PHIBACO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 7 filings
Turnover
≈ €230,000
Estimated: probably between €170,000 and €310,000
Total assets
€654,374▲ 2.3%
2024 · €639,922
Net result
€23,962▲ 911%
2024 · €2,369
Working capital
-€135,975▲ 35.5%
2024 · -€210,874
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€41,845
▲ 517%
2025
20192025
Net result
€23,962
▲ 911%
2025
middle half of the sector
20192025
Equity
€37,066
▲ 183%
2025
middle half of the sector
20192025
Total assets
€654,374
▲ 2.3%
2025
highest quarter of the sector
20192025
Debt
€617,308
▼ 1.5%
2025
20192025
Working capital
-€135,975
▲ 35.5%
2025
lowest quarter of the sector
20192025
Solvency
5.7%
▲ 3.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.49
▲ 0.12
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.7%
▲ 3.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€2,485-€9,926-€3,868€11,324€626▼ 94.5%€6,785▲ 984%€41,845▲ 517%
Net result-€7,339-€8,746within the sector's middle half-€6,894below the sector's middle half€10,730within the sector's middle half-€709within the sector's middle half€2,369within the sector's middle half€23,962within the sector's middle half▲ 911%
Equity-€1,139-€7,607within the sector's middle half€713below the sector's middle half▼ 90.6%€11,444within the sector's middle half▲ 16×€10,734within the sector's middle half▼ 6.2%€13,104within the sector's middle half▲ 22.1%€37,066within the sector's middle half▲ 183%
Total assets€9,408-€90,331within the sector's middle half▲ 860%€139,451within the sector's middle half▲ 54.4%€169,455within the sector's middle half▲ 21.5%€185,773within the sector's middle half▲ 9.6%€639,922above the sector's middle half▲ 244%€654,374above the sector's middle half▲ 2.3%
Debt€10,547-€82,724▲ 684%€138,738▲ 67.7%€158,011▲ 13.9%€175,039▲ 10.8%€626,818▲ 258%€617,308▼ 1.5%
Working capital€43--€344within the sector's middle half-€75,271below the sector's middle half▼ 21,794%-€55,887below the sector's middle half▲ 25.8%-€56,786below the sector's middle half▼ 1.6%-€210,874below the sector's middle half▼ 271%-€135,975below the sector's middle half▲ 35.5%
Solvency-12.1%-8.4%within the sector's middle half▲ 20.5pp0.5%below the sector's middle half▼ 7.9pp6.8%below the sector's middle half▲ 6.2pp5.8%below the sector's middle half▼ 1.0pp2.0%below the sector's middle half▼ 3.7pp5.7%below the sector's middle half▲ 3.6pp
Current ratio1.01-1.00within the sector's middle half▼ 0.010.45below the sector's middle half▼ 0.550.63below the sector's middle half▲ 0.180.66below the sector's middle half▲ 0.040.37below the sector's middle half▼ 0.290.49below the sector's middle half▲ 0.12
Return on assets (ROA)-78.0%-9.7%within the sector's middle half▲ 87.7pp-4.9%below the sector's middle half▼ 14.6pp6.3%within the sector's middle half▲ 11.3pp-0.4%within the sector's middle half▼ 6.7pp0.4%within the sector's middle half▲ 0.8pp3.7%within the sector's middle half▲ 3.3pp
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 nearly 6.2 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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
Assets €654,374
Fixed assets
€521,525 ▲ 1.2%
Current assets
€132,849 ▲ 6.6%
Equity and liabilities €654,374
Equity
€37,066 ▲ 183%
Debt
€617,308 ▼ 1.5%
Debt's share of the balance-sheet total falls from 98.0% to 94.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€90,389▲
2024 · €35,066
Cash flow
€72,506▲
2024 · €30,651
Quick ratio
0.41▲
2024 · 0.32
Debt to equity
16.65▼
2024 · 47.83
ROE
64.6%▲
2024 · 18.1%
Interest coverage
5.41▼
2024 · 7.43
Debt ≤ 1 year
€268,824▼
2024 · €335,544
Debt > 1 year
€346,389▲
2024 · €289,221
Income taxes
€2,396
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €83,526 | €21,899 | €29,085 | €470,313 | €54,818 |
| Depreciation and write-downs of the year | €13,692 | €23,801 | €23,118 | €28,282 | €48,544 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €130 | - | €1,309 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,265 | €1,460 | €13,692 | €23,801 | €23,118 | €28,282 | €48,544 | ▲ 71.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €454 | €454 | €1,212 | €142 | ▼ 88.3% |
| Other operating charges640/8 | - | - | €1,411 | €936 | €2,196 | €3,508 | €2,022 | ▼ 42.4% |
| Gross operating margin9900 | -€933 | €11,454 | €11,235 | €36,515 | €26,394 | €39,787 | €92,554 | ▲ 133% |
| Operating profit (loss)9901 | -€2,485 | €9,926 | -€3,868 | €11,324 | €626 | €6,785 | €41,845 | ▲ 517% |
| Financial income75/76B | - | - | €1 | €6 | €0 | €304 | €1,236 | ▲ 307% |
| Recurring financial income75 | - | €13 | €1 | €6 | €0 | €304 | €1,236 | ▲ 307% |
| Financial charges65/66B | - | - | €3,027 | €599 | €1,336 | €4,719 | €16,722 | ▲ 254% |
| Recurring financial charges65 | €247 | €942 | €3,027 | €599 | €1,336 | €4,719 | €16,722 | ▲ 254% |
| Profit (loss) for the period before taxes9903 | -€7,339 | €8,997 | -€6,894 | €10,730 | -€709 | €2,369 | €26,358 | ▲ 11× |
| Income taxes67/77 | - | €251 | - | - | - | - | €2,396 | - |
| Profit (loss) for the period9904 | -€7,339 | €8,746 | -€6,894 | €10,730 | -€709 | €2,369 | €23,962 | ▲ 911% |
| Profit (loss) for the period to be appropriated9905 | -€7,339 | €8,746 | -€6,894 | €10,730 | -€709 | €2,369 | €23,962 | ▲ 911% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €9,408 | €90,331 | €139,451 | €169,455 | €185,773 | €639,922 | €654,374 | ▲ 2.3% |
| Formation expenses20 | €3,570 | €2,603 | €1,636 | €669 | - | - | - | - |
| Fixed assets21/28 | - | €7,427 | €76,127 | €75,192 | €73,221 | €515,252 | €521,525 | ▲ 1.2% |
| Tangible fixed assets22/27 | - | €7,427 | €76,127 | €75,192 | €73,221 | €515,252 | €521,525 | ▲ 1.2% |
| Land and buildings22 | - | - | €6,542 | €5,933 | €5,324 | €398,464 | €412,300 | ▲ 3.5% |
| Plant, machinery and equipment23 | - | - | €31,376 | €28,722 | €25,913 | €90,018 | €93,357 | ▲ 3.7% |
| Furniture and vehicles24 | - | - | €38,209 | €40,537 | €41,983 | €26,769 | €15,869 | ▼ 40.7% |
| Current assets29/58 | €5,837 | €80,301 | €61,688 | €93,594 | €112,552 | €124,670 | €132,849 | ▲ 6.6% |
| Stocks and contracts in progress3 | €946 | - | €10,353 | €13,391 | €11,459 | €17,737 | €22,163 | ▲ 25.0% |
| Stocks30/36 | - | - | €10,353 | €13,391 | €11,459 | €17,737 | €22,163 | ▲ 25.0% |
| Amounts receivable within one year40/41 | €3,534 | €30,647 | €34,893 | €61,677 | €87,646 | €104,398 | €53,602 | ▼ 48.7% |
| Trade receivables40 | - | - | €34,893 | €61,527 | €87,305 | €31,084 | €53,602 | ▲ 72.4% |
| Other amounts receivable41 | - | - | - | €150 | €341 | €73,314 | - | - |
| Cash at bank and in hand54/58 | €1,095 | €49,635 | €16,131 | €18,269 | €13,150 | €2,376 | €56,913 | ▲ 24× |
| Deferred charges and accrued income490/1 | - | - | €312 | €256 | €297 | €160 | €170 | ▲ 6.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €9,408 | €90,331 | €139,451 | €169,455 | €185,773 | €639,922 | €654,374 | ▲ 2.3% |
| Equity10/15 | -€1,139 | €7,607 | €713 | €11,444 | €10,734 | €13,104 | €37,066 | ▲ 183% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | - | - | - | - | - | €23,962 | - |
| Distributable reserves133 | - | - | - | - | - | - | €23,962 | - |
| Profit (loss) carried forward14 | -€7,339 | €1,407 | -€5,487 | €5,244 | €4,534 | €6,904 | €6,904 | = |
| Amounts payable17/49 | €10,547 | €82,724 | €138,738 | €158,011 | €175,039 | €626,818 | €617,308 | ▼ 1.5% |
| Amounts payable after more than one year17 | €4,753 | - | - | €6,567 | €3,212 | €289,221 | €346,389 | ▲ 19.8% |
| Financial debts170/4 | - | - | - | €6,567 | €3,212 | €289,221 | €346,389 | ▲ 19.8% |
| Amounts payable within one year42/48 | €5,794 | €80,645 | €136,959 | €149,480 | €169,339 | €335,544 | €268,824 | ▼ 19.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,206 | €3,355 | €15,634 | €20,129 | ▲ 28.7% |
| Financial debts43 | - | - | - | - | - | €37,154 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €37,154 | - | - |
| Trade debts44 | €5,095 | €4,695 | €25,885 | €23,142 | €42,255 | €11,287 | €11,077 | ▼ 1.9% |
| Suppliers440/4 | - | - | €25,885 | €23,142 | €42,255 | €11,287 | €11,077 | ▼ 1.9% |
| Advances received on contracts in progress46 | - | - | - | €5,063 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €12,438 | €6,435 | €12,059 | €37 | €12,809 | ▲ 342× |
| Taxes450/3 | - | - | €3,438 | €4,185 | €9,809 | €37 | - | - |
| Remuneration and social security454/9 | - | - | €9,000 | €2,250 | €2,250 | - | €12,809 | - |
| Other amounts payable47/48 | - | - | €98,636 | €111,634 | €111,670 | €271,432 | €224,809 | ▼ 17.2% |
| Accrued charges and deferred income492/3 | - | - | €1,779 | €1,963 | €2,488 | €2,053 | €2,095 | ▲ 2.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,339 | €8,746 | -€6,894 | €10,730 | -€709 | €2,369 | €23,962 | ▲ 911% |
| + Depreciation and write-downs630 | €1,265 | €1,460 | €13,692 | €23,801 | €23,118 | €28,282 | €48,544 | ▲ 71.6% |
| Operating cash flow (approximation) | -€6,074 | €10,206 | €6,798 | €34,531 | €22,408 | €30,651 | €72,506 | ▲ 137% |
| Investment in fixed assets (approximation) | - | - | -€82,392 | -€22,866 | -€21,146 | -€470,313 | -€54,818 | ▲ 88.3% |
| Change in cash | - | €48,540 | -€33,504 | €2,138 | -€5,119 | -€10,774 | €54,537 | - |
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, 1,603 companies had the same profile as PHIBACO has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHIBACO itself: 0.8% 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 1,603 companies, not a prediction for PHIBACO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00367558 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00205075 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00316579 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00432704 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20259860 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43000472 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-50400375 |