P.E.N.
ActiveSummary
P.E.N. has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€770) and a net result of -€7,600. Equity is shrinking by ~22.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability29▲+5
Solvency25▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.02 against 0.0 in 2024; short-term debt: 5.6% of total assets), and equity is negative.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-0.3%
Return on assets
-2.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€770
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
7 d late
2023
9 d early
2022
18 d early
2021
85 d late
2020
292 d late
2019
213 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 81 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€770
2024 · €6,830
Total assets
€292,680▼ 3.4%
2024 · €302,998
Net result
-€7,600▲ 13.6%
2024 · -€8,793
Working capital
-€16,055▲ 80.9%
2024 · -€84,112
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€44▼ 100.0%-€18,347-€4,789▲ 73.9%-€6,166▼ 28.8%-€6,248▼ 1.3%
Net result-€2,411-€81,688▼ 3,288%-€26,119▲ 68.0%-€8,793▲ 66.3%-€7,600▲ 13.6%
Equity€123,430▲ 2.5%€41,742▼ 66.2%€15,622▼ 62.6%€6,830▼ 56.3%-€770
Total assets€334,187▼ 3.3%€324,098▼ 3.0%€313,394▼ 3.3%€302,998▼ 3.3%€292,680▼ 3.4%
Debt€182,000▼ 4.2%€254,718▲ 40.0%€271,251▲ 6.5%€270,766▼ 0.2%€269,166▼ 0.6%
Working capital-€71,657▼ 11.4%-€153,030▼ 114%-€108,491▲ 29.1%-€84,112▲ 22.5%-€16,055▲ 80.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6,248 in 2025 against €6,166 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €292,680
Fixed assets
€292,432 ▼ 3.4%
Current assets
€248 =
Key figures and ratios
EBITDA
€4,069▼
2024 · €4,152
Cash flow
€2,718▲
2024 · €1,525
Solvency
-0.3%▼
2024 · 2.3%
Current ratio
0.02▲
2024 · 0.00
ROA
-2.6%▲
2024 · -2.9%
Interest coverage
1.65▲
2024 · 1.11
Debt ≤ 1 year
€16,303▼
2024 · €84,360
Debt > 1 year
€252,862▲
2024 · €186,406
Equity ratios withheld: equity of -€770 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,799 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
1.9%
went bankrupt
5.9%
stopped otherwise
90%
still going
A further 2.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,799 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,681 | €10,553 | €10,318 | €10,318 | €10,318 | = |
| Other operating charges640/8 | €1,101 | €2,587 | €1,236 | €1,304 | €2,100 | ▲ 61.1% |
| Gross operating margin9900 | €11,826 | -€5,206 | €6,765 | €5,456 | €6,170 | ▲ 13.1% |
| Operating profit (loss)9901 | €44 | -€18,347 | -€4,789 | -€6,166 | -€6,248 | ▼ 1.3% |
| Financial charges65/66B | €3,573 | €6,019 | €4,367 | €3,745 | €2,469 | ▼ 34.1% |
| Recurring financial charges65 | €3,573 | €6,019 | €4,367 | €3,745 | €2,469 | ▼ 34.1% |
| Profit (loss) for the period before taxes9903 | -€3,530 | -€24,366 | -€9,155 | -€9,911 | -€8,718 | ▲ 12.0% |
| Transfer from deferred taxes780 | €1,118 | €1,118 | €1,118 | €1,118 | €1,118 | = |
| Income taxes67/77 | - | €58,440 | €18,082 | €0 | - | - |
| Profit (loss) for the period9904 | -€2,411 | -€81,688 | -€26,119 | -€8,793 | -€7,600 | ▲ 13.6% |
| Transfer from tax-exempt reserves789 | €3,355 | €3,355 | €3,355 | €3,355 | €3,355 | = |
| Profit (loss) for the period to be appropriated9905 | €943 | -€78,333 | -€22,765 | -€5,438 | -€4,245 | ▲ 21.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €334,187 | €324,098 | €313,394 | €302,998 | €292,680 | ▼ 3.4% |
| Fixed assets21/28 | €333,939 | €323,385 | €313,068 | €302,750 | €292,432 | ▼ 3.4% |
| Tangible fixed assets22/27 | €333,939 | €323,385 | €313,068 | €302,750 | €292,432 | ▼ 3.4% |
| Land and buildings22 | €332,645 | €322,456 | €312,268 | €302,079 | €291,891 | ▼ 3.4% |
| Plant, machinery and equipment23 | €1,059 | €929 | €800 | €670 | €541 | ▼ 19.3% |
| Furniture and vehicles24 | €235 | €0 | - | - | - | - |
| Current assets29/58 | €248 | €712 | €326 | €248 | €248 | = |
| Amounts receivable within one year40/41 | €0 | - | €78 | €0 | - | - |
| Other amounts receivable41 | €0 | - | €78 | €0 | - | - |
| Current investments50/53 | €248 | €248 | €248 | €248 | €248 | = |
| Cash at bank and in hand54/58 | - | €464 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | €0 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €334,187 | €324,098 | €313,394 | €302,998 | €292,680 | ▼ 3.4% |
| Equity10/15 | €123,430 | €41,742 | €15,622 | €6,830 | -€770 | ▼ 111% |
| Contributions10/11 | €66,931 | €66,931 | €66,931 | €66,931 | €66,931 | = |
| Capital10 | €66,931 | - | - | - | - | - |
| Issued capital100 | €66,931 | - | - | - | - | - |
| Reserves13 | €86,567 | €83,213 | €79,858 | €76,504 | €73,149 | ▼ 4.4% |
| Non-distributable reserves130/1 | €297 | €0 | - | - | - | - |
| Legal reserve130 | €297 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | €86,270 | €82,916 | €79,561 | €76,207 | €72,852 | ▼ 4.4% |
| Distributable reserves133 | - | €297 | €297 | €297 | €297 | = |
| Profit (loss) carried forward14 | -€30,069 | -€108,402 | -€131,167 | -€136,605 | -€140,850 | ▼ 3.1% |
| Provisions and deferred taxes16 | €28,757 | €27,639 | €26,520 | €25,402 | €24,284 | ▼ 4.4% |
| Deferred taxes168 | €28,757 | €27,639 | €26,520 | €25,402 | €24,284 | ▼ 4.4% |
| Amounts payable17/49 | €182,000 | €254,718 | €271,251 | €270,766 | €269,166 | ▼ 0.6% |
| Amounts payable after more than one year17 | €110,095 | €100,975 | €162,434 | €186,406 | €252,862 | ▲ 35.7% |
| Financial debts170/4 | €63,603 | €53,527 | €42,986 | €31,958 | €20,422 | ▼ 36.1% |
| Other amounts payable178/9 | €46,491 | €47,448 | €119,448 | €154,448 | €232,440 | ▲ 50.5% |
| Amounts payable within one year42/48 | €71,905 | €153,743 | €108,817 | €84,360 | €16,303 | ▼ 80.7% |
| Current portion of amounts payable after more than one year42 | €9,632 | €3,214 | €4,033 | €4,891 | €3,105 | ▼ 36.5% |
| Financial debts43 | €3,725 | €10,076 | €10,541 | €11,028 | €11,537 | ▲ 4.6% |
| Credit institutions430/8 | €3,725 | €10,076 | €10,541 | €11,028 | €11,537 | ▲ 4.6% |
| Trade debts44 | €2,323 | €49,233 | €762 | €0 | €1,662 | - |
| Suppliers440/4 | €2,323 | €49,233 | €762 | €0 | €1,662 | - |
| Taxes, remuneration and social security45 | €0 | - | - | - | - | - |
| Taxes450/3 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €56,226 | €91,219 | €93,481 | €68,441 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,411 | -€81,688 | -€26,119 | -€8,793 | -€7,600 | ▲ 13.6% |
| + Depreciation and write-downs630 | €10,681 | €10,553 | €10,318 | €10,318 | €10,318 | = |
| Operating cash flow (approximation) | €8,270 | -€71,135 | -€15,802 | €1,525 | €2,718 | ▲ 78.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | -€464 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
07-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 7 days late
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€81,688
Net result drops to -€81,688, the lowest in the series; recovery starts the following year.
24-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 85 days late
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 292 days late
2021
01-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 213 days late
2020
31-12
Financial
Back to profitnet €87,687
Net result €87,687 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €120,368 ▲269%
Equity rises from €32,594 to €120,368.
10-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 468 days late
2019
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 330 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Mortsel · 1 establishment unit since 1992
Ground area
1,127 m²
Building footprint
194 m²
Volume, LiDAR
1,626 m³
Parcel 11513C0098/00X008, Flanders · tallest building 14.9 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
P.E.N. NV
since 19922.059.026.918
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11513C0098/00X008 | Flanders | 1,127 m² | 1 · 194 m² | 14.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded15-09-1992
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0448226607
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.