PHARIS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 21 filings
Turnover
≈ €680,000
Estimated: probably between €640,000 and €840,000
EBIT margin
Not included in this filing
Net result
€1.9m▼ 0.8%
2024 · €1.9m
Working capital
-€198,743▲ 84.2%
2024 · -€1.3m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€433,050
▲ 88.4%
2025
20182025
Net result
€1.9m
▼ 0.8%
2025
highest quarter of the sector
20182025
Equity
€5.6m
▲ 38.7%
2025
highest quarter of the sector
20182025
Total assets
€9.0m
▲ 9.0%
2025
middle half of the sector
20182025
Debt
€3.5m
▼ 19.0%
2025
20182025
Working capital
-€198,743
▲ 84.2%
2025
middle half of the sector
20182025
Solvency
61.6%
▲ 13.2pp
2025
middle half of the sector
20182025
Current ratio
0.80
▲ 0.71
2025
middle half of the sector
20182025
Return on assets (ROA)
20.6%
▼ 2.0pp
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€0.1m-€0.3m▲ 107%€0.1m▼ 59.9%€0.05m▼ 52.5%€0.3m▲ 569%€0.4m▲ 10.0%€0.2m▼ 37.7%€0.4m▲ 88.4%
Net result€0.6m-€0.4m▼ 32.6%€0.05mwithin the sector's middle half▼ 86.4%€0.07mwithin the sector's middle half▲ 27.8%€0.2mabove the sector's middle half▲ 206%€0.3mabove the sector's middle half▲ 22.0%€1.9mabove the sector's middle half▲ 622%€1.9mabove the sector's middle half▼ 0.8%
Equity€1.4m-€1.8m▲ 27.8%€1.9mabove the sector's middle half▲ 3.0%€2.0mabove the sector's middle half▲ 3.7%€2.2mabove the sector's middle half▲ 10.8%€2.4mabove the sector's middle half▲ 12.0%€4.0mabove the sector's middle half▲ 64.6%€5.6mabove the sector's middle half▲ 38.7%
Total assets€3.4m-€3.4m▲ 1.6%€3.6mwithin the sector's middle half▲ 3.1%€5.1mabove the sector's middle half▲ 42.3%€5.7mabove the sector's middle half▲ 13.1%€6.2mabove the sector's middle half▲ 8.3%€8.3mabove the sector's middle half▲ 33.8%€9.0mwithin the sector's middle half▲ 9.0%
Debt€2.0m-€1.6m▼ 17.8%€1.7m▲ 3.2%€3.1m▲ 86.4%€3.5m▲ 14.6%€3.8m▲ 6.1%€4.3m▲ 13.8%€3.5m▼ 19.0%
Working capital-€0.9m--€0.8m▲ 9.3%-€0.8mbelow the sector's middle half▲ 0.3%-€1.2mbelow the sector's middle half▼ 42.3%-€1.3mbelow the sector's middle half▼ 10.9%-€1.5mbelow the sector's middle half▼ 19.5%-€1.3mbelow the sector's middle half▲ 18.1%-€0.2mwithin the sector's middle half▲ 84.2%
Solvency42.4%-53.4%▲ 11.0pp53.3%within the sector's middle half▼ 0.1pp38.8%within the sector's middle half▼ 14.5pp38.1%within the sector's middle half▼ 0.8pp39.4%within the sector's middle half▲ 1.3pp48.4%within the sector's middle half▲ 9.0pp61.6%within the sector's middle half▲ 13.2pp
Current ratio0.12-0.13▲ 0.010.26below the sector's middle half▲ 0.130.08below the sector's middle half▼ 0.180.25below the sector's middle half▲ 0.170.34below the sector's middle half▲ 0.080.09below the sector's middle half▼ 0.250.80within the sector's middle half▲ 0.71
Return on assets (ROA)17.5%-11.6%▼ 5.9pp1.5%within the sector's middle half▼ 10.1pp1.4%within the sector's middle half▼ 0.2pp3.7%within the sector's middle half▲ 2.3pp4.2%within the sector's middle half▲ 0.5pp22.6%above the sector's middle half▲ 18.4pp20.6%above the sector's middle half▼ 2.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 88% higher than in 2024 and the highest since 2018. It is a recovery after the fall 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 €9.0m
Fixed assets
€8.3m ▲ 1.1%
Current assets
€772,093 ▲ 531%
Equity and liabilities €9.0m
Equity
€5.6m ▲ 38.7%
Debt
€3.5m ▼ 19.0%
Debt's share of the balance-sheet total falls from 51.6% to 38.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€587,341▲
2024 · €387,727
Cash flow
€2.0m▼
2024 · €2.0m
Debt to equity
0.62▼
2024 · 1.07
ROE
33.4%▼
2024 · 46.7%
Interest coverage
6.16▼
2024 · 6.51
Debt ≤ 1 year
€970,837▼
2024 · €1.4m
Debt > 1 year
€2.5m▼
2024 · €2.9m
Income taxes
€94,122▲
2024 · €47,449
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €391,930 | €209,970 | €2.9m | €247,025 |
| Financial fixed assets | €1.8m | - | - | - | - |
| Depreciation and write-downs of the year | €61,118 | €58,664 | €73,973 | €157,900 | €154,291 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.07m | €0.06m | €0.06m | €0.06m | €0.07m | €0.2m | €0.2m | ▼ 2.3% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.006m | €0.008m | €0.009m | €0.02m | ▲ 160% |
| Gross operating margin9900 | €0.2m | €0.3m | €0.2m | €0.1m | €0.4m | €0.5m | €0.4m | €0.6m | ▲ 53.9% |
| Operating profit (loss)9901 | €0.1m | €0.3m | €0.1m | €0.05m | €0.3m | €0.4m | €0.2m | €0.4m | ▲ 88.4% |
| Financial income75/76B | - | - | - | €0.07m | €0.003m | €0.04m | €1.8m | €1.6m | ▼ 7.8% |
| Recurring financial income75 | €0.5m | €0.2m | €0.02m | €0.07m | €0.003m | €0.04m | €1.8m | €1.6m | ▼ 7.8% |
| Financial charges65/66B | - | - | - | €0.02m | €0.04m | €0.08m | €0.06m | €0.1m | ▲ 60.0% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.05m | €0.02m | €0.04m | €0.08m | €0.06m | €0.1m | ▲ 60.0% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.4m | €0.08m | €0.1m | €0.3m | €0.3m | €1.9m | €2.0m | ▲ 1.6% |
| Income taxes67/77 | €0.03m | €0.04m | €0.03m | €0.03m | €0.08m | €0.08m | €0.05m | €0.09m | ▲ 98.4% |
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.05m | €0.07m | €0.2m | €0.3m | €1.9m | €1.9m | ▼ 0.8% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.4m | €0.05m | €0.07m | €0.2m | €0.3m | €1.9m | €1.9m | ▼ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €3.4m | €3.6m | €5.1m | €5.7m | €6.2m | €8.3m | €9.0m | ▲ 9.0% |
| Fixed assets21/28 | €3.3m | €3.3m | €3.3m | €4.9m | €5.3m | €5.4m | €8.2m | €8.3m | ▲ 1.1% |
| Tangible fixed assets22/27 | €1.2m | €1.3m | €1.2m | €1.1m | €1.5m | €1.6m | €4.4m | €4.4m | ▲ 2.1% |
| Land and buildings22 | - | - | - | €1.1m | €1.5m | €1.6m | €4.3m | €4.4m | ▲ 2.6% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.001m | €0.08m | €0.06m | ▼ 21.1% |
| Financial fixed assets28 | €2.1m | €2.1m | €2.1m | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Current assets29/58 | €0.1m | €0.1m | €0.3m | €0.1m | €0.4m | €0.8m | €0.1m | €0.8m | ▲ 531% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.08m | €0.04m | €0.3m | €0.3m | €0.007m | €0.7m | ▲ 96× |
| Trade receivables40 | - | - | - | €0.03m | €0.09m | €0.004m | €0.004m | €0.004m | ▼ 6.2% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.2m | €0.2m | €0.003m | €0.7m | ▲ 227× |
| Current investments50/53 | - | - | €0.2m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Cash at bank and in hand54/58 | - | €0.02m | €0.005m | €0.01m | €0.1m | €0.5m | €0.05m | €0.002m | ▼ 95.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.009m | €0.008m | €0.008m | €0.005m | ▼ 30.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €3.4m | €3.6m | €5.1m | €5.7m | €6.2m | €8.3m | €9.0m | ▲ 9.0% |
| Equity10/15 | €1.4m | €1.8m | €1.9m | €2.0m | €2.2m | €2.4m | €4.0m | €5.6m | ▲ 38.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.4m | €1.8m | €1.8m | €1.9m | €2.1m | €2.4m | €3.9m | €5.5m | ▲ 39.3% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €1.9m | €2.1m | €2.4m | €3.9m | €5.5m | ▲ 39.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €2.0m | €1.6m | €1.7m | €3.1m | €3.5m | €3.8m | €4.3m | €3.5m | ▼ 19.0% |
| Amounts payable after more than one year17 | €0.9m | €0.7m | €0.5m | €1.8m | €1.8m | €1.4m | €2.9m | €2.5m | ▼ 13.8% |
| Financial debts170/4 | - | - | - | €1.8m | €1.8m | €1.4m | €2.9m | €2.5m | ▼ 13.8% |
| Amounts payable within one year42/48 | €1.0m | €0.9m | €1.1m | €1.3m | €1.7m | €2.3m | €1.4m | €1.0m | ▼ 29.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 0.5% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 29.6% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 29.6% |
| Trade debts44 | €0.01m | €0.001m | €0.001m | €0.004m | €0.002m | €0.004m | €0.005m | €0.03m | ▲ 484% |
| Suppliers440/4 | - | - | - | €0.004m | €0.002m | €0.004m | €0.005m | €0.03m | ▲ 484% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.01m | €0.03m | €0.08m | ▲ 197% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.01m | €0.03m | €0.08m | ▲ 197% |
| Other amounts payable47/48 | - | - | - | €0.5m | €1.0m | €1.7m | €0.8m | €0.4m | ▼ 55.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €0.001m | €0.001m | €0.003m | ▲ 233% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.05m | €0.07m | €0.2m | €0.3m | €1.9m | €1.9m | ▼ 0.8% |
| + Depreciation and write-downs630 | €0.05m | €0.07m | €0.06m | €0.06m | €0.06m | €0.07m | €0.2m | €0.2m | ▼ 2.3% |
| Operating cash flow (approximation) | €0.6m | €0.5m | €0.1m | €0.1m | €0.3m | €0.3m | €2.0m | €2.0m | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | -€0.1m | €0 | -€1.8m | -€0.4m | -€0.2m | -€2.9m | -€0.2m | ▲ 91.5% |
| Change in cash | - | - | -€0.02m | €0.005m | €0.09m | €0.4m | -€0.4m | -€0.05m | ▲ 87.3% |
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, 1,579 companies had the same profile as PHARIS has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of PHARIS itself: 0.2% 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 1,579 companies, not a prediction for PHARIS. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00350271 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00176184 | |
| 31-12-2023 | abbreviated format | 03-06-2024 | 2024-00116364 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00287206 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20202147 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-43900293 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-49400387 | |
| 31-12-2018 | abbreviated format | 12-08-2019 | 2019-45700392 | |
| 31-12-2017 | abbreviated format | 17-07-2018 | 2018-33800379 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-55000098 |