Plan-BL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 19 filings
Turnover
≈ €66,000
Estimated: probably between €41,000 and €98,000
Total assets
€444,541▼ 5.1%
2024 · €468,238
Net result
€6,729▼ 92.2%
2024 · €86,171
Working capital
€303,342▲ 5.4%
2024 · €287,818
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,666
▼ 97.0%
2025
20182025
Net result
€6,729
▼ 92.2%
2025
middle half of the sector
20182025
Equity
€356,657
▲ 1.9%
2025
middle half of the sector
20182025
Total assets
€444,541
▼ 5.1%
2025
middle half of the sector
20182025
Debt
€87,884
▼ 25.7%
2025
20182025
Working capital
€303,342
▲ 5.4%
2025
middle half of the sector
20182025
Solvency
80.2%
▲ 5.5pp
2025
highest quarter of the sector
20182025
Current ratio
10.57
▲ 4.42
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.5%
▼ 16.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€58,277-€31,873▼ 45.3%€24,898▼ 21.9%€11,186▼ 55.1%€66,987▲ 499%€95,583▲ 42.7%€89,416▼ 6.5%€2,666▼ 97.0%
Net result€39,458-€21,001▼ 46.8%€13,492within the sector's middle half▼ 35.8%€9,852within the sector's middle half▼ 27.0%€46,319within the sector's middle half▲ 370%€68,188within the sector's middle half▲ 47.2%€86,171within the sector's middle half▲ 26.4%€6,729within the sector's middle half▼ 92.2%
Equity€274,406-€295,407▲ 7.7%€308,899within the sector's middle half▲ 4.6%€318,750within the sector's middle half▲ 3.2%€278,469within the sector's middle half▼ 12.6%€346,657within the sector's middle half▲ 24.5%€349,928within the sector's middle half▲ 0.9%€356,657within the sector's middle half▲ 1.9%
Total assets€323,740-€363,845▲ 12.4%€382,991within the sector's middle half▲ 5.3%€448,547within the sector's middle half▲ 17.1%€380,042below the sector's middle half▼ 15.3%€412,043within the sector's middle half▲ 8.4%€468,238within the sector's middle half▲ 13.6%€444,541within the sector's middle half▼ 5.1%
Debt€49,334-€68,438▲ 38.7%€74,092▲ 8.3%€129,797▲ 75.2%€101,573▼ 21.7%€65,386▼ 35.6%€118,311▲ 80.9%€87,884▼ 25.7%
Working capital€270,102-€265,682▼ 1.6%€261,064within the sector's middle half▼ 1.7%€255,612within the sector's middle half▼ 2.1%€220,554within the sector's middle half▼ 13.7%€292,087within the sector's middle half▲ 32.4%€287,818within the sector's middle half▼ 1.5%€303,342within the sector's middle half▲ 5.4%
Solvency84.8%-81.2%▼ 3.6pp80.7%above the sector's middle half▼ 0.5pp71.1%within the sector's middle half▼ 9.6pp73.3%within the sector's middle half▲ 2.2pp84.1%above the sector's middle half▲ 10.9pp74.7%within the sector's middle half▼ 9.4pp80.2%above the sector's middle half▲ 5.5pp
Current ratio6.47-7.09▲ 0.625.64above the sector's middle half▼ 1.454.46above the sector's middle half▼ 1.184.15above the sector's middle half▼ 0.316.40above the sector's middle half▲ 2.256.15above the sector's middle half▼ 0.2510.57above the sector's middle half▲ 4.42
Return on assets (ROA)12.2%-5.8%▼ 6.4pp3.5%within the sector's middle half▼ 2.2pp2.2%within the sector's middle half▼ 1.3pp12.2%within the sector's middle half▲ 10.0pp16.5%above the sector's middle half▲ 4.4pp18.4%above the sector's middle half▲ 1.9pp1.5%within the sector's middle half▼ 16.9pp
Staff (FTE)0.3below the sector's middle half0.3below the sector's middle half=0.3within the sector's middle half=
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 97% lower than in 2024 and the lowest since 2018. 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 €444,541
Fixed assets
€109,498 ▼ 12.1%
Current assets
€335,043 ▼ 2.5%
Equity and liabilities €444,541
Equity
€356,657 ▲ 1.9%
Debt
€87,884 ▼ 25.7%
Debt's share of the balance-sheet total falls from 25.3% to 19.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,568▼
2024 · €117,517
Cash flow
€25,631▼
2024 · €114,271
Debt to equity
0.25▼
2024 · 0.34
ROE
1.9%▼
2024 · 24.6%
Interest coverage
7.76▼
2024 · 61.74
Debt ≤ 1 year
€31,701▼
2024 · €55,861
Debt > 1 year
€56,183▼
2024 · €62,450
Income taxes
€4,120▼
2024 · €29,270
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.3 | 0.3 | - |
| Average over the year, in full-time equivalents | 0.3 | 0.3 | 0.3 |
| On a permanent contract | 1 | 1 | - |
| Joined | 1 | - | 0 |
| Left | 0 | - | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €68,515 | €62,450 |
| Mortgages, amount registered | - | - | - | €70,000 | €70,000 |
| Carrying value of the mortgaged assets | - | - | - | €70,000 | €70,000 |
| Carrying value of the other pledged assets | - | - | - | €35,000 | €35,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €74,578 | - | €6,187 | €86,764 | €3,840 |
| Depreciation and write-downs of the year | €21,140 | €29,528 | €29,844 | €28,101 | €18,902 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €5,340 awarded · €5,340 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €10,307 | €13,422 | €14,193 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,835 | €12,181 | €14,406 | €21,140 | €29,528 | €29,844 | €28,101 | €18,902 | ▼ 32.7% |
| Other operating charges640/8 | - | - | - | €3,576 | €3,281 | €3,053 | €3,633 | €3,815 | ▲ 5.0% |
| Gross operating margin9900 | €68,095 | €48,620 | €43,310 | €46,209 | €113,218 | €142,672 | €121,149 | €25,383 | ▼ 79.0% |
| Operating profit (loss)9901 | €58,277 | €31,873 | €24,898 | €11,186 | €66,987 | €95,583 | €89,416 | €2,666 | ▼ 97.0% |
| Financial income75/76B | - | - | - | €6,101 | €2,397 | €4,489 | €27,928 | €10,961 | ▼ 60.8% |
| Recurring financial income75 | €2 | - | - | €6,101 | €2,397 | €4,489 | €27,928 | €10,961 | ▼ 60.8% |
| Financial charges65/66B | - | - | - | €1,059 | €1,375 | €2,381 | €1,903 | €2,779 | ▲ 46.0% |
| Recurring financial charges65 | €250 | €1,398 | €1,287 | €1,059 | €1,375 | €2,381 | €1,903 | €2,779 | ▲ 46.0% |
| Profit (loss) for the period before taxes9903 | €58,029 | €30,475 | €23,611 | €16,229 | €68,009 | €97,691 | €115,440 | €10,848 | ▼ 90.6% |
| Income taxes67/77 | €18,571 | €9,474 | €10,120 | €6,377 | €21,691 | €29,503 | €29,270 | €4,120 | ▼ 85.9% |
| Profit (loss) for the period9904 | €39,458 | €21,001 | €13,492 | €9,852 | €46,319 | €68,188 | €86,171 | €6,729 | ▼ 92.2% |
| Profit (loss) for the period to be appropriated9905 | €39,458 | €21,001 | €13,492 | €9,852 | €46,319 | €68,188 | €86,171 | €6,729 | ▼ 92.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €323,740 | €363,845 | €382,991 | €448,547 | €380,042 | €412,043 | €468,238 | €444,541 | ▼ 5.1% |
| Fixed assets21/28 | €4,303 | €54,558 | €65,643 | €119,081 | €89,554 | €65,896 | €124,559 | €109,498 | ▼ 12.1% |
| Tangible fixed assets22/27 | €4,303 | €54,558 | €65,643 | €119,081 | €89,554 | €65,896 | €124,559 | €109,498 | ▼ 12.1% |
| Land and buildings22 | - | - | - | €18,334 | €16,895 | €17,042 | €87,820 | €86,024 | ▼ 2.0% |
| Plant, machinery and equipment23 | - | - | - | €6,330 | €3,165 | €2,490 | €5,379 | €4,125 | ▼ 23.3% |
| Furniture and vehicles24 | - | - | - | €79,704 | €62,136 | €46,364 | €31,361 | €19,349 | ▼ 38.3% |
| Leasing and similar rights25 | - | - | - | €14,714 | €7,357 | - | - | - | - |
| Current assets29/58 | €319,436 | €309,287 | €317,348 | €329,466 | €290,488 | €346,147 | €343,679 | €335,043 | ▼ 2.5% |
| Amounts receivable within one year40/41 | €75,793 | €69,310 | €92,922 | €26,715 | €137,532 | €92,594 | €155,197 | €68,867 | ▼ 55.6% |
| Trade receivables40 | - | - | - | €25,531 | €136,343 | €81,508 | €113,477 | €43,604 | ▼ 61.6% |
| Other amounts receivable41 | - | - | - | €1,184 | €1,189 | €11,086 | €41,719 | €25,263 | ▼ 39.4% |
| Current investments50/53 | - | - | - | €114,592 | €142,259 | €143,700 | €168,100 | €175,760 | ▲ 4.6% |
| Cash at bank and in hand54/58 | €243,644 | €239,977 | €224,426 | €186,994 | €10,084 | €109,589 | €20,340 | €90,417 | ▲ 345% |
| Deferred charges and accrued income490/1 | - | - | - | €1,165 | €613 | €265 | €42 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €323,740 | €363,845 | €382,991 | €448,547 | €380,042 | €412,043 | €468,238 | €444,541 | ▼ 5.1% |
| Equity10/15 | €274,406 | €295,407 | €308,899 | €318,750 | €278,469 | €346,657 | €349,928 | €356,657 | ▲ 1.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €254,802 | €275,802 | €289,202 | €299,002 | €258,702 | €326,702 | €329,802 | €336,502 | ▲ 2.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €12,500 | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Distributable reserves133 | - | - | - | €284,642 | €244,342 | €314,202 | €317,302 | €324,002 | ▲ 2.1% |
| Profit (loss) carried forward14 | €1,004 | €1,005 | €1,096 | €1,148 | €1,167 | €1,355 | €1,526 | €1,555 | ▲ 1.9% |
| Amounts payable17/49 | €49,334 | €68,438 | €74,092 | €129,797 | €101,573 | €65,386 | €118,311 | €87,884 | ▼ 25.7% |
| Amounts payable after more than one year17 | - | €24,833 | €17,809 | €55,943 | €31,638 | €11,326 | €62,450 | €56,183 | ▼ 10.0% |
| Financial debts170/4 | - | - | - | €55,943 | €31,638 | €11,326 | €62,450 | €56,183 | ▼ 10.0% |
| Amounts payable within one year42/48 | €49,334 | €43,605 | €56,284 | €73,854 | €69,934 | €54,060 | €55,861 | €31,701 | ▼ 43.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,157 | €24,305 | €20,313 | €17,391 | €6,267 | ▼ 64.0% |
| Trade debts44 | €13,530 | €1,439 | €8,029 | €9,782 | €1,112 | €5,720 | €2,841 | €7,138 | ▲ 151% |
| Suppliers440/4 | - | - | - | €9,782 | €1,112 | €5,720 | €2,841 | €7,138 | ▲ 151% |
| Taxes, remuneration and social security45 | - | - | - | €36,060 | €34,468 | €28,028 | €35,630 | €18,297 | ▼ 48.6% |
| Taxes450/3 | - | - | - | €33,528 | €33,017 | €28,028 | €35,630 | €18,297 | ▼ 48.6% |
| Remuneration and social security454/9 | - | - | - | €2,532 | €1,451 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €3,854 | €10,050 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,458 | €21,001 | €13,492 | €9,852 | €46,319 | €68,188 | €86,171 | €6,729 | ▼ 92.2% |
| + Depreciation and write-downs630 | €4,835 | €12,181 | €14,406 | €21,140 | €29,528 | €29,844 | €28,101 | €18,902 | ▼ 32.7% |
| Operating cash flow (approximation) | €44,292 | €33,182 | €27,898 | €30,992 | €75,847 | €98,032 | €114,271 | €25,631 | ▼ 77.6% |
| Investment in fixed assets (approximation) | - | -€62,435 | -€25,491 | -€74,578 | €0 | -€6,187 | -€86,764 | -€3,840 | ▲ 95.6% |
| Change in cash | - | -€3,666 | -€15,552 | -€37,431 | -€176,910 | €99,504 | -€89,249 | €70,077 | - |
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, 10,904 companies had the same profile as Plan-BL has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Plan-BL itself: < 0.1% 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 10,904 companies, not a prediction for Plan-BL. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00257495 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00202808 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00190328 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00197015 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20163043 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-28800078 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24000578 | |
| 31-12-2018 | abbreviated format | 01-07-2019 | 2019-26800169 | |
| 31-12-2017 | abbreviated format | 24-07-2018 | 2018-37800381 | |
| 31-12-2016 | abbreviated format | 11-07-2017 | 2017-30000193 |