Financials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 20 filings
Equity
€221,909▲ 24.2%
2024 · €178,737
Net result
€43,173▼ 4.0%
2024 · €44,971
Total assets
€238,002▲ 24.2%
2024 · €191,619
Solvency
93.2%=
2024 · 93.3%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€59,809
▲ 1.4%
2025
20182025
Net result
€43,173
▼ 4.0%
2025
middle half of the sector
20182025
Equity
€221,909
▲ 24.2%
2025
middle half of the sector
20182025
Total assets
€238,002
▲ 24.2%
2025
middle half of the sector
20182025
Debt
€16,093
▲ 24.9%
2025
20182025
Working capital
€218,696
▲ 27.4%
2025
highest quarter of the sector
20182025
Solvency
93.2%
=
2025
highest quarter of the sector
20182025
Current ratio
14.59
▲ 0.26
2025
highest quarter of the sector
20182025
Return on assets (ROA)
18.1%
▼ 5.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,077-€2,829▼ 8.1%-€32,553-€40,593▼ 24.7%-€1,167▲ 97.1%€36,736€59,008▲ 60.6%€59,809▲ 1.4%
Net result-€2,797-€138-€33,216below the sector's middle half-€41,176below the sector's middle half▼ 24.0%-€1,505below the sector's middle half▲ 96.3%€33,532within the sector's middle half€44,971within the sector's middle half▲ 34.1%€43,173within the sector's middle half▼ 4.0%
Equity€175,993-€176,131▲ 0.1%€142,915within the sector's middle half▼ 18.9%€101,739within the sector's middle half▼ 28.8%€100,234within the sector's middle half▼ 1.5%€133,765within the sector's middle half▲ 33.5%€178,737within the sector's middle half▲ 33.6%€221,909within the sector's middle half▲ 24.2%
Total assets€206,477-€226,607▲ 9.7%€174,676within the sector's middle half▼ 22.9%€139,153within the sector's middle half▼ 20.3%€132,260below the sector's middle half▼ 5.0%€167,429within the sector's middle half▲ 26.6%€191,619within the sector's middle half▲ 14.4%€238,002within the sector's middle half▲ 24.2%
Debt€30,484-€50,476▲ 65.6%€31,761▼ 37.1%€37,414▲ 17.8%€32,027▼ 14.4%€33,664▲ 5.1%€12,882▼ 61.7%€16,093▲ 24.9%
Working capital€159,997-€166,073▲ 3.8%€138,483within the sector's middle half▼ 16.6%€98,901within the sector's middle half▼ 28.6%€96,753within the sector's middle half▼ 2.2%€131,662within the sector's middle half▲ 36.1%€171,693above the sector's middle half▲ 30.4%€218,696above the sector's middle half▲ 27.4%
Solvency85.2%-77.7%▼ 7.5pp81.8%above the sector's middle half▲ 4.1pp73.1%above the sector's middle half▼ 8.7pp75.8%above the sector's middle half▲ 2.7pp79.9%above the sector's middle half▲ 4.1pp93.3%above the sector's middle half▲ 13.4pp93.2%above the sector's middle half=
Current ratio6.25-4.29▼ 1.965.36above the sector's middle half▲ 1.073.64within the sector's middle half▼ 1.724.02above the sector's middle half▲ 0.384.91above the sector's middle half▲ 0.8914.33above the sector's middle half▲ 9.4214.59above the sector's middle half▲ 0.26
Return on assets (ROA)-1.4%-0.1%▲ 1.4pp-19.0%below the sector's middle half▼ 19.1pp-29.6%below the sector's middle half▼ 10.6pp-1.1%below the sector's middle half▲ 28.5pp20.0%above the sector's middle half▲ 21.2pp23.5%above the sector's middle half▲ 3.4pp18.1%within the sector's middle half▼ 5.3pp
Staff (FTE)2.2-2.2=2.2within the sector's middle half=2.2=2.2=1▼ 54.5%1=1=
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 1% higher than in 2024 and the highest since 2018. It is the fourth rise in a row, after the fall in 2021.
Turnover and EBIT margin are not published. The micro 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
Assets €238,002
Fixed assets
€3,213 ▼ 54.4%
Current assets
€234,789 ▲ 27.2%
Equity and liabilities €238,002
Equity
€221,909 ▲ 24.2%
Debt
€16,093 ▲ 24.9%
Debt's share of the balance-sheet total stays at 6.8%.
Key figures and ratios
ROE
19.5%▼
2024 · 25.2%
Debt ≤ 1 year
€16,093▲
2024 · €12,882
Income taxes
€16,427▲
2024 · €13,873
Staff costs
€11,949▲
2024 · €11,275
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 | 3 | 3 | 1 | 1 | 1 |
| full-time | 2 | 2 | - | - | - |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.2 | 2.2 | 0.2 | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 2.2 | 2.2 | 0.6 | 0.2 | 0.2 |
| On a permanent contract | 3 | 3 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,195 | €1,850 | €8,926 | - |
| Depreciation and write-downs of the year | €1,594 | €3,551 | €3,228 | €3,986 | €3,830 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €95,002 | €114,965 | €40,688 | €11,275 | €11,949 | ▲ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,505 | €10,299 | - | €1,594 | €3,551 | €3,228 | €3,986 | €3,830 | ▼ 3.9% |
| Other operating charges640/8 | - | - | - | €6,644 | €3,906 | €3,476 | €1,373 | €2,432 | ▲ 77.1% |
| Gross operating margin9900 | €130,136 | €140,729 | €72,710 | €62,648 | €121,256 | €84,127 | €75,642 | €78,020 | ▲ 3.1% |
| Operating profit (loss)9901 | €3,077 | €2,829 | -€32,553 | -€40,593 | -€1,167 | €36,736 | €59,008 | €59,809 | ▲ 1.4% |
| Financial income75/76B | - | - | - | €312 | €6 | €4 | €3 | €11 | ▲ 206% |
| Recurring financial income75 | €543 | €9 | €21 | €312 | €6 | €4 | €3 | €11 | ▲ 206% |
| Financial charges65/66B | - | - | - | €184 | €233 | €185 | €167 | €220 | ▲ 31.9% |
| Recurring financial charges65 | €219 | €353 | €33 | €184 | €233 | €185 | €167 | €220 | ▲ 31.9% |
| Profit (loss) for the period before taxes9903 | €3,401 | €2,484 | -€32,564 | -€40,465 | -€1,393 | €36,555 | €58,845 | €59,599 | ▲ 1.3% |
| Income taxes67/77 | €6,198 | €2,346 | €651 | €711 | €112 | €3,023 | €13,873 | €16,427 | ▲ 18.4% |
| Profit (loss) for the period9904 | -€2,797 | €138 | -€33,216 | -€41,176 | -€1,505 | €33,532 | €44,971 | €43,173 | ▼ 4.0% |
| Profit (loss) for the period to be appropriated9905 | -€2,797 | €138 | -€33,216 | -€41,176 | -€1,505 | €33,532 | €44,971 | €43,173 | ▼ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €206,477 | €226,607 | €174,676 | €139,153 | €132,260 | €167,429 | €191,619 | €238,002 | ▲ 24.2% |
| Fixed assets21/28 | €15,996 | €10,057 | €4,432 | €2,838 | €3,481 | €2,103 | €7,043 | €3,213 | ▼ 54.4% |
| Intangible fixed assets21 | €6,861 | €2,716 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €9,135 | €7,342 | €4,432 | €2,838 | €3,481 | €2,103 | €7,043 | €3,213 | ▼ 54.4% |
| Plant, machinery and equipment23 | - | - | - | €1,612 | €2,991 | €502 | €231 | €116 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €1,226 | €490 | €1,601 | €6,812 | €3,098 | ▼ 54.5% |
| Current assets29/58 | €190,481 | €216,550 | €170,244 | €136,316 | €128,779 | €165,326 | €184,576 | €234,789 | ▲ 27.2% |
| Amounts receivable within one year40/41 | €64,413 | €64,918 | €45,625 | €30,026 | €34,721 | €70,103 | €46,545 | €55,853 | ▲ 20.0% |
| Trade receivables40 | - | - | - | €29,331 | €29,805 | €62,689 | €31,014 | €38,189 | ▲ 23.1% |
| Other amounts receivable41 | - | - | - | €695 | €4,916 | €7,414 | €15,531 | €17,664 | ▲ 13.7% |
| Cash at bank and in hand54/58 | €124,729 | €138,864 | €123,678 | €105,322 | €93,102 | €94,279 | €137,810 | €178,318 | ▲ 29.4% |
| Deferred charges and accrued income490/1 | - | - | - | €967 | €956 | €944 | €220 | €618 | ▲ 180% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €206,477 | €226,607 | €174,676 | €139,153 | €132,260 | €167,429 | €191,619 | €238,002 | ▲ 24.2% |
| Equity10/15 | €175,993 | €176,131 | €142,915 | €101,739 | €100,234 | €133,765 | €178,737 | €221,909 | ▲ 24.2% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €30,855 | €67,855 | €97,855 | ▲ 44.2% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Distributable reserves133 | - | - | - | - | - | €29,000 | €66,000 | €96,000 | ▲ 45.5% |
| Profit (loss) carried forward14 | €155,588 | €155,726 | €122,510 | €81,334 | €79,829 | €84,360 | €92,332 | €105,504 | ▲ 14.3% |
| Amounts payable17/49 | €30,484 | €50,476 | €31,761 | €37,414 | €32,027 | €33,664 | €12,882 | €16,093 | ▲ 24.9% |
| Amounts payable within one year42/48 | €30,484 | €50,476 | €31,761 | €37,414 | €32,027 | €33,664 | €12,882 | €16,093 | ▲ 24.9% |
| Trade debts44 | €4,092 | €23,755 | €4,211 | €12,145 | €4,887 | €3,130 | €1,742 | €854 | ▼ 51.0% |
| Suppliers440/4 | - | - | - | €12,145 | €4,887 | €3,130 | €1,742 | €854 | ▼ 51.0% |
| Taxes, remuneration and social security45 | - | - | - | €8,273 | €10,347 | €13,807 | €10,805 | €15,239 | ▲ 41.0% |
| Taxes450/3 | - | - | - | €711 | €10,347 | €10,455 | €10,805 | €15,239 | ▲ 41.0% |
| Remuneration and social security454/9 | - | - | - | €7,562 | - | €3,352 | - | - | - |
| Other amounts payable47/48 | - | - | - | €16,996 | €16,792 | €16,728 | €336 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,797 | €138 | -€33,216 | -€41,176 | -€1,505 | €33,532 | €44,971 | €43,173 | ▼ 4.0% |
| + Depreciation and write-downs630 | €10,505 | €10,299 | - | €1,594 | €3,551 | €3,228 | €3,986 | €3,830 | ▼ 3.9% |
| Operating cash flow (approximation) | €7,709 | €10,437 | -€33,216 | -€39,582 | €2,046 | €36,759 | €48,957 | €47,003 | ▼ 4.0% |
| Investment in fixed assets (approximation) | - | -€4,361 | €5,626 | €0 | -€4,195 | -€1,850 | -€8,926 | €0 | - |
| Change in cash | - | €14,135 | -€15,186 | -€18,355 | -€12,221 | €1,177 | €43,531 | €40,508 | ▼ 6.9% |
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, 31,368 companies had the same profile as PHASE9 has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHASE9 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 31,368 companies, not a prediction for PHASE9. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00273869 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00232365 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00289437 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00263265 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20230673 | |
| 31-12-2020 | micro format | 26-07-2021 | 2021-40500016 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-32200233 | |
| 31-12-2018 | micro format | 04-06-2019 | 2019-15700594 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-29400244 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-28800569 |