P-Tech
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-06-2026 PDF all 6 filings
Turnover
≈ €100,000
Estimated: probably between €48,000 and €250,000
Total assets
€46,183▲ 67.4%
2024 · €27,588
Net result
€3,557▼ 24.6%
2024 · €4,717
Working capital
€16,897▲ 26.2%
2024 · €13,388
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€4,587
▼ 23.1%
2025
20202025
Net result
€3,557
▼ 24.6%
2025
middle half of the sector
20202025
Equity
€17,376
▲ 18.6%
2025
lowest quarter of the sector
20202025
Total assets
€46,183
▲ 67.4%
2025
lowest quarter of the sector
20202025
Debt
€28,807
▲ 123%
2025
20202025
Working capital
€16,897
▲ 26.2%
2025
middle half of the sector
20202025
Solvency
37.6%
▼ 15.5pp
2025
middle half of the sector
20202025
Current ratio
1.59
▼ 0.45
2025
middle half of the sector
20202025
Return on assets (ROA)
7.7%
▼ 9.4pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€15,715-€19,274▲ 22.7%€3,310▼ 82.8%-€20,830€5,962€4,587▼ 23.1%
Net result€12,252within the sector's middle half-€14,806within the sector's middle half▲ 20.8%€2,042within the sector's middle half▼ 86.2%-€21,164below the sector's middle half€4,717within the sector's middle half€3,557within the sector's middle half▼ 24.6%
Equity€14,252below the sector's middle half-€29,058within the sector's middle half▲ 104%€31,100within the sector's middle half▲ 7.0%€9,936below the sector's middle half▼ 68.1%€14,652below the sector's middle half▲ 47.5%€17,376below the sector's middle half▲ 18.6%
Total assets€47,681below the sector's middle half-€53,581below the sector's middle half▲ 12.4%€52,750below the sector's middle half▼ 1.6%€37,807below the sector's middle half▼ 28.3%€27,588below the sector's middle half▼ 27.0%€46,183below the sector's middle half▲ 67.4%
Debt€33,428-€24,523▼ 26.6%€21,650▼ 11.7%€27,871▲ 28.7%€12,936▼ 53.6%€28,807▲ 123%
Working capital€11,778within the sector's middle half-€27,180within the sector's middle half▲ 131%€28,916within the sector's middle half▲ 6.4%€8,678within the sector's middle half▼ 70.0%€13,388within the sector's middle half▲ 54.3%€16,897within the sector's middle half▲ 26.2%
Solvency29.9%within the sector's middle half-54.2%within the sector's middle half▲ 24.3pp59.0%within the sector's middle half▲ 4.7pp26.3%within the sector's middle half▼ 32.7pp53.1%within the sector's middle half▲ 26.8pp37.6%within the sector's middle half▼ 15.5pp
Current ratio1.35within the sector's middle half-2.11within the sector's middle half▲ 0.762.34within the sector's middle half▲ 0.231.31within the sector's middle half▼ 1.022.03within the sector's middle half▲ 0.721.59within the sector's middle half▼ 0.45
Return on assets (ROA)25.7%above the sector's middle half-27.6%above the sector's middle half▲ 1.9pp3.9%within the sector's middle half▼ 23.8pp-56.0%below the sector's middle half▼ 59.9pp17.1%within the sector's middle half▲ 73.1pp7.7%within the sector's middle half▼ 9.4pp
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 23% lower than in 2024.
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 €46,183
Fixed assets
€479 ▼ 62.1%
Current assets
€45,705 ▲ 73.6%
Equity and liabilities €46,183
Equity
€17,376 ▲ 18.6%
Debt
€28,807 ▲ 123%
Debt's share of the balance-sheet total rises from 46.9% to 62.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,514▲
2024 · €6,735
Cash flow
€11,484▲
2024 · €5,490
Quick ratio
1.12▲
2024 · 0.91
Debt to equity
1.66▲
2024 · 0.88
ROE
20.5%▼
2024 · 32.2%
Interest coverage
23.47▲
2024 · 10.61
Debt ≤ 1 year
€28,807▲
2024 · €12,936
Income taxes
€497▼
2024 · €611
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €887 | €1,892 | €5,521 | €780 | €7,141 |
| Depreciation and write-downs of the year | €1,484 | €1,586 | €6,448 | €773 | €7,927 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,237 | €1,484 | €1,586 | €6,448 | €773 | €7,927 | ▲ 926% |
| Other operating charges640/8 | - | €502 | €626 | €1,028 | €1,251 | €1,103 | ▼ 11.8% |
| Gross operating margin9900 | €17,504 | €21,260 | €5,522 | -€13,354 | €7,986 | €13,617 | ▲ 70.5% |
| Operating profit (loss)9901 | €15,715 | €19,274 | €3,310 | -€20,830 | €5,962 | €4,587 | ▼ 23.1% |
| Financial income75/76B | - | €0 | €9 | €0 | €0 | - | - |
| Recurring financial income75 | €6 | €0 | €9 | €0 | €0 | - | - |
| Financial charges65/66B | - | €219 | €234 | €196 | €635 | €533 | ▼ 16.0% |
| Recurring financial charges65 | €136 | €219 | €234 | €196 | €635 | €533 | ▼ 16.0% |
| Profit (loss) for the period before taxes9903 | €15,585 | €19,055 | €3,086 | -€21,026 | €5,328 | €4,053 | ▼ 23.9% |
| Income taxes67/77 | €3,332 | €4,249 | €1,044 | €138 | €611 | €497 | ▼ 18.7% |
| Profit (loss) for the period9904 | €12,252 | €14,806 | €2,042 | -€21,164 | €4,717 | €3,557 | ▼ 24.6% |
| Profit (loss) for the period to be appropriated9905 | €12,252 | €14,806 | €2,042 | -€21,164 | €4,717 | €3,557 | ▼ 24.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €47,681 | €53,581 | €52,750 | €37,807 | €27,588 | €46,183 | ▲ 67.4% |
| Fixed assets21/28 | €2,475 | €1,878 | €2,184 | €1,258 | €1,265 | €479 | ▼ 62.1% |
| Tangible fixed assets22/27 | €2,475 | €1,878 | €2,184 | €1,258 | €1,265 | €479 | ▼ 62.1% |
| Plant, machinery and equipment23 | - | €1,745 | €345 | €49 | €318 | €240 | ▼ 24.5% |
| Furniture and vehicles24 | - | €133 | €1,839 | €1,209 | €947 | €239 | ▼ 74.8% |
| Current assets29/58 | €45,206 | €51,703 | €50,566 | €36,549 | €26,323 | €45,705 | ▲ 73.6% |
| Stocks and contracts in progress3 | - | €7,570 | €9,704 | €19,829 | €14,613 | €13,379 | ▼ 8.4% |
| Stocks30/36 | - | €7,570 | €9,704 | €19,829 | €14,613 | €13,379 | ▼ 8.4% |
| Amounts receivable within one year40/41 | €44,808 | €39,607 | €29,829 | €16,271 | €7,725 | €22,364 | ▲ 189% |
| Trade receivables40 | - | €36,120 | €28,126 | €14,588 | €6,119 | €19,394 | ▲ 217% |
| Other amounts receivable41 | - | €3,487 | €1,703 | €1,684 | €1,606 | €2,970 | ▲ 84.9% |
| Cash at bank and in hand54/58 | €399 | €4,526 | €11,033 | €449 | €3,942 | €8,044 | ▲ 104% |
| Deferred charges and accrued income490/1 | - | - | - | - | €43 | €1,918 | ▲ 44× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €47,681 | €53,581 | €52,750 | €37,807 | €27,588 | €46,183 | ▲ 67.4% |
| Equity10/15 | €14,252 | €29,058 | €31,100 | €9,936 | €14,652 | €17,376 | ▲ 18.6% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | - | - | €4,717 | €8,273 | ▲ 75.4% |
| Distributable reserves133 | - | - | - | - | €4,717 | €8,273 | ▲ 75.4% |
| Profit (loss) carried forward14 | €12,252 | €27,058 | €29,100 | €7,936 | €7,936 | €7,103 | ▼ 10.5% |
| Amounts payable17/49 | €33,428 | €24,523 | €21,650 | €27,871 | €12,936 | €28,807 | ▲ 123% |
| Amounts payable within one year42/48 | €33,428 | €24,523 | €21,650 | €27,871 | €12,936 | €28,807 | ▲ 123% |
| Trade debts44 | €23,303 | €15,141 | €15,430 | €24,607 | €9,830 | €24,751 | ▲ 152% |
| Suppliers440/4 | - | €15,141 | €15,430 | €24,607 | €9,830 | €24,751 | ▲ 152% |
| Taxes, remuneration and social security45 | - | €9,382 | €5,512 | €2,287 | €611 | €497 | ▼ 18.7% |
| Taxes450/3 | - | €7,582 | €5,512 | €138 | €611 | €497 | ▼ 18.7% |
| Remuneration and social security454/9 | - | €1,800 | - | €2,149 | - | - | - |
| Other amounts payable47/48 | - | - | €708 | €977 | €2,495 | €3,559 | ▲ 42.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,252 | €14,806 | €2,042 | -€21,164 | €4,717 | €3,557 | ▼ 24.6% |
| + Depreciation and write-downs630 | €1,237 | €1,484 | €1,586 | €6,448 | €773 | €7,927 | ▲ 926% |
| Operating cash flow (approximation) | €13,490 | €16,290 | €3,627 | -€14,716 | €5,490 | €11,484 | ▲ 109% |
| Investment in fixed assets (approximation) | - | -€887 | -€1,892 | -€5,521 | -€780 | -€7,141 | ▼ 815% |
| Change in cash | - | €4,127 | €6,507 | -€10,584 | €3,493 | €4,102 | ▲ 17.4% |
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, 26,972 companies had the same profile as P-Tech has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of P-Tech itself: 0.6% 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 26,972 companies, not a prediction for P-Tech. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-06-2026 | 2026-00150452 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00121735 | |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00121868 | |
| 31-12-2022 | micro format | 04-06-2023 | 2023-00105349 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20050266 | |
| 31-12-2020 | micro format | 01-06-2021 | 2021-16600344 |