PHDPROJET
Dissolved and wound upFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-02-2026 at the NBB all 3 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €320,000
Total assets
€245,905▼ 8.3%
2024 · €268,174
Net result
€27,562▼ 21.4%
2024 · €35,082
Working capital
€235,613▲ 18.1%
2024 · €199,576
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€39,719
▼ 13.1%
2025
20232025
Net result
€27,562
▼ 21.4%
2025
20232025
Equity
€235,613
▲ 13.2%
2025
20232025
Total assets
€245,905
▼ 8.3%
2025
20232025
Debt
€10,292
▼ 82.9%
2025
20232025
Working capital
€235,613
▲ 18.1%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€75,993-€45,728▼ 39.8%€39,719▼ 13.1%
Net result€54,172-€35,082▼ 35.2%€27,562▼ 21.4%
Equity€172,969-€208,051▲ 20.3%€235,613▲ 13.2%
Total assets€265,766-€268,174▲ 0.9%€245,905▼ 8.3%
Debt€92,797-€60,123▼ 35.2%€10,292▼ 82.9%
Working capital€154,618-€199,576▲ 29.1%€235,613▲ 18.1%
The operating result for 2025 is 13% lower than in 2024 and the lowest since 2023. It is the second fall in a row.
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
Equity and liabilities €245,905
Equity
€235,613 ▲ 13.2%
Debt
€10,292 ▼ 82.9%
Debt's share of the balance-sheet total falls from 22.4% to 4.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€40,041▼
2024 · €55,605
Cash flow
€27,884▼
2024 · €44,958
Current ratio
23.89▲
2024 · 4.32
Debt to equity
0.04▼
2024 · 0.29
ROE
11.7%▼
2024 · 16.9%
ROA
11.2%▼
2024 · 13.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€10,292▼
2024 · €60,123
Income taxes
€15,894▲
2024 · €15,130
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €838 | - | - |
| Depreciation and write-downs of the year | €9,599 | €9,876 | €322 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,599 | €9,876 | €322 | ▼ 96.7% |
| Other operating charges640/8 | €855 | €916 | €4,657 | ▲ 409% |
| Gross operating margin9900 | €86,447 | €56,521 | €44,698 | ▼ 20.9% |
| Operating profit (loss)9901 | €75,993 | €45,728 | €39,719 | ▼ 13.1% |
| Financial income75/76B | €1,798 | €4,651 | €4,009 | ▼ 13.8% |
| Recurring financial income75 | €1,798 | €4,651 | €4,009 | ▼ 13.8% |
| Financial charges65/66B | €146 | €168 | €272 | ▲ 61.8% |
| Recurring financial charges65 | €146 | €168 | €272 | ▲ 61.8% |
| Profit (loss) for the period before taxes9903 | €77,644 | €50,211 | €43,456 | ▼ 13.5% |
| Income taxes67/77 | €23,472 | €15,130 | €15,894 | ▲ 5.0% |
| Profit (loss) for the period9904 | €54,172 | €35,082 | €27,562 | ▼ 21.4% |
| Profit (loss) for the period to be appropriated9905 | €54,172 | €35,082 | €27,562 | ▼ 21.4% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €265,766 | €268,174 | €245,905 | ▼ 8.3% |
| Formation expenses20 | €752 | €322 | - | - |
| Fixed assets21/28 | €17,598 | €8,153 | - | - |
| Tangible fixed assets22/27 | €17,598 | €8,153 | - | - |
| Furniture and vehicles24 | €17,598 | €8,153 | - | - |
| Current assets29/58 | €247,415 | €259,700 | €245,905 | ▼ 5.3% |
| Amounts receivable after more than one year29 | €116,750 | €106,492 | €95,200 | ▼ 10.6% |
| Other amounts receivable291 | €116,750 | €106,492 | €95,200 | ▼ 10.6% |
| Amounts receivable within one year40/41 | €25,171 | €20,302 | €16,507 | ▼ 18.7% |
| Trade receivables40 | €25,171 | €13,552 | €14,807 | ▲ 9.3% |
| Other amounts receivable41 | - | €6,750 | €1,700 | ▼ 74.8% |
| Current investments50/53 | €50,000 | €25,000 | - | - |
| Cash at bank and in hand54/58 | €51,753 | €103,996 | €132,733 | ▲ 27.6% |
| Deferred charges and accrued income490/1 | €3,740 | €3,910 | €1,465 | ▼ 62.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €265,766 | €268,174 | €245,905 | ▼ 8.3% |
| Equity10/15 | €172,969 | €208,051 | €235,613 | ▲ 13.2% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €165,500 | €198,000 | €225,500 | ▲ 13.9% |
| Distributable reserves133 | €165,500 | €198,000 | €225,500 | ▲ 13.9% |
| Profit (loss) carried forward14 | €2,469 | €5,051 | €5,113 | ▲ 1.2% |
| Amounts payable17/49 | €92,797 | €60,123 | €10,292 | ▼ 82.9% |
| Amounts payable within one year42/48 | €92,797 | €60,123 | €10,292 | ▼ 82.9% |
| Trade debts44 | €28,847 | €814 | €4,511 | ▲ 454% |
| Suppliers440/4 | €28,847 | €814 | €4,511 | ▲ 454% |
| Taxes, remuneration and social security45 | €12,034 | €7,393 | €5,781 | ▼ 21.8% |
| Taxes450/3 | €12,034 | €7,393 | €5,781 | ▼ 21.8% |
| Other amounts payable47/48 | €51,916 | €51,916 | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,172 | €35,082 | €27,562 | ▼ 21.4% |
| + Depreciation and write-downs630 | €9,599 | €9,876 | €322 | ▼ 96.7% |
| Operating cash flow (approximation) | €63,771 | €44,958 | €27,884 | ▼ 38.0% |
| Investment in fixed assets (approximation) | - | -€430 | - | - |
| Change in cash | - | €52,242 | €28,737 | ▼ 45.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.