PRO4PRO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 8 filings
Turnover
€291,995▲ 22.3%
2022 · €238,789
EBIT margin
71.8%▲ 6.2pp
2022 · 65.6%
Net result
€34,175▲ 22.4%
2024 · €27,921
Working capital
€520,486▲ 11.2%
2024 · €467,912
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€39,640
▲ 5.0%
2025
20182025
Net result
€34,175
▲ 22.4%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€561,611
▲ 6.5%
2025
highest quarter of the sector
20182025
Total assets
€573,794
▲ 1.8%
2025
highest quarter of the sector
20182025
Debt
€12,183
▼ 66.5%
2025
20182025
Working capital
€520,486
▲ 11.2%
2025
highest quarter of the sector
20182025
Solvency
97.9%
▲ 4.3pp
2025
highest quarter of the sector
20182025
Current ratio
43.72
▲ 29.85
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.0%
▲ 1.0pp
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
Turnover€238,789€291,995▲ 22.3%
Operating result€12,289-€77,385▲ 530%€113,817▲ 47.1%€134,816▲ 18.4%€156,653▲ 16.2%€209,795▲ 33.9%€37,770▼ 82.0%€39,640▲ 5.0%
Net result€9,702-€56,577▲ 483%€81,778above the sector's middle half▲ 44.5%€94,388above the sector's middle half▲ 15.4%€108,499above the sector's middle half▲ 14.9%€147,371above the sector's middle half▲ 35.8%€27,921within the sector's middle half▼ 81.1%€34,175within the sector's middle half▲ 22.4%
EBIT margin65.6%71.8%▲ 6.2pp
Equity€13,402-€67,480▲ 403%€149,257within the sector's middle half▲ 121%€243,646within the sector's middle half▲ 63.2%€352,144above the sector's middle half▲ 44.5%€499,515above the sector's middle half▲ 41.8%€527,436above the sector's middle half▲ 5.6%€561,611above the sector's middle half▲ 6.5%
Total assets€48,899-€105,942▲ 117%€222,349within the sector's middle half▲ 110%€331,703within the sector's middle half▲ 49.2%€454,206within the sector's middle half▲ 36.9%€591,937above the sector's middle half▲ 30.3%€563,783above the sector's middle half▼ 4.8%€573,794above the sector's middle half▲ 1.8%
Debt€35,496-€38,462▲ 8.4%€73,091▲ 90.0%€88,057▲ 20.5%€102,061▲ 15.9%€92,422▼ 9.4%€36,348▼ 60.7%€12,183▼ 66.5%
Working capital€7,781-€49,792▲ 540%€133,817above the sector's middle half▲ 169%€228,930above the sector's middle half▲ 71.1%€325,301above the sector's middle half▲ 42.1%€480,844above the sector's middle half▲ 47.8%€467,912above the sector's middle half▼ 2.7%€520,486above the sector's middle half▲ 11.2%
Solvency27.4%-63.7%▲ 36.3pp67.1%within the sector's middle half▲ 3.4pp73.5%within the sector's middle half▲ 6.3pp77.5%above the sector's middle half▲ 4.1pp84.4%above the sector's middle half▲ 6.9pp93.6%above the sector's middle half▲ 9.2pp97.9%above the sector's middle half▲ 4.3pp
Current ratio1.22-2.29▲ 1.082.83within the sector's middle half▲ 0.543.60within the sector's middle half▲ 0.774.19within the sector's middle half▲ 0.596.20above the sector's middle half▲ 2.0213.87above the sector's middle half▲ 7.6743.72above the sector's middle half▲ 29.85
Return on assets (ROA)19.8%-53.4%▲ 33.6pp36.8%above the sector's middle half▼ 16.6pp28.5%above the sector's middle half▼ 8.3pp23.9%within the sector's middle half▼ 4.6pp24.9%within the sector's middle half▲ 1.0pp5.0%within the sector's middle half▼ 19.9pp6.0%within the sector's middle half▲ 1.0pp
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 5% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €573,794
Fixed assets
€41,125 ▼ 30.9%
Current assets
€532,669 ▲ 5.6%
Equity and liabilities €573,794
Equity
€561,611 ▲ 6.5%
Debt
€12,183 ▼ 66.5%
Debt's share of the balance-sheet total falls from 6.4% to 2.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58,038▲
2024 · €55,648
Cash flow
€52,574▲
2024 · €45,799
Debt to equity
0.02▼
2024 · 0.07
ROE
6.1%▲
2024 · 5.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€12,183▼
2024 · €36,348
Income taxes
€14,999▲
2024 · €11,368
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,442 | €20,370 | €2,298 | €58,731 | - |
| Depreciation and write-downs of the year | €5,167 | €8,241 | €10,470 | €17,878 | €18,399 |
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 | - | - | - | - | €238,789 | €291,995 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €76,590 | €75,537 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,700 | €5,263 | €5,168 | €5,167 | €8,241 | €10,470 | €17,878 | €18,399 | ▲ 2.9% |
| Other operating charges640/8 | - | - | - | €105 | €314 | €612 | €1,284 | €1,311 | ▲ 2.1% |
| Non-recurring operating charges66A | - | - | - | €101 | - | - | - | €53 | - |
| Gross operating margin9900 | €13,988 | €82,842 | €119,258 | €140,188 | €165,209 | €220,877 | €56,932 | €59,403 | ▲ 4.3% |
| Operating profit (loss)9901 | €12,289 | €77,385 | €113,817 | €134,816 | €156,653 | €209,795 | €37,770 | €39,640 | ▲ 5.0% |
| Financial income75/76B | - | - | - | €16 | €186 | €2,102 | €1,568 | €9,622 | ▲ 514% |
| Recurring financial income75 | - | - | - | €16 | €186 | €2,102 | €1,568 | €9,622 | ▲ 514% |
| Financial charges65/66B | - | - | - | €49 | €45 | €58 | €49 | €88 | ▲ 79.8% |
| Recurring financial charges65 | - | €35 | €56 | €49 | €45 | €58 | €49 | €88 | ▲ 79.8% |
| Profit (loss) for the period before taxes9903 | €12,289 | €77,350 | €113,761 | €134,783 | €156,795 | €211,839 | €39,289 | €49,173 | ▲ 25.2% |
| Income taxes67/77 | €2,586 | €20,772 | €31,984 | €40,395 | €48,296 | €64,468 | €11,368 | €14,999 | ▲ 31.9% |
| Profit (loss) for the period9904 | €9,702 | €56,577 | €81,778 | €94,388 | €108,499 | €147,371 | €27,921 | €34,175 | ▲ 22.4% |
| Profit (loss) for the period to be appropriated9905 | €4,902 | €3,577 | €81,778 | €94,388 | €108,499 | €147,371 | €27,921 | €34,175 | ▲ 22.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,899 | €105,942 | €222,349 | €331,703 | €454,206 | €591,937 | €563,783 | €573,794 | ▲ 1.8% |
| Formation expenses20 | €361 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €5,260 | €17,687 | €15,440 | €14,715 | €26,843 | €18,671 | €59,524 | €41,125 | ▼ 30.9% |
| Tangible fixed assets22/27 | €5,260 | €17,537 | €15,290 | €14,565 | €26,693 | €18,521 | €59,374 | €40,975 | ▼ 31.0% |
| Plant, machinery and equipment23 | - | - | - | €870 | €2,307 | €3,474 | €2,151 | €832 | ▼ 61.3% |
| Furniture and vehicles24 | - | - | - | €11,151 | €22,115 | €13,304 | €53,090 | €36,496 | ▼ 31.3% |
| Other tangible fixed assets26 | - | - | - | €2,545 | €2,272 | €1,743 | €4,133 | €3,646 | ▼ 11.8% |
| Financial fixed assets28 | - | €150 | €150 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €43,278 | €88,255 | €206,909 | €316,988 | €427,362 | €573,266 | €504,260 | €532,669 | ▲ 5.6% |
| Amounts receivable within one year40/41 | €8,762 | - | €17,144 | €17,506 | €39,685 | €38,641 | €38,966 | €59,160 | ▲ 51.8% |
| Trade receivables40 | - | - | - | €16,212 | €29,289 | €29,972 | €4,620 | €9,680 | ▲ 110% |
| Other amounts receivable41 | - | - | - | €1,294 | €10,396 | €8,669 | €34,346 | €49,480 | ▲ 44.1% |
| Current investments50/53 | - | - | - | €23,982 | €371,202 | €465,740 | €444,869 | €391,450 | ▼ 12.0% |
| Cash at bank and in hand54/58 | €34,516 | €87,880 | €189,482 | €275,128 | €15,663 | €68,183 | €20,066 | €81,194 | ▲ 305% |
| Deferred charges and accrued income490/1 | - | - | - | €371 | €812 | €701 | €359 | €865 | ▲ 141% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,899 | €105,942 | €222,349 | €331,703 | €454,206 | €591,937 | €563,783 | €573,794 | ▲ 1.8% |
| Equity10/15 | €13,402 | €67,480 | €149,257 | €243,646 | €352,144 | €499,515 | €527,436 | €561,611 | ▲ 6.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €5,045 | €58,224 | €140,002 | €234,390 | €342,889 | €490,259 | €518,180 | €552,355 | ▲ 6.6% |
| Non-distributable reserves130/1 | - | - | - | €424 | €424 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €424 | €424 | - | - | - | - |
| Distributable reserves133 | - | - | - | €233,966 | €342,465 | €490,259 | €518,180 | €552,355 | ▲ 6.6% |
| Profit (loss) carried forward14 | €2,157 | €3,056 | €3,056 | €3,056 | €3,056 | €3,056 | €3,056 | €3,056 | = |
| Amounts payable17/49 | €35,496 | €38,462 | €73,091 | €88,057 | €102,061 | €92,422 | €36,348 | €12,183 | ▼ 66.5% |
| Amounts payable within one year42/48 | €35,496 | €38,462 | €73,091 | €88,057 | €102,061 | €92,422 | €36,348 | €12,183 | ▼ 66.5% |
| Trade debts44 | €1,330 | €7,813 | €10,352 | €1,745 | €50 | €1,780 | €1,171 | €1,954 | ▲ 66.9% |
| Suppliers440/4 | - | - | - | €1,745 | €50 | €1,780 | €1,171 | €1,954 | ▲ 66.9% |
| Taxes, remuneration and social security45 | - | - | - | €86,312 | €102,011 | €90,642 | €35,177 | €10,230 | ▼ 70.9% |
| Taxes450/3 | - | - | - | €86,312 | €102,011 | €90,642 | €35,177 | €10,230 | ▼ 70.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,702 | €56,577 | €81,778 | €94,388 | €108,499 | €147,371 | €27,921 | €34,175 | ▲ 22.4% |
| + Depreciation and write-downs630 | €1,700 | €5,263 | €5,168 | €5,167 | €8,241 | €10,470 | €17,878 | €18,399 | ▲ 2.9% |
| Operating cash flow (approximation) | €11,402 | €61,841 | €86,946 | €99,555 | €116,740 | €157,841 | €45,799 | €52,574 | ▲ 14.8% |
| Investment in fixed assets (approximation) | - | -€17,691 | -€2,921 | -€4,442 | -€20,370 | -€2,298 | -€58,731 | €0 | - |
| Change in cash | - | €53,364 | €101,602 | €85,647 | -€259,466 | €52,520 | -€48,117 | €61,129 | - |
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 PRO4PRO 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 PRO4PRO 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 6,782 companies, not a prediction for PRO4PRO. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-07-2026 | 2026-00279956 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00461221 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00353204 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00323837 | |
| 31-12-2021 | micro format | 06-08-2022 | 2022-20277659 | |
| 31-12-2020 | micro format | 24-05-2021 | 2021-15800384 | |
| 31-12-2019 | micro format | 12-08-2020 | 2020-41400377 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-31400401 |