PROCASA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00493210.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 30 filings
Turnover
≈ €82,000
Estimated: probably between €47,000 and €110,000
Total assets
€164,902▼ 1.2%
2024 · €166,929
Net result
€3,912▼ 6.0%
2024 · €4,160
Working capital
€22,586▲ 248%
2024 · €6,486
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,557
▼ 6.3%
2025
20182025
Net result
€3,912
▼ 6.0%
2025
middle half of the sector
20182025
Equity
€159,111
▲ 2.5%
2025
middle half of the sector
20182025
Total assets
€164,902
▼ 1.2%
2025
middle half of the sector
20182025
Debt
€5,241
▼ 50.7%
2025
20182025
Working capital
€22,586
▲ 248%
2025
middle half of the sector
20182025
Solvency
96.5%
▲ 3.5pp
2025
highest quarter of the sector
20182025
Current ratio
5.31
▲ 3.70
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.4%
▼ 0.1pp
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-€3,358-€7,733€10,049▲ 30.0%€7,841▼ 22.0%€43,403▲ 454%€23,395▼ 46.1%€8,066▼ 65.5%€7,557▼ 6.3%
Net result-€3,907-€1,895€3,262within the sector's middle half▲ 72.1%€2,033below the sector's middle half▼ 37.7%€30,435within the sector's middle half▲ 15×€20,460within the sector's middle half▼ 32.8%€4,160within the sector's middle half▼ 79.7%€3,912within the sector's middle half▼ 6.0%
Equity€92,956-€94,851▲ 2.0%€98,113within the sector's middle half▲ 3.4%€100,146within the sector's middle half▲ 2.1%€130,580within the sector's middle half▲ 30.4%€151,040within the sector's middle half▲ 15.7%€155,199within the sector's middle half▲ 2.8%€159,111within the sector's middle half▲ 2.5%
Total assets€175,247-€166,554▼ 5.0%€158,026within the sector's middle half▼ 5.1%€151,432within the sector's middle half▼ 4.2%€208,621within the sector's middle half▲ 37.8%€189,725within the sector's middle half▼ 9.1%€166,929within the sector's middle half▼ 12.0%€164,902within the sector's middle half▼ 1.2%
Debt€82,291-€71,703▼ 12.9%€59,913▼ 16.4%€51,286▼ 14.4%€75,841▲ 47.9%€37,035▼ 51.2%€10,630▼ 71.3%€5,241▼ 50.7%
Working capital-€76,332--€61,553▲ 19.4%-€45,407below the sector's middle half▲ 26.2%-€33,382below the sector's middle half▲ 26.5%-€59,296below the sector's middle half▼ 77.6%-€15,056below the sector's middle half▲ 74.6%€6,486within the sector's middle half€22,586within the sector's middle half▲ 248%
Solvency53.0%-56.9%▲ 3.9pp62.1%within the sector's middle half▲ 5.1pp66.1%within the sector's middle half▲ 4.0pp62.6%within the sector's middle half▼ 3.5pp79.6%above the sector's middle half▲ 17.0pp93.0%above the sector's middle half▲ 13.4pp96.5%above the sector's middle half▲ 3.5pp
Current ratio0.07-0.14▲ 0.070.24below the sector's middle half▲ 0.100.35below the sector's middle half▲ 0.110.22below the sector's middle half▼ 0.130.59below the sector's middle half▲ 0.381.61within the sector's middle half▲ 1.025.31above the sector's middle half▲ 3.70
Return on assets (ROA)-2.2%-1.1%▲ 3.4pp2.1%within the sector's middle half▲ 0.9pp1.3%below the sector's middle half▼ 0.7pp14.6%within the sector's middle half▲ 13.2pp10.8%within the sector's middle half▼ 3.8pp2.5%within the sector's middle half▼ 8.3pp2.4%within the sector's middle half▼ 0.1pp
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 6% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €164,902
Fixed assets
€137,075 ▼ 8.5%
Current assets
€27,827 ▲ 62.6%
Equity and liabilities €164,902
Equity
€159,111 ▲ 2.5%
Provisions
€550 ▼ 50.0%
Debt
€5,241 ▼ 50.7%
Debt's share of the balance-sheet total falls from 6.4% to 3.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,664▼
2024 · €25,999
Cash flow
€22,019▼
2024 · €22,093
Debt to equity
0.03▼
2024 · 0.07
ROE
2.5%▼
2024 · 2.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€5,241▼
2024 · €10,630
Income taxes
€4,117▼
2024 · €4,370
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 | - | €69,444 | - | - | €5,369 |
| Depreciation and write-downs of the year | €9,993 | €10,815 | €17,933 | €17,933 | €18,107 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,649 | €12,884 | €12,883 | €9,993 | €10,815 | €17,933 | €17,933 | €18,107 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €2,529 | €2,715 | €2,255 | €2,338 | €2,407 | ▲ 3.0% |
| Gross operating margin9900 | €12,928 | €24,085 | €25,446 | €20,363 | €56,933 | €43,584 | €28,337 | €28,071 | ▼ 0.9% |
| Operating profit (loss)9901 | -€3,358 | €7,733 | €10,049 | €7,841 | €43,403 | €23,395 | €8,066 | €7,557 | ▼ 6.3% |
| Financial income75/76B | - | - | - | €4 | €1 | €8,523 | €0 | €0 | ▼ 50.0% |
| Recurring financial income75 | €0 | €0 | €0 | €4 | €1 | €1 | €0 | €0 | ▼ 50.0% |
| Non-recurring financial income76B | - | - | - | - | - | €8,523 | - | - | - |
| Financial charges65/66B | - | - | - | €1,739 | €2,887 | €93 | €86 | €78 | ▼ 10.0% |
| Recurring financial charges65 | €137 | €2,761 | €2,296 | €1,739 | €2,887 | €93 | €86 | €78 | ▼ 10.0% |
| Profit (loss) for the period before taxes9903 | -€3,495 | €4,972 | €7,753 | €6,106 | €40,516 | €31,826 | €7,979 | €7,479 | ▼ 6.3% |
| Transfer from deferred taxes780 | - | - | - | - | €550 | €550 | €550 | €550 | = |
| Transfer to deferred taxes680 | - | - | - | - | €2,750 | - | - | - | - |
| Income taxes67/77 | €413 | €3,077 | €4,491 | €4,074 | €7,881 | €11,917 | €4,370 | €4,117 | ▼ 5.8% |
| Profit (loss) for the period9904 | -€3,907 | €1,895 | €3,262 | €2,033 | €30,435 | €20,460 | €4,160 | €3,912 | ▼ 6.0% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €1,650 | €1,650 | €1,650 | €1,650 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €8,250 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€3,907 | €1,895 | €3,262 | €2,033 | €23,835 | €22,110 | €5,810 | €5,562 | ▼ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €175,247 | €166,554 | €158,026 | €151,432 | €208,621 | €189,725 | €166,929 | €164,902 | ▼ 1.2% |
| Fixed assets21/28 | €169,287 | €156,404 | €143,520 | €133,527 | €192,156 | €167,746 | €149,813 | €137,075 | ▼ 8.5% |
| Tangible fixed assets22/27 | €169,237 | €156,354 | €143,470 | €133,477 | €192,106 | €167,696 | €149,763 | €137,025 | ▼ 8.5% |
| Land and buildings22 | - | - | - | €133,378 | €136,613 | €128,880 | €121,147 | €118,609 | ▼ 2.1% |
| Furniture and vehicles24 | - | - | - | €99 | €55,493 | €38,816 | €28,616 | €18,416 | ▼ 35.6% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €5,960 | €10,150 | €14,506 | €17,904 | €16,465 | €21,978 | €17,116 | €27,827 | ▲ 62.6% |
| Amounts receivable within one year40/41 | €4,663 | €6,951 | €5,843 | €8,443 | €12,990 | €8,618 | €10,464 | €9,594 | ▼ 8.3% |
| Trade receivables40 | - | - | - | €8,443 | €8,945 | €8,618 | €9,458 | €7,463 | ▼ 21.1% |
| Other amounts receivable41 | - | - | - | - | €4,044 | - | €1,006 | €2,130 | ▲ 112% |
| Cash at bank and in hand54/58 | €381 | €3,033 | €8,513 | €8,936 | €3,457 | €13,361 | €6,652 | €18,209 | ▲ 174% |
| Deferred charges and accrued income490/1 | - | - | - | €525 | €18 | - | - | €25 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €175,247 | €166,554 | €158,026 | €151,432 | €208,621 | €189,725 | €166,929 | €164,902 | ▼ 1.2% |
| Equity10/15 | €92,956 | €94,851 | €98,113 | €100,146 | €130,580 | €151,040 | €155,199 | €159,111 | ▲ 2.5% |
| Contributions10/11 | €86,763 | €86,763 | - | €86,763 | €86,763 | €86,763 | €86,763 | €86,763 | = |
| Reserves13 | €1,909 | €2,004 | €2,004 | €2,004 | €32,438 | €52,898 | €57,057 | €60,969 | ▲ 6.9% |
| Non-distributable reserves130/1 | - | - | - | €2,004 | €2,004 | €2,004 | €2,004 | €2,004 | = |
| Reserves not available under the articles1311 | - | - | - | €2,004 | €2,004 | €2,004 | €2,004 | €2,004 | = |
| Tax-exempt reserves132 | - | - | - | - | €6,600 | €4,950 | €3,300 | €1,650 | ▼ 50.0% |
| Distributable reserves133 | - | - | - | - | €23,835 | €45,944 | €51,754 | €57,315 | ▲ 10.7% |
| Profit (loss) carried forward14 | €4,284 | €6,084 | €9,347 | €11,379 | €11,379 | €11,379 | €11,379 | €11,379 | = |
| Provisions and deferred taxes16 | - | - | - | - | €2,200 | €1,650 | €1,100 | €550 | ▼ 50.0% |
| Deferred taxes168 | - | - | - | - | €2,200 | €1,650 | €1,100 | €550 | ▼ 50.0% |
| Amounts payable17/49 | €82,291 | €71,703 | €59,913 | €51,286 | €75,841 | €37,035 | €10,630 | €5,241 | ▼ 50.7% |
| Amounts payable within one year42/48 | €82,291 | €71,703 | €59,913 | €51,286 | €75,760 | €37,035 | €10,630 | €5,241 | ▼ 50.7% |
| Trade debts44 | €4,333 | €5,864 | €5,426 | €6,522 | €2,774 | €5,832 | €5,527 | €3,556 | ▼ 35.7% |
| Suppliers440/4 | - | - | - | €6,522 | €2,774 | €5,832 | €5,527 | €3,556 | ▼ 35.7% |
| Taxes, remuneration and social security45 | - | - | - | €11,664 | €13,681 | €17,257 | €5,005 | €1,650 | ▼ 67.0% |
| Taxes450/3 | - | - | - | €11,664 | €13,681 | €17,257 | €5,005 | €1,650 | ▼ 67.0% |
| Other amounts payable47/48 | - | - | - | €33,100 | €59,305 | €13,946 | €98 | €35 | ▼ 63.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €80 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,907 | €1,895 | €3,262 | €2,033 | €30,435 | €20,460 | €4,160 | €3,912 | ▼ 6.0% |
| + Depreciation and write-downs630 | €13,649 | €12,884 | €12,883 | €9,993 | €10,815 | €17,933 | €17,933 | €18,107 | ▲ 1.0% |
| Operating cash flow (approximation) | €9,742 | €14,779 | €16,146 | €12,025 | €41,250 | €38,393 | €22,093 | €22,019 | ▼ 0.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€69,444 | €6,477 | €0 | -€5,369 | - |
| Change in cash | - | €2,652 | €5,480 | €424 | -€5,479 | €9,904 | -€6,709 | €11,557 | - |
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, 17,041 companies had the same profile as PROCASA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROCASA 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 17,041 companies, not a prediction for PROCASA. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00493210 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00155259 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00209275 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00411387 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20405324 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-61500555 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-18700124 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-60900331 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55800555 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-28000479 |