PPS-CONSULT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00490177.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 25 filings
Turnover
≈ €83,000
Estimated: probably between €48,000 and €110,000
Total assets
€455,464▼ 8.5%
2024 · €497,658
Net result
€12,616▼ 61.1%
2024 · €32,466
Working capital
€11,228▼ 76.1%
2024 · €46,931
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,265
▼ 57.5%
2025
20182025
Net result
€12,616
▼ 61.1%
2025
middle half of the sector
20182025
Equity
€237,075
▼ 5.0%
2025
highest quarter of the sector
20182025
Total assets
€455,464
▼ 8.5%
2025
highest quarter of the sector
20182025
Debt
€123,678
▼ 18.9%
2025
20182025
Working capital
€11,228
▼ 76.1%
2025
middle half of the sector
20182025
Solvency
52.1%
▲ 1.9pp
2025
middle half of the sector
20182025
Current ratio
1.17
▼ 0.58
2025
middle half of the sector
20182025
Return on assets (ROA)
2.8%
▼ 3.8pp
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€38,052-€27,473▼ 27.8%€25,254▼ 8.1%€10,469▼ 58.5%€212,377▲ 20×€23,321▼ 89.0%€43,004▲ 84.4%€18,265▼ 57.5%
Net result€25,175-€17,944▼ 28.7%€13,013within the sector's middle half▼ 27.5%€2,727within the sector's middle half▼ 79.0%€160,471above the sector's middle half▲ 59×€17,116within the sector's middle half▼ 89.3%€32,466within the sector's middle half▲ 89.7%€12,616within the sector's middle half▼ 61.1%
Equity€90,924-€93,868▲ 3.2%€106,880within the sector's middle half▲ 13.9%€69,607within the sector's middle half▼ 34.9%€230,077within the sector's middle half▲ 231%€247,194above the sector's middle half▲ 7.4%€249,659above the sector's middle half▲ 1.0%€237,075above the sector's middle half▼ 5.0%
Total assets€363,491-€370,148▲ 1.8%€343,217within the sector's middle half▼ 7.3%€302,523within the sector's middle half▼ 11.9%€403,819within the sector's middle half▲ 33.5%€464,477within the sector's middle half▲ 15.0%€497,658above the sector's middle half▲ 7.1%€455,464above the sector's middle half▼ 8.5%
Debt€220,272-€223,985▲ 1.7%€184,041▼ 17.8%€180,621▼ 1.9%€76,621▼ 57.6%€120,909▲ 57.8%€152,455▲ 26.1%€123,678▼ 18.9%
Working capital-€12,174--€6,921▲ 43.1%-€2,822below the sector's middle half▲ 59.2%-€47,554below the sector's middle half▼ 1,585%€48,688within the sector's middle half€37,249within the sector's middle half▼ 23.5%€46,931within the sector's middle half▲ 26.0%€11,228within the sector's middle half▼ 76.1%
Solvency25.0%-25.4%▲ 0.3pp31.1%within the sector's middle half▲ 5.8pp23.0%below the sector's middle half▼ 8.1pp57.0%within the sector's middle half▲ 34.0pp53.2%within the sector's middle half▼ 3.8pp50.2%within the sector's middle half▼ 3.1pp52.1%within the sector's middle half▲ 1.9pp
Current ratio0.78-0.88▲ 0.110.93below the sector's middle half▲ 0.050.20below the sector's middle half▼ 0.732.09within the sector's middle half▲ 1.892.14within the sector's middle half▲ 0.051.76within the sector's middle half▼ 0.391.17within the sector's middle half▼ 0.58
Return on assets (ROA)6.9%-4.8%▼ 2.1pp3.8%within the sector's middle half▼ 1.1pp0.9%below the sector's middle half▼ 2.9pp39.7%above the sector's middle half▲ 38.8pp3.7%within the sector's middle half▼ 36.1pp6.5%within the sector's middle half▲ 2.8pp2.8%within the sector's middle half▼ 3.8pp
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 58% 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 €455,464
Fixed assets
€379,212 ▼ 2.4%
Current assets
€76,252 ▼ 30.1%
Equity and liabilities €455,464
Equity
€237,075 ▼ 5.0%
Provisions
€94,711 ▼ 0.9%
Debt
€123,678 ▼ 18.9%
Debt's share of the balance-sheet total falls from 30.6% to 27.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€27,642▼
2024 · €52,381
Cash flow
€21,993▼
2024 · €41,842
Debt to equity
0.52▼
2024 · 0.61
ROE
5.3%▼
2024 · 13.0%
Interest coverage
6.16▼
2024 · 9.88
Debt ≤ 1 year
€65,024▲
2024 · €62,137
Debt > 1 year
€58,654▼
2024 · €73,658
Income taxes
€3,121▼
2024 · €7,309
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €272,250 | - | - | - | - |
| Carrying value of the mortgaged assets | €270,150 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,392 | €296,121 | €92,538 | €3,375 | €4,908 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,826 | €5,573 | €8,437 | €9,377 | €9,377 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €74 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €226,580 | €0 | - | €5,092 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,400 | €14,826 | €14,826 | €14,826 | €5,573 | €8,437 | €9,377 | €9,377 | = |
| Other operating charges640/8 | - | - | - | €2,204 | €14,072 | €1,052 | €2,119 | €790 | ▼ 62.7% |
| Gross operating margin9900 | €54,445 | €44,317 | €41,951 | €27,498 | €232,022 | €32,810 | €54,500 | €28,432 | ▼ 47.8% |
| Operating profit (loss)9901 | €38,052 | €27,473 | €25,254 | €10,469 | €212,377 | €23,321 | €43,004 | €18,265 | ▼ 57.5% |
| Financial income75/76B | - | - | - | €420 | €1,697 | €1,019 | €1,241 | €1,130 | ▼ 9.0% |
| Recurring financial income75 | €840 | €840 | €847 | €420 | €1,697 | €1,019 | €1,241 | €1,130 | ▼ 9.0% |
| Financial charges65/66B | - | - | - | €4,739 | €8,622 | €6,036 | €5,302 | €4,489 | ▼ 15.3% |
| Recurring financial charges65 | €8,673 | €7,539 | €6,018 | €4,739 | €8,622 | €6,036 | €5,302 | €4,489 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | €30,219 | €20,774 | €20,083 | €6,151 | €205,452 | €18,304 | €38,942 | €14,905 | ▼ 61.7% |
| Transfer from deferred taxes780 | - | - | - | - | €490 | €746 | €832 | €832 | = |
| Transfer to deferred taxes680 | - | - | - | - | €45,316 | €0 | - | - | - |
| Income taxes67/77 | €5,044 | €2,830 | €7,070 | €3,424 | €156 | €1,934 | €7,309 | €3,121 | ▼ 57.3% |
| Profit (loss) for the period9904 | €25,175 | €17,944 | €13,013 | €2,727 | €160,471 | €17,116 | €32,466 | €12,616 | ▼ 61.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €1,961 | €2,984 | €3,327 | €3,327 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €181,264 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €25,175 | €17,944 | €13,013 | €2,727 | -€18,833 | €20,100 | €35,792 | €15,943 | ▼ 55.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €363,491 | €370,148 | €343,217 | €302,523 | €403,819 | €464,477 | €497,658 | €455,464 | ▼ 8.5% |
| Fixed assets21/28 | €321,407 | €317,221 | €303,796 | €290,362 | €310,490 | €394,591 | €388,589 | €379,212 | ▼ 2.4% |
| Tangible fixed assets22/27 | €321,407 | €317,221 | €303,796 | €290,362 | €310,490 | €394,591 | €388,589 | €379,212 | ▼ 2.4% |
| Land and buildings22 | - | - | - | €270,150 | €289,471 | €373,827 | €364,705 | €355,583 | ▼ 2.5% |
| Furniture and vehicles24 | - | - | - | €270 | €1,078 | €823 | €568 | €313 | ▼ 44.9% |
| Other tangible fixed assets26 | - | - | - | €19,942 | €19,942 | €19,942 | €23,317 | €23,317 | = |
| Current assets29/58 | €42,084 | €52,927 | €39,421 | €12,161 | €93,329 | €69,886 | €109,068 | €76,252 | ▼ 30.1% |
| Amounts receivable after more than one year29 | - | - | - | - | €50,000 | €50,000 | €35,750 | €20,193 | ▼ 43.5% |
| Other amounts receivable291 | - | - | - | - | €50,000 | €50,000 | €35,750 | €20,193 | ▼ 43.5% |
| Amounts receivable within one year40/41 | €6,040 | €16,043 | €1,697 | €11,153 | €2,891 | €19,165 | €35,371 | €55,486 | ▲ 56.9% |
| Trade receivables40 | - | - | - | €11,153 | €2,891 | €7,937 | €23,585 | €38,124 | ▲ 61.6% |
| Other amounts receivable41 | - | - | - | - | - | €11,228 | €11,786 | €17,362 | ▲ 47.3% |
| Cash at bank and in hand54/58 | - | - | - | €508 | €39,938 | €1 | €36,918 | €282 | ▼ 99.2% |
| Deferred charges and accrued income490/1 | - | - | - | €500 | €500 | €720 | €1,030 | €291 | ▼ 71.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €363,491 | €370,148 | €343,217 | €302,523 | €403,819 | €464,477 | €497,658 | €455,464 | ▼ 8.5% |
| Equity10/15 | €90,924 | €93,868 | €106,880 | €69,607 | €230,077 | €247,194 | €249,659 | €237,075 | ▼ 5.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €86,860 | €89,360 | €86,860 | €49,560 | €213,863 | €228,589 | €231,052 | €210,026 | ▼ 9.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | - | €179,303 | €176,319 | €172,992 | €169,666 | ▼ 1.9% |
| Distributable reserves133 | - | - | - | €47,700 | €32,700 | €50,410 | €56,200 | €38,500 | ▼ 31.5% |
| Profit (loss) carried forward14 | -€14,536 | -€14,092 | €1,420 | €1,447 | -€2,386 | €4 | €7 | €8,449 | ▲ 1,244× |
| Provisions and deferred taxes16 | €52,295 | €52,295 | €52,295 | €52,295 | €97,121 | €96,375 | €95,543 | €94,711 | ▼ 0.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €52,295 | €52,295 | €52,295 | €52,295 | €52,295 | = |
| Pensions and similar obligations160 | - | - | - | €52,295 | €52,295 | €52,295 | €52,295 | €52,295 | = |
| Deferred taxes168 | - | - | - | - | €44,826 | €44,080 | €43,248 | €42,416 | ▼ 1.9% |
| Amounts payable17/49 | €220,272 | €223,985 | €184,041 | €180,621 | €76,621 | €120,909 | €152,455 | €123,678 | ▼ 18.9% |
| Amounts payable after more than one year17 | €166,014 | €155,697 | €141,799 | €120,906 | €31,980 | €88,000 | €73,658 | €58,654 | ▼ 20.4% |
| Financial debts170/4 | - | - | - | €120,906 | €31,980 | €88,000 | €73,658 | €58,654 | ▼ 20.4% |
| Amounts payable within one year42/48 | €54,258 | €59,848 | €42,243 | €59,715 | €44,640 | €32,638 | €62,137 | €65,024 | ▲ 4.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,893 | €7,413 | €13,696 | €14,342 | €15,004 | ▲ 4.6% |
| Financial debts43 | - | - | - | - | - | €220 | €0 | €16,750 | - |
| Credit institutions430/8 | - | - | - | - | - | €220 | €0 | - | - |
| Other loans439 | - | - | - | - | - | - | - | €16,750 | - |
| Trade debts44 | €4,603 | €17,725 | €3,595 | €25,428 | €30,959 | €8,507 | €14,825 | €15,457 | ▲ 4.3% |
| Suppliers440/4 | - | - | - | €25,428 | €30,959 | €8,507 | €14,825 | €15,457 | ▲ 4.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €2,116 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €9,716 | €5,186 | €10,214 | €15,854 | €10,313 | ▼ 34.9% |
| Taxes450/3 | - | - | - | €9,716 | €5,186 | €10,214 | €15,854 | €9,813 | ▼ 38.1% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €500 | - |
| Other amounts payable47/48 | - | - | - | €3,678 | €1,082 | €0 | €15,000 | €7,500 | ▼ 50.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €272 | €16,660 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,175 | €17,944 | €13,013 | €2,727 | €160,471 | €17,116 | €32,466 | €12,616 | ▼ 61.1% |
| + Depreciation and write-downs630 | €14,400 | €14,826 | €14,826 | €14,826 | €5,573 | €8,437 | €9,377 | €9,377 | = |
| Operating cash flow (approximation) | €39,575 | €32,770 | €27,838 | €17,552 | €166,043 | €25,553 | €41,842 | €21,993 | ▼ 47.4% |
| Investment in fixed assets (approximation) | - | -€10,640 | -€1,400 | -€1,392 | -€25,701 | -€92,538 | -€3,375 | €0 | - |
| Change in cash | - | - | - | - | €39,430 | -€39,937 | €36,916 | -€36,635 | - |
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, 14,766 companies had the same profile as PPS-CONSULT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PPS-CONSULT itself is higher: 1.3% within 12 months. It rests on far more data about PPS-CONSULT 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 14,766 companies, not a prediction for PPS-CONSULT. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00490177 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00267302 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00135921 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00181641 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20170060 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47000061 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48700562 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-47500342 | |
| 31-12-2017 | micro format | 07-08-2018 | 2018-43800479 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48800176 |