PMSolutions
ActiveFinancials · financial year 2025, micro 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, 2026-00435410.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 10 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €250,000
Total assets
€559,130▼ 22.3%
2024 · €720,039
Net result
€42,108▼ 80.2%
2024 · €212,327
Working capital
€24,198▼ 80.6%
2024 · €124,757
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€58,003
▼ 80.3%
2025
20182025
Net result
€42,108
▼ 80.2%
2025
middle half of the sector
20182025
Equity
€247,127
▼ 26.3%
2025
highest quarter of the sector
20182025
Total assets
€559,130
▼ 22.3%
2025
highest quarter of the sector
20182025
Debt
€271,874
▼ 20.6%
2025
20182025
Working capital
€24,198
▼ 80.6%
2025
middle half of the sector
20182025
Solvency
44.2%
▼ 2.4pp
2025
middle half of the sector
20182025
Current ratio
1.22
▼ 0.55
2025
middle half of the sector
20182025
Return on assets (ROA)
7.5%
▼ 22.0pp
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€11,134-€39,765▲ 257%€70,425▲ 77.1%€38,754▼ 45.0%€54,960▲ 41.8%€66,814▲ 21.6%€293,948▲ 340%€58,003▼ 80.3%
Net result€2,344-€24,024▲ 925%€49,523within the sector's middle half▲ 106%€22,211within the sector's middle half▼ 55.1%€35,168within the sector's middle half▲ 58.3%€46,076within the sector's middle half▲ 31.0%€212,327above the sector's middle half▲ 361%€42,108within the sector's middle half▼ 80.2%
Equity€87,566-€111,590▲ 27.4%€119,937within the sector's middle half▲ 7.5%€112,148within the sector's middle half▼ 6.5%€99,716within the sector's middle half▼ 11.1%€145,792within the sector's middle half▲ 46.2%€335,531above the sector's middle half▲ 130%€247,127above the sector's middle half▼ 26.3%
Total assets€343,229-€414,960▲ 20.9%€422,643within the sector's middle half▲ 1.9%€342,700within the sector's middle half▼ 18.9%€342,465within the sector's middle half▼ 0.1%€602,308above the sector's middle half▲ 75.9%€720,039above the sector's middle half▲ 19.5%€559,130above the sector's middle half▼ 22.3%
Debt€255,662-€303,370▲ 18.7%€302,707▼ 0.2%€230,552▼ 23.8%€242,749▲ 5.3%€456,516▲ 88.1%€342,235▼ 25.0%€271,874▼ 20.6%
Working capital€34,735-€78,542▲ 126%€65,395within the sector's middle half▼ 16.7%€51,984within the sector's middle half▼ 20.5%€41,580within the sector's middle half▼ 20.0%€64,791within the sector's middle half▲ 55.8%€124,757within the sector's middle half▲ 92.6%€24,198within the sector's middle half▼ 80.6%
Solvency25.5%-26.9%▲ 1.4pp28.4%within the sector's middle half▲ 1.5pp32.7%within the sector's middle half▲ 4.3pp29.1%within the sector's middle half▼ 3.6pp24.2%below the sector's middle half▼ 4.9pp46.6%within the sector's middle half▲ 22.4pp44.2%within the sector's middle half▼ 2.4pp
Current ratio1.97-2.35▲ 0.371.82within the sector's middle half▼ 0.522.97within the sector's middle half▲ 1.151.70within the sector's middle half▼ 1.272.00within the sector's middle half▲ 0.301.77within the sector's middle half▼ 0.231.22within the sector's middle half▼ 0.55
Return on assets (ROA)0.7%-5.8%▲ 5.1pp11.7%within the sector's middle half▲ 5.9pp6.5%within the sector's middle half▼ 5.2pp10.3%within the sector's middle half▲ 3.8pp7.6%within the sector's middle half▼ 2.6pp29.5%within the sector's middle half▲ 21.8pp7.5%within the sector's middle half▼ 22.0pp
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 80% 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 €559,130
Fixed assets
€425,666 ▼ 1.8%
Current assets
€133,464 ▼ 53.4%
Equity and liabilities €559,130
Equity
€247,127 ▼ 26.3%
Provisions
€40,129 ▼ 5.1%
Debt
€271,874 ▼ 20.6%
Debt's share of the balance-sheet total rises from 47.5% to 48.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€91,678▼
2024 · €316,192
Cash flow
€75,783▼
2024 · €234,571
Quick ratio
0.21▼
2024 · 1.04
Debt to equity
1.10▲
2024 · 1.02
ROE
17.0%▼
2024 · 63.3%
Interest coverage
19.32▼
2024 · 35.81
Debt ≤ 1 year
€109,266▼
2024 · €161,797
Debt > 1 year
€162,608▼
2024 · €180,438
Income taxes
€13,295▼
2024 · €30,520
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 | €6,932 | €1,787 | €252,100 | €111,077 | €47,433 |
| Depreciation and write-downs of the year | €20,134 | €17,268 | €21,261 | €22,244 | €33,675 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €3,477 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,860 | €55,890 | €52,389 | €20,134 | €17,268 | €21,261 | €22,244 | €33,675 | ▲ 51.4% |
| Other operating charges640/8 | - | - | - | €3,250 | €1,935 | €556 | €7,065 | €5,423 | ▼ 23.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €8,165 | - | - | - |
| Gross operating margin9900 | €81,160 | €100,754 | €125,672 | €62,138 | €74,163 | €96,795 | €323,257 | €97,102 | ▼ 70.0% |
| Operating profit (loss)9901 | €11,134 | €39,765 | €70,425 | €38,754 | €54,960 | €66,814 | €293,948 | €58,003 | ▼ 80.3% |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €1 | €0 | ▼ 96.9% |
| Recurring financial income75 | €0 | €84 | €1 | €0 | €0 | €0 | €1 | €0 | ▼ 96.9% |
| Financial charges65/66B | - | - | - | €5,586 | €6,214 | €4,124 | €8,829 | €4,744 | ▼ 46.3% |
| Recurring financial charges65 | €5,910 | €7,325 | €6,304 | €5,586 | €6,214 | €4,124 | €8,829 | €4,744 | ▼ 46.3% |
| Profit (loss) for the period before taxes9903 | €5,225 | €32,524 | €64,122 | €33,168 | €48,746 | €62,689 | €285,120 | €53,259 | ▼ 81.3% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €2,144 | €2,144 | = |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €44,417 | - | - |
| Income taxes67/77 | €2,881 | €8,500 | €14,599 | €10,957 | €13,578 | €16,613 | €30,520 | €13,295 | ▼ 56.4% |
| Profit (loss) for the period9904 | €2,344 | €24,024 | €49,523 | €22,211 | €35,168 | €46,076 | €212,327 | €42,108 | ▼ 80.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €6,432 | €6,432 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €133,251 | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,344 | €24,024 | €49,523 | €22,211 | €35,168 | €46,076 | €85,508 | €48,540 | ▼ 43.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €343,229 | €414,960 | €422,643 | €342,700 | €342,465 | €602,308 | €720,039 | €559,130 | ▼ 22.3% |
| Fixed assets21/28 | €272,705 | €278,046 | €277,552 | €264,350 | €241,869 | €472,708 | €433,484 | €425,666 | ▼ 1.8% |
| Tangible fixed assets22/27 | €261,705 | €267,046 | €266,552 | €253,350 | €230,869 | €461,708 | €422,484 | €414,666 | ▼ 1.9% |
| Land and buildings22 | - | - | - | €138,962 | €135,248 | €377,555 | €347,301 | €339,328 | ▼ 2.3% |
| Furniture and vehicles24 | - | - | - | €35,404 | €27,188 | €24,471 | €22,860 | €34,126 | ▲ 49.3% |
| Other tangible fixed assets26 | - | - | - | €78,983 | €68,433 | €59,682 | €52,323 | €41,212 | ▼ 21.2% |
| Financial fixed assets28 | €11,000 | €11,000 | €11,000 | €11,000 | €11,000 | €11,000 | €11,000 | €11,000 | = |
| Current assets29/58 | €70,524 | €136,914 | €145,092 | €78,351 | €100,596 | €129,600 | €286,554 | €133,464 | ▼ 53.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €20,000 | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €20,000 | - | - | - | - |
| Stocks and contracts in progress3 | €6,227 | €16,834 | €19,686 | €9,980 | €9,980 | €67,930 | €118,031 | €109,981 | ▼ 6.8% |
| Stocks30/36 | - | - | - | €9,980 | €9,980 | €67,930 | €118,031 | €109,981 | ▼ 6.8% |
| Amounts receivable within one year40/41 | €54,717 | €96,261 | €84,865 | €52,162 | €69,871 | €61,670 | €162,814 | €2,205 | ▼ 98.6% |
| Trade receivables40 | - | - | - | €545 | €24,261 | €16,060 | €99,814 | - | - |
| Other amounts receivable41 | - | - | - | €51,617 | €45,610 | €45,610 | €63,000 | €2,205 | ▼ 96.5% |
| Cash at bank and in hand54/58 | €8,966 | €22,887 | €39,399 | €15,818 | - | - | €5,710 | €21,279 | ▲ 273% |
| Deferred charges and accrued income490/1 | - | - | - | €391 | €745 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €343,229 | €414,960 | €422,643 | €342,700 | €342,465 | €602,308 | €720,039 | €559,130 | ▼ 22.3% |
| Equity10/15 | €87,566 | €111,590 | €119,937 | €112,148 | €99,716 | €145,792 | €335,531 | €247,127 | ▼ 26.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €8,060 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | - | - | €1,860 | €1,860 | €128,679 | €122,247 | ▼ 5.0% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €126,819 | €120,387 | ▼ 5.1% |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €79,506 | €103,530 | €111,877 | €104,088 | €79,256 | €125,332 | €188,252 | €106,279 | ▼ 43.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €42,273 | €40,129 | ▼ 5.1% |
| Deferred taxes168 | - | - | - | - | - | - | €42,273 | €40,129 | ▼ 5.1% |
| Amounts payable17/49 | €255,662 | €303,370 | €302,707 | €230,552 | €242,749 | €456,516 | €342,235 | €271,874 | ▼ 20.6% |
| Amounts payable after more than one year17 | €219,874 | €244,997 | €223,010 | €204,185 | €183,733 | €391,707 | €180,438 | €162,608 | ▼ 9.9% |
| Financial debts170/4 | - | - | - | €204,185 | €183,733 | €391,707 | €178,902 | €161,072 | ▼ 10.0% |
| Other amounts payable178/9 | - | - | - | - | - | - | €1,536 | €1,536 | = |
| Amounts payable within one year42/48 | €35,789 | €58,372 | €79,697 | €26,367 | €59,016 | €64,809 | €161,797 | €109,266 | ▼ 32.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,825 | €11,844 | €20,624 | €16,871 | €30,204 | ▲ 79.0% |
| Financial debts43 | - | - | - | - | €4,868 | €10,472 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €4,868 | €10,472 | - | - | - |
| Trade debts44 | €550 | €25,221 | €6,022 | €1,015 | €10,737 | €1,534 | €67,601 | €28,837 | ▼ 57.3% |
| Suppliers440/4 | - | - | - | €1,015 | €10,737 | €1,534 | €67,601 | €28,837 | ▼ 57.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €1,000 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €21,988 | €21,844 | €50,526 | €11,248 | ▼ 77.7% |
| Taxes450/3 | - | - | - | - | €19,588 | €21,844 | €50,526 | €11,248 | ▼ 77.7% |
| Remuneration and social security454/9 | - | - | - | - | €2,400 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €6,528 | €9,578 | €9,336 | €26,799 | €38,977 | ▲ 45.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,344 | €24,024 | €49,523 | €22,211 | €35,168 | €46,076 | €212,327 | €42,108 | ▼ 80.2% |
| + Depreciation and write-downs630 | €67,860 | €55,890 | €52,389 | €20,134 | €17,268 | €21,261 | €22,244 | €33,675 | ▲ 51.4% |
| Operating cash flow (approximation) | €70,205 | €79,914 | €101,912 | €42,345 | €52,436 | €67,337 | €234,571 | €75,783 | ▼ 67.7% |
| Investment in fixed assets (approximation) | - | -€61,231 | -€51,895 | -€6,932 | €5,213 | -€252,100 | €16,980 | -€25,857 | - |
| Change in cash | - | €13,921 | €16,512 | -€23,581 | - | - | - | €15,569 | - |
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 PMSolutions 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 PMSolutions 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 PMSolutions. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00435410 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00480263 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00416789 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00314346 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20422291 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-50800461 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-43200363 | |
| 31-12-2018 | micro format | 13-09-2019 | 2019-64300600 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-34400012 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-44600404 |