PHICAP PROJECT MANAGEMENT
ActivePHICAP PROJECT MANAGEMENT has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €437k and a net result of €156k. Equity is growing by ~26.8% per year across the filed fiscal years. Its solvency ranks better than 32% of 726 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
62
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability76▼-19
Solvency52▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity short (current ratio 0.98 against 1.09 in 2024; short-term debt: 71% and cash: 1.9% of total assets), and 72.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Sector 71
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
27.2%
Return on assets
9.7%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
3 d late
2024
42 d early
2023
36 d early
2022
124 d early
2021
24 d late
2020
68 d late
2019
24 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€156k▼ 48.1%
2024 · €300k
2019: €-11k
2020: €-190k
2021: €23k
2022: €24k
2023: €120k
2024: €300k
2019 → 2025
Working capital
€-23k
2024 · €78k
2019: €408k
2020: €257k
2021: €226k
2022: €178k
2023: €48k
2024: €78k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€135k-€159k▲ 17.6%€278k▲ 75.0%€452k▲ 62.6%€437k▼ 3.3%
Operating result€36k-€38k▲ 5.5%€205k▲ 433%€420k▲ 105%€243k▼ 42.2%
Net result€23k-€24k▲ 6.8%€120k▲ 390%€300k▲ 150%€156k▼ 48.1%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 42% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.61M
Fixed assets
€490k▲ 6.5%
Current assets
€1.12M▲ 16.9%
Equity and liabilities €1.61M
Equity
€437k▼ 3.3%
Provisions
€2k▼ 10.3%
Debt
€1.17M▲ 21.5%
The debt ratio rises from 67.9% to 72.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€291k▼
2024 · €459k
Cash flow
€203k▼
2024 · €339k
Solvency
27.2%▼
2024 · 31.9%
Current ratio
0.98▼
2024 · 1.09
Quick ratio
0.98▼
2024 · 1.09
Debt / equity
2.68▲
2024 · 2.13
ROE
35.6%▼
2024 · 66.3%
ROA
9.7%▼
2024 · 21.2%
Interest coverage
5.37▼
2024 · 12.07
Debt
€1.17M▲
2024 · €962k
Debt ≤ 1 year
€1.14M▲
2024 · €878k
Income taxes
€63k▼
2024 · €119k
Staff costs
€1.53M▲
2024 · €1.27M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.42M€1.61M▲
Fixed assets21/28€460k€490k▲
Intangible fixed assets21€150k€124k▼
Tangible fixed assets22/27€55k€43k▼
Furniture and vehicles24€20k€14k▼
Other tangible fixed assets26€35k€29k▼
Financial fixed assets28€256k€323k▲
Current assets29/58€956k€1.12M▲
Amounts receivable within one year40/41€861k€1.04M▲
Trade receivables40€834k€859k▲
Other amounts receivable41€27k€179k▲
Cash at bank and in hand54/58€68k€31k▼
Deferred charges and accrued income490/1€28k€49k▲
Equity and liabilities
Total equity and liabilities10/49€1.42M€1.61M▲
Equity10/15€452k€437k▼
Contributions10/11€400k€400k=
Capital10€400k€400k=
Issued capital100€450k€450k=
Uncalled capital101€50k€50k=
Reserves13-€8k
Non-distributable reserves130/1-€8k
Legal reserve130-€8k
Profit (loss) carried forward14€49k€27k▼
Investment grants15€3k€3k▼
Provisions and deferred taxes16€2k€2k▼
Deferred taxes168€2k€2k▼
Amounts payable17/49€962k€1.17M▲
Amounts payable after more than one year17€58k-
Other amounts payable178/9€58k-
Amounts payable within one year42/48€878k€1.14M▲
Current portion of amounts payable after more than one year42€255k€160k▼
Financial debts43-€233k
Credit institutions430/8-€233k
Trade debts44€187k€337k▲
Suppliers440/4€187k€337k▲
Taxes, remuneration and social security45€311k€242k▼
Taxes450/3€166k€94k▼
Remuneration and social security454/9€145k€148k▲
Other amounts payable47/48€125k€170k▲
Accrued charges and deferred income492/3€26k€28k▲
Income statement
Code20242025
Remuneration, social security and pensions62€1.27M€1.53M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€47k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A€3k€15k▲
Gross operating margin9900€1.74M€1.84M▲
Operating profit (loss)9901€420k€243k▼
Financial income75/76B€37k€29k▼
Recurring financial income75€37k€29k▼
Financial charges65/66B€38k€54k▲
Recurring financial charges65€38k€54k▲
Profit (loss) for the period before taxes9903€419k€218k▼
Transfer from deferred taxes780€251€251=
Income taxes67/77€119k€63k▼
Profit (loss) for the period9904€300k€156k▼
Profit (loss) for the period to be appropriated9905€300k€156k▼
Appropriation of the result
Profit (loss) to be appropriated9906€174k€204k▲
Profit (loss) brought forward from the previous period14P€-126k€49k▲
Transfer to equity691/2-€8k
To the legal reserve6920-€8k
Profit to be distributed694/7€125k€170k▲
Return on contributions (dividend)694€125k€170k▲
Social balance
Average headcount (FTE)908714.316.5▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 3 days late
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2019net €300k ▲150%
Operating result €420k, net result €300k, both a record.
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200kEq €278k ▲75%
3 profitable years in a row build equity to €278k.
29-03
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €150kEq €159k ▲17.6%
2 profitable years in a row build equity to €159k.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 24 days late
2021
31-12
Financial
Back to profitnet €23k
Net result €23k after 2 loss-making years.
07-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 68 days late
2020
31-12
Financial
Weakest financial yearnet €-190k
Net result drops to €-190k, the lowest in the series; recovery starts the following year.
07-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
21-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
30-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
17 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 1 establishment unit since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Vorstlaan 1001170 Watermaal-BosvoordeGround area
1.7 ha
Building footprint
4,778 m²
Volume, LiDAR
57,076 m³
Parcel 21017D0290/00E003, Brussels · tallest building 28.2 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Phicap Project Management
since 20092.178.111.046
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21017D0290/00E003 | Brussels | 1.7 ha | 1 · 4,778 m² | 28.2 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
FORTECH STUDIE
BE 0478.683.023
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B-bis architecten
BE 0807.856.481
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Bert Haerynck architecten
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Gent · Eq €437k
ARCHITECTENBUREAU PEETERS
BE 0473.746.119
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MoZo architecten
BE 0645.640.710
Zaventem · Eq €436k
Of 18,255 companies in sector 71111 we hold annual accounts for 6,321. 4,210 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded14-05-2009
Fiscal year end31-12
Abbreviation NL
PHICAP PROJECT
Activities, NACEBEL
71111Activities of building architects
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryPhone:0497514370