PROVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 19 filings
Turnover
≈ €670,000
Estimated: probably between €430,000 and €1.2m
Total assets
€520,658▼ 12.4%
2024 · €594,620
Net result
-€20,086
2024 · €19,858
Working capital
€120,117▼ 14.5%
2024 · €140,521
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€24,403
2025
20182025
Net result
-€20,086
2025
lowest quarter of the sector
20182025
Equity
€318,188
▼ 9.2%
2025
middle half of the sector
20182025
Total assets
€520,658
▼ 12.4%
2025
middle half of the sector
20182025
Debt
€202,470
▼ 17.1%
2025
20182025
Working capital
€120,117
▼ 14.5%
2025
middle half of the sector
20182025
Solvency
61.1%
▲ 2.2pp
2025
middle half of the sector
20182025
Current ratio
2.00
▼ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.9%
▼ 7.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.8
▼ 18.2%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€34,092-€71,587▲ 110%-€6,040-€42,051▼ 596%€85,533€76,932▼ 10.1%€27,580▼ 64.1%-€24,403
Net result€25,932-€56,748▲ 119%-€9,103below the sector's middle half-€46,881below the sector's middle half▼ 415%€81,066within the sector's middle half€62,227within the sector's middle half▼ 23.2%€19,858within the sector's middle half▼ 68.1%-€20,086below the sector's middle half
Equity€186,359-€243,107▲ 30.5%€234,004within the sector's middle half▼ 3.7%€187,123within the sector's middle half▼ 20.0%€268,189within the sector's middle half▲ 43.3%€330,416within the sector's middle half▲ 23.2%€350,274within the sector's middle half▲ 6.0%€318,188within the sector's middle half▼ 9.2%
Total assets€534,037-€523,627▼ 1.9%€557,834within the sector's middle half▲ 6.5%€570,525within the sector's middle half▲ 2.3%€637,363within the sector's middle half▲ 11.7%€629,092within the sector's middle half▼ 1.3%€594,620within the sector's middle half▼ 5.5%€520,658within the sector's middle half▼ 12.4%
Debt€347,679-€280,521▼ 19.3%€323,830▲ 15.4%€383,402▲ 18.4%€369,173▼ 3.7%€298,676▼ 19.1%€244,346▼ 18.2%€202,470▼ 17.1%
Working capital€67,977-€122,743▲ 80.6%€94,210within the sector's middle half▼ 23.2%€15,154below the sector's middle half▼ 83.9%€74,536within the sector's middle half▲ 392%€68,415within the sector's middle half▼ 8.2%€140,521within the sector's middle half▲ 105%€120,117within the sector's middle half▼ 14.5%
Solvency34.9%-46.4%▲ 11.5pp41.9%within the sector's middle half▼ 4.5pp32.8%within the sector's middle half▼ 9.2pp42.1%within the sector's middle half▲ 9.3pp52.5%within the sector's middle half▲ 10.4pp58.9%within the sector's middle half▲ 6.4pp61.1%within the sector's middle half▲ 2.2pp
Current ratio1.41-2.04▲ 0.631.62within the sector's middle half▼ 0.421.07within the sector's middle half▼ 0.551.37within the sector's middle half▲ 0.301.40within the sector's middle half▲ 0.022.20within the sector's middle half▲ 0.812.00within the sector's middle half▼ 0.20
Return on assets (ROA)4.9%-10.8%▲ 6.0pp-1.6%below the sector's middle half▼ 12.5pp-8.2%below the sector's middle half▼ 6.6pp12.7%above the sector's middle half▲ 20.9pp9.9%within the sector's middle half▼ 2.8pp3.3%within the sector's middle half▼ 6.6pp-3.9%below the sector's middle half▼ 7.2pp
Staff (FTE)1-1.1▲ 10.0%1.3below the sector's middle half▲ 18.2%1.1below the sector's middle half▼ 15.4%1.1below the sector's middle half=1.4below the sector's middle half▲ 27.3%2.2within the sector's middle half▲ 57.1%1.8within the sector's middle half▼ 18.2%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €24,403, after a profit of €27,580 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €520,658
Fixed assets
€280,560 ▼ 16.8%
Current assets
€240,098 ▼ 6.7%
Equity and liabilities €520,658
Equity
€318,188 ▼ 9.2%
Debt
€202,470 ▼ 17.1%
Debt's share of the balance-sheet total falls from 41.1% to 38.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€26,976▼
2024 · €87,353
Cash flow
€31,293▼
2024 · €79,631
Quick ratio
1.30▲
2024 · 1.21
Debt to equity
0.64▼
2024 · 0.70
ROE
-6.3%▼
2024 · 5.7%
Interest coverage
2.62▼
2024 · 4.91
Debt ≤ 1 year
€119,981▲
2024 · €116,702
Debt > 1 year
€82,489▼
2024 · €126,407
Income taxes
€0▼
2024 · €7,792
Staff costs
€85,553▲
2024 · €82,542
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 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | - | - | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.1 | 1.1 | 1.4 | 2.2 | 1.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 3 | 3 | 3 | 3 | 3 |
| Left | 3 | 3 | 3 | 3 | 3 |
| Training hours | - | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €170,500 | €170,500 |
| Carrying value of the mortgaged assets | - | - | - | €125,064 | €120,221 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €103,638 | €94,597 | €145,388 | €94,266 | €42,826 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €43,183 | €45,348 | €53,548 | €59,773 | €51,379 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €23,796 | €32,693 | €36,196 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €55,583 | €62,590 | €84,866 | €82,542 | €85,553 | ▲ 3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,931 | €33,422 | €34,309 | €43,183 | €45,348 | €53,548 | €59,773 | €51,379 | ▼ 14.0% |
| Other operating charges640/8 | - | - | - | €5,718 | €5,355 | €4,361 | €4,898 | €5,263 | ▲ 7.4% |
| Non-recurring operating charges66A | - | - | - | €1,404 | €620 | - | €335 | €0 | ▼ 100% |
| Gross operating margin9900 | €98,182 | €138,796 | €72,128 | €63,838 | €199,446 | €219,707 | €175,129 | €117,791 | ▼ 32.7% |
| Operating profit (loss)9901 | €34,092 | €71,587 | -€6,040 | -€42,051 | €85,533 | €76,932 | €27,580 | -€24,403 | - |
| Financial income75/76B | - | - | - | €14,701 | €19,257 | €20,413 | €17,870 | €14,625 | ▼ 18.2% |
| Recurring financial income75 | €9,390 | €12,228 | €9,482 | €14,701 | €19,257 | €20,413 | €17,870 | €14,625 | ▼ 18.2% |
| Financial charges65/66B | - | - | - | €19,531 | €15,624 | €18,041 | €17,801 | €10,308 | ▼ 42.1% |
| Recurring financial charges65 | €14,700 | €14,688 | €12,544 | €19,531 | €15,624 | €18,041 | €17,801 | €10,308 | ▼ 42.1% |
| Profit (loss) for the period before taxes9903 | €28,781 | €69,127 | -€9,103 | -€46,881 | €89,166 | €79,304 | €27,650 | -€20,086 | - |
| Income taxes67/77 | €2,849 | €12,379 | - | - | €8,100 | €17,077 | €7,792 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €25,932 | €56,748 | -€9,103 | -€46,881 | €81,066 | €62,227 | €19,858 | -€20,086 | - |
| Profit (loss) for the period to be appropriated9905 | €25,932 | €56,748 | -€9,103 | -€46,881 | €81,066 | €62,227 | €19,858 | -€20,086 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €534,037 | €523,627 | €557,834 | €570,525 | €637,363 | €629,092 | €594,620 | €520,658 | ▼ 12.4% |
| Fixed assets21/28 | €300,133 | €283,127 | €311,696 | €349,763 | €363,754 | €388,792 | €337,397 | €280,560 | ▼ 16.8% |
| Tangible fixed assets22/27 | €300,133 | €283,127 | €311,696 | €349,763 | €363,754 | €388,792 | €337,397 | €280,560 | ▼ 16.8% |
| Land and buildings22 | - | - | - | €175,554 | €162,514 | €150,730 | €138,946 | €127,162 | ▼ 8.5% |
| Plant, machinery and equipment23 | - | - | - | €719 | €475 | €991 | €1,261 | €1,449 | ▲ 14.9% |
| Furniture and vehicles24 | - | - | - | €91,859 | €92,620 | €143,986 | €118,849 | €86,995 | ▼ 26.8% |
| Leasing and similar rights25 | - | - | - | €5,222 | €3,577 | €1,932 | €288 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €76,409 | €104,569 | €91,153 | €78,053 | €64,953 | ▼ 16.8% |
| Current assets29/58 | €233,905 | €240,501 | €246,138 | €220,762 | €273,608 | €240,299 | €257,223 | €240,098 | ▼ 6.7% |
| Stocks and contracts in progress3 | €112,403 | €124,678 | €61,869 | €98,629 | €142,627 | €111,118 | €115,453 | €84,350 | ▼ 26.9% |
| Stocks30/36 | - | - | - | €98,629 | €142,627 | €111,118 | €115,453 | €84,350 | ▼ 26.9% |
| Amounts receivable within one year40/41 | €29,664 | €8,512 | €24,786 | €35,502 | €20,806 | €13,216 | €19,003 | €45,787 | ▲ 141% |
| Trade receivables40 | - | - | - | €14,469 | €5,632 | €11,865 | €11,664 | €35,661 | ▲ 206% |
| Other amounts receivable41 | - | - | - | €21,034 | €15,174 | €1,351 | €7,339 | €10,126 | ▲ 38.0% |
| Cash at bank and in hand54/58 | €89,868 | €104,921 | €155,296 | €82,399 | €105,402 | €113,448 | €116,516 | €103,448 | ▼ 11.2% |
| Deferred charges and accrued income490/1 | - | - | - | €4,233 | €4,774 | €2,517 | €6,251 | €6,513 | ▲ 4.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €534,037 | €523,627 | €557,834 | €570,525 | €637,363 | €629,092 | €594,620 | €520,658 | ▼ 12.4% |
| Equity10/15 | €186,359 | €243,107 | €234,004 | €187,123 | €268,189 | €330,416 | €350,274 | €318,188 | ▼ 9.2% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €53,855 | €53,855 | €53,855 | €53,855 | €134,855 | €197,055 | €216,905 | €204,905 | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | - | - | €52,000 | €133,000 | €195,200 | €216,905 | €204,905 | ▼ 5.5% |
| Profit (loss) carried forward14 | €113,954 | €170,702 | €161,599 | €114,718 | €114,784 | €114,811 | €114,819 | €94,733 | ▼ 17.5% |
| Amounts payable17/49 | €347,679 | €280,521 | €323,830 | €383,402 | €369,173 | €298,676 | €244,346 | €202,470 | ▼ 17.1% |
| Amounts payable after more than one year17 | €180,508 | €161,241 | €171,289 | €177,181 | €168,317 | €125,913 | €126,407 | €82,489 | ▼ 34.7% |
| Financial debts170/4 | - | - | - | €177,181 | €168,317 | €125,913 | €126,407 | €82,489 | ▼ 34.7% |
| Amounts payable within one year42/48 | €165,928 | €117,758 | €151,928 | €205,608 | €199,072 | €171,884 | €116,702 | €119,981 | ▲ 2.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €40,194 | €47,811 | €42,256 | €48,199 | €43,919 | ▼ 8.9% |
| Financial debts43 | - | - | - | €90,000 | €90,000 | €70,000 | €20,000 | €20,000 | = |
| Credit institutions430/8 | - | - | - | €70,000 | €70,000 | €50,000 | €0 | - | - |
| Other loans439 | - | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Trade debts44 | €17,025 | €17,083 | €6,681 | €14,048 | €12,248 | €12,721 | €10,226 | €24,628 | ▲ 141% |
| Suppliers440/4 | - | - | - | €14,048 | €12,248 | €12,721 | €10,226 | €24,628 | ▲ 141% |
| Advances received on contracts in progress46 | - | - | - | €20,860 | €2,928 | €1,300 | €1,118 | €1,340 | ▲ 19.8% |
| Taxes, remuneration and social security45 | - | - | - | €30,213 | €43,223 | €45,607 | €36,333 | €29,269 | ▼ 19.4% |
| Taxes450/3 | - | - | - | €21,579 | €33,280 | €35,897 | €30,098 | €23,578 | ▼ 21.7% |
| Remuneration and social security454/9 | - | - | - | €8,634 | €9,943 | €9,711 | €6,234 | €5,691 | ▼ 8.7% |
| Other amounts payable47/48 | - | - | - | €10,293 | €2,862 | - | €826 | €826 | = |
| Accrued charges and deferred income492/3 | - | - | - | €613 | €1,784 | €879 | €1,236 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,932 | €56,748 | -€9,103 | -€46,881 | €81,066 | €62,227 | €19,858 | -€20,086 | - |
| + Depreciation and write-downs630 | €33,931 | €33,422 | €34,309 | €43,183 | €45,348 | €53,548 | €59,773 | €51,379 | ▼ 14.0% |
| Operating cash flow (approximation) | €59,863 | €90,170 | €25,207 | -€3,697 | €126,415 | €115,775 | €79,631 | €31,293 | ▼ 60.7% |
| Investment in fixed assets (approximation) | - | -€16,416 | -€62,879 | -€81,250 | -€59,340 | -€78,586 | -€8,377 | €5,458 | - |
| Change in cash | - | €15,053 | €50,376 | -€72,898 | €23,003 | €8,046 | €3,069 | -€13,068 | - |
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, 6,908 companies had the same profile as PROVAN has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROVAN itself: 0.2% 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 6,908 companies, not a prediction for PROVAN. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00254826 | |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00269560 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00237904 | |
| 31-12-2022 | abbreviated format | 09-08-2023 | 2023-00321011 | |
| 31-12-2021 | abbreviated format | 22-08-2022 | 2022-20302416 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-55300119 | |
| 31-12-2019 | abbreviated format | 26-08-2020 | 2020-45300490 | |
| 31-12-2018 | abbreviated format | 16-09-2019 | 2019-64400256 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-54500269 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-46900099 |