PHY
ActiveSummary
PHY has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€225,978) and a net result of -€22,414. Equity is shrinking by ~37.8% per year across the filed fiscal years. Its solvency ranks better than 11% of 18626 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability24▲+15
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 8.7 against 21.54 in 2024; short-term debt: 6.3% and cash: 1.3% of total assets), but equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-64.3%
Return on assets
-6.4%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€225,978
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
102 d late
2023
442 d late
2022
702 d late
2021
1066 d late
2020
128 d late
2019
90 d late
← 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 366 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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 16 October (4 of the last 5 filed years within 412 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, micro schema
Equity
-€225,978▼ 11.0%
2024 · -€203,564
Total assets
€351,513▼ 1.4%
2024 · €356,533
Net result
-€22,414▲ 16.1%
2024 · -€26,721
Working capital
€171,223▼ 16.9%
2024 · €206,046
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Operating result-€32,922▼ 154%-€50,865▼ 54.5%-€45,399▲ 10.7%-€25,545▲ 43.7%-€21,226▲ 16.9%
Net result-€37,931below the sector's middle half▼ 93.6%-€51,857below the sector's middle half▼ 36.7%-€48,261below the sector's middle half▲ 6.9%-€26,721below the sector's middle half▲ 44.6%-€22,414below the sector's middle half▲ 16.1%
Equity-€76,726below the sector's middle half▼ 97.8%-€128,582below the sector's middle half▼ 67.6%-€176,844below the sector's middle half▼ 37.5%-€203,564below the sector's middle half▼ 15.1%-€225,978below the sector's middle half▼ 11.0%
Total assets€470,971above the sector's middle half▲ 8.8%€401,664above the sector's middle half▼ 14.7%€338,206above the sector's middle half▼ 15.8%€356,533above the sector's middle half▲ 5.4%€351,513above the sector's middle half▼ 1.4%
Debt€547,697▲ 16.1%€530,246▼ 3.2%€515,049▼ 2.9%€560,098▲ 8.7%€577,492▲ 3.1%
Working capital€142,131above the sector's middle half▲ 33.0%€120,920above the sector's middle half▼ 14.9%€127,630above the sector's middle half▲ 5.5%€206,046above the sector's middle half▲ 61.4%€171,223above the sector's middle half▼ 16.9%
Solvency-16.3%below the sector's middle half▼ 7.3pp-32.0%below the sector's middle half▼ 15.7pp-52.3%below the sector's middle half▼ 20.3pp-57.1%below the sector's middle half▼ 4.8pp-64.3%below the sector's middle half▼ 7.2pp
Current ratio2.11within the sector's middle half▲ 0.112.18within the sector's middle half▲ 0.083.39above the sector's middle half▲ 1.2021.54above the sector's middle half▲ 18.158.70above the sector's middle half▼ 12.83
Return on assets (ROA)-8.1%below the sector's middle half▼ 3.5pp-12.9%below the sector's middle half▼ 4.9pp-14.3%below the sector's middle half▼ 1.4pp-7.5%below the sector's middle half▲ 6.8pp-6.4%below the sector's middle half▲ 1.1pp
Staff (FTE)21▼ 50.0%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €21,226 in 2025 against €25,545 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €351,513
Fixed assets
€158,065 ▲ 12.5%
Current assets
€193,448 ▼ 10.5%
Key figures and ratios
EBITDA
€1,925▲
2024 · -€8,906
Cash flow
€736▲
2024 · -€10,082
Quick ratio
8.48▼
2024 · 21.54
Debt to equity
-2.56▲
2024 · -2.75
Interest coverage
1.60▲
2024 · -7.58
Debt ≤ 1 year
€22,225▲
2024 · €10,033
Debt > 1 year
€554,890▲
2024 · €547,966
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,332 companies that looked in July 2024 the way this one looks now, 2.8% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
2.8%
went bankrupt
5.8%
stopped otherwise
91%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% 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 2,332 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €43,747 | €44,294 | €21,074 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,606 | €21,968 | €21,436 | €16,639 | €23,150 | ▲ 39.1% |
| Other operating charges640/8 | €2,519 | €1,765 | €1,822 | €1,402 | €1,865 | ▲ 33.1% |
| Non-recurring operating charges66A | -€410 | - | - | - | - | - |
| Gross operating margin9900 | €35,541 | €17,162 | -€1,067 | -€7,504 | €3,790 | ▲ 151% |
| Operating profit (loss)9901 | -€32,922 | -€50,865 | -€45,399 | -€25,545 | -€21,226 | ▲ 16.9% |
| Financial income75/76B | €6 | €0 | €1 | €0 | €11 | - |
| Recurring financial income75 | €6 | €0 | €1 | €0 | €11 | - |
| Financial charges65/66B | €5,015 | €992 | €2,863 | €1,176 | €1,199 | ▲ 2.0% |
| Recurring financial charges65 | €5,015 | €992 | €2,863 | €1,176 | €1,199 | ▲ 2.0% |
| Profit (loss) for the period before taxes9903 | -€37,931 | -€51,857 | -€48,261 | -€26,721 | -€22,414 | ▲ 16.1% |
| Profit (loss) for the period9904 | -€37,931 | -€51,857 | -€48,261 | -€26,721 | -€22,414 | ▲ 16.1% |
| Profit (loss) for the period to be appropriated9905 | -€37,931 | -€51,857 | -€48,261 | -€26,721 | -€22,414 | ▲ 16.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €470,971 | €401,664 | €338,206 | €356,533 | €351,513 | ▼ 1.4% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €200,496 | €178,529 | €157,093 | €140,454 | €158,065 | ▲ 12.5% |
| Intangible fixed assets21 | €0 | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €199,990 | €178,023 | €156,587 | €139,948 | €157,559 | ▲ 12.6% |
| Land and buildings22 | €168,296 | €156,484 | €144,671 | €132,859 | €121,046 | ▼ 8.9% |
| Plant, machinery and equipment23 | €20,461 | €14,716 | €9,504 | €6,771 | €10,368 | ▲ 53.1% |
| Furniture and vehicles24 | €922 | €721 | €520 | €319 | €26,145 | ▲ 8,100% |
| Leasing and similar rights25 | €10,312 | €6,102 | €1,892 | €0 | €0 | - |
| Financial fixed assets28 | €506 | €506 | €506 | €506 | €506 | = |
| Current assets29/58 | €270,474 | €223,136 | €181,113 | €216,079 | €193,448 | ▼ 10.5% |
| Stocks and contracts in progress3 | €39,989 | €24,098 | €0 | - | €5,000 | - |
| Stocks30/36 | €16,239 | €9,559 | €0 | - | - | - |
| Contracts in progress37 | €23,749 | €14,539 | €0 | - | €5,000 | - |
| Amounts receivable within one year40/41 | €224,767 | €189,682 | €171,488 | €201,901 | €181,622 | ▼ 10.0% |
| Trade receivables40 | €213,887 | €177,858 | €170,458 | €200,871 | €177,177 | ▼ 11.8% |
| Other amounts receivable41 | €10,880 | €11,823 | €1,030 | €1,030 | €4,445 | ▲ 332% |
| Cash at bank and in hand54/58 | €5,114 | €8,766 | €9,608 | €13,476 | €4,649 | ▼ 65.5% |
| Deferred charges and accrued income490/1 | €604 | €590 | €17 | €703 | €2,177 | ▲ 210% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €470,971 | €401,664 | €338,206 | €356,533 | €351,513 | ▼ 1.4% |
| Equity10/15 | -€76,726 | -€128,582 | -€176,844 | -€203,564 | -€225,978 | ▼ 11.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€84,786 | -€136,642 | -€184,904 | -€211,624 | -€234,038 | ▼ 10.6% |
| Amounts payable17/49 | €547,697 | €530,246 | €515,049 | €560,098 | €577,492 | ▲ 3.1% |
| Amounts payable after more than one year17 | €411,367 | €417,541 | €451,366 | €547,966 | €554,890 | ▲ 1.3% |
| Financial debts170/4 | €76,749 | €64,903 | €55,075 | €55,075 | €39,229 | ▼ 28.8% |
| Other amounts payable178/9 | €334,618 | €352,638 | €396,291 | €492,891 | €515,662 | ▲ 4.6% |
| Amounts payable within one year42/48 | €128,343 | €102,215 | €53,483 | €10,033 | €22,225 | ▲ 122% |
| Current portion of amounts payable after more than one year42 | €12,610 | €11,170 | €9,239 | €456 | €8,441 | ▲ 1,751% |
| Trade debts44 | €94,713 | €59,391 | €23,118 | €6,346 | €10,437 | ▲ 64.5% |
| Suppliers440/4 | €94,713 | €59,391 | €23,118 | €6,346 | €10,437 | ▲ 64.5% |
| Taxes, remuneration and social security45 | €21,021 | €31,654 | €21,126 | €3,231 | €3,348 | ▲ 3.6% |
| Taxes450/3 | €4,257 | €8,037 | €3,130 | €3,231 | €3,348 | ▲ 3.6% |
| Remuneration and social security454/9 | €16,764 | €23,618 | €17,996 | €0 | - | - |
| Accrued charges and deferred income492/3 | €7,986 | €10,490 | €10,200 | €2,098 | €377 | ▼ 82.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€37,931 | -€51,857 | -€48,261 | -€26,721 | -€22,414 | ▲ 16.1% |
| + Depreciation and write-downs630 | €22,606 | €21,968 | €21,436 | €16,639 | €23,150 | ▲ 39.1% |
| Operating cash flow (approximation) | -€15,325 | -€29,889 | -€26,826 | -€10,082 | €736 | ▲ 107% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€40,761 | - |
| Change in cash | - | €3,652 | €842 | €3,868 | -€8,827 | ▼ 328% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
10-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 102 days late
16-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 442 days late
02-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 702 days late
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1066 days late
2024
31-12
Financial
Liquidity times 6current ratio 21.54
Current ratio from 3.39 to 21.54; short-term debt falls from €53,483 to €10,033.
2021
06-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 128 days late
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
31-12
Financial
Weakest financial yearnet -€61,210
Net result drops to -€61,210, the lowest in the series; recovery starts the following year.
16-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 77 days late
2018
09-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 70 days late
2017
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Malmedy · 1 establishment unit since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Ligneuville-Grand Rue 324960 Malmedy1 establishment unit
PHY
since 20092.180.204.167
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Of 10,509 companies in sector 47110 we hold annual accounts for 5,853. 4,573 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 (pre-2019)
Founded07-08-2009
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
35110Production of electricity from non-renewable sources
E-invoicing
Reachable via Peppol
Peppol ID
0208:0817631410
Registered
31-12-2025
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.