PRAGMAT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-01-2026 PDF all 19 filings
Turnover
≈ €130,000
Estimated: probably between €77,000 and €230,000
Total assets
€256,542▲ 5.1%
2024 · €244,092
Net result
€17,890▲ 1.0%
2024 · €17,719
Working capital
€207,795▲ 3.9%
2024 · €200,073
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€21,896
▼ 3.5%
2025
20192025
Net result
€17,890
▲ 1.0%
2025
middle half of the sector
20192025
Equity
€135,369
▲ 15.2%
2025
middle half of the sector
20192025
Total assets
€256,542
▲ 5.1%
2025
middle half of the sector
20192025
Debt
€121,173
▼ 4.3%
2025
20192025
Working capital
€207,795
▲ 3.9%
2025
highest quarter of the sector
20192025
Solvency
52.8%
▲ 4.6pp
2025
middle half of the sector
20192025
Current ratio
5.26
▼ 0.28
2025
highest quarter of the sector
20192025
Return on assets (ROA)
7.0%
▼ 0.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€905--€651▲ 28.1%€29,729€262,269▲ 782%€23,389▼ 91.1%€22,702▼ 2.9%€21,896▼ 3.5%
Net result-€8,917--€8,908below the sector's middle half▲ 0.1%€21,239within the sector's middle half€250,457above the sector's middle half▲ 12×€18,168within the sector's middle half▼ 92.7%€17,719within the sector's middle half▼ 2.5%€17,890within the sector's middle half▲ 1.0%
Equity-€181,196--€190,104below the sector's middle half▼ 4.9%-€168,865below the sector's middle half▲ 11.2%€81,592within the sector's middle half€99,760within the sector's middle half▲ 22.3%€117,479within the sector's middle half▲ 17.8%€135,369within the sector's middle half▲ 15.2%
Total assets€6,408-€9,970below the sector's middle half▲ 55.6%€49,015below the sector's middle half▲ 392%€221,673within the sector's middle half▲ 352%€238,438within the sector's middle half▲ 7.6%€244,092within the sector's middle half▲ 2.4%€256,542within the sector's middle half▲ 5.1%
Debt€187,604-€200,074▲ 6.6%€217,879▲ 8.9%€140,081▼ 35.7%€138,678▼ 1.0%€126,613▼ 8.7%€121,173▼ 4.3%
Working capital-€55,293--€72,081below the sector's middle half▼ 30.4%-€58,956below the sector's middle half▲ 18.2%€182,828above the sector's middle half€191,899above the sector's middle half▲ 5.0%€200,073above the sector's middle half▲ 4.3%€207,795above the sector's middle half▲ 3.9%
Solvency-344.5%below the sector's middle half36.8%within the sector's middle half▲ 381.3pp41.8%within the sector's middle half▲ 5.0pp48.1%within the sector's middle half▲ 6.3pp52.8%within the sector's middle half▲ 4.6pp
Current ratio0.10-0.12below the sector's middle half▲ 0.020.45below the sector's middle half▲ 0.335.71above the sector's middle half▲ 5.255.12above the sector's middle half▼ 0.585.55above the sector's middle half▲ 0.425.26above the sector's middle half▼ 0.28
Return on assets (ROA)-139.1%--89.3%below the sector's middle half▲ 49.8pp43.3%above the sector's middle half▲ 132.7pp113.0%above the sector's middle half▲ 69.7pp7.6%within the sector's middle half▼ 105.4pp7.3%within the sector's middle half▼ 0.4pp7.0%within the sector's middle half▼ 0.3pp
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 4% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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
Equity and liabilities €256,542
Equity
€135,369 ▲ 15.2%
Debt
€121,173 ▼ 4.3%
Debt's share of the balance-sheet total falls from 51.9% to 47.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.90▼
2024 · 1.08
ROE
13.2%▼
2024 · 15.1%
Debt ≤ 1 year
€48,748▲
2024 · €44,019
Debt > 1 year
€72,426▼
2024 · €82,439
Income taxes
€9,561▲
2024 · €8,455
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €6,700 | €2,004 | €2,669 | €2,311 | ▼ 13.4% |
| Gross operating margin9900 | -€460 | -€551 | €30,178 | €268,969 | €25,393 | €25,371 | €24,207 | ▼ 4.6% |
| Operating profit (loss)9901 | -€905 | -€651 | €29,729 | €262,269 | €23,389 | €22,702 | €21,896 | ▼ 3.5% |
| Financial income75/76B | - | - | - | €4,429 | €8,753 | €8,998 | €10,249 | ▲ 13.9% |
| Recurring financial income75 | - | - | €60 | €4,429 | €8,753 | €8,998 | €10,249 | ▲ 13.9% |
| Financial charges65/66B | - | - | - | €6,515 | €5,738 | €5,526 | €4,695 | ▼ 15.0% |
| Recurring financial charges65 | €8,011 | €8,257 | €8,424 | €6,515 | €5,738 | €5,526 | €4,695 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | -€8,917 | -€8,908 | €21,366 | €260,183 | €26,404 | €26,174 | €27,450 | ▲ 4.9% |
| Income taxes67/77 | - | - | €127 | €9,727 | €8,236 | €8,455 | €9,561 | ▲ 13.1% |
| Profit (loss) for the period9904 | -€8,917 | -€8,908 | €21,239 | €250,457 | €18,168 | €17,719 | €17,890 | ▲ 1.0% |
| Profit (loss) for the period to be appropriated9905 | -€8,917 | -€8,908 | €21,239 | €250,457 | €18,168 | €17,719 | €17,890 | ▲ 1.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €6,408 | €9,970 | €49,015 | €221,673 | €238,438 | €244,092 | €256,542 | ▲ 5.1% |
| Current assets29/58 | €6,408 | €9,970 | €49,015 | €221,673 | €238,438 | €244,092 | €256,542 | ▲ 5.1% |
| Amounts receivable within one year40/41 | - | - | €19,211 | €189,576 | €227,795 | €234,896 | €243,602 | ▲ 3.7% |
| Trade receivables40 | - | - | - | €1,325 | €10,000 | €10,157 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €188,251 | €217,795 | €224,739 | €243,602 | ▲ 8.4% |
| Cash at bank and in hand54/58 | €6,408 | €9,970 | €29,804 | €30,849 | €4,070 | €6,300 | €11,805 | ▲ 87.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,248 | €6,574 | €2,896 | €1,135 | ▼ 60.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €6,408 | €9,970 | €49,015 | €221,673 | €238,438 | €244,092 | €256,542 | ▲ 5.1% |
| Equity10/15 | -€181,196 | -€190,104 | -€168,865 | €81,592 | €99,760 | €117,479 | €135,369 | ▲ 15.2% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €75,392 | €93,560 | €111,279 | €129,169 | ▲ 16.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €73,532 | €91,700 | €111,279 | €129,169 | ▲ 16.1% |
| Profit (loss) carried forward14 | -€189,256 | -€198,164 | -€176,925 | €0 | - | - | - | - |
| Amounts payable17/49 | €187,604 | €200,074 | €217,879 | €140,081 | €138,678 | €126,613 | €121,173 | ▼ 4.3% |
| Amounts payable after more than one year17 | €125,903 | €118,022 | €109,755 | €101,082 | €91,984 | €82,439 | €72,426 | ▼ 12.1% |
| Financial debts170/4 | - | - | - | €101,082 | €91,984 | €82,439 | €72,426 | ▼ 12.1% |
| Amounts payable within one year42/48 | €61,701 | €82,051 | €107,971 | €38,845 | €46,539 | €44,019 | €48,748 | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,673 | €9,098 | €9,545 | €10,013 | ▲ 4.9% |
| Trade debts44 | - | - | €1,390 | €6,715 | €3,959 | €3,815 | €6,559 | ▲ 71.9% |
| Suppliers440/4 | - | - | - | €6,715 | €3,959 | €3,815 | €6,559 | ▲ 71.9% |
| Taxes, remuneration and social security45 | - | - | - | €10,750 | €7,078 | €3,455 | €4,561 | ▲ 32.0% |
| Taxes450/3 | - | - | - | €10,672 | €7,078 | €3,455 | €4,561 | ▲ 32.0% |
| Remuneration and social security454/9 | - | - | - | €78 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €12,707 | €26,403 | €27,204 | €27,615 | ▲ 1.5% |
| Accrued charges and deferred income492/3 | - | - | - | €154 | €154 | €155 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,917 | -€8,908 | €21,239 | €250,457 | €18,168 | €17,719 | €17,890 | ▲ 1.0% |
| Operating cash flow (approximation) | -€8,917 | -€8,908 | €21,239 | €250,457 | €18,168 | €17,719 | €17,890 | ▲ 1.0% |
| Change in cash | - | €3,562 | €19,834 | €1,045 | -€26,779 | €2,230 | €5,506 | ▲ 147% |
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, 31,368 companies had the same profile as PRAGMAT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PRAGMAT 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 31,368 companies, not a prediction for PRAGMAT. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-01-2026 | 2026-00015549 | |
| 30-06-2024 | micro format | 05-12-2024 | 2024-00610261 | |
| 30-06-2023 | micro format | 28-12-2023 | 2023-00538214 | |
| 30-06-2022 | micro format | 08-12-2022 | 2022-20533890 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04200491 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-02400480 | |
| 30-06-2019 | abbreviated format | 21-11-2019 | 2019-74000153 | |
| 30-06-2018 | abbreviated format | 18-12-2018 | 2018-74600151 | |
| 30-06-2017 | abbreviated format | 09-01-2018 | 2018-00600165 | |
| 30-06-2016 | abbreviated format | 13-01-2017 | 2017-01000211 |