P.K. CONCEPT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 28 filings
Turnover
≈ €720,000
Estimated: probably between €600,000 and €1.3m
Total assets
€12.5m▲ 163%
2024 · €4.7m
Net result
€184,760▲ 26.9%
2024 · €145,605
Working capital
€444,565▼ 43.3%
2024 · €784,597
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€381,251
▲ 17.0%
2025
20192025
Net result
€184,760
▲ 26.9%
2025
highest quarter of the sector
20192025
Equity
€8.9m
▲ 699%
2025
highest quarter of the sector
20192025
Total assets
€12.5m
▲ 163%
2025
highest quarter of the sector
20192025
Debt
€3.5m
▼ 1.5%
2025
20192025
Working capital
€444,565
▼ 43.3%
2025
highest quarter of the sector
20192025
Solvency
71.4%
▲ 47.9pp
2025
middle half of the sector
20192025
Current ratio
1.20
▼ 0.27
2025
middle half of the sector
20192025
Return on assets (ROA)
1.5%
▼ 1.6pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.1m▼ 8.8%€0.03m▼ 79.1%€0.05m▲ 88.8%€0.07m▲ 45.4%€0.3m▲ 373%€0.4m▲ 17.0%
Net result€0.05m-€0.04mwithin the sector's middle half▼ 21.0%-€17below the sector's middle half-€331below the sector's middle half▼ 1,847%-€0.01mbelow the sector's middle half▼ 3,611%€0.1mabove the sector's middle half€0.2mabove the sector's middle half▲ 26.9%
Equity€1.0m-€1.0mabove the sector's middle half▲ 3.7%€1.0mabove the sector's middle half▼ 0.1%€1.0mabove the sector's middle half▼ 0.1%€1.0mabove the sector's middle half▼ 1.3%€1.1mabove the sector's middle half▲ 14.9%€8.9mabove the sector's middle half▲ 699%
Total assets€3.7m-€3.6mabove the sector's middle half▼ 3.5%€4.1mabove the sector's middle half▲ 13.6%€4.2mabove the sector's middle half▲ 2.6%€4.6mabove the sector's middle half▲ 9.8%€4.7mabove the sector's middle half▲ 3.8%€12.5mabove the sector's middle half▲ 163%
Debt€2.7m-€2.5m▼ 5.9%€3.0m▲ 19.3%€3.1m▲ 3.6%€3.6m▲ 13.5%€3.6m▲ 0.9%€3.5m▼ 1.5%
Working capital-€1.3m--€1.2mbelow the sector's middle half▲ 4.6%-€1.2mbelow the sector's middle half▼ 1.8%-€1.2mbelow the sector's middle half▲ 1.2%-€1.0mbelow the sector's middle half▲ 21.3%€0.8mabove the sector's middle half€0.4mabove the sector's middle half▼ 43.3%
Solvency25.7%-27.6%within the sector's middle half▲ 1.9pp24.3%below the sector's middle half▼ 3.3pp23.6%below the sector's middle half▼ 0.6pp21.2%below the sector's middle half▼ 2.4pp23.5%below the sector's middle half▲ 2.3pp71.4%within the sector's middle half▲ 47.9pp
Current ratio0.52-0.52below the sector's middle half=0.55below the sector's middle half▲ 0.030.58below the sector's middle half▲ 0.030.70below the sector's middle half▲ 0.111.47within the sector's middle half▲ 0.771.20within the sector's middle half▼ 0.27
Return on assets (ROA)1.2%-1.0%within the sector's middle half▼ 0.2pp0.0%below the sector's middle half▼ 1.0pp0.0%below the sector's middle half=-0.3%below the sector's middle half▼ 0.3pp3.1%within the sector's middle half▲ 3.3pp1.5%below the sector's middle half▼ 1.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 17% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.5m
Fixed assets
€9.9m ▲ 328%
Current assets
€2.6m ▲ 7.5%
Equity and liabilities €12.5m
Equity
€8.9m ▲ 699%
Provisions
€32,213 ▼ 9.1%
Debt
€3.5m ▼ 1.5%
Debt's share of the balance-sheet total falls from 75.7% to 28.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€486,779▲
2024 · €430,702
Cash flow
€290,288▲
2024 · €250,576
Debt to equity
0.40▼
2024 · 3.22
ROE
2.1%▼
2024 · 13.0%
Interest coverage
3.34▲
2024 · 2.71
Debt ≤ 1 year
€2.2m▲
2024 · €1.7m
Debt > 1 year
€1.3m▼
2024 · €1.9m
Income taxes
€103,763▲
2024 · €67,930
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €49,524 | €0 |
| Financial fixed assets | - | - | - | €49,584 |
| Depreciation and write-downs of the year | €101,575 | €101,425 | €104,970 | €105,528 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3,295 | €12,704 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,574 | €77,575 | €101,576 | €101,575 | €101,425 | €104,970 | €105,528 | ▲ 0.5% |
| Other operating charges640/8 | - | - | - | €8,845 | €10,273 | €10,223 | €14,153 | ▲ 38.4% |
| Non-recurring operating charges66A | - | - | - | €248 | - | - | - | - |
| Gross operating margin9900 | €215,200 | €202,402 | €140,243 | €158,036 | €180,593 | €440,925 | €500,932 | ▲ 13.6% |
| Operating profit (loss)9901 | €131,723 | €120,074 | €25,091 | €47,368 | €68,894 | €325,732 | €381,251 | ▲ 17.0% |
| Financial income75/76B | - | - | - | €63,115 | €35,993 | €44,103 | €49,735 | ▲ 12.8% |
| Recurring financial income75 | €22,740 | €24,380 | €81,561 | €63,115 | €35,993 | €44,103 | €49,735 | ▲ 12.8% |
| Financial charges65/66B | - | - | - | €100,663 | €111,002 | €158,664 | €145,677 | ▼ 8.2% |
| Recurring financial charges65 | €83,948 | €93,602 | €95,043 | €100,663 | €111,002 | €158,664 | €145,677 | ▼ 8.2% |
| Profit (loss) for the period before taxes9903 | €70,515 | €50,852 | €11,609 | €9,820 | -€6,114 | €211,171 | €285,308 | ▲ 35.1% |
| Transfer from deferred taxes780 | - | - | - | €3,249 | €2,377 | €2,365 | €3,215 | ▲ 36.0% |
| Income taxes67/77 | €28,716 | €18,385 | €14,892 | €13,400 | €8,545 | €67,930 | €103,763 | ▲ 52.8% |
| Profit (loss) for the period9904 | €45,098 | €35,625 | -€17 | -€331 | -€12,282 | €145,605 | €184,760 | ▲ 26.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,309 | €7,131 | €7,094 | €6,244 | ▼ 12.0% |
| Profit (loss) for the period to be appropriated9905 | €51,505 | €41,758 | €6,325 | €5,978 | -€5,151 | €152,700 | €191,004 | ▲ 25.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.7m | €3.6m | €4.1m | €4.2m | €4.6m | €4.7m | €12.5m | ▲ 163% |
| Fixed assets21/28 | €2.3m | €2.2m | €2.6m | €2.5m | €2.4m | €2.3m | €9.9m | ▲ 328% |
| Tangible fixed assets22/27 | €2.3m | €2.2m | €2.3m | €2.2m | €2.1m | €2.0m | €9.5m | ▲ 375% |
| Land and buildings22 | - | - | - | €2.1m | €2.0m | €1.9m | €9.5m | ▲ 390% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0.001m | €0 | ▼ 100% |
| Leasing and similar rights25 | - | - | - | €0.07m | €0.05m | €0.07m | €0.03m | ▼ 49.2% |
| Financial fixed assets28 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 16.5% |
| Current assets29/58 | €1.4m | €1.3m | €1.5m | €1.7m | €2.2m | €2.4m | €2.6m | ▲ 7.5% |
| Amounts receivable within one year40/41 | €1.4m | €1.3m | €1.5m | €1.7m | €2.2m | €2.4m | €2.6m | ▲ 7.9% |
| Trade receivables40 | - | - | - | €0.09m | €0.2m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €1.6m | €2.0m | €2.4m | €2.6m | ▲ 7.9% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.05m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 38.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0 | €0.003m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.7m | €3.6m | €4.1m | €4.2m | €4.6m | €4.7m | €12.5m | ▲ 163% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €8.9m | ▲ 699% |
| Contributions10/11 | €0.8m | €0.8m | - | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | €7.6m | - |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 50.2% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.08m | €0.07m | €0.06m | €0.06m | ▼ 9.8% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 62.9% |
| Profit (loss) carried forward14 | -€0.07m | -€0.07m | -€0.06m | -€0.06m | -€0.07m | €66 | €67 | ▲ 1.2% |
| Provisions and deferred taxes16 | €0.05m | €0.05m | €0.04m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 9.1% |
| Deferred taxes168 | - | - | - | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 9.1% |
| Amounts payable17/49 | €2.7m | €2.5m | €3.0m | €3.1m | €3.6m | €3.6m | €3.5m | ▼ 1.5% |
| Amounts payable after more than one year17 | €0.05m | - | €0.3m | €0.2m | €0.4m | €1.9m | €1.3m | ▼ 30.0% |
| Financial debts170/4 | - | - | - | €0.2m | €0.4m | €1.9m | €0.2m | ▼ 89.1% |
| Other amounts payable178/9 | - | - | - | - | - | - | €1.1m | - |
| Amounts payable within one year42/48 | €2.7m | €2.5m | €2.7m | €2.9m | €3.2m | €1.7m | €2.2m | ▲ 31.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 9.3% |
| Trade debts44 | €0.01m | €0.01m | €0.03m | €0.008m | €0.01m | €0.004m | €0.02m | ▲ 337% |
| Suppliers440/4 | - | - | - | €0.008m | €0.01m | €0.004m | €0.02m | ▲ 337% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.1m | €0.2m | ▲ 60.2% |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €0.1m | €0.2m | ▲ 60.2% |
| Other amounts payable47/48 | - | - | - | €2.8m | €3.0m | €1.4m | €1.9m | ▲ 30.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.08m | €0.06m | ▼ 24.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | €0.04m | -€17 | -€331 | -€0.01m | €0.1m | €0.2m | ▲ 26.9% |
| + Depreciation and write-downs630 | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.5% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.3m | €0.3m | ▲ 15.8% |
| Investment in fixed assets (approximation) | - | -€0.003m | -€0.4m | €0 | €0 | -€0.05m | -€7.7m | ▼ 15,379% |
| Change in cash | - | -€0.001m | €0.02m | -€0.03m | €0.003m | €0.008m | -€0.01m | - |
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, 1,887 companies had the same profile as P.K. CONCEPT has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of P.K. CONCEPT 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 1,887 companies, not a prediction for P.K. CONCEPT. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00031054 | |
| 30-06-2024 | micro format | 11-02-2025 | 2025-00032833 | |
| 30-06-2023 | micro format | 08-02-2024 | 2024-00028814 | |
| 30-06-2022 | micro format | 02-02-2023 | 2023-00022389 | |
| 30-06-2021 | micro format | 25-01-2022 | 2022-01900088 | |
| 30-06-2020 | micro format | 16-02-2021 | 2021-05400355 | |
| 30-06-2019 | micro format | 20-01-2020 | 2020-01600080 | |
| 30-06-2018 | micro format | 01-02-2019 | 2019-04400115 | |
| 30-06-2017 | micro format | 21-02-2018 | 2018-05200113 | |
| 30-06-2016 | abbreviated format | 24-02-2017 | 2017-05000326 |