PRIMATECH
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00374363.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 9 filings
Turnover
€1.0m
EBIT margin
10.8%
Net result
€202,726▲ 25.0%
2024 · €162,125
Working capital
€314,525▼ 33.9%
2024 · €476,026
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€272,299
▲ 22.7%
2025
20182025
Net result
€202,726
▲ 25.0%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€364,033
▼ 29.2%
2025
highest quarter of the sector
20182025
Total assets
€993,984
▲ 14.3%
2025
highest quarter of the sector
20182025
Debt
€629,951
▲ 77.1%
2025
20182025
Working capital
€314,525
▼ 33.9%
2025
highest quarter of the sector
20182025
Solvency
36.6%
▼ 22.5pp
2025
middle half of the sector
20182025
Current ratio
1.50
▼ 0.84
2025
middle half of the sector
20182025
Return on assets (ROA)
20.4%
▲ 1.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.0m-
Operating result€0.1m-€0.09m▼ 13.7%€0.03m▼ 65.4%€0.09m▲ 180%€0.01m▼ 88.5%€0.3m▲ 26×€0.2m▼ 18.3%€0.3m▲ 22.7%
Net result€0.08m-€0.08m▲ 1.0%€0.02mwithin the sector's middle half▼ 71.2%€0.06mabove the sector's middle half▲ 195%-€0.01mbelow the sector's middle half€0.2mabove the sector's middle half€0.2mabove the sector's middle half▼ 18.3%€0.2mabove the sector's middle half▲ 25.0%
EBIT margin10.8%-
Equity€0.1m-€0.2m▲ 69.8%€0.2mabove the sector's middle half▲ 11.9%€0.3mabove the sector's middle half▲ 31.3%€0.3mabove the sector's middle half▼ 4.3%€0.4mabove the sector's middle half▲ 36.0%€0.5mabove the sector's middle half▲ 46.0%€0.4mabove the sector's middle half▼ 29.2%
Total assets€0.4m-€0.5m▲ 22.0%€0.5mabove the sector's middle half▲ 11.3%€0.6mabove the sector's middle half▲ 8.2%€0.3mabove the sector's middle half▼ 43.9%€0.6mabove the sector's middle half▲ 83.7%€0.9mabove the sector's middle half▲ 45.6%€1.0mabove the sector's middle half▲ 14.3%
Debt€0.3m-€0.3m▲ 3.9%€0.3m▲ 10.9%€0.3m▼ 6.2%€0.07m▼ 78.6%€0.2m▲ 271%€0.4m▲ 45.0%€0.6m▲ 77.1%
Working capital€0.1m-€0.2m▲ 58.8%€0.2mabove the sector's middle half▲ 17.6%€0.2mabove the sector's middle half▲ 31.1%€0.2mabove the sector's middle half▼ 27.3%€0.3mabove the sector's middle half▲ 65.6%€0.5mabove the sector's middle half▲ 61.1%€0.3mabove the sector's middle half▼ 33.9%
Solvency27.5%-38.3%▲ 10.8pp38.5%within the sector's middle half▲ 0.2pp46.7%within the sector's middle half▲ 8.2pp79.7%above the sector's middle half▲ 33.0pp58.9%within the sector's middle half▼ 20.7pp59.1%within the sector's middle half▲ 0.2pp36.6%within the sector's middle half▼ 22.5pp
Current ratio1.37-1.63▲ 0.261.62within the sector's middle half▼ 0.011.83within the sector's middle half▲ 0.213.70above the sector's middle half▲ 1.872.20within the sector's middle half▼ 1.492.34within the sector's middle half▲ 0.141.50within the sector's middle half▼ 0.84
Return on assets (ROA)19.0%-15.8%▼ 3.3pp4.1%within the sector's middle half▼ 11.7pp11.1%within the sector's middle half▲ 7.0pp-3.6%below the sector's middle half▼ 14.7pp33.2%above the sector's middle half▲ 36.8pp18.6%above the sector's middle half▼ 14.6pp20.4%above the sector's middle half▲ 1.8pp
Staff (FTE)2.1within the sector's middle half3.42.8▼ 17.6%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 23% 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 €993,984
Fixed assets
€49,508 ▲ 27.7%
Current assets
€944,476 ▲ 13.6%
Equity and liabilities €993,984
Equity
€364,033 ▼ 29.2%
Debt
€629,951 ▲ 77.1%
Debt's share of the balance-sheet total rises from 40.9% to 63.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€294,785▲
2024 · €241,067
Cash flow
€225,212▲
2024 · €181,234
Debt to equity
1.73▲
2024 · 0.69
ROE
55.7%▲
2024 · 31.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€629,951▲
2024 · €355,071
Income taxes
€67,587▲
2024 · €58,938
Staff costs
€292,597▲
2024 · €234,799
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 3 |
| full-time | 3 | 3 |
| in full-time equivalents | 3 | 3 |
| Average over the year, in full-time equivalents | 3.4 | 2.8 |
| On a permanent contract | 3 | 3 |
| Joined | 0 | 1 |
| Left | 1 | 1 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,129 | €80,493 | €1,828 | €1,189 | €33,225 |
| Depreciation and write-downs of the year | €21,097 | €25,528 | €25,757 | €19,109 | €22,486 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.0m | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.01m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | €0.02m | ▲ 17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€0.008m | - | - | €0.004m | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.009m | €0.002m | €0.009m | €0.001m | ▼ 83.6% |
| Gross operating margin9900 | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 22.3% |
| Operating profit (loss)9901 | €0.1m | €0.09m | €0.03m | €0.09m | €0.01m | €0.3m | €0.2m | €0.3m | ▲ 22.7% |
| Financial income75/76B | - | - | - | €199 | - | - | - | - | - |
| Recurring financial income75 | €4 | €0.001m | €20 | €199 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.001m | €471 | €0.001m | €0.002m | ▲ 122% |
| Recurring financial charges65 | €290 | €0.001m | €0.001m | €0.002m | €0.001m | €471 | €0.001m | €0.002m | ▲ 122% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.09m | €0.03m | €0.09m | €0.01m | €0.3m | €0.2m | €0.3m | ▲ 22.3% |
| Income taxes67/77 | €0.03m | €0.02m | €0.009m | €0.02m | €0.02m | €0.07m | €0.06m | €0.07m | ▲ 14.7% |
| Profit (loss) for the period9904 | €0.08m | €0.08m | €0.02m | €0.06m | -€0.01m | €0.2m | €0.2m | €0.2m | ▲ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.08m | €0.02m | €0.06m | -€0.01m | €0.2m | €0.2m | €0.2m | ▲ 25.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €394,374 | €481,326 | €535,682 | €579,798 | €325,134 | €597,353 | €869,866 | €993,984 | ▲ 14.3% |
| Fixed assets21/28 | €24,905 | €70,191 | €48,355 | €38,611 | €80,618 | €56,689 | €38,769 | €49,508 | ▲ 27.7% |
| Tangible fixed assets22/27 | €24,085 | €69,371 | €47,535 | €37,791 | €79,798 | €55,869 | €37,949 | €48,688 | ▲ 28.3% |
| Plant, machinery and equipment23 | - | - | - | €2,257 | €4,259 | €3,684 | €1,980 | €324 | ▼ 83.6% |
| Furniture and vehicles24 | - | - | - | €35,533 | €75,539 | €52,185 | €35,969 | €48,363 | ▲ 34.5% |
| Financial fixed assets28 | €820 | €820 | €820 | €820 | €820 | €820 | €820 | €820 | = |
| Current assets29/58 | €369,469 | €411,136 | €487,326 | €541,188 | €244,516 | €540,664 | €831,097 | €944,476 | ▲ 13.6% |
| Amounts receivable within one year40/41 | €317,508 | €362,425 | €379,957 | €393,212 | €107,491 | €523,277 | €520,784 | €807,253 | ▲ 55.0% |
| Trade receivables40 | - | - | - | €345,395 | €36,325 | €474,570 | €491,638 | €676,531 | ▲ 37.6% |
| Other amounts receivable41 | - | - | - | €47,817 | €71,167 | €48,707 | €29,145 | €130,721 | ▲ 349% |
| Cash at bank and in hand54/58 | €43,101 | €46,153 | €82,830 | €121,089 | €120,354 | €16,933 | €310,179 | €137,224 | ▼ 55.8% |
| Deferred charges and accrued income490/1 | - | - | - | €26,887 | €16,671 | €454 | €134 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €394,374 | €481,326 | €535,682 | €579,798 | €325,134 | €597,353 | €869,866 | €993,984 | ▲ 14.3% |
| Equity10/15 | €108,575 | €184,414 | €206,267 | €270,765 | €258,989 | €352,123 | €514,248 | €364,033 | ▼ 29.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €102,375 | €102,375 | €102,375 | €102,375 | €252,789 | €333,523 | €495,648 | €345,433 | ▼ 30.3% |
| Non-distributable reserves130/1 | - | - | - | €1,494 | €1,494 | €1,494 | €1,494 | €1,494 | = |
| Legal reserve130 | - | - | - | €1,494 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,494 | €1,494 | €1,494 | €1,494 | = |
| Distributable reserves133 | - | - | - | €100,881 | €251,295 | €332,029 | €494,154 | €343,939 | ▼ 30.4% |
| Profit (loss) carried forward14 | €0 | €75,839 | €97,692 | €162,190 | - | - | - | - | - |
| Amounts payable17/49 | €285,800 | €296,912 | €329,415 | €309,033 | €66,145 | €245,230 | €355,618 | €629,951 | ▲ 77.1% |
| Amounts payable after more than one year17 | €16,556 | €44,945 | €29,270 | €13,314 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €13,314 | - | - | - | - | - |
| Amounts payable within one year42/48 | €269,243 | €251,967 | €300,145 | €295,719 | €66,145 | €245,230 | €355,071 | €629,951 | ▲ 77.4% |
| Trade debts44 | €205,939 | €169,860 | €206,794 | €244,706 | - | €117,698 | €278,410 | €181,993 | ▼ 34.6% |
| Suppliers440/4 | - | - | - | €244,706 | - | €117,698 | €278,410 | €181,993 | ▼ 34.6% |
| Advances received on contracts in progress46 | - | - | - | - | €30 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €15,240 | €29,037 | €72,811 | €39,138 | €99,245 | ▲ 154% |
| Taxes450/3 | - | - | - | €15,240 | €27,334 | €66,386 | €34,116 | €56,055 | ▲ 64.3% |
| Remuneration and social security454/9 | - | - | - | - | €1,703 | €6,425 | €5,023 | €43,190 | ▲ 760% |
| Other amounts payable47/48 | - | - | - | €35,773 | €37,079 | €54,721 | €37,522 | €348,713 | ▲ 829% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €547 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,075 | €75,839 | €21,853 | €64,498 | -€11,777 | €198,381 | €162,125 | €202,726 | ▲ 25.0% |
| + Depreciation and write-downs630 | €11,137 | €24,326 | €20,414 | €21,097 | €25,528 | €25,757 | €19,109 | €22,486 | ▲ 17.7% |
| Operating cash flow (approximation) | €86,211 | €100,164 | €42,268 | €85,595 | €13,752 | €224,139 | €181,234 | €225,212 | ▲ 24.3% |
| Investment in fixed assets (approximation) | - | -€69,611 | €1,421 | -€11,352 | -€67,535 | -€1,828 | -€1,189 | -€33,225 | ▼ 2,694% |
| Change in cash | - | €3,052 | €36,676 | €38,260 | -€735 | -€103,422 | €293,246 | -€172,955 | - |
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, 6,782 companies had the same profile as PRIMATECH has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of PRIMATECH itself: 0.4% 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 6,782 companies, not a prediction for PRIMATECH. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-08-2026 | 2026-00374363 | |
| 31-12-2024 | micro format | 24-09-2025 | 2025-00500456 | |
| 31-12-2023 | micro format | 18-09-2024 | 2024-00463776 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00374049 | |
| 31-12-2021 | micro format | 22-12-2022 | 2022-20543611 | |
| 31-12-2020 | micro format | 21-12-2021 | 2021-80800528 | |
| 31-12-2019 | micro format | 26-10-2020 | 2020-66300510 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57300515 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-48600368 |