P.E.M.B.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 23 filings
Turnover
≈ €140,000
Estimated: probably between €87,000 and €260,000
EBIT margin
Not included in this filing
Net result
€15,537▼ 5.9%
2024 · €16,504
Working capital
€129,979▲ 27.8%
2024 · €101,722
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€13,691
▼ 24.2%
2025
20192025
Net result
€15,537
▼ 5.9%
2025
20192025
Equity
€142,710
▲ 12.2%
2025
20192025
Total assets
€148,737
▲ 8.9%
2025
20192025
Debt
€6,027
▼ 35.8%
2025
20192025
Working capital
€129,979
▲ 27.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€9,702-€10,141▲ 4.5%€9,459▼ 6.7%€18,353▲ 94.0%€19,393▲ 5.7%€18,070▼ 6.8%€13,691▼ 24.2%
Net result€3,466-€4,772▲ 37.7%€5,005▲ 4.9%€16,711▲ 234%€13,962▼ 16.5%€16,504▲ 18.2%€15,537▼ 5.9%
Equity€70,218-€74,991▲ 6.8%€79,996▲ 6.7%€96,707▲ 20.9%€110,669▲ 14.4%€127,173▲ 14.9%€142,710▲ 12.2%
Total assets€208,873-€199,101▼ 4.7%€190,960▼ 4.1%€185,675▼ 2.8%€191,381▲ 3.1%€136,563▼ 28.6%€148,737▲ 8.9%
Debt€138,655-€124,111▼ 10.5%€110,407▼ 11.0%€88,411▼ 19.9%€80,712▼ 8.7%€9,390▼ 88.4%€6,027▼ 35.8%
Working capital€16,623-€29,497▲ 77.4%€30,342▲ 2.9%€46,382▲ 52.9%€72,503▲ 56.3%€101,722▲ 40.3%€129,979▲ 27.8%
The operating result for 2025 is 24% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €148,737
Fixed assets
€12,731 ▼ 50.0%
Current assets
€136,005 ▲ 22.4%
Equity and liabilities €148,737
Equity
€142,710 ▲ 12.2%
Debt
€6,027 ▼ 35.8%
Debt's share of the balance-sheet total falls from 6.9% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,410▼
2024 · €30,786
Cash flow
€28,256▼
2024 · €29,219
Current ratio
22.57▲
2024 · 11.83
Debt to equity
0.04▼
2024 · 0.07
ROE
10.9%▼
2024 · 13.0%
ROA
10.4%▼
2024 · 12.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€6,027▼
2024 · €9,390
Income taxes
€5,179▼
2024 · €11,936
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,059 | €21,059 | €21,059 | €12,715 | €12,715 | €12,715 | €12,719 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€557 | - | - | - |
| Other operating charges640/8 | - | - | - | €4,537 | €4,929 | €5,960 | €9,447 | ▲ 58.5% |
| Gross operating margin9900 | €35,737 | €36,625 | €36,573 | €35,606 | €36,482 | €36,745 | €35,857 | ▼ 2.4% |
| Operating profit (loss)9901 | €9,702 | €10,141 | €9,459 | €18,353 | €19,393 | €18,070 | €13,691 | ▼ 24.2% |
| Financial income75/76B | - | - | - | - | - | €10,381 | €7,059 | ▼ 32.0% |
| Recurring financial income75 | - | - | - | - | - | €10,381 | €7,059 | ▼ 32.0% |
| Financial charges65/66B | - | - | - | €1,505 | €331 | €11 | €34 | ▲ 200% |
| Recurring financial charges65 | €4,567 | €3,355 | €2,696 | €1,505 | €331 | €11 | €34 | ▲ 200% |
| Profit (loss) for the period before taxes9903 | €5,135 | €6,787 | €6,764 | €16,848 | €19,063 | €28,440 | €20,716 | ▼ 27.2% |
| Income taxes67/77 | €1,669 | €2,014 | €1,759 | €137 | €5,101 | €11,936 | €5,179 | ▼ 56.6% |
| Profit (loss) for the period9904 | €3,466 | €4,772 | €5,005 | €16,711 | €13,962 | €16,504 | €15,537 | ▼ 5.9% |
| Profit (loss) for the period to be appropriated9905 | €3,466 | €4,772 | €5,005 | €16,711 | €13,962 | €16,504 | €15,537 | ▼ 5.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €208,873 | €199,101 | €190,960 | €185,675 | €191,381 | €136,563 | €148,737 | ▲ 8.9% |
| Fixed assets21/28 | €105,716 | €84,656 | €63,597 | €50,881 | €38,166 | €25,451 | €12,731 | ▼ 50.0% |
| Tangible fixed assets22/27 | €105,716 | €84,656 | €63,597 | €50,881 | €38,166 | €25,451 | €12,731 | ▼ 50.0% |
| Land and buildings22 | - | - | - | €50,881 | €38,166 | €25,451 | €12,731 | ▼ 50.0% |
| Current assets29/58 | €103,157 | €114,445 | €127,363 | €134,794 | €153,215 | €111,112 | €136,005 | ▲ 22.4% |
| Amounts receivable within one year40/41 | €99,700 | €112,315 | €125,515 | €132,733 | €142,915 | €99,135 | €133,812 | ▲ 35.0% |
| Trade receivables40 | - | - | - | €518 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €132,215 | €142,915 | €99,135 | €133,812 | ▲ 35.0% |
| Cash at bank and in hand54/58 | €193 | €2,130 | €1,848 | €2,061 | €10,301 | €11,978 | €2,193 | ▼ 81.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €208,873 | €199,101 | €190,960 | €185,675 | €191,381 | €136,563 | €148,737 | ▲ 8.9% |
| Equity10/15 | €70,218 | €74,991 | €79,996 | €96,707 | €110,669 | €127,173 | €142,710 | ▲ 12.2% |
| Contributions10/11 | €37,200 | €37,200 | €37,200 | €37,200 | €37,200 | €37,200 | €37,200 | = |
| Reserves13 | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Non-distributable reserves130/1 | - | - | - | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €3,720 | €3,720 | = |
| Other1319 | - | - | - | €3,720 | €3,720 | - | - | - |
| Profit (loss) carried forward14 | €29,298 | €34,071 | €39,076 | €55,787 | €69,749 | €86,253 | €101,790 | ▲ 18.0% |
| Provisions and deferred taxes16 | - | - | €557 | €557 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €557 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €557 | - | - | - | - |
| Amounts payable17/49 | €138,655 | €124,111 | €110,407 | €88,411 | €80,712 | €9,390 | €6,027 | ▼ 35.8% |
| Amounts payable after more than one year17 | €51,571 | €39,163 | €13,386 | - | - | - | - | - |
| Amounts payable within one year42/48 | €86,534 | €84,948 | €97,021 | €88,411 | €80,712 | €9,390 | €6,027 | ▼ 35.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,650 | - | - | - | - |
| Trade debts44 | - | €528 | €802 | - | - | - | €1,898 | - |
| Suppliers440/4 | - | - | - | - | - | - | €1,898 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €5,101 | €5,440 | €179 | ▼ 96.7% |
| Taxes450/3 | - | - | - | - | €5,101 | €5,440 | €179 | ▼ 96.7% |
| Other amounts payable47/48 | - | - | - | €72,761 | €75,611 | €3,950 | €3,950 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,466 | €4,772 | €5,005 | €16,711 | €13,962 | €16,504 | €15,537 | ▼ 5.9% |
| + Depreciation and write-downs630 | €21,059 | €21,059 | €21,059 | €12,715 | €12,715 | €12,715 | €12,719 | = |
| Operating cash flow (approximation) | €24,526 | €25,832 | €26,065 | €29,427 | €26,678 | €29,219 | €28,256 | ▼ 3.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €1,937 | -€282 | €212 | €8,240 | €1,677 | -€9,784 | - |
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, 31,368 companies had the same profile as P.E.M.B. has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of P.E.M.B. itself: 0.3% 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 31,368 companies, not a prediction for P.E.M.B.. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00018521 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00017567 | |
| 30-06-2023 | micro format | 14-12-2023 | 2023-00527820 | |
| 30-06-2022 | micro format | 28-02-2023 | 2023-00032535 | |
| 30-06-2021 | full format | 07-12-2021 | 2021-79500426 | |
| 30-06-2020 | full format | 22-12-2020 | 2020-76700558 | |
| 30-06-2019 | full format | 23-12-2019 | 2019-77400025 | |
| 30-06-2018 | full format | 07-12-2018 | 2018-73900431 | |
| 30-06-2017 | full format | 13-11-2017 | 2017-69600209 | |
| 30-06-2016 | full format | 27-10-2016 | 2016-66500416 |