margin · 2025
+21 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0461.328.436
- VAT number
- BE 0461.328.436
- Registered office
- Ravensteinstraat 36, 1000 Brussel
- Names & denominations
- IMAGOR S.A.
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 August 1997
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Activiteiten van hoofdkantoren
Coördinatiecentra