PHAGEM
ActiveSummary
PHAGEM has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €748k and a net result of €1k. Equity is growing by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 66% of 4809 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability68▲+4
Solvency77▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50k at 30 days acceptable
Liquidity short (current ratio 0.1 against 0.11 in 2023; short-term debt: 17.2% and cash: 1.3% of total assets), and 48.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-05-2025, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
66 d early
2023
8 d early
2022
24 d late
2021
25 d late
2020
24 d late
2019
88 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1k
2023 · €-2k
2018: €83khighest in 7 years
2019: €-15k▼ -118% vs 2018lowest in 7 years
2020: €58k▲ +487% vs 2019
2021: €48k▼ -17.3% vs 2020
2022: €64k▲ +34.4% vs 2021
2023: €-2k▼ -102% vs 2022
2024: €1k▲ +168% vs 2023
2018 → 2024
Working capital
€-225k▼ 12.5%
2023 · €-200k
2018: €-462klowest in 7 years
2019: €-408k▲ +11.6% vs 2018
2020: €-342k▲ +16.2% vs 2019
2021: €-288k▲ +15.9% vs 2020
2022: €-223k▲ +22.6% vs 2021
2023: €-200k▲ +10.3% vs 2022highest in 7 years
2024: €-225k▼ -12.5% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€636k-€684k▲ 7.5%€749k▲ 9.4%€747k▼ 0.2%€748k▲ 0.1%
2020: €636klowest in 5 years
2021: €684k▲ +7.5% vs 2020
2022: €749k▲ +9.4% vs 2021highest in 5 years
2023: €747k▼ -0.2% vs 2022
2024: €748k▲ +0.1% vs 2023
Operating result€8k-€41k▲ 420%€60k▲ 48.9%€7k▼ 87.6%€11k▲ 52.5%
2020: €8k
2021: €41k▲ +420% vs 2020
2022: €60k▲ +48.9% vs 2021highest in 5 years
2023: €7k▼ -87.6% vs 2022lowest in 5 years
2024: €11k▲ +52.5% vs 2023
Net result€58k-€48k▼ 17.3%€64k▲ 34.4%€-2k€1k
2020: €58k
2021: €48k▼ -17.3% vs 2020
2022: €64k▲ +34.4% vs 2021highest in 5 years
2023: €-2k▼ -102% vs 2022lowest in 5 years
2024: €1k▲ +168% vs 2023
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 53% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.45M
Fixed assets
€1.42M ▼ 3.7%
Current assets
€25k ▲ 2.2%
Equity and liabilities €1.45M
Equity
€748k ▲ 0.1%
Provisions
€90k ▼ 13.5%
Debt
€610k ▼ 6.3%
Debt's share of the balance-sheet total falls from 43.4% to 42.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€78k▲
2023 · €74k
Cash flow
€68k▲
2023 · €64k
Current ratio
0.10▼
2023 · 0.11
Debt to equity
0.82▼
2023 · 0.87
ROE
0.1%▲
2023 · -0.2%
ROA
0.1%▲
2023 · -0.1%
Interest coverage
5.94▲
2023 · 5.47
Debt ≤ 1 year
€250k▲
2023 · €224k
Debt > 1 year
€361k▼
2023 · €427k
Income taxes
€11k▲
2023 · €10k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 58 lines
Balance sheet
Code20232024
Assets
Total assets20/58€1.50M€1.45M▼
Fixed assets21/28€1.48M€1.42M▼
Tangible fixed assets22/27€687k€625k▼
Land and buildings22€686k€624k▼
Furniture and vehicles24€1k€755▼
Financial fixed assets28€790k€798k▲
Current assets29/58€24k€25k▲
Amounts receivable within one year40/41€6k€1k▼
Trade receivables40€312€1k▲
Other amounts receivable41€6k€0▼
Cash at bank and in hand54/58€13k€18k▲
Deferred charges and accrued income490/1€6k€5k▼
Equity and liabilities
Total equity and liabilities10/49€1.50M€1.45M▼
Equity10/15€747k€748k▲
Contributions10/11€104k€104k=
Capital10€104k€104k=
Issued capital100€104k€104k=
Reserves13€447k€419k▼
Non-distributable reserves130/1€10k€10k=
Legal reserve130€10k€10k=
Tax-exempt reserves132€208k€180k▼
Distributable reserves133€229k€229k=
Profit (loss) carried forward14€195k€224k▲
Provisions and deferred taxes16€104k€90k▼
Deferred taxes168€104k€90k▼
Amounts payable17/49€652k€610k▼
Amounts payable after more than one year17€427k€361k▼
Financial debts170/4€427k€361k▼
Other amounts payable178/9€500€0▼
Amounts payable within one year42/48€224k€250k▲
Current portion of amounts payable after more than one year42€65k€66k▲
Financial debts43€130k€70▼
Credit institutions430/8-€70
Other loans439€130k€0▼
Trade debts44€197€2k▲
Suppliers440/4€197€2k▲
Taxes, remuneration and social security45-€12k
Taxes450/3-€12k
Other amounts payable47/48€29k€170k▲
Accrued charges and deferred income492/3€195€0▼
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€66k€67k▲
Other operating charges640/8€15k€10k▼
Non-recurring operating charges66A€41k€0▼
Gross operating margin9900€129k€88k▼
Operating profit (loss)9901€7k€11k▲
Financial income75/76B-€136
Recurring financial income75-€136
Financial charges65/66B€13k€13k▼
Recurring financial charges65€13k€13k▼
Profit (loss) for the period before taxes9903€-6k€-2k▲
Transfer from deferred taxes780€14k€14k=
Income taxes67/77€10k€11k▲
Profit (loss) for the period9904€-2k€1k▲
Transfer from tax-exempt reserves789€28k€28k=
Profit (loss) for the period to be appropriated9905€26k€29k▲
Appropriation of the result
Profit (loss) to be appropriated9906€195k€224k▲
Profit (loss) brought forward from the previous period14P€169k€195k▲
Social balance
Average headcount (FTE)9087-0.0
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97k | €98k | €99k | €66k | €67k | ▲ 0.8% |
| Other operating charges640/8 | - | €13k | €13k | €15k | €10k | ▼ 29.4% |
| Non-recurring operating charges66A | - | - | - | €41k | €0 | ▼ 100% |
| Gross operating margin9900 | €116k | €152k | €172k | €129k | €88k | ▼ 31.5% |
| Operating profit (loss)9901 | €8k | €41k | €60k | €7k | €11k | ▲ 52.5% |
| Financial income75/76B | - | €35k | €37k | - | €136 | - |
| Recurring financial income75 | €71k | €35k | €37k | - | €136 | - |
| Financial charges65/66B | - | €16k | €14k | €13k | €13k | ▼ 2.4% |
| Recurring financial charges65 | €18k | €16k | €14k | €13k | €13k | ▼ 2.4% |
| Profit (loss) for the period before taxes9903 | €61k | €60k | €83k | €-6k | €-2k | ▲ 73.7% |
| Transfer from deferred taxes780 | - | €14k | €14k | €14k | €14k | = |
| Income taxes67/77 | €15k | €25k | €32k | €10k | €11k | ▲ 18.0% |
| Profit (loss) for the period9904 | €58k | €48k | €64k | €-2k | €1k | ▲ 168% |
| Transfer from tax-exempt reserves789 | - | €27k | €28k | €28k | €28k | = |
| Profit (loss) for the period to be appropriated9905 | €81k | €75k | €92k | €26k | €29k | ▲ 10.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.77M | €1.71M | €1.62M | €1.50M | €1.45M | ▼ 3.6% |
| Fixed assets21/28 | €1.74M | €1.66M | €1.58M | €1.48M | €1.42M | ▼ 3.7% |
| Tangible fixed assets22/27 | €954k | €871k | €791k | €687k | €625k | ▼ 9.1% |
| Land and buildings22 | - | €870k | €791k | €686k | €624k | ▼ 9.1% |
| Furniture and vehicles24 | - | €648 | €324 | €1k | €755 | ▼ 34.6% |
| Financial fixed assets28 | €790k | €790k | €790k | €790k | €798k | ▲ 1.0% |
| Current assets29/58 | €27k | €51k | €43k | €24k | €25k | ▲ 2.2% |
| Amounts receivable within one year40/41 | €469 | €7k | €5k | €6k | €1k | ▼ 74.8% |
| Trade receivables40 | - | €7k | €5k | €312 | €1k | ▲ 375% |
| Other amounts receivable41 | - | €694 | - | €6k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €22k | €38k | €32k | €13k | €18k | ▲ 42.7% |
| Deferred charges and accrued income490/1 | - | €5k | €5k | €6k | €5k | ▼ 8.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.77M | €1.71M | €1.62M | €1.50M | €1.45M | ▼ 3.6% |
| Equity10/15 | €636k | €684k | €749k | €747k | €748k | ▲ 0.1% |
| Contributions10/11 | €104k | €104k | €104k | €104k | €104k | = |
| Capital10 | - | €104k | €104k | €104k | €104k | = |
| Issued capital100 | - | €104k | €104k | €104k | €104k | = |
| Reserves13 | €455k | €503k | €476k | €447k | €419k | ▼ 6.3% |
| Non-distributable reserves130/1 | - | €10k | €10k | €10k | €10k | = |
| Legal reserve130 | - | €10k | €10k | €10k | €10k | = |
| Tax-exempt reserves132 | - | €263k | €236k | €208k | €180k | ▼ 13.5% |
| Distributable reserves133 | - | €229k | €229k | €229k | €229k | = |
| Profit (loss) carried forward14 | €77k | €77k | €169k | €195k | €224k | ▲ 14.9% |
| Provisions and deferred taxes16 | €145k | €131k | €118k | €104k | €90k | ▼ 13.5% |
| Deferred taxes168 | - | €131k | €118k | €104k | €90k | ▼ 13.5% |
| Amounts payable17/49 | €990k | €896k | €758k | €652k | €610k | ▼ 6.3% |
| Amounts payable after more than one year17 | €619k | €556k | €492k | €427k | €361k | ▼ 15.6% |
| Financial debts170/4 | - | €556k | €492k | €427k | €361k | ▼ 15.5% |
| Other amounts payable178/9 | - | €500 | €500 | €500 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €370k | €339k | €265k | €224k | €250k | ▲ 11.4% |
| Current portion of amounts payable after more than one year42 | - | €63k | €64k | €65k | €66k | ▲ 1.8% |
| Financial debts43 | - | €173k | €133k | €130k | €70 | ▼ 99.9% |
| Credit institutions430/8 | - | - | - | - | €70 | - |
| Other loans439 | - | €173k | €133k | €130k | €0 | ▼ 100% |
| Trade debts44 | €403 | €42 | €2k | €197 | €2k | ▲ 1,001% |
| Suppliers440/4 | - | €42 | €2k | €197 | €2k | ▲ 1,001% |
| Taxes, remuneration and social security45 | - | €40k | €19k | - | €12k | - |
| Taxes450/3 | - | €40k | €19k | - | €12k | - |
| Other amounts payable47/48 | - | €62k | €48k | €29k | €170k | ▲ 495% |
| Accrued charges and deferred income492/3 | - | €1k | €259 | €195 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58k | €48k | €64k | €-2k | €1k | ▲ 168% |
| + Depreciation and write-downs630 | €97k | €98k | €99k | €66k | €67k | ▲ 0.8% |
| Operating cash flow (approximation) | €155k | €146k | €164k | €64k | €68k | ▲ 4.9% |
| Investment in fixed assets (approximation) | - | €-15k | €-20k | €37k | €-12k | ▼ 132% |
| Change in cash | - | €16k | €-6k | €-19k | €5k | ▲ 128% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
26-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €1k
Net result €1k after one loss-making year.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
31-12
Financial
Back to profitnet €58k
Net result €58k after one loss-making year.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 88 days late
2019
31-12
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 1992
Ground area
1,233 m²
Building footprint
642 m²
Volume, LiDAR
9,392 m³
2 parcels, Brussels · tallest building 25.3 m, ±7 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
PHAGEM SA
since 19922.059.739.768
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616A0236/00W000 | Brussels | 906 m² | 1 · 418 m² | 16.7 m · 4 fl. |
| 21445E0006/00C037 | Brussels | 327 m² | 1 · 224 m² | 25.3 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,277 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-10-1992
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.