ETS PASCUZZO.COM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 5 filings
Turnover
€226,895▲ 13.6%
2021 · €199,725
EBIT margin
11.1%▼ 12.4pp
2021 · 23.6%
Net result
€8,501▼ 66.2%
2024 · €25,174
Working capital
€95,161▲ 0.5%
2024 · €94,660
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€8,931
▼ 74.1%
2025
20212025
Net result
€8,501
▼ 66.2%
2025
middle half of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€95,161
▲ 0.5%
2025
middle half of the sector
20212025
Total assets
€129,825
▼ 4.2%
2025
middle half of the sector
20212025
Debt
€34,664
▼ 15.0%
2025
20212025
Working capital
€95,161
▲ 0.5%
2025
middle half of the sector
20212025
Solvency
73.3%
▲ 3.4pp
2025
highest quarter of the sector
20212025
Current ratio
3.75
▲ 0.43
2025
highest quarter of the sector
20212025
Return on assets (ROA)
6.5%
▼ 12.0pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€199,725-€226,895▲ 13.6%
Operating result€47,038-€25,207▼ 46.4%€21,067▼ 16.4%€34,453▲ 63.5%€8,931▼ 74.1%
Net result€46,943above the sector's middle half-€11,276within the sector's middle half▼ 76.0%€17,268within the sector's middle half▲ 53.1%€25,174within the sector's middle half▲ 45.8%€8,501within the sector's middle half▼ 66.2%
EBIT margin23.6%-11.1%▼ 12.4pp
Equity€50,943within the sector's middle half-€62,219within the sector's middle half▲ 22.1%€79,486within the sector's middle half▲ 27.8%€94,660within the sector's middle half▲ 19.1%€95,161within the sector's middle half▲ 0.5%
Total assets€109,931below the sector's middle half-€131,779within the sector's middle half▲ 19.9%€123,576within the sector's middle half▼ 6.2%€135,461within the sector's middle half▲ 9.6%€129,825within the sector's middle half▼ 4.2%
Debt€58,988-€69,560▲ 17.9%€44,090▼ 36.6%€40,801▼ 7.5%€34,664▼ 15.0%
Working capital€42,230within the sector's middle half-€57,862within the sector's middle half▲ 37.0%€79,486within the sector's middle half▲ 37.4%€94,660within the sector's middle half▲ 19.1%€95,161within the sector's middle half▲ 0.5%
Solvency46.3%within the sector's middle half-47.2%within the sector's middle half▲ 0.9pp64.3%within the sector's middle half▲ 17.1pp69.9%within the sector's middle half▲ 5.6pp73.3%above the sector's middle half▲ 3.4pp
Current ratio1.72within the sector's middle half-1.83within the sector's middle half▲ 0.122.80within the sector's middle half▲ 0.973.32within the sector's middle half▲ 0.523.75above the sector's middle half▲ 0.43
Return on assets (ROA)42.7%above the sector's middle half-8.6%within the sector's middle half▼ 34.1pp14.0%above the sector's middle half▲ 5.4pp18.6%above the sector's middle half▲ 4.6pp6.5%within the sector's middle half▼ 12.0pp
above
within
below
The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). 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 74% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €129,825
Equity
€95,161 ▲ 0.5%
Debt
€34,664 ▼ 15.0%
Debt's share of the balance-sheet total falls from 30.1% to 26.7%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
1.92▼
2024 · 2.25
Debt to equity
0.36▼
2024 · 0.43
ROE
8.9%▼
2024 · 26.6%
Debt ≤ 1 year
€34,664▼
2024 · €40,801
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 | €11,945 | - | - | - | - |
| Depreciation and write-downs of the year | €4,356 | €4,356 | €4,356 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €199,725 | €226,895 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €119,412 | €155,639 | - | - | - | - |
| Remuneration, social security and pensions62 | €28,520 | €41,321 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,356 | €4,356 | €4,356 | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €89 | - | - |
| Other operating charges640/8 | €399 | €371 | €2,373 | €3,637 | €508 | ▼ 86.0% |
| Gross operating margin9900 | €80,313 | €71,256 | €27,796 | €38,179 | €9,440 | ▼ 75.3% |
| Operating profit (loss)9901 | €47,038 | €25,207 | €21,067 | €34,453 | €8,931 | ▼ 74.1% |
| Financial income75/76B | €3 | €102 | €117 | €2 | €210 | ▲ 95× |
| Recurring financial income75 | €3 | €102 | €117 | €2 | €210 | ▲ 95× |
| Non-recurring financial income76B | - | €102 | €117 | €2 | - | - |
| Financial charges65/66B | €98 | €1,215 | €667 | €575 | €640 | ▲ 11.4% |
| Recurring financial charges65 | €98 | €1,215 | €667 | €575 | €640 | ▲ 11.4% |
| Non-recurring financial charges66B | - | €1,215 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €46,943 | €24,095 | €20,516 | €33,880 | €8,501 | ▼ 74.9% |
| Income taxes67/77 | - | €12,819 | €3,249 | €8,706 | - | - |
| Profit (loss) for the period9904 | €46,943 | €11,276 | €17,268 | €25,174 | €8,501 | ▼ 66.2% |
| Profit (loss) for the period to be appropriated9905 | €46,943 | €11,276 | €17,268 | €25,174 | €8,501 | ▼ 66.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €109,931 | €131,779 | €123,576 | €135,461 | €129,825 | ▼ 4.2% |
| Formation expenses20 | €750 | €375 | - | - | - | - |
| Fixed assets21/28 | €7,963 | €3,982 | - | - | - | - |
| Tangible fixed assets22/27 | €7,963 | €3,982 | - | - | - | - |
| Furniture and vehicles24 | €7,963 | €3,982 | - | - | - | - |
| Current assets29/58 | €101,218 | €127,422 | €123,576 | €135,461 | €129,825 | ▼ 4.2% |
| Stocks and contracts in progress3 | €37,090 | €39,574 | €45,028 | €43,784 | €63,438 | ▲ 44.9% |
| Stocks30/36 | €37,090 | €39,574 | €45,028 | €43,784 | €63,438 | ▲ 44.9% |
| Amounts receivable within one year40/41 | €42,606 | €50,550 | €45,911 | €30,246 | €33,127 | ▲ 9.5% |
| Trade receivables40 | €42,606 | €50,488 | €43,934 | €30,246 | €32,322 | ▲ 6.9% |
| Other amounts receivable41 | - | €62 | €1,976 | - | €805 | - |
| Cash at bank and in hand54/58 | €21,522 | €37,299 | €32,638 | €61,431 | €33,260 | ▼ 45.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €109,931 | €131,779 | €123,576 | €135,461 | €129,825 | ▼ 4.2% |
| Equity10/15 | €50,943 | €62,219 | €79,486 | €94,660 | €95,161 | ▲ 0.5% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €46,943 | €58,219 | €75,486 | €90,660 | €91,161 | ▲ 0.6% |
| Amounts payable17/49 | €58,988 | €69,560 | €44,090 | €40,801 | €34,664 | ▼ 15.0% |
| Amounts payable within one year42/48 | €58,988 | €69,560 | €44,090 | €40,801 | €34,664 | ▼ 15.0% |
| Current portion of amounts payable after more than one year42 | - | €6,667 | - | €6,000 | - | - |
| Trade debts44 | €16,055 | €25,424 | €9,356 | €7,885 | €10,182 | ▲ 29.1% |
| Suppliers440/4 | €16,055 | €25,424 | €9,356 | €7,885 | €10,182 | ▲ 29.1% |
| Taxes, remuneration and social security45 | €11,933 | €11,469 | €6,654 | €5,797 | €4,500 | ▼ 22.4% |
| Taxes450/3 | €11,933 | €11,469 | €6,654 | €5,797 | €4,500 | ▼ 22.4% |
| Other amounts payable47/48 | €31,000 | €26,000 | €28,079 | €21,118 | €19,982 | ▼ 5.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,943 | €11,276 | €17,268 | €25,174 | €8,501 | ▼ 66.2% |
| + Depreciation and write-downs630 | €4,356 | €4,356 | €4,356 | - | - | - |
| Operating cash flow (approximation) | €51,299 | €15,632 | €21,624 | €25,174 | €8,501 | ▼ 66.2% |
| Investment in fixed assets (approximation) | - | -€375 | - | - | - | - |
| Change in cash | - | €15,777 | -€4,661 | €28,794 | -€28,171 | - |
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, 26,972 companies had the same profile as ETS PASCUZZO.COM has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ETS PASCUZZO.COM itself is lower: < 0.1% within 12 months. It rests on far more data about ETS PASCUZZO.COM than the profile alone.
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 26,972 companies, not a prediction for ETS PASCUZZO.COM. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00180070 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00433046 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00334826 | |
| 31-12-2022 | micro format | 04-09-2023 | 2023-00442392 | |
| 31-12-2021 | micro format | 02-09-2022 | 2022-20397363 |