PHASYA

Active

Public limited companyfounded 2014active for 11 yearsRue Chaussée 62, 4342 Awans, BelgiumKBO/BCE: BE 0505.986.246

Summary

The computed 12-month bankruptcy probability of PHASYA is 4.3% (elevated). The 2025 annual accounts show negative equity (-€946,016) and a net result of -€470,257. Equity has been shrinking by about 50% per year since 2018. Its solvency ranks better than 5% of 191 sector peers (NACE 58, financial year 2025). The company has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals.

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PHASYAActiveChecked score 45/100

Risk analysis Report Compare

Overview

Official details

Source: KBO

Status: Active since 05-12-2014 Normal situation
Registered office: 13 active companies are registered at this address 1 started in the 12 months before. Source: KBO register, as of 4 November 2026.
Activity: Other software publishing NACE 58290and 4 others
Joint committee: 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
Establishment unit: 2.237.200.278 4342 Awans, since 01-01-2015
Financial year end: 31 December
Peppol: Reachable since 27-11-2025

Company details

Board and ownership

Board

Gunnar TroiliDirector · since 13-09-2022
Hanna STEWARTDirector

Shareholders

GESVAL11.89%· score 962021 annual accounts of GESVAL

Board & ownership

Financial position

45 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 4.3%

Annual accounts 2025

Turnover: €241,869; ▼ 62.5%
Loss: €470,257; ▲ 107%
Equity: -€946,016; ▼ 191%
Total assets: €44,790; ▼ 92.4%
Employees on 31-12-2025: 2; ▼ 60.0%

Negative equity on 31-12-2025

Financials

Score breakdownraises riskLoss of €470,257, the second in a row (financial year 2025)Negative equity -€946,0161 change of registered office in 24 monthslowers riskSector: Publishing activities (NACE 58)Show the evidence

Checked score

Score 2025

45 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially stronger than 6% of micro companies in publishing (NACE 58)

Every signal that counts is listed under Signals.

Financial strength · tick: 2024

Weak

Solvency 0=

equity -2112.1% of total assets

Liquidity 2-2

short-term debt 2193.0% · cash 2.0%

Profitability 0=

return on assets -1049.9%

Bankruptcy probability within 12 months

4.3% Elevated

0%0.5%1.5%4%10%≥ 25%

About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (1,284 companies, NACE 58, micro)

Last 24 months 12-2024: 3.8% 01-2025: 3.8%● unchanged vs 12-2024 02-2025: 3.8%● unchanged vs 01-2025 03-2025: 3.9%▲ +0.1 percentage points vs 02-2025 04-2025: 3.9%● unchanged vs 03-2025 05-2025: 3.9%● unchanged vs 04-2025 06-2025: 3.8%▼ -0.1 percentage points vs 05-2025 07-2025: 2.9%▼ -0.9 percentage points vs 06-2025lowest value 08-2025: 2.9%● unchanged vs 07-2025lowest value 09-2025: 2.9%● unchanged vs 08-2025lowest value 10-2025: 2.9%● unchanged vs 09-2025lowest value 11-2025: 3.0%▲ +0.1 percentage points vs 10-2025 12-2025: 3.0%● unchanged vs 11-2025 01-2026: 3.0%● unchanged vs 12-2025 02-2026: 3.0%● unchanged vs 01-2026 03-2026: 3.2%▲ +0.2 percentage points vs 02-2026 04-2026: 3.2%● unchanged vs 03-2026 05-2026: 3.2%● unchanged vs 04-2026 06-2026: 2.9%▼ -0.3 percentage points vs 05-2026 07-2026: 4.2%▲ +1.3 percentage points vs 06-2026 08-2026: 4.1%▼ -0.1 percentage points vs 07-2026 09-2026: 4.3%▲ +0.2 percentage points vs 08-2026highest value 10-2026: 4.3%● unchanged vs 09-2026highest value 11-2026: 4.3%● unchanged vs 10-2026highest value

No credit on open account

Liquidity is insufficient, with a current ratio of 0.04 (0.34 in 2024), below 1. Cash is 2% of total assets. Equity is negative.

Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 58, micro). It does better than 8% of them on solvency, 4% on liquidity, 8% on profitability and 5% on growth.

The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

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The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Six signals.

lowers riskraises riskneutral

Loss of €470,257, the second in a row (financial year 2025)

NBB · annual accounts

Negative equity -€946,016

NBB · annual accounts

1 change of registered office in 24 months

Belgian Official Gazette

Sector: Publishing activities (NACE 58)

KBO

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€946,016

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

66 days early

2024

35 days early

2023

29 days late

2022

32 days late

2021

30 days early

2020

66 days early

2019

63 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 28 days before the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 1 July (4 of the last 5 accounts filed within 60 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

05-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Financials

Financials · 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 years

Turnover

€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%-€0.3m▲ 11.4%-€0.3m▼ 11.7%-€0.2m▲ 47.6%-€0.3m▼ 47.0%-€0.2m▲ 9.5%-€0.5m▼ 107%

Equity€1.2m-€0.9m▼ 28.7%€0.7m▼ 20.5%€0.4m▼ 48.1%€0.2m▼ 57.8%-€0.1m-€0.3m▼ 232%-€0.9m▼ 191%

Total assets€1.4m-€1.0m▼ 29.1%€1.0m▲ 1.5%€0.6m▼ 36.9%€0.5m▼ 18.5%€0.4m▼ 26.9%€0.6m▲ 56.3%€0.04m▼ 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%€0.3m▼ 42.9%€0.02m▼ 92.9%-€0.1m-€0.3m▼ 212%-€0.6m▼ 67.3%-€0.9m▼ 60.4%

Solvency88.3%-88.9%▲ 0.5pp69.6%▼ 19.3pp57.2%▼ 12.4pp29.6%▼ 27.6pp-26.0%▼ 55.7pp-55.2%▼ 29.2pp

Current ratio6.90-24.29▲ 17.392.63▼ 21.651.12▼ 1.510.63▼ 0.500.19▼ 0.430.34▲ 0.150.04▼ 0.30

Return on assets (ROA)-0.8%--33.3%▼ 32.6pp-29.1%▲ 4.2pp-51.5%▼ 22.4pp-33.1%▲ 18.4pp-66.6%▼ 33.5pp-38.6%▲ 28.0pp

Staff (FTE)2.9-3▲ 3.4%2.8▼ 6.7%2.7▼ 3.6%4.2▲ 55.6%6▲ 42.9%5.1▼ 15.0%3.2▼ 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

98.6%

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

2025 value · change against 2024

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

social balance sheet

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

fixed assets acquired

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

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines

Balance sheet Code20242025

Assets

Total assets20/58€0.6m€0.04m▼

Formation expenses20€0€0=

Fixed assets21/28€0.3m€0.001m▼

Intangible fixed assets21€0.3m€15▼

Tangible fixed assets22/27€0.001m€0.001m▼

Plant, machinery and equipment23€0€0=

Furniture and vehicles24€0.001m€0.001m▼

Financial fixed assets28€175€0▼

Current assets29/58€0.3m€0.04m▼

Amounts receivable after more than one year29€0.002m€108▼

Other amounts receivable291€0.002m€108▼

Amounts receivable within one year40/41€0.3m€0.04m▼

Trade receivables40€0.2m€51▼

Other amounts receivable41€0.03m€0.04m▲

Cash at bank and in hand54/58€0.02m€0.001m▼

Deferred charges and accrued income490/1€0.005m€63▼

Equity and liabilities

Total equity and liabilities10/49€0.6m€0.04m▼

Equity10/15-€0.3m-€0.9m▼

Contributions10/11€1.5m€1.5m=

Capital10€1.5m€1.5m=

Issued capital100€1.5m€1.5m=

Profit (loss) carried forward14-€1.9m-€2.4m▼

Investment grants15€0.2m€0▼

Amounts payable17/49€0.9m€1.0m▲

Amounts payable after more than one year17€0.02m€0.008m▼

Financial debts170/4€0.02m€0.008m▼

Amounts payable within one year42/48€0.9m€1.0m▲

Current portion of amounts payable after more than one year42€0.02m€0.02m=

Financial debts43€0-

Credit institutions430/8€0-

Trade debts44€0.04m€0.008m▼

Suppliers440/4€0.04m€0.008m▼

Taxes, remuneration and social security45€0.1m€0▼

Taxes450/3€0.02m€0▼

Remuneration and social security454/9€0.08m€0▼

Other amounts payable47/48€0.7m€1.0m▲

Accrued charges and deferred income492/3€289€235▼

Income statement Code20242025

Turnover70€0.6m€0.2m▼

Goods, raw materials, services and sundry goods60/61€0.3m€0.3m▼

Remuneration, social security and pensions62€0.5m€0.2m▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.002m▼

Other operating charges640/8€0.001m€0.004m▲

Non-recurring operating charges66A-€0.3m

Gross operating margin9900€0.3m-€0.05m▼

Operating profit (loss)9901-€0.2m-€0.6m▼

Financial income75/76B€0€0.2m▲

Recurring financial income75€0€0.2m▲

Financial charges65/66B€0.04m€0.05m▲

Recurring financial charges65€0.04m€0.05m▲

Profit (loss) for the period before taxes9903-€0.2m-€0.5m▼

Income taxes67/77-€108-

Profit (loss) for the period9904-€0.2m-€0.5m▼

Profit (loss) for the period to be appropriated9905-€0.2m-€0.5m▼

Appropriation of the result

Profit (loss) to be appropriated9906-€1.9m-€2.4m▼

Profit (loss) brought forward from the previous period14P-€1.7m-€1.9m▼

Social balance sheet

Average headcount (FTE)90875.13.2▼

The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 26-05-2026.

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.

Download as CSV

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.

The companies in ten equal groups, from the lowest to the highest expected share
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	PDF
31-12-2024	full format	26-06-2025	2025-00181588	PDF
31-12-2023	full format	29-08-2024	2024-00454302	PDF
31-12-2022	full format	01-09-2023	2023-00407577	PDF
31-12-2021	full format	01-07-2022	2022-20127060	PDF
31-12-2020	full format	26-05-2021	2021-15800541	PDF
31-12-2019	full format	29-05-2020	2020-13700389	PDF
31-12-2018	full format	17-05-2019	2019-13500190	PDF
31-12-2017	full format	30-05-2018	2018-14700471	PDF
31-12-2016	full format	06-06-2017	2017-15500517	PDF

Show all 11 filings

Board & ownership

Directors

2 directors, last change in 2026

Gunnar Troili

Director · since 13-09-2022 · 6-year term from 2022 · listed in the 2025 annual accounts, filed on 26-05-2026

Current

Hanna STEWART

Director · appointed in the act of 23-10-2026

Current

Office holders in the KBO →

Owners and capital

Shareholders

1 owner

GESVAL
Sourceaccounts GESVAL 2021
Equity €12.9m Profit of €1.1m in 2025 (profit of €4.5m in 2024) Checked score 96

11.89%

Capital transactions

Shareholders according to the deeds

Stated in the act act of 22-09-2022 ↗

Tobli AB

Mandate history

12 people, 2 in office

All 12 In office 2 Ended 10

Board
Day-to-day management
mandate already running before its first mention
end not dated

Mandates per person, with start and end dates
Name	Functions and periods
Gunnar Troili	Director, appointed in the act of 22-09-2022, still in office
Hanna STEWART	Director, appointed in the act of 23-10-2026, still in office
Asa Wiren	Director, appointed in the act of 29-07-2025, until 23-10-2026
Magdalena Rodell Andersson	Director, until 29-07-2025
Anand Srivatsa	Director, appointed in the act of 20-09-2021, until 22-09-2022
Barbro Magdalaena Rodell Andersson	Director, appointed in the act of 20-09-2021, no longer listed in the 2025 annual accounts
Clémentine François	Director, until 20-09-2021
Etienne Deblon	Director, until 20-09-2021
Jean-Marc Toussaint	Director, until 20-09-2021
Jérome Wertz	Managing director, until 20-09-2021 Managing director, until 20-09-2021
SCALE I	Director, until 20-09-2021
VENTURE COACHING	Director, until 20-09-2021

See the board, name and registered office on a given date →

Network & group

Companies at the same address

12 other companies

and 2 more

Connections & network

2 current directors

Depth

The network starts from the directors of PHASYA. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

Acts, filings and financial milestones

All 18Financial 2Gazette 6Filings 10

Deadline for the 2026 accounts: 31-07-2027

2026

23-10

Gazette deed Resignation: Asa Wiren (director)

Appointment: Hanna STEWART (director)3 points ▸

General meeting, 13-08-2026
Director resignation, Asa Wiren (director)
Director appointment, Hanna STEWART (director)

Open the act in the Belgian Official Gazette

29-06

Gazette deed Registered office moved from Seraing to Hognoul

New seat: Rue Chaussée 62/7 à 4342 Hognoul · Previous seat: Rue de Bois Saint Jean 29 à 4102 Seraing2 points ▸

General meeting, 22-05-2026
Registered-office move, Rue Chaussée 62/7 à 4342 Hognoul

Open the act in the Belgian Official Gazette

26-05

NBB filing Annual accounts 2025 filedPDF

full format · 66 days before the deadline

2025

31-12

Financial Weakest financial yearnet -€470,257

The net result drops to -€470,257, the lowest from 2018 to 2025.

29-07

Gazette deed Resignation: Magdalena Rodell Andersson (director)

Appointment: Asa Wiren (director)3 points ▸

General meeting, 07-04-2025
Director resignation, Magdalena Rodell Andersson (director)
Director appointment, Asa Wiren (director)

Open the act in the Belgian Official Gazette

26-06

NBB filing Annual accounts 2024 filedPDF

full format · 35 days before the deadline

2024

29-08

NBB filing Annual accounts 2023 filedPDF

full format · 29 days late

2023

01-09

NBB filing Annual accounts 2022 filedPDF

full format · 32 days late

2022

22-09

Gazette deed Resignation: Anand Srivatsa (director)

Appointment: Gunnar Troili (director) · Director discharge: Anand Srivatsa · Tobli AB is a shareholder4 points ▸

Director resignation, Anand Srivatsa (director)
Director discharge, Anand Srivatsa (director)
Director appointment, Gunnar Troili (director)
Tobli AB is a shareholder
The act holds 1 more point.

Open the act in the Belgian Official Gazette

01-07

NBB filing Annual accounts 2021 filedPDF

full format · 30 days before the deadline

2021

20-09

Gazette deed 2 directors appointed, 6 directors resigning

Resignations: Clémentine François, Etienne Deblon and 4 others · Permanent representatives: Gauthier van der Elst and Nathalie Benoît · Appointments: Barbro Magdalaena Rodell Andersson (director) and Anand Srivatsa (director)11 points ▸

General meeting, 10-08-2021
Director resignation, Clémentine François (director)
Director resignation, Etienne Deblon (director)
Director resignation, Jean-Marc Toussaint (director)
Director resignation, Jérome Wertz (managing director)
Director resignation, SCALE I (director)
Permanent representative, Gauthier van der Elst
Director resignation, VENTURE COACHING (director)
Permanent representative, Nathalie Benoît
Director appointment, Barbro Magdalaena Rodell Andersson (director)
Director appointment, Anand Srivatsa (director)

Open the act in the Belgian Official Gazette

26-05

NBB filing Annual accounts 2020 filedPDF

full format · 66 days before the deadline

Show earlier events

2020

29-05

NBB filing Annual accounts 2019 filedPDF

full format · 63 days before the deadline

2019

31-12

Financial Liquidity more than triplescurrent ratio 24.29

The current ratio rises from 6.90 to 24.29. Short-term debt falls from €162,894 to €25,314.

17-05

NBB filing Annual accounts 2018 filedPDF

full format · 75 days before the deadline

2018

30-05

NBB filing Annual accounts 2017 filedPDF

full format · 62 days before the deadline

2017

06-06

NBB filing Annual accounts 2016 filedPDF

full format · 55 days before the deadline

2014

09-12

Gazette deed IncorporationPDF

Show all 11 filings

Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official Gazette Filings with the National Bank

History

PHASYA was incorporated on 5 December 2014.¹ The registered office was moved to Hognoul in 2026.² Turnover grew from €137,738 in 2021 to €241,869 in 2025 and headcount from 2.9 full-time equivalents in 2018 to 3.2 in 2025.³

Company details

Register details

Identity

KBO record

Name PHASYA in French

Enterprise number 0505.986.246

Legal form Public limited company

Status Active, normale toestand

Founded 05-12-2014

Entity type Legal entity

Registered office and establishments

Registered office Rue Chaussée 62, 4342 Awans, Belgium

1 former office

Rue de Bois Saint Jean 29, 4102 Seraing until 22-05-2026 · act of 29-06-2026

Establishment unit Rue Chaussée 62, 4342 Awans since 01-01-2015 · unit number 2.237.200.278 26600 Manufacture of computer, electronic and optical products

Activities

NACEBEL 2025

58290 Other software publishing main activity

32500 Manufacture of medical and dental instruments and supplies

62100 Computer programming

71121 Engineering and related technical consultancy, excluding land surveyors

72109 Other research and development on natural sciences

Codes under NACEBEL 2008

32500 Manufacture of medical and dental instruments and supplies

62010 Computer programming, consultancy and related activities

71121 Engineering activities

72190 Scientific research and development

Joint committee 200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025

Invoicing and payment

VAT number BE 0505.986.246

E-invoicing via Peppol

Reachable via Peppol

Peppol ID 0208:0505986246

Other Peppol ID 9925:BE0505986246

Registered 27-11-2025

Follow this company and you will hear the next morning if it leaves the Peppol register.

Financial year and general meeting

Accounts at the NBB

Financial year end 31-12

Sites & property

Location

registered office establishment The establishment unit on the map

13 companies at this address See who is registered here

Buildings and parcels at the address

Ground area

1,885 m²

Building footprint

681 m²

Building volume

7,582 m³

Cadastral parcel	Region	Area	Buildings	Height / floors
62053A0109/00N002	Wallonia	1,885 m²	1 · 681 m²	16.1 m · 4

Overview

Overview

Official details

Board and ownership

Financial position

Checked score

Signals

Financials

Financials · financial year 2025, full format

Staff

Investments

Historical observation

Board & ownership

Directors

Owners and capital

Shareholders

Owners 1

Capital transactions

Mandate history

Network & group

Companies at the same address

Connections & network

Timeline

Acts, filings and financial milestones

History

Company details

Register details

Identity

Registered office and establishments

Activities

Invoicing and payment

Financial year and general meeting

Sites & property

Buildings and parcels at the address