ACTIVE

PHICAP PROJECT MANAGEMENT

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Financial year 2025 · closed on 31/12/2025

Net result

155,7 k €

-48.1% YoY

Gross margin

1,8 M €

+5.6% YoY

Equity

437 k €

-3.3% YoY

Workforce

16,5 ETP

+15.4% YoY

What does PHICAP PROJECT MANAGEMENT do?

PHICAP PROJECT MANAGEMENT is a Public limited company incorporated in 2009. Its main activity is: Architectural activities. Its registered office is in Watermael-Boitsfort. It employs on average 16,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0811.721.338

Incorporation

14/05/2009

Legal form

Public limited company

Registered office

Boulevard du Souverain 100
1170 Watermael-Boitsfort · BruxellesSee on map

Contributed capital

400 000,00 €

Latest accounts

31/12/2025

Average workforce

16,5 ETP

Activities (NACE)

71111Architectural activities· main 71111Architectural activities 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (1)

Signals

ProfitableLow riskPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	1,8 M €	+5.6%	1,7 M €	+24.5%	1,4 M €	+26.3%	1,1 M €	+76.2%	627,4 k €	-19.6%	780,4 k €	+20.1%	649,9 k €	+15.1%	564,5 k €	+18.6%	475,8 k €	-0.4%	477,6 k €	+14.1%	418,7 k €	-15.3%	494,1 k €	+22.4%	403,7 k €	-21.5%	514 k €	+39.6%	368,3 k €	+685%	46,9 k €
EBITDA	290,6 k €	-36.7%	459,3 k €	+99.4%	230,3 k €	+283%	60,1 k €	+18.4%	50,8 k €	+135%	-144,9 k €	-803%	20,6 k €	-68.6%	65,6 k €	+92.3%	34,1 k €	-14.9%	40,1 k €	-66.7%	120,4 k €	+22.8%	98 k €	+74.2%	56,3 k €	+42.0%	39,6 k €	+191%	-43,6 k €	+81.0%	-229,1 k €
Operating result	243,1 k €	-42.2%	420,2 k €	+105%	204,6 k €	+433%	38,4 k €	+5.5%	36,4 k €	+122%	-164,9 k €	-2833%	6 k €	-89.5%	57,2 k €	+120%	26 k €	-19.9%	32,5 k €	-71.1%	112,5 k €	+24.4%	90,5 k €	+89.5%	47,7 k €	+96.0%	24,3 k €	+142%	-58,1 k €	+75.8%	-240,1 k €
Net result	155,7 k €	-48.1%	299,8 k €	+150%	119,9 k €	+390%	24,5 k €	+6.8%	22,9 k €	+112%	-190,1 k €	-1618%	-11,1 k €	-149%	22,7 k €	+773%	2,6 k €	-75.7%	10,7 k €	-89.0%	97,8 k €	+32.9%	73,6 k €	+177%	26,5 k €	+457%	4,8 k €	+106%	-76,1 k €	+70.2%	-254,9 k €
Balance sheet
Equity	437 k €	-3.3%	452,1 k €	+62.6%	278 k €	+75.0%	158,8 k €	+17.6%	135,1 k €	+26.8%	106,5 k €	-64.1%	296,7 k €	-3.6%	307,7 k €	+8.0%	285 k €	+0.9%	282,4 k €	+4.0%	271,7 k €	+56.2%	173,9 k €	+73.3%	100,3 k €	+35.9%	73,8 k €	+6.9%	69 k €	+53.0%	45,1 k €
Total assets	1,6 M €	+13.5%	1,4 M €	+48.0%	957,5 k €	+10.5%	866,4 k €	+16.3%	744,8 k €	+18.8%	626,8 k €	-16.4%	750 k €	+15.7%	648,2 k €	-16.5%	776,7 k €	-1.3%	787,2 k €	-10.2%	876,9 k €	+13.3%	774,2 k €	+10.1%	703,5 k €	+15.6%	608,8 k €	+19.6%	509 k €	+9.8%	463,4 k €
Cash	30,8 k €	-54.5%	67,7 k €	+67.1%	40,5 k €	-80.5%	207,9 k €	+657%	27,5 k €	-76.4%	116,6 k €	+72.7%	67,5 k €	-9.9%	74,9 k €	+46.8%	51 k €	+8571%	588,7 €	-89.4%	5,6 k €	+2811%	191,4 €	-98.4%	12 k €	+22.8%	9,8 k €	-88.0%	81,6 k €	-26.2%	110,7 k €
Debts	1,1 M €	+21.9%	936,5 k €	+43.3%	653,4 k €	-4.5%	684 k €	+15.8%	590,4 k €	+16.0%	508,8 k €	+12.2%	453,3 k €	+33.1%	340,5 k €	-22.7%	440,4 k €	-2.9%	453,5 k €	-25.1%	605,2 k €	+0.8%	600,2 k €	-0.5%	603,1 k €	+12.8%	534,8 k €	+21.7%	439,4 k €	+5.0%	418,3 k €
Other
Workforce	16,5 ETP	+15.4%	14,3 ETP	+11.7%	12,8 ETP	0.0%	12,8 ETP	+88.2%	6,8 ETP	-15.0%	8,0 ETP	-4.8%	8,4 ETP	+12.0%	7,5 ETP	+17.2%	6,4 ETP	+6.7%	6,0 ETP	+3.4%	5,8 ETP	-6.5%	6,2 ETP	+40.9%	4,4 ETP	-29.0%	6,2 ETP	+19.2%	5,2 ETP	+79.3%	2,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 22 ended

Active mandates

Michael GOLDBERG

Director · since 18 juin 2025 · until 18 juin 2031

Active

Ended mandates

Michael GOLDBERG

Director · since 14 octobre 2019 · until 18 juin 2025

Ended

Jean-Pierre CALLEWAERT

Director · since 25 octobre 2016 · until 14 octobre 2019

Ended

Jean-Pierre CALLEWAERT

Director · since 25 octobre 2016 · until 15 octobre 2022

Ended

M. FORGET MANAGEMENT

Director · since 16 novembre 2015 · until 14 octobre 2019 · 0809.697.996

Represented by Martine FORGET

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/07/2019
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	18 months
Filing date	03/08/2026	19/06/2025	25/06/2024	29/03/2023	24/08/2022	07/10/2021
General meeting	25/06/2026	18/06/2025	21/06/2024	20/03/2023	15/06/2022	16/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	25/06/2026	03/08/2026	Dutch	PDF
Abridged model	31/12/2024	18/06/2025	19/06/2025	Dutch	PDF
Abridged model	31/12/2023	21/06/2024	25/06/2024	Dutch	PDF
Abridged model	31/12/2022	20/03/2023	29/03/2023	Dutch	PDF
Abridged model	31/12/2021	15/06/2022	24/08/2022	Dutch	PDF
Abridged model	31/12/2020	16/06/2021	07/10/2021	Dutch	PDF
Abridged model	30/06/2019	20/12/2019	07/01/2020	Dutch	PDF
Abridged model	30/06/2018	20/11/2018	21/11/2018	Dutch	PDF
Abridged model	30/06/2017	21/11/2017	30/11/2017	Dutch	PDF
Abridged model	30/06/2016	24/10/2016	31/10/2016	Dutch	PDF
Abridged modelCorrection	30/06/2015	06/01/2016	15/01/2016	Dutch	PDF
Abridged model	30/06/2015	16/11/2015	02/12/2015	Dutch	PDF
Abridged model	30/06/2014	28/11/2014	04/12/2014	Dutch	PDF
Abridged model	30/06/2013	12/11/2013	14/11/2013	Dutch	PDF
Abridged model	30/06/2012	05/11/2012	02/01/2013	Dutch	PDF
Abridged model	30/06/2011	28/11/2011	30/11/2011	Dutch	PDF
Abridged model	30/06/2010	08/11/2010	07/12/2010	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 22 ended

Active mandates

Michael GOLDBERG

Director · since 18 juin 2025 · until 18 juin 2031

Active

Ended mandates

Michael GOLDBERG

Director · since 14 octobre 2019 · until 18 juin 2025

Ended

Jean-Pierre CALLEWAERT

Director · since 25 octobre 2016 · until 14 octobre 2019

Ended

Jean-Pierre CALLEWAERT

Director · since 25 octobre 2016 · until 15 octobre 2022

Ended

M. FORGET MANAGEMENT

Director · since 16 novembre 2015 · until 14 octobre 2019 · 0809.697.996

Represented by Martine FORGET

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/01/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates19/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other05/07/2023
BENAMING
PDF
Mandates12/10/2022
ONTSLAGEN - BENOEMINGEN
PDF
Registered office10/02/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates10/12/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/10/2019
ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates29/11/2016
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025155,7 k €↓
2024
Annual accounts 2024299,8 k €↑
2023
Annual accounts 2023119,9 k €↑
2023
Name changePHICAP PROJECT MANAGEMENT
2022
Annual accounts 202224,5 k €↑
2021
Annual accounts 202122,9 k €↑
2020
Annual accounts 2020-190,1 k €↓
2019
Annual accounts 2019-11,1 k €↓
2018
Annual accounts 201822,7 k €↑
2017
Annual accounts 20172,6 k €↓
2016
Annual accounts 201610,7 k €↓
2015
Annual accounts 201597,8 k €↑
2014
Annual accounts 201473,6 k €↑
2013
Annual accounts 201326,5 k €↑
2012
Annual accounts 20124,8 k €↑
2011
Annual accounts 2011-76,1 k €↑
2010
Annual accounts 2010-254,9 k €
2010
Name changeAMIRATO
14/05/2009
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PHICAP PROJECT MANAGEMENT

Overview

What does PHICAP PROJECT MANAGEMENT do?

Trend over 16 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline