PHB Development
ActiveSummary
PHB Development has been active since 2006 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117,602 and a net result of €1,485. Equity has been growing by about 3.8% per year since 2018. Its solvency ranks better than 42% of 39,272 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-09-2006 Normal situation
- Registered office
- 314 active companies are registered at this address 11 started in the 12 months before. Source: KBO register, as of 2 November 2026.
- Activity
- Business and other management consultancy NACE 70200and 2 others
- Establishment unit
- 2.158.185.563 1050 Brussel, since 30-08-2006
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
- Breul PhilippeDirector · since 02-06-2017
- Panturu CiprianDirector · since 02-06-2017
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €2,846
- Turnover
- ≈ €13,000
- estimated
- Profit
- €1,485
- Equity
- €117,602
- ▼ 42.9%
- Total assets
- €257,242
- ▲ 3.0%
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskLast filed accounts filed 31 days late; 1 of the last 3 accounts latelowers riskLiquidity: current ratio 7.67, cash €79,903Sector: Activities of head offices; management consultancy activities (NACE 70)Size: total assets €257,242Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 42% of them on solvency, 80% on liquidity, 19% on profitability and 14% on growth.
The bankruptcy probability was computed on 01-11-2026 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
The company filed its last 7 accounts on average 10 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00462978.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 19 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a profit of €2,446, after a loss of €27,498 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 Activities of head offices; management consultancy activities (NACE 70). 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).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €2.1m | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €490 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €0.008m | €384 | €0.001m | €400 | ▼ 37.8% |
| Gross operating margin9900 | €0.08m | €0.1m | €0.05m | €0.03m | €0.008m | €0.01m | -€0.03m | €0.003m | - |
| Operating profit (loss)9901 | €0.08m | €0.1m | €0.04m | €0.03m | €491 | €0.01m | -€0.03m | €0.002m | - |
| Financial income75/76B | - | - | - | €0.03m | €0.05m | €0.008m | €0.003m | €0.006m | ▲ 101% |
| Recurring financial income75 | €0.04m | €0.04m | €0.02m | €0.03m | €0.05m | €0.008m | €0.003m | €0.006m | ▲ 101% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | €0.02m | €0.004m | €0.007m | ▲ 81.8% |
| Recurring financial charges65 | €0.06m | €0.03m | €0.06m | €0.03m | €0.03m | €0.02m | €0.004m | €0.007m | ▲ 81.8% |
| Profit (loss) for the period before taxes9903 | €0.05m | €0.1m | €0.01m | €0.04m | €0.02m | €0.003m | -€0.03m | €0.001m | - |
| Income taxes67/77 | €0.02m | €0.04m | €0.003m | €0.009m | €0.005m | €0.001m | €6 | -€6 | - |
| Profit (loss) for the period9904 | €0.04m | €0.09m | €0.008m | €0.03m | €0.01m | €0.002m | -€0.03m | €0.001m | - |
| Profit (loss) for the period to be appropriated9905 | €0.04m | €0.1m | €0.008m | €0.03m | €0.01m | €0.002m | -€0.03m | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €521,295 | €670,545 | €419,418 | €493,587 | €360,138 | €330,052 | €249,838 | €257,242 | ▲ 3.0% |
| Fixed assets21/28 | €4,627 | €3,690 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | = |
| Intangible fixed assets21 | €979 | €490 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €448 | - | - | - | - | - | - | - | - |
| Financial fixed assets28 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | = |
| Current assets29/58 | €516,668 | €666,856 | €416,218 | €490,387 | €356,938 | €326,852 | €246,638 | €254,042 | ▲ 3.0% |
| Amounts receivable within one year40/41 | €265,587 | €399,473 | €96,752 | €224,828 | €125,982 | €79,785 | €111,337 | €169,545 | ▲ 52.3% |
| Trade receivables40 | - | - | - | €217,505 | €102,705 | €58,409 | €79,663 | €161,462 | ▲ 103% |
| Other amounts receivable41 | - | - | - | €7,322 | €23,277 | €21,376 | €31,673 | €8,083 | ▼ 74.5% |
| Current investments50/53 | €41 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €251,040 | €267,283 | €319,407 | €261,516 | €230,073 | €244,676 | €134,983 | €79,903 | ▼ 40.8% |
| Deferred charges and accrued income490/1 | - | - | - | €4,043 | €883 | €2,392 | €319 | €4,595 | ▲ 14× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €521,295 | €670,545 | €419,418 | €493,587 | €360,138 | €330,052 | €249,838 | €257,242 | ▲ 3.0% |
| Equity10/15 | €98,390 | €185,153 | €192,964 | €219,583 | €232,731 | €234,440 | €206,096 | €117,602 | ▼ 42.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €17,360 | €17,360 | €17,360 | €17,360 | €17,360 | €222,040 | €193,696 | €105,202 | ▼ 45.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €15,500 | €15,500 | €220,180 | €191,836 | €103,342 | ▼ 46.1% |
| Profit (loss) carried forward14 | €68,630 | €155,393 | €163,204 | €189,823 | €202,971 | - | - | - | - |
| Amounts payable17/49 | €422,905 | €485,392 | €226,455 | €274,004 | €127,407 | €95,612 | €43,742 | €139,640 | ▲ 219% |
| Amounts payable within one year42/48 | €342,582 | €457,125 | €200,092 | €260,906 | €90,457 | €70,166 | €11,541 | €33,113 | ▲ 187% |
| Trade debts44 | €315,396 | €416,689 | €159,656 | €260,906 | €90,457 | €56,010 | €11,541 | €32,522 | ▲ 182% |
| Suppliers440/4 | - | - | - | €260,906 | €90,457 | €56,010 | €11,541 | €32,522 | ▲ 182% |
| Advances received on contracts in progress46 | - | - | - | - | - | €11,926 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €2,230 | - | €591 | - |
| Taxes450/3 | - | - | - | - | - | €2,230 | - | €591 | - |
| Accrued charges and deferred income492/3 | - | - | - | €13,098 | €36,950 | €25,446 | €32,201 | €106,527 | ▲ 231% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,451 | €86,763 | €7,811 | €26,619 | €13,148 | €1,709 | -€28,344 | €1,485 | - |
| + Depreciation and write-downs630 | €871 | €563 | €490 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €37,322 | €87,326 | €8,300 | €26,619 | €13,148 | €1,709 | -€28,344 | €1,485 | - |
| Investment in fixed assets (approximation) | - | €374 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €16,243 | €52,124 | -€57,891 | -€31,443 | €14,603 | -€109,693 | -€55,080 | ▲ 49.8% |
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, 17,041 companies had the same profile as PHB Development has now. Two years later, 0.5% had gone bankrupt and 94.3% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHB Development 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 17,041 companies, not a prediction for PHB Development. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00462978 | |
| 31-12-2024 | micro format | 02-04-2025 | 2025-00062742 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00360529 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00304181 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20147871 | |
| 31-12-2020 | micro format | 02-08-2021 | 2021-44700409 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-49300499 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54800542 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43000485 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-21900100 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 01-04-2025 Converted to unavailable equity · €14,260
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Breul Philippe |
|
| Panturu Ciprian |
|
Network & group
PHB Development shares no director with another company.
Companies at the same address
313 other companies- Spurio, Elisa (sole trader) Establishment · since 2026 1044563504
- MOVA PLUS Registered office · since 2026 1023638327
- ELG Belgium Registered office · since 2026 1038603942
- S&K Invest Group Establishment · since 2026 1032735046
- WORKPILOT Establishment · since 2026 1036378781
- GENERAL VENTURE CAPITAL Establishment · since 2026 1036326224
- BXV Advisory Establishment · since 2026 1034274079
- MoveMax Belgium Registered office · since 2026 1034219047
- Pro Clean Renov Registered office · since 2026 1033339614
- MALONE Registered office · since 2025 1032061885
Connections & network
2 current directorsThe network starts from the directors of PHB Development. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
01-04
Gazette deed
Amendment of the articles · Legal-form change · Name · Resignations & appointmentsLegal-form conversion · Capital conversion · Declaration12 points ▸
- General meeting, 28-03-2025
- Legal-form conversion, “société coopérative” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Amendment of the articles, mentioned 2 times in the deed
- Other provision, “dispense de lecture du rapport de l’organe d’administration, article 6:86 du code des sociétés et des associations” (deed in French)
- Declaration, “réception préalable du rapport, avoir reçu antérieurement une copie et en avoir pris connaissance” (deed in French)
- Purpose change
- Capital
- Board composition, Philippe Breul (director)
- Board composition, Mihai-Ciprian Panturu (director)
- Registered office clause, “523 avenue Louise (1050 Bruxelles)” (deed in French)
- Power of attorney
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21822R0226/00W011 | Brussels | 3,529 m² | 1 · 1,878 m² | 38.1 m · 7 |