Progress-Ing. Group
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 39 days after the deadline Filed on 8 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00507427.
Annual accounts 2025 filed on 08-09-2026 at the NBB all 8 filings
Turnover
€153,763▲ 3.5%
2019 · €148,495
EBIT margin
-5.0%▼ 30.1pp
2019 · 25.1%
Net result
€59,675▼ 20.1%
2024 · €74,654
Working capital
€25,933
2024 · -€34,669
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€84,272
▼ 2.5%
2025
20182025
Net result
€59,675
▼ 20.1%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€56,438
2025
middle half of the sector
20182025
Total assets
€176,191
▲ 26.1%
2025
middle half of the sector
20182025
Debt
€119,753
▼ 16.2%
2025
20182025
Working capital
€25,933
2025
middle half of the sector
20182025
Solvency
32.0%
▲ 34.3pp
2025
middle half of the sector
20182025
Current ratio
1.32
▲ 0.72
2025
middle half of the sector
20182025
Return on assets (ROA)
33.9%
▼ 19.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€125,100-€148,495▲ 18.7%€153,763▲ 3.5%
Operating result-€14,447-€37,346-€7,638-€18,939▼ 148%-€29,074▼ 53.5%-€16,929▲ 41.8%€86,455€84,272▼ 2.5%
Net result-€14,766-€20,023-€10,419below the sector's middle half-€17,657below the sector's middle half▼ 69.5%-€32,394below the sector's middle half▼ 83.5%-€19,477below the sector's middle half▲ 39.9%€74,654above the sector's middle half€59,675above the sector's middle half▼ 20.1%
EBIT margin-11.5%-25.1%▲ 36.7pp-5.0%▼ 30.1pp
Equity-€12,266-€7,757-€2,662below the sector's middle half-€20,319below the sector's middle half▼ 663%-€52,714below the sector's middle half▼ 159%-€72,191below the sector's middle half▼ 36.9%-€3,236below the sector's middle half▲ 95.5%€56,438within the sector's middle half
Total assets€4,371-€51,066▲ 12×€73,032within the sector's middle half▲ 43.0%€77,111within the sector's middle half▲ 5.6%€69,964within the sector's middle half▼ 9.3%€76,148within the sector's middle half▲ 8.8%€139,670within the sector's middle half▲ 83.4%€176,191within the sector's middle half▲ 26.1%
Debt€16,636-€43,309▲ 160%€75,694▲ 74.8%€97,431▲ 28.7%€122,678▲ 25.9%€148,339▲ 20.9%€142,907▼ 3.7%€119,753▼ 16.2%
Working capital-€13,766--€1,071▲ 92.2%-€3,845below the sector's middle half▼ 259%-€21,854below the sector's middle half▼ 468%-€58,779below the sector's middle half▼ 169%-€78,909below the sector's middle half▼ 34.2%-€34,669below the sector's middle half▲ 56.1%€25,933within the sector's middle half
Solvency15.2%-3.6%below the sector's middle half▼ 18.8pp-26.4%below the sector's middle half▼ 22.7pp-75.3%below the sector's middle half▼ 49.0pp-94.8%below the sector's middle half▼ 19.5pp-2.3%below the sector's middle half▲ 92.5pp32.0%within the sector's middle half▲ 34.3pp
Current ratio0.980.93below the sector's middle half▼ 0.050.59below the sector's middle half▼ 0.340.34below the sector's middle half▼ 0.250.36below the sector's middle half▲ 0.010.60below the sector's middle half▲ 0.251.32within the sector's middle half▲ 0.72
Return on assets (ROA)39.2%-14.3%below the sector's middle half▼ 53.5pp-22.9%below the sector's middle half▼ 8.6pp-46.3%below the sector's middle half▼ 23.4pp-25.6%below the sector's middle half▲ 20.7pp53.5%above the sector's middle half▲ 79.0pp33.9%above the sector's middle half▼ 19.6pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 3% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €176,191
Fixed assets
€69,487 ▼ 20.0%
Current assets
€106,705 ▲ 102%
Equity and liabilities €176,191
Equity
€56,438
Debt
€119,753
Debt's share of the balance-sheet total is 68.0%.
Key figures and ratios
EBITDA
€102,862▲
2024 · €94,548
Cash flow
€78,265▼
2024 · €82,748
Debt to equity
2.12
ROE
105.7%
Interest coverage
27.02▼
2024 · 42.01
Debt ≤ 1 year
€80,771▼
2024 · €87,455
Debt > 1 year
€38,982▼
2024 · €55,329
Income taxes
€20,790▲
2024 · €9,550
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 | €2,547 | €1,057 | - | €62,542 | €1,192 |
| Intangible fixed assets | €24,900 | - | - | - | - |
| Depreciation and write-downs of the year | €4,379 | €6,885 | €6,950 | €8,094 | €18,590 |
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 | €125,100 | €148,495 | €153,763 | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €159,488 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €285 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,285 | €582 | €1,182 | €4,379 | €6,885 | €6,950 | €8,094 | €18,590 | ▲ 130% |
| Other operating charges640/8 | - | - | €447 | €3,071 | €4,372 | €4,625 | €5,886 | €466 | ▼ 92.1% |
| Gross operating margin9900 | -€11,396 | €39,922 | -€5,724 | -€11,490 | -€17,817 | -€5,354 | €100,435 | €103,328 | ▲ 2.9% |
| Operating profit (loss)9901 | -€14,447 | €37,346 | -€7,638 | -€18,939 | -€29,074 | -€16,929 | €86,455 | €84,272 | ▼ 2.5% |
| Financial income75/76B | - | - | €790 | - | - | - | €0 | - | - |
| Recurring financial income75 | - | €148 | €790 | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | €1,218 | €3,497 | €2,857 | €2,070 | €2,251 | €3,807 | ▲ 69.2% |
| Recurring financial charges65 | €253 | €1,265 | €1,218 | €3,497 | €2,857 | €2,070 | €2,251 | €3,807 | ▲ 69.2% |
| Profit (loss) for the period before taxes9903 | -€14,700 | €36,229 | -€8,066 | -€22,436 | -€31,930 | -€18,999 | €84,204 | €80,465 | ▼ 4.4% |
| Income taxes67/77 | €66 | €16,206 | €2,353 | -€4,779 | €464 | €478 | €9,550 | €20,790 | ▲ 118% |
| Profit (loss) for the period9904 | -€14,766 | €20,023 | -€10,419 | -€17,657 | -€32,394 | -€19,477 | €74,654 | €59,675 | ▼ 20.1% |
| Profit (loss) for the period to be appropriated9905 | -€14,766 | €20,023 | -€10,419 | -€17,657 | -€32,394 | -€19,477 | €74,654 | €59,675 | ▼ 20.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,371 | €51,066 | €73,032 | €77,111 | €69,964 | €76,148 | €139,670 | €176,191 | ▲ 26.1% |
| Fixed assets21/28 | €1,500 | €8,828 | €22,146 | €45,214 | €39,387 | €32,437 | €86,885 | €69,487 | ▼ 20.0% |
| Intangible fixed assets21 | - | - | €0 | €21,926 | €16,946 | €11,966 | €6,986 | €2,006 | ▼ 71.3% |
| Tangible fixed assets22/27 | - | €7,328 | €20,646 | €21,788 | €20,941 | €18,971 | €78,399 | €65,981 | ▼ 15.8% |
| Land and buildings22 | - | - | €18,900 | €18,374 | €17,847 | €17,321 | €16,794 | €16,268 | ▼ 3.1% |
| Furniture and vehicles24 | - | - | €1,746 | €3,415 | €3,094 | €1,650 | €61,605 | €49,713 | ▼ 19.3% |
| Financial fixed assets28 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €2,871 | €42,238 | €50,886 | €31,897 | €30,578 | €43,712 | €52,786 | €106,705 | ▲ 102% |
| Amounts receivable within one year40/41 | €164 | €5,256 | €36,590 | €26,673 | €30,284 | €43,417 | €40,138 | €35,793 | ▼ 10.8% |
| Trade receivables40 | - | - | €18,586 | €19,511 | €29,780 | €30,061 | €24,911 | €22,108 | ▼ 11.3% |
| Other amounts receivable41 | - | - | €18,003 | €7,162 | €504 | €13,356 | €15,227 | €13,685 | ▼ 10.1% |
| Cash at bank and in hand54/58 | €832 | €35,357 | €10,330 | €4,355 | - | €295 | €11,497 | €70,237 | ▲ 511% |
| Deferred charges and accrued income490/1 | - | - | €3,966 | €869 | €293 | - | €1,150 | €675 | ▼ 41.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,371 | €51,066 | €73,032 | €77,111 | €69,964 | €76,148 | €139,670 | €176,191 | ▲ 26.1% |
| Equity10/15 | -€12,266 | €7,757 | -€2,662 | -€20,319 | -€52,714 | -€72,191 | -€3,236 | €56,438 | - |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Capital10 | - | - | €2,500 | - | - | - | - | - | - |
| Issued capital100 | - | - | €2,500 | - | - | - | - | - | - |
| Reserves13 | - | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Non-distributable reserves130/1 | - | - | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Legal reserve130 | - | - | €250 | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €250 | €250 | €250 | €250 | €250 | = |
| Profit (loss) carried forward14 | -€14,766 | €5,007 | -€5,412 | -€23,069 | -€55,464 | -€74,941 | -€5,986 | €53,688 | - |
| Amounts payable17/49 | €16,636 | €43,309 | €75,694 | €97,431 | €122,678 | €148,339 | €142,907 | €119,753 | ▼ 16.2% |
| Amounts payable after more than one year17 | - | - | €20,963 | €42,265 | €33,321 | €25,494 | €55,329 | €38,982 | ▼ 29.5% |
| Financial debts170/4 | - | - | €20,963 | €42,265 | €33,321 | €25,494 | €55,329 | €38,982 | ▼ 29.5% |
| Amounts payable within one year42/48 | €16,636 | €43,309 | €54,731 | €53,751 | €89,357 | €122,620 | €87,455 | €80,771 | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | - | - | €3,350 | €6,411 | €8,944 | €8,446 | €16,652 | €16,348 | ▼ 1.8% |
| Financial debts43 | - | - | - | - | €43 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €43 | - | - | - | - |
| Trade debts44 | €1,491 | €6,082 | €11,256 | €36,818 | €45,403 | €51,810 | €5,595 | €8,609 | ▲ 53.9% |
| Suppliers440/4 | - | - | €11,256 | €36,818 | €45,403 | €51,810 | €5,595 | €8,609 | ▲ 53.9% |
| Advances received on contracts in progress46 | - | - | €7,260 | - | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €32,865 | €10,522 | €3,287 | €20,899 | €25,177 | €52,096 | ▲ 107% |
| Taxes450/3 | - | - | €32,865 | €10,522 | €3,287 | €20,899 | €17,635 | €51,630 | ▲ 193% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €7,541 | €465 | ▼ 93.8% |
| Other amounts payable47/48 | - | - | - | - | €31,681 | €41,465 | €40,031 | €3,719 | ▼ 90.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,414 | - | €225 | €123 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,766 | €20,023 | -€10,419 | -€17,657 | -€32,394 | -€19,477 | €74,654 | €59,675 | ▼ 20.1% |
| + Depreciation and write-downs630 | €1,285 | €582 | €1,182 | €4,379 | €6,885 | €6,950 | €8,094 | €18,590 | ▲ 130% |
| Operating cash flow (approximation) | -€13,481 | €20,605 | -€9,237 | -€13,279 | -€25,510 | -€12,527 | €82,748 | €78,265 | ▼ 5.4% |
| Investment in fixed assets (approximation) | - | -€7,910 | -€14,500 | -€27,447 | -€1,057 | €0 | -€62,542 | -€1,192 | ▲ 98.1% |
| Change in cash | - | €34,526 | -€25,027 | -€5,975 | - | - | €11,203 | €58,739 | ▲ 424% |
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, 26,972 companies had the same profile as Progress-Ing. Group has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Progress-Ing. Group 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 26,972 companies, not a prediction for Progress-Ing. Group. 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 | 08-09-2026 | 2026-00507427 | |
| 31-12-2024 | micro format | 27-10-2025 | 2025-00561128 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00249040 | |
| 31-12-2022 | micro format | 15-07-2024 | 2024-00249921 | |
| 31-12-2021 | micro format | 09-07-2024 | 2024-00245925 | |
| 31-12-2020 | micro format | 10-05-2022 | 2022-20026694 | |
| 31-12-2019 | micro format | 23-10-2020 | 2020-63500165 | |
| 31-12-2018 | micro format | 04-10-2019 | 2019-68500378 |