PUBLIMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 PDF all 29 filings
Turnover
≈ €88,000
Estimated: probably between €40,000 and €210,000
Total assets
€125,206▼ 4.9%
2024 · €131,641
Net result
€1,424▼ 81.7%
2024 · €7,787
Working capital
€70,885▲ 3.6%
2024 · €68,390
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,906
▼ 74.2%
2025
20182025
Net result
€1,424
▼ 81.7%
2025
20182025
Equity
€79,193
▲ 1.8%
2025
20182025
Total assets
€125,206
▼ 4.9%
2025
20182025
Debt
€46,013
▼ 14.6%
2025
20182025
Working capital
€70,885
▲ 3.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,328--€2,321€2,098€4,685▲ 123%-€1,696€5,129€11,267▲ 120%€2,906▼ 74.2%
Net result€7,531--€2,903€2,526€3,412▲ 35.1%-€1,360€3,567€7,787▲ 118%€1,424▼ 81.7%
Equity€64,741-€61,839▼ 4.5%€64,364▲ 4.1%€67,776▲ 5.3%€66,416▼ 2.0%€69,983▲ 5.4%€77,770▲ 11.1%€79,193▲ 1.8%
Total assets€91,266-€91,465▲ 0.2%€90,253▼ 1.3%€93,344▲ 3.4%€97,532▲ 4.5%€99,615▲ 2.1%€131,641▲ 32.2%€125,206▼ 4.9%
Debt€26,525-€29,627▲ 11.7%€25,889▼ 12.6%€25,568▼ 1.2%€31,116▲ 21.7%€29,632▼ 4.8%€53,872▲ 81.8%€46,013▼ 14.6%
Working capital€62,880-€61,839▼ 1.7%€64,364▲ 4.1%€67,776▲ 5.3%€66,416▼ 2.0%€69,983▲ 5.4%€68,390▼ 2.3%€70,885▲ 3.6%
The operating result for 2025 is 74% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €125,206
Fixed assets
€22,421 ▼ 25.6%
Current assets
€102,785 ▲ 1.3%
Equity and liabilities €125,206
Equity
€79,193 ▲ 1.8%
Debt
€46,013 ▼ 14.6%
Debt's share of the balance-sheet total falls from 40.9% to 36.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10,611▼
2024 · €11,962
Cash flow
€9,129▲
2024 · €8,481
Current ratio
3.22▲
2024 · 3.06
Debt to equity
0.58▼
2024 · 0.69
ROE
1.8%▼
2024 · 10.0%
ROA
1.1%▼
2024 · 5.9%
Interest coverage
6.00▼
2024 · 9.50
Debt ≤ 1 year
€31,900▼
2024 · €33,125
Debt > 1 year
€13,967▼
2024 · €20,596
Income taxes
€2,494▼
2024 · €5,004
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 | - | - | - | €30,821 | - |
| Depreciation and write-downs of the year | - | - | - | €695 | €7,705 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,484 | €2,484 | - | - | - | - | €695 | €7,705 | ▲ 11× |
| Other operating charges640/8 | - | - | - | €1,141 | €1,179 | €1,494 | €1,281 | €915 | ▼ 28.6% |
| Gross operating margin9900 | €16,935 | €1,279 | €3,212 | €5,826 | -€518 | €6,623 | €13,243 | €11,526 | ▼ 13.0% |
| Operating profit (loss)9901 | €13,328 | -€2,321 | €2,098 | €4,685 | -€1,696 | €5,129 | €11,267 | €2,906 | ▼ 74.2% |
| Financial income75/76B | - | - | - | €2,780 | €2,781 | €2,840 | €2,783 | €2,780 | ▼ 0.1% |
| Recurring financial income75 | €2,780 | €2,780 | €2,780 | €2,780 | €2,781 | €2,840 | €2,783 | €2,780 | ▼ 0.1% |
| Financial charges65/66B | - | - | - | €884 | €786 | €865 | €1,259 | €1,768 | ▲ 40.4% |
| Recurring financial charges65 | €1,154 | €933 | €905 | €884 | €786 | €865 | €1,259 | €1,768 | ▲ 40.4% |
| Profit (loss) for the period before taxes9903 | €14,953 | -€475 | €3,974 | €6,580 | €299 | €7,104 | €12,790 | €3,918 | ▼ 69.4% |
| Income taxes67/77 | €7,422 | €2,428 | €1,448 | €3,169 | €1,659 | €3,537 | €5,004 | €2,494 | ▼ 50.2% |
| Profit (loss) for the period9904 | €7,531 | -€2,903 | €2,526 | €3,412 | -€1,360 | €3,567 | €7,787 | €1,424 | ▼ 81.7% |
| Profit (loss) for the period to be appropriated9905 | €7,531 | -€2,903 | €2,526 | €3,412 | -€1,360 | €3,567 | €7,787 | €1,424 | ▼ 81.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €91,266 | €91,465 | €90,253 | €93,344 | €97,532 | €99,615 | €131,641 | €125,206 | ▼ 4.9% |
| Fixed assets21/28 | €2,484 | - | - | - | - | - | €30,127 | €22,421 | ▼ 25.6% |
| Tangible fixed assets22/27 | €2,484 | - | - | - | - | - | €30,127 | €22,421 | ▼ 25.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | €30,127 | €22,421 | ▼ 25.6% |
| Current assets29/58 | €88,782 | €91,465 | €90,253 | €93,344 | €97,532 | €99,615 | €101,515 | €102,785 | ▲ 1.3% |
| Amounts receivable after more than one year29 | - | - | - | €86,180 | €88,960 | €91,740 | €94,520 | €97,300 | ▲ 2.9% |
| Other amounts receivable291 | - | - | - | €86,180 | €88,960 | €91,740 | €94,520 | €97,300 | ▲ 2.9% |
| Amounts receivable within one year40/41 | €6,533 | €9,681 | €5,098 | €4,146 | €6,269 | €5,349 | €5,774 | €4,366 | ▼ 24.4% |
| Trade receivables40 | - | - | - | €4,146 | €4,928 | €4,886 | €4,136 | €3,860 | ▼ 6.7% |
| Other amounts receivable41 | - | - | - | - | €1,341 | €463 | €1,639 | €506 | ▼ 69.1% |
| Cash at bank and in hand54/58 | €4,195 | €982 | €1,412 | €2,857 | €1,769 | €1,965 | €459 | €379 | ▼ 17.6% |
| Deferred charges and accrued income490/1 | - | - | - | €161 | €533 | €561 | €761 | €741 | ▼ 2.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €91,266 | €91,465 | €90,253 | €93,344 | €97,532 | €99,615 | €131,641 | €125,206 | ▼ 4.9% |
| Equity10/15 | €64,741 | €61,839 | €64,364 | €67,776 | €66,416 | €69,983 | €77,770 | €79,193 | ▲ 1.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €27,512 | €27,512 | €30,037 | €33,449 | €33,449 | €37,016 | €44,803 | €46,226 | ▲ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €31,589 | €31,589 | €37,016 | €44,803 | €46,226 | ▲ 3.2% |
| Profit (loss) carried forward14 | €18,630 | €15,727 | €15,727 | €15,727 | €14,367 | €14,367 | €14,367 | €14,367 | = |
| Amounts payable17/49 | €26,525 | €29,627 | €25,889 | €25,568 | €31,116 | €29,632 | €53,872 | €46,013 | ▼ 14.6% |
| Amounts payable after more than one year17 | €623 | - | - | - | - | - | €20,596 | €13,967 | ▼ 32.2% |
| Financial debts170/4 | - | - | - | - | - | - | €20,596 | €13,967 | ▼ 32.2% |
| Amounts payable within one year42/48 | €25,901 | €29,627 | €25,889 | €25,568 | €31,116 | €29,632 | €33,125 | €31,900 | ▼ 3.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €6,404 | €6,629 | ▲ 3.5% |
| Financial debts43 | - | - | - | €2,000 | €6,009 | €8,733 | €8,264 | €369 | ▼ 95.5% |
| Credit institutions430/8 | - | - | - | €2,000 | €6,009 | €8,733 | €8,264 | €369 | ▼ 95.5% |
| Trade debts44 | €2,564 | €9,888 | €1,154 | €920 | €2,651 | €2,629 | €1,741 | €2,297 | ▲ 32.0% |
| Suppliers440/4 | - | - | - | €920 | €2,651 | €2,629 | €1,741 | €2,297 | ▲ 32.0% |
| Taxes, remuneration and social security45 | - | - | - | €3,106 | €2,145 | €573 | €1,409 | €2,555 | ▲ 81.4% |
| Taxes450/3 | - | - | - | €3,106 | €2,145 | €573 | €1,409 | €2,555 | ▲ 81.4% |
| Other amounts payable47/48 | - | - | - | €19,542 | €20,311 | €17,696 | €15,308 | €20,050 | ▲ 31.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €150 | €146 | ▼ 2.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,531 | -€2,903 | €2,526 | €3,412 | -€1,360 | €3,567 | €7,787 | €1,424 | ▼ 81.7% |
| + Depreciation and write-downs630 | €2,484 | €2,484 | - | - | - | - | €695 | €7,705 | ▲ 11× |
| Operating cash flow (approximation) | €10,015 | -€419 | €2,526 | €3,412 | -€1,360 | €3,567 | €8,481 | €9,129 | ▲ 7.6% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | - | €0 | - |
| Change in cash | - | -€3,213 | €430 | €1,445 | -€1,087 | €195 | -€1,505 | -€81 | ▲ 94.6% |
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, 17,041 companies had the same profile as PUBLIMAR has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PUBLIMAR itself: 0.3% 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 17,041 companies, not a prediction for PUBLIMAR. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163946 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00205406 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00144372 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00244624 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20301042 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-39300211 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45000362 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55200202 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-49500471 | |
| 31-12-2016 | micro format | 17-08-2017 | 2017-43700554 |