PACOO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-06-2026 PDF all 29 filings
Turnover
≈ €1.6m
Estimated: probably between €1.3m and €2.7m
Total assets
€1.3m▲ 6.3%
2024 · €1.2m
Net result
€214,990▲ 42.9%
2024 · €150,481
Working capital
€721,351▲ 9.9%
2024 · €656,134
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€287,258
▲ 18.7%
2025
20182025
Net result
€214,990
▲ 42.9%
2025
highest quarter of the sector
20182025
Equity
€580,485
▲ 38.7%
2025
middle half of the sector
20182025
Total assets
€1.3m
▲ 6.3%
2025
middle half of the sector
20182025
Debt
€705,340
▼ 10.8%
2025
20182025
Working capital
€721,351
▲ 9.9%
2025
highest quarter of the sector
20182025
Solvency
45.1%
▲ 10.5pp
2025
middle half of the sector
20182025
Current ratio
3.21
▼ 0.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.7%
▲ 4.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2
▼ 23.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.02m▼ 65.5%€0.06m▲ 259%€0.07m▲ 12.7%€0.09m▲ 27.3%€0.2m▲ 114%€0.2m▲ 28.9%€0.3m▲ 18.7%
Net result€0.04m-€0.02m▼ 53.9%€0.05mwithin the sector's middle half▲ 188%€0.05mwithin the sector's middle half▲ 3.1%€0.05mwithin the sector's middle half▲ 7.8%€0.1mwithin the sector's middle half▲ 107%€0.2mabove the sector's middle half▲ 36.7%€0.2mabove the sector's middle half▲ 42.9%
Equity€0.7m-€0.7m▲ 2.3%€0.8mabove the sector's middle half▲ 6.5%€0.1mwithin the sector's middle half▼ 86.6%€0.2mwithin the sector's middle half▲ 50.7%€0.3mwithin the sector's middle half▲ 69.7%€0.4mwithin the sector's middle half▲ 56.1%€0.6mwithin the sector's middle half▲ 38.7%
Total assets€0.9m-€1.2m▲ 30.2%€1.2mwithin the sector's middle half▼ 3.1%€1.2mwithin the sector's middle half▲ 0.6%€1.2mwithin the sector's middle half▲ 2.8%€1.2mwithin the sector's middle half▼ 2.0%€1.2mwithin the sector's middle half▲ 2.6%€1.3mwithin the sector's middle half▲ 6.3%
Debt€0.2m-€0.5m▲ 130%€0.4m▼ 18.3%€1.1m▲ 182%€1.0m▼ 1.9%€0.9m▼ 12.8%€0.8m▼ 13.2%€0.7m▼ 10.8%
Working capital€0.5m-€0.5m▲ 1.0%€0.6mabove the sector's middle half▲ 7.8%-€0.1mbelow the sector's middle half€0.6mabove the sector's middle half€0.6mabove the sector's middle half▲ 2.5%€0.7mabove the sector's middle half▲ 9.4%€0.7mabove the sector's middle half▲ 9.9%
Solvency78.2%-61.5%▼ 16.7pp67.5%above the sector's middle half▲ 6.1pp9.0%below the sector's middle half▼ 58.6pp13.1%below the sector's middle half▲ 4.2pp22.7%within the sector's middle half▲ 9.6pp34.6%within the sector's middle half▲ 11.9pp45.1%within the sector's middle half▲ 10.5pp
Current ratio9.71-5.47▼ 4.247.43above the sector's middle half▲ 1.960.88below the sector's middle half▼ 6.553.60above the sector's middle half▲ 2.733.55above the sector's middle half▼ 0.053.50above the sector's middle half▼ 0.053.21above the sector's middle half▼ 0.29
Return on assets (ROA)3.9%-1.4%▼ 2.5pp4.1%within the sector's middle half▲ 2.7pp4.2%within the sector's middle half▲ 0.1pp4.4%within the sector's middle half▲ 0.2pp9.3%within the sector's middle half▲ 4.9pp12.4%above the sector's middle half▲ 3.1pp16.7%above the sector's middle half▲ 4.3pp
Staff (FTE)1.2-1.2=1.2below the sector's middle half=1.4below the sector's middle half▲ 16.7%3within the sector's middle half▲ 114%3.3within the sector's middle half▲ 10.0%2.6within the sector's middle half▼ 21.2%2within the sector's middle half▼ 23.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 19% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.3m
Fixed assets
€237,496 ▼ 18.3%
Current assets
€1.0m ▲ 14.1%
Equity and liabilities €1.3m
Equity
€580,485 ▲ 38.7%
Debt
€705,340 ▼ 10.8%
Debt's share of the balance-sheet total falls from 65.4% to 54.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€340,508▲
2024 · €295,435
Cash flow
€268,241▲
2024 · €203,827
Quick ratio
2.57▼
2024 · 3.02
Debt to equity
1.22▼
2024 · 1.89
ROE
37.0%▲
2024 · 35.9%
Interest coverage
19.52▲
2024 · 13.75
Debt ≤ 1 year
€326,977▲
2024 · €262,393
Debt > 1 year
€377,957▼
2024 · €528,066
Income taxes
€102,637▲
2024 · €73,523
Staff costs
€98,241▼
2024 · €120,725
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 5 | 2 | 2 |
| full-time | 0 | 0 | 1 | 0 | 0 |
| part-time | 4 | 3 | 4 | 2 | 2 |
| in full-time equivalents | 1.4 | 1.6 | 3.3 | 1 | 1.3 |
| Average over the year, in full-time equivalents | 1.4 | 1.5 | - | 1.4 | 1.1 |
| On a permanent contract | 4 | 3 | 3 | 2 | 2 |
| Joined | - | - | 3 | - | 4 |
| Left | - | - | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,479 | - | €4,900 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €59,846 | €53,075 | €53,636 | €53,346 | €53,251 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €100,043 | €117,416 | €151,236 | €120,725 | €98,241 | ▼ 18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,850 | €95,093 | €69,122 | €59,846 | €53,075 | €53,636 | €53,346 | €53,251 | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €3,788 | €4,405 | €4,579 | €5,407 | €5,196 | ▼ 3.9% |
| Gross operating margin9900 | €136,345 | €177,322 | €214,389 | €232,638 | €262,707 | €397,334 | €421,567 | €443,945 | ▲ 5.3% |
| Operating profit (loss)9901 | €49,348 | €17,020 | €61,179 | €68,961 | €87,811 | €187,883 | €242,089 | €287,258 | ▲ 18.7% |
| Financial income75/76B | - | - | - | €8,503 | €2,577 | €2,172 | €3,408 | €47,813 | ▲ 14× |
| Recurring financial income75 | €2,058 | €2,512 | €2,657 | €8,503 | €2,577 | €2,172 | €3,408 | €47,813 | ▲ 14× |
| Financial charges65/66B | - | - | - | €5,931 | €10,352 | €25,622 | €21,494 | €17,443 | ▼ 18.8% |
| Recurring financial charges65 | €2,975 | €2,960 | €12,715 | €5,931 | €10,352 | €25,622 | €21,494 | €17,443 | ▼ 18.8% |
| Profit (loss) for the period before taxes9903 | €53,201 | €16,572 | €51,121 | €71,533 | €80,036 | €164,433 | €224,004 | €317,627 | ▲ 41.8% |
| Income taxes67/77 | €17,260 | - | €3,321 | €22,233 | €26,883 | €54,323 | €73,523 | €102,637 | ▲ 39.6% |
| Profit (loss) for the period9904 | €35,941 | €16,572 | €47,801 | €49,300 | €53,153 | €110,110 | €150,481 | €214,990 | ▲ 42.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €2,479 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €35,941 | €16,572 | €53,457 | €51,780 | €53,153 | €110,110 | €150,481 | €214,990 | ▲ 42.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.9m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 6.3% |
| Fixed assets21/28 | €0.3m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 18.3% |
| Tangible fixed assets22/27 | €0.3m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 18.3% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 18.1% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | €387 | ▼ 63.6% |
| Current assets29/58 | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | ▲ 14.1% |
| Stocks and contracts in progress3 | €0.09m | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 66.9% |
| Stocks30/36 | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 66.9% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.4m | €0.4m | €0.09m | €0.06m | €0.08m | €0.1m | ▲ 21.0% |
| Trade receivables40 | - | - | - | €0.04m | €0.05m | €0.06m | €0.07m | €0.07m | ▲ 1.2% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.03m | €0.001m | €0.01m | €0.03m | ▲ 142% |
| Current investments50/53 | - | - | - | - | - | €0.4m | €0.4m | €0.4m | ▲ 9.8% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.1m | €0.2m | €0.6m | €0.2m | €0.3m | €0.3m | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €486 | €0.001m | €465 | €0.001m | ▲ 162% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.9m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 6.3% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.1m | €0.2m | €0.3m | €0.4m | €0.6m | ▲ 38.7% |
| Contributions10/11 | €0.06m | €0.06m | €0 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Contributions outside capital11 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Other1109/19 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.04m | €0.1m | €0.2m | €0.4m | €0.5m | ▲ 45.4% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0 | €0.05m | €0.2m | €0.3m | €0.5m | ▲ 51.6% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - | - | €0 | - |
| Amounts payable17/49 | €0.2m | €0.5m | €0.4m | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 10.8% |
| Amounts payable after more than one year17 | €0.1m | €0.3m | €0.3m | €0.2m | €0.8m | €0.7m | €0.5m | €0.4m | ▼ 28.4% |
| Financial debts170/4 | - | - | - | €0.2m | €0.8m | €0.7m | €0.5m | €0.4m | ▼ 28.4% |
| Amounts payable within one year42/48 | €0.06m | €0.1m | €0.09m | €0.8m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 24.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 1.9% |
| Trade debts44 | €0.04m | €0.06m | €0.03m | €0.04m | €0.06m | €0.05m | €0.06m | €0.08m | ▲ 28.9% |
| Suppliers440/4 | - | - | - | €0.04m | €0.06m | €0.05m | €0.06m | €0.08m | ▲ 28.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.04m | €0.05m | €0.05m | ▼ 10.2% |
| Taxes450/3 | - | - | - | €0.005m | €0.02m | €0.02m | €0.03m | €0.03m | ▼ 13.9% |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0.005m | €0.02m | €0.02m | €0.02m | ▼ 3.7% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.001m | €0 | - | €0.05m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €384 | €167 | €406 | ▲ 143% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,941 | €16,572 | €47,801 | €49,300 | €53,153 | €110,110 | €150,481 | €214,990 | ▲ 42.9% |
| + Depreciation and write-downs630 | €30,850 | €95,093 | €69,122 | €59,846 | €53,075 | €53,636 | €53,346 | €53,251 | ▼ 0.2% |
| Operating cash flow (approximation) | €66,790 | €111,665 | €116,923 | €109,146 | €106,228 | €163,746 | €203,827 | €268,241 | ▲ 31.6% |
| Investment in fixed assets (approximation) | - | -€309,377 | -€20,892 | -€2,479 | €0 | -€4,900 | €0 | €0 | - |
| Change in cash | - | €7,712 | -€25,867 | €60,924 | €454,866 | -€383,554 | €54,666 | -€12,303 | - |
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, 31,368 companies had the same profile as PACOO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PACOO 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 31,368 companies, not a prediction for PACOO. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-06-2026 | 2026-00138257 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00231417 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00155531 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00256559 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20191945 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-62300306 | |
| 31-12-2019 | abbreviated format | 24-08-2020 | 2020-44000264 | |
| 31-12-2018 | abbreviated format | 26-08-2019 | 2019-53700555 | |
| 31-12-2017 | abbreviated format | 23-08-2018 | 2018-49100443 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-54500506 |