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PROVA

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Public limited companyfounded 1988active for 38 yearsRue des Morgelines(NN) 8, 5100 Namur, BelgiumKBO/BCE: BE 0434.001.061
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PROVAActiveChecked score 97/100
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Financials · financial year 2025, full format, standalone accounts

Annual accounts 2025 filed on 22-06-2026 at the NBB all 49 filings

Turnover
€12.5m▼ 11.3%
2024 · €14.1m
EBIT margin
23.7%▼ 4.6pp
2024 · 28.3%
Net result
€3.8m▼ 25.3%
2024 · €5.0m
Working capital
€29.0m▲ 4.7%
2024 · €27.7m
In the rankings #3 employer in the province of Namur, Head offices and management consultancy sector#3 company by equity in the province of Namur, Head offices and management consultancy sector#4 company by total assets in Namur, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial years
Turnover
€12.5m
▼ 11.3% 2025
20182025
Operating result
€3.0m
▼ 25.8% 2025
20182025
Net result
€3.8m
▼ 25.3% 2025
highest quarter of the sector
20182025
EBIT margin
23.7%
▼ 4.6pp 2025
20182025
Equity
€49.0m
▲ 3.7% 2025
highest quarter of the sector
20182025
Total assets
€61.8m
▲ 3.2% 2025
highest quarter of the sector
20182025
Debt
€12.7m
▲ 1.1% 2025
20182025
Working capital
€29.0m
▲ 4.7% 2025
highest quarter of the sector
20182025
Solvency
79.3%
▲ 0.4pp 2025
middle half of the sector
20182025
Current ratio
3.40
▲ 0.02 2025
middle half of the sector
20182025
Return on assets (ROA)
6.1%
▼ 2.3pp 2025
middle half of the sector
20182025
Staff (FTE)
48.1
▼ 2.6% 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€11.5m-€13.0m▲ 13.4%€12.9m▼ 1.2%€14.6m▲ 13.2%€14.0m▼ 3.5%€13.4m▼ 4.5%€14.1m▲ 5.0%€12.5m▼ 11.3%
Operating result€2.3m-€4.2m▲ 82.8%€4.1m▼ 3.9%€5.0m▲ 23.9%€5.8m▲ 14.8%€3.6m▼ 36.9%€4.0m▲ 9.6%€3.0m▼ 25.8%
Net result€2.0m-€4.7m▲ 139%€4.5mabove the sector's middle half▼ 5.0%€8.2mabove the sector's middle half▲ 82.7%€6.6mabove the sector's middle half▼ 19.3%€11.0mabove the sector's middle half▲ 65.6%€5.0mabove the sector's middle half▼ 54.1%€3.8mabove the sector's middle half▼ 25.3%
EBIT margin20.1%-32.4%▲ 12.3pp31.5%▼ 0.9pp34.5%▲ 3.0pp41.1%▲ 6.6pp27.1%▼ 13.9pp28.3%▲ 1.2pp23.7%▼ 4.6pp
Equity€14.2m-€18.6m▲ 31.5%€22.8mabove the sector's middle half▲ 22.5%€30.4mabove the sector's middle half▲ 33.4%€36.4mabove the sector's middle half▲ 19.8%€42.8mabove the sector's middle half▲ 17.5%€47.2mabove the sector's middle half▲ 10.4%€49.0mabove the sector's middle half▲ 3.7%
Total assets€32.0m-€37.2m▲ 16.1%€40.6mabove the sector's middle half▲ 9.0%€46.4mabove the sector's middle half▲ 14.4%€47.5mabove the sector's middle half▲ 2.4%€56.5mabove the sector's middle half▲ 18.9%€59.8mabove the sector's middle half▲ 5.9%€61.8mabove the sector's middle half▲ 3.2%
Debt€17.4m-€18.5m▲ 6.1%€17.7m▼ 4.4%€15.8m▼ 10.4%€11.0m▼ 30.2%€13.6m▲ 23.6%€12.6m▼ 7.7%€12.7m▲ 1.1%
Working capital-€0.2m-€1.3m€4.6mabove the sector's middle half▲ 261%€11.5mabove the sector's middle half▲ 150%€16.2mabove the sector's middle half▲ 40.8%€24.2mabove the sector's middle half▲ 49.0%€27.7mabove the sector's middle half▲ 14.4%€29.0mabove the sector's middle half▲ 4.7%
Solvency44.2%-50.0%▲ 5.9pp56.2%within the sector's middle half▲ 6.2pp65.5%within the sector's middle half▲ 9.3pp76.6%above the sector's middle half▲ 11.1pp75.7%within the sector's middle half▼ 0.9pp78.9%above the sector's middle half▲ 3.2pp79.3%within the sector's middle half▲ 0.4pp
Current ratio0.99-1.11▲ 0.131.41within the sector's middle half▲ 0.291.97within the sector's middle half▲ 0.562.82within the sector's middle half▲ 0.863.03above the sector's middle half▲ 0.213.39above the sector's middle half▲ 0.353.40within the sector's middle half▲ 0.02
Return on assets (ROA)6.2%-12.7%▲ 6.5pp11.1%within the sector's middle half▼ 1.6pp17.7%above the sector's middle half▲ 6.6pp13.9%above the sector's middle half▼ 3.8pp19.4%above the sector's middle half▲ 5.5pp8.4%within the sector's middle half▼ 11.0pp6.1%within the sector's middle half▼ 2.3pp
Staff (FTE)40.5-40.6▲ 0.2%41.9above the sector's middle half▲ 3.2%43.6above the sector's middle half▲ 4.1%45.9above the sector's middle half▲ 5.3%46.9above the sector's middle half▲ 2.2%49.4above the sector's middle half▲ 5.3%48.1above the sector's middle half▼ 2.6%
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 26% lower than in 2024 and the lowest since 2021.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61.8m
Fixed assets €20.7m ▲ 0.8%
Current assets €41.0m ▲ 4.4%
Equity and liabilities €61.8m
Equity €49.0m ▲ 3.7%
Provisions €32,500 ▲ 18.2%
Debt €12.7m ▲ 1.1%
Debt's share of the balance-sheet total falls from 21.0% to 20.6%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€3.3m▼
2024 · €4.3m
Cash flow
€4.1m▼
2024 · €5.3m
Quick ratio
3.39▲
2024 · 3.37
Debt to equity
0.26▼
2024 · 0.27
ROE
7.7%▼
2024 · 10.7%
Interest coverage
43.24▼
2024 · 50.63
Debt ≤ 1 year
€12.1m▲
2024 · €11.6m
Debt > 1 year
€645,833▼
2024 · €895,833
Income taxes
€1.0m▼
2024 · €1.3m
Customer credit
182 days▼
2024 · 184 days
Supplier credit
652 days▲
2024 · 610 days
Staff costs
€4.3m▼
2024 · €4.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date4647505149
full-time4546464543
part-time11466
in full-time equivalents45.846.849.449.747
Average over the year, in full-time equivalents43.645.946.949.448.1
On a permanent contract4647495048
Joined121171412
Left61041314
Agency workers, average number0.20.30.80.30

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets€5.0m€3.1m€2.1m€1.1m€895,833
Mortgages, amount registered€2.3m----
Mortgage mandates-€1.0m€1.0m€1.0m€1.0m
Carrying value of the mortgaged assets€93,586----
Mandates to pledge the business€3.1m€3.1m€3.1m€3.1m€3.1m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€132,382€653,864€206,926€392,330€220,013
Intangible fixed assets€135,961€41,604€186,721€34,587€355,919
Financial fixed assets--€5.1m€0€0
Depreciation and write-downs of the year€337,790€251,138€299,395€272,031€357,636

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is AUDICIA.

Item20212022202320242025
Fee for the audit€6,000€6,625€6,625€6,625€11,429

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Group figures

consolidated accounts

PROVA heads a group. The consolidated accounts add up the company and its subsidiaries.

Item20202021202220232024
Turnover€51.7m€49.2m€46.7m€36.4m€37.0m
Operating result€10.1m€9.1m€8.6m€4.1m€5.1m
Result for the year€6.9m€8.2m€5.6m€10.9m€4.4m
Equity€23.5m€31.0m€36.0m€42.3m€46.0m
Total assets€47.3m€53.1m€52.4m€59.5m€60.5m

Source: 2020 to 2024 consolidated accounts

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 98 lines
Balance sheet Code20242025
Assets
Total assets20/58€59.8m€61.8m▲
Fixed assets21/28€20.6m€20.7m▲
Intangible fixed assets21€0.1m€0.5m▲
Tangible fixed assets22/27€1.1m€0.8m▼
Land and buildings22€0.6m€0.6m▲
Plant, machinery and equipment23€0.02m€0.02m▼
Furniture and vehicles24€0.2m€0.1m▼
Other tangible fixed assets26€0.04m€0.04m▼
Assets under construction and advance payments27€0.2m€0.09m▼
Financial fixed assets28€19.4m€19.4m=
Affiliated companies280/1€19.4m€19.4m=
Participating interests280€19.4m€19.4m=
Companies linked by participating interests282/3€307€307=
Participating interests282€307€307=
Other financial fixed assets284/8€0.005m€0.005m=
Shares284€0.005m€0.005m=
Current assets29/58€39.3m€41.0m▲
Amounts receivable after more than one year29€0.3m€0.3m=
Trade receivables290€0.3m€0.3m=
Stocks and contracts in progress3€0.2m€0.2m▲
Stocks30/36€0.2m€0.2m▲
Goods purchased for resale34€0.2m€0.2m▲
Amounts receivable within one year40/41€12.6m€11.8m▼
Trade receivables40€7.1m€6.2m▼
Other amounts receivable41€5.5m€5.5m▲
Current investments50/53€22.8m€14.0m▼
Other investments51/53€22.8m€14.0m▼
Cash at bank and in hand54/58€2.9m€14.4m▲
Deferred charges and accrued income490/1€0.5m€0.4m▼
Equity and liabilities
Total equity and liabilities10/49€59.8m€61.8m▲
Equity10/15€47.2m€49.0m▲
Contributions10/11€1.1m€1.1m=
Capital10€1.1m€1.1m=
Issued capital100€1.1m€1.1m=
Reserves13€46.1m€47.9m▲
Non-distributable reserves130/1€0.1m€0.1m=
Legal reserve130€0.1m€0.1m=
Tax-exempt reserves132€0.02m€0.02m=
Distributable reserves133€46.0m€47.8m▲
Provisions and deferred taxes16€0.03m€0.03m▲
Provisions for liabilities and charges160/5€0.03m€0.03m▲
Other liabilities and charges164/5€0.03m€0.03m▲
Amounts payable17/49€12.6m€12.7m▲
Amounts payable after more than one year17€0.9m€0.6m▼
Financial debts170/4€0.9m€0.6m▼
Credit institutions173€0.9m€0.6m▼
Amounts payable within one year42/48€11.6m€12.1m▲
Current portion of amounts payable after more than one year42€0.3m€0.3m=
Trade debts44€7.0m€5.8m▼
Suppliers440/4€7.0m€5.8m▼
Taxes, remuneration and social security45€1.5m€1.6m▲
Taxes450/3€0.3m€0.5m▲
Remuneration and social security454/9€1.3m€1.1m▼
Other amounts payable47/48€2.8m€4.4m▲
Accrued charges and deferred income492/3€0.1m€0.03m▼
Income statement Code20242025
Operating income70/76A€16.2m€14.1m▼
Turnover70€14.1m€12.5m▼
Other operating income74€2.0m€1.5m▼
Non-recurring operating income76A€0.07m€0.05m▼
Operating charges60/66A€12.2m€11.1m▼
Goods for resale, raw materials and consumables60€4.2m€3.2m▼
Purchases600/8€4.0m€3.2m▼
Change in stocks: decrease (increase)609€0.1m-€0.02m▼
Services and other goods61€3.1m€3.1m▼
Remuneration, social security and pensions62€4.4m€4.3m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.4m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.3m€0.05m▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.04m€0.005m▲
Other operating charges640/8€0.02m€0.02m▲
Non-recurring operating charges66A€0.002m€0▼
Operating profit (loss)9901€4.0m€3.0m▼
Financial income75/76B€2.2m€2.0m▼
Recurring financial income75€2.2m€2.0m▼
Income from financial fixed assets750€1.0m€0.9m▼
Income from current assets751€0.8m€0.6m▼
Other financial income752/9€0.4m€0.5m▲
Non-recurring financial income76B€0-
Financial charges65/66B-€0.2m€0.1m▲
Recurring financial charges65-€0.2m€0.1m▲
Debt charges650€0.08m€0.08m▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€0.3m€0.009m▲
Other financial charges652/9€0.04m€0.04m▲
Non-recurring financial charges66B€0-
Profit (loss) for the period before taxes9903€6.4m€4.8m▼
Income taxes67/77€1.3m€1.0m▼
Taxes670/3€1.3m€1.0m▼
Tax adjustments and reversals of tax provisions77€62€0▼
Profit (loss) for the period9904€5.0m€3.8m▼
Transfer from tax-exempt reserves789€0.8m€0▼
Profit (loss) for the period to be appropriated9905€5.9m€3.8m▼
Appropriation of the result
Profit (loss) to be appropriated9906€5.9m€3.8m▼
Transfer from equity791/2€0-
From reserves792€0-
Transfer to equity691/2€5.3m€1.8m▼
To other reserves6921€5.3m€1.8m▼
Profit to be distributed694/7€0.6m€2.0m▲
Return on contributions (dividend)694€0.6m€2.0m▲
Social balance sheet
Average headcount (FTE)908749.448.1▼

The notes to these accounts have 94 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 22-06-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€17.2m€17.5m€15.8m€16.2m€14.1m▼ 13.2%
Turnover70€11.5m€13.0m€12.9m€14.6m€14.0m€13.4m€14.1m€12.5m▼ 11.3%
Other operating income74---€2.3m€2.6m€2.4m€2.0m€1.5m▼ 25.9%
Non-recurring operating income76A---€0.3m€0.8m€0€0.07m€0.05m▼ 23.2%
Operating charges60/66A---€12.2m€11.7m€12.1m€12.2m€11.1m▼ 9.1%
Goods for resale, raw materials and consumables60---€5.3m€5.2m€4.7m€4.2m€3.2m▼ 22.7%
Purchases600/8---€5.4m€5.5m€4.6m€4.0m€3.2m▼ 19.6%
Change in stocks: decrease (increase)609----€0.05m-€0.3m€0.1m€0.1m-€0.02m-
Services and other goods61---€2.1m€2.4m€2.6m€3.1m€3.1m▼ 0.3%
Remuneration, social security and pensions62---€3.8m€3.8m€4.4m€4.4m€4.3m▼ 1.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.4m€0.3m€0.3m€0.3m€0.3m€0.3m€0.4m▲ 31.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.3m€0.05m€0.1m€0.3m€0.05m▼ 79.6%
Provisions for liabilities and charges: additions (uses and reversals)635/8---€0.08m-€0.04m€0.008m-€0.04m€0.005m-
Other operating charges640/8---€0.4m€0.04m€0.01m€0.02m€0.02m▲ 7.7%
Non-recurring operating charges66A---€0.5m€0-€0.002m€0▼ 100%
Operating profit (loss)9901€2.3m€4.2m€4.1m€5.0m€5.8m€3.6m€4.0m€3.0m▼ 25.8%
Financial income75/76B---€4.8m€2.6m€8.8m€2.2m€2.0m▼ 10.8%
Recurring financial income75€0.6m€1.8m€1.7m€2.6m€2.6m€4.1m€2.2m€2.0m▼ 10.8%
Income from financial fixed assets750---€2.1m€2.1m€3.4m€1.0m€0.9m▼ 8.3%
Income from current assets751---€0.01m€0.04m€0.4m€0.8m€0.6m▼ 26.1%
Other financial income752/9---€0.4m€0.4m€0.4m€0.4m€0.5m▲ 12.7%
Non-recurring financial income76B---€2.3m€0.05m€4.6m€0--
Financial charges65/66B---€0.3m€0.09m€0.4m-€0.2m€0.1m-
Recurring financial charges65€0.2m€0.2m€0.2m€0.3m€0.08m€0.4m-€0.2m€0.1m-
Debt charges650€0.2m€0.2m€0.2m€0.2m€0.09m€0.08m€0.08m€0.08m▼ 8.9%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651---€0.05m-€0.05m€0.3m-€0.3m€0.009m-
Other financial charges652/9---€0.05m€0.04m€0.04m€0.04m€0.04m▲ 7.4%
Non-recurring financial charges66B----€0.003m€0.004m€0--
Profit (loss) for the period before taxes9903€2.7m€6.1m€5.6m€9.6m€8.3m€12.0m€6.4m€4.8m▼ 24.7%
Transfer from deferred taxes780---€0.007m€0.07m€0---
Income taxes67/77€0.8m€1.4m€1.1m€1.4m€1.7m€1.0m€1.3m€1.0m▼ 22.5%
Taxes670/3---€1.4m€1.7m€1.1m€1.3m€1.0m▼ 22.5%
Tax adjustments and reversals of tax provisions77---€0-€0.1m€62€0▼ 100%
Profit (loss) for the period9904€2.0m€4.7m€4.5m€8.2m€6.6m€11.0m€5.0m€3.8m▼ 25.3%
Transfer from tax-exempt reserves789---€0.6m€0.5m€0€0.8m€0▼ 100%
Transfer to tax-exempt reserves689---€0-----
Profit (loss) for the period to be appropriated9905€1.4m€4.8m€3.7m€8.8m€7.1m€11.0m€5.9m€3.8m▼ 36.0%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€32.0m€37.2m€40.6m€46.4m€47.5m€56.5m€59.8m€61.8m▲ 3.2%
Formation expenses20€225€0-------
Fixed assets21/28€20.8m€24.8m€24.6m€22.9m€22.4m€20.4m€20.6m€20.7m▲ 0.8%
Intangible fixed assets21€0.2m€0.2m€0.2m€0.2m€0.1m€0.2m€0.1m€0.5m▲ 268%
Tangible fixed assets22/27€1.5m€1.4m€1.2m€1.2m€0.8m€0.9m€1.1m€0.8m▼ 19.8%
Land and buildings22---€0.1m€0.6m€0.6m€0.6m€0.6m▲ 0.3%
Plant, machinery and equipment23---€0.01m€0.003m€0.02m€0.02m€0.02m▼ 3.1%
Furniture and vehicles24---€0.1m€0.2m€0.2m€0.2m€0.1m▼ 46.5%
Other tangible fixed assets26---€0.9m€0.05m€0.05m€0.04m€0.04m▼ 8.0%
Assets under construction and advance payments27------€0.2m€0.09m▼ 55.0%
Financial fixed assets28€19.2m€23.2m€23.2m€21.6m€21.4m€19.4m€19.4m€19.4m=
Affiliated companies280/1---€21.4m€21.4m€19.4m€19.4m€19.4m=
Participating interests280---€21.4m€21.4m€19.4m€19.4m€19.4m=
Companies linked by participating interests282/3---€0.2m€307€307€307€307=
Participating interests282---€0.2m€307€307€307€307=
Other financial fixed assets284/8---€0.005m€0.005m€0.005m€0.005m€0.005m=
Shares284---€0.005m€0.005m€0.005m€0.005m€0.005m=
Current assets29/58€11.2m€12.4m€16.0m€23.5m€25.1m€36.1m€39.3m€41.0m▲ 4.4%
Amounts receivable after more than one year29---€0.5m€0.4m€0.3m€0.3m€0.3m=
Trade receivables290---€0.5m€0.4m€0.3m€0.3m€0.3m=
Stocks and contracts in progress3€0.08m€0.2m€0.08m€0.1m€0.4m€0.3m€0.2m€0.2m▲ 9.7%
Stocks30/36---€0.1m€0.4m€0.3m€0.2m€0.2m▲ 9.7%
Goods purchased for resale34---€0.1m€0.4m€0.3m€0.2m€0.2m▲ 9.7%
Amounts receivable within one year40/41€10.8m€11.3m€7.4m€15.0m€11.1m€11.1m€12.6m€11.8m▼ 6.4%
Trade receivables40---€6.7m€3.7m€6.1m€7.1m€6.2m▼ 12.2%
Other amounts receivable41---€8.3m€7.5m€5.0m€5.5m€5.5m▲ 1.2%
Current investments50/53--€3.0m€3.0m€8.0m€17.0m€22.8m€14.0m▼ 38.5%
Other investments51/53---€3.0m€8.0m€17.0m€22.8m€14.0m▼ 38.5%
Cash at bank and in hand54/58€0.3m€0.6m€4.6m€4.4m€4.7m€7.1m€2.9m€14.4m▲ 393%
Deferred charges and accrued income490/1---€0.5m€0.5m€0.3m€0.5m€0.4m▼ 33.1%
Equity and liabilities
Total equity and liabilities10/49€32.0m€37.2m€40.6m€46.4m€47.5m€56.5m€59.8m€61.8m▲ 3.2%
Equity10/15€14.2m€18.6m€22.8m€30.4m€36.4m€42.8m€47.2m€49.0m▲ 3.7%
Contributions10/11€1.1m€1.1m€1.1m€1.1m€1.1m€1.1m€1.1m€1.1m=
Capital10---€1.1m€1.1m€1.1m€1.1m€1.1m=
Issued capital100---€1.1m€1.1m€1.1m€1.1m€1.1m=
Reserves13€13.0m€17.5m€21.7m€29.3m€35.3m€41.7m€46.1m€47.9m▲ 3.8%
Non-distributable reserves130/1---€0.1m€0.1m€0.1m€0.1m€0.1m=
Legal reserve130---€0.1m€0.1m€0.1m€0.1m€0.1m=
Tax-exempt reserves132---€1.4m€0.9m€0.9m€0.02m€0.02m=
Distributable reserves133---€27.8m€34.3m€40.7m€46.0m€47.8m▲ 3.8%
Provisions and deferred taxes16€0.5m€0.1m€0.1m€0.2m€0.06m€0.07m€0.03m€0.03m▲ 18.2%
Provisions for liabilities and charges160/5---€0.1m€0.06m€0.07m€0.03m€0.03m▲ 18.2%
Other liabilities and charges164/5---€0.1m€0.06m€0.07m€0.03m€0.03m▲ 18.2%
Deferred taxes168---€0.07m€0----
Amounts payable17/49€17.4m€18.5m€17.7m€15.8m€11.0m€13.6m€12.6m€12.7m▲ 1.1%
Amounts payable after more than one year17€6.0m€7.3m€6.2m€3.8m€2.1m€1.7m€0.9m€0.6m▼ 27.9%
Financial debts170/4---€3.8m€2.1m€1.7m€0.9m€0.6m▼ 27.9%
Credit institutions173---€3.8m€2.1m€1.7m€0.9m€0.6m▼ 27.9%
Amounts payable within one year42/48€11.4m€11.1m€11.4m€11.9m€8.9m€11.9m€11.6m€12.1m▲ 4.0%
Current portion of amounts payable after more than one year42---€1.2m€0.9m€0.4m€0.3m€0.3m=
Financial debts43---€0-----
Credit institutions430/8---€0-----
Trade debts44€5.3m€5.4m€3.9m€7.2m€4.3m€7.4m€7.0m€5.8m▼ 17.5%
Suppliers440/4---€7.2m€4.3m€7.4m€7.0m€5.8m▼ 17.5%
Taxes, remuneration and social security45---€1.5m€1.6m€1.9m€1.5m€1.6m▲ 3.0%
Taxes450/3---€0.3m€0.4m€0.3m€0.3m€0.5m▲ 80.8%
Remuneration and social security454/9---€1.2m€1.2m€1.5m€1.3m€1.1m▼ 14.3%
Other amounts payable47/48---€2.1m€2.1m€2.2m€2.8m€4.4m▲ 58.0%
Accrued charges and deferred income492/3---€0.1m€0.002m€0.05m€0.1m€0.03m▼ 70.5%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€2.0m€4.7m€4.5m€8.2m€6.6m€11.0m€5.0m€3.8m▼ 25.3%
+ Depreciation and write-downs630€0.3m€0.4m€0.3m€0.3m€0.3m€0.3m€0.3m€0.4m▲ 31.5%
Operating cash flow (approximation)€2.3m€5.1m€4.8m€8.5m€6.9m€11.3m€5.3m€4.1m▼ 22.3%
Investment in fixed assets (approximation)--€4.3m-€0.1m€1.3m€0.3m€1.7m-€0.4m-€0.5m▼ 22.5%
Change in cash-€0.3m€4.0m-€0.2m€0.3m€2.4m-€4.2m€11.5m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 20,136 companies had the same profile as PROVA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.

  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
95.0% was still going
4.7% stopped otherwise
0.2% went bankrupt

That fits the bankruptcy probability of PROVA 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for PROVA. 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 49 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 22-06-2026 2026-00212591 PDF
31-12-2024 consolidated 08-07-2025 2025-00267147 PDF
31-12-2024 full format 07-07-2025 2025-00244949 PDF
31-12-2023 consolidated 09-07-2024 2024-00239941 PDF
31-12-2023 full format 05-07-2024 2024-00231934 PDF
31-12-2022 full format 28-06-2023 2023-00182614 PDF
31-12-2022 consolidated 28-06-2023 2023-00184724 PDF
31-12-2021 full format 11-07-2022 2022-20182676 PDF
31-12-2021 consolidated 11-07-2022 2022-20182421 PDF
31-12-2020 consolidated 08-07-2021 2021-32600568 PDF

Show all 49 filings

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