PACON
ActivePACON has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €353k and a net result of €-48k. Equity is growing by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 42% of 7921 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-2
Solvency80▼-4
Growth52=
Stability100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity ample (current ratio 2.5 against 4.2 in 2024), but 63.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
20 d late
2023
8 d late
2022
3 d early
2021
31 d late
2020
31 d late
2019
21 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€353k▼ 12.1%
2024 · €401k
2018: €252k
2019: €316k
2020: €432k
2021: €461k
2022: €470k
2023: €509k
2024: €401k
2018 → 2025
Total assets
€963k▼ 5.1%
2024 · €1.02M
2018: €1.29M
2019: €1.62M
2020: €1.59M
2021: €1.54M
2022: €1.65M
2023: €1.56M
2024: €1.02M
2018 → 2025
Net result
€-48k
2024 · €2k
2018: €67k
2019: €65k
2020: €116k
2021: €29k
2022: €9k
2023: €39k
2024: €2k
2018 → 2025
Working capital
€215k▼ 24.5%
2024 · €284k
2018: €-311k
2019: €-4k
2020: €107k
2021: €112k
2022: €79k
2023: €60k
2024: €284k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€461k-€470k▲ 2.0%€509k▲ 8.4%€401k▼ 21.2%€353k▼ 12.1%
Operating result€50k-€19k▼ 63.0%€61k▲ 229%€12k▼ 80.2%€-33k
Net result€29k-€9k▼ 69.1%€39k▲ 335%€2k▼ 96.1%€-48k
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 turns negative in 2025: a loss of €33k after €12k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €963k
Fixed assets
€605k▼ 5.7%
Current assets
€358k▼ 4.1%
Equity and liabilities €963k
Equity
€353k▼ 12.1%
Provisions
€27k=
Debt
€584k▼ 0.6%
The debt ratio rises from 57.9% to 60.6%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€7k▼
2024 · €53k
Cash flow
€-9k▼
2024 · €42k
Solvency
36.6%▼
2024 · 39.5%
Current ratio
2.50▼
2024 · 4.20
Quick ratio
2.01▼
2024 · 3.25
Debt / equity
1.66▲
2024 · 1.47
ROE
-13.7%▼
2024 · 0.4%
ROA
-5.0%▼
2024 · 0.2%
Interest coverage
0.41▼
2024 · 4.10
Debt
€584k▼
2024 · €588k
Debt ≤ 1 year
€143k▲
2024 · €89k
Debt > 1 year
€441k▼
2024 · €499k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.02M€963k▼
Fixed assets21/28€642k€605k▼
Tangible fixed assets22/27€641k€604k▼
Land and buildings22€640k€604k▼
Plant, machinery and equipment23€0€0=
Furniture and vehicles24€865€432▼
Financial fixed assets28€1k€1k=
Current assets29/58€373k€358k▼
Stocks and contracts in progress3€84k€69k▼
Stocks30/36€84k€69k▼
Amounts receivable within one year40/41€229k€190k▼
Trade receivables40€167k€131k▼
Other amounts receivable41€62k€59k▼
Cash at bank and in hand54/58€60k€98k▲
Equity and liabilities
Total equity and liabilities10/49€1.02M€963k▼
Equity10/15€401k€353k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€339k€339k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€333k€333k=
Profit (loss) carried forward14-€-48k
Provisions and deferred taxes16€27k€27k=
Provisions for liabilities and charges160/5€27k€27k=
Pensions and similar obligations160€27k€27k=
Amounts payable17/49€588k€584k▼
Amounts payable after more than one year17€499k€441k▼
Financial debts170/4€499k€441k▼
Amounts payable within one year42/48€89k€143k▲
Current portion of amounts payable after more than one year42€57k€58k▲
Trade debts44€23k€9k▼
Suppliers440/4€23k€9k▼
Taxes, remuneration and social security45€0-
Taxes450/3€0-
Other amounts payable47/48€9k€76k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€41k€39k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€70k
Other operating charges640/8€2k€2k▼
Gross operating margin9900€55k€78k▲
Operating profit (loss)9901€12k€-33k▼
Financial income75/76B€9k€403▼
Recurring financial income75€9k€403▼
Financial charges65/66B€13k€16k▲
Recurring financial charges65€13k€16k▲
Profit (loss) for the period before taxes9903€8k€-48k▼
Income taxes67/77€6k-
Profit (loss) for the period9904€2k€-48k▼
Profit (loss) for the period to be appropriated9905€2k€-48k▼
Appropriation of the result
Profit (loss) to be appropriated9906€2k€-48k▼
Transfer from equity791/2€110k-
Transfer to equity691/2€2k-
To other reserves6921€2k-
Profit to be distributed694/7€110k-
Return on contributions (dividend)694€110k-
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
31-12
Financial
Weakest financial yearnet €-48k ▼3248%
Net result drops to €-48k, the lowest in the series.
20-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 20 days late
2024
31-12
Financial
Liquidity quadruplescurrent ratio 4.20
Current ratio from 1.07 to 4.20; short-term debt falls from €823k to €89k.
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 8 days late
2023
31-12
Financial
Equity above €500kEq €509k ▲8.4%
6 profitable years in a row build equity to €509k.
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €116k ▲79%
Operating result €181k, net result €116k, both a record.
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 21 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Brugge · 1 establishment unit since 1988
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.
Koolkerkse Wegel 78380 BruggeGround area
4,847 m²
Building footprint
293 m²
Volume, LiDAR
1,216 m³
Parcel 31007C0553/00D000, Flanders · tallest building 9.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Koolkerkse Wegel 7, 8380 Brugge
since 19882.041.089.737
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31007C0553/00D000 | Flanders | 4,847 m² | 1 · 293 m² | 9.3 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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PEGASUS
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Sol’VID
BE 1005.731.632
Kortrijk · Eq €351k
Of 6,127 companies in sector 46190 we hold annual accounts for 2,554. 1,682 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded20-10-1988
Fiscal year end31-12
Activities, NACEBEL
46190Agents in non-specialised wholesale trade
70210Activities of head offices; management consultancy activities
73300Public relations and communication consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 36 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.