PHOEBUS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 18 filings
Turnover
≈ €3,100
Estimated: probably between €1,400 and €6,000
Total assets
€37,996▼ 16.5%
2024 · €45,480
Net result
-€1,539
2024 · €7,093
Working capital
€21,643▲ 0.2%
2024 · €21,596
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,954
2025
20182025
Net result
-€1,539
2025
lowest quarter of the sector
20182025
Equity
€22,600
▼ 6.4%
2025
middle half of the sector
20182025
Total assets
€37,996
▼ 16.5%
2025
lowest quarter of the sector
20182025
Debt
€15,396
▼ 27.9%
2025
20182025
Working capital
€21,643
▲ 0.2%
2025
middle half of the sector
20182025
Solvency
59.5%
▲ 6.4pp
2025
middle half of the sector
20182025
Current ratio
2.41
▲ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.1%
▼ 19.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,012--€2,806▲ 65.0%€322€15,921▲ 49×-€1,109-€5,838▼ 426%€9,356-€1,954
Net result-€7,200--€2,753▲ 61.8%€824within the sector's middle half€14,329within the sector's middle half▲ 17×-€460below the sector's middle half-€5,859below the sector's middle half▼ 1,172%€7,093within the sector's middle half-€1,539below the sector's middle half
Equity€10,966-€8,213▼ 25.1%€9,037below the sector's middle half▲ 10.0%€23,365within the sector's middle half▲ 159%€22,905within the sector's middle half▼ 2.0%€17,046below the sector's middle half▼ 25.6%€24,139within the sector's middle half▲ 41.6%€22,600within the sector's middle half▼ 6.4%
Total assets€32,238-€30,334▼ 5.9%€50,450below the sector's middle half▲ 66.3%€61,671below the sector's middle half▲ 22.2%€62,161below the sector's middle half▲ 0.8%€50,252below the sector's middle half▼ 19.2%€45,480below the sector's middle half▼ 9.5%€37,996below the sector's middle half▼ 16.5%
Debt€21,272-€22,122▲ 4.0%€41,414▲ 87.2%€38,305▼ 7.5%€39,256▲ 2.5%€33,206▼ 15.4%€21,341▼ 35.7%€15,396▼ 27.9%
Working capital€9,967-€7,902▼ 20.7%€9,531within the sector's middle half▲ 20.6%€22,941within the sector's middle half▲ 141%€20,699within the sector's middle half▼ 9.8%€12,819within the sector's middle half▼ 38.1%€21,596within the sector's middle half▲ 68.5%€21,643within the sector's middle half▲ 0.2%
Solvency34.0%-27.1%▼ 6.9pp17.9%below the sector's middle half▼ 9.2pp37.9%within the sector's middle half▲ 20.0pp36.8%within the sector's middle half▼ 1.0pp33.9%within the sector's middle half▼ 2.9pp53.1%within the sector's middle half▲ 19.2pp59.5%within the sector's middle half▲ 6.4pp
Current ratio1.47-1.36▼ 0.101.24within the sector's middle half▼ 0.131.60within the sector's middle half▲ 0.361.53within the sector's middle half▼ 0.071.39within the sector's middle half▼ 0.142.01within the sector's middle half▲ 0.632.41within the sector's middle half▲ 0.39
Return on assets (ROA)-22.3%--9.1%▲ 13.3pp1.6%within the sector's middle half▲ 10.7pp23.2%above the sector's middle half▲ 21.6pp-0.7%below the sector's middle half▼ 24.0pp-11.7%below the sector's middle half▼ 10.9pp15.6%within the sector's middle half▲ 27.3pp-4.1%below the sector's middle half▼ 19.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €1,954, after a profit of €9,356 in 2024.
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 €37,996
Fixed assets
€956 ▼ 62.4%
Current assets
€37,040 ▼ 13.7%
Equity and liabilities €37,996
Equity
€22,600 ▼ 6.4%
Debt
€15,396 ▼ 27.9%
Debt's share of the balance-sheet total falls from 46.9% to 40.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€368▼
2024 · €10,975
Cash flow
€47▼
2024 · €8,712
Quick ratio
2.19▲
2024 · 1.88
Debt to equity
0.68▼
2024 · 0.88
ROE
-6.8%▼
2024 · 29.4%
Interest coverage
-0.30▼
2024 · 4.24
Debt ≤ 1 year
€15,396▼
2024 · €21,341
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 | - | €1,825 | €3,033 | - | - |
| Depreciation and write-downs of the year | - | €33 | €1,023 | €1,619 | €1,586 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €287 | €287 | €287 | - | €33 | €1,023 | €1,619 | €1,586 | ▼ 2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€403 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €836 | €433 | €484 | €702 | €620 | ▼ 11.8% |
| Gross operating margin9900 | -€5,974 | -€2,028 | €2,054 | €16,354 | -€643 | -€4,331 | €11,677 | €251 | ▼ 97.8% |
| Operating profit (loss)9901 | -€8,012 | -€2,806 | €322 | €15,921 | -€1,109 | -€5,838 | €9,356 | -€1,954 | - |
| Financial income75/76B | - | - | - | €891 | €1,050 | €798 | €1,138 | €1,640 | ▲ 44.1% |
| Recurring financial income75 | €1,400 | €1,082 | €1,076 | €891 | €1,050 | €798 | €1,138 | €1,640 | ▲ 44.1% |
| Financial charges65/66B | - | - | - | €468 | €401 | €819 | €2,585 | €1,225 | ▼ 52.6% |
| Recurring financial charges65 | €588 | €1,030 | €574 | €468 | €401 | €819 | €2,585 | €1,225 | ▼ 52.6% |
| Profit (loss) for the period before taxes9903 | -€7,200 | -€2,753 | €824 | €16,344 | -€460 | -€5,859 | €7,908 | -€1,539 | - |
| Income taxes67/77 | - | - | - | €2,015 | - | - | €815 | - | - |
| Profit (loss) for the period9904 | -€7,200 | -€2,753 | €824 | €14,329 | -€460 | -€5,859 | €7,093 | -€1,539 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,200 | -€2,753 | €824 | €14,329 | -€460 | -€5,859 | €7,093 | -€1,539 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €32,238 | €30,334 | €50,450 | €61,671 | €62,161 | €50,252 | €45,480 | €37,996 | ▼ 16.5% |
| Fixed assets21/28 | €999 | €712 | €425 | €425 | €2,217 | €4,226 | €2,542 | €956 | ▼ 62.4% |
| Tangible fixed assets22/27 | €575 | €287 | - | - | €1,792 | €3,802 | €2,182 | €596 | ▼ 72.7% |
| Furniture and vehicles24 | - | - | - | - | €1,792 | €3,802 | €2,182 | €596 | ▼ 72.7% |
| Financial fixed assets28 | €425 | €425 | €425 | €425 | €425 | €425 | €360 | €360 | = |
| Current assets29/58 | €31,239 | €29,622 | €50,026 | €61,246 | €59,945 | €46,026 | €42,937 | €37,040 | ▼ 13.7% |
| Stocks and contracts in progress3 | €3,639 | €2,340 | €1,917 | €2,362 | €2,330 | €2,702 | €2,895 | €3,360 | ▲ 16.1% |
| Stocks30/36 | - | - | - | €2,362 | €2,330 | €2,702 | €2,895 | €3,360 | ▲ 16.1% |
| Amounts receivable within one year40/41 | €27,443 | €24,383 | €44,701 | €58,884 | €53,149 | €43,054 | €40,042 | €33,517 | ▼ 16.3% |
| Trade receivables40 | - | - | - | €42,784 | €33,346 | €27,141 | €16,315 | €4,865 | ▼ 70.2% |
| Other amounts receivable41 | - | - | - | €16,100 | €19,803 | €15,913 | €23,727 | €28,652 | ▲ 20.8% |
| Cash at bank and in hand54/58 | - | €1,895 | €2,405 | - | €4,296 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €170 | €269 | - | €163 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €32,238 | €30,334 | €50,450 | €61,671 | €62,161 | €50,252 | €45,480 | €37,996 | ▼ 16.5% |
| Equity10/15 | €10,966 | €8,213 | €9,037 | €23,365 | €22,905 | €17,046 | €24,139 | €22,600 | ▼ 6.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | €4,765 | €4,765 | €4,765 | €5,539 | €5,539 | = |
| Distributable reserves133 | - | - | - | €4,765 | €4,765 | €4,765 | €5,539 | €5,539 | = |
| Profit (loss) carried forward14 | -€7,634 | -€10,387 | -€9,563 | - | -€460 | -€6,320 | - | -€1,539 | - |
| Amounts payable17/49 | €21,272 | €22,122 | €41,414 | €38,305 | €39,256 | €33,206 | €21,341 | €15,396 | ▼ 27.9% |
| Amounts payable within one year42/48 | €21,272 | €21,720 | €40,494 | €38,305 | €39,245 | €33,206 | €21,341 | €15,396 | ▼ 27.9% |
| Financial debts43 | - | - | - | €210 | - | €2,206 | €4,835 | €5,391 | ▲ 11.5% |
| Credit institutions430/8 | - | - | - | €210 | - | €2,206 | €4,835 | €5,391 | ▲ 11.5% |
| Trade debts44 | €17,022 | €21,434 | €37,893 | €32,658 | €33,105 | €30,139 | €15,726 | €9,226 | ▼ 41.3% |
| Suppliers440/4 | - | - | - | €32,658 | €33,105 | €30,139 | €15,726 | €9,226 | ▼ 41.3% |
| Advances received on contracts in progress46 | - | - | - | €3,383 | €4,125 | €862 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,055 | €2,015 | - | €779 | €779 | = |
| Taxes450/3 | - | - | - | €2,055 | €2,015 | - | €779 | €779 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €11 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,200 | -€2,753 | €824 | €14,329 | -€460 | -€5,859 | €7,093 | -€1,539 | - |
| + Depreciation and write-downs630 | €287 | €287 | €287 | - | €33 | €1,023 | €1,619 | €1,586 | ▼ 2.0% |
| Operating cash flow (approximation) | -€6,913 | -€2,466 | €1,111 | €14,329 | -€427 | -€4,836 | €8,712 | €47 | ▼ 99.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,825 | -€3,033 | €65 | €0 | ▼ 100% |
| Change in cash | - | - | €511 | - | - | - | - | - | - |
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, 6,908 companies had the same profile as PHOEBUS has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHOEBUS itself: 0.7% 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 6,908 companies, not a prediction for PHOEBUS. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00368636 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00332917 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00444235 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00302037 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20396180 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43000062 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37100305 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800398 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-40500089 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-37000304 |