PAC

Open bankruptcy

Public limited companyfounded 1993Xavier De Cocklaan 86-88, 9831 Sint-Martens-Latem, BelgiumKBO/BCE: BE 0450.409.008

A bankruptcy procedure is open for PAC according to publications in the Belgian State Gazette; curator: BENNY GOOSSENS. The 2021 annual accounts show negative equity (€-230k) and a net result of €27k.

Watch Print / PDF

Signals

Four signals. The signal on the left, the evidence on the right.

+raises risk○neutral

The KBO register records the legal situation: open bankruptcy (code 050). This is today's state according to the register itself; the register carries no start date.

KBO · legal situation

Open bankruptcy

Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.

Belgian State Gazette

Latest accounts filed on time

The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 31-05-2022, 61 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

not filed

2023

not filed

2022

not filed

2021

61 d early

2020

59 d late

2019

79 d early

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2021, abbreviated schema

Equity

€-230k▲ 10.5%

2020 · €-257k

2018: €-253k 2019: €26k 2020: €-257k

2018 → 2021

Total assets

€584k▼ 14.3%

2020 · €682k

2018: €1.00M 2019: €1.15M 2020: €682k

2018 → 2021

Net result

€27k

2020 · €-318k

2018: €3k 2019: €79k 2020: €-318k

2018 → 2021

Working capital

€-52k▲ 80.5%

2020 · €-269k

2018: €-537k 2019: €-333k 2020: €-269k

2018 → 2021

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line2018201920202021Trend

Equity€-253k-€26k€-257k€-230k▲ 10.5%

Operating result€22k-€82k▲ 276%€-306k€53k

Net result€3k-€79k▲ 2,278%€-318k€27k

Turnover and EBIT margin not published: the abbreviated schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result returns to profit in 2021: €53k after a loss of €306k in 2020.

Balance-sheet composition

2021 in colour, 2020 as the grey bar beneath

Assets €584k

34.3%

65.7%

Fixed assets €200k▼ 16.1%

Current assets €384k▼ 5.0%

Key figures and ratios

2021 value · change against 2020

EBITDA

€139k▲

2020 · €-210k

Cash flow

€113k▲

2020 · €-222k

Solvency

-39.4%▼

2020 · -37.7%

Current ratio

0.88▲

2020 · 0.60

Quick ratio

0.63▲

2020 · 0.41

Debt / equity

-3.54▼

2020 · -1.02

ROA

4.6%▲

2020 · -46.7%

Interest coverage

5.36

Debt

€814k▼

2020 · €938k

Debt ≤ 1 year

€436k▼

2020 · €673k

Debt > 1 year

€358k▲

2020 · €263k

Income taxes

€831▼

2020 · €1k

Staff costs

€322k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2021 against 2020

Balance sheet Code20202021

Assets

Total assets20/58€682k€584k▼

Formation expenses20€39k€0▼

Fixed assets21/28€239k€200k▼

Tangible fixed assets22/27€218k€180k▼

Plant, machinery and equipment23-€3k

Furniture and vehicles24-€13k

Leasing and similar rights25-€0

Other tangible fixed assets26-€163k

Financial fixed assets28€20k€20k▲

Current assets29/58€404k€384k▼

Stocks and contracts in progress3€126k€109k▼

Stocks30/36-€109k

Contracts in progress37-€0

Amounts receivable within one year40/41€199k€107k▼

Trade receivables40-€86k

Other amounts receivable41-€21k

Cash at bank and in hand54/58€11k€162k▲

Deferred charges and accrued income490/1-€6k

Equity and liabilities

Total equity and liabilities10/49€682k€584k▼

Equity10/15€-257k€-230k▲

Contributions10/11€62k€62k=

Capital10-€62k

Issued capital100-€62k

Reserves13€16k€16k=

Non-distributable reserves130/1-€16k

Legal reserve130-€16k

Profit (loss) carried forward14€-334k€-307k▲

Amounts payable17/49€938k€814k▼

Amounts payable after more than one year17€263k€358k▲

Financial debts170/4-€358k

Amounts payable within one year42/48€673k€436k▼

Current portion of amounts payable after more than one year42-€30k

Financial debts43-€0

Credit institutions430/8-€0

Trade debts44€311k€312k▲

Suppliers440/4-€312k

Advances received on contracts in progress46-€42k

Taxes, remuneration and social security45-€54k

Taxes450/3-€10k

Remuneration and social security454/9-€44k

Accrued charges and deferred income492/3-€20k

Income statement Code20202021

Non-recurring operating income76A-€0

Remuneration, social security and pensions62-€322k

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€96k€86k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0

Other operating charges640/8-€5k

Non-recurring operating charges66A-€8k

Gross operating margin9900€248k€474k▲

Operating profit (loss)9901€-306k€53k▲

Financial income75/76B-€444

Recurring financial income75€2k€444▼

Financial charges65/66B-€26k

Recurring financial charges65€14k€26k▲

Profit (loss) for the period before taxes9903€-317k€28k▲

Income taxes67/77€1k€831▼

Profit (loss) for the period9904€-318k€27k▲

Profit (loss) for the period to be appropriated9905€-318k€27k▲

Appropriation of the result

Profit (loss) to be appropriated9906-€-307k

Profit (loss) brought forward from the previous period14P-€-334k

Transfer from equity791/2-€0

Transfer to equity691/2-€0

To contributions691-€0

Social balance

Average headcount (FTE)9087-4.8

The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 14Signals 1Financial 3Filings 10

2022

19-12

Bankruptcy Opening

Ondernemingsrechtbank Gent, afdeling Gent · PAC NV XAVIER DE COCK- LAAN 86-8, 9831 DEURLE · event 13-12-2022

31-05

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

31-12

Financial Back to profitnet €27k

Net result €27k after one loss-making year.

28-09

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 59 days late

2020

31-12

Financial Weakest financial yearnet €-318k ▼501%

Net result drops to €-318k, the lowest in the series.

13-05

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2019

31-12

Financial Highest result since 2018net €79k ▲2278%

Operating result €82k, net result €79k, both a record.

26-06

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

25-06

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

08-03

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

2016

22-06

NBB filing Annual accounts filed

fiscal year 2015 · abbreviated schema

2014

07-03

NBB filing Annual accounts filed

fiscal year 2013 · abbreviated schema

2013

28-06

NBB filing Annual accounts filed

fiscal year 2012 · abbreviated schema

2012

30-07

NBB filing Annual accounts filed

fiscal year 2011 · abbreviated schema

SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

12 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, Sint-Martens-Latem · 1 establishment unit since 1994

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Xavier De Cocklaan 86-889831 Sint-Martens-Latem

Ground area

2,043 m²

Building footprint

790 m²

Volume, LiDAR

4,989 m³