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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Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 14 % of short-term debt in 2024; threshold 65 %.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2024.
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Legal situation KBO
Vrijwillige ontbinding – vereffening according to the CBE.
Financials
Financial year 2024
IMCYSE from Liège, company number BE0828385542, closed financial year 2024 with a result of € -6.2 million after tax. For that financial year IMCYSE recorded revenue of € 1.5 million and equity of € -33.4 million. Compared with financial year 2023, the result moved from € -32.8 million to € -6.2 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on August 13, 2024.
€ -33.4 million
▼ € 6.2 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -6.2 million
▲ 81 % less loss than in 2023
Profit after tax over the fiscal year.
€ 2.8 million
▲ 144% vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -80.7 million.
People and assets in 2024
41.9
▼ 5.2 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 1.4 million
▼ 68% vs 2023
€ 32,800 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.
€ 183,861
▼ 15% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
€ 30.3 million
▲ 34% vs 2023
€ 4 million is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 5.3 million
▲ 57% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 307 days on average.
€ 623,740
▼ 16% vs 2023
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 453,451 | € 1,023,248 | € 1,065,337 | € 1,529,443 | ▲ 44% |
| Profit after taxes | € -18,585,691 | € -13,205,909 | € -32,832,656 | € -6,235,388 | ▲ € 26.6 million |
| Equity | € 20,125,278 | € 7,267,714 | € -27,143,428 | € -33,378,817 | ▼ € 6.2 million |
| Total debts | € 17,206,008 | € 16,713,596 | € 28,293,582 | € 36,275,055 | ▲ 28% |
| Cash | € 18,099,505 | € 1,809,077 | € 1,153,015 | € 2,818,828 | ▲ 144% |
| Retained profit | € -28,457,107 | € -41,663,016 | € -74,495,671 | € -80,731,060 | ▼ € 6.2 million |
| Bank debt | € 10,477,461 | € 9,588,041 | € 22,626,356 | € 30,341,682 | ▲ 34% |
| Balance sheet total | € 37,331,286 | € 23,981,309 | € 3,315,956 | € 4,801,576 | ▲ 45% |
| Employees (FTE) | 36 | 47.1 | 47.1 | 41.9 | ▼ 5.2 |
Key figures of IMCYSE, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 21 December 2025.
What happened to IMCYSE?
What happened at IMCYSE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
IMCYSE is active according to the CBE. Legal situation: Vrijwillige ontbinding – vereffening.
- New annual accounts for financial year 2024: loss of € 6.2 million. Source: NBB ↗
- Roman AYDOGDU became a director. NBB
- BIOPHARMA MANAGEMENT AND CONSULTING SRL stepped down as director. NBB
- NOSHAQ PARTNERS SCRL stepped down as director. NBB
- SPARAXIS SA stepped down as director. NBB
- Vincent BRICHARD stepped down as director. NBB
- SVR INVEST SRL stepped down as director. NBB
- TOMTAA UG stepped down as director. NBB
In short
From € 18.6 million loss in 2021 to € 6.2 million loss in 2024.
Paid € 2 million in corporate taxes since 2021.
A new publication or filing at IMCYSE? 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 stake of BIOGENOSIS, NOSHAQ comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
IMCYSEBehind IMCYSE is Roman AYDOGDU. The shares are held by BIOGENOSIS (35.5%) and NOSHAQ (10.2%). It owns 100% of Imcyse US, Inc itself.
Directors
According to the 2024 annual accounts
Roman AYDOGDU
Liquidator
since 2024
BIOPHARMA MANAGEMENT AND CONSULTING SRL
Director · represented by Denis BEDORET
Also active at: Ncardia Holding, EXOTHERA, BLUE ARMOR
since 2021 · until 2024
Director · represented by Hugues WALLEMACQ
Also active at: CAUTION MUTUELLE DES METIERS ET NEGOCES, Fonderies J. Marichal Ketin et Cie, DARDENNE, SOGECOM, VITAVERDE.BIO, HAEMERS Technologies, SPACEBEL, NOSHAQ VENTURE +169 more
since 2019 · until 2024
Director · represented by Christine FRANSSEN
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +224 more
since 2019 · until 2024
since 2021 · until 2024
Director · represented by Stijn VANROMPAY
Also active at: SILVERLINE PROPERTIES, SILVERLINE DEVELOPMENT, ARTEVA PARTNERS
since 2019 · until 2024
TOMTAA UG
Chairman of the board · represented by Thomas TAAPKEN
since 2019 · until 2024
Director · represented by Stefan Yee
Also active at: AED Rent, HELIVENTURE FTO, WIISH, STOLP, Axiles Bionics, PE Capital Partners, HIIGH, KONING +5 more
since 2019 · until 2024
Shareholders
35.5%
10.2%
Participations
Imcyse US, Inc
100%
Establishments
Establishment units
Physical locations of this company
Avenue Pré-Aily 14
4031 Liège
Avenue de l'Hôpital 1
4000 Liège
Active since 18 July 2013
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
OVH, FR
DNS
OVH DNS
Domain
Domain
imcyse.com
Registered
2010-11-10
Registrar
OVH, SAS
Expires
2026-11-10
Website info
Features
Security
Network
Details
- Company number
- 0828.385.542
- VAT number
- BE 0828.385.542
- Registered office
- Avenue Pré-Aily 14, 4031 Liège
- Names & denominations
- IMCYSE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Vrijwillige ontbinding – vereffening
- Start date
- 10 August 2010
- Peppol
- Active · Active since 14 Apr 2026
- Contact
- imcyse.com
- Activities · NACE
Speur- en ontwikkelingswerk op biotechnologisch gebied