PHRONESIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 21-06-2026 at the NBB all 15 filings
Equity
€20,385▼ 6.7%
2024 · €21,839
Total assets
€20,967▼ 6.8%
2024 · €22,492
Net result
-€1,453▲ 56.0%
2024 · -€3,303
Working capital
€23,878
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
-€2,479
▲ 46.7%
2025
20192025
Net result
-€1,453
▲ 56.0%
2025
middle half of the sector
20192025
Equity
€20,385
▼ 6.7%
2025
lowest quarter of the sector
20192025
Total assets
€20,967
▼ 6.8%
2025
lowest quarter of the sector
20192025
Debt
€581
▼ 11.0%
2025
20192025
Working capital
no figure
2025
20192025
Solvency
97.2%
▲ 0.1pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
-6.9%
▲ 7.8pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result€466--€1,056-€998--€1,677▼ 68.0%-€4,653▼ 178%-€2,479▲ 46.7%
Net result€2,225-€1,051within the sector's middle half▼ 52.8%€646within the sector's middle half--€239within the sector's middle half-€3,303below the sector's middle half▼ 1,284%-€1,453within the sector's middle half▲ 56.0%
Equity€23,333-€24,383within the sector's middle half▲ 4.5%€25,381within the sector's middle half-€25,142within the sector's middle half▼ 0.9%€21,839within the sector's middle half▼ 13.1%€20,385below the sector's middle half▼ 6.7%
Total assets€23,333-€25,421below the sector's middle half▲ 8.9%€25,961below the sector's middle half-€26,182below the sector's middle half▲ 0.8%€22,492below the sector's middle half▼ 14.1%€20,967below the sector's middle half▼ 6.8%
Debt€1,037€581-€1,040▲ 79.1%€653▼ 37.2%€581▼ 11.0%
Working capital€23,878within the sector's middle half
Solvency100.0%-95.9%above the sector's middle half▼ 4.1pp97.8%above the sector's middle half-96.0%above the sector's middle half▼ 1.7pp97.1%above the sector's middle half▲ 1.1pp97.2%above the sector's middle half▲ 0.1pp
Current ratio53.31above the sector's middle half
Return on assets (ROA)9.5%-4.1%within the sector's middle half▼ 5.4pp2.5%within the sector's middle half--0.9%within the sector's middle half▼ 3.4pp-14.7%below the sector's middle half▼ 13.8pp-6.9%below the sector's middle half▲ 7.8pp
above
within
below
The sector band is the middle half of the companies in Education (NACE 85). 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 €2,479, smaller than the loss of €4,653 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €20,967
Equity
€20,385 ▼ 6.7%
Debt
€581 ▼ 11.0%
Debt's share of the balance-sheet total falls from 2.9% to 2.8%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.03▼
2024 · 0.03
ROE
-7.1%▲
2024 · -15.1%
Income taxes
€1▲
2024 · €0
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €418 | €501 | €84 | - | - | - |
| Other operating charges640/8 | €454 | - | - | - | €387 | €595 | ▲ 53.7% |
| Gross operating margin9900 | €920 | -€182 | -€496 | -€1,593 | -€4,266 | -€1,883 | ▲ 55.9% |
| Operating profit (loss)9901 | €466 | -€1,056 | -€998 | -€1,677 | -€4,653 | -€2,479 | ▲ 46.7% |
| Financial income75/76B | €1,759 | - | €1,691 | €1,485 | €1,438 | €1,099 | ▼ 23.6% |
| Recurring financial income75 | €1,759 | €2,107 | €1,691 | €1,485 | €1,438 | €1,099 | ▼ 23.6% |
| Financial charges65/66B | - | - | €48 | €47 | €87 | €72 | ▼ 17.4% |
| Recurring financial charges65 | - | €1 | €48 | €47 | €87 | €72 | ▼ 17.4% |
| Profit (loss) for the period before taxes9903 | €2,225 | €1,051 | €646 | -€239 | -€3,303 | -€1,452 | ▲ 56.0% |
| Income taxes67/77 | - | €0 | - | - | €0 | €1 | ▲ 317% |
| Profit (loss) for the period9904 | €2,225 | €1,051 | €646 | -€239 | -€3,303 | -€1,453 | ▲ 56.0% |
| Profit (loss) for the period to be appropriated9905 | €2,225 | €1,051 | €646 | -€239 | -€3,303 | -€1,453 | ▲ 56.0% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €23,333 | €25,421 | €25,961 | €26,182 | €22,492 | €20,967 | ▼ 6.8% |
| Fixed assets21/28 | - | €1,086 | €84 | - | - | - | - |
| Tangible fixed assets22/27 | - | €1,086 | €84 | - | - | - | - |
| Furniture and vehicles24 | - | - | €84 | - | - | - | - |
| Current assets29/58 | €23,333 | €24,334 | €25,878 | €26,182 | €22,492 | €20,967 | ▼ 6.8% |
| Amounts receivable within one year40/41 | €21,806 | €24,018 | €25,862 | €26,175 | €22,344 | €11,925 | ▼ 46.6% |
| Other amounts receivable41 | €21,806 | - | €25,862 | €26,175 | €22,344 | €11,925 | ▼ 46.6% |
| Cash at bank and in hand54/58 | €1,527 | €316 | €16 | €7 | €148 | €9,042 | ▲ 61× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €23,333 | €25,421 | €25,961 | €26,182 | €22,492 | €20,967 | ▼ 6.8% |
| Equity10/15 | €23,333 | €24,383 | €25,381 | €25,142 | €21,839 | €20,385 | ▼ 6.7% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | - | - | - | - | - | - |
| Issued capital100 | €18,600 | - | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,600 | - |
| Other1109/19 | - | - | - | - | - | €18,600 | - |
| Reserves13 | €4,733 | €5,783 | €6,781 | €6,542 | €3,239 | €1,860 | ▼ 42.6% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | €1,860 | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | €2,873 | - | €4,921 | €4,682 | €3,239 | €1,860 | ▼ 42.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€75 | - |
| Amounts payable17/49 | - | €1,037 | €581 | €1,040 | €653 | €581 | ▼ 11.0% |
| Amounts payable within one year42/48 | - | €457 | - | - | - | - | - |
| Trade debts44 | - | €457 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €581 | €1,040 | €653 | €581 | ▼ 11.0% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,225 | €1,051 | €646 | -€239 | -€3,303 | -€1,453 | ▲ 56.0% |
| + Depreciation and write-downs630 | - | €418 | €501 | €84 | - | - | - |
| Operating cash flow (approximation) | €2,225 | €1,468 | €1,147 | -€155 | -€3,303 | -€1,453 | ▲ 56.0% |
| Change in cash | - | -€1,211 | - | -€9 | €141 | €8,894 | ▲ 63× |
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 PHRONESIS 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.
The bankruptcy probability of PHRONESIS itself is lower: < 0.1% within 12 months. It rests on far more data about PHRONESIS than the profile alone.
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 PHRONESIS. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-06-2026 | 2026-00179776 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00177727 | |
| 30-09-2023 | micro format | 23-04-2024 | 2024-00067414 | |
| 30-09-2022 | micro format | 09-05-2023 | 2023-00083562 | |
| 30-09-2020 | micro format | 16-09-2021 | 2021-67400136 | |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10100344 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-12000257 | |
| 30-09-2017 | abbreviated format | 30-09-2018 | 2018-68500342 | |
| 30-09-2016 | abbreviated format | 31-05-2017 | 2017-14000540 | |
| 30-09-2015 | abbreviated format | 31-05-2016 | 2016-14500428 |