PACOSA
ActiveSummary
PACOSA has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €128,743 and a net result of €120,398. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 60% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2023
Profitability100▲+4
Solvency67▲+18
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 1.72 against 1.28 in 2023; short-term debt: 57.6% and cash: 56.8% of total assets), but 57.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
42.4%
Return on assets
39.7%
Age of the figures
18 mo
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
192021222325
2019 to 2025 · latest year €128,743
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 21-10-2025, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2023
16 d early
2022
9 d early
2021
12 d early
2020
11 d early
2019
18 d early
2018
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 14 days before the deadline; the sector median for financial year 2023 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, micro schema
Equity
€128,743▲ 378%
2023 · €26,937
Total assets
€303,315▲ 168%
2023 · €113,343
Net result
€120,398▲ 382%
2023 · €24,967
Working capital
€126,303▲ 464%
2023 · €22,399
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
Line20202021202220232025
Operating result-€3,101-€11,657▼ 276%€1,255€22,216▲ 1,670%€148,166-
Net result-€3,140-€10,936▼ 248%€2,557€24,967▲ 876%€120,398-
Equity€10,348▼ 23.3%-€587€1,970€26,937▲ 1,268%€128,743-
Total assets€106,385▼ 28.4%€111,087▲ 4.4%€91,639▼ 17.5%€113,343▲ 23.7%€303,315-
Debt€96,036▼ 28.9%€111,675▲ 16.3%€89,669▼ 19.7%€86,407▼ 3.6%€174,572-
Working capital€10,348▼ 23.3%-€5,703-€3,083▲ 45.9%€22,399€126,303-
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is €148,166 in 2025, compared with €22,216 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €303,315
Fixed assets
€2,440 ▼ 77.3%
Current assets
€300,875 ▲ 193%
Equity and liabilities €303,315
Equity
€128,743 ▲ 378%
Debt
€174,572 ▲ 102%
Debt's share of the balance-sheet total falls from 76.2% to 57.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€157,690▲
2023 · €27,143
Cash flow
€129,921▲
2023 · €29,894
Current ratio
1.72▲
2023 · 1.28
Debt to equity
1.36▼
2023 · 3.21
ROE
93.5%▲
2023 · 92.7%
ROA
39.7%▲
2023 · 22.0%
Interest coverage
108.34▲
2023 · 27.04
Debt ≤ 1 year
€174,572▲
2023 · €80,219
Income taxes
€41,030▲
2023 · €850
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,058 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% | 1.6% |
| 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 74% 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 31,324 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 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €38,393 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,301 | €4,836 | €4,927 | €9,524 | - |
| Other operating charges640/8 | - | - | €5,016 | €850 | €1,641 | - |
| Gross operating margin9900 | -€3,101 | -€6,887 | €11,107 | €27,993 | €159,331 | - |
| Operating profit (loss)9901 | -€3,101 | -€11,657 | €1,255 | €22,216 | €148,166 | - |
| Financial income75/76B | - | - | €2,123 | €4,604 | €14,717 | - |
| Recurring financial income75 | - | €1,386 | €2,123 | €4,604 | €14,717 | - |
| Financial charges65/66B | - | - | €508 | €1,004 | €1,456 | - |
| Recurring financial charges65 | €39 | €665 | €508 | €1,004 | €1,456 | - |
| Profit (loss) for the period before taxes9903 | -€3,140 | -€10,936 | €2,871 | €25,817 | €161,428 | - |
| Income taxes67/77 | - | - | €314 | €850 | €41,030 | - |
| Profit (loss) for the period9904 | -€3,140 | -€10,936 | €2,557 | €24,967 | €120,398 | - |
| Profit (loss) for the period to be appropriated9905 | -€3,140 | -€10,936 | €2,557 | €24,967 | €120,398 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €106,385 | €111,087 | €91,639 | €113,343 | €303,315 | - |
| Fixed assets21/28 | - | €20,018 | €15,652 | €10,725 | €2,440 | - |
| Tangible fixed assets22/27 | - | €20,018 | €15,652 | €10,725 | €2,440 | - |
| Furniture and vehicles24 | - | - | €826 | €403 | - | - |
| Leasing and similar rights25 | - | - | €14,826 | €10,322 | €2,440 | - |
| Current assets29/58 | €106,385 | €91,069 | €75,987 | €102,618 | €300,875 | - |
| Amounts receivable within one year40/41 | €106,384 | €90,790 | €74,808 | €96,804 | €127,938 | - |
| Trade receivables40 | - | - | €6,092 | €3,128 | - | - |
| Other amounts receivable41 | - | - | €68,716 | €93,676 | €127,938 | - |
| Cash at bank and in hand54/58 | €1 | €5 | €558 | €5,099 | €172,184 | - |
| Deferred charges and accrued income490/1 | - | - | €621 | €715 | €752 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €106,385 | €111,087 | €91,639 | €113,343 | €303,315 | - |
| Equity10/15 | €10,348 | -€587 | €1,970 | €26,937 | €128,743 | - |
| Contributions10/11 | - | - | €18,592 | €18,592 | €1 | - |
| Reserves13 | €38,861 | €1,859 | €1,859 | €8,345 | €128,742 | - |
| Tax-exempt reserves132 | - | - | €1,859 | - | - | - |
| Distributable reserves133 | - | - | - | €8,345 | €128,742 | - |
| Profit (loss) carried forward14 | -€47,105 | -€21,039 | -€18,482 | - | - | - |
| Amounts payable17/49 | €96,036 | €111,675 | €89,669 | €86,407 | €174,572 | - |
| Amounts payable after more than one year17 | - | €14,903 | €10,599 | €6,188 | - | - |
| Financial debts170/4 | - | - | €10,599 | €6,188 | - | - |
| Amounts payable within one year42/48 | €96,036 | €96,772 | €79,070 | €80,219 | €174,572 | - |
| Current portion of amounts payable after more than one year42 | - | - | €4,303 | €4,412 | €2,807 | - |
| Trade debts44 | €90,900 | €92,574 | €74,581 | €73,797 | €165,273 | - |
| Suppliers440/4 | - | - | €74,581 | €73,797 | €165,273 | - |
| Taxes, remuneration and social security45 | - | - | €185 | €2,010 | €6,493 | - |
| Taxes450/3 | - | - | €185 | €2,010 | €6,493 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,140 | -€10,936 | €2,557 | €24,967 | €120,398 | - |
| + Depreciation and write-downs630 | - | €3,301 | €4,836 | €4,927 | €9,524 | - |
| Operating cash flow (approximation) | -€3,140 | -€7,634 | €7,392 | €29,894 | €129,921 | - |
| Investment in fixed assets (approximation) | - | - | -€469 | €0 | - | - |
| Change in cash | - | €4 | €553 | €4,542 | - | - |
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
2025
21-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Highest result since 2019net €120,398 ▲382%
Operating result €148,166, net result €120,398, both a record.
31-03
Financial
Equity above €100,000Eq €128,743 ▲378%
3 profitable years in a row build equity to €128,743.
2024
15-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
22-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Back to profitnet €2,557
Net result €2,557 after 2 loss-making years.
19-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Weakest financial yearnet -€10,936
Net result drops to -€10,936, the lowest in the series; recovery starts the following year.
20-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
10-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
21-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
09-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2015
08-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Bertem · 1 establishment unit since 1995
Ground area
2,700 m²
Building footprint
1,309 m²
Volume, LiDAR
9,696 m³
Parcel 24061B0289/00L006, Flanders · tallest building 11.6 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
M.P.T.
since 19952.074.477.632
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24061B0289/00L006 | Flanders | 2,700 m² | 1 · 1,309 m² | 11.6 m · 2 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.
Similar companies · same sector, comparable size
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CG.OPPORTUNITY
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IMMOBILIERE PIERRE THONON
BE 0546.789.295
Blégny · Eq €128,609
ROGOS
BE 0751.601.926
Oostkamp · Eq €128,605
Of 11,756 companies in sector 68310 we hold annual accounts for 6,907. 5,247 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-12-1995
Fiscal year end31-03
Activities, NACEBEL 2025
68310Real estate agency activities
68321Property management for co-owned buildings (syndics)
68322Real estate appraisal on a fee or contract basis
E-invoicing
Reachable via Peppol
Peppol ID
0208:0456665508
Also
9925:BE0456665508
Registered
29-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.