PERMA-PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 7 filings
Turnover
≈ €340,000
Estimated: probably between €190,000 and €570,000
EBIT margin
Not included in this filing
Net result
-€52,870
2024 · €1,745
Working capital
-€581,533▼ 6.7%
2024 · -€545,200
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€50,299
2025
20192025
Net result
-€52,870
2025
lowest quarter of the sector
20192025
Equity
€26,082
▼ 67.0%
2025
middle half of the sector
20192025
Total assets
€722,853
▼ 11.2%
2025
highest quarter of the sector
20192025
Debt
€696,771
▼ 5.3%
2025
20192025
Working capital
-€581,533
▼ 6.7%
2025
lowest quarter of the sector
20192025
Solvency
3.6%
▼ 6.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.11
▼ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-7.3%
▼ 7.5pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1.8
▼ 5.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€24,273--€57,287▼ 136%-€69,344▼ 21.0%-€11,254▲ 83.8%-€11,071▲ 1.6%€5,621-€50,299
Net result-€24,295--€58,000below the sector's middle half▼ 139%-€69,888below the sector's middle half▼ 20.5%-€15,532below the sector's middle half▲ 77.8%-€15,078below the sector's middle half▲ 2.9%€1,745within the sector's middle half-€52,870below the sector's middle half
Equity€35,705--€22,296below the sector's middle half€107,816within the sector's middle half€92,284within the sector's middle half▼ 14.4%€77,207within the sector's middle half▼ 16.3%€78,952within the sector's middle half▲ 2.3%€26,082within the sector's middle half▼ 67.0%
Total assets€248,788-€602,133above the sector's middle half▲ 142%€982,587within the sector's middle half▲ 63.2%€930,915within the sector's middle half▼ 5.3%€867,557above the sector's middle half▼ 6.8%€814,401above the sector's middle half▼ 6.1%€722,853above the sector's middle half▼ 11.2%
Debt€213,083-€624,428▲ 193%€874,771▲ 40.1%€838,631▼ 4.1%€790,350▼ 5.8%€735,449▼ 6.9%€696,771▼ 5.3%
Working capital-€66,980--€394,934below the sector's middle half▼ 490%-€414,241below the sector's middle half▼ 4.9%-€507,157below the sector's middle half▼ 22.4%-€557,243below the sector's middle half▼ 9.9%-€545,200below the sector's middle half▲ 2.2%-€581,533below the sector's middle half▼ 6.7%
Solvency14.4%--3.7%below the sector's middle half▼ 18.1pp11.0%below the sector's middle half▲ 14.7pp9.9%below the sector's middle half▼ 1.1pp8.9%within the sector's middle half▼ 1.0pp9.7%within the sector's middle half▲ 0.8pp3.6%below the sector's middle half▼ 6.1pp
Current ratio0.69-0.37below the sector's middle half▼ 0.320.38below the sector's middle half▲ 0.010.24below the sector's middle half▼ 0.130.16below the sector's middle half▼ 0.080.16below the sector's middle half=0.11below the sector's middle half▼ 0.05
Return on assets (ROA)-9.8%--9.6%below the sector's middle half▲ 0.1pp-7.1%below the sector's middle half▲ 2.5pp-1.7%below the sector's middle half▲ 5.4pp-1.7%within the sector's middle half▼ 0.1pp0.2%within the sector's middle half▲ 2.0pp-7.3%below the sector's middle half▼ 7.5pp
Staff (FTE)0.6below the sector's middle half0.2below the sector's middle half▼ 66.7%1▲ 400%1.9▲ 90.0%1.8▼ 5.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 loss of €50,299, after a profit of €5,621 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 €722,853
Fixed assets
€650,847 ▼ 8.3%
Current assets
€72,006 ▼ 31.0%
Equity and liabilities €722,853
Equity
€26,082 ▼ 67.0%
Debt
€696,771 ▼ 5.3%
Debt's share of the balance-sheet total rises from 90.3% to 96.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,698▼
2024 · €79,319
Cash flow
€11,126▼
2024 · €75,443
Debt to equity
26.72▲
2024 · 9.32
ROE
-202.7%▼
2024 · 2.2%
Interest coverage
5.33▼
2024 · 19.53
Debt ≤ 1 year
€653,538▲
2024 · €649,623
Debt > 1 year
€43,233▼
2024 · €85,827
Staff costs
€19,050▲
2024 · €16,465
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 | 1 | 2 |
| full-time | 1 | - | 0 | 1 | 2 |
| part-time | 0 | - | 1 | 0 | 0 |
| in full-time equivalents | 1 | - | 0.5 | 1 | 2 |
| Average over the year, in full-time equivalents | 0.6 | 0.2 | 0.6 | 1.9 | 1.8 |
| On a permanent contract | - | - | 1 | 1 | 1 |
| Joined | 2 | 14 | - | 6 | 8 |
| Left | 1 | 15 | - | 5 | 7 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €535,279 | €116,773 | €59,752 | €21,330 | €4,565 |
| Financial fixed assets | - | €100 | - | €205 | €300 |
| Depreciation and write-downs of the year | €41,211 | €57,960 | €66,190 | €73,698 | €63,997 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €3,226 | €1,446 | -€65 | €16,465 | €19,050 | ▲ 15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,045 | €21,677 | €41,211 | €57,960 | €66,190 | €73,698 | €63,997 | ▼ 13.2% |
| Other operating charges640/8 | - | - | €267 | €1,601 | €1,326 | €596 | €2,743 | ▲ 360% |
| Gross operating margin9900 | -€23,229 | -€35,200 | -€24,641 | €49,754 | €56,381 | €96,380 | €35,490 | ▼ 63.2% |
| Operating profit (loss)9901 | -€24,273 | -€57,287 | -€69,344 | -€11,254 | -€11,071 | €5,621 | -€50,299 | - |
| Financial income75/76B | - | - | €230 | €56 | €28 | €186 | €1 | ▼ 99.5% |
| Recurring financial income75 | €0 | €114 | €230 | €56 | €28 | €186 | €1 | ▼ 99.5% |
| Financial charges65/66B | - | - | €773 | €3,209 | €3,091 | €4,062 | €2,572 | ▼ 36.7% |
| Recurring financial charges65 | €22 | €828 | €773 | €3,209 | €3,091 | €4,062 | €2,572 | ▼ 36.7% |
| Profit (loss) for the period before taxes9903 | -€24,295 | -€58,000 | -€69,888 | -€14,407 | -€14,133 | €1,745 | -€52,870 | - |
| Income taxes67/77 | - | - | - | €1,125 | €944 | €0 | - | - |
| Profit (loss) for the period9904 | -€24,295 | -€58,000 | -€69,888 | -€15,532 | -€15,078 | €1,745 | -€52,870 | - |
| Profit (loss) for the period to be appropriated9905 | -€24,295 | -€58,000 | -€69,888 | -€15,532 | -€15,078 | €1,745 | -€52,870 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €248,788 | €602,133 | €982,587 | €930,915 | €867,557 | €814,401 | €722,853 | ▼ 11.2% |
| Fixed assets21/28 | €102,685 | €372,638 | €731,926 | €768,679 | €762,241 | €709,978 | €650,847 | ▼ 8.3% |
| Intangible fixed assets21 | €2,399 | €1,811 | €1,224 | €636 | €13 | €0 | - | - |
| Tangible fixed assets22/27 | €100,286 | €370,827 | €730,702 | €767,943 | €762,128 | €709,773 | €650,342 | ▼ 8.4% |
| Land and buildings22 | - | - | €648,709 | €704,197 | €712,593 | €657,553 | €608,268 | ▼ 7.5% |
| Plant, machinery and equipment23 | - | - | €41,406 | €36,772 | €27,381 | €31,135 | €27,931 | ▼ 10.3% |
| Furniture and vehicles24 | - | - | €33,427 | €26,974 | €22,154 | €21,085 | €14,143 | ▼ 32.9% |
| Assets under construction and advance payments27 | - | - | €7,160 | €0 | - | - | - | - |
| Financial fixed assets28 | - | - | - | €100 | €100 | €205 | €505 | ▲ 146% |
| Current assets29/58 | €146,103 | €229,495 | €250,661 | €162,236 | €105,316 | €104,422 | €72,006 | ▼ 31.0% |
| Amounts receivable within one year40/41 | €6,530 | €48,448 | €36,256 | €58,093 | €35,150 | €30,584 | €40,929 | ▲ 33.8% |
| Trade receivables40 | - | - | €32,999 | €56,518 | €32,547 | €24,462 | €36,056 | ▲ 47.4% |
| Other amounts receivable41 | - | - | €3,257 | €1,575 | €2,604 | €6,123 | €4,873 | ▼ 20.4% |
| Cash at bank and in hand54/58 | €139,302 | €180,776 | €213,987 | €103,661 | €69,143 | €69,502 | €25,609 | ▼ 63.2% |
| Deferred charges and accrued income490/1 | - | - | €418 | €482 | €1,023 | €4,337 | €5,468 | ▲ 26.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €248,788 | €602,133 | €982,587 | €930,915 | €867,557 | €814,401 | €722,853 | ▼ 11.2% |
| Equity10/15 | €35,705 | -€22,296 | €107,816 | €92,284 | €77,207 | €78,952 | €26,082 | ▼ 67.0% |
| Contributions10/11 | €60,000 | - | €260,000 | €260,000 | €260,000 | €260,000 | €260,000 | = |
| Profit (loss) carried forward14 | -€24,295 | -€82,296 | -€152,184 | -€167,716 | -€182,793 | -€181,048 | -€233,918 | ▼ 29.2% |
| Amounts payable17/49 | €213,083 | €624,428 | €874,771 | €838,631 | €790,350 | €735,449 | €696,771 | ▼ 5.3% |
| Amounts payable after more than one year17 | - | - | €209,869 | €169,135 | €127,791 | €85,827 | €43,233 | ▼ 49.6% |
| Financial debts170/4 | - | - | €209,869 | €169,135 | €127,791 | €85,827 | €43,233 | ▼ 49.6% |
| Amounts payable within one year42/48 | €213,083 | €624,428 | €664,902 | €669,394 | €662,559 | €649,623 | €653,538 | ▲ 0.6% |
| Current portion of amounts payable after more than one year42 | - | - | €40,131 | €40,733 | €41,344 | €41,964 | €42,594 | ▲ 1.5% |
| Trade debts44 | €13,083 | €24,428 | €23,913 | €26,888 | €19,608 | €2,485 | €5,921 | ▲ 138% |
| Suppliers440/4 | - | - | €21,202 | €11,688 | €19,608 | €2,485 | €5,921 | ▲ 138% |
| Bills of exchange payable441 | - | - | €2,711 | €15,200 | - | - | - | - |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,889 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | €459 | €267 | €19 | €697 | €2,852 | ▲ 309% |
| Taxes450/3 | - | - | - | - | €19 | €0 | €575 | - |
| Remuneration and social security454/9 | - | - | €459 | €267 | €0 | €697 | €2,277 | ▲ 226% |
| Other amounts payable47/48 | - | - | €600,398 | €601,505 | €601,587 | €601,587 | €602,172 | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €102 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,295 | -€58,000 | -€69,888 | -€15,532 | -€15,078 | €1,745 | -€52,870 | - |
| + Depreciation and write-downs630 | €1,045 | €21,677 | €41,211 | €57,960 | €66,190 | €73,698 | €63,997 | ▼ 13.2% |
| Operating cash flow (approximation) | -€23,250 | -€36,323 | -€28,677 | €42,428 | €51,113 | €75,443 | €11,126 | ▼ 85.3% |
| Investment in fixed assets (approximation) | - | -€291,630 | -€400,499 | -€94,713 | -€59,752 | -€21,435 | -€4,865 | ▲ 77.3% |
| Change in cash | - | €41,474 | €33,211 | -€110,326 | -€34,518 | €359 | -€43,893 | - |
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, 849 companies had the same profile as PERMA-PROJECTS has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PERMA-PROJECTS itself: 2.2% 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 849 companies, not a prediction for PERMA-PROJECTS. 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 | 29-06-2026 | 2026-00261696 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00400689 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00216860 | |
| 31-12-2022 | full format | 30-06-2023 | 2023-00180154 | |
| 31-12-2021 | full format | 08-12-2022 | 2022-20534621 | |
| 31-12-2020 | micro format | 05-08-2021 | 2021-45900417 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-25900521 |