PROMOVAL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 31 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€126,158▼ 1,472%
2024 · -€8,024
Working capital
€405,323▼ 24.6%
2024 · €537,341
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€114,276
2025
20182025
Net result
-€126,158
▼ 1,472%
2025
lowest quarter of the sector
20182025
Equity
€405,323
▼ 23.7%
2025
middle half of the sector
20182025
Total assets
€473,425
▼ 66.7%
2025
lowest quarter of the sector
20182025
Debt
€68,102
▼ 92.3%
2025
20182025
Working capital
€405,323
▼ 24.6%
2025
middle half of the sector
20182025
Solvency
85.6%
▲ 48.2pp
2025
highest quarter of the sector
20182025
Current ratio
6.95
▲ 5.34
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-26.6%
▼ 26.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.07m▼ 4.5%€0.07m▲ 3.7%€0.2m▲ 193%€0.06m▼ 69.4%€0.4m▲ 564%€0.01m▼ 97.2%-€0.1m
Net result€0.05m-€0.04m▼ 19.3%€0.04mwithin the sector's middle half▲ 20.0%€0.1mabove the sector's middle half▲ 229%€0.05mwithin the sector's middle half▼ 66.0%€0.3mabove the sector's middle half▲ 493%-€0.008mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 1,472%
Equity€0.8m-€0.9m▲ 4.4%€0.9mwithin the sector's middle half▲ 5.1%€0.9mwithin the sector's middle half▼ 5.8%€0.9mwithin the sector's middle half▲ 5.7%€0.7mwithin the sector's middle half▼ 22.2%€0.5mwithin the sector's middle half▼ 25.6%€0.4mwithin the sector's middle half▼ 23.7%
Total assets€2.0m-€1.5m▼ 23.9%€1.8mwithin the sector's middle half▲ 21.0%€1.6mwithin the sector's middle half▼ 12.3%€1.3mwithin the sector's middle half▼ 15.3%€1.0mwithin the sector's middle half▼ 26.7%€1.4mwithin the sector's middle half▲ 44.3%€0.5mbelow the sector's middle half▼ 66.7%
Debt€1.1m-€0.6m▼ 45.1%€0.9m▲ 43.5%€0.7m▼ 19.0%€0.4m▼ 40.7%€0.3m▼ 36.3%€0.9m▲ 229%€0.07m▼ 92.3%
Working capital€0.8m-€0.9m▲ 4.5%€0.9mabove the sector's middle half▲ 5.2%€0.9mabove the sector's middle half▼ 5.9%€0.9mabove the sector's middle half▲ 5.8%€0.7mabove the sector's middle half▼ 22.4%€0.5mwithin the sector's middle half▼ 23.5%€0.4mwithin the sector's middle half▼ 24.6%
Solvency42.8%-58.7%▲ 15.9pp51.0%within the sector's middle half▼ 7.7pp54.8%within the sector's middle half▲ 3.8pp68.4%above the sector's middle half▲ 13.6pp72.5%above the sector's middle half▲ 4.2pp37.4%within the sector's middle half▼ 35.1pp85.6%above the sector's middle half▲ 48.2pp
Current ratio1.74-2.40▲ 0.662.03within the sector's middle half▼ 0.372.19within the sector's middle half▲ 0.173.13above the sector's middle half▲ 0.943.61above the sector's middle half▲ 0.481.61within the sector's middle half▼ 2.006.95above the sector's middle half▲ 5.34
Return on assets (ROA)2.3%-2.5%▲ 0.1pp2.5%within the sector's middle half=9.3%above the sector's middle half▲ 6.8pp3.7%within the sector's middle half▼ 5.5pp30.0%above the sector's middle half▲ 26.3pp-0.6%within the sector's middle half▼ 30.6pp-26.6%below the sector's middle half▼ 26.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €114,276, after a profit of €11,814 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -1,472% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €473,425
Equity
€405,323 ▼ 23.7%
Debt
€68,102 ▼ 92.3%
Debt's share of the balance-sheet total falls from 62.6% to 14.4%. Equity and debt are lower.
Key figures and ratios
Quick ratio
0.27▲
2024 · 0.00
Debt to equity
0.17▼
2024 · 1.67
ROE
-31.1%▼
2024 · -1.5%
Debt ≤ 1 year
€68,102▼
2024 · €884,272
Income taxes
€152▼
2024 · €2,463
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €702,673 | €285,688 | €224,688 | €600,000 | - |
| Mortgages, amount registered | €1.1m | €1.1m | €1.1m | €1.8m | - |
| Carrying value of the mortgaged assets | €1.3m | €861,892 | €649,548 | €1.4m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €9,000 | - | - |
| Other operating charges640/8 | - | - | - | €14,182 | €3,313 | €215 | €1,198 | €1,900 | ▲ 58.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €10,000 | - |
| Gross operating margin9900 | €106,645 | €80,503 | €98,333 | €224,595 | €67,621 | €426,996 | €22,012 | -€102,375 | - |
| Operating profit (loss)9901 | €72,660 | €69,361 | €71,914 | €210,413 | €64,308 | €426,781 | €11,814 | -€114,276 | - |
| Recurring financial income75 | - | €27 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €14,541 | €13,386 | €14,150 | €17,374 | €11,731 | ▼ 32.5% |
| Recurring financial charges65 | €26,576 | €16,080 | €11,025 | €14,541 | €13,386 | €14,150 | €17,374 | €11,731 | ▼ 32.5% |
| Profit (loss) for the period before taxes9903 | €46,084 | €53,308 | €60,889 | €195,872 | €50,922 | €412,631 | -€5,561 | -€126,006 | ▼ 2,166% |
| Income taxes67/77 | - | €16,119 | €16,250 | €49,123 | €1,050 | €116,798 | €2,463 | €152 | ▼ 93.8% |
| Profit (loss) for the period9904 | €46,084 | €37,189 | €44,639 | €146,749 | €49,872 | €295,832 | -€8,024 | -€126,158 | ▼ 1,472% |
| Profit (loss) for the period to be appropriated9905 | €46,084 | €37,189 | €44,639 | €146,749 | €49,872 | €295,832 | -€8,024 | -€126,158 | ▼ 1,472% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €1.5m | €1.8m | €1.6m | €1.3m | €1.0m | €1.4m | €0.5m | ▼ 66.7% |
| Fixed assets21/28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | - | - | - |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | - | - | - |
| Current assets29/58 | €1.9m | €1.5m | €1.8m | €1.6m | €1.3m | €1.0m | €1.4m | €0.5m | ▼ 66.7% |
| Stocks and contracts in progress3 | €1.5m | €1.3m | €1.6m | €1.3m | €0.9m | €0.6m | €1.4m | €0.5m | ▼ 68.0% |
| Stocks30/36 | - | - | - | €1.3m | €0.9m | €0.6m | €1.4m | €0.5m | ▼ 68.0% |
| Amounts receivable within one year40/41 | €0.01m | €0.04m | €0.05m | €0.2m | €0.3m | €0.2m | €0 | €0 | - |
| Trade receivables40 | - | - | - | €0.1m | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.09m | €0.3m | €0.2m | €0 | €0 | - |
| Cash at bank and in hand54/58 | €0.02m | €0.08m | €0.02m | €0.02m | €0.2m | €0.04m | €209 | €0.02m | ▲ 86× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.07m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €1.5m | €1.8m | €1.6m | €1.3m | €1.0m | €1.4m | €0.5m | ▼ 66.7% |
| Equity10/15 | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.7m | €0.5m | €0.4m | ▼ 23.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.8m | €0.9m | €0.7m | €0.5m | €0.3m | ▼ 26.4% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.9m | €0.6m | €0.5m | €0.3m | ▼ 26.7% |
| Profit (loss) carried forward14 | €0.8m | €0.8m | €0.9m | - | - | €0.001m | €0.003m | €123 | ▼ 96.2% |
| Amounts payable17/49 | €1.1m | €0.6m | €0.9m | €0.7m | €0.4m | €0.3m | €0.9m | €0.07m | ▼ 92.3% |
| Amounts payable within one year42/48 | €1.1m | €0.6m | €0.9m | €0.7m | €0.4m | €0.3m | €0.9m | €0.07m | ▼ 92.3% |
| Financial debts43 | - | - | - | €0.7m | €0.3m | €0.2m | €0.8m | - | - |
| Credit institutions430/8 | - | - | - | €0.7m | €0.3m | €0.2m | €0.8m | - | - |
| Trade debts44 | €0.1m | - | €0.06m | - | €0.1m | €312 | €0.001m | - | - |
| Suppliers440/4 | - | - | - | - | €0.1m | €312 | €0.001m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | - | €0.04m | €0.05m | - | - |
| Taxes450/3 | - | - | - | €0.01m | - | €0.04m | €0.05m | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €0.001m | €0.02m | €0.07m | ▲ 269% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.006m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,084 | €37,189 | €44,639 | €146,749 | €49,872 | €295,832 | -€8,024 | -€126,158 | ▼ 1,472% |
| Operating cash flow (approximation) | €46,084 | €37,189 | €44,639 | €146,749 | €49,872 | €295,832 | -€8,024 | -€126,158 | ▼ 1,472% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | - | - | - |
| Change in cash | - | €55,361 | -€56,968 | -€4,809 | €151,029 | -€127,773 | -€41,276 | €17,859 | - |
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, 929 companies had the same profile as PROMOVAL has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
The bankruptcy probability of PROMOVAL itself is higher: 2.3% within 12 months. It rests on far more data about PROMOVAL than the profile alone.
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 929 companies, not a prediction for PROMOVAL. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-06-2026 | 2026-00204967 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00287618 | |
| 31-12-2023 | abbreviated format | 25-08-2024 | 2024-00371667 | |
| 31-12-2022 | abbreviated format | 11-07-2023 | 2023-00229317 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20184768 | |
| 31-12-2020 | abbreviated format | 02-07-2021 | 2021-29700485 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-23000068 | |
| 31-12-2018 | abbreviated format | 27-05-2019 | 2019-14400468 | |
| 31-12-2017 | full format | 03-07-2018 | 2018-28200123 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-27200185 |