PFW ENGINEERING
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 17-07-2026 at the NBB all 8 filings
Turnover
≈ €1.3m
Estimated: probably between €1.0m and €2.4m
EBIT margin
Not included in this filing
Net result
€165,301▼ 17.6%
2025 · €200,604
Working capital
€367,134▼ 4.1%
2025 · €382,893
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€222,609
▼ 18.6%
2026
20192026
Net result
€165,301
▼ 17.6%
2026
20192026
Equity
€452,566
▲ 13.9%
2026
20192026
Total assets
€739,269
▲ 10.3%
2026
20192026
Debt
€286,703
▲ 5.0%
2026
20192026
Working capital
€367,134
▼ 4.1%
2026
20192026
Solvency
61.2%
▲ 2.0pp
2026
20192026
Current ratio
2.28
▼ 0.12
2026
20192026
Return on assets (ROA)
22.4%
▼ 7.6pp
2026
20192026
Staff (FTE)
8.4
▼ 15.2%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€34,227-€36,002▲ 5.2%€82,621▲ 129%€129,789▲ 57.1%€231,473▲ 78.3%€247,458▲ 6.9%€273,321▲ 10.5%€222,609▼ 18.6%
Net result€20,496-€24,174▲ 17.9%€60,066within the sector's middle half▲ 148%€95,240within the sector's middle half▲ 58.6%€169,975within the sector's middle half▲ 78.5%€183,533within the sector's middle half▲ 8.0%€200,604within the sector's middle half▲ 9.3%€165,301▼ 17.6%
Equity€26,672-€50,846▲ 90.6%€110,911within the sector's middle half▲ 118%€206,151within the sector's middle half▲ 85.9%€263,127within the sector's middle half▲ 27.6%€326,660within the sector's middle half▲ 24.1%€397,264within the sector's middle half▲ 21.6%€452,566▲ 13.9%
Total assets€106,262-€103,254▼ 2.8%€159,390below the sector's middle half▲ 54.4%€333,567below the sector's middle half▲ 109%€472,581within the sector's middle half▲ 41.7%€600,754within the sector's middle half▲ 27.1%€670,387below the sector's middle half▲ 11.6%€739,269▲ 10.3%
Debt€79,590-€52,409▼ 34.2%€48,479▼ 7.5%€127,416▲ 163%€209,454▲ 64.4%€274,094▲ 30.9%€273,123▼ 0.4%€286,703▲ 5.0%
Working capital€49,500-€65,292▲ 31.9%€116,830within the sector's middle half▲ 78.9%€177,547within the sector's middle half▲ 52.0%€227,316within the sector's middle half▲ 28.0%€301,569within the sector's middle half▲ 32.7%€382,893within the sector's middle half▲ 27.0%€367,134▼ 4.1%
Solvency25.1%-49.2%▲ 24.1pp69.6%within the sector's middle half▲ 20.3pp61.8%within the sector's middle half▼ 7.8pp55.7%within the sector's middle half▼ 6.1pp54.4%within the sector's middle half▼ 1.3pp59.3%within the sector's middle half▲ 4.9pp61.2%▲ 2.0pp
Current ratio2.43-3.91▲ 1.484.49above the sector's middle half▲ 0.582.39within the sector's middle half▼ 2.102.09within the sector's middle half▼ 0.312.10within the sector's middle half▲ 0.012.40within the sector's middle half▲ 0.302.28▼ 0.12
Return on assets (ROA)19.3%-23.4%▲ 4.1pp37.7%above the sector's middle half▲ 14.3pp28.6%above the sector's middle half▼ 9.1pp36.0%above the sector's middle half▲ 7.4pp30.6%above the sector's middle half▼ 5.4pp29.9%above the sector's middle half▼ 0.6pp22.4%▼ 7.6pp
Staff (FTE)1.3-4.3▲ 231%2.3within the sector's middle half▼ 46.5%4.3within the sector's middle half▲ 87.0%8within the sector's middle half▲ 86.0%9.3within the sector's middle half▲ 16.3%9.9within the sector's middle half▲ 6.5%8.4▼ 15.2%
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 2026 is 19% lower than in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €739,269
Fixed assets
€85,432 ▲ 494%
Current assets
€653,837 ▼ 0.3%
Equity and liabilities €739,269
Equity
€452,566 ▲ 13.9%
Debt
€286,703 ▲ 5.0%
Debt's share of the balance-sheet total falls from 40.7% to 38.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€244,859▼
2025 · €284,041
Cash flow
€187,551▼
2025 · €211,324
Debt to equity
0.63▼
2025 · 0.69
ROE
36.5%▼
2025 · 50.5%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€286,703▲
2025 · €273,123
Income taxes
€57,239▼
2025 · €72,675
Staff costs
€636,195▲
2025 · €595,726
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 11 | 9 | 8 |
| full-time | 8 | 8 | 10 | 8 | 8 |
| part-time | 0 | 0 | 1 | 1 | 0 |
| in full-time equivalents | 8 | 8 | 10.7 | 8.8 | 8 |
| Average over the year, in full-time equivalents | 4.3 | 8 | 9.3 | 9.9 | 8.4 |
| On a permanent contract | 8 | 8 | 11 | 9 | 8 |
| Joined | 7 | - | 3 | 1 | 1 |
| Left | 1 | - | 0 | 3 | 2 |
| Training hours | - | - | - | 22 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,798 | €17,602 | - | - | €93,311 |
| Depreciation and write-downs of the year | €9,274 | €10,395 | €10,720 | €10,720 | €22,250 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €262,324 | €453,391 | €536,238 | €595,726 | €636,195 | ▲ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,050 | €6,618 | €6,473 | €9,274 | €10,395 | €10,720 | €10,720 | €22,250 | ▲ 108% |
| Other operating charges640/8 | - | - | - | €451 | €1,176 | €1,537 | €1,896 | €2,251 | ▲ 18.8% |
| Gross operating margin9900 | €160,822 | €134,573 | €224,095 | €401,838 | €696,436 | €795,952 | €881,663 | €883,305 | ▲ 0.2% |
| Operating profit (loss)9901 | €34,227 | €36,002 | €82,621 | €129,789 | €231,473 | €247,458 | €273,321 | €222,609 | ▼ 18.6% |
| Financial income75/76B | - | - | - | - | - | €431 | €0 | €11 | - |
| Recurring financial income75 | €0 | €0 | - | - | - | €431 | €0 | €11 | - |
| Financial charges65/66B | - | - | - | €117 | €23 | €45 | €42 | €80 | ▲ 89.3% |
| Recurring financial charges65 | €922 | €1,123 | €599 | €117 | €23 | €45 | €42 | €80 | ▲ 89.3% |
| Profit (loss) for the period before taxes9903 | €33,305 | €34,879 | €82,023 | €129,672 | €231,450 | €247,843 | €273,279 | €222,541 | ▼ 18.6% |
| Income taxes67/77 | €12,809 | €10,705 | €21,957 | €34,432 | €61,475 | €64,310 | €72,675 | €57,239 | ▼ 21.2% |
| Profit (loss) for the period9904 | €20,496 | €24,174 | €60,066 | €95,240 | €169,975 | €183,533 | €200,604 | €165,301 | ▼ 17.6% |
| Profit (loss) for the period to be appropriated9905 | €20,496 | €24,174 | €60,066 | €95,240 | €169,975 | €183,533 | €200,604 | €165,301 | ▼ 17.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,262 | €103,254 | €159,390 | €333,567 | €472,581 | €600,754 | €670,387 | €739,269 | ▲ 10.3% |
| Fixed assets21/28 | €22,172 | €15,554 | €9,081 | €28,604 | €35,810 | €25,091 | €14,371 | €85,432 | ▲ 494% |
| Tangible fixed assets22/27 | €22,172 | €15,554 | €9,081 | €28,604 | €35,810 | €25,091 | €14,371 | €85,432 | ▲ 494% |
| Furniture and vehicles24 | - | - | - | €28,604 | €35,810 | €25,091 | €14,371 | €85,432 | ▲ 494% |
| Current assets29/58 | €84,090 | €87,700 | €150,309 | €304,963 | €436,770 | €575,663 | €656,017 | €653,837 | ▼ 0.3% |
| Amounts receivable within one year40/41 | €37,813 | €53,259 | €93,436 | €213,943 | €218,330 | €298,816 | €294,198 | €452,149 | ▲ 53.7% |
| Trade receivables40 | - | - | - | €213,375 | €218,330 | €297,740 | €294,198 | €451,059 | ▲ 53.3% |
| Other amounts receivable41 | - | - | - | €568 | €0 | €1,076 | €0 | €1,090 | - |
| Cash at bank and in hand54/58 | €46,277 | €34,441 | €56,873 | €91,020 | €218,440 | €276,847 | €361,818 | €201,688 | ▼ 44.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,262 | €103,254 | €159,390 | €333,567 | €472,581 | €600,754 | €670,387 | €739,269 | ▲ 10.3% |
| Equity10/15 | €26,672 | €50,846 | €110,911 | €206,151 | €263,127 | €326,660 | €397,264 | €452,566 | ▲ 13.9% |
| Contributions10/11 | €18,600 | €0 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €8,072 | €8,072 | €8,072 | €8,072 | €244,527 | €308,060 | €378,664 | €433,966 | ▲ 14.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €6,212 | €242,667 | €308,060 | €378,664 | €433,966 | ▲ 14.6% |
| Profit (loss) carried forward14 | - | €24,174 | €84,239 | €179,479 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €79,590 | €52,409 | €48,479 | €127,416 | €209,454 | €274,094 | €273,123 | €286,703 | ▲ 5.0% |
| Amounts payable after more than one year17 | €45,000 | €30,000 | €15,000 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €34,590 | €22,409 | €33,479 | €127,416 | €209,454 | €274,094 | €273,123 | €286,703 | ▲ 5.0% |
| Trade debts44 | €3,460 | €3,711 | €2,476 | €29,872 | €3,368 | €5,526 | €21,297 | €12,709 | ▼ 40.3% |
| Suppliers440/4 | - | - | - | €29,872 | €3,368 | €5,526 | €21,297 | €12,709 | ▼ 40.3% |
| Taxes, remuneration and social security45 | - | - | - | €97,544 | €93,086 | €148,567 | €121,826 | €163,994 | ▲ 34.6% |
| Taxes450/3 | - | - | - | €33,300 | €42,375 | €47,339 | €37,550 | €57,718 | ▲ 53.7% |
| Remuneration and social security454/9 | - | - | - | €64,245 | €50,711 | €101,229 | €84,276 | €106,277 | ▲ 26.1% |
| Other amounts payable47/48 | - | - | - | - | €113,000 | €120,000 | €130,000 | €110,000 | ▼ 15.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,496 | €24,174 | €60,066 | €95,240 | €169,975 | €183,533 | €200,604 | €165,301 | ▼ 17.6% |
| + Depreciation and write-downs630 | €10,050 | €6,618 | €6,473 | €9,274 | €10,395 | €10,720 | €10,720 | €22,250 | ▲ 108% |
| Operating cash flow (approximation) | €30,545 | €30,792 | €66,538 | €104,515 | €180,371 | €194,253 | €211,324 | €187,551 | ▼ 11.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€28,798 | -€17,602 | €0 | €0 | -€93,311 | - |
| Change in cash | - | -€11,836 | €22,432 | €34,147 | €127,420 | €58,407 | €84,971 | -€160,131 | - |
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 PFW ENGINEERING 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.
The bankruptcy probability of PFW ENGINEERING itself is lower: < 0.1% within 12 months. It rests on far more data about PFW ENGINEERING 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 26,972 companies, not a prediction for PFW ENGINEERING. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 17-07-2026 | 2026-00306132 | |
| 31-03-2025 | full format | 15-10-2025 | 2025-00542929 | |
| 31-03-2024 | full format | 24-09-2024 | 2024-00470133 | |
| 31-03-2023 | full format | 25-07-2023 | 2023-00266668 | |
| 31-03-2022 | full format | 29-09-2022 | 2022-20440714 | |
| 31-03-2021 | full format | 14-10-2021 | 2021-72100582 | |
| 31-03-2020 | full format | 18-09-2020 | 2020-54000140 | |
| 31-03-2019 | full format | 31-10-2019 | 2019-72400145 |