PHYSIBEL

Active Private limited companyfounded 1989active for 37 yearsFloraliënlaan 51, 9000 GhentKBO/BCE: BE 0437.323.906 subsidiary of BAPH Holding

PHYSIBEL

Financial year 2025

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Annual accounts 2025

abbreviated format, filed on 30-06-2026, 31 days before the deadline

€407,009

▲ 0.7%

€56,055

▼ 63.6%

€47,013

▼ 62.4%

€76,971

▲ 9.4%

9.9%

▼ 0.9 percentage points

1.10

▼ 0.00

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €960,000. Estimated: probably between €580,000 and €1.6m.

Balance sheet

balance sheet total €854,489 on 31-12-2025

What the company ownsHow it is paid for

in euro

Position in the sector

Compare with sector

9.9%

Higher than 22% of 569 companies in 2025.

1.10

Higher than 35% of 546 companies in 2025.

5.5%

Higher than 53% of 560 companies in 2025.

PHYSIBEL Middle half of the sector 80% of the sector Abbreviated accounts in computing infrastructure and information services (NACE 63)

Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half

Staff

€92,631

Staff costs divided by the average number of full-time equivalents.

+3 people

people who joined people who left

In 2025, 3 people joined and nobody left.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	854,489	767,857	576,315	518,210	532,414	360,529	479,122	701,131	1.2m	1.1m	1.1m	1.2m	994,728	1.1m	1.1m	991,113	937,327	857,502	712,803	591,678
`21/28`	7,911	12,495	11,401	17,861	26,825	34,870	35,442	1,950	-	-	-	-	-	6,441	12,881	23,697	34,514	13,127	17,954	902
`21`	-	-	0	1,352	3,874	9,613	6,634	397	-	-	-	-	-	-	-	-	-	-	-	-
`22/27`	7,911	12,495	11,401	16,509	22,951	24,457	28,008	1,553	-	-	-	-	-	6,441	12,881	23,697	34,514	13,127	17,954	902
`23`	-	-	0	291	791	1,291	-	-	-	-	-	-	-	-	-	-	-	-	451	902
`24`	6,255	10,009	8,086	12,073	18,698	23,166	28,008	1,553	-	-	-	-	-	6,441	12,881	23,697	34,514	13,127	17,503	-
`26`	1,656	2,486	3,315	4,145	3,462	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`28`	-	-	-	-	0	800	800	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	846,578	755,363	564,914	500,349	505,589	325,658	443,680	699,182	1.2m	1.1m	1.1m	1.2m	994,728	1.1m	1.0m	967,416	902,813	844,375	694,849	590,777
`29`	-	-	-	-	-	-	-	-	-	40,300	48,386	46,632	28,565	-	-	-	-	-	64,731	-
`290`	-	-	-	-	-	-	-	-	-	40,300	48,386	46,632	26,602	-	-	-	-	-	64,731	-
`291`	-	-	-	-	-	-	-	-	-	-	-	-	1,963	-	-	-	-	-	-	-
`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500
`37`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500
`40/41`	150,571	139,572	115,106	239,678	254,837	96,724	122,374	69,542	41,115	-	-	-	-	81,043	72,289	70,219	83,266	123,694	-	86,111
`40`	115,695	121,975	98,307	61,458	34,332	11,522	16,404	22,397	41,115	-	-	-	-	76,866	59,625	70,219	83,266	101,906	-	86,111
`41`	34,875	17,597	16,799	178,219	220,505	85,202	105,970	47,145	-	-	-	-	-	4,177	12,664	-	-	21,788	-	-
`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	966,163	-	-	-	-	-	-	-
`54/58`	692,638	612,434	447,235	257,850	247,808	227,597	320,350	629,639	1.1m	1.1m	1.0m	1.1m	-	981,927	966,960	897,197	819,547	720,681	630,118	504,166
`490/1`	3,369	3,356	2,572	2,821	2,944	1,338	956	-	-	-	-	-	-	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
`10/49`	854,489	767,857	576,315	518,210	532,414	360,529	479,122	701,131	1.2m	1.1m	1.1m	1.2m	994,728	1.1m	1.1m	991,113	937,327	857,502	712,803	591,678
`10/15`	84,882	82,868	75,469	126,061	123,237	160,057	161,132	401,477	696,255	696,171	670,335	653,324	638,783	689,061	665,526	615,451	571,736	513,807	446,149	382,155
`10/11`	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	602,723	602,723	602,723	602,723	602,723	37,500	37,500	37,500	37,500	37,500	37,500	37,500
`100`	-	-	-	-	-	-	37,500	37,500	602,723	602,723	602,723	602,723	602,723	37,500	37,500	37,500	37,500	37,500	37,500	37,500
`11`	-	-	37,500	37,500	37,500	37,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`1109/19`	-	-	37,500	37,500	37,500	37,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`13`	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	93,447	67,612	3,750	3,750	36,060	651,561	628,026	577,951	534,236	476,307	408,649	344,655
`130/1`	-	-	0	3,750	3,750	3,750	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	-	3,750	3,750	3,750	3,750	3,750	3,750	-	3,750	3,750	3,750	3,750	3,750	3,750	3,750
`1311`	-	-	0	3,750	3,750	3,750	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`133`	3,750	3,750	3,750	-	-	-	-	-	89,697	63,862	-	-	36,060	647,811	624,276	574,201	530,486	472,557	404,899	340,905
`14`	43,632	41,618	34,219	84,811	81,987	118,807	119,882	360,227	85	25,836	63,862	46,851	-	-	-	-	-	-	0	-
`17/49`	769,607	684,989	500,846	392,149	409,177	200,471	317,990	299,654	459,155	432,387	425,047	508,629	355,945	380,350	386,604	375,662	365,591	343,695	266,654	209,523
`17`	-	-	0	351	4,551	8,722	12,863	-	-	-	-	-	-	-	-	-	-	-	-	-
`170/4`	-	-	0	351	4,551	8,722	12,863	-	-	-	-	-	-	-	-	-	-	-	-	-
`42/48`	769,607	684,989	500,846	391,798	404,626	191,485	304,616	296,907	459,155	432,387	425,047	508,629	355,945	380,350	386,604	375,662	365,591	343,695	266,654	209,523
`42`	-	0	351	4,200	4,170	4,141	4,113	-	-	-	-	-	-	-	-	-	-	-	-	-
`44`	128,490	122,623	12,085	9,102	33,174	11,812	6,158	4,757	148	198	279	86,675	166	657	10,404	-	1,994	11,343	1,072	3,851
`440/4`	128,490	122,623	12,085	9,102	33,174	11,812	6,158	4,757	148	198	279	86,675	166	657	10,404	-	1,994	11,343	1,072	3,851
`46`	480,000	350,000	285,000	190,000	190,000	170,000	210,000	210,000	420,000	420,000	410,000	404,600	350,000	365,000	365,000	365,000	350,000	320,000	240,000	180,000
`45`	45,766	34,789	23,474	13,497	7,281	5,531	83,773	82,107	39,007	1,164	1,272	1,649	5,779	1,077	6,026	3,654	4,740	661	11,417	10,560
`450/3`	3,921	8,592	8,592	3,567	779	-	78,113	79,356	33,296	1,164	1,272	1,649	661	1,077	6,026	3,654	4,740	661	11,417	10,560
`454/9`	41,846	26,196	14,882	9,929	6,502	5,531	5,660	2,751	5,711	-	-	-	5,118	-	-	-	-	-	-	-
`47/48`	115,351	177,577	179,935	175,000	170,000	-	572	43	-	11,025	13,496	15,705	-	13,616	5,174	7,008	8,857	11,691	14,166	15,113
`492/3`	-	-	-	-	0	265	511	2,748	-	-	-	-	-	-	-	-	-	-	-	-
Income statement
`76A`	-	-	-	-	-	-	-	-	1,092	14,380	-	-	-	-	-	-	-	-	-	-
`9900`	407,009	404,244	393,034	327,076	241,746	250,110	226,039	390,919	9,370	19,064	3,629	13,392	12,239	17,825	47,405	502,988	508,417	531,792	495,546	471,154
`62`	342,735	242,663	112,715	80,349	45,853	40,717	43,470	3,213	-	-	-	-	-	-	-	440,000	440,604	440,665	420,480	401,815
`630`	6,058	5,304	10,825	12,370	18,334	14,957	12,766	711	-	-	-	-	6,441	6,440	10,816	10,816	10,816	4,827	4,827	6,789
`631/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,530	2,652	-	4,557	-
`640/8`	2,161	2,365	2,104	1,948	1,914	1,599	1,812	878	2,081	2,019	2,308	1,704	1,697	1,739	1,636	1,620	2,199	1,576	1,599	1,298
`66A`	-	-	-	-	-	-	-	-	327	609	-	-	-	-	-	-	-	-	-	-
`9901`	56,055	153,912	267,389	232,408	175,645	192,838	167,990	386,116	7,289	17,045	1,321	11,688	4,101	9,646	34,953	49,022	52,146	84,724	64,085	61,252
`75/76B`	4,159	4,239	2,079	7,742	5,935	6,717	3,168	563	1,092	14,380	14,824	15,058	12,828	19,937	17,850	12,534	17,698	29,358	23,181	5,757
`75`	4,159	4,239	2,079	7,742	5,935	6,717	3,168	563	-	-	14,824	15,058	12,828	19,937	17,850	12,534	17,698	29,358	23,181	5,757
`76B`	-	-	-	-	-	-	-	-	1,092	14,380	-	-	-	-	-	-	-	-	-	-
`65/66B`	2,368	4,110	1,468	1,260	1,286	707	501	246	327	609	269	587	367	375	213	198	538	494	629	326
`65`	2,368	4,110	1,468	1,260	1,286	707	501	246	-	-	269	587	367	375	213	198	538	494	629	326
`66B`	-	-	-	-	-	-	-	-	327	609	-	-	-	-	-	-	-	-	-	-
`9903`	57,846	154,041	268,001	238,891	180,294	198,847	170,657	386,433	8,054	30,816	15,876	26,159	16,562	29,208	52,590	61,358	69,306	113,588	86,637	66,682
`67/77`	10,832	29,141	68,592	61,067	47,114	49,922	51,002	115,987	5,327	2,338	-3,778	8,976	1,395	13,744	-127	15,000	8,734	43,287	20,000	13,430
`9904`	47,013	124,899	199,409	177,823	133,180	148,925	119,655	270,445	2,727	28,478	19,654	17,183	15,167	15,464	52,717	46,358	60,572	70,301	66,637	53,252
`9905`	47,013	124,899	199,409	177,823	133,180	148,925	119,655	270,445	2,727	28,478	19,654	17,183	15,167	15,464	52,717	46,358	60,572	70,301	66,637	53,252
Appropriation of the result
`9906`	88,632	154,118	284,219	259,811	251,987	268,807	479,882	360,227	2,727	28,478	66,505	49,493	15,167	15,464	52,717	46,358	60,572	70,301	66,637	53,252
`14P`	41,618	29,219	84,811	81,987	118,807	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	12,525	12,822	50,075	43,715	57,929	67,658	63,995	50,610
`6921`	-	-	-	-	-	-	-	-	-	-	-	-	12,525	12,822	50,075	43,715	57,929	67,658	63,995	50,610
`694/7`	45,000	112,500	250,000	175,000	170,000	150,000	360,000	-	2,642	2,642	2,643	2,642	2,642	2,642	2,642	2,643	2,643	2,643	2,643	2,643
`694`	45,000	112,500	250,000	175,000	170,000	150,000	360,000	-	2,642	2,642	2,643	2,642	2,642	2,642	2,642	2,643	2,643	2,643	2,643	2,643
`696`	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	3.7	2.9	0	1.3	0.7	0.6	0.6	0.6	-	-	-	-	-	-	-	2	2	2	2	0.1
Hours worked`1013`	6,386	5,220	-	2,376	1,203	1,155	1,155	68	-	-	-	-	-	-	-	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 17 older financial years (1989-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 20 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 30-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	30-06-2026	2026-00219043	PDF
31-12-2024	abbreviated format	11-07-2025	2025-00257634	PDF
31-12-2023	abbreviated format	24-07-2024	2024-00276777	PDF
31-12-2022	abbreviated format	10-08-2023	2023-00322299	PDF
31-12-2021	abbreviated format	31-08-2022	2022-20395660	PDF
31-12-2020	abbreviated format	30-06-2021	2021-30000253	PDF
31-12-2019	abbreviated format	31-08-2020	2020-46900103	PDF
31-12-2018	abbreviated format	30-08-2019	2019-58400248	PDF
31-12-2017	abbreviated format	11-06-2018	2018-17600038	PDF
31-12-2016	abbreviated format	07-06-2017	2017-15800334	PDF
31-12-2015	abbreviated format	20-06-2016	2016-19700403	PDF
31-12-2014	abbreviated format	24-06-2015	2015-21000431	PDF
31-12-2013	abbreviated format	12-06-2014	2014-17500265	PDF
31-12-2012	abbreviated format	27-06-2013	2013-23200291	PDF
31-12-2011	abbreviated format	13-06-2012	2012-17100018	PDF
31-12-2010	abbreviated format	23-06-2011	2011-20300014	PDF
31-12-2009	abbreviated format	11-06-2010	2010-17500530	PDF
31-12-2008	abbreviated format	05-06-2009	2009-19700306	PDF
31-12-2007	abbreviated format	06-06-2008	2008-19800236	PDF
31-12-2006	abbreviated format	21-06-2007	2007-26100396	PDF
31-12-2005	abbreviated format	02-06-2006	2006-20203590	PDF
31-12-2004	abbreviated format	07-06-2005	2005-22000221	PDF
31-12-2003	abbreviated format	25-06-2004	2004-32502899	PDF
31-12-2002	abbreviated format	11-06-2003	2003-22101476	PDF
31-12-2001	abbreviated format	26-06-2002	2002-28103566	PDF
31-12-2000	abbreviated format	12-07-2001	2001-37401879	PDF
31-12-1999	abbreviated format	22-06-2000	2000-26504250	PDF
31-12-1998	abbreviated format	30-06-1999	1999-27704758	PDF
31-12-1997	abbreviated format	06-07-1998	1998-30100254	PDF
31-12-1996	abbreviated format	23-06-1997	1997-19200209	PDF
31-12-1995	abbreviated format	01-07-1996	1996-29102365	PDF
31-12-1994	abbreviated format	02-06-1995	1995-11602914	PDF
31-12-1993	abbreviated format	28-06-1994	1994-21402796	PDF
31-12-1992	abbreviated format	08-06-1993	1993-11302943	PDF
31-12-1991	abbreviated format	11-08-1992	1992-27800820	PDF
31-12-1990	abbreviated format	10-07-1991	1991-17301947	PDF
31-12-1989	abbreviated format	02-07-1990	1990-14600675	PDF

Subsidies and aid

Flemish government 2022 to 2025, 8 entries, €113,263 awarded, €113,263 paid

Ontwikkelingsproject

€107,981

Subsidies voor internationaal ondernemen

€3,230

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

€2,052

Year	Entries	Awarded	Paid
2025	3	€730	€22,711
2024	1	€0	€43,000
2023	3	€110,831	€45,850
2022	1	€1,702	€1,702

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
62,112	159,216	278,214	244,779	193,979	207,795	180,757	386,827	-	-	-	-	10,542	16,086	45,769	59,838	62,962	89,551	68,911	68,041
53,071	130,203	210,234	190,194	151,514	163,883	132,421	271,156	-	-	-	-	21,608	21,904	63,533	57,174	71,388	75,128	71,464	60,042
1,474	6,397	4,365	3,407	11,088	14,385	46,259	2,661	-	-	-	-	6,441	12,881	23,697	34,513	45,330	17,954	902	1,352
80,204	165,199	189,386	10,042	20,211	-92,753	-309,290	-484,656	26,037	41,262	-68,325	-	-	14,967	69,763	77,650	98,866	90,563	125,952	-
76,971	70,374	64,068	108,551	100,963	134,173	139,064	402,275	696,255	696,171	670,335	653,324	638,783	682,620	652,645	591,754	537,222	500,680	428,195	381,253
9.9%	10.8%	13.1%	24.3%	23.1%	44.4%	33.6%	57.3%	60.3%	61.7%	61.2%	56.2%	64.2%	64.4%	63.3%	62.1%	61.0%	59.9%	62.6%	64.6%
1.10	1.10	1.13	1.28	1.25	1.70	1.46	2.35	2.52	2.61	2.58	2.28	2.79	2.79	2.69	2.58	2.47	2.46	2.61	2.82
1.10	1.10	1.13	1.28	1.25	1.70	1.46	2.35	2.52	2.61	2.58	2.28	2.79	2.79	2.69	2.58	2.47	2.46	2.61	2.82
9.07	8.27	6.64	3.11	3.32	1.25	1.97	0.75	0.66	0.62	0.63	0.78	0.56	0.55	0.58	0.61	0.64	0.67	0.60	0.55
55.4%	150.7%	264.2%	141.1%	108.1%	93.0%	74.3%	67.4%	0.4%	4.1%	2.9%	2.6%	2.4%	2.2%	7.9%	7.5%	10.6%	13.7%	14.9%	13.9%
5.5%	16.3%	34.6%	34.3%	25.0%	41.3%	25.0%	38.6%	0.2%	2.5%	1.8%	1.5%	1.5%	1.4%	5.0%	4.7%	6.5%	8.2%	9.3%	9.0%
26.23	38.74	over 100	over 100	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.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2022	31-12-2021
Employees at the balance-sheet date	6	3	2	2
full-time	2	0	0	0
part-time	4	3	2	2
in full-time equivalents	4.8	2	1.2	1.2
	3.7	2.9	1.3	0.7
On a permanent contract	6	3	2	2
Joined	3	2	1	1
Left	0	2	1	0
Training hours	-	0	-	-

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€1,474	€6,397	€4,365	€3,407	€11,088
Financial fixed assets	€0	-	-	-	-
	€6,058	€5,304	€10,825	€12,370	€18,334

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on PHYSIBEL

The operating result for 2025 is 64% lower than in 2024 and the lowest since 2017. It is the second fall in a row.

Debt's share of the balance-sheet total rises from 89.2% to 90.1%. Equity and debt are higher.

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Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency9.9%

Current ratio1.10

Return on assets5.5%

Staff

Staff cost per FTE€92,631

Joined and left+3 people

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 8 entries, €113,263 awarded, €113,263 paid

Key figures and ratios

Social balance sheet

Investments

Insights on PHYSIBEL

Next steps

in euro

in euro

9.9%

1.10

5.5%

€92,631

+3 people