PVM Technics
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 6 filings
Turnover
≈ €580,000
Estimated: probably between €460,000 and €700,000
Total assets
€736,597▲ 20.0%
2024 · €613,770
Net result
€134,540▲ 14.5%
2024 · €117,485
Working capital
-€41,715
2024 · €524,179
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€174,606
▲ 15.7%
2025
20202025
Net result
€134,540
▲ 14.5%
2025
highest quarter of the sector
20202025
Equity
€7,000
▼ 98.7%
2025
lowest quarter of the sector
20202025
Total assets
€736,597
▲ 20.0%
2025
highest quarter of the sector
20202025
Debt
€729,597
▲ 12×
2025
20202025
Working capital
-€41,715
2025
lowest quarter of the sector
20202025
Solvency
1.0%
▼ 89.1pp
2025
lowest quarter of the sector
20202025
Current ratio
0.94
▼ 8.66
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
18.3%
▼ 0.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€189,211-€170,151▼ 10.1%€63,027▼ 63.0%€136,094▲ 116%€150,966▲ 10.9%€174,606▲ 15.7%
Net result€142,013above the sector's middle half-€132,667above the sector's middle half▼ 6.6%€50,674above the sector's middle half▼ 61.8%€103,015above the sector's middle half▲ 103%€117,485above the sector's middle half▲ 14.0%€134,540above the sector's middle half▲ 14.5%
Equity€149,013above the sector's middle half-€281,681above the sector's middle half▲ 89.0%€332,354above the sector's middle half▲ 18.0%€435,369above the sector's middle half▲ 31.0%€552,853above the sector's middle half▲ 27.0%€7,000below the sector's middle half▼ 98.7%
Total assets€245,172within the sector's middle half-€417,550above the sector's middle half▲ 70.3%€403,161above the sector's middle half▼ 3.4%€480,736above the sector's middle half▲ 19.2%€613,770above the sector's middle half▲ 27.7%€736,597above the sector's middle half▲ 20.0%
Debt€96,159-€135,869▲ 41.3%€70,807▼ 47.9%€45,367▼ 35.9%€60,916▲ 34.3%€729,597▲ 12×
Working capital€134,358above the sector's middle half-€257,484above the sector's middle half▲ 91.6%€299,536above the sector's middle half▲ 16.3%€409,652above the sector's middle half▲ 36.8%€524,179above the sector's middle half▲ 28.0%-€41,715below the sector's middle half
Solvency60.8%within the sector's middle half-67.5%above the sector's middle half▲ 6.7pp82.4%above the sector's middle half▲ 15.0pp90.6%above the sector's middle half▲ 8.1pp90.1%above the sector's middle half▼ 0.5pp1.0%below the sector's middle half▼ 89.1pp
Current ratio2.40within the sector's middle half-2.90within the sector's middle half▲ 0.505.23above the sector's middle half▲ 2.3310.03above the sector's middle half▲ 4.809.60above the sector's middle half▼ 0.420.94below the sector's middle half▼ 8.66
Return on assets (ROA)57.9%above the sector's middle half-31.8%above the sector's middle half▼ 26.2pp12.6%within the sector's middle half▼ 19.2pp21.4%above the sector's middle half▲ 8.9pp19.1%above the sector's middle half▼ 2.3pp18.3%within the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 16% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €736,597
Fixed assets
€48,715 ▲ 69.9%
Current assets
€687,882 ▲ 17.6%
Equity and liabilities €736,597
Equity
€7,000 ▼ 98.7%
Debt
€729,597 ▲ 12×
Debt's share of the balance-sheet total rises from 9.9% to 99.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€182,350▲
2024 · €158,378
Cash flow
€142,284▲
2024 · €124,897
Quick ratio
0.94▼
2024 · 9.58
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€729,597▲
2024 · €60,916
Income taxes
€39,780▲
2024 · €33,100
A ratio outside any meaningful range has been withheld (balance sheet total €736,597, equity €7,000).
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 | €16,505 | €16,682 | €2,778 | €1,370 | €34,941 |
| Intangible fixed assets | - | - | - | €9,000 | - |
| Depreciation and write-downs of the year | €6,964 | €8,460 | €9,880 | €7,412 | €7,744 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,103 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,181 | €6,964 | €8,460 | €9,880 | €7,412 | €7,744 | ▲ 4.5% |
| Other operating charges640/8 | - | €926 | €957 | €1,520 | €2,171 | €2,045 | ▼ 5.8% |
| Gross operating margin9900 | €196,673 | €178,041 | €72,444 | €147,494 | €160,549 | €184,395 | ▲ 14.9% |
| Operating profit (loss)9901 | €189,211 | €170,151 | €63,027 | €136,094 | €150,966 | €174,606 | ▲ 15.7% |
| Financial income75/76B | - | €258 | €209 | €194 | €45 | €52 | ▲ 14.1% |
| Recurring financial income75 | €110 | €258 | €209 | €194 | €45 | €52 | ▲ 14.1% |
| Financial charges65/66B | - | €217 | €344 | €4,418 | €426 | €337 | ▼ 20.7% |
| Recurring financial charges65 | €305 | €217 | €344 | €4,418 | €426 | €337 | ▼ 20.7% |
| Profit (loss) for the period before taxes9903 | €189,015 | €170,192 | €62,891 | €131,869 | €150,585 | €174,320 | ▲ 15.8% |
| Income taxes67/77 | €47,002 | €37,524 | €12,217 | €28,854 | €33,100 | €39,780 | ▲ 20.2% |
| Profit (loss) for the period9904 | €142,013 | €132,667 | €50,674 | €103,015 | €117,485 | €134,540 | ▲ 14.5% |
| Profit (loss) for the period to be appropriated9905 | €142,013 | €132,667 | €50,674 | €103,015 | €117,485 | €134,540 | ▲ 14.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €245,172 | €417,550 | €403,161 | €480,736 | €613,770 | €736,597 | ▲ 20.0% |
| Fixed assets21/28 | €15,056 | €24,596 | €32,819 | €25,717 | €28,675 | €48,715 | ▲ 69.9% |
| Intangible fixed assets21 | - | - | - | - | €7,980 | €6,180 | ▼ 22.6% |
| Tangible fixed assets22/27 | €15,056 | €24,596 | €32,819 | €25,717 | €20,695 | €42,535 | ▲ 106% |
| Land and buildings22 | - | €14,440 | €12,947 | €11,454 | €9,961 | €8,468 | ▼ 15.0% |
| Plant, machinery and equipment23 | - | €1,363 | €1,048 | €733 | €1,537 | €1,738 | ▲ 13.1% |
| Furniture and vehicles24 | - | €8,794 | €18,824 | €13,530 | €9,198 | €32,329 | ▲ 251% |
| Current assets29/58 | €230,116 | €392,953 | €370,342 | €455,019 | €585,095 | €687,882 | ▲ 17.6% |
| Stocks and contracts in progress3 | €3,769 | €2,135 | €1,712 | €2,334 | €1,766 | €2,315 | ▲ 31.1% |
| Stocks30/36 | - | €2,135 | €1,712 | €2,334 | €1,766 | €2,315 | ▲ 31.1% |
| Amounts receivable within one year40/41 | €57,981 | €82,041 | €66,476 | €95,355 | €74,730 | €142,100 | ▲ 90.2% |
| Trade receivables40 | - | €73,564 | €55,571 | €79,927 | €56,563 | €124,116 | ▲ 119% |
| Other amounts receivable41 | - | €8,477 | €10,904 | €15,428 | €18,166 | €17,984 | ▼ 1.0% |
| Cash at bank and in hand54/58 | €163,916 | €308,778 | €297,718 | €357,329 | €507,410 | €542,279 | ▲ 6.9% |
| Deferred charges and accrued income490/1 | - | €0 | €4,437 | €0 | €1,189 | €1,188 | ▼ 0.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €245,172 | €417,550 | €403,161 | €480,736 | €613,770 | €736,597 | ▲ 20.0% |
| Equity10/15 | €149,013 | €281,681 | €332,354 | €435,369 | €552,853 | €7,000 | ▼ 98.7% |
| Contributions10/11 | - | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Reserves13 | €142,013 | €274,681 | €325,354 | €428,369 | €545,853 | €0 | ▼ 100% |
| Distributable reserves133 | - | €274,681 | €325,354 | €428,369 | €545,853 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €96,159 | €135,869 | €70,807 | €45,367 | €60,916 | €729,597 | ▲ 12× |
| Amounts payable within one year42/48 | €95,759 | €135,469 | €70,807 | €45,367 | €60,916 | €729,597 | ▲ 12× |
| Trade debts44 | €31,151 | €47,596 | €24,853 | €31,953 | €30,888 | €30,131 | ▼ 2.5% |
| Suppliers440/4 | - | €47,596 | €24,853 | €31,953 | €30,888 | €30,131 | ▼ 2.5% |
| Advances received on contracts in progress46 | - | €6,206 | €6,011 | €6,209 | €8,805 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | €81,351 | €35,965 | €7,078 | €12,000 | €9,580 | ▼ 20.2% |
| Taxes450/3 | - | €77,751 | €35,965 | €7,078 | €12,000 | €4,780 | ▼ 60.2% |
| Remuneration and social security454/9 | - | €3,600 | €0 | - | - | €4,800 | - |
| Other amounts payable47/48 | - | €316 | €3,977 | €127 | €9,223 | €689,886 | ▲ 75× |
| Accrued charges and deferred income492/3 | - | €400 | €0 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €142,013 | €132,667 | €50,674 | €103,015 | €117,485 | €134,540 | ▲ 14.5% |
| + Depreciation and write-downs630 | €6,181 | €6,964 | €8,460 | €9,880 | €7,412 | €7,744 | ▲ 4.5% |
| Operating cash flow (approximation) | €148,194 | €139,632 | €59,134 | €112,895 | €124,897 | €142,284 | ▲ 13.9% |
| Investment in fixed assets (approximation) | - | -€16,505 | -€16,682 | -€2,778 | -€10,370 | -€27,784 | ▼ 168% |
| Change in cash | - | €144,862 | -€11,060 | €59,612 | €150,081 | €34,869 | ▼ 76.8% |
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, 875 companies had the same profile as PVM Technics has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PVM Technics 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 875 companies, not a prediction for PVM Technics. 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 | micro format | 01-07-2026 | 2026-00234627 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00518401 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00274091 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00393380 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20395308 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63600222 |