PATRISO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-03-2026 PDF all 15 filings
Turnover
≈ €410,000
Estimated: probably between €310,000 and €760,000
Total assets
€875,050▲ 6.7%
2024 · €820,458
Net result
€137,151▼ 28.8%
2024 · €192,600
Working capital
€354,024▼ 9.3%
2024 · €390,460
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€188,814
▼ 30.4%
2025
20182025
Net result
€137,151
▼ 28.8%
2025
highest quarter of the sector
20182025
Equity
€755,057
▲ 22.2%
2025
highest quarter of the sector
20182025
Total assets
€875,050
▲ 6.7%
2025
middle half of the sector
20182025
Debt
€103,728
▼ 43.7%
2025
20182025
Working capital
€354,024
▼ 9.3%
2025
highest quarter of the sector
20182025
Solvency
86.3%
▲ 11.0pp
2025
highest quarter of the sector
20182025
Current ratio
4.41
▲ 1.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.7%
▼ 7.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€42,763-€11,195▼ 73.8%€89,315▲ 698%€60,372▼ 32.4%€54,457▼ 9.8%€316,298▲ 481%€271,160▼ 14.3%€188,814▼ 30.4%
Net result€27,987-€6,054▼ 78.4%€64,606above the sector's middle half▲ 967%€44,128above the sector's middle half▼ 31.7%€40,665above the sector's middle half▼ 7.8%€217,465above the sector's middle half▲ 435%€192,600above the sector's middle half▼ 11.4%€137,151above the sector's middle half▼ 28.8%
Equity€80,376-€86,429▲ 7.5%€151,035within the sector's middle half▲ 74.7%€195,163within the sector's middle half▲ 29.2%€235,829within the sector's middle half▲ 20.8%€425,306above the sector's middle half▲ 80.3%€617,906above the sector's middle half▲ 45.3%€755,057above the sector's middle half▲ 22.2%
Total assets€221,706-€221,530▼ 0.1%€286,259within the sector's middle half▲ 29.2%€343,323within the sector's middle half▲ 19.9%€366,104within the sector's middle half▲ 6.6%€536,269within the sector's middle half▲ 46.5%€820,458within the sector's middle half▲ 53.0%€875,050within the sector's middle half▲ 6.7%
Debt€141,330-€135,101▼ 4.4%€135,224▲ 0.1%€148,159▲ 9.6%€130,276▼ 12.1%€110,963▼ 14.8%€184,253▲ 66.0%€103,728▼ 43.7%
Working capital€66,213-€68,521▲ 3.5%€118,448above the sector's middle half▲ 72.9%€149,063above the sector's middle half▲ 25.8%€165,811above the sector's middle half▲ 11.2%€336,784above the sector's middle half▲ 103%€390,460above the sector's middle half▲ 15.9%€354,024above the sector's middle half▼ 9.3%
Solvency36.3%-39.0%▲ 2.8pp52.8%within the sector's middle half▲ 13.7pp56.8%within the sector's middle half▲ 4.1pp64.4%above the sector's middle half▲ 7.6pp79.3%above the sector's middle half▲ 14.9pp75.3%above the sector's middle half▼ 4.0pp86.3%above the sector's middle half▲ 11.0pp
Current ratio2.85-2.85=3.63above the sector's middle half▲ 0.793.26above the sector's middle half▼ 0.373.95above the sector's middle half▲ 0.698.46above the sector's middle half▲ 4.513.12above the sector's middle half▼ 5.344.41above the sector's middle half▲ 1.29
Return on assets (ROA)12.6%-2.7%▼ 9.9pp22.6%above the sector's middle half▲ 19.8pp12.9%above the sector's middle half▼ 9.7pp11.1%above the sector's middle half▼ 1.7pp40.6%above the sector's middle half▲ 29.4pp23.5%above the sector's middle half▼ 17.1pp15.7%above the sector's middle half▼ 7.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 30% lower than in 2024 and the lowest since 2022. It is the second fall 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 €875,050
Fixed assets
€417,299 ▲ 69.8%
Current assets
€457,751 ▼ 20.4%
Equity and liabilities €875,050
Equity
€755,057 ▲ 22.2%
Provisions
€16,265 ▼ 11.1%
Debt
€103,728 ▼ 43.7%
Debt's share of the balance-sheet total falls from 22.5% to 11.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€227,514▼
2024 · €279,233
Cash flow
€175,852▼
2024 · €200,673
Debt to equity
0.14▼
2024 · 0.30
ROE
18.2%▼
2024 · 31.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€103,728▼
2024 · €184,253
Income taxes
€53,565▼
2024 · €57,953
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €138,000 | €138,000 | €138,000 | - | - |
| Carrying value of the mortgaged assets | €102,353 | €100,013 | €97,674 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,593 | €22,325 | €16,690 | €197,133 | €210,255 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,014 | €6,533 | €6,507 | €8,073 | €38,701 |
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 | €4,444 | €4,752 | €4,657 | €6,014 | €6,533 | €6,507 | €8,073 | €38,701 | ▲ 379% |
| Other operating charges640/8 | - | - | - | €1,308 | €1,317 | €1,569 | €1,313 | €1,711 | ▲ 30.4% |
| Gross operating margin9900 | €48,089 | €16,996 | €94,911 | €67,694 | €62,307 | €324,375 | €280,545 | €229,226 | ▼ 18.3% |
| Operating profit (loss)9901 | €42,763 | €11,195 | €89,315 | €60,372 | €54,457 | €316,298 | €271,160 | €188,814 | ▼ 30.4% |
| Financial income75/76B | - | - | - | €4,683 | €5,161 | €0 | - | €0 | - |
| Recurring financial income75 | €298 | €1,237 | €4,334 | €4,683 | €5,161 | €0 | - | €0 | - |
| Financial charges65/66B | - | - | - | €2,450 | €2,764 | €3,087 | €2,308 | €131 | ▼ 94.3% |
| Recurring financial charges65 | €2,902 | €2,723 | €2,709 | €2,450 | €2,764 | €3,087 | €2,308 | €131 | ▼ 94.3% |
| Profit (loss) for the period before taxes9903 | €40,159 | €9,709 | €90,940 | €62,605 | €56,854 | €313,212 | €268,852 | €188,683 | ▼ 29.8% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €2,033 | €2,033 | = |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €20,332 | €0 | ▼ 100% |
| Income taxes67/77 | €12,172 | €3,655 | €26,334 | €18,477 | €16,189 | €95,747 | €57,953 | €53,565 | ▼ 7.6% |
| Profit (loss) for the period9904 | €27,987 | €6,054 | €64,606 | €44,128 | €40,665 | €217,465 | €192,600 | €137,151 | ▼ 28.8% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €6,099 | €6,099 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €60,995 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €27,987 | €6,054 | €64,606 | €44,128 | €40,665 | €217,465 | €137,705 | €143,250 | ▲ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €221,706 | €221,530 | €286,259 | €343,323 | €366,104 | €536,269 | €820,458 | €875,050 | ▲ 6.7% |
| Fixed assets21/28 | €119,689 | €115,872 | €122,804 | €128,384 | €144,175 | €154,358 | €245,745 | €417,299 | ▲ 69.8% |
| Tangible fixed assets22/27 | €119,689 | €115,872 | €122,804 | €128,384 | €144,175 | €154,358 | €245,745 | €417,299 | ▲ 69.8% |
| Land and buildings22 | - | - | - | €102,353 | €100,013 | €97,674 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €12,381 | €33,666 | €33,451 | €33,236 | €33,021 | ▼ 0.6% |
| Furniture and vehicles24 | - | - | - | €13,650 | €10,496 | €16,234 | €11,577 | €17,064 | ▲ 47.4% |
| Other tangible fixed assets26 | - | - | - | - | - | €7,000 | €200,931 | €367,214 | ▲ 82.8% |
| Current assets29/58 | €102,016 | €105,658 | €163,455 | €214,939 | €221,929 | €381,910 | €574,713 | €457,751 | ▼ 20.4% |
| Amounts receivable within one year40/41 | €23,528 | €40,337 | €85,652 | €116,031 | €73,562 | €58,298 | - | €36,300 | - |
| Trade receivables40 | - | - | - | €3,501 | €12,406 | €36,300 | - | €36,300 | - |
| Other amounts receivable41 | - | - | - | €112,530 | €61,156 | €21,998 | - | - | - |
| Cash at bank and in hand54/58 | €78,098 | €64,059 | €72,159 | €92,997 | €141,390 | €321,005 | €574,138 | €419,650 | ▼ 26.9% |
| Deferred charges and accrued income490/1 | - | - | - | €5,911 | €6,977 | €2,607 | €575 | €1,801 | ▲ 214% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €221,706 | €221,530 | €286,259 | €343,323 | €366,104 | €536,269 | €820,458 | €875,050 | ▲ 6.7% |
| Equity10/15 | €80,376 | €86,429 | €151,035 | €195,163 | €235,829 | €425,306 | €617,906 | €755,057 | ▲ 22.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €59,847 | €65,901 | €130,507 | €174,635 | €215,300 | €412,906 | €605,506 | €742,657 | ▲ 22.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €54,895 | €48,796 | ▼ 11.1% |
| Distributable reserves133 | - | - | - | €172,775 | €213,440 | €412,906 | €550,611 | €693,862 | ▲ 26.0% |
| Profit (loss) carried forward14 | €8,128 | €8,128 | €8,128 | €8,128 | €8,128 | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €18,298 | €16,265 | ▼ 11.1% |
| Deferred taxes168 | - | - | - | - | - | - | €18,298 | €16,265 | ▼ 11.1% |
| Amounts payable17/49 | €141,330 | €135,101 | €135,224 | €148,159 | €130,276 | €110,963 | €184,253 | €103,728 | ▼ 43.7% |
| Amounts payable after more than one year17 | €105,527 | €97,964 | €90,217 | €82,284 | €74,158 | €65,836 | - | - | - |
| Financial debts170/4 | - | - | - | €82,284 | €74,158 | €65,836 | - | - | - |
| Amounts payable within one year42/48 | €35,803 | €37,137 | €45,007 | €65,876 | €56,117 | €45,127 | €184,253 | €103,728 | ▼ 43.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,934 | €8,126 | €8,322 | - | - | - |
| Trade debts44 | €5,143 | €6,855 | €1,674 | €4,631 | €378 | - | €46,158 | €1,068 | ▼ 97.7% |
| Suppliers440/4 | - | - | - | €4,631 | €378 | - | €46,158 | €1,068 | ▼ 97.7% |
| Taxes, remuneration and social security45 | - | - | - | €53,311 | €47,614 | €13,436 | €60,621 | €22,676 | ▼ 62.6% |
| Taxes450/3 | - | - | - | €53,311 | €47,614 | €13,436 | €60,621 | €22,676 | ▼ 62.6% |
| Other amounts payable47/48 | - | - | - | - | - | €23,369 | €77,474 | €79,983 | ▲ 3.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,987 | €6,054 | €64,606 | €44,128 | €40,665 | €217,465 | €192,600 | €137,151 | ▼ 28.8% |
| + Depreciation and write-downs630 | €4,444 | €4,752 | €4,657 | €6,014 | €6,533 | €6,507 | €8,073 | €38,701 | ▲ 379% |
| Operating cash flow (approximation) | €32,431 | €10,806 | €69,263 | €50,142 | €47,199 | €223,972 | €200,673 | €175,852 | ▼ 12.4% |
| Investment in fixed assets (approximation) | - | -€935 | -€11,589 | -€11,593 | -€22,325 | -€16,690 | -€99,459 | -€210,255 | ▼ 111% |
| Change in cash | - | -€14,038 | €8,100 | €20,838 | €48,393 | €179,615 | €253,133 | -€154,488 | - |
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 PATRISO 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 PATRISO 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 PATRISO. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-03-2026 | 2026-00061386 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00302810 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00200820 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00401650 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20350526 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63300354 | |
| 31-12-2019 | micro format | 20-08-2020 | 2020-43400553 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66600143 | |
| 31-12-2017 | micro format | 02-08-2018 | 2018-42000530 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-16400097 |