PROSAM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 6 filings
Turnover
≈ €180,000
Estimated: probably between €110,000 and €350,000
EBIT margin
Not included in this filing
Net result
-€453
2024 · €22,086
Working capital
€236,339▼ 2.6%
2024 · €242,655
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€1,352
▼ 93.7%
2025
20202025
Net result
-€453
2025
middle half of the sector
20202025
Equity
€242,202
▼ 0.2%
2025
middle half of the sector
20202025
Total assets
€645,605
▼ 11.7%
2025
lowest quarter of the sector
20202025
Debt
€403,403
▼ 17.4%
2025
20202025
Working capital
€236,339
▼ 2.6%
2025
middle half of the sector
20202025
Solvency
37.5%
▲ 4.3pp
2025
middle half of the sector
20202025
Current ratio
1.59
▲ 0.09
2025
middle half of the sector
20202025
Return on assets (ROA)
-0.1%
▼ 3.1pp
2025
middle half of the sector
20202025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.06m-€0.004m€0.1m▲ 28×€0.2m▲ 47.4%€0.02m▼ 86.2%€0.001m▼ 93.7%
Net result-€0.06mbelow the sector's middle half-€0.004mbelow the sector's middle half€0.1mwithin the sector's middle half▲ 25×€0.1mabove the sector's middle half▲ 21.9%€0.02mwithin the sector's middle half▼ 81.2%-€453within the sector's middle half
Equity€0.003mbelow the sector's middle half-€0.007mbelow the sector's middle half▲ 108%€0.1mbelow the sector's middle half▲ 14×€0.2mwithin the sector's middle half▲ 113%€0.2mwithin the sector's middle half▲ 10.0%€0.2mwithin the sector's middle half▼ 0.2%
Total assets€1.0mwithin the sector's middle half-€0.7mwithin the sector's middle half▼ 36.7%€0.5mbelow the sector's middle half▼ 30.8%€0.6mwithin the sector's middle half▲ 39.1%€0.7mwithin the sector's middle half▲ 15.1%€0.6mbelow the sector's middle half▼ 11.7%
Debt€1.0m-€0.7m▼ 37.1%€0.4m▼ 45.9%€0.4m▲ 17.4%€0.5m▲ 17.8%€0.4m▼ 17.4%
Working capital€0.006mbelow the sector's middle half-€0.007mbelow the sector's middle half▲ 18.5%€0.1mwithin the sector's middle half▲ 14×€0.2mwithin the sector's middle half▲ 115%€0.2mwithin the sector's middle half▲ 9.2%€0.2mwithin the sector's middle half▼ 2.6%
Solvency0.3%below the sector's middle half-1.1%below the sector's middle half▲ 0.8pp22.7%within the sector's middle half▲ 21.5pp34.7%within the sector's middle half▲ 12.1pp33.2%within the sector's middle half▼ 1.5pp37.5%within the sector's middle half▲ 4.3pp
Current ratio1.01below the sector's middle half-1.01below the sector's middle half▲ 0.011.29within the sector's middle half▲ 0.281.54within the sector's middle half▲ 0.251.50within the sector's middle half▼ 0.041.59within the sector's middle half▲ 0.09
Return on assets (ROA)-5.9%below the sector's middle half-0.6%within the sector's middle half▲ 6.5pp21.1%above the sector's middle half▲ 20.5pp18.5%above the sector's middle half▼ 2.6pp3.0%within the sector's middle half▼ 15.4pp-0.1%within the sector's middle half▼ 3.1pp
Staff (FTE)1below the sector's middle half-1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 94% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €645,605
Fixed assets
€5,862
Current assets
€639,742
Equity and liabilities €645,605
Equity
€242,202 ▼ 0.2%
Debt
€403,403 ▼ 17.4%
Debt's share of the balance-sheet total falls from 66.8% to 62.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,817
Cash flow
€1,013
Quick ratio
0.23▼
2024 · 0.35
Debt to equity
1.67▼
2024 · 2.01
ROE
-0.2%▼
2024 · 9.1%
Interest coverage
9.25
Debt ≤ 1 year
€403,403▼
2024 · €488,124
Income taxes
€1,500▲
2024 · -€500
Staff costs
€62,439▼
2024 · €66,439
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | 1 | 1 |
| full-time | 1 | 1 | - | 1 | 1 |
| in full-time equivalents | 1 | 1 | - | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €7,328 |
| Depreciation and write-downs of the year | - | - | - | - | €1,466 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €48,837 | €54,253 | €58,959 | €66,439 | €62,439 | ▼ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €1,466 | - |
| Other operating charges640/8 | - | €410 | €930 | €446 | €449 | €462 | ▲ 2.8% |
| Gross operating margin9900 | -€17,169 | €53,088 | €160,959 | €215,318 | €88,466 | €65,718 | ▼ 25.7% |
| Operating profit (loss)9901 | -€61,043 | €3,841 | €105,776 | €155,913 | €21,578 | €1,352 | ▼ 93.7% |
| Financial income75/76B | - | - | €81 | €496 | €60 | - | - |
| Recurring financial income75 | €38 | - | €81 | €496 | €60 | - | - |
| Financial charges65/66B | - | €50 | €162 | €128 | €51 | €305 | ▲ 493% |
| Recurring financial charges65 | €497 | €50 | €162 | €128 | €51 | €305 | ▲ 493% |
| Profit (loss) for the period before taxes9903 | -€61,502 | €3,791 | €105,696 | €156,281 | €21,586 | €1,047 | ▼ 95.1% |
| Income taxes67/77 | - | - | €9,600 | €39,097 | -€500 | €1,500 | - |
| Profit (loss) for the period9904 | -€61,502 | €3,791 | €96,096 | €117,184 | €22,086 | -€453 | - |
| Transfer to tax-exempt reserves689 | - | - | €6,500 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€61,502 | €3,791 | €89,596 | €117,184 | €22,086 | -€453 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.0m | €0.7m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 11.7% |
| Fixed assets21/28 | - | - | - | - | - | €0.006m | - |
| Tangible fixed assets22/27 | - | - | - | - | - | €0.006m | - |
| Furniture and vehicles24 | - | - | - | - | - | €0.006m | - |
| Current assets29/58 | €1.0m | €0.7m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 12.5% |
| Stocks and contracts in progress3 | €0.9m | €0.5m | €0.1m | €0.2m | €0.6m | €0.5m | ▼ 2.4% |
| Stocks30/36 | - | €0.5m | €0.1m | €0.2m | €0.6m | €0.5m | ▼ 2.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.08m | €0.3m | €0.4m | €0.2m | €0.08m | ▼ 47.2% |
| Trade receivables40 | - | €0.08m | €0.2m | €0.3m | €0.1m | €0.08m | ▼ 33.6% |
| Other amounts receivable41 | - | - | €0.06m | €0.08m | €0.04m | €0.005m | ▼ 86.5% |
| Cash at bank and in hand54/58 | €0.06m | €0.06m | €0.03m | €0.04m | €0.01m | €0.009m | ▼ 25.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.0m | €0.7m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 11.7% |
| Equity10/15 | €0.003m | €0.007m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 0.2% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Capital10 | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Issued capital100 | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Non-distributable reserves130/1 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Profit (loss) carried forward14 | -€0.06m | -€0.06m | €0.03m | €0.1m | €0.2m | €0.2m | ▼ 0.3% |
| Amounts payable17/49 | €1.0m | €0.7m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 17.4% |
| Amounts payable within one year42/48 | €1.0m | €0.7m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 17.4% |
| Trade debts44 | €0.9m | €0.6m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 19.4% |
| Suppliers440/4 | - | €0.6m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 19.4% |
| Taxes, remuneration and social security45 | - | €0.005m | €0.001m | - | - | €0.01m | - |
| Taxes450/3 | - | €0.005m | €0.001m | - | - | €0.01m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€61,502 | €3,791 | €96,096 | €117,184 | €22,086 | -€453 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | €1,466 | - |
| Operating cash flow (approximation) | -€61,502 | €3,791 | €96,096 | €117,184 | €22,086 | €1,013 | ▼ 95.4% |
| Change in cash | - | €2,917 | -€28,118 | €2,230 | -€24,106 | -€3,143 | ▲ 87.0% |
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, 3,440 companies had the same profile as PROSAM has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROSAM itself: 0.7% 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 3,440 companies, not a prediction for PROSAM. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00197833 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00197031 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00157102 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00156069 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20098461 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-28000519 |