PolyArtes
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-12-2025 PDF all 14 filings
Equity
-€21,416▼ 151%
2024 · -€8,534
Total assets
€53,929▼ 13.1%
2024 · €62,081
Net result
-€12,882▼ 78.5%
2024 · -€7,215
Working capital
-€41,301▼ 41.4%
2024 · -€29,214
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€11,779
▼ 107%
2025
20192025
Net result
-€12,882
▼ 78.5%
2025
lowest quarter of the sector
20192025
Equity
-€21,416
▼ 151%
2025
lowest quarter of the sector
20192025
Total assets
€53,929
▼ 13.1%
2025
middle half of the sector
20192025
Debt
€75,345
▲ 6.7%
2025
20192025
Working capital
-€41,301
▼ 41.4%
2025
lowest quarter of the sector
20192025
Solvency
-39.7%
▼ 26.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.08
▼ 0.08
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-23.9%
▼ 12.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€8,764-€2,821€10,022▲ 255%€10,157▲ 1.3%€4,111▼ 59.5%-€5,683-€11,779▼ 107%
Net result-€8,910-€2,686within the sector's middle half€9,830within the sector's middle half▲ 266%€9,631within the sector's middle half▼ 2.0%€2,833within the sector's middle half▼ 70.6%-€7,215below the sector's middle half-€12,882below the sector's middle half▼ 78.5%
Equity-€26,299--€23,613below the sector's middle half▲ 10.2%-€13,783below the sector's middle half▲ 41.6%-€4,152below the sector's middle half▲ 69.9%-€1,319below the sector's middle half▲ 68.2%-€8,534below the sector's middle half▼ 547%-€21,416below the sector's middle half▼ 151%
Total assets€8,626-€11,283below the sector's middle half▲ 30.8%€11,686below the sector's middle half▲ 3.6%€48,600within the sector's middle half▲ 316%€71,661within the sector's middle half▲ 47.5%€62,081within the sector's middle half▼ 13.4%€53,929within the sector's middle half▼ 13.1%
Debt€34,925-€34,896▼ 0.1%€25,469▼ 27.0%€52,752▲ 107%€72,980▲ 38.3%€70,615▼ 3.2%€75,345▲ 6.7%
Working capital-€27,729--€25,996below the sector's middle half▲ 6.2%-€21,509below the sector's middle half▲ 17.3%-€16,085below the sector's middle half▲ 25.2%-€24,822below the sector's middle half▼ 54.3%-€29,214below the sector's middle half▼ 17.7%-€41,301below the sector's middle half▼ 41.4%
Solvency-304.9%--209.3%below the sector's middle half▲ 95.6pp-117.9%below the sector's middle half▲ 91.3pp-8.5%below the sector's middle half▲ 109.4pp-1.8%below the sector's middle half▲ 6.7pp-13.7%below the sector's middle half▼ 11.9pp-39.7%below the sector's middle half▼ 26.0pp
Current ratio0.18-0.26below the sector's middle half▲ 0.070.16below the sector's middle half▼ 0.100.34below the sector's middle half▲ 0.190.24below the sector's middle half▼ 0.100.16below the sector's middle half▼ 0.080.08below the sector's middle half▼ 0.08
Return on assets (ROA)-103.3%-23.8%above the sector's middle half▲ 127.1pp84.1%above the sector's middle half▲ 60.3pp19.8%within the sector's middle half▼ 64.3pp4.0%within the sector's middle half▼ 15.9pp-11.6%below the sector's middle half▼ 15.6pp-23.9%below the sector's middle half▼ 12.3pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 €11,779, larger than the loss of €5,683 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53,929
Fixed assets
€50,332 ▼ 10.9%
Current assets
€3,597 ▼ 35.8%
Equity and liabilities
Equity-€21,416
Debt€75,345
Equity is negative. Debt (€75,345) exceeds the balance-sheet total (€53,929).
Key figures and ratios
EBITDA
-€5,637▼
2024 · €2,100
Cash flow
-€6,740▼
2024 · €568
Quick ratio
0.05▼
2024 · 0.12
Interest coverage
-5.00▼
2024 · 1.33
Debt ≤ 1 year
€44,898▲
2024 · €34,820
Debt > 1 year
€30,447▼
2024 · €35,795
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €37,522 | €32,741 | €546 | - |
| Depreciation and write-downs of the year | €5,082 | €9,195 | €7,783 | €6,142 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,023 | €884 | €3,130 | €5,082 | €9,195 | €7,783 | €6,142 | ▼ 21.1% |
| Other operating charges640/8 | - | - | - | €120 | €254 | €141 | €144 | ▲ 2.1% |
| Gross operating margin9900 | -€6,391 | €3,705 | €13,271 | €15,359 | €13,560 | €2,241 | -€5,493 | - |
| Operating profit (loss)9901 | -€8,764 | €2,821 | €10,022 | €10,157 | €4,111 | -€5,683 | -€11,779 | ▼ 107% |
| Financial income75/76B | - | - | - | €102 | €61 | €44 | €24 | ▼ 45.5% |
| Recurring financial income75 | - | €3 | - | €102 | €61 | €44 | €24 | ▼ 45.5% |
| Financial charges65/66B | - | - | - | €628 | €1,339 | €1,576 | €1,127 | ▼ 28.5% |
| Recurring financial charges65 | €146 | €138 | €192 | €628 | €1,339 | €1,576 | €1,127 | ▼ 28.5% |
| Profit (loss) for the period before taxes9903 | -€8,910 | €2,686 | €9,830 | €9,631 | €2,833 | -€7,215 | -€12,882 | ▼ 78.5% |
| Profit (loss) for the period9904 | -€8,910 | €2,686 | €9,830 | €9,631 | €2,833 | -€7,215 | -€12,882 | ▼ 78.5% |
| Profit (loss) for the period to be appropriated9905 | -€8,910 | €2,686 | €9,830 | €9,631 | €2,833 | -€7,215 | -€12,882 | ▼ 78.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €8,626 | €11,283 | €11,686 | €48,600 | €71,661 | €62,081 | €53,929 | ▼ 13.1% |
| Fixed assets21/28 | €2,485 | €2,383 | €7,726 | €40,166 | €63,712 | €56,475 | €50,332 | ▼ 10.9% |
| Tangible fixed assets22/27 | €2,485 | €2,383 | €7,726 | €40,166 | €63,712 | €56,475 | €50,332 | ▼ 10.9% |
| Land and buildings22 | - | - | - | €32,777 | €54,861 | €51,615 | €48,369 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €5,141 | €2,175 | €742 | €144 | ▼ 80.6% |
| Furniture and vehicles24 | - | - | - | €2,248 | €6,676 | €4,118 | €1,819 | ▼ 55.8% |
| Current assets29/58 | €6,141 | €8,900 | €3,960 | €8,434 | €7,949 | €5,606 | €3,597 | ▼ 35.8% |
| Stocks and contracts in progress3 | €2,520 | €2,520 | €1,950 | €1,530 | €1,465 | €1,580 | €1,420 | ▼ 10.1% |
| Stocks30/36 | - | - | - | €1,530 | €1,465 | €1,580 | €1,420 | ▼ 10.1% |
| Amounts receivable within one year40/41 | €2,559 | €780 | €423 | €592 | €3,426 | €424 | €357 | ▼ 15.8% |
| Trade receivables40 | - | - | - | €131 | €3,426 | €424 | €357 | ▼ 15.8% |
| Other amounts receivable41 | - | - | - | €461 | - | - | - | - |
| Cash at bank and in hand54/58 | €1,062 | €5,600 | €1,587 | €6,312 | €3,058 | €3,602 | €1,820 | ▼ 49.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €8,626 | €11,283 | €11,686 | €48,600 | €71,661 | €62,081 | €53,929 | ▼ 13.1% |
| Equity10/15 | -€26,299 | -€23,613 | -€13,783 | -€4,152 | -€1,319 | -€8,534 | -€21,416 | ▼ 151% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€34,359 | -€31,673 | -€21,843 | -€12,212 | -€9,379 | -€16,594 | -€29,476 | ▼ 77.6% |
| Amounts payable17/49 | €34,925 | €34,896 | €25,469 | €52,752 | €72,980 | €70,615 | €75,345 | ▲ 6.7% |
| Amounts payable after more than one year17 | €1,055 | - | - | €28,233 | €40,209 | €35,795 | €30,447 | ▼ 14.9% |
| Financial debts170/4 | - | - | - | €28,233 | €40,209 | €35,795 | €30,447 | ▼ 14.9% |
| Amounts payable within one year42/48 | €33,870 | €34,896 | €25,469 | €24,519 | €32,771 | €34,820 | €44,898 | ▲ 28.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,586 | €4,702 | €4,413 | €4,941 | ▲ 12.0% |
| Trade debts44 | €637 | €79 | €285 | €1,588 | €1,515 | €1,320 | €856 | ▼ 35.2% |
| Suppliers440/4 | - | - | - | €1,588 | €1,515 | €1,320 | €856 | ▼ 35.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | €465 | €332 | ▼ 28.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,200 | €1,478 | €2,407 | €9,895 | ▲ 311% |
| Taxes450/3 | - | - | - | - | €278 | €1,207 | €1,495 | ▲ 23.9% |
| Remuneration and social security454/9 | - | - | - | €1,200 | €1,200 | €1,200 | €8,400 | ▲ 600% |
| Other amounts payable47/48 | - | - | - | €17,145 | €25,076 | €26,215 | €28,874 | ▲ 10.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,910 | €2,686 | €9,830 | €9,631 | €2,833 | -€7,215 | -€12,882 | ▼ 78.5% |
| + Depreciation and write-downs630 | €2,023 | €884 | €3,130 | €5,082 | €9,195 | €7,783 | €6,142 | ▼ 21.1% |
| Operating cash flow (approximation) | -€6,887 | €3,570 | €12,960 | €14,713 | €12,028 | €568 | -€6,740 | - |
| Investment in fixed assets (approximation) | - | -€782 | -€8,473 | -€37,522 | -€32,741 | -€546 | €1 | - |
| Change in cash | - | €4,538 | -€4,013 | €4,725 | -€3,254 | €544 | -€1,782 | - |
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, 6,907 companies had the same profile as PolyArtes has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PolyArtes itself is lower: 0.9% within 12 months. It rests on far more data about PolyArtes than the profile alone.
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 6,907 companies, not a prediction for PolyArtes. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 04-12-2025 | 2025-00576377 | |
| 30-06-2024 | micro format | 05-12-2024 | 2024-00612342 | |
| 30-06-2023 | micro format | 29-11-2023 | 2023-00519487 | |
| 30-06-2022 | micro format | 28-11-2022 | 2022-20527870 | |
| 30-06-2021 | micro format | 22-10-2021 | 2021-72700563 | |
| 30-06-2020 | micro format | 08-12-2020 | 2020-75000074 | |
| 30-06-2019 | micro format | 06-12-2019 | 2019-75600535 | |
| 30-06-2018 | micro format | 06-12-2018 | 2018-73900254 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00800228 | |
| 30-06-2016 | abbreviated format | 12-12-2016 | 2016-69800190 |