PACE CONSULTING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 17 filings
Turnover
≈ €270,000
Estimated: probably between €230,000 and €320,000
EBIT margin
Not included in this filing
Net result
€110,714▲ 14.6%
2024 · €96,586
Working capital
€230,612▼ 37.4%
2024 · €368,426
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€143,753
▲ 0.3%
2025
20182025
Net result
€110,714
▲ 14.6%
2025
highest quarter of the sector
20182025
Equity
€426,731
▼ 21.2%
2025
highest quarter of the sector
20182025
Total assets
€531,183
▼ 10.5%
2025
highest quarter of the sector
20182025
Debt
€104,452
▲ 102%
2025
20182025
Working capital
€230,612
▼ 37.4%
2025
highest quarter of the sector
20182025
Solvency
80.3%
▼ 10.9pp
2025
highest quarter of the sector
20182025
Current ratio
3.21
▼ 4.92
2025
middle half of the sector
20182025
Return on assets (ROA)
20.8%
▲ 4.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€57,618-€74,743▲ 29.7%€110,143▲ 47.4%€107,917▼ 2.0%€97,290▼ 9.8%€152,588▲ 56.8%€143,321▼ 6.1%€143,753▲ 0.3%
Net result€16,222-€52,441▲ 223%€78,464within the sector's middle half▲ 49.6%€76,788within the sector's middle half▼ 2.1%€71,918above the sector's middle half▼ 6.3%€114,981above the sector's middle half▲ 59.9%€96,586above the sector's middle half▼ 16.0%€110,714above the sector's middle half▲ 14.6%
Equity€174,634-€247,429▲ 41.7%€272,243within the sector's middle half▲ 10.0%€339,031within the sector's middle half▲ 24.5%€397,950above the sector's middle half▲ 17.4%€496,931above the sector's middle half▲ 24.9%€541,517above the sector's middle half▲ 9.0%€426,731above the sector's middle half▼ 21.2%
Total assets€280,435-€325,369▲ 16.0%€412,447within the sector's middle half▲ 26.8%€431,362within the sector's middle half▲ 4.6%€483,240within the sector's middle half▲ 12.0%€586,158above the sector's middle half▲ 21.3%€593,235above the sector's middle half▲ 1.2%€531,183above the sector's middle half▼ 10.5%
Debt€105,801-€77,940▼ 26.3%€140,204▲ 79.9%€92,331▼ 34.1%€85,290▼ 7.6%€89,227▲ 4.6%€51,718▼ 42.0%€104,452▲ 102%
Working capital€98,596-€146,393▲ 48.5%€156,058within the sector's middle half▲ 6.6%€209,583within the sector's middle half▲ 34.3%€270,375above the sector's middle half▲ 29.0%€373,419above the sector's middle half▲ 38.1%€368,426above the sector's middle half▼ 1.3%€230,612above the sector's middle half▼ 37.4%
Solvency62.3%-76.0%▲ 13.8pp66.0%within the sector's middle half▼ 10.0pp78.6%above the sector's middle half▲ 12.6pp82.4%above the sector's middle half▲ 3.8pp84.8%above the sector's middle half▲ 2.4pp91.3%above the sector's middle half▲ 6.5pp80.3%above the sector's middle half▼ 10.9pp
Current ratio2.70-4.29▲ 1.592.29within the sector's middle half▼ 2.003.36above the sector's middle half▲ 1.084.17within the sector's middle half▲ 0.815.19above the sector's middle half▲ 1.018.12above the sector's middle half▲ 2.943.21within the sector's middle half▼ 4.92
Return on assets (ROA)5.8%-16.1%▲ 10.3pp19.0%above the sector's middle half▲ 2.9pp17.8%above the sector's middle half▼ 1.2pp14.9%within the sector's middle half▼ 2.9pp19.6%within the sector's middle half▲ 4.7pp16.3%within the sector's middle half▼ 3.3pp20.8%within the sector's middle half▲ 4.6pp
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 0% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €531,183
Fixed assets
€196,119 ▲ 13.3%
Current assets
€335,064 ▼ 20.3%
Equity and liabilities €531,183
Equity
€426,731 ▼ 21.2%
Debt
€104,452 ▲ 102%
Debt's share of the balance-sheet total rises from 8.7% to 19.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€159,397▼
2024 · €159,758
Cash flow
€126,358▲
2024 · €113,023
Debt to equity
0.24▲
2024 · 0.10
ROE
25.9%▲
2024 · 17.8%
Interest coverage
over 100▲
2024 · 18.78
Debt ≤ 1 year
€104,452▲
2024 · €51,718
Income taxes
€42,614▼
2024 · €42,838
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 | €1,550 | €772 | - | €66,015 | €35,205 |
| Financial fixed assets | - | - | - | - | €3,468 |
| Depreciation and write-downs of the year | €3,555 | €3,853 | €4,063 | €16,437 | €15,644 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,312 | €13,242 | €5,148 | €3,555 | €3,853 | €4,063 | €16,437 | €15,644 | ▼ 4.8% |
| Other operating charges640/8 | - | - | - | €756 | €568 | €880 | €1,276 | €689 | ▼ 46.0% |
| Gross operating margin9900 | €72,570 | €88,712 | €115,633 | €112,229 | €101,711 | €157,531 | €161,034 | €160,086 | ▼ 0.6% |
| Operating profit (loss)9901 | €57,618 | €74,743 | €110,143 | €107,917 | €97,290 | €152,588 | €143,321 | €143,753 | ▲ 0.3% |
| Financial income75/76B | - | - | - | €18 | €4,841 | €14,726 | €4,608 | €10,835 | ▲ 135% |
| Recurring financial income75 | €660 | €30 | €32 | €18 | €4,841 | €14,726 | €4,608 | €10,835 | ▲ 135% |
| Financial charges65/66B | - | - | - | €561 | €294 | €2,202 | €8,505 | €1,260 | ▼ 85.2% |
| Recurring financial charges65 | €1,442 | €1,070 | €854 | €561 | €294 | €2,202 | €8,505 | €1,260 | ▼ 85.2% |
| Profit (loss) for the period before taxes9903 | €36,187 | €73,704 | €109,321 | €107,375 | €101,837 | €165,112 | €139,424 | €153,328 | ▲ 10.0% |
| Income taxes67/77 | €19,965 | €21,263 | €30,858 | €30,586 | €29,918 | €50,131 | €42,838 | €42,614 | ▼ 0.5% |
| Profit (loss) for the period9904 | €16,222 | €52,441 | €78,464 | €76,788 | €71,918 | €114,981 | €96,586 | €110,714 | ▲ 14.6% |
| Profit (loss) for the period to be appropriated9905 | €16,222 | €52,441 | €78,464 | €76,788 | €71,918 | €114,981 | €96,586 | €110,714 | ▲ 14.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €280,435 | €325,369 | €412,447 | €431,362 | €483,240 | €586,158 | €593,235 | €531,183 | ▼ 10.5% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €123,846 | €134,459 | €135,160 | €133,155 | €127,574 | €123,512 | €173,090 | €196,119 | ▲ 13.3% |
| Tangible fixed assets22/27 | €32,305 | €19,064 | €19,765 | €17,760 | €14,679 | €10,617 | €60,195 | €79,756 | ▲ 32.5% |
| Land and buildings22 | - | - | - | €13,941 | €10,481 | €7,022 | €3,563 | €36,801 | ▲ 933% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,937 | €1,463 | ▼ 24.5% |
| Furniture and vehicles24 | - | - | - | €870 | €1,248 | €644 | €51,745 | €38,543 | ▼ 25.5% |
| Other tangible fixed assets26 | - | - | - | €2,950 | €2,950 | €2,950 | €2,950 | €2,950 | = |
| Financial fixed assets28 | €91,541 | €115,395 | €115,395 | €115,395 | €112,895 | €112,895 | €112,895 | €116,363 | ▲ 3.1% |
| Current assets29/58 | €156,589 | €190,910 | €277,286 | €298,207 | €355,665 | €462,646 | €420,144 | €335,064 | ▼ 20.3% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €100,000 | €50,600 | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | - | - | €100,000 | €50,600 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €20,095 | €10,907 | €0 | €15,000 | €73 | €98 | €30,651 | €33,744 | ▲ 10.1% |
| Trade receivables40 | - | - | - | €0 | €0 | €0 | €27,200 | €27,200 | = |
| Other amounts receivable41 | - | - | - | €15,000 | €73 | €98 | €3,451 | €6,544 | ▲ 89.6% |
| Current investments50/53 | - | - | €65,000 | €65,000 | €118,543 | €98,789 | €264,615 | €189,075 | ▼ 28.5% |
| Cash at bank and in hand54/58 | €103,343 | €179,858 | €212,125 | €218,051 | €236,888 | €263,625 | €73,992 | €109,915 | ▲ 48.6% |
| Deferred charges and accrued income490/1 | - | - | - | €156 | €162 | €133 | €286 | €2,330 | ▲ 714% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €280,435 | €325,369 | €412,447 | €431,362 | €483,240 | €586,158 | €593,235 | €531,183 | ▼ 10.5% |
| Equity10/15 | €174,634 | €247,429 | €272,243 | €339,031 | €397,950 | €496,931 | €541,517 | €426,731 | ▼ 21.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Revaluation surpluses12 | - | - | - | €20,354 | €20,354 | €20,354 | €20,354 | €20,354 | = |
| Reserves13 | €168,434 | €220,875 | €245,689 | €312,477 | €371,395 | €470,376 | €514,962 | €400,177 | ▼ 22.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €310,617 | €369,535 | €468,516 | €513,102 | €398,317 | ▼ 22.4% |
| Amounts payable17/49 | €105,801 | €77,940 | €140,204 | €92,331 | €85,290 | €89,227 | €51,718 | €104,452 | ▲ 102% |
| Amounts payable after more than one year17 | €47,053 | €32,835 | €18,387 | €3,707 | €0 | €0 | €0 | - | - |
| Financial debts170/4 | - | - | - | €3,707 | €0 | €0 | €0 | - | - |
| Amounts payable within one year42/48 | €57,993 | €44,517 | €121,228 | €88,624 | €85,290 | €89,227 | €51,718 | €104,452 | ▲ 102% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,680 | €3,707 | €0 | - | - | - |
| Trade debts44 | €1,454 | €1,479 | €1,359 | €4,584 | €1,897 | €1,542 | €1,147 | €4,950 | ▲ 331% |
| Suppliers440/4 | - | - | - | €4,584 | €1,897 | €1,542 | €1,147 | €4,950 | ▲ 331% |
| Taxes, remuneration and social security45 | - | - | - | €33,657 | €65,033 | €71,500 | €50,571 | €27,429 | ▼ 45.8% |
| Taxes450/3 | - | - | - | €33,657 | €62,341 | €68,757 | €47,771 | €21,764 | ▼ 54.4% |
| Remuneration and social security454/9 | - | - | - | €0 | €2,692 | €2,743 | €2,800 | €5,665 | ▲ 102% |
| Other amounts payable47/48 | - | - | - | €35,702 | €14,654 | €16,185 | €0 | €72,074 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,222 | €52,441 | €78,464 | €76,788 | €71,918 | €114,981 | €96,586 | €110,714 | ▲ 14.6% |
| + Depreciation and write-downs630 | €14,312 | €13,242 | €5,148 | €3,555 | €3,853 | €4,063 | €16,437 | €15,644 | ▼ 4.8% |
| Operating cash flow (approximation) | €30,534 | €65,682 | €83,612 | €80,343 | €75,771 | €119,044 | €113,023 | €126,358 | ▲ 11.8% |
| Investment in fixed assets (approximation) | - | -€23,854 | -€5,850 | -€1,550 | €1,728 | €0 | -€66,015 | -€38,673 | ▲ 41.4% |
| Change in cash | - | €76,514 | €32,267 | €5,926 | €18,838 | €26,737 | -€189,633 | €35,923 | - |
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, 17,811 companies had the same profile as PACE CONSULTING has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of PACE CONSULTING 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 17,811 companies, not a prediction for PACE CONSULTING. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00138705 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00206826 | |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00094680 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178895 | |
| 31-12-2021 | full format | 02-08-2022 | 2022-20260826 | |
| 31-12-2020 | full format | 15-07-2021 | 2021-35700584 | |
| 31-12-2019 | full format | 11-09-2020 | 2020-52500349 | |
| 31-12-2018 | full format | 23-08-2019 | 2019-50300327 | |
| 31-12-2017 | full format | 16-07-2018 | 2018-33800197 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-54500407 |