PM@Work
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 18 filings
Turnover
≈ €250,000
Estimated: probably between €210,000 and €360,000
Total assets
€1.2m▲ 2.5%
2024 · €1.2m
Net result
€81,268▼ 16.0%
2024 · €96,709
Working capital
€171,998▼ 38.3%
2024 · €278,622
In the rankings
#5 company by equity in Dendermonde, Telecoms and IT sector#7 company by total assets in Dendermonde, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€115,859
▼ 16.9%
2025
20182025
Net result
€81,268
▼ 16.0%
2025
highest quarter of the sector
20182025
Equity
€1.2m
▲ 7.5%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▲ 2.5%
2025
highest quarter of the sector
20182025
Debt
€49,892
▼ 51.0%
2025
20182025
Working capital
€171,998
▼ 38.3%
2025
highest quarter of the sector
20182025
Solvency
95.9%
▲ 4.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.60
▼ 2.80
2025
middle half of the sector
20182025
Return on assets (ROA)
6.7%
▼ 1.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▼ 24.6%€0.1m▲ 40.6%€0.09m▼ 36.5%€0.07m▼ 18.1%€0.1m▲ 45.4%€0.1m▲ 32.9%€0.1m▼ 16.9%
Net result€0.09m-€0.06m▼ 29.0%€0.09mabove the sector's middle half▲ 51.3%€0.06mabove the sector's middle half▼ 35.5%€0.05mabove the sector's middle half▼ 12.9%€0.07mabove the sector's middle half▲ 32.4%€0.1mabove the sector's middle half▲ 37.1%€0.08mabove the sector's middle half▼ 16.0%
Equity€0.6m-€0.7m▲ 9.8%€0.8mabove the sector's middle half▲ 13.5%€0.9mabove the sector's middle half▲ 7.7%€0.9mabove the sector's middle half▲ 6.2%€1.0mabove the sector's middle half▲ 7.8%€1.1mabove the sector's middle half▲ 9.9%€1.2mabove the sector's middle half▲ 7.5%
Total assets€0.9m-€1.0m▲ 10.3%€0.9mabove the sector's middle half▼ 2.9%€1.0mabove the sector's middle half▲ 6.9%€1.0mabove the sector's middle half▼ 3.0%€1.1mabove the sector's middle half▲ 9.5%€1.2mabove the sector's middle half▲ 11.0%€1.2mabove the sector's middle half▲ 2.5%
Debt€0.2m-€0.3m▲ 11.8%€0.1m▼ 46.6%€0.1m▲ 2.1%€0.06m▼ 58.1%€0.08m▲ 36.1%€0.1m▲ 24.4%€0.05m▼ 51.0%
Working capital€0.7m-€0.6m▼ 17.3%€0.7mabove the sector's middle half▲ 17.8%€0.5mabove the sector's middle half▼ 22.3%€0.08mwithin the sector's middle half▼ 85.1%€0.2mabove the sector's middle half▲ 91.0%€0.3mabove the sector's middle half▲ 79.7%€0.2mabove the sector's middle half▼ 38.3%
Solvency73.1%-72.7%▼ 0.4pp85.0%above the sector's middle half▲ 12.3pp85.7%above the sector's middle half▲ 0.7pp93.8%above the sector's middle half▲ 8.1pp92.3%above the sector's middle half▼ 1.5pp91.4%above the sector's middle half▼ 0.9pp95.9%above the sector's middle half▲ 4.5pp
Current ratio7.42-5.34▼ 2.0831.22above the sector's middle half▲ 25.8824.70above the sector's middle half▼ 6.528.13above the sector's middle half▼ 16.577.13above the sector's middle half▼ 1.007.41above the sector's middle half▲ 0.274.60within the sector's middle half▼ 2.80
Return on assets (ROA)10.1%-6.5%▼ 3.6pp10.1%within the sector's middle half▲ 3.6pp6.1%within the sector's middle half▼ 4.0pp5.5%within the sector's middle half▼ 0.6pp6.6%within the sector's middle half▲ 1.1pp8.2%within the sector's middle half▲ 1.6pp6.7%within the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 17% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €1.2m
Fixed assets
€988,797 ▲ 15.4%
Current assets
€219,718 ▼ 31.8%
Equity and liabilities €1.2m
Equity
€1.2m ▲ 7.5%
Debt
€49,892 ▼ 51.0%
Debt's share of the balance-sheet total falls from 8.6% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€150,172▼
2024 · €175,051
Cash flow
€115,581▼
2024 · €132,262
Debt to equity
0.04▼
2024 · 0.09
ROE
7.0%▼
2024 · 9.0%
Interest coverage
47.30▲
2024 · 29.73
Debt ≤ 1 year
€47,720▲
2024 · €43,496
Income taxes
€32,867▼
2024 · €38,202
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €285,596 | €464,478 | €36,110 | €10,446 | €166,103 |
| Depreciation and write-downs of the year | €65,238 | €18,874 | €31,601 | €35,553 | €34,313 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,403 | €23,987 | €19,450 | €65,238 | €18,874 | €31,601 | €35,553 | €34,313 | ▼ 3.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €4,625 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,771 | €77,622 | €3,315 | €4,280 | €21,189 | ▲ 395% |
| Gross operating margin9900 | €133,073 | €127,051 | €154,460 | €159,772 | €168,680 | €139,866 | €179,331 | €171,361 | ▼ 4.4% |
| Operating profit (loss)9901 | €130,853 | €98,702 | €138,824 | €88,138 | €72,184 | €104,949 | €139,498 | €115,859 | ▼ 16.9% |
| Financial income75/76B | - | - | - | - | €0 | €411 | €1,302 | €1,451 | ▲ 11.5% |
| Recurring financial income75 | €2,376 | €811 | €518 | - | €0 | €411 | €1,302 | €1,451 | ▲ 11.5% |
| Financial charges65/66B | - | - | - | €4,128 | €5,322 | €3,312 | €5,889 | €3,175 | ▼ 46.1% |
| Recurring financial charges65 | €7,638 | €11,911 | €6,583 | €4,128 | €5,322 | €3,312 | €5,889 | €3,175 | ▼ 46.1% |
| Profit (loss) for the period before taxes9903 | €125,591 | €87,602 | €132,759 | €84,010 | €66,862 | €102,048 | €134,911 | €114,136 | ▼ 15.4% |
| Income taxes67/77 | €37,357 | €24,978 | €37,982 | €22,855 | €13,579 | €31,511 | €38,202 | €32,867 | ▼ 14.0% |
| Profit (loss) for the period9904 | €88,235 | €62,624 | €94,777 | €61,155 | €53,283 | €70,537 | €96,709 | €81,268 | ▼ 16.0% |
| Profit (loss) for the period to be appropriated9905 | €88,235 | €62,624 | €94,777 | €61,155 | €53,283 | €70,537 | €96,709 | €81,268 | ▼ 16.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €1.0m | €0.9m | €1.0m | €1.0m | €1.1m | €1.2m | €1.2m | ▲ 2.5% |
| Fixed assets21/28 | €0.04m | €0.2m | €0.2m | €0.4m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 15.4% |
| Tangible fixed assets22/27 | €0.04m | €0.2m | €0.2m | €0.4m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 15.4% |
| Land and buildings22 | - | - | - | €0.4m | €0.9m | €0.8m | €0.8m | €1.0m | ▲ 16.9% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | €0.009m | €0.009m | ▼ 3.6% |
| Furniture and vehicles24 | - | - | - | - | - | €0.03m | €0.03m | €0.02m | ▼ 27.7% |
| Current assets29/58 | €0.8m | €0.7m | €0.7m | €0.6m | €0.09m | €0.2m | €0.3m | €0.2m | ▼ 31.8% |
| Amounts receivable within one year40/41 | €0.06m | €0.06m | €0.03m | €0.03m | €0.06m | €0.04m | €0.04m | €0.03m | ▼ 3.3% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.03m | €0.02m | €0.02m | ▲ 6.7% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 17.6% |
| Current investments50/53 | €490 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.8m | €0.7m | €0.7m | €0.5m | €0.03m | €0.1m | €0.3m | €0.2m | ▼ 34.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.004m | €0.001m | ▼ 84.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €1.0m | €0.9m | €1.0m | €1.0m | €1.1m | €1.2m | €1.2m | ▲ 2.5% |
| Equity10/15 | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | ▲ 7.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.1m | ▲ 7.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.8m | €0.9m | €1.0m | €1.1m | €1.1m | ▲ 7.7% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.1m | €0.1m | €0.06m | €0.08m | €0.1m | €0.05m | ▼ 51.0% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.1m | €0.05m | €0.05m | €0.05m | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.05m | €0.05m | €0.05m | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.02m | €0.02m | €0.01m | €0.03m | €0.04m | €0.05m | ▲ 9.7% |
| Trade debts44 | €0.002m | €0.001m | €0.005m | €0.002m | €459 | €0.002m | €0.005m | €0.02m | ▲ 312% |
| Suppliers440/4 | - | - | - | €0.002m | €459 | €0.002m | €0.005m | €0.02m | ▲ 312% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.009m | €0.01m | €0.01m | €0.01m | ▲ 1.2% |
| Taxes450/3 | - | - | - | €0.01m | €0.009m | €0.01m | €0.01m | €0.01m | ▲ 1.2% |
| Other amounts payable47/48 | - | - | - | €0.006m | €0.002m | €0.01m | €0.02m | €0.01m | ▼ 50.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.004m | €0.002m | €0.004m | €0.002m | ▼ 46.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €88,235 | €62,624 | €94,777 | €61,155 | €53,283 | €70,537 | €96,709 | €81,268 | ▼ 16.0% |
| + Depreciation and write-downs630 | €1,403 | €23,987 | €19,450 | €65,238 | €18,874 | €31,601 | €35,553 | €34,313 | ▼ 3.5% |
| Operating cash flow (approximation) | €89,638 | €86,611 | €114,227 | €126,393 | €72,157 | €102,138 | €132,262 | €115,581 | ▼ 12.6% |
| Investment in fixed assets (approximation) | - | -€213,910 | €0 | -€285,596 | -€464,478 | -€36,110 | -€10,446 | -€166,103 | ▼ 1,490% |
| Change in cash | - | -€93,824 | €18,059 | -€157,020 | -€500,606 | €101,009 | €146,952 | -€98,127 | - |
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, 17,811 companies had the same profile as PM@Work has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of PM@Work 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 17,811 companies, not a prediction for PM@Work. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00381279 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00532592 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00489146 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00423376 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20428655 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64700005 | |
| 31-12-2019 | micro format | 06-10-2020 | 2020-59700474 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68100026 | |
| 31-12-2017 | micro format | 27-09-2018 | 2018-68200531 | |
| 31-12-2016 | micro format | 16-10-2017 | 2017-67400489 |