PhaRa
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 24 filings
Turnover
≈ €6.5m
Estimated: probably between €4.5m and €8.3m
Total assets
€2.3m▼ 4.2%
2024 · €2.4m
Net result
€270,848▼ 60.2%
2024 · €680,592
Working capital
€557,175▲ 2.5%
2024 · €543,688
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€447,677
▼ 53.6%
2025
20182025
Net result
€270,848
▼ 60.2%
2025
highest quarter of the sector
20182025
Equity
€557,175
=
2025
middle half of the sector
20182025
Total assets
€2.3m
▼ 4.2%
2025
middle half of the sector
20182025
Debt
€1.7m
▼ 5.5%
2025
20182025
Working capital
€557,175
▲ 2.5%
2025
highest quarter of the sector
20182025
Solvency
24.7%
▲ 1.0pp
2025
middle half of the sector
20182025
Current ratio
1.33
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
12.0%
▼ 16.9pp
2025
middle half of the sector
20182025
Staff (FTE)
20
▲ 11.1%
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€0.2m-€0.3m▲ 59.8%€0.8m▲ 193%€0.7m▼ 21.6%€0.4m▼ 38.8%€0.7m▲ 86.5%€1.0m▲ 29.1%€0.4m▼ 53.6%
Net result€0.2m-€0.2m▼ 26.0%€0.6mabove the sector's middle half▲ 263%€0.5mabove the sector's middle half▼ 21.9%€0.3mabove the sector's middle half▼ 37.0%€0.5mabove the sector's middle half▲ 74.9%€0.7mabove the sector's middle half▲ 33.0%€0.3mabove the sector's middle half▼ 60.2%
Equity€0.6m-€0.6m▲ 1.3%€0.6mwithin the sector's middle half▼ 7.6%€0.6mwithin the sector's middle half▲ 3.5%€0.6mwithin the sector's middle half=€0.5mwithin the sector's middle half▼ 12.7%€0.6mwithin the sector's middle half▲ 5.5%€0.6mwithin the sector's middle half=
Total assets€1.4m-€1.4m▼ 4.5%€1.6mwithin the sector's middle half▲ 21.5%€1.9mwithin the sector's middle half▲ 17.7%€1.7mwithin the sector's middle half▼ 11.0%€1.8mwithin the sector's middle half▲ 6.4%€2.4mwithin the sector's middle half▲ 28.7%€2.3mwithin the sector's middle half▼ 4.2%
Debt€0.8m-€0.7m▼ 9.1%€1.1m▲ 47.1%€1.3m▲ 25.5%€1.1m▼ 16.0%€1.3m▲ 16.7%€1.8m▲ 38.0%€1.7m▼ 5.5%
Working capital€0.5m-€0.5m▲ 12.4%€0.5mabove the sector's middle half▼ 5.1%€0.5mabove the sector's middle half▲ 7.2%€0.6mabove the sector's middle half▲ 2.8%€0.5mabove the sector's middle half▼ 11.0%€0.5mabove the sector's middle half▲ 8.3%€0.6mabove the sector's middle half▲ 2.5%
Solvency44.1%-46.8%▲ 2.7pp35.5%within the sector's middle half▼ 11.2pp31.3%within the sector's middle half▼ 4.3pp35.1%within the sector's middle half▲ 3.9pp28.8%within the sector's middle half▼ 6.3pp23.6%below the sector's middle half▼ 5.2pp24.7%within the sector's middle half▲ 1.0pp
Current ratio1.62-1.75▲ 0.131.48within the sector's middle half▼ 0.271.41within the sector's middle half▼ 0.071.51within the sector's middle half▲ 0.091.39within the sector's middle half▼ 0.121.30within the sector's middle half▼ 0.081.33within the sector's middle half▲ 0.02
Return on assets (ROA)15.6%-12.1%▼ 3.5pp36.2%above the sector's middle half▲ 24.0pp24.0%above the sector's middle half▼ 12.2pp17.0%above the sector's middle half▼ 7.0pp27.9%above the sector's middle half▲ 10.9pp28.9%above the sector's middle half▲ 0.9pp12.0%within the sector's middle half▼ 16.9pp
Staff (FTE)12.2-17.5▲ 43.4%17.2above the sector's middle half▼ 1.7%14.4above the sector's middle half▼ 16.3%15.7above the sector's middle half▲ 9.0%17.1above the sector's middle half▲ 8.9%18above the sector's middle half▲ 5.3%20above the sector's middle half▲ 11.1%
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 2025 is 54% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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
Equity and liabilities €2.3m
Equity
€557,175 =
Debt
€1.7m ▼ 5.5%
Debt's share of the balance-sheet total falls from 76.4% to 75.3%. Debt is lower.
Key figures and ratios
EBITDA
€447,677▼
2024 · €969,334
Cash flow
€270,848▼
2024 · €685,724
Debt to equity
3.05▼
2024 · 3.23
ROE
48.6%▼
2024 · 122.2%
Interest coverage
6.52▼
2024 · 25.43
Debt ≤ 1 year
€1.7m▼
2024 · €1.8m
Income taxes
€115,696▼
2024 · €256,442
Staff costs
€3.0m▲
2024 · €2.5m
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 | 15 | 20 | 19 | 21 | 22 |
| full-time | 11 | 14 | 13 | 14 | 16 |
| part-time | 4 | 6 | 6 | 7 | 6 |
| in full-time equivalents | 14.1 | 18.7 | 17.7 | 19.4 | 20.7 |
| Average over the year, in full-time equivalents | 14.4 | 15.7 | 17.1 | 18 | 20 |
| On a permanent contract | 15 | 20 | 19 | 21 | 22 |
| Joined | 1 | 5 | 2 | 5 | 2 |
| Left | 3 | 0 | 3 | 3 | 1 |
| Training hours | - | 186 | 88 | 42 | 64 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.04m | - |
| Remuneration, social security and pensions62 | - | - | - | €2.1m | €2.2m | €2.6m | €2.5m | €3.0m | ▲ 20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.04m | €0.02m | €0.02m | €0.02m | €0.01m | €0.005m | €0 | ▼ 100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | €0.002m | -€466 | €0.003m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.03m | ▲ 786% |
| Gross operating margin9900 | €1.8m | €2.5m | €3.0m | €2.7m | €2.6m | €3.3m | €3.4m | €3.5m | ▲ 0.2% |
| Operating profit (loss)9901 | €0.2m | €0.3m | €0.8m | €0.7m | €0.4m | €0.7m | €1.0m | €0.4m | ▼ 53.6% |
| Financial income75/76B | - | - | - | €0.02m | €0.04m | €0.008m | €0.01m | €0.008m | ▼ 31.1% |
| Recurring financial income75 | €0.002m | €0.007m | €0.001m | €0.02m | €0.04m | €0.008m | €0.01m | €0.008m | ▼ 31.1% |
| Financial charges65/66B | - | - | - | €0.02m | €0.03m | €0.05m | €0.04m | €0.07m | ▲ 80.1% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.05m | €0.04m | €0.07m | ▲ 80.1% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.3m | €0.8m | €0.6m | €0.4m | €0.7m | €0.9m | €0.4m | ▼ 58.7% |
| Income taxes67/77 | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €0.1m | ▼ 54.9% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.6m | €0.5m | €0.3m | €0.5m | €0.7m | €0.3m | ▼ 60.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.7m | €0.5m | €0.3m | €0.5m | €0.7m | €0.3m | ▼ 60.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.6m | €1.9m | €1.7m | €1.8m | €2.4m | €2.3m | ▼ 4.2% |
| Fixed assets21/28 | €0.2m | €0.09m | €0.07m | €0.06m | €0.04m | €0.03m | €0.02m | €0 | ▼ 100% |
| Intangible fixed assets21 | €0.003m | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.09m | €0.07m | €0.06m | €0.04m | €0.03m | €0.02m | €0 | ▼ 100% |
| Land and buildings22 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.002m | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.01m | €0.003m | €0 | - | - |
| Financial fixed assets28 | €0.02m | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €1.3m | €1.3m | €1.6m | €1.9m | €1.7m | €1.8m | €2.3m | €2.3m | ▼ 3.3% |
| Amounts receivable within one year40/41 | - | €1.1m | €1.0m | €1.3m | €1.3m | €1.4m | €1.9m | €1.9m | ▼ 3.1% |
| Trade receivables40 | - | - | - | €1.3m | €1.3m | €1.4m | €1.9m | €1.8m | ▼ 6.5% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.04m | €0.05m | €0.07m | €0.1m | ▲ 94.3% |
| Current investments50/53 | €10 | €10 | €10 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.4m | €0.1m | €0.6m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.006m | €0.03m | ▲ 347% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.6m | €1.9m | €1.7m | €1.8m | €2.4m | €2.3m | ▼ 4.2% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | = |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.1m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | = |
| Amounts payable17/49 | €0.8m | €0.7m | €1.1m | €1.3m | €1.1m | €1.3m | €1.8m | €1.7m | ▼ 5.5% |
| Amounts payable within one year42/48 | €0.8m | €0.7m | €1.1m | €1.3m | €1.1m | €1.3m | €1.8m | €1.7m | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | €0.5m | €0.2m | €0.3m | €0.3m | €0.05m | ▼ 82.6% |
| Credit institutions430/8 | - | - | - | €0.5m | €0.2m | €0.3m | €0.3m | €0.05m | ▼ 82.6% |
| Other loans439 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.3m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | ▲ 17.6% |
| Suppliers440/4 | - | - | - | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | ▲ 17.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 2.8% |
| Taxes450/3 | - | - | - | €363 | €0.01m | €0 | €0.08m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.5m | €0.5m | €0.4m | €0.5m | ▲ 16.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.2m | €0.5m | €0.5m | ▲ 14.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.002m | €0.009m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €221,395 | €163,921 | €594,653 | €464,267 | €292,707 | €511,849 | €680,592 | €270,848 | ▼ 60.2% |
| + Depreciation and write-downs630 | €58,078 | €41,516 | €21,073 | €15,482 | €15,044 | €13,971 | €5,133 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €279,473 | €205,437 | €615,725 | €479,749 | €307,751 | €525,820 | €685,724 | €270,848 | ▼ 60.5% |
| Investment in fixed assets (approximation) | - | €22,145 | €0 | €0 | €0 | €0 | €0 | €22,931 | - |
| Change in cash | - | -€317,512 | €446,587 | -€21,862 | -€171,121 | €27,373 | -€4,778 | -€37,633 | ▼ 688% |
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, 2,613 companies had the same profile as PhaRa has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PhaRa 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 2,613 companies, not a prediction for PhaRa. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00163772 | |
| 31-12-2024 | abbreviated format | 28-05-2025 | 2025-00112573 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00162155 | |
| 31-12-2022 | abbreviated format | 21-06-2023 | 2023-00146405 | |
| 31-12-2021 | abbreviated format | 03-06-2022 | 2022-20045377 | |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15700125 | |
| 31-12-2019 | abbreviated format | 12-05-2020 | 2020-12000475 | |
| 31-12-2018 | abbreviated format | 21-06-2019 | 2019-22400160 | |
| 31-12-2017 | abbreviated format | 07-05-2018 | 2018-12400096 | |
| 31-12-2016 | abbreviated format | 22-05-2017 | 2017-12900381 |