PHELECT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 36 filings
Turnover
≈ €5.4m
Estimated: probably between €3.6m and €8.8m
EBIT margin
Not included in this filing
Net result
€1.4m▼ 13.7%
2024 · €1.6m
Working capital
€2.0m▲ 154%
2024 · €799,155
In the rankings
#6 company by staff growth in the province of Liège, Repair of computers and personal goods sector#9 company by equity in the province of Liège, Repair of computers and personal goods sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.8m
▼ 13.8%
2025
20182025
Net result
€1.4m
▼ 13.7%
2025
highest quarter of the sector
20182025
Equity
€2.5m
▲ 116%
2025
highest quarter of the sector
20182025
Total assets
€2.9m
▼ 2.6%
2025
highest quarter of the sector
20182025
Debt
€398,814
▼ 78.2%
2025
20182025
Working capital
€2.0m
▲ 154%
2025
highest quarter of the sector
20182025
Solvency
86.3%
▲ 47.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.09
▲ 4.65
2025
highest quarter of the sector
20182025
Return on assets (ROA)
46.4%
▼ 6.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
17
▲ 5.6%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€1.1m▲ 295%€0.7m▼ 32.2%€0.8m▲ 11.9%€0.5m▼ 42.8%€1.4m▲ 186%€2.1m▲ 53.9%€1.8m▼ 13.8%
Net result€0.2m-€0.8m▲ 344%€0.5mabove the sector's middle half▼ 28.0%€0.6mabove the sector's middle half▲ 13.9%€0.3mabove the sector's middle half▼ 43.8%€1.0mabove the sector's middle half▲ 192%€1.6mabove the sector's middle half▲ 54.8%€1.4mabove the sector's middle half▼ 13.7%
Equity€0.3m-€0.4m▲ 54.1%€0.4mwithin the sector's middle half▼ 15.1%€0.6mwithin the sector's middle half▲ 59.9%€0.5mwithin the sector's middle half▼ 9.8%€0.8mwithin the sector's middle half▲ 60.9%€1.2mabove the sector's middle half▲ 41.2%€2.5mabove the sector's middle half▲ 116%
Total assets€1.4m-€1.9m▲ 28.9%€1.6mwithin the sector's middle half▼ 12.1%€1.4mwithin the sector's middle half▼ 13.4%€1.3mwithin the sector's middle half▼ 9.2%€2.2mwithin the sector's middle half▲ 71.3%€3.0mwithin the sector's middle half▲ 36.4%€2.9mabove the sector's middle half▼ 2.6%
Debt€1.2m-€1.4m▲ 23.0%€1.3m▼ 11.3%€0.8m▼ 33.8%€0.8m▼ 8.7%€1.4m▲ 78.3%€1.8m▲ 33.6%€0.4m▼ 78.2%
Working capital€0.4m-€0.4m▲ 12.9%€0.2mwithin the sector's middle half▼ 50.9%€0.4mwithin the sector's middle half▲ 74.0%€0.2mwithin the sector's middle half▼ 41.0%€0.6mabove the sector's middle half▲ 168%€0.8mabove the sector's middle half▲ 42.5%€2.0mabove the sector's middle half▲ 154%
Solvency18.9%-22.6%▲ 3.7pp21.9%within the sector's middle half▼ 0.8pp40.3%within the sector's middle half▲ 18.5pp40.0%within the sector's middle half▼ 0.3pp37.6%within the sector's middle half▼ 2.4pp38.9%within the sector's middle half▲ 1.3pp86.3%above the sector's middle half▲ 47.4pp
Current ratio1.49-1.36▼ 0.141.18within the sector's middle half▼ 0.181.47within the sector's middle half▲ 0.291.28within the sector's middle half▼ 0.191.41within the sector's middle half▲ 0.131.44within the sector's middle half▲ 0.036.09above the sector's middle half▲ 4.65
Return on assets (ROA)11.8%-40.6%▲ 28.8pp33.2%above the sector's middle half▼ 7.4pp43.7%above the sector's middle half▲ 10.5pp27.0%above the sector's middle half▼ 16.7pp46.1%above the sector's middle half▲ 19.1pp52.3%above the sector's middle half▲ 6.2pp46.4%above the sector's middle half▼ 6.0pp
Staff (FTE)11.3-12.7▲ 12.4%13.2within the sector's middle half▲ 3.9%15within the sector's middle half▲ 13.6%14.1within the sector's middle half▼ 6.0%14within the sector's middle half▼ 0.7%16.1above the sector's middle half▲ 15.0%17above the sector's middle half▲ 5.6%
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 14% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets
€485,919 ▲ 33.1%
Current assets
€2.4m ▼ 7.6%
Equity and liabilities €2.9m
Equity
€2.5m ▲ 116%
Debt
€398,814 ▼ 78.2%
Debt's share of the balance-sheet total falls from 61.1% to 13.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.9m▼
2024 · €2.2m
Cash flow
€1.4m▼
2024 · €1.6m
Quick ratio
2.21▲
2024 · 1.17
Debt to equity
0.16▼
2024 · 1.57
ROE
53.7%▼
2024 · 134.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€398,695▼
2024 · €1.8m
Income taxes
€461,761▼
2024 · €531,233
Staff costs
€1.2m▲
2024 · €1.0m
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 | 16 | 15 | 15 | 18 | 17 |
| full-time | 13 | 10 | 10 | 13 | 15 |
| part-time | 3 | 5 | 5 | 5 | 2 |
| in full-time equivalents | 15.3 | 14 | 14.1 | 17.1 | 16.7 |
| Average over the year, in full-time equivalents | 15 | 14.1 | 14 | 16.1 | 17 |
| On a permanent contract | 16 | 15 | 15 | 18 | 17 |
| Joined | 3 | 1 | 2 | 3 | 2 |
| Left | 1 | 2 | 2 | 0 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €85,936 | €92,065 | - | €175,738 | €219,226 |
| Depreciation and write-downs of the year | €65,424 | €60,970 | €56,336 | €74,475 | €83,006 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.003m | €0 | - | €0.003m | €0.001m | ▼ 55.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.8m | €0.9m | €1.0m | €1.2m | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | €0.07m | €0.08m | €0.07m | €0.06m | €0.06m | €0.07m | €0.08m | ▲ 11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.004m | €0.009m | -€0.001m | €0 | -€0.007m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | - | - | €0.003m | €0.003m | ▲ 4.5% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 52.7% |
| Non-recurring operating charges66A | - | - | - | €0.003m | €331 | €0 | - | €0.01m | - |
| Gross operating margin9900 | €1.0m | €1.9m | €1.5m | €1.7m | €1.4m | €2.4m | €3.2m | €3.1m | ▼ 3.1% |
| Operating profit (loss)9901 | €0.3m | €1.1m | €0.7m | €0.8m | €0.5m | €1.4m | €2.1m | €1.8m | ▼ 13.8% |
| Financial income75/76B | - | - | - | €0.005m | €0.002m | €0.001m | €0.001m | €0.005m | ▲ 431% |
| Recurring financial income75 | €0.005m | €0.005m | €0.005m | €0.005m | €0.002m | €0.001m | €0.001m | €0.005m | ▲ 431% |
| Financial charges65/66B | - | - | - | €0.01m | €0.005m | €0.004m | €0.001m | €0.001m | ▲ 13.2% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.02m | €0.01m | €0.005m | €0.004m | €0.001m | €0.001m | ▲ 13.2% |
| Profit (loss) for the period before taxes9903 | €0.3m | €1.1m | €0.7m | €0.8m | €0.5m | €1.4m | €2.1m | €1.8m | ▼ 13.6% |
| Income taxes67/77 | €0.09m | €0.3m | €0.2m | €0.2m | €0.1m | €0.3m | €0.5m | €0.5m | ▼ 13.1% |
| Profit (loss) for the period9904 | €0.2m | €0.8m | €0.5m | €0.6m | €0.3m | €1.0m | €1.6m | €1.4m | ▼ 13.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.06m | €0 | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.1m | €0.2m | €0.2m | = |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.8m | €0.5m | €0.7m | €0.3m | €0.9m | €1.4m | €1.2m | ▼ 15.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.9m | €1.6m | €1.4m | €1.3m | €2.2m | €3.0m | €2.9m | ▼ 2.6% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 33.1% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 33.1% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.002m | €0.001m | €315 | €0.02m | ▲ 77× |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 51.5% |
| Current assets29/58 | €1.1m | €1.6m | €1.3m | €1.1m | €1.0m | €1.9m | €2.6m | €2.4m | ▼ 7.6% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.4m | €0.3m | €0.4m | €0.5m | €0.5m | €1.5m | ▲ 211% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.5m | €0.5m | €1.5m | ▲ 211% |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €0.4m | €0.4m | €0.4m | €0.6m | €1.4m | €0.5m | ▼ 64.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.3m | €0.6m | €1.4m | €0.5m | ▼ 64.5% |
| Other amounts receivable41 | - | - | - | - | €0.07m | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.6m | €0.6m | €0.4m | €0.09m | €0.8m | €0.7m | €0.4m | ▼ 47.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 33.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.9m | €1.6m | €1.4m | €1.3m | €2.2m | €3.0m | €2.9m | ▼ 2.6% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.6m | €0.5m | €0.8m | €1.2m | €2.5m | ▲ 116% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.002m | €0.002m | €0.1m | €0.3m | €0.5m | ▲ 53.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | €0.1m | €0.3m | €0.5m | ▲ 53.7% |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | €0.6m | €0.8m | €2.0m | ▲ 145% |
| Investment grants15 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Amounts payable17/49 | €1.2m | €1.4m | €1.3m | €0.8m | €0.8m | €1.4m | €1.8m | €0.4m | ▼ 78.2% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.1m | €0.08m | €0.02m | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €0.08m | €0.02m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €1.2m | €1.1m | €0.8m | €0.8m | €1.4m | €1.8m | €0.4m | ▼ 78.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.07m | €0.02m | €0 | - | - |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.1m | €0.2m | €0.09m | €0.07m | €0.1m | €0.4m | €0.2m | €0.1m | ▼ 52.4% |
| Suppliers440/4 | - | - | - | €0.07m | €0.1m | €0.4m | €0.2m | €0.1m | ▼ 52.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 27.2% |
| Taxes450/3 | - | - | - | €0.05m | €0.04m | €0.1m | €0.2m | €0.1m | ▼ 48.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 2.7% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.7m | €1.3m | €0.04m | ▼ 96.8% |
| Accrued charges and deferred income492/3 | - | - | - | €447 | €0.001m | €0 | €167 | €119 | ▼ 28.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.8m | €0.5m | €0.6m | €0.3m | €1.0m | €1.6m | €1.4m | ▼ 13.7% |
| + Depreciation and write-downs630 | €0.07m | €0.07m | €0.08m | €0.07m | €0.06m | €0.06m | €0.07m | €0.08m | ▲ 11.5% |
| Operating cash flow (approximation) | €0.2m | €0.8m | €0.6m | €0.7m | €0.4m | €1.1m | €1.6m | €1.4m | ▼ 12.6% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.08m | -€0.08m | -€0.09m | €0 | -€0.2m | -€0.2m | ▼ 16.0% |
| Change in cash | - | €0.4m | -€0.08m | -€0.2m | -€0.3m | €0.7m | -€0.06m | -€0.3m | ▼ 467% |
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, 20,136 companies had the same profile as PHELECT has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of PHELECT 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 20,136 companies, not a prediction for PHELECT. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00310855 | |
| 31-12-2024 | full format | 08-07-2025 | 2025-00242230 | |
| 31-12-2023 | full format | 09-07-2024 | 2024-00225840 | |
| 31-12-2022 | full format | 20-07-2023 | 2023-00271355 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20254669 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-21400314 | |
| 31-12-2019 | full format | 05-06-2020 | 2020-14900095 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-32100197 | |
| 31-12-2017 | full format | 01-06-2018 | 2018-15200268 | |
| 31-12-2016 | full format | 30-05-2017 | 2017-13800191 |