PHILCA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-09-2026 at the NBB all 25 filings
Turnover
≈ €82,000
Estimated: probably between €65,000 and €110,000
Total assets
€220,556▼ 4.2%
2025 · €230,224
Net result
€9,388▼ 0.2%
2025 · €9,408
Working capital
-€105,083▼ 3.9%
2025 · -€101,165
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€16,539
▲ 6.2%
2026
20192026
Net result
€9,388
▼ 0.2%
2026
20192026
Equity
€64,390
▲ 17.1%
2026
20192026
Total assets
€220,556
▼ 4.2%
2026
20192026
Debt
€156,166
▼ 10.9%
2026
20192026
Working capital
-€105,083
▼ 3.9%
2026
20192026
Solvency
29.2%
▲ 5.3pp
2026
20192026
Current ratio
0.03
▲ 0.01
2026
20192026
Return on assets (ROA)
4.3%
▲ 0.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€16,738-€14,292▼ 14.6%€20,294▲ 42.0%€12,871▼ 36.6%€12,286▼ 4.5%€14,534▲ 18.3%€15,568▲ 7.1%€16,539▲ 6.2%
Net result€4,352-€2,858▼ 34.3%€10,149within the sector's middle half▲ 255%€5,450within the sector's middle half▼ 46.3%€1,268within the sector's middle half▼ 76.7%€4,702within the sector's middle half▲ 271%€9,408within the sector's middle half▲ 100%€9,388▼ 0.2%
Equity€21,166-€24,025▲ 13.5%€34,174within the sector's middle half▲ 42.2%€39,624within the sector's middle half▲ 15.9%€40,892within the sector's middle half▲ 3.2%€45,595within the sector's middle half▲ 11.5%€55,003within the sector's middle half▲ 20.6%€64,390▲ 17.1%
Total assets€293,719-€284,784▼ 3.0%€274,024above the sector's middle half▼ 3.8%€262,538above the sector's middle half▼ 4.2%€251,711above the sector's middle half▼ 4.1%€241,023above the sector's middle half▼ 4.2%€230,224above the sector's middle half▼ 4.5%€220,556▼ 4.2%
Debt€272,553-€260,759▼ 4.3%€239,850▼ 8.0%€222,914▼ 7.1%€210,818▼ 5.4%€195,429▼ 7.3%€175,222▼ 10.3%€156,166▼ 10.9%
Working capital-€79,128--€84,535▼ 6.8%-€81,909below the sector's middle half▲ 3.1%-€84,587below the sector's middle half▼ 3.3%-€92,707below the sector's middle half▼ 9.6%-€101,510below the sector's middle half▼ 9.5%-€101,165below the sector's middle half▲ 0.3%-€105,083▼ 3.9%
Solvency7.2%-8.4%▲ 1.2pp12.5%within the sector's middle half▲ 4.0pp15.1%within the sector's middle half▲ 2.6pp16.2%within the sector's middle half▲ 1.2pp18.9%within the sector's middle half▲ 2.7pp23.9%within the sector's middle half▲ 5.0pp29.2%▲ 5.3pp
Current ratio0.02-0.02=0.03below the sector's middle half=0.02below the sector's middle half▼ 0.010.02below the sector's middle half=0.03below the sector's middle half=0.02below the sector's middle half=0.03▲ 0.01
Return on assets (ROA)1.5%-1.0%▼ 0.5pp3.7%within the sector's middle half▲ 2.7pp2.1%within the sector's middle half▼ 1.6pp0.5%within the sector's middle half▼ 1.6pp2.0%within the sector's middle half▲ 1.4pp4.1%within the sector's middle half▲ 2.1pp4.3%▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 2026 is 6% higher than in 2025 and the highest since 2022. It is the third 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
2026 in colour, 2025 as the grey bar beneath
Assets €220,556
Fixed assets
€216,976 ▼ 4.7%
Current assets
€3,580 ▲ 41.6%
Equity and liabilities €220,556
Equity
€64,390 ▲ 17.1%
Debt
€156,166 ▼ 10.9%
Debt's share of the balance-sheet total falls from 76.1% to 70.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27,259▲
2025 · €26,288
Cash flow
€20,108▼
2025 · €20,128
Quick ratio
0.02▲
2025 · 0.01
Debt to equity
2.43▼
2025 · 3.19
ROE
14.6%▼
2025 · 17.1%
Interest coverage
6.15▲
2025 · 4.27
Debt ≤ 1 year
€108,663▲
2025 · €103,693
Debt > 1 year
€47,503▼
2025 · €71,528
Income taxes
€2,720
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €50,000 | €50,000 | - | - | - |
| Carrying value of the mortgaged assets | €184,920 | €174,200 | - | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,720 | €11,099 | €11,099 | €11,099 | €11,099 | €11,099 | €10,720 | €10,720 | = |
| Other operating charges640/8 | - | - | - | €2,931 | €2,755 | €5,063 | €3,052 | €3,134 | ▲ 2.7% |
| Gross operating margin9900 | €30,000 | €27,935 | €33,690 | €26,900 | €26,140 | €30,695 | €29,340 | €30,393 | ▲ 3.6% |
| Operating profit (loss)9901 | €16,738 | €14,292 | €20,294 | €12,871 | €12,286 | €14,534 | €15,568 | €16,539 | ▲ 6.2% |
| Financial income75/76B | - | - | - | - | - | - | €2 | €0 | ▼ 99.5% |
| Recurring financial income75 | - | €21 | - | - | - | - | €2 | €0 | ▼ 99.5% |
| Financial charges65/66B | - | - | - | €7,421 | €11,018 | €9,831 | €6,163 | €4,431 | ▼ 28.1% |
| Recurring financial charges65 | €12,386 | €11,454 | €10,145 | €7,421 | €11,018 | €9,831 | €6,163 | €4,431 | ▼ 28.1% |
| Profit (loss) for the period before taxes9903 | €4,352 | €2,858 | €10,149 | €5,450 | €1,268 | €4,702 | €9,408 | €12,108 | ▲ 28.7% |
| Income taxes67/77 | - | - | - | - | - | - | - | €2,720 | - |
| Profit (loss) for the period9904 | €4,352 | €2,858 | €10,149 | €5,450 | €1,268 | €4,702 | €9,408 | €9,388 | ▼ 0.2% |
| Profit (loss) for the period to be appropriated9905 | €4,352 | €2,858 | €10,149 | €5,450 | €1,268 | €4,702 | €9,408 | €9,388 | ▼ 0.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €293,719 | €284,784 | €274,024 | €262,538 | €251,711 | €241,023 | €230,224 | €220,556 | ▼ 4.2% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €292,016 | €282,812 | €271,713 | €260,614 | €249,515 | €238,416 | €227,696 | €216,976 | ▼ 4.7% |
| Intangible fixed assets21 | €74,331 | €74,331 | €74,331 | €74,331 | €74,331 | €74,331 | €74,331 | €74,331 | = |
| Tangible fixed assets22/27 | €217,080 | €207,876 | €196,777 | €185,678 | €174,579 | €163,480 | €152,760 | €142,040 | ▼ 7.0% |
| Land and buildings22 | - | - | - | €184,920 | €174,200 | €163,480 | €152,760 | €142,040 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €758 | €379 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | - | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €605 | €605 | €605 | €605 | €605 | €605 | €605 | €605 | = |
| Current assets29/58 | €1,703 | €1,972 | €2,311 | €1,924 | €2,196 | €2,607 | €2,528 | €3,580 | ▲ 41.6% |
| Stocks and contracts in progress3 | €1,107 | €1,797 | €1,669 | €1,290 | €1,025 | €1,330 | €1,258 | €1,747 | ▲ 38.9% |
| Stocks30/36 | - | - | - | €1,290 | €1,025 | €1,330 | €1,258 | €1,747 | ▲ 38.9% |
| Amounts receivable within one year40/41 | - | - | - | - | €181 | €239 | €124 | €214 | ▲ 72.6% |
| Trade receivables40 | - | - | - | - | €181 | €239 | €124 | €214 | ▲ 72.6% |
| Cash at bank and in hand54/58 | €596 | €117 | €99 | €76 | €389 | €410 | €540 | €1,486 | ▲ 175% |
| Deferred charges and accrued income490/1 | - | - | - | €558 | €600 | €627 | €606 | €133 | ▼ 78.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €293,719 | €284,784 | €274,024 | €262,538 | €251,711 | €241,023 | €230,224 | €220,556 | ▼ 4.2% |
| Equity10/15 | €21,166 | €24,025 | €34,174 | €39,624 | €40,892 | €45,595 | €55,003 | €64,390 | ▲ 17.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €11,396 | €11,396 | €11,396 | €11,396 | €11,396 | €11,396 | €11,396 | €20,776 | ▲ 82.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | - | - | - | €4,536 | €4,536 | €6,396 | €6,396 | €15,776 | ▲ 147% |
| Profit (loss) carried forward14 | -€8,829 | -€5,971 | €4,178 | €9,629 | €10,897 | €15,599 | €25,007 | €25,015 | = |
| Amounts payable17/49 | €272,553 | €260,759 | €239,850 | €222,914 | €210,818 | €195,429 | €175,222 | €156,166 | ▼ 10.9% |
| Amounts payable after more than one year17 | €191,722 | €174,252 | €155,630 | €136,403 | €115,916 | €91,311 | €71,528 | €47,503 | ▼ 33.6% |
| Financial debts170/4 | - | - | - | €136,403 | €115,916 | €91,311 | €71,528 | €47,503 | ▼ 33.6% |
| Amounts payable within one year42/48 | €80,831 | €86,507 | €84,220 | €86,512 | €94,903 | €104,117 | €103,693 | €108,663 | ▲ 4.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,655 | €20,487 | €24,604 | €22,956 | €24,026 | ▲ 4.7% |
| Financial debts43 | - | - | - | €240 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €240 | - | - | - | - | - |
| Trade debts44 | €2,974 | €1,518 | €1,162 | €294 | €1,575 | €1,403 | €1,616 | €1,419 | ▼ 12.2% |
| Suppliers440/4 | - | - | - | €294 | €1,575 | €1,403 | €1,616 | €1,419 | ▼ 12.2% |
| Taxes, remuneration and social security45 | - | - | - | €2,539 | €2,876 | €2,714 | €1,355 | €3,926 | ▲ 190% |
| Taxes450/3 | - | - | - | €2,539 | €2,876 | €2,714 | €1,355 | €3,926 | ▲ 190% |
| Other amounts payable47/48 | - | - | - | €64,785 | €69,965 | €75,395 | €77,767 | €79,293 | ▲ 2.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,352 | €2,858 | €10,149 | €5,450 | €1,268 | €4,702 | €9,408 | €9,388 | ▼ 0.2% |
| + Depreciation and write-downs630 | €10,720 | €11,099 | €11,099 | €11,099 | €11,099 | €11,099 | €10,720 | €10,720 | = |
| Operating cash flow (approximation) | €15,072 | €13,957 | €21,248 | €16,549 | €12,367 | €15,801 | €20,128 | €20,108 | ▼ 0.1% |
| Investment in fixed assets (approximation) | - | -€1,895 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€480 | -€17 | -€23 | €313 | €22 | €130 | €946 | ▲ 629% |
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, 3,984 companies had the same profile as PHILCA has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHILCA 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 3,984 companies, not a prediction for PHILCA. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 29-09-2026 | 2026-00547721 | |
| 31-03-2025 | micro format | 29-09-2025 | 2025-00508284 | |
| 31-03-2024 | micro format | 30-09-2024 | 2024-00478498 | |
| 31-03-2023 | micro format | 17-10-2023 | 2023-00489147 | |
| 31-03-2022 | micro format | 27-09-2022 | 2022-20437532 | |
| 31-03-2021 | micro format | 30-09-2021 | 2021-70000326 | |
| 31-03-2020 | micro format | 09-10-2020 | 2020-60700434 | |
| 31-03-2019 | micro format | 30-09-2019 | 2019-67400284 | |
| 31-03-2018 | abbreviated format | 25-09-2018 | 2018-64400133 | |
| 31-03-2017 | abbreviated format | 21-09-2017 | 2017-62000561 |