Pro/Cent
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00443956.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 44 filings
Turnover
≈ €370,000
Estimated: probably between €300,000 and €470,000
Total assets
€428,314▼ 33.0%
2024 · €639,467
Net result
-€23,657▲ 76.1%
2024 · -€99,162
Working capital
-€47,086▲ 78.4%
2024 · -€217,954
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,341
2025
20182025
Net result
-€23,657
▲ 76.1%
2025
lowest quarter of the sector
20182025
Equity
€105,929
▼ 18.3%
2025
middle half of the sector
20182025
Total assets
€428,314
▼ 33.0%
2025
middle half of the sector
20182025
Debt
€322,385
▼ 36.8%
2025
20182025
Working capital
-€47,086
▲ 78.4%
2025
middle half of the sector
20182025
Solvency
24.7%
▲ 4.5pp
2025
middle half of the sector
20182025
Current ratio
0.78
▲ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.5%
▲ 10.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.8
▲ 14.3%
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€32,355-€56,086▲ 73.3%€95,522▲ 70.3%€65,872▼ 31.0%€9,152▼ 86.1%€62,010▲ 578%€86,122▲ 38.9%-€9,341
Net result€15,617-€33,060▲ 112%€67,886within the sector's middle half▲ 105%€49,396within the sector's middle half▼ 27.2%€1,277below the sector's middle half▼ 97.4%-€10,355below the sector's middle half-€99,162below the sector's middle half▼ 858%-€23,657below the sector's middle half▲ 76.1%
Equity€87,485-€120,545▲ 37.8%€188,431within the sector's middle half▲ 56.3%€237,827within the sector's middle half▲ 26.2%€239,104within the sector's middle half▲ 0.5%€228,748within the sector's middle half▼ 4.3%€129,586within the sector's middle half▼ 43.3%€105,929within the sector's middle half▼ 18.3%
Total assets€298,357-€302,425▲ 1.4%€396,233within the sector's middle half▲ 31.0%€413,609within the sector's middle half▲ 4.4%€538,333within the sector's middle half▲ 30.2%€443,234within the sector's middle half▼ 17.7%€639,467within the sector's middle half▲ 44.3%€428,314within the sector's middle half▼ 33.0%
Debt€210,872-€181,880▼ 13.7%€207,802▲ 14.3%€175,782▼ 15.4%€299,229▲ 70.2%€214,485▼ 28.3%€509,881▲ 138%€322,385▼ 36.8%
Working capital-€69,721--€56,288▲ 19.3%-€4,236within the sector's middle half▲ 92.5%€9,377within the sector's middle half-€59,994within the sector's middle half-€4,134within the sector's middle half▲ 93.1%-€217,954below the sector's middle half▼ 5,172%-€47,086within the sector's middle half▲ 78.4%
Solvency29.3%-39.9%▲ 10.5pp47.6%within the sector's middle half▲ 7.7pp57.5%within the sector's middle half▲ 9.9pp44.4%within the sector's middle half▼ 13.1pp51.6%within the sector's middle half▲ 7.2pp20.3%below the sector's middle half▼ 31.3pp24.7%within the sector's middle half▲ 4.5pp
Current ratio0.46-0.58▲ 0.110.97within the sector's middle half▲ 0.401.06within the sector's middle half▲ 0.090.71within the sector's middle half▼ 0.350.97within the sector's middle half▲ 0.270.51below the sector's middle half▼ 0.470.78within the sector's middle half▲ 0.27
Return on assets (ROA)5.2%-10.9%▲ 5.7pp17.1%above the sector's middle half▲ 6.2pp11.9%within the sector's middle half▼ 5.2pp0.2%below the sector's middle half▼ 11.7pp-2.3%below the sector's middle half▼ 2.6pp-15.5%below the sector's middle half▼ 13.2pp-5.5%below the sector's middle half▲ 10.0pp
Staff (FTE)11within the sector's middle half=1within the sector's middle half=0.9within the sector's middle half▼ 10.0%0.9within the sector's middle half=0.7within the sector's middle half▼ 22.2%0.8within the sector's middle half▲ 14.3%
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 a loss of €9,341, after a profit of €86,122 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €428,314
Fixed assets
€264,741 ▼ 36.1%
Current assets
€163,573 ▼ 27.4%
Equity and liabilities €428,314
Equity
€105,929 ▼ 18.3%
Debt
€322,385 ▼ 36.8%
Debt's share of the balance-sheet total falls from 79.7% to 75.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€140,602▼
2024 · €162,567
Cash flow
€126,287▲
2024 · -€22,718
Debt to equity
3.04▼
2024 · 3.93
ROE
-22.3%▲
2024 · -76.5%
Interest coverage
9.91▲
2024 · 0.88
Debt ≤ 1 year
€210,659▼
2024 · €443,236
Debt > 1 year
€111,374▲
2024 · €66,645
Income taxes
€124▼
2024 · €1,449
Staff costs
€41,961▲
2024 · €36,875
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | - | 1 | 1 |
| part-time | - | - | 1 | - | 0 |
| in full-time equivalents | 1 | 1 | 0.5 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 0.9 | 0.9 | 0.8 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,461 | €196,271 | €29,678 | €382,648 | €500 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €5,769 | €50,717 | €80,623 | €76,445 | €149,944 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,187 | €26,634 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €45,875 | €43,447 | €42,001 | €36,875 | €41,961 | ▲ 13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,395 | €12,073 | €1,615 | €5,769 | €50,717 | €80,623 | €76,445 | €149,944 | ▲ 96.1% |
| Other operating charges640/8 | - | - | - | €1,372 | €1,196 | €1,367 | €662 | €46,304 | ▲ 70× |
| Gross operating margin9900 | €47,883 | €116,385 | €138,999 | €118,888 | €104,513 | €186,001 | €200,105 | €228,867 | ▲ 14.4% |
| Operating profit (loss)9901 | €32,355 | €56,086 | €95,522 | €65,872 | €9,152 | €62,010 | €86,122 | -€9,341 | - |
| Financial income75/76B | - | - | - | - | €84 | €0 | - | - | - |
| Recurring financial income75 | €0 | €21 | €14 | - | €84 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €2,116 | €6,252 | €57,875 | €183,836 | €14,191 | ▼ 92.3% |
| Recurring financial charges65 | €4,564 | €3,638 | €2,175 | €2,116 | €6,252 | €57,875 | €183,836 | €14,191 | ▼ 92.3% |
| Profit (loss) for the period before taxes9903 | €27,791 | €52,469 | €93,361 | €63,756 | €2,985 | €4,135 | -€97,713 | -€23,533 | ▲ 75.9% |
| Income taxes67/77 | €12,175 | €19,409 | €25,475 | €14,360 | €1,708 | €14,491 | €1,449 | €124 | ▼ 91.4% |
| Profit (loss) for the period9904 | €15,617 | €33,060 | €67,886 | €49,396 | €1,277 | -€10,355 | -€99,162 | -€23,657 | ▲ 76.1% |
| Profit (loss) for the period to be appropriated9905 | €15,617 | €33,060 | €67,886 | €49,396 | €1,277 | -€10,355 | -€99,162 | -€23,657 | ▲ 76.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €298,357 | €302,425 | €396,233 | €413,609 | €538,333 | €443,234 | €639,467 | €428,314 | ▼ 33.0% |
| Fixed assets21/28 | €237,798 | €225,725 | €238,359 | €247,051 | €392,605 | €290,260 | €414,185 | €264,741 | ▼ 36.1% |
| Tangible fixed assets22/27 | €12,798 | €725 | €13,359 | €22,051 | €167,605 | €113,347 | €414,185 | €264,741 | ▼ 36.1% |
| Furniture and vehicles24 | - | - | - | €12,255 | €16,834 | €14,668 | €314,486 | €198,861 | ▼ 36.8% |
| Leasing and similar rights25 | - | - | - | €9,797 | €150,771 | €98,680 | €99,699 | €65,880 | ▼ 33.9% |
| Financial fixed assets28 | €225,000 | €225,000 | €225,000 | €225,000 | €225,000 | €176,913 | - | - | - |
| Current assets29/58 | €60,559 | €76,701 | €157,874 | €166,558 | €145,728 | €152,973 | €225,283 | €163,573 | ▼ 27.4% |
| Amounts receivable within one year40/41 | €47,795 | €71,995 | €125,840 | €151,165 | €127,705 | €137,596 | €221,103 | €144,254 | ▼ 34.8% |
| Trade receivables40 | - | - | - | €151,138 | €127,690 | €137,570 | €145,973 | €102,345 | ▼ 29.9% |
| Other amounts receivable41 | - | - | - | €26 | €15 | €26 | €75,131 | €41,909 | ▼ 44.2% |
| Cash at bank and in hand54/58 | €5,542 | €3,952 | €31,327 | €14,839 | €12,103 | €11,530 | €2,073 | €11,969 | ▲ 478% |
| Deferred charges and accrued income490/1 | - | - | - | €554 | €5,920 | €3,847 | €2,107 | €7,350 | ▲ 249% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €298,357 | €302,425 | €396,233 | €413,609 | €538,333 | €443,234 | €639,467 | €428,314 | ▼ 33.0% |
| Equity10/15 | €87,485 | €120,545 | €188,431 | €237,827 | €239,104 | €228,748 | €129,586 | €105,929 | ▼ 18.3% |
| Contributions10/11 | €21,600 | €21,600 | - | €21,600 | €21,600 | €23,760 | €21,600 | €21,600 | = |
| Reserves13 | €65,885 | €98,945 | €166,831 | €216,227 | €217,504 | €204,988 | €107,986 | €84,329 | ▼ 21.9% |
| Non-distributable reserves130/1 | - | - | - | €2,160 | €2,160 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,160 | €2,160 | - | - | - | - |
| Distributable reserves133 | - | - | - | €214,067 | €215,344 | €204,988 | €107,986 | €84,329 | ▼ 21.9% |
| Amounts payable17/49 | €210,872 | €181,880 | €207,802 | €175,782 | €299,229 | €214,485 | €509,881 | €322,385 | ▼ 36.8% |
| Amounts payable after more than one year17 | €80,091 | €42,891 | €38,192 | €6,980 | €83,896 | €57,359 | €66,645 | €111,374 | ▲ 67.1% |
| Financial debts170/4 | - | - | - | €6,980 | €83,896 | €57,359 | €66,645 | €111,374 | ▲ 67.1% |
| Amounts payable within one year42/48 | €130,280 | €132,989 | €162,110 | €157,181 | €205,722 | €157,107 | €443,236 | €210,659 | ▼ 52.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,212 | €63,791 | €42,228 | €31,370 | €98,553 | ▲ 214% |
| Financial debts43 | - | - | - | - | - | - | €7,621 | €3,033 | ▼ 60.2% |
| Credit institutions430/8 | - | - | - | - | - | - | €7,621 | €3,033 | ▼ 60.2% |
| Trade debts44 | €44,961 | €29,223 | €17,648 | €8,615 | €21,683 | €2,595 | €306,358 | €8,576 | ▼ 97.2% |
| Suppliers440/4 | - | - | - | €8,615 | €21,683 | €2,595 | €306,358 | €8,576 | ▼ 97.2% |
| Taxes, remuneration and social security45 | - | - | - | €76,365 | €59,398 | €72,370 | €79,350 | €90,314 | ▲ 13.8% |
| Taxes450/3 | - | - | - | €46,578 | €19,626 | €21,349 | €15,940 | €4,839 | ▼ 69.6% |
| Remuneration and social security454/9 | - | - | - | €29,787 | €39,771 | €51,021 | €63,410 | €85,475 | ▲ 34.8% |
| Other amounts payable47/48 | - | - | - | €40,989 | €60,850 | €39,915 | €18,537 | €10,183 | ▼ 45.1% |
| Accrued charges and deferred income492/3 | - | - | - | €11,622 | €9,611 | €19 | - | €352 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,617 | €33,060 | €67,886 | €49,396 | €1,277 | -€10,355 | -€99,162 | -€23,657 | ▲ 76.1% |
| + Depreciation and write-downs630 | €12,395 | €12,073 | €1,615 | €5,769 | €50,717 | €80,623 | €76,445 | €149,944 | ▲ 96.1% |
| Operating cash flow (approximation) | €28,012 | €45,133 | €69,502 | €55,165 | €51,994 | €70,267 | -€22,718 | €126,287 | - |
| Investment in fixed assets (approximation) | - | €0 | -€14,250 | -€14,461 | -€196,271 | €21,723 | -€200,369 | -€500 | ▲ 99.8% |
| Change in cash | - | -€1,590 | €27,375 | -€16,488 | -€2,736 | -€573 | -€9,458 | €9,897 | - |
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, 2,450 companies had the same profile as Pro/Cent has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pro/Cent 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 2,450 companies, not a prediction for Pro/Cent. 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 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00443956 | |
| 31-12-2024 | abbreviated format | 10-09-2025 | 2025-00489381 | |
| 31-12-2023 | abbreviated format | 17-12-2024 | 2024-00620663 | |
| 31-12-2022 | abbreviated format | 12-01-2024 | 2024-00001885 | |
| 31-12-2021 | abbreviated format | 24-11-2022 | 2022-20526489 | |
| 31-12-2020 | abbreviated format | 30-10-2021 | 2021-75500595 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-34800443 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-41200231 | |
| 31-12-2017 | abbreviated format | 02-07-2018 | 2018-27300345 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-38900462 |