POWER MAKER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-12-2025 PDF all 8 filings
Turnover
€559,535▲ 77.9%
2024 · €314,494
EBIT margin
20.6%▲ 2.7pp
2024 · 17.8%
Net result
€107,987▲ 217%
2024 · €34,059
Working capital
€185,253▲ 91.0%
2024 · €96,979
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€559,535
▲ 77.9%
2025
20192025
Operating result
€115,067
▲ 105%
2025
20192025
Net result
€107,987
▲ 217%
2025
highest quarter of the sector
20192025
EBIT margin
20.6%
▲ 2.7pp
2025
20192025
Equity
€215,679
▲ 87.6%
2025
highest quarter of the sector
20192025
Total assets
€275,515
▲ 79.9%
2025
middle half of the sector
20192025
Debt
€59,836
▲ 56.9%
2025
20192025
Working capital
€185,253
▲ 91.0%
2025
highest quarter of the sector
20192025
Solvency
78.3%
▲ 3.2pp
2025
highest quarter of the sector
20192025
Current ratio
4.31
▲ 0.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
39.2%
▲ 17.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
5.4
▲ 42.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€106,622-€136,264▲ 27.8%€255,391▲ 87.4%€136,428▼ 46.6%€187,210▲ 37.2%€314,494▲ 68.0%€559,535▲ 77.9%
Operating result€17,915-€13,739▼ 23.3%€19,633▲ 42.9%€28,964▲ 47.5%€45,828▲ 58.2%€56,104▲ 22.4%€115,067▲ 105%
Net result€17,823-€11,502within the sector's middle half▼ 35.5%€14,474within the sector's middle half▲ 25.8%€16,832within the sector's middle half▲ 16.3%€26,378within the sector's middle half▲ 56.7%€34,059within the sector's middle half▲ 29.1%€107,987above the sector's middle half▲ 217%
EBIT margin16.8%-10.1%▼ 6.7pp7.7%▼ 2.4pp21.2%▲ 13.5pp24.5%▲ 3.2pp17.8%▼ 6.6pp20.6%▲ 2.7pp
Equity€11,747-€23,248within the sector's middle half▲ 97.9%€37,722within the sector's middle half▲ 62.3%€54,554within the sector's middle half▲ 44.6%€80,932within the sector's middle half▲ 48.4%€114,992within the sector's middle half▲ 42.1%€215,679above the sector's middle half▲ 87.6%
Total assets€13,467-€25,506below the sector's middle half▲ 89.4%€37,722below the sector's middle half▲ 47.9%€112,282within the sector's middle half▲ 198%€115,057within the sector's middle half▲ 2.5%€153,129within the sector's middle half▲ 33.1%€275,515within the sector's middle half▲ 79.9%
Debt€1,721-€2,257▲ 31.2%€57,728€34,124▼ 40.9%€38,137▲ 11.8%€59,836▲ 56.9%
Working capital€11,747-€23,422within the sector's middle half▲ 99.4%€52,331within the sector's middle half€44,336within the sector's middle half▼ 15.3%€96,979above the sector's middle half▲ 119%€185,253above the sector's middle half▲ 91.0%
Solvency87.2%-91.1%above the sector's middle half▲ 3.9pp100.0%above the sector's middle half▲ 8.9pp48.6%within the sector's middle half▼ 51.4pp70.3%within the sector's middle half▲ 21.8pp75.1%within the sector's middle half▲ 4.8pp78.3%above the sector's middle half▲ 3.2pp
Current ratio7.83-12.24above the sector's middle half▲ 4.417.77above the sector's middle half2.31within the sector's middle half▼ 5.463.88within the sector's middle half▲ 1.574.31above the sector's middle half▲ 0.43
Return on assets (ROA)132.3%-45.1%above the sector's middle half▼ 87.3pp38.4%above the sector's middle half▼ 6.7pp15.0%within the sector's middle half▼ 23.4pp22.9%within the sector's middle half▲ 7.9pp22.2%within the sector's middle half▼ 0.7pp39.2%above the sector's middle half▲ 17.0pp
Staff (FTE)1.93.8▲ 100%5.4▲ 42.1%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 105% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €275,515
Fixed assets
€34,310 ▲ 52.3%
Current assets
€241,204 ▲ 84.7%
Equity and liabilities €275,515
Equity
€215,679 ▲ 87.6%
Debt
€59,836 ▲ 56.9%
Debt's share of the balance-sheet total falls from 24.9% to 21.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€124,468▲
2024 · €71,552
Cash flow
€117,388▲
2024 · €49,508
Debt to equity
0.28▼
2024 · 0.33
ROE
50.1%▲
2024 · 29.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€55,952▲
2024 · €33,624
Income taxes
€33,576▲
2024 · €22,685
Customer credit
2 days▼
2024 · 10 days
Supplier credit
1 day▼
2024 · 23 days
Staff costs
€277,494▲
2024 · €143,943
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 5 | 5 |
| full-time | 3 | 5 | 5 |
| in full-time equivalents | 3 | 5 | 5 |
| Average over the year, in full-time equivalents | 1.9 | 3.8 | 5.4 |
| On a permanent contract | 3 | 5 | 5 |
| Joined | 4 | 4 | 2 |
| Left | 2 | 2 | 2 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €61,340 | - | €1,087 | €31,963 |
| Depreciation and write-downs of the year | €9,117 | €15,335 | €15,449 | €9,402 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €106,622 | €136,264 | €255,391 | €136,428 | €187,210 | €314,494 | €559,535 | ▲ 77.9% |
| Non-recurring operating income76A | - | - | - | €2,264 | €24,242 | €59,513 | €54,090 | ▼ 9.1% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €74,070 | €65,580 | €157,101 | €155,464 | ▼ 1.0% |
| Remuneration, social security and pensions62 | - | - | - | €25,358 | €82,822 | €143,943 | €277,494 | ▲ 92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €9,117 | €15,335 | €15,449 | €9,402 | ▼ 39.1% |
| Other operating charges640/8 | - | - | - | €1,184 | €1,580 | €1,410 | €2,109 | ▲ 49.6% |
| Non-recurring operating charges66A | - | - | - | - | €308 | - | - | - |
| Gross operating margin9900 | €17,915 | €13,739 | €19,633 | €64,622 | €145,872 | €216,906 | €404,072 | ▲ 86.3% |
| Operating profit (loss)9901 | €17,915 | €13,739 | €19,633 | €28,964 | €45,828 | €56,104 | €115,067 | ▲ 105% |
| Financial income75/76B | - | - | - | - | €25 | €704 | €26,569 | ▲ 38× |
| Recurring financial income75 | - | €17 | €0 | - | €25 | €704 | €2,077 | ▲ 195% |
| Non-recurring financial income76B | - | - | - | - | - | - | €24,492 | - |
| Financial charges65/66B | - | - | - | €1,907 | €2,335 | €63 | €72 | ▲ 14.1% |
| Recurring financial charges65 | €92 | €213 | €159 | €1,907 | €2,335 | €63 | €72 | ▲ 14.1% |
| Profit (loss) for the period before taxes9903 | €17,823 | €13,543 | €19,474 | €27,057 | €43,518 | €56,744 | €141,563 | ▲ 149% |
| Income taxes67/77 | - | €2,041 | €5,000 | €10,225 | €17,139 | €22,685 | €33,576 | ▲ 48.0% |
| Profit (loss) for the period9904 | €17,823 | €11,502 | €14,474 | €16,832 | €26,378 | €34,059 | €107,987 | ▲ 217% |
| Profit (loss) for the period to be appropriated9905 | €17,823 | €11,502 | €14,474 | €16,832 | €26,378 | €34,059 | €107,987 | ▲ 217% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €13,467 | €25,506 | €37,722 | €112,282 | €115,057 | €153,129 | €275,515 | ▲ 79.9% |
| Fixed assets21/28 | - | - | - | €52,223 | €36,888 | €22,526 | €34,310 | ▲ 52.3% |
| Tangible fixed assets22/27 | - | - | - | €52,223 | €36,888 | €22,526 | €34,310 | ▲ 52.3% |
| Furniture and vehicles24 | - | - | - | €52,223 | €36,888 | €22,526 | €34,310 | ▲ 52.3% |
| Current assets29/58 | €13,467 | €25,506 | €37,722 | €60,059 | €78,169 | €130,603 | €241,204 | ▲ 84.7% |
| Amounts receivable within one year40/41 | €927 | €120 | €5,052 | €132 | - | €8,931 | €3,539 | ▼ 60.4% |
| Trade receivables40 | - | - | - | €122 | - | €8,931 | €3,539 | ▼ 60.4% |
| Other amounts receivable41 | - | - | - | €10 | - | - | - | - |
| Current investments50/53 | €12,366 | €25,386 | €32,670 | - | - | €30,000 | €60,000 | ▲ 100% |
| Cash at bank and in hand54/58 | - | - | - | €57,439 | €75,677 | €73,631 | €161,236 | ▲ 119% |
| Deferred charges and accrued income490/1 | - | - | - | €2,488 | €2,491 | €18,041 | €16,429 | ▼ 8.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €13,467 | €25,506 | €37,722 | €112,282 | €115,057 | €153,129 | €275,515 | ▲ 79.9% |
| Equity10/15 | €11,747 | €23,248 | €37,722 | €54,554 | €80,932 | €114,992 | €215,679 | ▲ 87.6% |
| Contributions10/11 | €18,550 | €18,550 | - | €20,405 | €20,405 | €20,405 | €20,405 | = |
| Reserves13 | - | €4,500 | €18,855 | €33,000 | €59,500 | €94,500 | €194,500 | ▲ 106% |
| Distributable reserves133 | - | - | - | €33,000 | €59,500 | €94,500 | €194,500 | ▲ 106% |
| Profit (loss) carried forward14 | -€6,803 | €198 | €317 | €1,149 | €1,027 | €87 | €774 | ▲ 793% |
| Amounts payable17/49 | €1,721 | €2,257 | - | €57,728 | €34,124 | €38,137 | €59,836 | ▲ 56.9% |
| Amounts payable after more than one year17 | - | - | - | €50,000 | - | - | - | - |
| Financial debts170/4 | - | - | - | €50,000 | - | - | - | - |
| Amounts payable within one year42/48 | €1,721 | €2,084 | - | €7,728 | €33,833 | €33,624 | €55,952 | ▲ 66.4% |
| Trade debts44 | - | - | - | €4,406 | €15,185 | €9,828 | €594 | ▼ 94.0% |
| Suppliers440/4 | - | - | - | €4,406 | €15,185 | €9,828 | €594 | ▼ 94.0% |
| Taxes, remuneration and social security45 | - | - | - | €3,323 | €18,648 | €23,519 | €47,715 | ▲ 103% |
| Taxes450/3 | - | - | - | €1,476 | €12,597 | €12,886 | €32,302 | ▲ 151% |
| Remuneration and social security454/9 | - | - | - | €1,847 | €6,051 | €10,632 | €15,413 | ▲ 45.0% |
| Other amounts payable47/48 | - | - | - | - | - | €278 | €7,643 | ▲ 28× |
| Accrued charges and deferred income492/3 | - | - | - | - | €291 | €4,513 | €3,885 | ▼ 13.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,823 | €11,502 | €14,474 | €16,832 | €26,378 | €34,059 | €107,987 | ▲ 217% |
| + Depreciation and write-downs630 | - | - | - | €9,117 | €15,335 | €15,449 | €9,402 | ▼ 39.1% |
| Operating cash flow (approximation) | €17,823 | €11,502 | €14,474 | €25,948 | €41,713 | €49,508 | €117,388 | ▲ 137% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | -€1,087 | -€21,186 | ▼ 1,850% |
| Change in cash | - | - | - | - | €18,239 | -€2,046 | €87,605 | - |
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, 26,972 companies had the same profile as POWER MAKER has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of POWER MAKER itself is lower: < 0.1% within 12 months. It rests on far more data about POWER MAKER 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 26,972 companies, not a prediction for POWER MAKER. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-12-2025 | 2025-00588825 | |
| 30-06-2024 | micro format | 18-12-2024 | 2024-00618984 | |
| 30-06-2023 | micro format | 12-12-2023 | 2023-00526442 | |
| 30-06-2022 | micro format | 13-12-2022 | 2022-20536310 | |
| 30-06-2021 | micro format | 13-12-2021 | 2021-80000288 | |
| 30-06-2020 | micro format | 22-12-2020 | 2020-76800593 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-77100446 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02700584 |