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2PG GROUP

Active
Public limited companyfounded 1990active for 36 yearsPieter Verhaeghestraat 20, 8520 Kuurne, BelgiumKBO/BCE: BE 0441.459.272

Financials · financial year 2025, full format

2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00498369.

Annual accounts 2025 filed on 31-08-2026 at the NBB all 35 filings

Turnover
€5.5m
EBIT margin
18.5%
Net result
€460,739▼ 29.7%
2024 · €655,170
Working capital
-€3.9m▼ 2,045%
2024 · -€179,630
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €1.8m, larger than the loss of €108,791 in 2024. It is the lowest result since 2021.

Operating result-€1.8m 2025 Net result€0.5m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€5.5m
Operating result€1.0m-€1.0m▲ 4.5%€0.4m▼ 64.6%€0.8m▲ 113%€0.7m▼ 14.3%€0.05m▼ 92.3%-€0.1m-€1.8m▼ 1,581%
Net result€0.8m-€1.1m▲ 37.5%€0.2mabove the sector's middle half▼ 86.2%€0.4mabove the sector's middle half▲ 175%€4.7mabove the sector's middle half▲ 11×€1.9mabove the sector's middle half▼ 58.8%€0.7mabove the sector's middle half▼ 66.2%€0.5mwithin the sector's middle half▼ 29.7%
EBIT margin18.5%
Equity€8.0m-€9.1m▲ 13.9%€9.4mabove the sector's middle half▲ 2.4%€9.8mabove the sector's middle half▲ 4.5%€13.5mabove the sector's middle half▲ 37.9%€13.4mabove the sector's middle half▼ 0.4%€14.1mabove the sector's middle half▲ 4.9%€10.9mabove the sector's middle half▼ 23.0%
Total assets€17.8m-€33.5m▲ 88.3%€35.1mabove the sector's middle half▲ 4.8%€33.2mabove the sector's middle half▼ 5.4%€44.6mabove the sector's middle half▲ 34.3%€43.0mabove the sector's middle half▼ 3.6%€43.0mabove the sector's middle half▲ 0.1%€43.0mabove the sector's middle half▲ 0.1%
Debt€9.5m-€24.1m▲ 154%€25.5m▲ 6.1%€23.2m▼ 9.1%€30.9m▲ 33.1%€29.4m▼ 5.0%€28.7m▼ 2.1%€32.0m▲ 11.5%
Working capital-€4.2m--€8.7m▼ 105%-€7.9mbelow the sector's middle half▲ 8.5%-€5.6mbelow the sector's middle half▲ 29.9%€3.0mabove the sector's middle half€1.2mabove the sector's middle half▼ 58.8%-€0.2mbelow the sector's middle half-€3.9mbelow the sector's middle half▼ 2,045%
Solvency45.2%-27.3%▼ 17.9pp26.7%within the sector's middle half▼ 0.6pp29.5%within the sector's middle half▲ 2.8pp30.3%within the sector's middle half▲ 0.8pp31.3%within the sector's middle half▲ 1.0pp32.8%within the sector's middle half▲ 1.5pp25.2%within the sector's middle half▼ 7.6pp
Current ratio0.18-0.25▲ 0.060.19below the sector's middle half▼ 0.060.21below the sector's middle half▲ 0.021.18within the sector's middle half▲ 0.971.08within the sector's middle half▼ 0.100.99below the sector's middle half▼ 0.090.80below the sector's middle half▼ 0.19
Return on assets (ROA)4.6%-3.3%▼ 1.2pp0.4%within the sector's middle half▼ 2.9pp1.3%within the sector's middle half▲ 0.8pp10.6%within the sector's middle half▲ 9.3pp4.5%within the sector's middle half▼ 6.1pp1.5%within the sector's middle half▼ 3.0pp1.1%within the sector's middle half▼ 0.5pp
Staff (FTE)32.9-43.1▲ 31.0%53.2above the sector's middle half▲ 23.4%64.3above the sector's middle half▲ 20.9%64.2above the sector's middle half▼ 0.2%58.7above the sector's middle half▼ 8.6%57.3above the sector's middle half▼ 2.4%57.8above the sector's middle half▲ 0.9%
above within below The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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.
Large changes and their cause
  • 2023 Net result -59% on 2022. Merger absorbing ROOVANCOM, effective 19-10-2022, in the previous financial year. That operation now counts for a full year for the first time.
  • 2022 Net result +1,021% on 2021. Merger absorbing ROOVANCOM, effective 19-10-2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43.0m
Fixed assets €27.8m ▲ 2.0%
Current assets €15.2m ▼ 3.2%
Equity and liabilities €43.0m
Equity €10.9m ▼ 23.0%
Provisions €139,880 ▼ 6.0%
Debt €32.0m ▲ 11.5%
Debt's share of the balance-sheet total rises from 66.9% to 74.4%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€240,187▼
2024 · €1.4m
Cash flow
€2.5m▲
2024 · €2.2m
Debt to equity
2.95▲
2024 · 2.04
ROE
4.2%▼
2024 · 4.6%
Interest coverage
0.27▼
2024 · 1.48
Debt ≤ 1 year
€19.1m▲
2024 · €15.9m
Debt > 1 year
€12.9m▲
2024 · €12.8m
Income taxes
€3,000▲
2024 · €1,787
Staff costs
€4.1m▲
2024 · €3.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as 2PG GROUP: warehousing and support activities for transportation (NACE 52249). They are comparable in size and age: total assets between €10m and €73m, founded between 1987 and 2005.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
2PG GROUP Kuurne1990€43.0m€10.9m€4.4m-€0.5m57.82025
Devagro Beton & Recyclage Waregem2000€31.6m€8.9m€3.8m-€0.9m28.52025
LIMBURGS LOGISTIEK PLATFORM Mol2005€11.7m€7.4m€4.5m-€0.3m37.22025
WALGOED Temse1997€10.4m€4.0m€2.6m-€0.2m29.62025
CARGILL Oil Packers Izegem1998€72.9m€67.8m-€16.2m€1.6m81.62025
CLdN Cargo Brugge2001€41.1m-€5.1m-€170.7m-€11.2m97.92025
SMC Logistics Service Europe NV Wommelgem1987€34.7m€33.6m-€12.7m€0.8m55.62026

They were chosen from the 256 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 733 companies had the same profile as 2PG GROUP has now. Two years later, 1.0% had gone bankrupt and 97.4% were still going.

  • Medium-sized
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet
1.0% went bankrupt
1.4% stopped otherwise
97.4% was still going

Another 0.3% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of 2PG GROUP itself: 0.5% within 12 months.

Test of the method

The method was tested on the 497,445 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 733 companies, not a prediction for 2PG GROUP. 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.

Subsidies and aid

Flemish government

2022 to 2025 · 5 entries · €24,109 awarded · €24,193 paid
Year Entries AwardedPaid
2025 1 €3,096€3,124
2024 1 €1,206€1,179
2023 2 €16,558€16,641
2022 1 €3,249€3,249
Schemes
4 entries · €13,676 · €13,760 paid · Fonds voor Innoveren en Ondernemen
1 entry · €10,433 · €10,433 paid · Departement Werk en Sociale Economie
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 69 lines

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Balance sheet Code20242025
Assets
Total assets20/58€43.0m€43.0m▲
Fixed assets21/28€27.3m€27.8m▲
Intangible fixed assets21€0.9m€2.4m▲
Tangible fixed assets22/27€18.2m€17.1m▼
Land and buildings22€17.9m€16.8m▼
Plant, machinery and equipment23€0.02m€0.01m▼
Furniture and vehicles24€0.3m€0.2m▼
Assets under construction and advance payments27-€0.04m
Financial fixed assets28€8.3m€8.3m▲
Current assets29/58€15.7m€15.2m▼
Amounts receivable after more than one year29€11.1m€0▼
Other amounts receivable291€11.1m€0▼
Amounts receivable within one year40/41€2.8m€13.0m▲
Trade receivables40€0.4m€8.0m▲
Other amounts receivable41€2.4m€5.0m▲
Cash at bank and in hand54/58€1.5m€1.9m▲
Deferred charges and accrued income490/1€0.3m€0.4m▲
Equity and liabilities
Total equity and liabilities10/49€43.0m€43.0m▲
Equity10/15€14.1m€10.9m▼
Contributions10/11€1.5m€3.8m▲
Capital10€1.5m€3.8m▲
Issued capital100€1.5m€3.8m▲
Reserves13€1.6m€5.3m▲
Non-distributable reserves130/1€0.2m€0.4m▲
Legal reserve130€0.2m€0.4m▲
Tax-exempt reserves132€0.5m€0.4m▼
Distributable reserves133€1.0m€4.5m▲
Profit (loss) carried forward14€11.0m€1.7m▼
Provisions and deferred taxes16€0.1m€0.1m▼
Deferred taxes168€0.1m€0.1m▼
Amounts payable17/49€28.7m€32.0m▲
Amounts payable after more than one year17€12.8m€12.9m▲
Financial debts170/4€12.3m€12.9m▲
Other amounts payable178/9€0.5m€0▼
Amounts payable within one year42/48€15.9m€19.1m▲
Current portion of amounts payable after more than one year42€1.8m€2.0m▲
Financial debts43€10.4m€11.2m▲
Credit institutions430/8€10.4m€11.2m▲
Trade debts44€0.7m€1.6m▲
Suppliers440/4€0.7m€1.6m▲
Taxes, remuneration and social security45€0.5m€0.4m▼
Taxes450/3€0.009m€98▼
Remuneration and social security454/9€0.4m€0.4m▼
Other amounts payable47/48€2.6m€3.9m▲
Accrued charges and deferred income492/3€0.04m€0.05m▲
Income statement Code20242025
Non-recurring operating income76A€0.02m€0.1m▲
Remuneration, social security and pensions62€3.8m€4.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.5m€2.1m▲
Other operating charges640/8€0.08m€0.08m▼
Non-recurring operating charges66A-€0.001m
Gross operating margin9900€5.3m€4.4m▼
Operating profit (loss)9901-€0.1m-€1.8m▼
Financial income75/76B€1.7m€3.2m▲
Recurring financial income75€1.7m€3.2m▲
Financial charges65/66B€1.0m€0.9m▼
Recurring financial charges65€1.0m€0.9m▼
Profit (loss) for the period before taxes9903€0.6m€0.5m▼
Transfer from deferred taxes780€0.009m€0.009m=
Income taxes67/77€0.002m€0.003m▲
Profit (loss) for the period9904€0.7m€0.5m▼
Transfer from tax-exempt reserves789€0.03m€0.03m=
Profit (loss) for the period to be appropriated9905€0.7m€0.5m▼
Appropriation of the result
Profit (loss) to be appropriated9906€11.0m€11.5m▲
Profit (loss) brought forward from the previous period14P€10.3m€11.0m▲
Transfer to equity691/2-€9.8m
To other reserves6921-€9.8m
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance sheet
Average headcount (FTE)908757.357.8▲

The notes to these accounts have 27 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.

Line20182019202020212022202320242025Change
Turnover70-€5.5m-------
Non-recurring operating income76A---€0.5m€0.2m€0.006m€0.02m€0.1m▲ 384%
Remuneration, social security and pensions62---€3.6m€3.6m€3.8m€3.8m€4.1m▲ 9.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.8m€1.5m€1.8m€1.6m€1.5m€1.5m€2.1m▲ 35.3%
Other operating charges640/8---€0.1m€0.1m€0.1m€0.08m€0.08m▼ 0.7%
Non-recurring operating charges66A---€0.02m€0--€0.001m-
Gross operating margin9900€3.1m€4.3m€4.8m€6.2m€5.9m€5.5m€5.3m€4.4m▼ 16.0%
Operating profit (loss)9901€1.0m€1.0m€0.4m€0.8m€0.7m€0.05m-€0.1m-€1.8m▼ 1,581%
Financial income75/76B---€0.2m€4.8m€2.9m€1.7m€3.2m▲ 84.2%
Recurring financial income75€0.3m€0.4m€0.2m€0.2m€4.8m€2.9m€1.7m€3.2m▲ 84.2%
Non-recurring financial income76B---€0-----
Financial charges65/66B---€0.5m€0.5m€1.0m€1.0m€0.9m▼ 8.3%
Recurring financial charges65€0.3m€0.2m€0.4m€0.5m€0.5m€1.0m€1.0m€0.9m▼ 8.3%
Non-recurring financial charges66B----€172€0---
Profit (loss) for the period before taxes9903€1.0m€1.2m€0.2m€0.5m€5.0m€1.9m€0.6m€0.5m▼ 29.8%
Transfer from deferred taxes780---€0.009m€0.009m€0.009m€0.009m€0.009m=
Income taxes67/77€0.2m€0.08m€0.1m€0.1m€0.3m€0.007m€0.002m€0.003m▲ 67.9%
Profit (loss) for the period9904€0.8m€1.1m€0.2m€0.4m€4.7m€1.9m€0.7m€0.5m▼ 29.7%
Transfer from tax-exempt reserves789---€0.03m€0.03m€0.03m€0.03m€0.03m=
Profit (loss) for the period to be appropriated9905€0.8m€1.1m€0.2m€0.4m€4.7m€2.0m€0.7m€0.5m▼ 28.5%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€17.8m€33.5m€35.1m€33.2m€44.6m€43.0m€43.0m€43.0m▲ 0.1%
Fixed assets21/28€16.8m€30.6m€33.2m€31.7m€25.1m€25.9m€27.3m€27.8m▲ 2.0%
Intangible fixed assets21€0.01m€0.5m€0.6m€0.3m€0.2m€0.3m€0.9m€2.4m▲ 186%
Tangible fixed assets22/27€6.3m€19.7m€22.1m€21.0m€19.9m€19.2m€18.2m€17.1m▼ 5.9%
Land and buildings22---€20.1m€19.2m€18.8m€17.9m€16.8m▼ 5.9%
Plant, machinery and equipment23---€0.04m€0.03m€0.03m€0.02m€0.01m▼ 17.4%
Furniture and vehicles24---€0.9m€0.6m€0.4m€0.3m€0.2m▼ 18.2%
Assets under construction and advance payments27-------€0.04m-
Financial fixed assets28€10.5m€10.5m€10.4m€10.4m€5.0m€6.4m€8.3m€8.3m▲ 0.2%
Current assets29/58€1.0m€2.9m€1.9m€1.5m€19.5m€17.0m€15.7m€15.2m▼ 3.2%
Amounts receivable after more than one year29----€14.9m€14.2m€11.1m€0▼ 100%
Other amounts receivable291----€14.9m€14.2m€11.1m€0▼ 100%
Amounts receivable within one year40/41€0.9m€1.6m€1.6m€1.0m€1.3m€1.2m€2.8m€13.0m▲ 367%
Trade receivables40---€0.7m€0.07m€0.04m€0.4m€8.0m▲ 21×
Other amounts receivable41---€0.3m€1.3m€1.1m€2.4m€5.0m▲ 109%
Cash at bank and in hand54/58€0.004m€1.3m€0.3m€0.4m€3.1m€1.5m€1.5m€1.9m▲ 25.5%
Deferred charges and accrued income490/1---€0.04m€0.09m€0.1m€0.3m€0.4m▲ 3.4%
Equity and liabilities
Total equity and liabilities10/49€17.8m€33.5m€35.1m€33.2m€44.6m€43.0m€43.0m€43.0m▲ 0.1%
Equity10/15€8.0m€9.1m€9.4m€9.8m€13.5m€13.4m€14.1m€10.9m▼ 23.0%
Contributions10/11€1.5m€1.5m€1.5m€1.5m€1.5m€1.5m€1.5m€3.8m▲ 155%
Capital10---€1.5m€1.5m€1.5m€1.5m€3.8m▲ 155%
Issued capital100---€1.5m€1.5m€1.5m€1.5m€3.8m▲ 155%
Reserves13€1.6m€1.6m€1.7m€1.6m€1.6m€1.6m€1.6m€5.3m▲ 238%
Non-distributable reserves130/1---€0.2m€0.2m€0.2m€0.2m€0.4m▲ 155%
Legal reserve130---€0.2m€0.2m€0.2m€0.2m€0.4m▲ 155%
Tax-exempt reserves132---€0.5m€0.5m€0.5m€0.5m€0.4m▼ 5.8%
Distributable reserves133---€1.0m€1.0m€1.0m€1.0m€4.5m▲ 370%
Profit (loss) carried forward14€4.9m€6.0m€6.2m€6.6m€10.4m€10.3m€11.0m€1.7m▼ 84.4%
Provisions and deferred taxes16€0.3m€0.3m€0.2m€0.2m€0.2m€0.2m€0.1m€0.1m▼ 6.0%
Deferred taxes168---€0.2m€0.2m€0.2m€0.1m€0.1m▼ 6.0%
Amounts payable17/49€9.5m€24.1m€25.5m€23.2m€30.9m€29.4m€28.7m€32.0m▲ 11.5%
Amounts payable after more than one year17€4.3m€12.5m€15.7m€16.2m€14.3m€13.5m€12.8m€12.9m▲ 0.9%
Financial debts170/4---€15.2m€13.3m€12.0m€12.3m€12.9m▲ 5.0%
Other amounts payable178/9---€1.0m€1.0m€1.5m€0.5m€0▼ 100%
Amounts payable within one year42/48€5.2m€11.5m€9.8m€7.0m€16.5m€15.8m€15.9m€19.1m▲ 20.0%
Current portion of amounts payable after more than one year42---€1.8m€1.8m€1.7m€1.8m€2.0m▲ 12.1%
Financial debts43---€4.3m€10.9m€9.4m€10.4m€11.2m▲ 7.7%
Credit institutions430/8---€4.3m€10.9m€9.4m€10.4m€11.2m▲ 7.7%
Trade debts44€0.7m€0.3m€0.3m€0.2m€0.4m€0.2m€0.7m€1.6m▲ 143%
Suppliers440/4---€0.2m€0.4m€0.2m€0.7m€1.6m▲ 143%
Taxes, remuneration and social security45---€0.7m€0.5m€0.5m€0.5m€0.4m▼ 17.7%
Taxes450/3---€0.1m€0.09m€0.01m€0.009m€98▼ 99.0%
Remuneration and social security454/9---€0.6m€0.4m€0.5m€0.4m€0.4m▼ 15.9%
Other amounts payable47/48---€0.002m€3.0m€4.0m€2.6m€3.9m▲ 49.3%
Accrued charges and deferred income492/3---€0.02m€0.03m€0.02m€0.04m€0.05m▲ 5.4%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.8m€1.1m€0.2m€0.4m€4.7m€1.9m€0.7m€0.5m▼ 29.7%
+ Depreciation and write-downs630€0.3m€0.8m€1.5m€1.8m€1.6m€1.5m€1.5m€2.1m▲ 35.3%
Operating cash flow (approximation)€1.1m€1.9m€1.7m€2.2m€6.3m€3.4m€2.2m€2.5m▲ 15.8%
Investment in fixed assets (approximation)--€14.6m-€4.1m-€0.3m€5.1m-€2.4m-€2.9m-€2.6m▲ 9.7%
Change in cash-€1.3m-€1.0m€0.2m€2.7m-€1.7m-€0.01m€0.4m-

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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Latest 10 of 35 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 31-08-2026 2026-00498369 NBB
31-12-2024 abbreviated format 22-07-2025 2025-00298919 PDF
31-12-2023 abbreviated format 26-07-2024 2024-00290802 PDF
31-12-2022 abbreviated format 27-07-2023 2023-00297129 PDF
31-12-2021 abbreviated format 27-06-2022 2022-20095605 PDF
31-12-2020 abbreviated format 29-07-2021 2021-42400237 PDF
31-12-2019 abbreviated format 22-07-2020 2020-32300377 PDF
31-12-2018 abbreviated format 09-07-2019 2019-30800250 PDF
31-12-2017 abbreviated format 27-06-2018 2018-24900592 PDF
31-12-2016 abbreviated format 27-07-2017 2017-37000467 PDF

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