Equity
Equity rose in 2025 from €23,688 to €151,914.
Equity rose in 2025 from €23,688 to €151,914.
Of this, €7,880 falls due within a year.
Green is investment, beige is depreciation.
Short-term debts fell from €22,883 to €7,880.
Latest accounts filed late: after the legal deadline.
Higher net result than 90% of companies in head offices and management consultancy. Sector median €27,132 · 39,384 companies.
The dashed line is the sector median: 0.1% across 48,572 companies (NACE 70, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 20% of them on solvency, 42% on liquidity, 17% on profitability and 99% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is ample, with a current ratio of 43.46 (19.8 in 2024), above the usual 1.5. Short-term debt is 0.8% and cash 2.7% of total assets. However, 85.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 31 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PHP Management Theux | €1.0m | -€18,274 | 14.9% | - |
| JMINI INVEST Stavelot | €0.8m | -€33,478 | 66.8% | - |
| FLORENCE DUMONT HOLD Sombreffe | €1.0m | -€1,615 | 69.4% | - |
| ILIAD SOLUTIONS Putte | €1.0m | -€26,238 | 95.7% | - |
| LUCH Lokeren | €1.0m | -€11,425 | 6.9% | - |
| SYSTEMATICS Berlare | €1.1m | -€27,434 | 99.2% | - |
| FPLT Ixelles | €1.0m | -€15,546 | 50.2% | - |
These companies have the same main activity as PHP Management: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €832,000 and €1.1m, founded between 2014 and 2015.
PHP Management files the micro format. That format states no turnover. The gross margin fell from €36,220 in 2015 to -€18,274 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 20% of 39,368 companies in 2025.
Higher than 95% of 38,051 companies in 2025.
Higher than 47% of 38,523 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
1.0m | 1.3m | 854,404 | 981,581 | 858,265 | 108,585 | 94,649 | 242,877 | 54,081 | 79,504 | 99,872 | |
21/28 |
675,650 | 844,821 | 463,164 | 456,096 | 245,886 | 35,107 | 50,263 | 78,120 | 37,913 | 53,425 | 57,533 | |
21 |
55,934 | - | 0 | 0 | 0 | 906 | 1,811 | 4,739 | 8,072 | 6,877 | 9,305 | |
22/27 |
28,757 | 41,846 | 49,984 | 59,996 | 21,786 | 34,202 | 48,452 | 73,381 | 29,841 | 46,548 | 48,229 | |
24 |
28,757 | 41,846 | 49,984 | 59,996 | 21,786 | 34,202 | 48,452 | 73,381 | 29,841 | 46,548 | 48,229 | |
28 |
590,959 | 802,975 | 413,180 | 396,100 | 224,100 | - | - | - | - | - | - | |
29/58 |
342,462 | 452,982 | 391,240 | 525,485 | 612,378 | 73,478 | 44,386 | 164,757 | 16,169 | 26,079 | 42,339 | |
29 |
203,665 | 314,502 | 259,625 | 446,786 | 545,000 | - | - | - | - | - | - | |
290 |
198,890 | 272,792 | 217,915 | 446,786 | 545,000 | - | - | - | - | - | - | |
291 |
4,775 | 41,710 | 41,710 | - | - | - | - | - | - | - | - | |
40/41 |
102,917 | 99,810 | 104,849 | 22,687 | 53,089 | 59,180 | 23,433 | 20,144 | 6,906 | 18,768 | 15,590 | |
40 |
23,705 | 15,100 | 32,174 | 22,680 | 51,182 | 54,747 | 21,527 | 5,889 | 5,000 | 14,785 | 15,522 | |
41 |
79,212 | 84,710 | 72,675 | 7 | 1,906 | 4,433 | 1,906 | 14,255 | 1,906 | 3,983 | 68 | |
54/58 |
27,912 | 30,937 | 17,460 | 46,874 | 4,435 | 9,507 | 16,201 | 140,246 | 4,844 | 4,428 | 23,871 | |
490/1 |
7,968 | 7,733 | 9,305 | 9,138 | 9,855 | 4,791 | 4,752 | 4,367 | 4,418 | 2,883 | 2,878 | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
1.0m | 1.3m | 854,404 | 981,581 | 858,265 | 108,585 | 94,649 | 242,877 | 54,081 | 79,504 | 99,872 | |
10/15 |
151,914 | 23,688 | 24,593 | 13,058 | -23,294 | -59,118 | -66,849 | -58,100 | 7,985 | 30,896 | 24,452 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | - | - | - | 18,600 | - | - | - | - | - | - | |
100 |
- | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
13,395 | 13,395 | 13,395 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | |
130 |
- | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
133 |
11,535 | 11,535 | 11,535 | - | - | - | - | - | - | - | - | |
14 |
119,919 | -8,307 | -7,402 | -7,402 | -43,754 | -79,578 | -87,309 | -78,560 | -12,475 | 10,436 | 3,992 | |
17/49 |
866,198 | 1.3m | 829,811 | 968,522 | 881,558 | 167,703 | 161,499 | 300,977 | 46,097 | 48,608 | 75,420 | |
17 |
856,232 | 1.3m | 802,732 | 956,732 | 866,732 | - | - | - | 0 | 20,000 | 50,000 | |
170/4 |
- | - | - | - | - | - | - | - | 0 | 20,000 | 50,000 | |
178/9 |
856,232 | 1.3m | 802,732 | 956,732 | 866,732 | - | - | - | - | - | - | |
42/48 |
7,880 | 22,883 | 25,453 | 11,343 | 12,726 | 165,603 | 159,399 | 298,877 | 43,997 | 26,508 | 23,920 | |
42 |
- | - | 0 | - | - | - | - | - | - | - | - | |
44 |
5,750 | 11,731 | 13,745 | 5,739 | 9,734 | 12,679 | 1,304 | 8,916 | 2,862 | 4,006 | 1,680 | |
440/4 |
5,750 | 11,731 | 13,745 | 5,739 | 9,734 | 12,679 | 1,304 | 8,916 | 2,862 | 4,006 | 1,680 | |
45 |
2,130 | 11,152 | 11,708 | 5,461 | 2,849 | 5,063 | 2,625 | 136,772 | 908 | 4,370 | 9,625 | |
450/3 |
169 | 1,871 | 10,563 | 4,362 | 2,849 | 5,063 | 2,625 | 136,772 | 908 | 4,370 | 9,625 | |
454/9 |
1,961 | 9,281 | 1,145 | 1,099 | - | - | - | - | - | - | 0 | |
47/48 |
- | - | 0 | 143 | 143 | 147,861 | 155,469 | 153,189 | 40,227 | 18,133 | 12,615 | |
492/3 |
2,086 | - | 1,626 | 447 | 2,100 | 2,100 | 2,100 | 2,100 | 2,100 | 2,100 | 1,500 | |
| Income statement | ||||||||||||
76A |
- | - | 143 | 2,337 | - | - | - | - | - | - | - | |
9900 |
-18,274 | 5,456 | 34,137 | 47,340 | 55,690 | 26,653 | 12,088 | -26,122 | -620 | 32,423 | 36,220 | |
630 |
25,409 | 15,199 | 14,698 | 7,291 | 18,075 | 17,402 | 18,975 | 33,415 | 20,684 | 19,962 | 18,967 | |
640/8 |
796 | 1,584 | 1,701 | 1,029 | 943 | 837 | 1,100 | 6,008 | 1,054 | 1,053 | 3,994 | |
9901 |
-44,479 | -11,327 | 17,738 | 39,020 | 36,673 | 8,413 | -7,987 | -65,544 | -22,359 | 11,407 | 13,260 | |
75/76B |
172,874 | 10,513 | 176 | - | - | 0 | - | 1 | 5 | 0 | 16 | |
75 |
172,874 | 10,513 | 176 | - | - | 0 | - | 1 | 5 | 0 | 16 | |
65/66B |
1 | - | 0 | 1 | - | 0 | - | 0 | 10 | 628 | 2,341 | |
65 |
1 | - | 0 | 1 | - | 0 | - | 0 | 10 | 628 | 2,341 | |
9903 |
128,394 | -814 | 17,913 | 39,019 | 36,673 | 8,413 | -7,987 | -65,544 | -22,364 | 10,780 | 10,935 | |
67/77 |
168 | 91 | 6,379 | 2,668 | 848 | 682 | 762 | 541 | 548 | 4,335 | 5,083 | |
9904 |
128,226 | -905 | 11,535 | 36,352 | 35,824 | 7,732 | -8,749 | -66,085 | -22,912 | 6,444 | 5,852 | |
9905 |
128,226 | -905 | 11,535 | 36,352 | 35,824 | 7,732 | -8,749 | -66,085 | -22,912 | 6,444 | 5,852 | |
| Appropriation of the result | ||||||||||||
9906 |
119,919 | -8,307 | 4,133 | -7,402 | -43,754 | -79,578 | -87,309 | -78,560 | -12,475 | 10,436 | 5,852 | |
14P |
-8,307 | -7,402 | -7,402 | -43,754 | -79,578 | - | - | - | - | - | - | |
691/2 |
- | - | 11,535 | 0 | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
- | - | 11,535 | 0 | - | - | - | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-09-2026.
2025 annual accounts filed 61 days after the deadline. Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00537085.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00537085 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00413378 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00396946 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00356237 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20444612 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-31200310 | |
| 31-12-2019 | micro format | 18-09-2020 | 2020-53900269 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61500320 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-51900141 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-34400229 | |
| 31-12-2015 | full format | 18-08-2016 | 2016-44400276 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -19,070 | 3,872 | 32,436 | 46,311 | 54,748 | 25,815 | 10,988 | -32,130 | -1,675 | 31,370 | 32,226 | ||
| 153,635 | 14,294 | 26,233 | 43,643 | 53,900 | 25,134 | 10,226 | -32,670 | -2,227 | 26,407 | 24,818 | ||
| 68,255 | 1.1m | 64,777 | 237,225 | 228,855 | 2,246 | 649 | 73,622 | 5,172 | 15,854 | 76,500 | ||
| -3,025 | 13,477 | -29,414 | 42,439 | -5,073 | -6,694 | -124,045 | 135,402 | 416 | -19,443 | - | ||
| 334,582 | 430,099 | 365,787 | 514,142 | 599,652 | -92,125 | -115,013 | -134,120 | -27,828 | -429 | 18,419 | ||
| 14.9% | 1.8% | 2.9% | 1.3% | -2.7% | -54.4% | -70.6% | -23.9% | 14.8% | 38.9% | 24.5% | ||
| 43.46 | 19.80 | 15.37 | 46.33 | 48.12 | 0.44 | 0.28 | 0.55 | 0.37 | 0.98 | 1.77 | ||
| 5.70 | 53.79 | 33.74 | 74.17 | - | - | - | - | 5.77 | 1.57 | 3.08 | ||
| 84.4% | -3.8% | 46.9% | 278.4% | - | - | - | - | -286.9% | 20.9% | 23.9% | ||
| 12.6% | -0.1% | 1.4% | 3.7% | 4.2% | 7.1% | -9.2% | -27.2% | -42.4% | 8.1% | 5.9% | ||
| -19070.00 | - | - | over 100 | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,575 | €7,060 | €4,687 | €60,225 | €4,755 |
| Intangible fixed assets | €64,680 | - | - | - | - |
| Financial fixed assets | - | €1.1m | €60,090 | €177,000 | €224,100 |
| €25,409 | €15,199 | €14,698 | €7,291 | €18,075 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €44,479, larger than the loss of €11,327 in 2024. It is the lowest result since 2018.
Debt's share of the balance-sheet total falls from 98.2% to 85.1%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| DOMIFI
registered office since 28-03-2013 · founded in 2013 · negative equity (2025) |
total assets €3.7m (2025) 0524.919.062 |
| IMM'AUBERI
registered office since 04-02-2008 · founded in 2008 · negative equity (2025) |
total assets €706,925 (2025) 0895.448.372 |
| Les Z'arsouilles
registered office since 19-08-2014 · founded in 2014 |
total assets €417,568 (2025) 0559.901.420 |
| Group IMMOVISION
establishment since 28-02-2019 · founded in 2019 |
total assets €22,210 (2025) 0721.722.560 |
| ZIP
registered office since 01-01-2018 |
founded in 2018 0685.645.983 |
Source for every holding own accounts 2025
| Name | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| NET BEE | 50% | 25% | 67% | ||
| Group IMMOVISION | 33% | ||||
| Immobilière 1758 | 33% | ||||
| ARCO VILLA | 30% | ||||
| Martin Dupont Invest | 30% | ||||
| COOL-CONCEPT | 25% | ||||
Source: list of holdings in its own accounts
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue des 600 Franchimontois 26 registered office 4910 Theux | 18-11-2014 | 2.237.048.444 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 63076D0522/00M000 | 574 m² | 1 · 161 m² | 11.8 m · 3 |
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