PHI-BIS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 14 filings
Turnover
€16.2m▲ 7.5%
2024 · €15.1m
EBIT margin
4.7%▲ 0.2pp
2024 · 4.5%
Net result
€462,055▼ 10.4%
2024 · €515,467
Working capital
€1.3m▲ 79.8%
2024 · €711,450
In the rankings
#2 employer in Malle, Wholesale and retail trade sector#10 company by total assets in Malle, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€16.2m
▲ 7.5%
2025
20182025
Operating result
€760,974
▲ 12.6%
2025
20182025
Net result
€462,055
▼ 10.4%
2025
highest quarter of the sector
20182025
EBIT margin
4.7%
▲ 0.2pp
2025
20182025
Equity
€2.6m
▲ 21.6%
2025
highest quarter of the sector
20182025
Total assets
€6.2m
▲ 17.5%
2025
highest quarter of the sector
20182025
Debt
€3.6m
▲ 14.7%
2025
20182025
Working capital
€1.3m
▲ 79.8%
2025
highest quarter of the sector
20182025
Solvency
41.8%
▲ 1.4pp
2025
middle half of the sector
20182025
Current ratio
1.35
▲ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
7.4%
▼ 2.3pp
2025
middle half of the sector
20182025
Staff (FTE)
41
▼ 4.7%
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
Turnover€12.2m-€13.3m▲ 9.2%€13.8m▲ 3.8%€12.9m▼ 6.7%€13.6m▲ 5.6%€14.1m▲ 4.1%€15.1m▲ 6.6%€16.2m▲ 7.5%
Operating result-€0.09m-€0.4m€0.5m▲ 24.8%€0.6m▲ 31.1%€0.7m▲ 4.5%€0.7m▲ 5.3%€0.7m▼ 1.7%€0.8m▲ 12.6%
Net result-€0.2m-€0.1m€0.2mabove the sector's middle half▲ 102%€0.4mabove the sector's middle half▲ 61.7%€0.4mabove the sector's middle half▲ 9.0%€0.5mabove the sector's middle half▲ 8.3%€0.5mabove the sector's middle half▲ 8.4%€0.5mabove the sector's middle half▼ 10.4%
EBIT margin-0.7%-2.9%▲ 3.6pp3.5%▲ 0.6pp4.9%▲ 1.4pp4.8%=4.9%▲ 0.1pp4.5%▼ 0.4pp4.7%▲ 0.2pp
Equity€0.7m-€0.8m▲ 11.8%€0.9mabove the sector's middle half▲ 14.8%€1.1mabove the sector's middle half▲ 23.8%€1.4mabove the sector's middle half▲ 20.8%€1.6mabove the sector's middle half▲ 18.6%€2.1mabove the sector's middle half▲ 31.7%€2.6mabove the sector's middle half▲ 21.6%
Total assets€5.8m-€5.9m▲ 1.8%€5.7mabove the sector's middle half▼ 3.6%€4.9mabove the sector's middle half▼ 13.5%€4.7mabove the sector's middle half▼ 5.4%€5.5mabove the sector's middle half▲ 17.3%€5.3mabove the sector's middle half▼ 3.0%€6.2mabove the sector's middle half▲ 17.5%
Debt€5.1m-€5.1m▲ 0.4%€4.8m▼ 6.4%€3.8m▼ 20.6%€3.3m▼ 13.3%€3.8m▲ 16.8%€3.2m▼ 17.7%€3.6m▲ 14.7%
Working capital€0.8m-€0.7m▼ 19.5%€0.4mwithin the sector's middle half▼ 38.4%€0.01mwithin the sector's middle half▼ 96.9%-€0.5mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 94.0%€0.7mabove the sector's middle half€1.3mabove the sector's middle half▲ 79.8%
Solvency12.3%-13.5%▲ 1.2pp16.1%within the sector's middle half▲ 2.6pp23.0%within the sector's middle half▲ 6.9pp29.4%within the sector's middle half▲ 6.4pp29.8%within the sector's middle half▲ 0.3pp40.4%within the sector's middle half▲ 10.6pp41.8%within the sector's middle half▲ 1.4pp
Current ratio1.39-1.26▼ 0.131.14within the sector's middle half▼ 0.121.00below the sector's middle half▼ 0.140.85below the sector's middle half▼ 0.160.99below the sector's middle half▲ 0.141.23within the sector's middle half▲ 0.231.35within the sector's middle half▲ 0.13
Return on assets (ROA)-3.5%-2.1%▲ 5.6pp4.4%within the sector's middle half▲ 2.3pp8.2%within the sector's middle half▲ 3.8pp9.4%within the sector's middle half▲ 1.2pp8.7%within the sector's middle half▼ 0.7pp9.7%above the sector's middle half▲ 1.0pp7.4%within the sector's middle half▼ 2.3pp
Staff (FTE)35.2-50.5▲ 43.5%50.7above the sector's middle half▲ 0.4%50.3above the sector's middle half▼ 0.8%45.4above the sector's middle half▼ 9.7%44.7above the sector's middle half▼ 1.5%43above the sector's middle half▼ 3.8%41above the sector's middle half▼ 4.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 13% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.2m
Fixed assets
€1.3m ▼ 7.4%
Current assets
€4.9m ▲ 26.7%
Equity and liabilities €6.2m
Equity
€2.6m ▲ 21.6%
Debt
€3.6m ▲ 14.7%
Debt's share of the balance-sheet total falls from 59.6% to 58.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€874,237▼
2024 · €910,087
Cash flow
€575,318▼
2024 · €750,023
Quick ratio
0.95▲
2024 · 0.90
Debt to equity
1.39▼
2024 · 1.48
ROE
17.7%▼
2024 · 24.1%
Interest coverage
55.69▲
2024 · 49.15
Debt ≤ 1 year
€3.6m▲
2024 · €3.2m
Income taxes
€345,191▲
2024 · €169,935
Customer credit
55 days▲
2024 · 46 days
Supplier credit
98 days▲
2024 · 89 days
Staff costs
€2.2m▼
2024 · €2.3m
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 | 62 | 45 | 46 | 43 | 40 |
| full-time | 31 | 26 | 25 | 18 | 19 |
| part-time | 31 | 19 | 21 | 25 | 21 |
| in full-time equivalents | 52.4 | 39.9 | 41.1 | 37.4 | 34.6 |
| Average over the year, in full-time equivalents | 50.3 | 45.4 | 44.7 | 43 | 41 |
| On a permanent contract | 56 | 41 | 43 | 42 | 39 |
| Joined | 48 | 58 | 30 | 27 | 40 |
| Left | 50 | 75 | 29 | 30 | 43 |
| Agency workers, average number | 2.1 | 0.4 | 0.8 | 0.6 | 0.5 |
| Training hours | 456 | 695 | 8 | 1,527 | 1,378 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,019 | €35,330 | €37,091 | €8,427 | €7,803 |
| Intangible fixed assets | - | €4,407 | €9,104 | - | - |
| Depreciation and write-downs of the year | €298,607 | €292,058 | €259,607 | €234,555 | €113,263 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,619 awarded · €1,619 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €12.9m | €13.6m | €14.2m | €15.1m | €16.2m | ▲ 7.5% |
| Turnover70 | €12.2m | €13.3m | €13.8m | €12.9m | €13.6m | €14.1m | €15.1m | €16.2m | ▲ 7.5% |
| Other operating income74 | - | - | - | €0.05m | €0.06m | €0.07m | €0.04m | €0.04m | ▼ 0.8% |
| Non-recurring operating income76A | - | - | - | - | €0.001m | €0.002m | €251 | €50 | ▼ 80.0% |
| Operating charges60/66A | - | - | - | €12.3m | €13.0m | €13.5m | €14.4m | €15.5m | ▲ 7.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €8.3m | €8.7m | €8.9m | €10.2m | €11.1m | ▲ 8.9% |
| Purchases600/8 | - | - | - | €8.4m | €8.8m | €8.9m | €10.0m | €11.5m | ▲ 14.8% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.08m | -€0.1m | -€0.05m | €0.1m | -€0.4m | - |
| Services and other goods61 | - | - | - | €1.2m | €1.5m | €2.2m | €1.7m | €2.1m | ▲ 26.7% |
| Remuneration, social security and pensions62 | - | - | - | €2.5m | €2.5m | €2.2m | €2.3m | €2.2m | ▼ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 51.7% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.007m | €0.005m | €0.009m | €0.008m | ▼ 8.3% |
| Non-recurring operating charges66A | - | - | - | €212 | €0.007m | €0.003m | - | - | - |
| Operating profit (loss)9901 | -€0.09m | €0.4m | €0.5m | €0.6m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 12.6% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.001m | €0.03m | €0.07m | ▲ 98.6% |
| Recurring financial income75 | €433 | €99 | €0.01m | €0.01m | €0.01m | €0.001m | €0.03m | €0.07m | ▲ 98.6% |
| Income from current assets751 | - | - | - | €0.01m | €0.01m | - | €0.03m | €0.07m | ▲ 108% |
| Other financial income752/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €406 | ▼ 77.3% |
| Financial charges65/66B | - | - | - | €0.07m | €0.05m | €0.02m | €0.02m | €0.02m | ▼ 8.4% |
| Recurring financial charges65 | €0.09m | €0.1m | €0.1m | €0.07m | €0.05m | €0.02m | €0.02m | €0.02m | ▼ 8.4% |
| Debt charges650 | €0.08m | €0.1m | €0.09m | €0.07m | €0.04m | €0.01m | €0.02m | €0.02m | ▼ 15.2% |
| Other financial charges652/9 | - | - | - | €0.006m | €0.005m | €0.007m | €0.006m | €0.007m | ▲ 11.4% |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.3m | €0.4m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 17.8% |
| Income taxes67/77 | €0.02m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 103% |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 103% |
| Profit (loss) for the period9904 | -€0.2m | €0.1m | €0.2m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 10.4% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | €0.1m | €0.2m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 10.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.8m | €5.9m | €5.7m | €4.9m | €4.7m | €5.5m | €5.3m | €6.2m | ▲ 17.5% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €2.9m | €2.7m | €2.4m | €2.1m | €1.9m | €1.7m | €1.4m | €1.3m | ▼ 7.4% |
| Intangible fixed assets21 | €0.8m | €0.8m | €0.6m | €0.5m | €0.3m | €0.2m | €0.06m | €0.04m | ▼ 41.1% |
| Tangible fixed assets22/27 | €2.1m | €2.0m | €1.8m | €1.6m | €1.5m | €1.4m | €1.4m | €1.3m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €1.4m | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 24.4% |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 6.5% |
| Other tangible fixed assets26 | - | - | - | - | - | €0 | €0 | €0 | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.001m | - | €0.002m | €0 | ▼ 100% |
| Current assets29/58 | €2.9m | €3.2m | €3.3m | €2.8m | €2.8m | €3.8m | €3.9m | €4.9m | ▲ 26.7% |
| Stocks and contracts in progress3 | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €1.0m | €1.4m | ▲ 42.9% |
| Stocks30/36 | - | - | - | €1.0m | €1.1m | €1.2m | €1.0m | €1.4m | ▲ 42.9% |
| Goods purchased for resale34 | - | - | - | €1.0m | €1.1m | €1.2m | €1.0m | €1.4m | ▲ 42.9% |
| Amounts receivable within one year40/41 | €1.9m | €2.2m | €2.3m | €1.8m | €1.6m | €2.6m | €2.8m | €3.4m | ▲ 21.8% |
| Trade receivables40 | - | - | - | €1.6m | €1.5m | €1.7m | €1.9m | €2.4m | ▲ 27.6% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.9m | €0.9m | €1.0m | ▲ 9.6% |
| Cash at bank and in hand54/58 | €0.007m | €0.01m | €0.008m | €0.006m | €0.01m | €0.02m | €0.008m | €0.01m | ▲ 36.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.05m | €0.02m | €0.05m | €0.03m | ▼ 31.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.8m | €5.9m | €5.7m | €4.9m | €4.7m | €5.5m | €5.3m | €6.2m | ▲ 17.5% |
| Equity10/15 | €0.7m | €0.8m | €0.9m | €1.1m | €1.4m | €1.6m | €2.1m | €2.6m | ▲ 21.6% |
| Contributions10/11 | €0.7m | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.02m | €0.06m | €0.2m | €0.4m | €0.6m | €0.9m | €1.4m | €1.9m | ▲ 33.0% |
| Investment grants15 | - | - | - | - | - | €0 | €0 | - | - |
| Amounts payable17/49 | €5.1m | €5.1m | €4.8m | €3.8m | €3.3m | €3.8m | €3.2m | €3.6m | ▲ 14.7% |
| Amounts payable after more than one year17 | €3.0m | €2.6m | €1.9m | €1.0m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €1.0m | - | - | - | - | - |
| Other loans174 | - | - | - | €1.0m | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.1m | €2.5m | €2.9m | €2.8m | €3.3m | €3.8m | €3.2m | €3.6m | ▲ 14.7% |
| Trade debts44 | €1.6m | €1.8m | €2.2m | €1.9m | €2.6m | €3.0m | €2.5m | €3.0m | ▲ 19.2% |
| Suppliers440/4 | - | - | - | €1.9m | €2.6m | €3.0m | €2.5m | €3.0m | ▲ 19.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.5m | €0.6m | €0.7m | €0.7m | ▼ 1.8% |
| Taxes450/3 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 30.3% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 19.4% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.2m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€201,106 | €123,016 | €249,071 | €402,823 | €439,147 | €475,461 | €515,467 | €462,055 | ▼ 10.4% |
| + Depreciation and write-downs630 | €339,215 | €349,243 | €341,641 | €298,607 | €292,058 | €259,607 | €234,555 | €113,263 | ▼ 51.7% |
| Operating cash flow (approximation) | €138,109 | €472,259 | €590,712 | €701,431 | €731,205 | €735,067 | €750,023 | €575,318 | ▼ 23.3% |
| Investment in fixed assets (approximation) | - | -€191,096 | -€9,746 | -€5,019 | -€39,737 | -€46,196 | -€8,427 | -€7,803 | ▲ 7.4% |
| Change in cash | - | €3,296 | -€1,747 | -€1,693 | €4,024 | €7,298 | -€10,212 | €2,743 | - |
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, 17,811 companies had the same profile as PHI-BIS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of PHI-BIS itself: 0.3% 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 17,811 companies, not a prediction for PHI-BIS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00307776 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00290949 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00198472 | |
| 31-12-2022 | full format | 10-07-2023 | 2023-00243068 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20170171 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37300264 | |
| 31-12-2019 | full format | 13-07-2020 | 2020-29500505 | |
| 31-12-2018 | full format | 18-07-2019 | 2019-34900566 | |
| 31-12-2017 | full format | 16-07-2018 | 2018-34100124 | |
| 31-12-2016 | full format | 11-07-2017 | 2017-30500236 |