Losses
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
Short-term debts fell from €49,507 to €352.
Merger with Pagimmo. Merger on 17-04-2026.
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 81% of them on solvency, 95% on liquidity, 15% on profitability and 27% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,440 companies had the same profile as Groundzero has now. Each dot stands for 9 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Groundzero itself: 1.1% within 12 months.
The method was tested on the 497,447 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 3,440 companies, not a prediction for Groundzero. 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.
Liquidity is ample, with a current ratio of 92.8 (1.71 in 2024), above the usual 1.5. Short-term debt is 1.1% and cash 54.1% of total assets. 1.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 7 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Groundzero files the micro format. That format states no turnover. The gross margin fell from -€2,038 in 2019 to -€2,503 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
32,669 | 84,600 | 85,505 | 119,507 | 426,169 | 361,385 | 67,143 | |
29/58 |
32,669 | 84,600 | 85,505 | 119,507 | 426,169 | 361,385 | 67,143 | |
3 |
- | 63,204 | 63,204 | 63,204 | 340,715 | 340,715 | - | |
37 |
- | 63,204 | 63,204 | 63,204 | 340,715 | 340,715 | - | |
40/41 |
15,000 | - | - | - | 35,716 | 18,000 | 65,000 | |
40 |
- | - | - | - | 467 | - | 47,000 | |
41 |
15,000 | - | - | - | 35,250 | 18,000 | 18,000 | |
54/58 |
17,669 | 21,396 | 22,301 | 56,303 | 49,738 | 2,670 | 2,143 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
32,669 | 84,600 | 85,505 | 119,507 | 426,169 | 361,385 | 67,143 | |
10/15 |
32,317 | 35,093 | 35,966 | 38,843 | -1,862 | 9,366 | 10,125 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | |
13 |
19,917 | 22,693 | 23,566 | 26,443 | - | - | - | |
133 |
19,917 | 22,693 | 23,566 | 26,443 | - | - | - | |
14 |
- | - | - | - | -14,262 | -3,034 | -2,275 | |
17/49 |
352 | 49,507 | 49,539 | 80,664 | 428,031 | 352,019 | 57,019 | |
17 |
- | - | - | - | 27,875 | 266,000 | - | |
170/4 |
- | - | - | - | 27,875 | 266,000 | - | |
42/48 |
352 | 49,507 | 49,539 | 80,664 | 400,156 | 86,019 | 57,019 | |
42 |
- | 49,000 | 49,000 | 49,000 | - | - | - | |
44 |
- | - | 32 | 20 | - | - | 19 | |
440/4 |
- | - | 32 | 20 | - | - | 19 | |
46 |
- | - | - | - | 238,125 | - | - | |
45 |
- | - | - | 7,178 | - | - | - | |
450/3 |
- | - | - | 7,178 | - | - | - | |
47/48 |
352 | 507 | 507 | 24,466 | 162,031 | 86,019 | 57,000 | |
| Income statement | ||||||||
9900 |
-2,503 | -538 | -2,068 | 49,564 | 7,249 | 12,334 | -2,038 | |
640/8 |
120 | 182 | 109 | 102 | 12,687 | 13,086 | 98 | |
9901 |
-2,623 | -720 | -2,177 | 49,462 | -5,438 | -752 | -2,136 | |
75/76B |
- | - | - | 0 | - | - | - | |
75 |
- | - | - | 0 | - | - | - | |
65/66B |
153 | 153 | 700 | 1,579 | 5,790 | 6 | 139 | |
65 |
153 | 153 | 700 | 1,579 | 5,790 | 6 | 139 | |
9903 |
-2,776 | -873 | -2,877 | 47,883 | -11,228 | -759 | -2,275 | |
67/77 |
- | - | - | 7,178 | - | - | - | |
9904 |
-2,776 | -873 | -2,877 | 40,705 | -11,228 | -759 | -2,275 | |
9905 |
-2,776 | -873 | -2,877 | 40,705 | -11,228 | -759 | -2,275 | |
| Appropriation of the result | ||||||||
9906 |
-2,776 | -873 | -2,877 | 26,443 | -14,262 | -3,034 | -2,275 | |
14P |
- | - | - | -14,262 | -3,034 | - | - | |
791/2 |
2,776 | 873 | 2,877 | - | - | - | - | |
691/2 |
- | - | - | 26,443 | - | - | - | |
6921 |
- | - | - | 26,443 | - | - | - | |
| Document | ||||||||
The notes to these accounts have 1 item. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 12-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155777 | |
| 31-12-2024 | micro format | 05-08-2025 | 2025-00359639 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00354127 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00149113 | |
| 31-12-2021 | micro format | 28-09-2022 | 2022-20441177 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52200274 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46400210 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| -3,727 | -906 | -34,002 | 6,565 | 47,068 | 526 | - | ||
| 32,317 | 35,093 | 35,966 | 38,843 | 26,013 | 275,366 | 10,125 | ||
| 98.9% | 41.5% | 42.1% | 32.5% | -0.4% | 2.6% | 15.1% | ||
| 92.80 | 1.71 | 1.73 | 1.48 | 1.07 | 4.20 | 1.18 | ||
| 92.80 | 0.43 | 0.45 | 0.70 | 0.21 | 0.24 | 1.18 | ||
| 0.01 | 1.41 | 1.38 | 2.08 | - | 37.58 | 5.63 | ||
| -8.6% | -2.5% | -8.0% | 104.8% | - | -8.1% | -22.5% | ||
| -8.5% | -1.0% | -3.4% | 34.1% | -2.6% | -0.2% | -3.4% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is a loss of €2,623, larger than the loss of €720 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total falls from 58.5% to 1.1%. Equity and debt are lower.
1 other company of this director went bankrupt.
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
| PG CONSULT
registered office since 12-07-2006 · founded in 2006 |
total assets €1.0m (2025) 0882.482.838 |
| Vereniging van Mede-eigenaars van het gebouw te 2930 Brasschaat, Bredabaan 499
registered office since 30-10-2018 |
founded in 2018 0717.732.395 |
| Verlicon + via Patrik Geurts, no longer at Verlicon + · Manager · deed of 06-06-2018 Open bankruptcy · founded in 2018 |
total assets €281,489 (2022) |
| Tailor's Factory via Patrik Geurts, no longer at Tailor's Factory · Director · deed of 26-10-2021 founded in 2018 · negative equity (2023) · accounts filed late |
3.1 FTE (2023) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Bredabaan 499 registered office 2930 Brasschaat 68110 Buying and selling of own real estate | 27-08-2018 | 2.280.628.663 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11324D0159/00B005 | 330 m² | 1 · 91 m² | 14.9 m · 3 |
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