Philray
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 31 filings
Turnover
≈ €680,000
Estimated: probably between €610,000 and €860,000
Total assets
€916,868▲ 20.6%
2024 · €759,963
Net result
€189,593▲ 99.3%
2024 · €95,118
Working capital
€164,735
2024 · -€94,139
In the rankings
#10 oldest company in Dendermonde, Health and social work sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€296,723
▲ 108%
2025
20192025
Net result
€189,593
▲ 99.3%
2025
highest quarter of the sector
20192025
Equity
€481,435
▲ 64.0%
2025
highest quarter of the sector
20192025
Total assets
€916,868
▲ 20.6%
2025
highest quarter of the sector
20192025
Debt
€435,433
▼ 6.7%
2025
20192025
Working capital
€164,735
2025
middle half of the sector
20192025
Solvency
52.5%
▲ 13.9pp
2025
middle half of the sector
20192025
Current ratio
1.50
▲ 0.77
2025
middle half of the sector
20192025
Return on assets (ROA)
20.7%
▲ 8.2pp
2025
middle half of the sector
20192025
Staff (FTE)
0.9
▼ 10.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€31,300--€4,942▲ 84.2%€32,328-€43,537€108,359€142,997▲ 32.0%€296,723▲ 108%
Net result-€33,250--€7,071below the sector's middle half▲ 78.7%€28,641within the sector's middle half-€44,999below the sector's middle half€89,266within the sector's middle half€95,118within the sector's middle half▲ 6.6%€189,593above the sector's middle half▲ 99.3%
Equity€134,154-€127,083within the sector's middle half▼ 5.3%€155,724within the sector's middle half▲ 22.5%€110,724within the sector's middle half▼ 28.9%€199,990within the sector's middle half▲ 80.6%€293,508within the sector's middle half▲ 46.8%€481,435above the sector's middle half▲ 64.0%
Total assets€467,180-€483,476within the sector's middle half▲ 3.5%€405,304within the sector's middle half▼ 16.2%€301,243within the sector's middle half▼ 25.7%€359,855within the sector's middle half▲ 19.5%€759,963above the sector's middle half▲ 111%€916,868above the sector's middle half▲ 20.6%
Debt€333,026-€356,393▲ 7.0%€249,580▼ 30.0%€190,518▼ 23.7%€159,865▼ 16.1%€466,455▲ 192%€435,433▼ 6.7%
Working capital€21,376--€34,904below the sector's middle half€87,382within the sector's middle half€52,588within the sector's middle half▼ 39.8%€98,247within the sector's middle half▲ 86.8%-€94,139below the sector's middle half€164,735within the sector's middle half
Solvency28.7%-26.3%below the sector's middle half▼ 2.4pp38.4%within the sector's middle half▲ 12.1pp36.8%within the sector's middle half▼ 1.7pp55.6%within the sector's middle half▲ 18.8pp38.6%within the sector's middle half▼ 17.0pp52.5%within the sector's middle half▲ 13.9pp
Current ratio1.11-0.87below the sector's middle half▼ 0.241.58within the sector's middle half▲ 0.701.39below the sector's middle half▼ 0.191.77within the sector's middle half▲ 0.390.73below the sector's middle half▼ 1.041.50within the sector's middle half▲ 0.77
Return on assets (ROA)-7.1%--1.5%below the sector's middle half▲ 5.7pp7.1%below the sector's middle half▲ 8.5pp-14.9%below the sector's middle half▼ 22.0pp24.8%within the sector's middle half▲ 39.7pp12.5%within the sector's middle half▼ 12.3pp20.7%within the sector's middle half▲ 8.2pp
Staff (FTE)1.2-1.1within the sector's middle half▼ 8.3%1.8▲ 63.6%1.8=1.9▲ 5.6%1▼ 47.4%0.9▼ 10.0%
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 108% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €916,868
Fixed assets
€423,328 ▼ 15.8%
Current assets
€493,539 ▲ 92.0%
Equity and liabilities €916,868
Equity
€481,435 ▲ 64.0%
Debt
€435,433 ▼ 6.7%
Debt's share of the balance-sheet total falls from 61.4% to 47.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€409,438▲
2024 · €218,001
Cash flow
€302,308▲
2024 · €170,123
Debt to equity
0.90▼
2024 · 1.59
ROE
39.4%▲
2024 · 32.4%
Interest coverage
24.39▲
2024 · 21.64
Debt ≤ 1 year
€328,805▼
2024 · €351,258
Debt > 1 year
€79,457▼
2024 · €112,477
Income taxes
€91,568▲
2024 · €38,398
Staff costs
€32,111▼
2024 · €33,860
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 1 | 1 | 1 |
| part-time | 2 | 2 | 1 | 1 | 1 |
| in full-time equivalents | 1.1 | 1.1 | 0.8 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 1.1 | 1.1 | 1.1 | 0.8 | 0.7 |
| On a permanent contract | 2 | 1 | 1 | 1 | 1 |
| Joined | 1 | 1 | 3 | - | 1 |
| Left | 1 | 1 | 4 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,008 | €16,924 | €83,511 | €443,244 | €33,199 |
| Depreciation and write-downs of the year | €91,504 | €70,202 | €38,557 | €75,005 | €112,715 |
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 | - | - | - | - | €1,400 | - | €7,600 | - |
| Remuneration, social security and pensions62 | - | - | €26,943 | €34,494 | €37,238 | €33,860 | €32,111 | ▼ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €76,689 | €88,465 | €91,504 | €70,202 | €38,557 | €75,005 | €112,715 | ▲ 50.3% |
| Other operating charges640/8 | - | - | €475 | €876 | €338 | €355 | €296 | ▼ 16.5% |
| Gross operating margin9900 | €77,514 | €118,946 | €151,250 | €62,035 | €184,491 | €252,215 | €441,845 | ▲ 75.2% |
| Operating profit (loss)9901 | -€31,300 | -€4,942 | €32,328 | -€43,537 | €108,359 | €142,997 | €296,723 | ▲ 108% |
| Financial income75/76B | - | - | €867 | €108 | €207 | €596 | €1,228 | ▲ 106% |
| Recurring financial income75 | €91 | €143 | €867 | €108 | €207 | €596 | €1,228 | ▲ 106% |
| Financial charges65/66B | - | - | €1,690 | €550 | €1,648 | €10,076 | €16,790 | ▲ 66.6% |
| Recurring financial charges65 | €1,607 | €1,417 | €1,690 | €550 | €1,648 | €10,076 | €16,790 | ▲ 66.6% |
| Profit (loss) for the period before taxes9903 | -€32,816 | -€6,216 | €31,505 | -€43,980 | €106,917 | €133,516 | €281,161 | ▲ 111% |
| Income taxes67/77 | €435 | €855 | €2,864 | €1,020 | €17,651 | €38,398 | €91,568 | ▲ 138% |
| Profit (loss) for the period9904 | -€33,250 | -€7,071 | €28,641 | -€44,999 | €89,266 | €95,118 | €189,593 | ▲ 99.3% |
| Profit (loss) for the period to be appropriated9905 | -€33,250 | -€7,071 | €28,641 | -€44,999 | €89,266 | €95,118 | €189,593 | ▲ 99.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €467,180 | €483,476 | €405,304 | €301,243 | €359,855 | €759,963 | €916,868 | ▲ 20.6% |
| Fixed assets21/28 | €250,518 | €241,025 | €166,530 | €113,252 | €134,606 | €502,845 | €423,328 | ▼ 15.8% |
| Tangible fixed assets22/27 | €242,977 | €233,485 | €158,989 | €105,711 | €127,065 | €495,304 | €415,787 | ▼ 16.1% |
| Plant, machinery and equipment23 | - | - | €106,207 | €77,741 | €103,642 | €344,707 | €264,502 | ▼ 23.3% |
| Furniture and vehicles24 | - | - | €45,782 | €20,969 | €16,423 | €143,597 | €144,285 | ▲ 0.5% |
| Other tangible fixed assets26 | - | - | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Financial fixed assets28 | €7,541 | €7,541 | €7,541 | €7,541 | €7,541 | €7,541 | €7,541 | = |
| Current assets29/58 | €216,662 | €242,451 | €238,774 | €187,991 | €225,250 | €257,118 | €493,539 | ▲ 92.0% |
| Amounts receivable within one year40/41 | €11,931 | €21,025 | €13,032 | €6,641 | €3,672 | €11,624 | €11,624 | = |
| Other amounts receivable41 | - | - | €13,032 | €6,641 | €3,672 | €11,624 | €11,624 | = |
| Current investments50/53 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Cash at bank and in hand54/58 | €171,475 | €203,311 | €207,553 | €162,994 | €202,960 | €225,504 | €461,970 | ▲ 105% |
| Deferred charges and accrued income490/1 | - | - | €5,794 | €5,962 | €6,223 | €7,596 | €7,551 | ▼ 0.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €467,180 | €483,476 | €405,304 | €301,243 | €359,855 | €759,963 | €916,868 | ▲ 20.6% |
| Equity10/15 | €134,154 | €127,083 | €155,724 | €110,724 | €199,990 | €293,508 | €481,435 | ▲ 64.0% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €192,330 | €192,330 | €192,330 | €192,330 | €192,330 | €274,910 | €462,810 | ▲ 68.3% |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | €190,471 | €190,471 | €190,471 | €273,051 | €460,951 | ▲ 68.8% |
| Profit (loss) carried forward14 | -€76,768 | -€83,839 | -€55,198 | -€100,197 | -€10,932 | €6 | €33 | ▲ 423% |
| Amounts payable17/49 | €333,026 | €356,393 | €249,580 | €190,518 | €159,865 | €466,455 | €435,433 | ▼ 6.7% |
| Amounts payable after more than one year17 | €118,840 | €69,589 | €56,658 | €16,018 | €32,863 | €112,477 | €79,457 | ▼ 29.4% |
| Financial debts170/4 | - | - | €56,658 | €16,018 | €32,863 | €112,477 | €79,457 | ▼ 29.4% |
| Amounts payable within one year42/48 | €195,286 | €277,354 | €151,391 | €135,403 | €127,002 | €351,258 | €328,805 | ▼ 6.4% |
| Current portion of amounts payable after more than one year42 | - | - | €52,585 | €40,488 | €19,987 | €35,840 | €33,020 | ▼ 7.9% |
| Trade debts44 | €126,570 | €155,579 | €94,671 | €87,870 | €75,831 | €95,728 | €56,838 | ▼ 40.6% |
| Suppliers440/4 | - | - | €94,671 | €87,870 | €75,831 | €95,728 | €56,838 | ▼ 40.6% |
| Taxes, remuneration and social security45 | - | - | €4,135 | €7,045 | €31,185 | €55,800 | €70,550 | ▲ 26.4% |
| Taxes450/3 | - | - | €1,645 | €753 | €17,463 | €40,453 | €55,429 | ▲ 37.0% |
| Remuneration and social security454/9 | - | - | €2,490 | €6,292 | €13,722 | €15,347 | €15,120 | ▼ 1.5% |
| Other amounts payable47/48 | - | - | - | - | - | €163,891 | €168,397 | ▲ 2.7% |
| Accrued charges and deferred income492/3 | - | - | €41,530 | €39,097 | - | €2,720 | €27,171 | ▲ 899% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€33,250 | -€7,071 | €28,641 | -€44,999 | €89,266 | €95,118 | €189,593 | ▲ 99.3% |
| + Depreciation and write-downs630 | €76,689 | €88,465 | €91,504 | €70,202 | €38,557 | €75,005 | €112,715 | ▲ 50.3% |
| Operating cash flow (approximation) | €43,438 | €81,394 | €120,145 | €25,203 | €127,823 | €170,123 | €302,308 | ▲ 77.7% |
| Investment in fixed assets (approximation) | - | -€78,972 | -€17,008 | -€16,924 | -€59,911 | -€443,244 | -€33,199 | ▲ 92.5% |
| Change in cash | - | €31,836 | €4,243 | -€44,559 | €39,966 | €22,544 | €236,466 | ▲ 949% |
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, 31,368 companies had the same profile as Philray has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Philray 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 31,368 companies, not a prediction for Philray. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00090382 | |
| 30-09-2024 | micro format | 23-04-2025 | 2025-00073279 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00071737 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00074084 | |
| 30-09-2021 | micro format | 26-04-2022 | 2022-20008191 | |
| 30-09-2020 | micro format | 23-04-2021 | 2021-11500202 | |
| 30-09-2019 | micro format | 23-03-2020 | 2020-07200517 | |
| 30-09-2018 | micro format | 03-04-2019 | 2019-09200405 | |
| 30-09-2017 | micro format | 22-03-2018 | 2018-07500482 | |
| 30-09-2016 | abbreviated format | 27-04-2017 | 2017-10600161 |