PABEAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 31 filings
Turnover
≈ €26,000
Estimated: probably between €12,000 and €62,000
Total assets
€910,927▲ 0.6%
2024 · €905,328
Net result
€27,903
2024 · -€16,725
Working capital
€701,127▼ 2.8%
2024 · €721,559
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€25,405
▲ 6.2%
2025
20192025
Net result
€27,903
2025
20192025
Equity
€906,383
▲ 0.8%
2025
20192025
Total assets
€910,927
▲ 0.6%
2025
20192025
Debt
€4,543
▼ 29.0%
2025
20192025
Working capital
€701,127
▼ 2.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€6,975-€7,810▲ 12.0%€12,259▲ 57.0%€162,046▲ 13×-€9,825-€27,084▼ 176%-€25,405▲ 6.2%
Net result€8,279-€7,023▼ 15.2%€8,536▲ 21.5%€114,370▲ 13×-€2,313-€16,725▼ 623%€27,903
Equity€317,589-€324,612▲ 2.2%€333,148▲ 2.6%€897,518▲ 169%€895,205▼ 0.3%€898,933▲ 0.4%€906,383▲ 0.8%
Total assets€332,793-€343,818▲ 3.3%€348,099▲ 1.2%€905,446▲ 160%€919,751▲ 1.6%€905,328▼ 1.6%€910,927▲ 0.6%
Debt€15,204-€19,206▲ 26.3%€14,951▼ 22.2%€7,928▼ 47.0%€24,546▲ 210%€6,395▼ 73.9%€4,543▼ 29.0%
Working capital€188,224-€209,779▲ 11.5%€230,063▲ 9.7%€823,949▲ 258%€785,735▼ 4.6%€721,559▼ 8.2%€701,127▼ 2.8%
The operating result for 2025 is a loss of €25,405, smaller than the loss of €27,084 in 2024.
Large changes and their cause
- 2022 Equity +169%, Total assets +160% on 2021. Capital increase of €450,000 (Official Gazette 23-05-2022).
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €910,927
Fixed assets
€205,256 ▲ 15.7%
Current assets
€705,670 ▼ 3.1%
Equity and liabilities €910,927
Equity
€906,383 ▲ 0.8%
Debt
€4,543 ▼ 29.0%
Debt's share of the balance-sheet total falls from 0.7% to 0.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€2,027▲
2024 · -€12,946
Cash flow
€51,281▲
2024 · -€2,587
Debt to equity
0.01▼
2024 · 0.01
ROE
3.1%▲
2024 · -1.9%
ROA
3.1%▲
2024 · -1.8%
Interest coverage
-5.46▲
2024 · -99.58
Debt ≤ 1 year
€4,543▼
2024 · €6,395
Income taxes
-€4,940▼
2024 · €7,703
A ratio outside any meaningful range has been withheld (balance sheet total €910,927, equity €906,383).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €41,459 | €82,042 | €51,261 |
| Depreciation and write-downs of the year | €10,160 | €7,834 | €14,138 | €23,378 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,516 | €14,077 | €11,703 | €10,160 | €7,834 | €14,138 | €23,378 | ▲ 65.4% |
| Other operating charges640/8 | - | - | - | €5,298 | €2,475 | €4,677 | €5,405 | ▲ 15.6% |
| Gross operating margin9900 | €29,060 | €28,221 | €28,437 | €177,504 | €484 | -€8,269 | €3,378 | - |
| Operating profit (loss)9901 | €6,975 | €7,810 | €12,259 | €162,046 | -€9,825 | -€27,084 | -€25,405 | ▲ 6.2% |
| Financial income75/76B | - | - | - | - | €7,665 | €18,192 | €48,740 | ▲ 168% |
| Recurring financial income75 | €5,833 | €3,664 | €686 | - | €7,665 | €18,192 | €48,740 | ▲ 168% |
| Financial charges65/66B | - | - | - | €79 | €126 | €130 | €371 | ▲ 185% |
| Recurring financial charges65 | €75 | €235 | €147 | €79 | €126 | €130 | €371 | ▲ 185% |
| Profit (loss) for the period before taxes9903 | €12,733 | €11,239 | €12,798 | €161,967 | -€2,286 | -€9,022 | €22,963 | - |
| Income taxes67/77 | €4,454 | €4,216 | €4,262 | €47,597 | €27 | €7,703 | -€4,940 | - |
| Profit (loss) for the period9904 | €8,279 | €7,023 | €8,536 | €114,370 | -€2,313 | -€16,725 | €27,903 | - |
| Profit (loss) for the period to be appropriated9905 | €8,279 | €7,023 | €8,536 | €114,370 | -€2,313 | -€16,725 | €27,903 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €332,793 | €343,818 | €348,099 | €905,446 | €919,751 | €905,328 | €910,927 | ▲ 0.6% |
| Fixed assets21/28 | €129,365 | €115,288 | €103,585 | €75,845 | €109,470 | €177,374 | €205,256 | ▲ 15.7% |
| Tangible fixed assets22/27 | €129,365 | €115,288 | €103,585 | €75,845 | €109,470 | €177,374 | €205,256 | ▲ 15.7% |
| Land and buildings22 | - | - | - | €75,845 | €109,470 | €177,374 | €205,256 | ▲ 15.7% |
| Current assets29/58 | €203,428 | €228,530 | €244,514 | €829,601 | €810,281 | €727,954 | €705,670 | ▼ 3.1% |
| Amounts receivable within one year40/41 | €74,582 | €6,725 | €10,262 | €7,411 | - | - | €633 | - |
| Other amounts receivable41 | - | - | - | €7,411 | - | - | €633 | - |
| Current investments50/53 | - | €82,991 | €82,991 | €82,991 | €782,991 | €582,041 | €691,272 | ▲ 18.8% |
| Cash at bank and in hand54/58 | €125,996 | €138,814 | €151,261 | €739,199 | €19,715 | €145,397 | €13,327 | ▼ 90.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €7,575 | €516 | €438 | ▼ 15.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €332,793 | €343,818 | €348,099 | €905,446 | €919,751 | €905,328 | €910,927 | ▲ 0.6% |
| Equity10/15 | €317,589 | €324,612 | €333,148 | €897,518 | €895,205 | €898,933 | €906,383 | ▲ 0.8% |
| Contributions10/11 | €221,061 | €221,061 | €221,061 | €671,061 | €671,061 | €671,061 | €671,061 | = |
| Capital10 | - | - | - | €671,061 | €671,061 | €671,061 | €671,061 | = |
| Issued capital100 | - | - | - | €787,075 | €787,075 | €787,075 | €787,075 | = |
| Uncalled capital101 | - | - | - | €116,014 | €116,014 | €116,014 | €116,014 | = |
| Reserves13 | €47,474 | €54,497 | €63,033 | €177,403 | €177,403 | €177,403 | €205,306 | ▲ 15.7% |
| Non-distributable reserves130/1 | - | - | - | €78,708 | €78,708 | €78,708 | €78,708 | = |
| Legal reserve130 | - | - | - | €78,708 | €78,708 | €78,708 | €78,708 | = |
| Distributable reserves133 | - | - | - | €98,695 | €98,695 | €98,695 | €126,598 | ▲ 28.3% |
| Profit (loss) carried forward14 | €49,054 | €49,054 | €49,054 | €49,054 | €46,741 | €30,016 | €30,016 | = |
| Investment grants15 | - | - | - | - | - | €20,453 | - | - |
| Amounts payable17/49 | €15,204 | €19,206 | €14,951 | €7,928 | €24,546 | €6,395 | €4,543 | ▼ 29.0% |
| Amounts payable within one year42/48 | €15,204 | €18,751 | €14,451 | €5,652 | €24,546 | €6,395 | €4,543 | ▼ 29.0% |
| Trade debts44 | €9,936 | €13,708 | €9,357 | €230 | €22,842 | €502 | - | - |
| Suppliers440/4 | - | - | - | €230 | €22,842 | €502 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,582 | - | - | - | - |
| Taxes450/3 | - | - | - | €4,582 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €840 | €1,704 | €5,893 | €4,543 | ▼ 22.9% |
| Accrued charges and deferred income492/3 | - | - | - | €2,276 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,279 | €7,023 | €8,536 | €114,370 | -€2,313 | -€16,725 | €27,903 | - |
| + Depreciation and write-downs630 | €16,516 | €14,077 | €11,703 | €10,160 | €7,834 | €14,138 | €23,378 | ▲ 65.4% |
| Operating cash flow (approximation) | €24,795 | €21,100 | €20,239 | €124,530 | €5,521 | -€2,587 | €51,281 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €17,580 | -€41,459 | -€82,042 | -€51,260 | ▲ 37.5% |
| Change in cash | - | €12,818 | €12,447 | €587,938 | -€719,484 | €125,682 | -€132,070 | - |
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, 14,766 companies had the same profile as PABEAR has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PABEAR itself: < 0.1% within 12 months.
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 14,766 companies, not a prediction for PABEAR. 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.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00025597 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00022357 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00017782 | |
| 30-06-2023 | micro format | 28-11-2023 | 2023-00521418 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00024720 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03400466 | |
| 30-06-2020 | micro format | 20-01-2021 | 2021-01200454 | |
| 30-06-2019 | micro format | 02-01-2020 | 2020-00100148 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02800089 | |
| 30-06-2017 | micro format | 22-01-2018 | 2018-01900128 |