PMCI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-03-2026 PDF all 33 filings
Turnover
≈ €460,000
Estimated: probably between €400,000 and €540,000
Total assets
€1.2m▼ 4.3%
2024 · €1.2m
Net result
€144,432▲ 3.5%
2024 · €139,571
Working capital
€51,802
2024 · -€46,036
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€175,521
▼ 16.6%
2025
20192025
Net result
€144,432
▲ 3.5%
2025
highest quarter of the sector
20192025
Equity
€984,030
▲ 13.5%
2025
highest quarter of the sector
20192025
Total assets
€1.2m
▼ 4.3%
2025
highest quarter of the sector
20192025
Debt
€158,277
▼ 51.8%
2025
20192025
Working capital
€51,802
2025
middle half of the sector
20192025
Solvency
83.3%
▲ 13.1pp
2025
highest quarter of the sector
20192025
Current ratio
1.45
▲ 0.70
2025
middle half of the sector
20192025
Return on assets (ROA)
12.2%
▲ 0.9pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.04m-€0.1m▲ 157%€0.3m▲ 154%€0.3m▲ 15.8%€0.1m▼ 63.1%€0.2m▲ 79.1%€0.2m▼ 16.6%
Net result€0.03m-€0.07mabove the sector's middle half▲ 170%€0.2mabove the sector's middle half▲ 136%€0.2mabove the sector's middle half▲ 37.2%€0.09mabove the sector's middle half▼ 63.5%€0.1mabove the sector's middle half▲ 61.9%€0.1mabove the sector's middle half▲ 3.5%
Equity€0.2m-€0.3mabove the sector's middle half▲ 40.7%€0.4mabove the sector's middle half▲ 68.1%€0.7mabove the sector's middle half▲ 55.6%€0.7mabove the sector's middle half▲ 13.0%€0.9mabove the sector's middle half▲ 16.0%€1.0mabove the sector's middle half▲ 13.5%
Total assets€1.8m-€1.8mabove the sector's middle half▼ 4.0%€1.4mabove the sector's middle half▼ 22.8%€1.2mabove the sector's middle half▼ 12.2%€1.2mabove the sector's middle half▼ 3.4%€1.2mabove the sector's middle half▲ 7.1%€1.2mabove the sector's middle half▼ 4.3%
Debt€1.7m-€1.5m▼ 8.9%€0.9m▼ 38.1%€0.5m▼ 47.2%€0.4m▼ 25.8%€0.3m▼ 10.2%€0.2m▼ 51.8%
Working capital-€0.7m--€0.2mbelow the sector's middle half▲ 68.7%-€0.4mbelow the sector's middle half▼ 66.6%-€0.05mbelow the sector's middle half▲ 87.6%-€0.005mbelow the sector's middle half▲ 89.0%-€0.05mbelow the sector's middle half▼ 772%€0.05mwithin the sector's middle half
Solvency9.8%-14.4%below the sector's middle half▲ 4.6pp31.3%within the sector's middle half▲ 16.9pp55.4%within the sector's middle half▲ 24.1pp64.8%within the sector's middle half▲ 9.4pp70.2%within the sector's middle half▲ 5.4pp83.3%above the sector's middle half▲ 13.1pp
Current ratio0.07-0.23below the sector's middle half▲ 0.160.25below the sector's middle half▲ 0.020.71below the sector's middle half▲ 0.460.96below the sector's middle half▲ 0.250.75below the sector's middle half▼ 0.211.45within the sector's middle half▲ 0.70
Return on assets (ROA)1.5%-4.2%within the sector's middle half▲ 2.7pp12.7%within the sector's middle half▲ 8.5pp19.8%within the sector's middle half▲ 7.1pp7.5%within the sector's middle half▼ 12.3pp11.3%within the sector's middle half▲ 3.8pp12.2%within the sector's middle half▲ 0.9pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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
€1.0m ▼ 7.1%
Current assets
€166,419 ▲ 17.6%
Equity and liabilities €1.2m
Equity
€984,030 ▲ 13.5%
Provisions
€39,233 =
Debt
€158,277 ▼ 51.8%
Debt's share of the balance-sheet total falls from 26.6% to 13.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€253,273▼
2024 · €275,783
Cash flow
€222,184▲
2024 · €204,774
Debt to equity
0.16▼
2024 · 0.38
ROE
14.7%▼
2024 · 16.1%
Interest coverage
over 100▲
2024 · 82.11
Debt ≤ 1 year
€114,616▼
2024 · €187,568
Debt > 1 year
€43,610▼
2024 · €140,929
Income taxes
€35,003▼
2024 · €67,651
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €17,374 | €8,025 | €133,384 | - |
| Depreciation and write-downs of the year | €55,461 | €56,174 | €65,202 | €77,751 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €824 awarded · €650 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €174 | €0 |
| 2024 | 1 | €362 | €582 |
| 2023 | 1 | €220 | €0 |
| 2022 | 1 | €68 | €68 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €127,881 | €95,524 | €70,926 | €55,461 | €56,174 | €65,202 | €77,751 | ▲ 19.2% |
| Other operating charges640/8 | - | - | - | €9,400 | €9,374 | €10,545 | €10,625 | ▲ 0.8% |
| Gross operating margin9900 | €198,101 | €218,415 | €359,684 | €383,755 | €183,138 | €286,328 | €263,898 | ▼ 7.8% |
| Operating profit (loss)9901 | €42,251 | €108,544 | €275,459 | €318,894 | €117,591 | €210,581 | €175,521 | ▼ 16.6% |
| Financial income75/76B | - | - | - | - | - | €0 | €6,375 | ▲ 14,166× |
| Recurring financial income75 | - | €70 | €246 | - | - | €0 | €6,375 | ▲ 14,166× |
| Financial charges65/66B | - | - | - | €13,903 | €5,417 | €3,359 | €2,461 | ▼ 26.7% |
| Recurring financial charges65 | €12,185 | €10,692 | €13,135 | €4,903 | €5,417 | €3,359 | €2,461 | ▼ 26.7% |
| Non-recurring financial charges66B | - | - | - | €9,000 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €30,066 | €97,922 | €262,570 | €304,991 | €112,174 | €207,223 | €179,435 | ▼ 13.4% |
| Transfer to deferred taxes680 | - | - | - | €39,233 | €0 | - | - | - |
| Income taxes67/77 | €2,989 | €24,859 | €90,473 | €29,711 | €25,977 | €67,651 | €35,003 | ▼ 48.3% |
| Profit (loss) for the period9904 | €27,077 | €73,063 | €172,097 | €236,047 | €86,197 | €139,571 | €144,432 | ▲ 3.5% |
| Transfer to tax-exempt reserves689 | - | - | - | €156,932 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €27,077 | €73,063 | €214,232 | €79,115 | €86,197 | €139,571 | €144,432 | ▲ 3.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.8m | €1.8m | €1.4m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 4.3% |
| Fixed assets21/28 | €1.8m | €1.7m | €1.2m | €1.1m | €1.0m | €1.1m | €1.0m | ▼ 7.1% |
| Tangible fixed assets22/27 | €1.8m | €1.7m | €1.2m | €1.1m | €1.0m | €1.1m | €1.0m | ▼ 7.1% |
| Land and buildings22 | - | - | - | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.03m | €0.02m | ▼ 28.5% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.009m | €0.1m | €0.1m | ▼ 22.0% |
| Financial fixed assets28 | - | - | €0.009m | - | - | - | - | - |
| Current assets29/58 | €0.06m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 17.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.03m | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.03m | - |
| Amounts receivable within one year40/41 | €0.02m | €0.03m | €0.06m | €0.06m | €0.05m | €0.06m | €0.04m | ▼ 35.0% |
| Trade receivables40 | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | ▼ 32.4% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 37.2% |
| Cash at bank and in hand54/58 | €0.04m | €0.04m | €0.07m | €0.06m | €0.08m | €0.08m | €0.09m | ▲ 20.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.005m | €0.003m | ▼ 39.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €1.4m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 4.3% |
| Equity10/15 | €0.2m | €0.3m | €0.4m | €0.7m | €0.7m | €0.9m | €1.0m | ▲ 13.5% |
| Contributions10/11 | €0.03m | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.2m | €0.2m | €0.4m | €0.6m | €0.7m | €0.8m | €1.0m | ▲ 13.9% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.6m | €0.7m | €0.8m | ▲ 17.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Deferred taxes168 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Amounts payable17/49 | €1.7m | €1.5m | €0.9m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 51.8% |
| Amounts payable after more than one year17 | €0.9m | €1.2m | €0.4m | €0.3m | €0.2m | €0.1m | €0.04m | ▼ 69.1% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.1m | €0.04m | ▼ 69.1% |
| Amounts payable within one year42/48 | €0.8m | €0.3m | €0.5m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 38.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.09m | €0.1m | ▲ 5.6% |
| Financial debts43 | - | - | - | - | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0 | - | - | - |
| Trade debts44 | €0.008m | €0.02m | €0.004m | €0.003m | €0.01m | €0.007m | €0.01m | ▲ 42.6% |
| Suppliers440/4 | - | - | - | €0.003m | €0.01m | €0.007m | €0.01m | ▲ 42.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.05m | €0.006m | ▼ 89.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.05m | €0.004m | ▼ 92.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.002m | €0.002m | ▼ 9.1% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.01m | €0.03m | €0.001m | ▼ 95.7% |
| Accrued charges and deferred income492/3 | - | - | - | €450 | €0 | - | €51 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,077 | €73,063 | €172,097 | €236,047 | €86,197 | €139,571 | €144,432 | ▲ 3.5% |
| + Depreciation and write-downs630 | €127,881 | €95,524 | €70,926 | €55,461 | €56,174 | €65,202 | €77,751 | ▲ 19.2% |
| Operating cash flow (approximation) | €154,957 | €168,588 | €243,022 | €291,508 | €142,371 | €204,774 | €222,184 | ▲ 8.5% |
| Investment in fixed assets (approximation) | - | -€9,949 | €390,271 | €100,461 | -€8,025 | -€133,384 | €0 | - |
| Change in cash | - | €2,683 | €28,856 | -€8,034 | €15,669 | €2,457 | €15,886 | ▲ 547% |
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, 20,136 companies had the same profile as PMCI has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of PMCI 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 20,136 companies, not a prediction for PMCI. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-03-2026 | 2026-00065587 | |
| 30-09-2024 | micro format | 12-04-2025 | 2025-00068450 | |
| 30-09-2023 | micro format | 18-03-2024 | 2024-00044767 | |
| 30-09-2022 | micro format | 22-04-2023 | 2023-00063130 | |
| 30-09-2021 | micro format | 19-03-2022 | 2022-08000504 | |
| 30-09-2020 | micro format | 31-03-2021 | 2021-09200279 | |
| 30-09-2019 | micro format | 29-03-2020 | 2020-08000288 | |
| 30-09-2018 | micro format | 09-04-2019 | 2019-09600231 | |
| 30-09-2017 | micro format | 23-04-2018 | 2018-10300462 | |
| 30-09-2016 | abbreviated format | 28-03-2017 | 2017-07400421 |