PHARUS
ActiveFinancials · financial year 2025, unclassified schema, standalone accounts
Annual accounts 2025 filed on 10-08-2026 at the NBB Annual accounts 2025 at the NBB all 65 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €17,000, smaller than the loss of €170,808 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €5.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €8,430 | - | - | €1.9m |
| Intangible fixed assets | - | - | - | - | €1.1m |
| Financial fixed assets | - | €3,132 | €7,927 | €0 | €60,000 |
| Depreciation and write-downs of the year | - | €2,833 | €0 | - | €1.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PKF Bofidi Audit.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €2,415 | €2,556 | €2,820 | €2,933 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
PHARUS heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Turnover | €45.7m | €56.9m | €49.1m | €46.0m | €40.4m |
| Operating result | €2.3m | €4.7m | €979,000 | €339,000 | -€2.1m |
| Result for the year | €1.8m | €3.4m | €436,000 | -€281,000 | -€2.7m |
| Equity | €17.2m | €19.6m | €16.2m | €15.7m | €12.9m |
| Total assets | €25.1m | €29.6m | €30.2m | €26.7m | €25.0m |
Source: 2020 to 2024 consolidated accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.5m | €0.9m | €0.7m | €0.7m | €42.8m | ▲ 61× |
| Turnover70 | €0.06m | €0.06m | €0.06m | €0.5m | €0.9m | €0.7m | €0.7m | €40.3m | ▲ 58× |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | - | €0.04m | - |
| Own construction capitalised72 | - | - | - | - | - | - | - | €0.3m | - |
| Other operating income74 | - | - | - | - | - | - | - | €1.0m | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1.3m | - |
| Operating charges60/66A | - | - | - | €0.6m | €0.6m | €0.7m | €0.9m | €42.8m | ▲ 49× |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | - | €18.8m | - |
| Purchases600/8 | - | - | - | - | - | - | - | €18.1m | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | - | €0.6m | - |
| Services and other goods61 | - | - | - | €0.5m | €0.6m | €0.7m | €0.9m | €8.3m | ▲ 853% |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €14.2m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €0.003m | €0 | - | €1.2m | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | -€0.1m | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.3m | ▲ 329× |
| Non-recurring operating charges66A | - | - | - | €0.1m | €0 | €0.001m | €0 | €0.2m | - |
| Operating profit (loss)9901 | -€0.06m | -€0.05m | -€0.4m | -€0.1m | €0.2m | €0.04m | -€0.2m | -€0.02m | ▲ 90.0% |
| Financial income75/76B | - | - | - | €1.4m | €1.1m | €0.5m | €0.6m | €0.02m | ▼ 96.1% |
| Recurring financial income75 | - | €0.5m | €0.4m | €1.2m | €1.1m | €0.4m | €0.6m | €0.02m | ▼ 96.1% |
| Income from financial fixed assets750 | - | - | - | €1.2m | €1.1m | €0.4m | €0.6m | €0.002m | ▼ 99.6% |
| Other financial income752/9 | - | - | - | €0 | €0 | €11 | €11 | €0.02m | ▲ 1,825× |
| Non-recurring financial income76B | - | - | - | €0.2m | €0.06m | €0.06m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.008m | €0.01m | €0.1m | €0.1m | €0.6m | ▲ 484% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.01m | €0.008m | €0.01m | €0.1m | €0.1m | €0.6m | ▲ 540% |
| Debt charges650 | €0.02m | €0.02m | €0.01m | €0.008m | €0.008m | €0.1m | €0.1m | €0.3m | ▲ 205% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.3m | ▲ 232× |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.009m | - | - |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.5m | €0.2m | €1.3m | €1.4m | €0.4m | €0.3m | -€0.6m | - |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €0.007m | - |
| Income taxes67/77 | - | - | - | €0.001m | €0.001m | €324 | €276 | €0.3m | ▲ 1,241× |
| Taxes670/3 | - | - | - | €0.001m | €0.001m | €324 | €276 | €0.4m | ▲ 1,270× |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0.008m | - |
| Profit (loss) for the period9904 | -€0.2m | €0.5m | €0.2m | €1.3m | €1.4m | €0.4m | €0.3m | -€1.0m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.5m | €0.2m | €1.3m | €1.4m | €0.4m | €0.3m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22.5m | €22.6m | €22.4m | €22.9m | €23.4m | €23.0m | €23.0m | €25.4m | ▲ 10.8% |
| Fixed assets21/28 | €22.1m | €22.2m | €22.4m | €22.4m | €22.5m | €22.5m | €22.5m | €9.7m | ▼ 56.9% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €2.1m | - |
| Tangible fixed assets22/27 | - | - | - | - | €0.006m | €0 | - | €7.5m | - |
| Land and buildings22 | - | - | - | - | - | - | - | €6.2m | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €1.0m | - |
| Furniture and vehicles24 | - | - | - | - | €0.006m | €0 | - | €0.3m | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0.002m | - |
| Financial fixed assets28 | €22.1m | €22.2m | €22.4m | €22.4m | €22.4m | €22.5m | €22.5m | €0.07m | ▼ 99.7% |
| Affiliated companies280/1 | - | - | - | €22.4m | €22.4m | €22.5m | €22.5m | - | - |
| Participating interests280 | - | - | - | €22.4m | €22.4m | €22.5m | €22.5m | - | - |
| Companies linked by participating interests282/3 | - | - | - | €0 | - | - | - | - | - |
| Participating interests282 | - | - | - | €0 | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | - | - | - | - | €0.07m | - |
| Shares284 | - | - | - | - | - | - | - | €0.06m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | - | €0.008m | - |
| Current assets29/58 | €0.4m | €0.4m | €0.03m | €0.5m | €0.9m | €0.4m | €0.4m | €15.7m | ▲ 35× |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.05m | €0.05m | €0.06m | ▲ 10.0% |
| Other amounts receivable291 | - | - | - | - | - | €0.05m | €0.05m | €0.06m | ▲ 10.0% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | €0 | €0 | €9.0m | - |
| Stocks30/36 | - | - | - | - | - | - | - | €9.0m | - |
| Raw materials and consumables30/31 | - | - | - | - | - | - | - | €8.6m | - |
| Finished goods33 | - | - | - | - | - | - | - | €0.2m | - |
| Goods purchased for resale34 | - | - | - | - | - | - | - | €0.1m | - |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.03m | €0.5m | €0.6m | €0.3m | €0.3m | €3.5m | ▲ 901% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.1m | €0.09m | €3.0m | ▲ 34× |
| Other amounts receivable41 | - | - | - | €0.4m | €0.3m | €0.1m | €0.3m | €0.5m | ▲ 79.3% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €309 | €0.02m | €0.4m | €0.01m | €0.05m | €2.7m | ▲ 59× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.1m | €0.004m | €0.5m | ▲ 123× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22.5m | €22.6m | €22.4m | €22.9m | €23.4m | €23.0m | €23.0m | €25.4m | ▲ 10.8% |
| Equity10/15 | €20.6m | €21.1m | €20.9m | €21.5m | €19.4m | €19.8m | €20.1m | €11.8m | ▼ 41.0% |
| Contributions10/11 | €16.7m | €16.7m | €16.7m | €16.7m | €14.0m | €14.0m | €14.0m | €14.1m | ▲ 0.7% |
| Capital10 | - | - | - | €16.7m | €14.0m | €14.0m | €14.0m | €14.1m | ▲ 0.7% |
| Issued capital100 | - | - | - | €16.7m | €14.0m | €14.0m | €14.0m | €14.1m | ▲ 0.7% |
| Contributions outside capital11 | - | - | - | €49 | €49 | €49 | €49 | - | - |
| Share premium1100/10 | - | - | - | €49 | €49 | €49 | €49 | - | - |
| Reserves13 | €0.8m | €0.8m | €0.8m | €0.9m | €0.4m | €0.4m | €0.4m | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | - | - |
| Legal reserve130 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0 | - | - | - | - |
| Profit (loss) carried forward14 | €3.1m | €3.6m | €3.4m | €3.9m | €5.0m | €5.4m | €5.7m | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0.07m | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €0.07m | - |
| Amounts payable17/49 | €1.9m | €1.5m | €1.5m | €1.4m | €4.0m | €3.2m | €2.9m | €13.5m | ▲ 368% |
| Amounts payable after more than one year17 | €1.3m | €0.9m | €0.4m | €0 | €3.0m | €2.5m | €2.0m | €3.6m | ▲ 81.5% |
| Financial debts170/4 | - | - | - | €0 | €3.0m | €2.5m | €2.0m | €3.6m | ▲ 81.5% |
| Credit institutions173 | - | - | - | €0 | €3.0m | €2.5m | €2.0m | €3.6m | ▲ 81.1% |
| Other loans174 | - | - | - | - | - | - | - | €0.009m | - |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €1.0m | €1.4m | €1.0m | €0.7m | €0.9m | €9.9m | ▲ 11× |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €1.2m | ▲ 136% |
| Financial debts43 | - | - | - | €0 | - | - | - | €3.4m | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | €3.4m | - |
| Trade debts44 | €0.01m | €0.009m | €0.01m | €0.06m | €0.08m | €0.07m | €0.09m | €2.4m | ▲ 26× |
| Suppliers440/4 | - | - | - | €0.06m | €0.08m | €0.07m | €0.09m | €2.4m | ▲ 26× |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.1m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.3m | €0.01m | €0.03m | €2.7m | ▲ 90× |
| Taxes450/3 | - | - | - | €0.008m | €0.3m | €0.008m | €0.02m | €0.7m | ▲ 30× |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.007m | €0.006m | €0.006m | €2.0m | ▲ 315× |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.08m | €0.1m | €0.3m | €0.005m | ▼ 98.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.004m | €0.004m | €0.001m | €0.04m | ▲ 44× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.5m | €0.2m | €1.3m | €1.4m | €0.4m | €0.3m | -€1.0m | - |
| + Depreciation and write-downs630 | - | - | - | - | €0.003m | €0 | - | €1.2m | - |
| Operating cash flow (approximation) | -€0.2m | €0.5m | €0.2m | €1.3m | €1.4m | €0.4m | €0.3m | €0.3m | ▼ 12.3% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.2m | -€0.01m | -€0.07m | -€0.06m | €0.009m | €11.6m | ▲ 1,232× |
| Change in cash | - | -€0.03m | -€0.1m | €0.02m | €0.4m | -€0.4m | €0.03m | €2.7m | ▲ 79× |
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, 151 companies had the same profile as PHARUS has now. Two years later, 1.3% had gone bankrupt and 94.0% were still going.
- Large
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PHARUS itself is lower: < 0.1% within 12 months. It rests on far more data about PHARUS 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 151 companies, not a prediction for PHARUS. 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 65 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | unclassified schema | 10-08-2026 | 2026-00394981 | |
| 31-12-2025 | full format | 28-07-2026 | 2026-00358183 | |
| 31-12-2024 | full format | 13-08-2025 | 2025-00380849 | |
| 31-12-2024 | consolidated | 30-07-2025 | 2025-00359769 | |
| 31-12-2023 | consolidated | 30-07-2024 | 2024-00324751 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00263638 | |
| 31-12-2022 | consolidated | 31-07-2023 | 2023-00321238 | |
| 31-12-2022 | full format | 19-07-2023 | 2023-00269489 | |
| 31-12-2021 | consolidated | 02-08-2022 | 2022-20279549 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20256058 |