PART
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 7 filings
Turnover
≈ €150,000
Estimated: probably between €68,000 and €350,000
Total assets
€60,837▼ 1.5%
2024 · €61,768
Net result
€12,231▲ 9.1%
2024 · €11,210
Working capital
€7,437
2024 · -€6,887
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€13,212
▲ 8.9%
2025
20192025
Net result
€12,231
▲ 9.1%
2025
middle half of the sector
20192025
Equity
€25,847
▲ 89.8%
2025
middle half of the sector
20192025
Total assets
€60,837
▼ 1.5%
2025
middle half of the sector
20192025
Debt
€34,989
▼ 27.3%
2025
20192025
Working capital
€7,437
2025
middle half of the sector
20192025
Solvency
42.5%
▲ 20.4pp
2025
middle half of the sector
20192025
Current ratio
1.96
▲ 1.35
2025
middle half of the sector
20192025
Return on assets (ROA)
20.1%
▲ 2.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€19,301--€19,203▲ 0.5%€4,081€12,828▲ 214%€4,663▼ 63.7%€12,132▲ 160%€13,212▲ 8.9%
Net result-€20,495--€20,277below the sector's middle half▲ 1.1%€3,125within the sector's middle half€11,776within the sector's middle half▲ 277%€3,678within the sector's middle half▼ 68.8%€11,210within the sector's middle half▲ 205%€12,231within the sector's middle half▲ 9.1%
Equity-€8,095--€28,373below the sector's middle half▼ 250%-€25,248below the sector's middle half▲ 11.0%-€13,472below the sector's middle half▲ 46.6%-€9,794below the sector's middle half▲ 27.3%€13,616within the sector's middle half€25,847within the sector's middle half▲ 89.8%
Total assets€87,378-€76,671within the sector's middle half▼ 12.3%€69,047below the sector's middle half▼ 9.9%€70,032below the sector's middle half▲ 1.4%€60,242below the sector's middle half▼ 14.0%€61,768within the sector's middle half▲ 2.5%€60,837within the sector's middle half▼ 1.5%
Debt€95,473-€105,044▲ 10.0%€94,295▼ 10.2%€83,504▼ 11.4%€70,036▼ 16.1%€48,151▼ 31.2%€34,989▼ 27.3%
Working capital-€25,775--€47,771below the sector's middle half▼ 85.3%-€45,665below the sector's middle half▲ 4.4%-€31,738below the sector's middle half▲ 30.5%-€27,576below the sector's middle half▲ 13.1%-€6,887within the sector's middle half▲ 75.0%€7,437within the sector's middle half
Solvency-9.3%--37.0%below the sector's middle half▼ 27.7pp-36.6%below the sector's middle half▲ 0.4pp-19.2%below the sector's middle half▲ 17.3pp-16.3%below the sector's middle half▲ 3.0pp22.0%within the sector's middle half▲ 38.3pp42.5%within the sector's middle half▲ 20.4pp
Current ratio0.48-0.23below the sector's middle half▼ 0.250.16below the sector's middle half▼ 0.070.32below the sector's middle half▲ 0.160.24below the sector's middle half▼ 0.080.61below the sector's middle half▲ 0.371.96within the sector's middle half▲ 1.35
Return on assets (ROA)-23.5%--26.4%below the sector's middle half▼ 3.0pp4.5%within the sector's middle half▲ 31.0pp16.8%above the sector's middle half▲ 12.3pp6.1%within the sector's middle half▼ 10.7pp18.1%above the sector's middle half▲ 12.0pp20.1%above the sector's middle half▲ 2.0pp
Staff (FTE)0.9-1within the sector's middle half▲ 11.1%0.9▼ 10.0%1▲ 11.1%
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 9% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €60,837
Fixed assets
€45,651 ▼ 10.5%
Current assets
€15,186 ▲ 41.3%
Equity and liabilities €60,837
Equity
€25,847 ▲ 89.8%
Debt
€34,989 ▼ 27.3%
Debt's share of the balance-sheet total falls from 78.0% to 57.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18,583▲
2024 · €16,457
Cash flow
€17,603▲
2024 · €15,535
Debt to equity
1.35▼
2024 · 3.54
ROE
47.3%▼
2024 · 82.3%
Interest coverage
21.27▲
2024 · 17.73
Debt ≤ 1 year
€7,749▼
2024 · €17,632
Debt > 1 year
€27,240▼
2024 · €30,519
Income taxes
€252▲
2024 · €1
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.9 | 0.8 |
| On a permanent contract | 1 | 1 |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,138 | €1,403 | €3,660 | €3,834 | - |
| Depreciation and write-downs of the year | €6,135 | €6,633 | €7,287 | €4,325 | €5,372 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €3,500 | - |
| Remuneration, social security and pensions62 | - | - | €29,553 | €15,384 | €1,104 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,512 | €5,789 | €6,135 | €6,633 | €7,287 | €4,325 | €5,372 | ▲ 24.2% |
| Other operating charges640/8 | - | - | €868 | €752 | €687 | €726 | €746 | ▲ 2.8% |
| Gross operating margin9900 | €13,449 | €16,693 | €40,637 | €35,598 | €13,740 | €17,183 | €19,330 | ▲ 12.5% |
| Operating profit (loss)9901 | -€19,301 | -€19,203 | €4,081 | €12,828 | €4,663 | €12,132 | €13,212 | ▲ 8.9% |
| Financial income75/76B | - | - | €151 | €11 | €11 | €7 | €145 | ▲ 21× |
| Recurring financial income75 | €32 | €90 | €151 | €11 | €11 | €7 | €145 | ▲ 21× |
| Financial charges65/66B | - | - | €1,107 | €1,064 | €995 | €928 | €874 | ▼ 5.9% |
| Recurring financial charges65 | €1,226 | €1,164 | €1,107 | €1,064 | €995 | €928 | €874 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | -€20,495 | -€20,277 | €3,125 | €11,776 | €3,678 | €11,211 | €12,483 | ▲ 11.4% |
| Income taxes67/77 | - | - | - | - | - | €1 | €252 | ▲ 376× |
| Profit (loss) for the period9904 | -€20,495 | -€20,277 | €3,125 | €11,776 | €3,678 | €11,210 | €12,231 | ▲ 9.1% |
| Profit (loss) for the period to be appropriated9905 | -€20,495 | -€20,277 | €3,125 | €11,776 | €3,678 | €11,210 | €12,231 | ▲ 9.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €87,378 | €76,671 | €69,047 | €70,032 | €60,242 | €61,768 | €60,837 | ▼ 1.5% |
| Fixed assets21/28 | €63,601 | €62,368 | €60,371 | €55,141 | €51,513 | €51,022 | €45,651 | ▼ 10.5% |
| Tangible fixed assets22/27 | €63,601 | €62,368 | €60,371 | €55,141 | €51,513 | €51,022 | €45,651 | ▼ 10.5% |
| Plant, machinery and equipment23 | - | - | €5,446 | €3,188 | €3,023 | €4,119 | €2,082 | ▼ 49.5% |
| Furniture and vehicles24 | - | - | €3,269 | €2,721 | €1,684 | €2,522 | €1,612 | ▼ 36.1% |
| Other tangible fixed assets26 | - | - | €51,656 | €49,231 | €46,806 | €44,381 | €41,956 | ▼ 5.5% |
| Current assets29/58 | €23,777 | €14,304 | €8,676 | €14,891 | €8,729 | €10,746 | €15,186 | ▲ 41.3% |
| Stocks and contracts in progress3 | - | - | - | - | - | €1,982 | - | - |
| Stocks30/36 | - | - | - | - | - | €1,982 | - | - |
| Amounts receivable within one year40/41 | €9,805 | €5,862 | €851 | €13,070 | €216 | €6,223 | €4,447 | ▼ 28.5% |
| Trade receivables40 | - | - | €625 | €11,614 | - | €6,007 | €4,429 | ▼ 26.3% |
| Other amounts receivable41 | - | - | €226 | €1,456 | €216 | €216 | €19 | ▼ 91.2% |
| Cash at bank and in hand54/58 | €13,972 | €8,442 | €7,825 | €1,822 | €2,446 | €2,204 | €10,739 | ▲ 387% |
| Deferred charges and accrued income490/1 | - | - | - | - | €6,066 | €337 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €87,378 | €76,671 | €69,047 | €70,032 | €60,242 | €61,768 | €60,837 | ▼ 1.5% |
| Equity10/15 | -€8,095 | -€28,373 | -€25,248 | -€13,472 | -€9,794 | €13,616 | €25,847 | ▲ 89.8% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €24,600 | €24,600 | = |
| Reserves13 | - | - | - | - | - | - | €1,247 | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,247 | - |
| Profit (loss) carried forward14 | -€20,495 | -€40,773 | -€37,648 | -€25,872 | -€22,194 | -€10,984 | - | - |
| Amounts payable17/49 | €95,473 | €105,044 | €94,295 | €83,504 | €70,036 | €48,151 | €34,989 | ▼ 27.3% |
| Amounts payable after more than one year17 | €45,922 | €42,969 | €39,954 | €36,875 | €33,731 | €30,519 | €27,240 | ▼ 10.7% |
| Financial debts170/4 | - | - | €39,954 | €36,875 | €33,731 | €30,519 | €27,240 | ▼ 10.7% |
| Amounts payable within one year42/48 | €49,552 | €62,075 | €54,341 | €46,629 | €36,305 | €17,632 | €7,749 | ▼ 56.1% |
| Current portion of amounts payable after more than one year42 | - | - | €3,015 | €3,079 | €3,144 | €3,211 | €3,279 | ▲ 2.1% |
| Trade debts44 | €24,458 | €9,162 | €3,782 | €873 | €1,821 | - | €483 | - |
| Suppliers440/4 | - | - | €3,782 | €873 | €1,821 | - | €483 | - |
| Taxes, remuneration and social security45 | - | - | €605 | €162 | €779 | €613 | €1,420 | ▲ 132% |
| Taxes450/3 | - | - | €605 | €162 | €779 | €613 | €1,420 | ▲ 132% |
| Other amounts payable47/48 | - | - | €46,939 | €42,515 | €30,561 | €13,808 | €2,567 | ▼ 81.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,495 | -€20,277 | €3,125 | €11,776 | €3,678 | €11,210 | €12,231 | ▲ 9.1% |
| + Depreciation and write-downs630 | €5,512 | €5,789 | €6,135 | €6,633 | €7,287 | €4,325 | €5,372 | ▲ 24.2% |
| Operating cash flow (approximation) | -€14,983 | -€14,489 | €9,260 | €18,409 | €10,966 | €15,535 | €17,603 | ▲ 13.3% |
| Investment in fixed assets (approximation) | - | -€4,555 | -€4,138 | -€1,403 | -€3,660 | -€3,834 | €0 | - |
| Change in cash | - | -€5,530 | -€616 | -€6,004 | €624 | -€242 | €8,534 | - |
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 PART 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 PART 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 PART. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00233355 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00306979 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00156625 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00225668 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20126288 | |
| 31-12-2020 | micro format | 10-08-2021 | 2021-47600182 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60400025 |