PMF
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00463380.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 22 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6.5m▲ 11.6%
2024 · €5.8m
Working capital
€25.5m▲ 15.8%
2024 · €22.0m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€69,348
▼ 268%
2025
20182025
Net result
€6.5m
▲ 11.6%
2025
highest quarter of the sector
20182025
Equity
€39.5m
▲ 9.7%
2025
highest quarter of the sector
20182025
Total assets
€44.2m
▲ 11.4%
2025
highest quarter of the sector
20182025
Debt
€4.7m
▲ 28.3%
2025
20182025
Working capital
€25.5m
▲ 15.8%
2025
highest quarter of the sector
20182025
Solvency
89.4%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.43
▼ 0.58
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.6%
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.01m-€0.01m▼ 3.8%€0.03m▲ 145%€0.02m▼ 24.7%-€0.009m-€0.005m▲ 45.2%-€0.02m▼ 294%-€0.07m▼ 268%
Net result€1.5m-€2.3m▲ 52.4%€2.6mabove the sector's middle half▲ 12.2%€43.5mabove the sector's middle half▲ 17×€1.8mabove the sector's middle half▼ 95.9%€4.4mabove the sector's middle half▲ 146%€5.8mabove the sector's middle half▲ 33.0%€6.5mabove the sector's middle half▲ 11.6%
Equity€4.6m-€5.9m▲ 28.2%€7.2mabove the sector's middle half▲ 22.6%€28.9mabove the sector's middle half▲ 299%€29.3mabove the sector's middle half▲ 1.3%€32.2mabove the sector's middle half▲ 10.1%€36.0mabove the sector's middle half▲ 11.9%€39.5mabove the sector's middle half▲ 9.7%
Total assets€7.6m-€8.9m▲ 17.1%€10.1mabove the sector's middle half▲ 13.8%€31.7mabove the sector's middle half▲ 214%€30.8mabove the sector's middle half▼ 2.9%€33.8mabove the sector's middle half▲ 9.6%€39.7mabove the sector's middle half▲ 17.5%€44.2mabove the sector's middle half▲ 11.4%
Debt€3.0m-€3.0m▼ 0.2%€2.9m▼ 3.6%€2.9m▼ 0.1%€1.6m▼ 45.6%€1.6m=€3.7m▲ 136%€4.7m▲ 28.3%
Working capital-€2.0m--€0.7m▲ 65.8%€0.6mabove the sector's middle half€23.0mabove the sector's middle half▲ 36×€23.3mabove the sector's middle half▲ 1.5%€26.2mabove the sector's middle half▲ 12.6%€22.0mabove the sector's middle half▼ 16.3%€25.5mabove the sector's middle half▲ 15.8%
Solvency60.8%-66.6%▲ 5.8pp71.7%within the sector's middle half▲ 5.1pp91.0%above the sector's middle half▲ 19.3pp95.0%above the sector's middle half▲ 4.0pp95.4%above the sector's middle half▲ 0.4pp90.8%above the sector's middle half▼ 4.6pp89.4%above the sector's middle half▼ 1.4pp
Current ratio0.34-0.77▲ 0.441.23within the sector's middle half▲ 0.459.04above the sector's middle half▲ 7.8216.02above the sector's middle half▲ 6.9817.92above the sector's middle half▲ 1.907.02above the sector's middle half▼ 10.916.43above the sector's middle half▼ 0.58
Return on assets (ROA)19.8%-25.8%▲ 6.0pp25.5%above the sector's middle half▼ 0.4pp137.1%above the sector's middle half▲ 111.6pp5.8%within the sector's middle half▼ 131.3pp12.9%within the sector's middle half▲ 7.2pp14.6%within the sector's middle half▲ 1.7pp14.6%above 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 a loss of €69,348, larger than the loss of €18,865 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44.2m
Fixed assets
€14.1m ▲ 0.3%
Current assets
€30.1m ▲ 17.6%
Equity and liabilities €44.2m
Equity
€39.5m ▲ 9.7%
Debt
€4.7m ▲ 28.3%
Debt's share of the balance-sheet total rises from 9.2% to 10.6%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.12▲
2024 · 0.10
ROE
16.4%▲
2024 · 16.1%
Debt ≤ 1 year
€4.7m▲
2024 · €3.7m
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €19,040 | €18,260 | €27,360 | €8.1m | €35,960 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.01m | ▲ 13× |
| Gross operating margin9900 | €0.01m | €0.01m | €0.03m | €0.02m | -€0.008m | -€0.004m | -€0.02m | -€0.06m | ▼ 218% |
| Operating profit (loss)9901 | €0.01m | €0.01m | €0.03m | €0.02m | -€0.009m | -€0.005m | -€0.02m | -€0.07m | ▼ 268% |
| Financial income75/76B | - | - | - | €43.6m | €3.1m | €4.7m | €6.1m | €6.9m | ▲ 12.5% |
| Recurring financial income75 | €1.6m | €2.4m | €2.6m | €43.6m | €3.1m | €4.7m | €6.1m | €6.9m | ▲ 12.5% |
| Financial charges65/66B | - | - | - | €0.1m | €1.3m | €0.3m | €0.3m | €0.3m | ▲ 13.8% |
| Recurring financial charges65 | €0.1m | €0.09m | €0.07m | €0.07m | €1.3m | €0.3m | €0.3m | €0.3m | ▲ 13.8% |
| Non-recurring financial charges66B | - | - | - | €0.07m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.5m | €2.3m | €2.6m | €43.5m | €1.8m | €4.4m | €5.8m | €6.5m | ▲ 11.6% |
| Profit (loss) for the period9904 | €1.5m | €2.3m | €2.6m | €43.5m | €1.8m | €4.4m | €5.8m | €6.5m | ▲ 11.6% |
| Profit (loss) for the period to be appropriated9905 | €1.5m | €2.3m | €2.6m | €43.5m | €1.8m | €4.4m | €5.8m | €6.5m | ▲ 11.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.6m | €8.9m | €10.1m | €31.7m | €30.8m | €33.8m | €39.7m | €44.2m | ▲ 11.4% |
| Fixed assets21/28 | €6.6m | €6.6m | €6.6m | €5.9m | €5.9m | €6.0m | €14.1m | €14.1m | ▲ 0.3% |
| Financial fixed assets28 | €6.6m | €6.6m | €6.6m | €5.9m | €5.9m | €6.0m | €14.1m | €14.1m | ▲ 0.3% |
| Current assets29/58 | €1.0m | €2.3m | €3.5m | €25.8m | €24.9m | €27.8m | €25.6m | €30.1m | ▲ 17.6% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.1m | €0.6m | €0.6m | €0.8m | ▲ 28.2% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.1m | €0.6m | €0.6m | €0.8m | ▲ 28.2% |
| Amounts receivable within one year40/41 | €230 | €413 | €174 | €150 | €0.9m | €2.0m | €2.5m | €3.3m | ▲ 32.7% |
| Other amounts receivable41 | - | - | - | €150 | €0.9m | €2.0m | €2.5m | €3.3m | ▲ 32.7% |
| Current investments50/53 | - | - | €0.02m | €5.7m | €14.3m | €21.8m | €21.6m | €22.2m | ▲ 2.4% |
| Cash at bank and in hand54/58 | €1.0m | €2.3m | €3.1m | €19.9m | €9.5m | €3.4m | €0.9m | €3.9m | ▲ 327% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.002m | €0.003m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.6m | €8.9m | €10.1m | €31.7m | €30.8m | €33.8m | €39.7m | €44.2m | ▲ 11.4% |
| Equity10/15 | €4.6m | €5.9m | €7.2m | €28.9m | €29.3m | €32.2m | €36.0m | €39.5m | ▲ 9.7% |
| Contributions10/11 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Capital10 | - | - | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Issued capital100 | - | - | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Reserves13 | €2.9m | €4.2m | €5.5m | €27.2m | €27.6m | €30.5m | €34.4m | €37.9m | ▲ 10.2% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €27.0m | €27.4m | €30.4m | €34.2m | €37.7m | ▲ 10.3% |
| Amounts payable17/49 | €3.0m | €3.0m | €2.9m | €2.9m | €1.6m | €1.6m | €3.7m | €4.7m | ▲ 28.3% |
| Amounts payable within one year42/48 | €3.0m | €3.0m | €2.9m | €2.9m | €1.6m | €1.6m | €3.7m | €4.7m | ▲ 28.2% |
| Trade debts44 | - | - | - | €235 | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 51.4% |
| Suppliers440/4 | - | - | - | €235 | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 51.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.005m | - | - | €0.05m | - |
| Taxes450/3 | - | - | - | €0.03m | €0.005m | - | - | €0.02m | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €0.03m | - |
| Other amounts payable47/48 | - | - | - | €2.8m | €1.5m | €1.5m | €3.6m | €4.6m | ▲ 27.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.005m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.5m | €2.3m | €2.6m | €43.5m | €1.8m | €4.4m | €5.8m | €6.5m | ▲ 11.6% |
| Operating cash flow (approximation) | €1.5m | €2.3m | €2.6m | €43.5m | €1.8m | €4.4m | €5.8m | €6.5m | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | €0 | -€0.01m | €0.7m | -€0.02m | -€0.03m | -€8.1m | -€0.04m | ▲ 99.6% |
| Change in cash | - | €1.3m | €0.8m | €16.8m | -€10.3m | -€6.2m | -€2.5m | €3.0m | - |
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, 321 companies had the same profile as PMF has now. Two years later, 97.5% were still going and 0.0% had gone bankrupt.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.5%
was still going
2.5%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of PMF 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 321 companies, not a prediction for PMF. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-08-2026 | 2026-00463380 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00419888 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00450094 | |
| 31-12-2022 | abbreviated format | 11-10-2023 | 2023-00482105 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20221256 | |
| 31-12-2020 | abbreviated format | 02-07-2021 | 2021-29000151 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-25100592 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-53400430 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-22200422 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-49000172 |