PERFECT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 7 filings
Turnover
≈ €1.0m
Estimated: probably between €780,000 and €1.2m
Total assets
€1.0m▼ 13.2%
2024 · €1.2m
Net result
€23,421
2024 · -€52,904
Working capital
€425,222▲ 6.5%
2024 · €399,363
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€33,829
2025
20182025
Net result
€23,421
2025
middle half of the sector
20182025
Equity
€246,699
▼ 24.3%
2025
middle half of the sector
20182025
Total assets
€1.0m
▼ 13.2%
2025
middle half of the sector
20182025
Debt
€491,328
▼ 13.6%
2025
20182025
Working capital
€425,222
▲ 6.5%
2025
highest quarter of the sector
20182025
Solvency
24.1%
▼ 3.5pp
2025
middle half of the sector
20182025
Current ratio
1.87
▲ 0.16
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.3%
▲ 6.8pp
2025
middle half of the sector
20182025
Staff (FTE)
7.6
▲ 2.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202022202320242025
Operating result€0.2m-€0.2m▲ 4.5%€0.2m▲ 9.5%€0.2m-€0.1m▼ 58.5%-€0.06m€0.03m
Net result€0.08m-€0.1m▲ 27.2%€0.1mabove the sector's middle half▲ 28.9%€0.2mabove the sector's middle half--€0.03mwithin the sector's middle half-€0.05mbelow the sector's middle half▼ 74.1%€0.02mwithin the sector's middle half
Equity€0.09m-€0.2m▲ 118%€0.3mwithin the sector's middle half▲ 69.8%€0.5mwithin the sector's middle half-€0.5mwithin the sector's middle half▼ 6.2%€0.3mwithin the sector's middle half▼ 28.8%€0.2mwithin the sector's middle half▼ 24.3%
Total assets€0.5m-€0.6m▲ 30.1%€1.1mwithin the sector's middle half▲ 82.0%€1.6mwithin the sector's middle half-€1.8mwithin the sector's middle half▲ 12.3%€1.2mwithin the sector's middle half▼ 34.3%€1.0mwithin the sector's middle half▼ 13.2%
Debt€0.4m-€0.4m▲ 10.7%€0.8m▲ 87.3%€0.8m-€1.1m▲ 27.6%€0.6m▼ 46.0%€0.5m▼ 13.6%
Working capital-€0.1m--€0.1m▲ 17.1%-€0.2mwithin the sector's middle half▼ 59.9%€0.3mabove the sector's middle half-€0.4mabove the sector's middle half▲ 23.7%€0.4mabove the sector's middle half▼ 5.0%€0.4mabove the sector's middle half▲ 6.5%
Solvency18.0%-30.2%▲ 12.2pp28.2%within the sector's middle half▼ 2.0pp30.5%within the sector's middle half-25.5%within the sector's middle half▼ 5.0pp27.6%within the sector's middle half▲ 2.1pp24.1%within the sector's middle half▼ 3.5pp
Current ratio0.63-0.73▲ 0.090.77within the sector's middle half▲ 0.041.41within the sector's middle half-1.40within the sector's middle half▼ 0.011.70within the sector's middle half▲ 0.301.87above the sector's middle half▲ 0.16
Return on assets (ROA)16.7%-16.4%▼ 0.4pp11.6%above the sector's middle half▼ 4.8pp10.4%above the sector's middle half--1.7%within the sector's middle half▼ 12.1pp-4.5%below the sector's middle half▼ 2.8pp2.3%within the sector's middle half▲ 6.8pp
Staff (FTE)6.9-9.4▲ 36.2%8.1within the sector's middle half▼ 13.8%7.6within the sector's middle half-7.5within the sector's middle half▼ 1.3%7.4within the sector's middle half▼ 1.3%7.6within the sector's middle half▲ 2.7%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 a profit of €33,829, after a loss of €56,464 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.0m
Fixed assets
€106,478 ▼ 49.6%
Current assets
€916,550 ▼ 5.3%
Equity and liabilities €1.0m
Equity
€246,699 ▼ 24.3%
Provisions
€285,000 =
Debt
€491,328 ▼ 13.6%
Debt's share of the balance-sheet total falls from 48.2% to 48.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€138,778▲
2024 · €54,114
Cash flow
€128,369▲
2024 · €57,674
Debt to equity
1.99▲
2024 · 1.74
ROE
9.5%▲
2024 · -16.2%
Interest coverage
10.32▲
2024 · 6.20
Debt ≤ 1 year
€491,328▼
2024 · €568,438
Income taxes
€4,131
Staff costs
€334,977▼
2024 · €381,463
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 14 | 10 | 12 |
| full-time | 5 | 8 | 5 | 6 |
| part-time | 4 | 6 | 5 | 6 |
| in full-time equivalents | 8.4 | 11.3 | 8 | 9.4 |
| Average over the year, in full-time equivalents | 7.6 | 7.5 | 7.4 | 6.7 |
| On a permanent contract | 7 | 6 | 6 | 5 |
| Joined | 10 | 24 | 16 | 133 |
| Left | 9 | 19 | 18 | 127 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €32,923 | - | - | - |
| Depreciation and write-downs of the year | €113,170 | €110,818 | €110,578 | €104,949 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €200,935 | €310,900 | €381,463 | €334,977 | ▼ 12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,568 | €51,041 | €108,077 | €113,170 | €110,818 | €110,578 | €104,949 | ▼ 5.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €285,000 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €40,626 | €12,829 | €21,661 | €35,553 | ▲ 64.1% |
| Gross operating margin9900 | €502,253 | €591,824 | €386,457 | €879,821 | €534,174 | €457,238 | €509,308 | ▲ 11.4% |
| Operating profit (loss)9901 | €153,922 | €160,889 | €176,194 | €240,090 | €99,628 | -€56,464 | €33,829 | - |
| Financial income75/76B | - | - | - | €33,968 | €23,090 | €15,808 | €7,183 | ▼ 54.6% |
| Recurring financial income75 | €7,638 | €5,537 | - | €33,968 | €23,090 | €15,808 | €7,183 | ▼ 54.6% |
| Financial charges65/66B | - | - | - | €43,655 | €115,745 | €12,249 | €13,461 | ▲ 9.9% |
| Recurring financial charges65 | €10,520 | €21,565 | €2,229 | €6,712 | €6,591 | €8,733 | €13,453 | ▲ 54.1% |
| Non-recurring financial charges66B | - | - | - | €36,943 | €109,154 | €3,516 | €8 | ▼ 99.8% |
| Profit (loss) for the period before taxes9903 | €117,046 | €144,861 | €173,472 | €230,403 | €6,973 | -€52,904 | €27,552 | - |
| Income taxes67/77 | €36,483 | €42,350 | €41,352 | €64,015 | €37,358 | - | €4,131 | - |
| Profit (loss) for the period9904 | €80,564 | €102,511 | €132,119 | €166,388 | -€30,385 | -€52,904 | €23,421 | - |
| Profit (loss) for the period to be appropriated9905 | €80,564 | €102,511 | €132,119 | €166,388 | -€30,385 | -€52,904 | €23,421 | - |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.6m | €1.1m | €1.6m | €1.8m | €1.2m | €1.0m | ▼ 13.2% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | ▼ 49.6% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 24.5% |
| Tangible fixed assets22/27 | - | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | €0.03m | ▼ 74.4% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.003m | €0.001m | €79 | ▼ 94.4% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.01m | €0.006m | ▼ 56.2% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.09m | €0.02m | ▼ 77.0% |
| Current assets29/58 | €0.2m | €0.3m | €0.6m | €1.2m | €1.5m | €1.0m | €0.9m | ▼ 5.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Other amounts receivable291 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Amounts receivable within one year40/41 | €0.1m | €0.09m | €0.3m | €0.6m | €0.9m | €0.4m | €0.4m | ▼ 9.9% |
| Trade receivables40 | - | - | - | €0.3m | €0.6m | €0.06m | €0.2m | ▲ 219% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.4m | €0.4m | €0.2m | ▼ 50.2% |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.7% |
| Deferred charges and accrued income490/1 | - | - | - | €203 | - | €0.001m | €0.02m | ▲ 16× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €1.1m | €1.6m | €1.8m | €1.2m | €1.0m | ▼ 13.2% |
| Equity10/15 | €0.09m | €0.2m | €0.3m | €0.5m | €0.5m | €0.3m | €0.2m | ▼ 24.3% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.08m | €0.2m | €0.3m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 25.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 25.1% |
| Profit (loss) carried forward14 | - | - | - | - | -€0.03m | -€0.08m | -€0.06m | ▲ 28.1% |
| Provisions and deferred taxes16 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other liabilities and charges164/5 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable17/49 | €0.4m | €0.4m | €0.8m | €0.8m | €1.1m | €0.6m | €0.5m | ▼ 13.6% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.8m | €0.8m | €1.1m | €0.6m | €0.5m | ▼ 13.6% |
| Trade debts44 | €0.2m | €0.3m | €0.7m | €0.7m | €0.8m | €0.4m | €0.4m | ▼ 10.1% |
| Suppliers440/4 | - | - | - | €0.7m | €0.8m | €0.4m | €0.4m | ▼ 10.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.08m | €0.04m | ▼ 47.5% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.01m | €0.001m | ▼ 92.6% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.05m | €0.07m | €0.04m | ▼ 39.8% |
| Other amounts payable47/48 | - | - | - | €328 | €0.1m | €0.05m | €0.06m | ▲ 9.7% |
| Line | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80,564 | €102,511 | €132,119 | €166,388 | -€30,385 | -€52,904 | €23,421 | - |
| + Depreciation and write-downs630 | €23,568 | €51,041 | €108,077 | €113,170 | €110,818 | €110,578 | €104,949 | ▼ 5.1% |
| Operating cash flow (approximation) | €104,131 | €153,552 | €240,196 | €279,558 | €80,433 | €57,674 | €128,369 | ▲ 123% |
| Investment in fixed assets (approximation) | - | -€126,654 | -€312,000 | - | €0 | €0 | €0 | - |
| Change in cash | - | €134,150 | €134,722 | - | -€20,091 | -€6,557 | -€30,472 | ▼ 365% |
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, 3,274 companies had the same profile as PERFECT has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PERFECT itself is lower: 0.3% within 12 months. It rests on far more data about PERFECT than the profile alone.
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 3,274 companies, not a prediction for PERFECT. 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 |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 30-04-2026 | 2026-00100897 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00082308 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00074281 | |
| 30-09-2022 | abbreviated format | 02-05-2023 | 2023-00074409 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-73600565 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-73800126 | |
| 31-12-2018 | micro format | 13-07-2019 | 2019-32200535 |