Summary
PROGRESS COMPANY is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €145,527 and a net result of €43,068. Equity is growing by about 19% per year across the filed financial years. Its solvency ranks better than 32% of 6,652 sector peers (NACE 64, financial year 2025). The company has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
Equity
€145,527▼ 43.7%
2024 · €258,412
Net result
€43,068▲ 29.4%
2024 · €33,281
Total assets
€476,274▼ 2.3%
2024 · €487,460
Solvency
30.6%▼ 22.5pp
2024 · 53.0%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 13% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€60,136
2025
Net result€43,068
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€476,274
2025
Equity€145,527
2025
Debt€330,747
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€152,732
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)9.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency30.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.23
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€79,978-€32,664▼ 59.2%€52,372▲ 60.3%€75,332▲ 43.8%€78,202▲ 3.8%€70,395▼ 10.0%€53,452▼ 24.1%€60,136▲ 12.5%
Net result€54,441-€22,947▼ 57.8%€37,205within the sector's middle half▲ 62.1%€52,800within the sector's middle half▲ 41.9%€49,809within the sector's middle half▼ 5.7%€43,769within the sector's middle half▼ 12.1%€33,281within the sector's middle half▼ 24.0%€43,068within the sector's middle half▲ 29.4%
Equity€66,841-€89,788▲ 34.3%€126,993within the sector's middle half▲ 41.4%€179,793within the sector's middle half▲ 41.6%€229,602within the sector's middle half▲ 27.7%€223,371within the sector's middle half▼ 2.7%€258,412within the sector's middle half▲ 15.7%€145,527below the sector's middle half▼ 43.7%
Total assets€111,913-€122,071▲ 9.1%€157,954within the sector's middle half▲ 29.4%€228,304below the sector's middle half▲ 44.5%€371,683within the sector's middle half▲ 62.8%€578,525within the sector's middle half▲ 55.7%€487,460below the sector's middle half▼ 15.7%€476,274below the sector's middle half▼ 2.3%
Debt€45,073-€32,283▼ 28.4%€30,961▼ 4.1%€48,511▲ 56.7%€142,081▲ 193%€355,154▲ 150%€229,048▼ 35.5%€330,747▲ 44.4%
Working capital€53,221-€76,683▲ 44.1%€100,354within the sector's middle half▲ 30.9%€116,791within the sector's middle half▲ 16.4%-€51,795below the sector's middle half€37,092within the sector's middle half€3,113within the sector's middle half▼ 91.6%-€152,732within the sector's middle half
Solvency59.7%-73.6%▲ 13.8pp80.4%above the sector's middle half▲ 6.8pp78.8%above the sector's middle half▼ 1.6pp61.8%within the sector's middle half▼ 17.0pp38.6%within the sector's middle half▼ 23.2pp53.0%within the sector's middle half▲ 14.4pp30.6%within the sector's middle half▼ 22.5pp
Current ratio2.52-3.57▲ 1.064.24above the sector's middle half▲ 0.673.41above the sector's middle half▼ 0.830.64below the sector's middle half▼ 2.771.27within the sector's middle half▲ 0.641.06within the sector's middle half▼ 0.210.23below the sector's middle half▼ 0.83
Return on assets (ROA)48.6%-18.8%▼ 29.8pp23.6%above the sector's middle half▲ 4.8pp23.1%above the sector's middle half▼ 0.4pp13.4%within the sector's middle half▼ 9.7pp7.6%within the sector's middle half▼ 5.8pp6.8%within the sector's middle half▼ 0.7pp9.0%within the sector's middle half▲ 2.2pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €476,274
Fixed assets
€431,299 ▼ 0.3%
Current assets
€44,976 ▼ 18.2%
Equity and liabilities €476,274
Equity
€145,527 ▼ 43.7%
Debt
€330,747 ▲ 44.4%
Debt's share of the balance-sheet total rises from 47.0% to 69.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
29.6%▲
2024 · 12.9%
Debt ≤ 1 year
€197,707▲
2024 · €51,885
Debt > 1 year
€132,873▼
2024 · €176,563
Income taxes
€17,854▼
2024 · €18,805
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
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 | €14,694 | €8,015 | €8,889 | €8,025 | €2,232 | €12,632 | €15,496 | €16,747 | ▲ 8.1% |
| Other operating charges640/8 | - | - | - | €742 | €2,804 | €1,343 | €2,397 | €2,708 | ▲ 13.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €715 | - |
| Gross operating margin9900 | €96,013 | €41,209 | €61,899 | €84,099 | €83,238 | €84,370 | €71,345 | €80,306 | ▲ 12.6% |
| Operating profit (loss)9901 | €79,978 | €32,664 | €52,372 | €75,332 | €78,202 | €70,395 | €53,452 | €60,136 | ▲ 12.5% |
| Financial income75/76B | - | - | - | €0 | €95 | €5,771 | €8,374 | €8,732 | ▲ 4.3% |
| Recurring financial income75 | €35 | - | - | €0 | €95 | €5,771 | €8,374 | €8,732 | ▲ 4.3% |
| Financial charges65/66B | - | - | - | €207 | €387 | €8,576 | €9,740 | €7,947 | ▼ 18.4% |
| Recurring financial charges65 | €299 | €162 | €205 | €207 | €387 | €8,576 | €9,740 | €7,947 | ▼ 18.4% |
| Profit (loss) for the period before taxes9903 | €79,713 | €32,502 | €52,167 | €75,125 | €77,909 | €67,591 | €52,086 | €60,922 | ▲ 17.0% |
| Income taxes67/77 | €25,273 | €9,555 | €14,962 | €22,325 | €28,101 | €23,822 | €18,805 | €17,854 | ▼ 5.1% |
| Profit (loss) for the period9904 | €54,441 | €22,947 | €37,205 | €52,800 | €49,809 | €43,769 | €33,281 | €43,068 | ▲ 29.4% |
| Profit (loss) for the period to be appropriated9905 | €54,441 | €22,947 | €37,205 | €52,800 | €49,809 | €43,769 | €33,281 | €43,068 | ▲ 29.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €111,913 | €122,071 | €157,954 | €228,304 | €371,683 | €578,525 | €487,460 | €476,274 | ▼ 2.3% |
| Fixed assets21/28 | €23,620 | €15,605 | €26,639 | €63,002 | €281,397 | €405,584 | €432,461 | €431,299 | ▼ 0.3% |
| Tangible fixed assets22/27 | €23,620 | €15,605 | €26,639 | €22,002 | €20,926 | €76,044 | €63,797 | €61,402 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €14,651 | €14,310 | €13,969 | €13,628 | €13,287 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €4,388 | €6,369 | €17,422 | ▲ 174% |
| Furniture and vehicles24 | - | - | - | €7,352 | €6,616 | €57,687 | €43,800 | €30,693 | ▼ 29.9% |
| Financial fixed assets28 | - | - | - | €41,000 | €260,470 | €329,540 | €368,665 | €369,897 | ▲ 0.3% |
| Current assets29/58 | €88,294 | €106,466 | €131,315 | €165,302 | €90,286 | €172,941 | €54,998 | €44,976 | ▼ 18.2% |
| Amounts receivable within one year40/41 | €10,475 | €9,155 | €22,025 | €34,381 | €28,375 | €31,951 | €14,266 | €11,048 | ▼ 22.6% |
| Trade receivables40 | - | - | - | €25,881 | €9,625 | €11,701 | €13,804 | €11,048 | ▼ 20.0% |
| Other amounts receivable41 | - | - | - | €8,500 | €18,750 | €20,250 | €462 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €77,819 | €97,311 | €109,290 | €130,921 | €59,777 | €140,990 | €37,347 | €30,048 | ▼ 19.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,134 | €0 | €3,385 | €3,880 | ▲ 14.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €111,913 | €122,071 | €157,954 | €228,304 | €371,683 | €578,525 | €487,460 | €476,274 | ▼ 2.3% |
| Equity10/15 | €66,841 | €89,788 | €126,993 | €179,793 | €229,602 | €223,371 | €258,412 | €145,527 | ▼ 43.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €54,441 | €77,388 | €114,593 | €167,393 | €217,202 | €210,971 | €239,812 | €126,859 | ▼ 47.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €165,533 | €215,342 | €210,971 | €239,812 | €126,859 | ▼ 47.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €68 | - |
| Amounts payable17/49 | €45,073 | €32,283 | €30,961 | €48,511 | €142,081 | €355,154 | €229,048 | €330,747 | ▲ 44.4% |
| Amounts payable after more than one year17 | €10,000 | €2,500 | - | - | - | €218,598 | €176,563 | €132,873 | ▼ 24.7% |
| Financial debts170/4 | - | - | - | - | - | €218,598 | €176,563 | €132,873 | ▼ 24.7% |
| Amounts payable within one year42/48 | €35,073 | €29,783 | €30,961 | €48,511 | €142,081 | €135,849 | €51,885 | €197,707 | ▲ 281% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €42,901 | €44,592 | €46,369 | ▲ 4.0% |
| Trade debts44 | - | €411 | €548 | €2,617 | €7,124 | €3,457 | €1,467 | €1,883 | ▲ 28.3% |
| Suppliers440/4 | - | - | - | €2,617 | €7,124 | €3,457 | €1,467 | €1,883 | ▲ 28.3% |
| Taxes, remuneration and social security45 | - | - | - | €45,556 | €51,624 | €38,941 | €3,805 | €27,414 | ▲ 620% |
| Taxes450/3 | - | - | - | €45,556 | €51,624 | €38,941 | €3,805 | €27,414 | ▲ 620% |
| Other amounts payable47/48 | - | - | - | €338 | €83,333 | €50,550 | €2,021 | €122,041 | ▲ 60× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €707 | €599 | €166 | ▼ 72.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,441 | €22,947 | €37,205 | €52,800 | €49,809 | €43,769 | €33,281 | €43,068 | ▲ 29.4% |
| + Depreciation and write-downs630 | €14,694 | €8,015 | €8,889 | €8,025 | €2,232 | €12,632 | €15,496 | €16,747 | ▲ 8.1% |
| Operating cash flow (approximation) | €69,135 | €30,962 | €46,094 | €60,825 | €52,041 | €56,401 | €48,777 | €59,815 | ▲ 22.6% |
| Investment in fixed assets (approximation) | - | €0 | -€19,923 | -€44,389 | -€220,627 | -€136,820 | -€42,373 | -€15,584 | ▲ 63.2% |
| Change in cash | - | €19,492 | €11,979 | €21,631 | -€71,144 | €81,213 | -€103,643 | -€7,299 | ▲ 93.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-05-2026 | 2026-00136228 |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00268769 |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00110441 |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00357904 |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20185327 |
| 31-12-2020 | micro format | 17-06-2021 | 2021-20900290 |
| 31-12-2019 | micro format | 30-06-2020 | 2020-24600088 |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41200470 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,048. 13,378 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.