Pag - Asa
ActivePag - Asa has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €698k and a net result of €20k. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 47% of 529 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
84
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70▲+1
Solvency66▼-4
Growth52=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity ample (current ratio 2.87 against 3.09 in 2024; short-term debt: 27.8% and cash: 46.8% of total assets), but 59.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 87
Relative position
BE, all sectors
reference
Sector 87
lower
← 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
40.7%
Return on assets
1.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
56 d late
2023
28 d late
2022
80 d late
2021
22 d late
2020
93 d early
2019
14 d early
← 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
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€20k▲ 124%
2024 · €9k
2018: €31k
2019: €2k
2020: €40k
2021: €19k
2022: €46k
2023: €42k
2024: €9k
2018 → 2025
Working capital
€889k▲ 12.5%
2024 · €790k
2018: €329k
2019: €313k
2020: €394k
2021: €303k
2022: €371k
2023: €737k
2024: €790k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€648k-€688k▲ 6.2%€751k▲ 9.2%€706k▼ 5.9%€698k▼ 1.2%
Operating result€19k-€47k▲ 149%€45k▼ 5.7%€11k▼ 76.2%€20k▲ 88.3%
Net result€19k-€46k▲ 145%€42k▼ 8.8%€9k▼ 78.4%€20k▲ 124%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 88% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.71M
Fixed assets
€349k▼ 14.8%
Current assets
€1.37M▲ 16.8%
Equity and liabilities €1.71M
Equity
€698k▼ 1.2%
Provisions
€414k▲ 13.7%
Debt
€603k▲ 18.6%
The debt ratio rises from 32.2% to 35.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€85k▼
2024 · €109k
Cash flow
€86k▼
2024 · €108k
Solvency
40.7%▼
2024 · 44.7%
Current ratio
2.87▼
2024 · 3.09
Quick ratio
2.87▼
2024 · 3.09
Debt / equity
0.86▲
2024 · 0.72
ROE
2.9%▲
2024 · 1.3%
ROA
1.2%▲
2024 · 0.6%
Interest coverage
32.67▼
2024 · 40.40
Debt
€603k▲
2024 · €508k
Debt ≤ 1 year
€476k▲
2024 · €378k
Debt > 1 year
€114k▼
2024 · €123k
Staff costs
€2.64M▲
2024 · €2.56M
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€1.58M€1.71M▲
Fixed assets21/28€410k€349k▼
Tangible fixed assets22/27€409k€349k▼
Land and buildings22€136k€130k▼
Plant, machinery and equipment23€273k€219k▼
Financial fixed assets28€723€723=
Current assets29/58€1.17M€1.37M▲
Amounts receivable within one year40/41€535k€536k▲
Trade receivables40€65k€32k▼
Other amounts receivable41€469k€504k▲
Cash at bank and in hand54/58€615k€803k▲
Deferred charges and accrued income490/1€18k€26k▲
Equity and liabilities
Total equity and liabilities10/49€1.58M€1.71M▲
Equity10/15€706k€698k▼
Reserves13€399k€419k▲
Profit (loss) carried forward14€28k€28k=
Investment grants15€279k€251k▼
Provisions and deferred taxes16€364k€414k▲
Provisions for liabilities and charges160/5€364k€414k▲
Pensions and similar obligations160€364k€414k▲
Amounts payable17/49€508k€603k▲
Amounts payable after more than one year17€123k€114k▼
Financial debts170/4€123k€114k▼
Amounts payable within one year42/48€378k€476k▲
Current portion of amounts payable after more than one year42€9k€9k▲
Trade debts44€24k€130k▲
Suppliers440/4€24k€130k▲
Taxes, remuneration and social security45€345k€337k▼
Remuneration and social security454/9€345k€337k▼
Accrued charges and deferred income492/3€7k€13k▲
Income statement
Code20242025
Non-recurring operating income76A€31k€62k▲
Remuneration, social security and pensions62€2.56M€2.64M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€99k€65k▼
Non-recurring operating charges66A€7k€34k▲
Gross operating margin9900€2.66M€2.73M▲
Operating profit (loss)9901€11k€20k▲
Financial income75/76B€1k€3k▲
Recurring financial income75€1k€3k▲
Financial charges65/66B€3k€3k▼
Recurring financial charges65€3k€3k▼
Profit (loss) for the period before taxes9903€9k€20k▲
Profit (loss) for the period9904€9k€20k▲
Profit (loss) for the period to be appropriated9905€9k€20k▲
Appropriation of the result
Profit (loss) to be appropriated9906€37k€48k▲
Profit (loss) brought forward from the previous period14P€28k€28k=
To contributions691€9k€20k▲
Social balance
Average headcount (FTE)908734.233.8▼
The notes to these accounts (12 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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 56 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
19-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 80 days late
2022
31-12
Financial
Highest result since 2018net €46k ▲145%
Operating result €47k, net result €46k, both a record.
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 22 days late
2021
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €2k ▼93.5%
Net result drops to €2k, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 134 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
26 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, Brussel · 1 establishment unit since 2006
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.
Cellebroersstraat 161000 BrusselGround area
5,054 m²
Building footprint
1,337 m²
Volume, LiDAR
19,629 m³
Parcel 21004A1607/00W000, Brussels · tallest building 28.3 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Pag - Asa vzw
since 20062.156.811.925
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21004A1607/00W000 | Brussels | 5,054 m² | 1 · 1,337 m² | 28.3 m · 6 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.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 139,480 EUR awarded · 125,564 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 69,580 EUR | 69,644 EUR |
| 2024 | 1 | 0 EUR | 55,920 EUR |
| 2023 | 1 | 69,900 EUR | 0 EUR |
Schemes
Subsidies jeugdhulp
Federal government
2023 to 2025 · 8 entries · 1,399,269 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Justitie | 2 | 460,000 EUR |
| 2024 | FOD Justitie | 3 | 487,669 EUR |
| 2023 | FOD Justitie | 3 | 451,600 EUR |
Budget allocations
Toelage aan het onthaalcentrum voor slachtoffers van mensenhandel PAG-ASA
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Of 142 companies in sector 87992 we hold annual accounts for 89. 73 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formNon-profit association
Founded04-07-1994
Fiscal year end31-12
Activities, NACEBEL
85316
87992Residential care activities
Sources
Crossroads Bank for EnterprisesNational Bank · 19 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.