PHYTOSYSTEM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 63 days after the deadline Filed on 2 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00543096.
Annual accounts 2025 filed on 02-10-2026 at the NBB all 4 filings
Turnover
≈ €890,000
Estimated: probably between €690,000 and €1.6m
Total assets
€3.0m▼ 14.2%
2024 · €3.5m
Net result
€230,981▼ 12.3%
2024 · €263,337
Working capital
€1.0m▲ 4.6%
2024 · €983,203
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€317,412
▼ 21.4%
2025
20222025
Net result
€230,981
▼ 12.3%
2025
highest quarter of the sector
20222025
Equity
€1.3m
▲ 20.9%
2025
highest quarter of the sector
20222025
Total assets
€3.0m
▼ 14.2%
2025
highest quarter of the sector
20222025
Debt
€1.6m
▼ 30.7%
2025
20222025
Working capital
€1.0m
▲ 4.6%
2025
highest quarter of the sector
20222025
Solvency
45.0%
▲ 13.1pp
2025
middle half of the sector
20222025
Current ratio
1.64
▲ 0.22
2025
middle half of the sector
20222025
Return on assets (ROA)
7.8%
▲ 0.2pp
2025
middle half of the sector
20222025
Staff (FTE)
2.3
▲ 109%
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€0.4m-€0.5m▲ 10.7%€0.4m▼ 13.9%€0.3m▼ 21.4%
Net result€0.3mabove the sector's middle half-€0.3mabove the sector's middle half▼ 1.7%€0.3mabove the sector's middle half▼ 10.0%€0.2mabove the sector's middle half▼ 12.3%
Equity€0.5mwithin the sector's middle half-€0.8mwithin the sector's middle half▲ 53.4%€1.1mwithin the sector's middle half▲ 31.3%€1.3mabove the sector's middle half▲ 20.9%
Total assets€2.6mwithin the sector's middle half-€1.9mwithin the sector's middle half▼ 29.0%€3.5mabove the sector's middle half▲ 84.9%€3.0mabove the sector's middle half▼ 14.2%
Debt€2.1m-€1.0m▼ 50.7%€2.4m▲ 129%€1.6m▼ 30.7%
Working capital€0.4mwithin the sector's middle half-€0.7mabove the sector's middle half▲ 81.5%€1.0mabove the sector's middle half▲ 33.6%€1.0mabove the sector's middle half▲ 4.6%
Solvency20.8%below the sector's middle half-44.9%within the sector's middle half▲ 24.1pp31.9%within the sector's middle half▼ 13.0pp45.0%within the sector's middle half▲ 13.1pp
Current ratio1.20within the sector's middle half-1.73within the sector's middle half▲ 0.541.42within the sector's middle half▼ 0.311.64within the sector's middle half▲ 0.22
Return on assets (ROA)11.3%within the sector's middle half-15.6%above the sector's middle half▲ 4.3pp7.6%within the sector's middle half▼ 8.0pp7.8%within the sector's middle half▲ 0.2pp
Staff (FTE)1.6within the sector's middle half-1within the sector's middle half▼ 37.5%1.1within the sector's middle half▲ 10.0%2.3above the sector's middle half▲ 109%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 21% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €3.0m
Fixed assets
€329,616 ▲ 141%
Current assets
€2.6m ▼ 20.6%
Equity and liabilities €3.0m
Equity
€1.3m ▲ 20.9%
Debt
€1.6m ▼ 30.7%
Debt's share of the balance-sheet total falls from 68.1% to 55.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€386,927▼
2024 · €449,601
Cash flow
€300,496▼
2024 · €309,046
Quick ratio
1.12▲
2024 · 0.68
Debt to equity
1.22▼
2024 · 2.13
ROE
17.3%▼
2024 · 23.9%
Interest coverage
8.76▲
2024 · 5.52
Debt ≤ 1 year
€1.6m▼
2024 · €2.3m
Debt > 1 year
€18,281
Income taxes
€89,120▼
2024 · €92,924
Staff costs
€197,290▲
2024 · €80,929
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 3 |
| full-time | - | - | 3 |
| part-time | 2 | 1 | - |
| in full-time equivalents | 1.6 | 0.8 | 3 |
| Average over the year, in full-time equivalents | 1.6 | 1 | 2.3 |
| On a permanent contract | 2 | 1 | 3 |
| Joined | 2 | 0 | 1 |
| Left | 0 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €350,000 | €455,000 | €350,000 |
| Debts guaranteed by Belgian public bodies | - | €106,050 | €137,865 | €106,050 |
| Pledge on the business | €2.7m | €2.7m | €2.7m | €2.7m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €50,948 | €2,775 | €55,162 | €57,566 |
| Intangible fixed assets | €154,440 | - | - | - |
| Financial fixed assets | - | €4,500 | €7,500 | €210,000 |
| Depreciation and write-downs of the year | €76,002 | €42,266 | €45,708 | €69,515 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €520 | - |
| Remuneration, social security and pensions62 | €115,580 | €63,935 | €80,929 | €197,290 | ▲ 144% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €76,002 | €42,266 | €45,708 | €69,515 | ▲ 52.1% |
| Other operating charges640/8 | €2,369 | €2,007 | €10,252 | €2,873 | ▼ 72.0% |
| Non-recurring operating charges66A | - | - | €3,287 | €140 | ▼ 95.8% |
| Gross operating margin9900 | €617,570 | €577,355 | €544,069 | €587,230 | ▲ 7.9% |
| Operating profit (loss)9901 | €423,619 | €469,147 | €403,892 | €317,412 | ▼ 21.4% |
| Financial income75/76B | €13,021 | €35,372 | €33,806 | €46,875 | ▲ 38.7% |
| Recurring financial income75 | €13,021 | €35,372 | €33,806 | €46,875 | ▲ 38.7% |
| Financial charges65/66B | €36,118 | €115,475 | €81,437 | €44,185 | ▼ 45.7% |
| Recurring financial charges65 | €36,118 | €115,475 | €81,437 | €44,185 | ▼ 45.7% |
| Profit (loss) for the period before taxes9903 | €400,521 | €389,044 | €356,261 | €320,101 | ▼ 10.1% |
| Income taxes67/77 | €102,997 | €96,555 | €92,924 | €89,120 | ▼ 4.1% |
| Profit (loss) for the period9904 | €297,524 | €292,489 | €263,337 | €230,981 | ▼ 12.3% |
| Profit (loss) for the period to be appropriated9905 | €297,524 | €292,489 | €263,337 | €230,981 | ▼ 12.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €2.6m | €1.9m | €3.5m | €3.0m | ▼ 14.2% |
| Fixed assets21/28 | €0.2m | €0.1m | €0.1m | €0.3m | ▲ 141% |
| Intangible fixed assets21 | €0.1m | €0.09m | €0.06m | €0.03m | ▼ 49.9% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.07m | €0.08m | ▲ 20.0% |
| Plant, machinery and equipment23 | €0.005m | €0.005m | €0.008m | €0.006m | ▼ 16.0% |
| Furniture and vehicles24 | €0.03m | €0.03m | €0.05m | €0.04m | ▼ 22.8% |
| Leasing and similar rights25 | - | - | - | €0.03m | - |
| Other tangible fixed assets26 | - | - | €0.01m | €0.01m | ▼ 21.5% |
| Financial fixed assets28 | - | €0.005m | €0.008m | €0.2m | ▲ 29× |
| Current assets29/58 | €2.5m | €1.7m | €3.3m | €2.6m | ▼ 20.6% |
| Stocks and contracts in progress3 | €1.1m | €1.1m | €1.7m | €0.8m | ▼ 52.2% |
| Stocks30/36 | €1.1m | €1.1m | €1.7m | €0.8m | ▼ 52.2% |
| Amounts receivable within one year40/41 | €1.1m | €0.5m | €1.5m | €1.4m | ▼ 11.1% |
| Trade receivables40 | €1.1m | €0.4m | €1.3m | €1.2m | ▼ 9.8% |
| Other amounts receivable41 | €0.04m | €0.09m | €0.2m | €0.2m | ▼ 19.4% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.04m | €0.4m | ▲ 906% |
| Deferred charges and accrued income490/1 | €0.005m | €0.007m | €0.02m | €0.02m | ▲ 13.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €2.6m | €1.9m | €3.5m | €3.0m | ▼ 14.2% |
| Equity10/15 | €0.5m | €0.8m | €1.1m | €1.3m | ▲ 20.9% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | €0.3m | €0.3m | - | - | - |
| Issued capital100 | €0.3m | €0.3m | - | - | - |
| Reserves13 | €0.3m | €0.6m | €0.9m | €1.1m | ▲ 27.1% |
| Non-distributable reserves130/1 | €0.03m | €0.03m | €0.03m | - | - |
| Legal reserve130 | €0.03m | €0.03m | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.03m | - | - |
| Distributable reserves133 | €0.3m | €0.6m | €0.8m | €1.1m | ▲ 30.9% |
| Amounts payable17/49 | €2.1m | €1.0m | €2.4m | €1.6m | ▼ 30.7% |
| Amounts payable after more than one year17 | - | - | - | €0.02m | - |
| Financial debts170/4 | - | - | - | €0.02m | - |
| Amounts payable within one year42/48 | €2.1m | €1.0m | €2.3m | €1.6m | ▼ 31.2% |
| Current portion of amounts payable after more than one year42 | €0.03m | €0.06m | €0.06m | €0.07m | ▲ 16.2% |
| Financial debts43 | €1.7m | €0.4m | €0.5m | €0.4m | ▼ 23.1% |
| Credit institutions430/8 | €1.7m | €0.4m | €0.5m | €0.4m | ▼ 23.1% |
| Trade debts44 | €0.3m | €0.5m | €1.8m | €1.2m | ▼ 36.3% |
| Suppliers440/4 | €0.3m | €0.5m | €1.8m | €1.2m | ▼ 36.3% |
| Taxes, remuneration and social security45 | €0.03m | €0.05m | €0.01m | €0.04m | ▲ 167% |
| Taxes450/3 | €0.003m | €0.04m | - | €0.02m | - |
| Remuneration and social security454/9 | €0.02m | €0.006m | €0.01m | €0.02m | ▲ 14.3% |
| Accrued charges and deferred income492/3 | €0.02m | €0.02m | €0.02m | €0.005m | ▼ 68.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €297,524 | €292,489 | €263,337 | €230,981 | ▼ 12.3% |
| + Depreciation and write-downs630 | €76,002 | €42,266 | €45,708 | €69,515 | ▲ 52.1% |
| Operating cash flow (approximation) | €373,526 | €334,755 | €309,046 | €300,496 | ▼ 2.8% |
| Investment in fixed assets (approximation) | - | -€7,275 | -€54,875 | -€262,126 | ▼ 378% |
| Change in cash | - | -€64,950 | -€106,621 | €390,616 | - |
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, 26,972 companies had the same profile as PHYTOSYSTEM has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHYTOSYSTEM itself: 0.4% 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 26,972 companies, not a prediction for PHYTOSYSTEM. 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.