PHIVARO
ActiveSummary
PHIVARO has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €242,953 and a net result of €12,988. Equity is growing by ~37.3% per year across the filed fiscal years. Its solvency ranks better than 17% of 3241 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+8
Solvency38▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity short (current ratio 0.04 against 0.03 in 2024; short-term debt: 27.8% and cash: 0.4% of total assets), and 86.8% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
13.2%
Return on assets
0.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 3241 sector peers (2025).
NBB · sector comparisonPosition among 3241 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
76 d early
2023
56 d late
2022
4 d early
2021
11 d early
2020
31 d late
2019
7 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 20 July (4 of the last 5 filed years within 65 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€121,543
EBIT margin
35.3%
Net result
€12,988▼ 49.6%
2024 · €25,786
Working capital
-€487,269▼ 12.5%
2024 · -€433,192
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€121,543
Operating result€40,480€117,166▲ 189%€81,326▼ 30.6%€55,741▼ 31.5%€42,898▼ 23.0%
Net result€32,917within the sector's middle half€100,700above the sector's middle half▲ 206%€57,265within the sector's middle half▼ 43.1%€25,786within the sector's middle half▼ 55.0%€12,988within the sector's middle half▼ 49.6%
EBIT margin35.3%
Equity€46,214within the sector's middle half▲ 248%€146,914within the sector's middle half▲ 218%€204,179within the sector's middle half▲ 39.0%€229,965within the sector's middle half▲ 12.6%€242,953within the sector's middle half▲ 5.6%
Total assets€1.5mabove the sector's middle half▼ 1.2%€1.9mabove the sector's middle half▲ 30.0%€2.0mabove the sector's middle half▲ 0.7%€1.9mabove the sector's middle half▼ 4.2%€1.8mwithin the sector's middle half▼ 2.2%
Debt€1.4m▼ 3.4%€1.8m▲ 24.0%€1.8m▼ 2.5%€1.6m▼ 6.2%€1.6m▼ 3.2%
Working capital-€459,183below the sector's middle half▼ 1.4%-€455,893below the sector's middle half▲ 0.7%-€419,335below the sector's middle half▲ 8.0%-€433,192below the sector's middle half▼ 3.3%-€487,269below the sector's middle half▼ 12.5%
Solvency3.1%below the sector's middle half▲ 2.2pp7.6%below the sector's middle half▲ 4.5pp10.4%below the sector's middle half▲ 2.9pp12.3%below the sector's middle half▲ 1.8pp13.2%below the sector's middle half▲ 1.0pp
Current ratio0.02below the sector's middle half▲ 0.010.11below the sector's middle half▲ 0.090.11below the sector's middle half=0.03below the sector's middle half▼ 0.070.04below the sector's middle half▲ 0.01
Return on assets (ROA)2.2%within the sector's middle half▲ 3.0pp5.2%within the sector's middle half▲ 3.0pp2.9%within the sector's middle half▼ 2.3pp1.4%below the sector's middle half▼ 1.6pp0.7%within the sector's middle half▼ 0.7pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 23% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.8m ▼ 2.5%
Current assets
€21,961 ▲ 42.4%
Equity and liabilities €1.8m
Equity
€242,953 ▲ 5.6%
Debt
€1.6m ▼ 3.2%
Debt's share of the balance-sheet total falls from 87.7% to 86.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89,899▼
2024 · €102,742
Cash flow
€59,989▼
2024 · €72,787
Debt to equity
6.55▼
2024 · 7.15
ROE
5.3%▼
2024 · 11.2%
Interest coverage
3.59▼
2024 · 4.55
Debt ≤ 1 year
€509,229▲
2024 · €448,617
Debt > 1 year
€1.1m▼
2024 · €1.2m
Income taxes
€4,800▼
2024 · €19,244
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,105 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €122,325 | - |
| Turnover70 | - | - | - | - | €121,543 | - |
| Other operating income74 | - | - | - | - | €782 | - |
| Operating charges60/66A | - | - | - | - | €79,427 | - |
| Services and other goods61 | - | - | - | - | €21,922 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,308 | €24,091 | €46,826 | €47,001 | €47,001 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,468 | - |
| Other operating charges640/8 | €4,840 | €8,084 | €7,652 | €7,656 | €9,036 | ▲ 18.0% |
| Gross operating margin9900 | €66,628 | €149,341 | €135,804 | €110,398 | - | - |
| Operating profit (loss)9901 | €40,480 | €117,166 | €81,326 | €55,741 | €42,898 | ▼ 23.0% |
| Financial income75/76B | €7,982 | €20,455 | €11,880 | €11,880 | €18 | ▼ 99.8% |
| Recurring financial income75 | €7,982 | €20,455 | €11,880 | €11,880 | €18 | ▼ 99.8% |
| Other financial income752/9 | - | - | - | - | €18 | - |
| Financial charges65/66B | €15,545 | €24,421 | €23,441 | €22,591 | €25,128 | ▲ 11.2% |
| Recurring financial charges65 | €15,545 | €24,421 | €23,441 | €22,591 | €25,128 | ▲ 11.2% |
| Debt charges650 | - | - | - | - | €25,013 | - |
| Other financial charges652/9 | - | - | - | - | €115 | - |
| Profit (loss) for the period before taxes9903 | €32,917 | €113,200 | €69,765 | €45,030 | €17,788 | ▼ 60.5% |
| Income taxes67/77 | - | €12,500 | €12,500 | €19,244 | €4,800 | ▼ 75.1% |
| Taxes670/3 | - | - | - | - | €4,800 | - |
| Profit (loss) for the period9904 | €32,917 | €100,700 | €57,265 | €25,786 | €12,988 | ▼ 49.6% |
| Profit (loss) for the period to be appropriated9905 | €32,917 | €100,700 | €57,265 | €25,786 | €12,988 | ▼ 49.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.9m | €2.0m | €1.9m | €1.8m | ▼ 2.2% |
| Fixed assets21/28 | €1.5m | €1.9m | €1.9m | €1.9m | €1.8m | ▼ 2.5% |
| Tangible fixed assets22/27 | €1.2m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.0% |
| Land and buildings22 | €1.2m | €1.6m | €1.6m | €1.5m | €1.5m | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | €8,157 | €7,254 | €6,350 | ▼ 12.5% |
| Furniture and vehicles24 | - | €996 | €897 | €797 | €697 | ▼ 12.5% |
| Financial fixed assets28 | €314,300 | €314,300 | €314,300 | €314,300 | €314,400 | = |
| Affiliated companies280/1 | - | - | - | - | €314,400 | - |
| Participating interests280 | - | - | - | - | €314,400 | - |
| Current assets29/58 | €8,830 | €55,523 | €50,624 | €15,425 | €21,961 | ▲ 42.4% |
| Amounts receivable within one year40/41 | - | €2,257 | €1,719 | €13,413 | €13,841 | ▲ 3.2% |
| Trade receivables40 | - | €2,257 | €1,719 | €13,413 | €13,368 | ▼ 0.3% |
| Other amounts receivable41 | - | - | - | - | €473 | - |
| Cash at bank and in hand54/58 | €8,830 | €43,266 | €47,567 | €503 | €6,624 | ▲ 1,218% |
| Deferred charges and accrued income490/1 | - | €10,000 | €1,338 | €1,509 | €1,497 | ▼ 0.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.9m | €2.0m | €1.9m | €1.8m | ▼ 2.2% |
| Equity10/15 | €46,214 | €146,914 | €204,179 | €229,965 | €242,953 | ▲ 5.6% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €19,254 | €19,254 | €19,254 | €19,254 | €19,254 | = |
| Non-distributable reserves130/1 | €964 | €964 | €964 | €964 | - | - |
| Reserves not available under the articles1311 | €964 | €964 | €964 | €964 | - | - |
| Distributable reserves133 | €18,290 | €18,290 | €18,290 | €18,290 | €19,254 | ▲ 5.3% |
| Profit (loss) carried forward14 | -€23,040 | €77,660 | €134,925 | €160,711 | €173,699 | ▲ 8.1% |
| Amounts payable17/49 | €1.4m | €1.8m | €1.8m | €1.6m | €1.6m | ▼ 3.2% |
| Amounts payable after more than one year17 | €981,009 | €1.3m | €1.3m | €1.2m | €1.1m | ▼ 9.5% |
| Financial debts170/4 | €981,009 | €1.3m | €1.3m | €1.2m | €1.1m | ▼ 9.5% |
| Credit institutions173 | - | - | - | - | €1.1m | - |
| Amounts payable within one year42/48 | €468,014 | €511,415 | €469,959 | €448,617 | €509,229 | ▲ 13.5% |
| Current portion of amounts payable after more than one year42 | €69,325 | €106,049 | €107,350 | €96,274 | €96,798 | ▲ 0.5% |
| Trade debts44 | €2,297 | €27,235 | - | - | €9,992 | - |
| Suppliers440/4 | €2,297 | €27,235 | - | - | €9,992 | - |
| Taxes, remuneration and social security45 | €4,957 | €7,151 | €3,508 | €5,123 | €7,608 | ▲ 48.5% |
| Taxes450/3 | €4,957 | €7,151 | €3,508 | €5,123 | €7,608 | ▲ 48.5% |
| Other amounts payable47/48 | €391,435 | €370,980 | €359,100 | €347,220 | €394,831 | ▲ 13.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,200 | €1,588 | ▼ 27.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,917 | €100,700 | €57,265 | €25,786 | €12,988 | ▼ 49.6% |
| + Depreciation and write-downs630 | €21,308 | €24,091 | €46,826 | €47,001 | €47,001 | = |
| Operating cash flow (approximation) | €54,225 | €124,791 | €104,092 | €72,787 | €59,989 | ▼ 17.6% |
| Investment in fixed assets (approximation) | - | -€426,147 | -€64,683 | €0 | -€100 | - |
| Change in cash | - | €34,436 | €4,300 | -€47,064 | €6,121 | ▲ 113% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-09
State Gazette act
Capital & shares · RestructuringMerger · Shareholding · Power of attorney3 facts ▸
State Gazette act
Capital & shares · Restructuring
Merger · Shareholding · Power of attorney3 facts ▸
- Merger, geruisloze fusie, Overnemende vennootschap houdster van alle aandelen van Overgenomen vennootschap
- Shareholding
- Power of attorney, Paulien Sebrechts
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
10-06
State Gazette act
RestructuringMerger · Shareholding · Accounting effect10 facts ▸
State Gazette act
Restructuring
Merger · Shareholding · Accounting effect10 facts ▸
- Merger, metfusiegelijkgesteldeverrichtingdooroverneming, gehelevermogenrechtenenplichten
- Shareholding, 450
- Other statement, uitgiftenieuweaandelen, reedsbezit450aandelen
- Other statement, fiscaalboekhoudkundigregime, artikel211,§1WIB92
- Other statement, fusiekosten
- Accounting effect, 01-01-2026
- Other statement, rechten van de aandeelhouders
- Other statement, bijzondere voordelen bestuursorganen
- Other statement, statutenwijzigingen voorwerp, voorwerp PHIVARO in overeenstemming met voorwerp en effectieve activiteiten MECHELS VERHUISBEDRIJF
- Other statement, fusievoorstel voorlegging buitengewone algemene vergadering, artikel 12:50 Wetboek Vennootschappen en Verenigingen
2025
16-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 56 days late
2023
31-12
Financial
Equity above €200,000Eq €204,179 ▲39%
3 profitable years in a row build equity to €204,179.
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €100,700 ▲206%
Operating result €117,166, net result €100,700, both a record.
31-12
Financial
Equity above €100,000Eq €146,914 ▲218%
2 profitable years in a row build equity to €146,914.
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €32,917
Net result €32,917 after 3 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
Show earlier events
2020
31-12
Financial
Weakest financial yearnet -€11,811
Net result drops to -€11,811, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
14-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
01-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 1 day late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 2 have been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 2. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Bonheiden · 1 establishment unit since 2008
Ground area
2.1 ha
Building footprint
8,326 m²
Volume, LiDAR
40,683 m³
Parcel 12031B0897/00A000, Flanders · tallest building 17.4 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Phivaro
since 20082.172.385.769
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12031B0897/00A000 | Flanders | 2.1 ha | 1 · 8,326 m² | 17.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Other statement
2 provisions in the deed
Name clause
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
Highest known parent: WAREHOUSING & WAREHOUSE RELATED SERVICES BELGIUM. The sources do not say who stands above it.
Owners 1
- 100%
Holdings 1
- MECHELS VERHUISBEDRIJFsubsidiaryEquity €341,955Result €21,069100%
According to the 2025 annual accounts of PHIVARO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTook over:MECHELS VERHUISBEDRIJF
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Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 39,064 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-04-2008
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0897791418
Also
9925:BE0897791418
Registered
24-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.