PRIMARK
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 21 days after the deadline Filed on 4 May 2026, deadline 13 April 2026 (7 months after the close on 13 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00105564.
Annual accounts 2025 filed on 04-05-2026 PDF all 16 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€237.5m▼ 1.2%
2024 · €240.3m
EBIT margin
3.9%▲ 2.0pp
2024 · 1.9%
Net result
€6.9m▲ 600%
2024 · €992,801
Working capital
€4.1m▼ 71.0%
2024 · €14.0m
In the rankings
#1 employer in Watermaal-Bosvoorde#7 company by equity in Watermaal-Bosvoorde, Wholesale and retail trade sector#9 company by total assets in Watermaal-Bosvoorde, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€237.5m
▼ 1.2%
2025
20192025
Operating result
€9.3m
▲ 104%
2025
20192025
Net result
€6.9m
▲ 600%
2025
highest quarter of the sector
20192025
EBIT margin
3.9%
▲ 2.0pp
2025
20192025
Equity
€28.0m
▼ 31.8%
2025
highest quarter of the sector
20192025
Total assets
€72.7m
▼ 16.4%
2025
highest quarter of the sector
20192025
Debt
€44.8m
▼ 2.6%
2025
20192025
Working capital
€4.1m
▼ 71.0%
2025
highest quarter of the sector
20192025
Solvency
38.4%
▼ 8.7pp
2025
middle half of the sector
20192025
Current ratio
1.13
▼ 0.34
2025
middle half of the sector
20192025
Return on assets (ROA)
9.5%
▲ 8.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1,200.8
▼ 6.2%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€207.1m-€176.3m▼ 14.9%€191.7m▲ 8.8%€219.2m▲ 14.3%€235.1m▲ 7.3%€240.3m▲ 2.2%€237.5m▼ 1.2%
Operating result€6.2m-€5.3m▼ 15.1%€5.8m▲ 9.0%€6.7m▲ 16.0%€5.7m▼ 14.4%€4.6m▼ 20.1%€9.3m▲ 104%
Net result€3.6m-€2.9mabove the sector's middle half▼ 21.2%€3.1mabove the sector's middle half▲ 9.9%€3.1mabove the sector's middle half▼ 0.1%€2.4mabove the sector's middle half▼ 24.6%€1.0mabove the sector's middle half▼ 58.0%€6.9mabove the sector's middle half▲ 600%
EBIT margin3.0%-3.0%=3.0%=3.0%=2.4%▼ 0.6pp1.9%▼ 0.5pp3.9%▲ 2.0pp
Equity€28.5m-€31.4mabove the sector's middle half▲ 10.0%€34.5mabove the sector's middle half▲ 10.0%€37.7mabove the sector's middle half▲ 9.1%€40.0mabove the sector's middle half▲ 6.3%€41.0mabove the sector's middle half▲ 2.5%€28.0mabove the sector's middle half▼ 31.8%
Total assets€125.7m-€110.5mabove the sector's middle half▼ 12.1%€120.6mabove the sector's middle half▲ 9.1%€112.8mabove the sector's middle half▼ 6.5%€113.6mabove the sector's middle half▲ 0.7%€87.0mabove the sector's middle half▼ 23.4%€72.7mabove the sector's middle half▼ 16.4%
Debt€97.2m-€79.1m▼ 18.6%€86.1m▲ 8.8%€75.1m▼ 12.7%€73.5m▼ 2.1%€46.0m▼ 37.5%€44.8m▼ 2.6%
Working capital-€8.3m-€8.0mabove the sector's middle half€31.7mabove the sector's middle half▲ 299%€26.0mabove the sector's middle half▼ 17.9%€42.2mabove the sector's middle half▲ 62.3%€14.0mabove the sector's middle half▼ 66.7%€4.1mabove the sector's middle half▼ 71.0%
Solvency22.7%-28.4%within the sector's middle half▲ 5.7pp28.6%within the sector's middle half▲ 0.2pp33.4%within the sector's middle half▲ 4.8pp35.2%within the sector's middle half▲ 1.8pp47.1%within the sector's middle half▲ 11.9pp38.4%within the sector's middle half▼ 8.7pp
Current ratio0.85-1.28within the sector's middle half▲ 0.422.08within the sector's middle half▲ 0.812.00within the sector's middle half▼ 0.083.18above the sector's middle half▲ 1.171.47within the sector's middle half▼ 1.711.13within the sector's middle half▼ 0.34
Return on assets (ROA)2.9%-2.6%within the sector's middle half▼ 0.3pp2.6%within the sector's middle half=2.8%within the sector's middle half▲ 0.2pp2.1%within the sector's middle half▼ 0.7pp1.1%within the sector's middle half▼ 0.9pp9.5%above the sector's middle half▲ 8.4pp
Staff (FTE)1,186.9-1,219.4above the sector's middle half▲ 2.7%1,177above the sector's middle half▼ 3.5%1,207.9above the sector's middle half▲ 2.6%1,217.7above the sector's middle half▲ 0.8%1,279.6above the sector's middle half▲ 5.1%1,200.8above the sector's middle half▼ 6.2%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 104% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72.7m
Fixed assets
€37.0m ▼ 13.8%
Current assets
€35.8m ▼ 19.0%
Equity and liabilities €72.7m
Equity
€28.0m ▼ 31.8%
Debt
€44.8m ▼ 2.6%
Debt's share of the balance-sheet total rises from 52.9% to 61.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€18.3m▲
2024 · €15.8m
Cash flow
€16.0m▲
2024 · €12.3m
Quick ratio
0.95▼
2024 · 1.29
Debt to equity
1.60▲
2024 · 1.12
ROE
24.8%▲
2024 · 2.4%
Interest coverage
20.28▲
2024 · 4.19
Debt ≤ 1 year
€31.7m▲
2024 · €30.1m
Debt > 1 year
€8.8m▼
2024 · €10.6m
Income taxes
€2.1m▲
2024 · €1.7m
Customer credit
39 days▼
2024 · 51 days
Supplier credit
51 days▲
2024 · 32 days
Staff costs
€50.4m▲
2024 · €50.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 18-09-2021 | 17-09-2022 | 16-09-2023 | 14-09-2024 | 13-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1,643 | 1,619 | 1,721 | 1,704 | 1,807 |
| full-time | 483 | 435 | 463 | 442 | 409 |
| part-time | 1,160 | 1,184 | 1,258 | 1,262 | 1,398 |
| in full-time equivalents | 1,155 | 1,114.9 | 1,190.7 | 1,150.1 | 1,166.6 |
| Average over the year, in full-time equivalents | 1,177 | 1,207.9 | 1,217.7 | 1,279.6 | 1,200.8 |
| On a permanent contract | 973 | 1,121 | 1,131 | 1,273 | 1,187 |
| Joined | 1,581 | 1,272 | 1,474 | 1,400 | 1,443 |
| Left | 1,483 | 1,444 | 1,460 | 1,593 | 1,468 |
| Agency workers, average number | - | 13 | 24 | 3 | - |
| Training hours | 10,559 | 6,069 | 9,786 | 13,605 | 8,559 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 18-09-2021 | 17-09-2022 | 16-09-2023 | 14-09-2024 | 13-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.3m | €13.8m | €4.4m | €2.2m | €3.1m |
| Depreciation and write-downs of the year | €13.3m | €12.6m | €12.2m | €11.3m | €9.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 18-09-2021 | 17-09-2022 | 16-09-2023 | 14-09-2024 | 13-09-2025 |
|---|---|---|---|---|---|
| Fee for the audit | €41,744 | €44,128 | €48,992 | €48,611 | €49,875 |
| Other work by the auditor | - | - | - | €2,000 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2023 · 6 entries · €7,137 awarded · €7,137 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 2 | €1,156 | €1,156 |
| 2022 | 4 | €5,981 | €5,981 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €192.7m | €219.2m | €235.1m | €240.3m | €237.5m | ▼ 1.2% |
| Turnover70 | €207.1m | €176.3m | €191.7m | €219.2m | €235.1m | €240.3m | €237.5m | ▼ 1.2% |
| Other operating income74 | - | - | €1.0m | €0 | - | - | - | - |
| Operating charges60/66A | - | - | €187.0m | €212.5m | €229.4m | €235.7m | €228.2m | ▼ 3.2% |
| Goods for resale, raw materials and consumables60 | - | - | €98.5m | €117.8m | €136.9m | €126.8m | €124.2m | ▼ 2.1% |
| Purchases600/8 | - | - | €98.4m | €118.4m | €138.2m | €125.6m | €124.7m | ▼ 0.7% |
| Change in stocks: decrease (increase)609 | - | - | €0.1m | -€0.6m | -€1.4m | €1.2m | -€0.5m | - |
| Services and other goods61 | - | - | €38.5m | €40.9m | €34.1m | €47.5m | €44.5m | ▼ 6.2% |
| Remuneration, social security and pensions62 | - | - | €36.6m | €41.2m | €46.3m | €50.1m | €50.4m | ▲ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9.9m | €12.8m | €13.3m | €12.6m | €12.2m | €11.3m | €9.0m | ▼ 19.6% |
| Other operating charges640/8 | - | - | €0.008m | €0.01m | €0.01m | €0.01m | €0.05m | ▲ 240% |
| Operating profit (loss)9901 | €6.2m | €5.3m | €5.8m | €6.7m | €5.7m | €4.6m | €9.3m | ▲ 104% |
| Financial income75/76B | - | - | €0.001m | €0 | - | €1.9m | €0.6m | ▼ 66.4% |
| Recurring financial income75 | €7 | €20 | €0.001m | €0 | - | €1.9m | €0.6m | ▼ 66.4% |
| Income from current assets751 | - | - | - | - | - | €1.9m | €0.6m | ▼ 66.4% |
| Other financial income752/9 | - | - | €0.001m | €0 | - | - | - | - |
| Financial charges65/66B | - | - | €1.4m | €2.1m | €2.2m | €3.8m | €0.9m | ▼ 76.0% |
| Recurring financial charges65 | €0.6m | €1.2m | €1.4m | €2.1m | €2.2m | €3.8m | €0.9m | ▼ 76.0% |
| Debt charges650 | €0.6m | €1.2m | €1.4m | €2.1m | €2.2m | €3.8m | €0.9m | ▼ 76.0% |
| Profit (loss) for the period before taxes9903 | €5.6m | €4.1m | €4.3m | €4.6m | €3.5m | €2.7m | €9.0m | ▲ 232% |
| Income taxes67/77 | €2.0m | €1.2m | €1.2m | €1.4m | €1.1m | €1.7m | €2.1m | ▲ 21.0% |
| Taxes670/3 | - | - | €1.2m | €1.4m | €1.1m | €1.7m | €2.1m | ▲ 21.0% |
| Profit (loss) for the period9904 | €3.6m | €2.9m | €3.1m | €3.1m | €2.4m | €1.0m | €6.9m | ▲ 600% |
| Profit (loss) for the period to be appropriated9905 | €3.6m | €2.9m | €3.1m | €3.1m | €2.4m | €1.0m | €6.9m | ▲ 600% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €125.7m | €110.5m | €120.6m | €112.8m | €113.6m | €87.0m | €72.7m | ▼ 16.4% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €77.2m | €74.0m | €59.6m | €60.8m | €51.9m | €42.9m | €37.0m | ▼ 13.8% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €77.2m | €74.0m | €59.6m | €60.8m | €51.9m | €42.9m | €37.0m | ▼ 13.8% |
| Land and buildings22 | - | - | - | €12.5m | €12.3m | €12.2m | €12.0m | ▼ 1.2% |
| Plant, machinery and equipment23 | - | - | €0.5m | €0.7m | €0.8m | €1.1m | €1.3m | ▲ 21.8% |
| Other tangible fixed assets26 | - | - | €59.2m | €47.6m | €38.8m | €29.6m | €23.6m | ▼ 20.2% |
| Current assets29/58 | €48.5m | €36.6m | €61.0m | €51.9m | €61.6m | €44.1m | €35.8m | ▼ 19.0% |
| Stocks and contracts in progress3 | €5.1m | €4.6m | €4.5m | €5.1m | €6.5m | €5.3m | €5.8m | ▲ 10.2% |
| Stocks30/36 | - | - | €4.5m | €5.1m | €6.5m | €5.3m | €5.8m | ▲ 10.2% |
| Goods purchased for resale34 | - | - | €4.5m | €5.1m | €6.5m | €5.3m | €5.8m | ▲ 10.2% |
| Amounts receivable within one year40/41 | €39.5m | €28.7m | €55.3m | €42.2m | €51.2m | €33.7m | €25.4m | ▼ 24.8% |
| Other amounts receivable41 | - | - | €55.3m | €42.2m | €51.2m | €33.7m | €25.4m | ▼ 24.8% |
| Cash at bank and in hand54/58 | €3.9m | €3.2m | €1.0m | €4.2m | €3.5m | €4.7m | €4.1m | ▼ 11.9% |
| Deferred charges and accrued income490/1 | - | - | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €125.7m | €110.5m | €120.6m | €112.8m | €113.6m | €87.0m | €72.7m | ▼ 16.4% |
| Equity10/15 | €28.5m | €31.4m | €34.5m | €37.7m | €40.0m | €41.0m | €28.0m | ▼ 31.8% |
| Contributions10/11 | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Capital10 | - | - | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Issued capital100 | - | - | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Legal reserve130 | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €23.0m | €25.9m | €29.0m | €32.2m | €34.5m | €35.5m | €22.5m | ▼ 36.8% |
| Amounts payable17/49 | €97.2m | €79.1m | €86.1m | €75.1m | €73.5m | €46.0m | €44.8m | ▼ 2.6% |
| Amounts payable after more than one year17 | €33.3m | €43.7m | €51.0m | €45.0m | €50.6m | €10.6m | €8.8m | ▼ 17.2% |
| Financial debts170/4 | - | - | €51.0m | €45.0m | €50.6m | €10.6m | €8.8m | ▼ 17.2% |
| Other loans174 | - | - | €51.0m | €45.0m | €50.6m | €10.6m | €8.8m | ▼ 17.2% |
| Amounts payable within one year42/48 | €56.8m | €28.6m | €29.3m | €25.9m | €19.4m | €30.1m | €31.7m | ▲ 5.3% |
| Financial debts43 | - | - | €1.1m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | €1.1m | €0 | - | - | - | - |
| Trade debts44 | €11.1m | €7.7m | €5.3m | €8.2m | €6.0m | €11.2m | €17.4m | ▲ 54.5% |
| Suppliers440/4 | - | - | €5.3m | €8.2m | €6.0m | €11.2m | €17.4m | ▲ 54.5% |
| Taxes, remuneration and social security45 | - | - | €9.6m | €11.6m | €13.2m | €14.3m | €14.1m | ▼ 1.4% |
| Taxes450/3 | - | - | €2.2m | €5.2m | €5.7m | €5.8m | €5.9m | ▲ 1.7% |
| Remuneration and social security454/9 | - | - | €7.4m | €6.3m | €7.5m | €8.5m | €8.2m | ▼ 3.5% |
| Other amounts payable47/48 | - | - | €13.2m | €6.2m | €0.2m | €4.6m | €0.3m | ▼ 94.5% |
| Accrued charges and deferred income492/3 | - | - | €5.9m | €4.2m | €3.6m | €5.3m | €4.3m | ▼ 18.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.6m | €2.9m | €3.1m | €3.1m | €2.4m | €1.0m | €6.9m | ▲ 600% |
| + Depreciation and write-downs630 | €9.9m | €12.8m | €13.3m | €12.6m | €12.2m | €11.3m | €9.0m | ▼ 19.6% |
| Operating cash flow (approximation) | €13.6m | €15.7m | €16.4m | €15.7m | €14.6m | €12.3m | €16.0m | ▲ 30.5% |
| Investment in fixed assets (approximation) | - | -€9.5m | €1.0m | -€13.8m | -€3.3m | -€2.2m | -€3.1m | ▼ 42.9% |
| Change in cash | - | -€0.7m | -€2.2m | €3.2m | -€0.7m | €1.2m | -€0.6m | - |
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, 449 companies had the same profile as PRIMARK has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Large
- solvency 30% or more
- a profit of 5% of the balance sheet or more
- without age
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of PRIMARK itself: 0.2% 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 449 companies, not a prediction for PRIMARK. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 13-09-2025 | full format | 04-05-2026 | 2026-00105564 | |
| 14-09-2024 | full format | 10-04-2025 | 2025-00069995 | |
| 16-09-2023 | full format | 14-05-2024 | 2024-00089932 | |
| 17-09-2022 | full format | 13-04-2023 | 2023-00059221 | |
| 18-09-2021 | full format | 07-04-2022 | 2022-20003010 | |
| 12-09-2020 | full format | 06-04-2021 | 2021-10100492 | |
| 14-09-2019 | full format | 18-03-2020 | 2020-07300141 | |
| 15-09-2018 | full format | 29-03-2019 | 2019-08800570 | |
| 16-09-2017 | full format | 09-04-2018 | 2018-09500105 | |
| 17-09-2016 | full format | 14-04-2017 | 2017-09600339 |