Proack
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 7 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €270,000
Total assets
€487,483▲ 16.4%
2024 · €418,860
Net result
€71,814▼ 13.4%
2024 · €82,883
Working capital
€221,237▲ 49.1%
2024 · €148,380
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€90,123
▼ 14.3%
2025
20192025
Net result
€71,814
▼ 13.4%
2025
highest quarter of the sector
20192025
Equity
€222,839
▲ 47.6%
2025
highest quarter of the sector
20192025
Total assets
€487,483
▲ 16.4%
2025
highest quarter of the sector
20192025
Debt
€264,644
▼ 1.2%
2025
20192025
Working capital
€221,237
▲ 49.1%
2025
highest quarter of the sector
20192025
Solvency
45.7%
▲ 9.7pp
2025
middle half of the sector
20192025
Current ratio
1.84
▲ 0.28
2025
middle half of the sector
20192025
Return on assets (ROA)
14.7%
▼ 5.1pp
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€188,825-€247,608▲ 31.1%€153,634▼ 38.0%€93,752▼ 39.0%€86,254▼ 8.0%€105,167▲ 21.9%€90,123▼ 14.3%
Net result€141,337-€187,328above the sector's middle half▲ 32.5%€118,481above the sector's middle half▼ 36.8%€74,479above the sector's middle half▼ 37.1%€63,142above the sector's middle half▼ 15.2%€82,883above the sector's middle half▲ 31.3%€71,814above the sector's middle half▼ 13.4%
Equity€147,537-€334,865above the sector's middle half▲ 127%€453,346above the sector's middle half▲ 35.4%€527,825above the sector's middle half▲ 16.4%€68,142within the sector's middle half▼ 87.1%€151,025within the sector's middle half▲ 122%€222,839above the sector's middle half▲ 47.6%
Total assets€205,284-€447,832above the sector's middle half▲ 118%€456,568above the sector's middle half▲ 2.0%€532,382above the sector's middle half▲ 16.6%€324,362above the sector's middle half▼ 39.1%€418,860above the sector's middle half▲ 29.1%€487,483above the sector's middle half▲ 16.4%
Debt€57,747-€112,966▲ 95.6%€3,221▼ 97.1%€4,557▲ 41.5%€256,219▲ 56×€267,835▲ 4.5%€264,644▼ 1.2%
Working capital€133,864-€323,281above the sector's middle half▲ 141%€432,490above the sector's middle half▲ 33.8%€515,993above the sector's middle half▲ 19.3%€68,433within the sector's middle half▼ 86.7%€148,380above the sector's middle half▲ 117%€221,237above the sector's middle half▲ 49.1%
Solvency71.9%-74.8%within the sector's middle half▲ 2.9pp99.3%above the sector's middle half▲ 24.5pp99.1%above the sector's middle half▼ 0.2pp21.0%below the sector's middle half▼ 78.1pp36.1%within the sector's middle half▲ 15.0pp45.7%within the sector's middle half▲ 9.7pp
Current ratio3.32-3.86within the sector's middle half▲ 0.541.27below the sector's middle half1.55within the sector's middle half▲ 0.281.84within the sector's middle half▲ 0.28
Return on assets (ROA)68.8%-41.8%above the sector's middle half▼ 27.0pp26.0%within the sector's middle half▼ 15.9pp14.0%within the sector's middle half▼ 12.0pp19.5%within the sector's middle half▲ 5.5pp19.8%within the sector's middle half▲ 0.3pp14.7%within the sector's middle half▼ 5.1pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 14% lower than in 2024.
Turnover and EBIT margin are not published. The 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
Assets €487,483
Fixed assets
€1,602 ▼ 46.9%
Current assets
€485,881 ▲ 16.8%
Equity and liabilities €487,483
Equity
€222,839 ▲ 47.6%
Debt
€264,644 ▼ 1.2%
Debt's share of the balance-sheet total falls from 63.9% to 54.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€91,538▼
2024 · €108,335
Cash flow
€73,229▼
2024 · €86,051
Debt to equity
1.19▼
2024 · 1.77
ROE
32.2%▼
2024 · 54.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€264,644▼
2024 · €267,463
Income taxes
€18,183▼
2024 · €22,151
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 | €16,360 | €3,918 | €2,790 | - | - |
| Financial fixed assets | €1,082 | €112 | - | - | - |
| Depreciation and write-downs of the year | €6,607 | €8,574 | €7,244 | €3,168 | €1,415 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €520 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,815 | €3,839 | €6,607 | €8,574 | €7,244 | €3,168 | €1,415 | ▼ 55.3% |
| Other operating charges640/8 | - | - | €902 | €787 | €753 | €765 | €792 | ▲ 3.6% |
| Gross operating margin9900 | €200,074 | €251,765 | €161,143 | €103,113 | €94,251 | €109,101 | €92,331 | ▼ 15.4% |
| Operating profit (loss)9901 | €188,825 | €247,608 | €153,634 | €93,752 | €86,254 | €105,167 | €90,123 | ▼ 14.3% |
| Financial income75/76B | - | - | €3,607 | - | €0 | - | €4 | - |
| Recurring financial income75 | €151 | €7 | €3,607 | - | €0 | - | €4 | - |
| Financial charges65/66B | - | - | €5,183 | €145 | €6,643 | €133 | €131 | ▼ 1.5% |
| Recurring financial charges65 | €1,178 | €3,682 | €5,183 | €145 | €6,643 | €133 | €131 | ▼ 1.5% |
| Profit (loss) for the period before taxes9903 | €187,798 | €243,933 | €152,058 | €93,607 | €79,611 | €105,034 | €89,997 | ▼ 14.3% |
| Income taxes67/77 | €46,461 | €56,605 | €33,577 | €19,128 | €16,469 | €22,151 | €18,183 | ▼ 17.9% |
| Profit (loss) for the period9904 | €141,337 | €187,328 | €118,481 | €74,479 | €63,142 | €82,883 | €71,814 | ▼ 13.4% |
| Profit (loss) for the period to be appropriated9905 | €141,337 | €187,328 | €118,481 | €74,479 | €63,142 | €82,883 | €71,814 | ▼ 13.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €205,284 | €447,832 | €456,568 | €532,382 | €324,362 | €418,860 | €487,483 | ▲ 16.4% |
| Fixed assets21/28 | €13,673 | €11,584 | €20,856 | €11,833 | €6,185 | €3,017 | €1,602 | ▼ 46.9% |
| Tangible fixed assets22/27 | €12,111 | €10,022 | €19,774 | €10,639 | €6,185 | €3,017 | €1,602 | ▼ 46.9% |
| Furniture and vehicles24 | - | - | €19,774 | €10,639 | €6,185 | €3,017 | €1,602 | ▼ 46.9% |
| Financial fixed assets28 | €1,562 | €1,562 | €1,082 | €1,194 | - | - | - | - |
| Current assets29/58 | €191,611 | €436,248 | €435,711 | €520,549 | €318,176 | €415,843 | €485,881 | ▲ 16.8% |
| Amounts receivable within one year40/41 | €42,961 | €63,148 | €33,890 | €151,032 | €40,436 | €39,757 | €8,704 | ▼ 78.1% |
| Trade receivables40 | - | - | €30,968 | €149,314 | €39,277 | €39,332 | €8,360 | ▼ 78.7% |
| Other amounts receivable41 | - | - | €2,922 | €1,718 | €1,158 | €425 | €344 | ▼ 18.9% |
| Cash at bank and in hand54/58 | €129,030 | €373,099 | €400,740 | €368,323 | €277,741 | €376,086 | €477,177 | ▲ 26.9% |
| Deferred charges and accrued income490/1 | - | - | €1,082 | €1,194 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €205,284 | €447,832 | €456,568 | €532,382 | €324,362 | €418,860 | €487,483 | ▲ 16.4% |
| Equity10/15 | €147,537 | €334,865 | €453,346 | €527,825 | €68,142 | €151,025 | €222,839 | ▲ 47.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €141,337 | €328,665 | €447,146 | €521,625 | €63,142 | €146,025 | €217,839 | ▲ 49.2% |
| Distributable reserves133 | - | - | €447,146 | €521,625 | €63,142 | €146,025 | €217,839 | ▲ 49.2% |
| Amounts payable17/49 | €57,747 | €112,966 | €3,221 | €4,557 | €256,219 | €267,835 | €264,644 | ▼ 1.2% |
| Amounts payable within one year42/48 | €57,747 | €112,966 | €3,221 | €4,557 | €249,743 | €267,463 | €264,644 | ▼ 1.1% |
| Trade debts44 | €1,617 | €2,935 | €2,336 | €3,814 | €2,654 | €2,191 | €2,568 | ▲ 17.2% |
| Suppliers440/4 | - | - | €2,336 | €3,814 | €2,654 | €2,191 | €2,568 | ▲ 17.2% |
| Taxes, remuneration and social security45 | - | - | €824 | €522 | €7,469 | €19,620 | €16,334 | ▼ 16.7% |
| Taxes450/3 | - | - | €824 | €522 | €7,469 | €19,620 | €16,334 | ▼ 16.7% |
| Other amounts payable47/48 | - | - | €62 | €221 | €239,620 | €245,652 | €245,742 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €6,476 | €372 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €141,337 | €187,328 | €118,481 | €74,479 | €63,142 | €82,883 | €71,814 | ▼ 13.4% |
| + Depreciation and write-downs630 | €3,815 | €3,839 | €6,607 | €8,574 | €7,244 | €3,168 | €1,415 | ▼ 55.3% |
| Operating cash flow (approximation) | €145,153 | €191,167 | €125,088 | €83,053 | €70,386 | €86,051 | €73,229 | ▼ 14.9% |
| Investment in fixed assets (approximation) | - | -€1,750 | -€15,879 | €450 | -€1,596 | €0 | €0 | - |
| Change in cash | - | €244,069 | €27,640 | -€32,417 | -€90,582 | €98,346 | €101,090 | ▲ 2.8% |
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 Proack 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 Proack 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 Proack. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00367223 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00209313 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00413476 | |
| 31-12-2022 | micro format | 07-03-2023 | 2023-00036494 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20147548 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53900210 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-33700285 |