PHASYA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-05-2026 PDF all 11 filings
Turnover
€241,869▼ 62.5%
2024 · €644,298
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€470,257▼ 107%
2024 · -€227,155
Working capital
-€938,084▼ 60.4%
2024 · -€584,772
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€241,869
▼ 62.5%
2025
20182025
Operating result
-€568,371
▼ 209%
2025
20182025
Net result
-€470,257
▼ 107%
2025
lowest quarter of the sector
20182025
Equity
-€946,016
▼ 191%
2025
lowest quarter of the sector
20182025
Total assets
€44,790
▼ 92.4%
2025
lowest quarter of the sector
20182025
Debt
€990,805
▲ 8.4%
2025
20182025
Working capital
-€938,084
▼ 60.4%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
0.04
▼ 0.30
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
no figure
2025
20182025
Staff (FTE)
3.2
▼ 37.3%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m€0.5m▲ 231%€0.6m▲ 32.5%€0.6m▲ 6.8%€0.2m▼ 62.5%
Operating result-€0.05m--€0.4m▼ 569%-€0.3m▲ 8.9%-€0.4m▼ 7.9%-€0.2m▲ 47.0%-€0.2m▼ 15.7%-€0.2m▲ 15.4%-€0.6m▼ 209%
Net result-€0.01m--€0.3m▼ 2,950%-€0.3mbelow the sector's middle half▲ 11.4%-€0.3mbelow the sector's middle half▼ 11.7%-€0.2mbelow the sector's middle half▲ 47.6%-€0.3mbelow the sector's middle half▼ 47.0%-€0.2mbelow the sector's middle half▲ 9.5%-€0.5mbelow the sector's middle half▼ 107%
Equity€1.2m-€0.9m▼ 28.7%€0.7mwithin the sector's middle half▼ 20.5%€0.4mwithin the sector's middle half▼ 48.1%€0.2mwithin the sector's middle half▼ 57.8%-€0.1mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 232%-€0.9mbelow the sector's middle half▼ 191%
Total assets€1.4m-€1.0m▼ 29.1%€1.0mwithin the sector's middle half▲ 1.5%€0.6mwithin the sector's middle half▼ 36.9%€0.5mwithin the sector's middle half▼ 18.5%€0.4mwithin the sector's middle half▼ 26.9%€0.6mwithin the sector's middle half▲ 56.3%€0.04mbelow the sector's middle half▼ 92.4%
Debt€0.2m-€0.1m▼ 32.4%€0.3m▲ 177%€0.3m▼ 11.3%€0.4m▲ 34.1%€0.5m▲ 30.9%€0.9m▲ 92.5%€1.0m▲ 8.4%
Working capital€1.0m-€0.6m▼ 38.6%€0.3mwithin the sector's middle half▼ 42.9%€0.02mwithin the sector's middle half▼ 92.9%-€0.1mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 212%-€0.6mbelow the sector's middle half▼ 67.3%-€0.9mbelow the sector's middle half▼ 60.4%
Solvency88.3%-88.9%▲ 0.5pp69.6%above the sector's middle half▼ 19.3pp57.2%within the sector's middle half▼ 12.4pp29.6%within the sector's middle half▼ 27.6pp-26.0%below the sector's middle half▼ 55.7pp-55.2%below the sector's middle half▼ 29.2pp
Current ratio6.90-24.29▲ 17.392.63within the sector's middle half▼ 21.651.12within the sector's middle half▼ 1.510.63below the sector's middle half▼ 0.500.19below the sector's middle half▼ 0.430.34below the sector's middle half▲ 0.150.04below the sector's middle half▼ 0.30
Return on assets (ROA)-0.8%--33.3%▼ 32.6pp-29.1%below the sector's middle half▲ 4.2pp-51.5%below the sector's middle half▼ 22.4pp-33.1%below the sector's middle half▲ 18.4pp-66.6%below the sector's middle half▼ 33.5pp-38.6%below the sector's middle half▲ 28.0pp
Staff (FTE)2.9-3▲ 3.4%2.8below the sector's middle half▼ 6.7%2.7below the sector's middle half▼ 3.6%4.2within the sector's middle half▲ 55.6%6within the sector's middle half▲ 42.9%5.1within the sector's middle half▼ 15.0%3.2below the sector's middle half▼ 37.3%
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 a loss of €568,371, larger than the loss of €184,123 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44,790
Fixed assets
€636 ▼ 99.8%
Current assets
€44,153 ▼ 85.5%
Equity and liabilities
Equity-€946,016
Debt€990,805
Equity is negative. Debt (€990,805) exceeds the balance-sheet total (€44,790).
Key figures and ratios
EBITDA
-€566,109▼
2024 · -€172,670
Cash flow
-€467,995▼
2024 · -€215,702
Interest coverage
-10.81▼
2024 · -4.00
Debt ≤ 1 year
€982,237▲
2024 · €889,116
Debt > 1 year
€8,333▼
2024 · €25,000
Customer credit
0 days▼
2024 · 140 days
Supplier credit
10 days▼
2024 · 49 days
Staff costs
€233,084▼
2024 · €521,435
A ratio outside any meaningful range has been withheld (balance sheet total €44,790, equity -€946,016).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 4 | 5 | 6 | 5 | 2 |
| full-time | 4 | 5 | 5 | 5 | 2 |
| part-time | - | - | 1 | - | - |
| in full-time equivalents | 4 | 5 | 5.8 | 5 | 2 |
| Average over the year, in full-time equivalents | 2.7 | 4.2 | 6 | 5.1 | 3.2 |
| On a permanent contract | 4 | 5 | 6 | 5 | 2 |
| Joined | 5 | 1 | 2 | 0 | 0 |
| Left | 3 | 0 | 1 | 1 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €970 | - | €1,070 | - | €0 |
| Intangible fixed assets | €48,988 | - | - | €2,793 | €0 |
| Financial fixed assets | - | €50 | €25 | - | - |
| Depreciation and write-downs of the year | €95,130 | €87,601 | €35,251 | €11,453 | €2,262 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €137,738 | €455,423 | €603,214 | €644,298 | €241,869 | ▼ 62.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €274,582 | €177,795 | €257,756 | €314,935 | €290,029 | ▼ 7.9% |
| Remuneration, social security and pensions62 | - | - | - | €186,351 | €382,976 | €566,396 | €521,435 | €233,084 | ▼ 55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,592 | €76,321 | €92,364 | €95,130 | €87,601 | €35,251 | €11,453 | €2,262 | ▼ 80.3% |
| Other operating charges640/8 | - | - | - | €1,342 | €4,856 | €523 | €751 | €4,083 | ▲ 444% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €281,713 | - |
| Gross operating margin9900 | €163,206 | -€100,013 | -€48,319 | -€72,243 | €287,331 | €384,519 | €349,516 | -€47,229 | - |
| Operating profit (loss)9901 | -€54,017 | -€361,459 | -€329,148 | -€355,066 | -€188,102 | -€217,650 | -€184,123 | -€568,371 | ▼ 209% |
| Financial income75/76B | - | - | - | €38,761 | €38,690 | €0 | €0 | €150,484 | ▲ 716,590× |
| Recurring financial income75 | €41,224 | €36,678 | €38,829 | €38,761 | €38,690 | €0 | €0 | €150,484 | ▲ 716,590× |
| Financial charges65/66B | - | - | - | €11,421 | €21,339 | €33,318 | €43,140 | €52,370 | ▲ 21.4% |
| Recurring financial charges65 | €2,667 | €4,630 | €6,300 | €11,421 | €21,339 | €33,318 | €43,140 | €52,370 | ▲ 21.4% |
| Profit (loss) for the period before taxes9903 | -€15,460 | -€329,412 | -€296,619 | -€327,727 | -€170,751 | -€250,968 | -€227,263 | -€470,257 | ▼ 107% |
| Income taxes67/77 | -€4,660 | €0 | -€4,740 | -€1,653 | - | - | -€108 | - | - |
| Profit (loss) for the period9904 | -€10,800 | -€329,412 | -€291,879 | -€326,073 | -€170,751 | -€250,968 | -€227,155 | -€470,257 | ▼ 107% |
| Profit (loss) for the period to be appropriated9905 | -€10,800 | -€329,412 | -€291,879 | -€326,073 | -€170,751 | -€250,968 | -€227,155 | -€470,257 | ▼ 107% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.0m | €1.0m | €0.6m | €0.5m | €0.4m | €0.6m | €0.04m | ▼ 92.4% |
| Formation expenses20 | €0.008m | €0.006m | €0.004m | €0.002m | €0.001m | €228 | €0 | €0 | - |
| Fixed assets21/28 | €0.3m | €0.4m | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.001m | ▼ 99.8% |
| Intangible fixed assets21 | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €15 | ▼ 100.0% |
| Tangible fixed assets22/27 | €0.01m | €0.02m | €0.04m | €0.02m | €0.006m | €0.002m | €0.001m | €0.001m | ▼ 39.6% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €12 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.005m | €0.002m | €0.001m | €0.001m | ▼ 39.6% |
| Leasing and similar rights25 | - | - | - | €0.008m | €0.001m | €0 | - | - | - |
| Financial fixed assets28 | €125 | €125 | €150 | €100 | €150 | €175 | €175 | €0 | ▼ 100% |
| Current assets29/58 | €1.1m | €0.6m | €0.5m | €0.2m | €0.2m | €0.08m | €0.3m | €0.04m | ▼ 85.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.02m | €0.01m | €0.006m | €0.002m | €108 | ▼ 93.9% |
| Other amounts receivable291 | - | - | - | €0.02m | €0.01m | €0.006m | €0.002m | €108 | ▼ 93.9% |
| Amounts receivable within one year40/41 | €0.1m | €0.04m | €0.08m | €0.03m | €0.1m | €0.05m | €0.3m | €0.04m | ▼ 84.5% |
| Trade receivables40 | - | - | - | €0.03m | €0.09m | €0.03m | €0.2m | €51 | ▼ 100.0% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 34.3% |
| Cash at bank and in hand54/58 | €1.0m | €0.6m | €0.4m | €0.2m | €0.07m | €0.02m | €0.02m | €0.001m | ▼ 95.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.005m | €63 | ▼ 98.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.0m | €1.0m | €0.6m | €0.5m | €0.4m | €0.6m | €0.04m | ▼ 92.4% |
| Equity10/15 | €1.2m | €0.9m | €0.7m | €0.4m | €0.2m | -€0.1m | -€0.3m | -€0.9m | ▼ 191% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Capital10 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Uncalled capital101 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€0.4m | -€0.7m | -€1.0m | -€1.3m | -€1.5m | -€1.7m | -€1.9m | -€2.4m | ▼ 24.1% |
| Investment grants15 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.2m | €0.1m | €0.3m | €0.3m | €0.4m | €0.5m | €0.9m | €1.0m | ▲ 8.4% |
| Amounts payable after more than one year17 | - | €0.08m | €0.1m | €0.08m | €0.06m | €0.04m | €0.02m | €0.008m | ▼ 66.7% |
| Financial debts170/4 | - | - | - | €0.08m | €0.06m | €0.04m | €0.02m | €0.008m | ▼ 66.7% |
| Amounts payable within one year42/48 | €0.2m | €0.03m | €0.2m | €0.2m | €0.3m | €0.4m | €0.9m | €1.0m | ▲ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Financial debts43 | - | - | - | €448 | €0 | €0 | €0 | - | - |
| Credit institutions430/8 | - | - | - | €448 | €0 | €0 | €0 | - | - |
| Trade debts44 | €0.03m | €0.002m | €0.03m | €0.02m | €0.02m | €0.02m | €0.04m | €0.008m | ▼ 81.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.02m | €0.04m | €0.008m | ▼ 81.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.06m | €0.1m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €0 | €0 | €0 | €0.02m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.06m | €0.08m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.3m | €0.7m | €1.0m | ▲ 30.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.004m | €394 | €289 | €235 | ▼ 18.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,800 | -€329,412 | -€291,879 | -€326,073 | -€170,751 | -€250,968 | -€227,155 | -€470,257 | ▼ 107% |
| + Depreciation and write-downs630 | €53,592 | €76,321 | €92,364 | €95,130 | €87,601 | €35,251 | €11,453 | €2,262 | ▼ 80.3% |
| Operating cash flow (approximation) | €42,792 | -€253,091 | -€199,516 | -€230,943 | -€83,150 | -€215,718 | -€215,702 | -€467,995 | ▼ 117% |
| Investment in fixed assets (approximation) | - | -€180,801 | -€180,771 | -€51,559 | -€1,202 | -€2,207 | -€3,021 | €281,888 | - |
| Change in cash | - | -€428,665 | -€115,529 | -€276,604 | -€96,061 | -€49,760 | -€2,387 | -€18,416 | ▼ 671% |
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, 6,907 companies had the same profile as PHASYA has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHASYA itself: 4.3% 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 6,907 companies, not a prediction for PHASYA. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-05-2026 | 2026-00123118 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00181588 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00454302 | |
| 31-12-2022 | full format | 01-09-2023 | 2023-00407577 | |
| 31-12-2021 | full format | 01-07-2022 | 2022-20127060 | |
| 31-12-2020 | full format | 26-05-2021 | 2021-15800541 | |
| 31-12-2019 | full format | 29-05-2020 | 2020-13700389 | |
| 31-12-2018 | full format | 17-05-2019 | 2019-13500190 | |
| 31-12-2017 | full format | 30-05-2018 | 2018-14700471 | |
| 31-12-2016 | full format | 06-06-2017 | 2017-15500517 |