PAGL
ActiveSummary
The computed 12-month bankruptcy probability of PAGL is 4.9% (elevated). The 2025 annual accounts show negative equity (-€24,558) and a net result of -€7,774. Equity is shrinking by ~70.9% per year across the filed fiscal years. Its solvency ranks better than 8% of 4709 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability1▲+1
Solvency0=
Growth32=
Track record94
Bankruptcy probability, 12 months
4.9%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.62 against 0.49 in 2024; short-term debt: 129.7% and cash: 4.3% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-46%
Return on assets
-14.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
22232425
2022 to 2025 · latest year -€24,558
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 4 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
30 d late
2022
60 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 38 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 31 August (4 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€24,558▼ 46.3%
2024 · -€16,784
Total assets
€53,384▲ 56.5%
2024 · €34,114
Net result
-€7,774▲ 71.6%
2024 · -€27,392
Working capital
-€26,422▼ 23.7%
2024 · -€21,365
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result-€1,551-€8,999-€25,925-€7,421▲ 71.4%
Net result-€1,597below the sector's middle half-€7,205within the sector's middle half-€27,392below the sector's middle half-€7,774below the sector's middle half▲ 71.6%
Equity€3,403below the sector's middle half-€10,609within the sector's middle half▲ 212%-€16,784below the sector's middle half-€24,558below the sector's middle half▼ 46.3%
Total assets€21,408below the sector's middle half-€36,846below the sector's middle half▲ 72.1%€34,114below the sector's middle half▼ 7.4%€53,384within the sector's middle half▲ 56.5%
Debt€18,005-€26,238▲ 45.7%€50,898▲ 94.0%€77,942▲ 53.1%
Working capital-€8,396within the sector's middle half-€1,820within the sector's middle half-€21,365below the sector's middle half-€26,422below the sector's middle half▼ 23.7%
Solvency15.9%within the sector's middle half-28.8%within the sector's middle half▲ 12.9pp-49.2%below the sector's middle half▼ 78.0pp-46.0%below the sector's middle half▲ 3.2pp
Current ratio0.29below the sector's middle half-1.09within the sector's middle half▲ 0.800.49below the sector's middle half▼ 0.600.62below the sector's middle half▲ 0.12
Return on assets (ROA)-7.5%below the sector's middle half-19.6%above the sector's middle half▲ 27.0pp-80.3%below the sector's middle half▼ 99.9pp-14.6%below the sector's middle half▲ 65.7pp
Staff (FTE)0.3-0.1▼ 66.7%
above
within
below
the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €7,421 in 2025 against €25,925 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53,384
Fixed assets
€10,564 ▼ 20.5%
Current assets
€42,820 ▲ 106%
Key figures and ratios
EBITDA
-€4,704▲
2024 · -€23,317
Cash flow
-€5,057▲
2024 · -€24,785
Debt to equity
-3.17▼
2024 · -3.03
Interest coverage
-8.78▲
2024 · -17.84
Debt ≤ 1 year
€69,242▲
2024 · €42,198
Debt > 1 year
€6,200=
2024 · €6,200
Income taxes
€176▲
2024 · €174
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,657 companies that looked in July 2024 the way this one looks now, 8.2% went bankrupt within 24 months and 84% are still going.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
8.2%
went bankrupt
5.3%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 4.9% 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 497,662 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% | 1.7% |
| 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 75% 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 7,657 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €7,345 | €6,243 | €305 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,149 | €2,611 | €2,608 | €2,717 | ▲ 4.2% |
| Other operating charges640/8 | €225 | €844 | €2,054 | €124 | ▼ 94.0% |
| Gross operating margin9900 | €10,169 | €18,696 | -€20,957 | -€4,580 | ▲ 78.1% |
| Operating profit (loss)9901 | -€1,551 | €8,999 | -€25,925 | -€7,421 | ▲ 71.4% |
| Financial income75/76B | €3 | €13 | €13 | €358 | ▲ 2,600% |
| Recurring financial income75 | €3 | €13 | €13 | €358 | ▲ 2,600% |
| Financial charges65/66B | €49 | €243 | €1,307 | €536 | ▼ 59.0% |
| Recurring financial charges65 | €49 | €243 | €1,307 | €536 | ▼ 59.0% |
| Profit (loss) for the period before taxes9903 | -€1,597 | €8,769 | -€27,218 | -€7,598 | ▲ 72.1% |
| Income taxes67/77 | - | €1,563 | €174 | €176 | ▲ 1.0% |
| Profit (loss) for the period9904 | -€1,597 | €7,205 | -€27,392 | -€7,774 | ▲ 71.6% |
| Profit (loss) for the period to be appropriated9905 | -€1,597 | €7,205 | -€27,392 | -€7,774 | ▲ 71.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €21,408 | €36,846 | €34,114 | €53,384 | ▲ 56.5% |
| Formation expenses20 | €61 | - | - | - | - |
| Fixed assets21/28 | €17,939 | €15,389 | €13,281 | €10,564 | ▼ 20.5% |
| Tangible fixed assets22/27 | €10,439 | €7,889 | €5,781 | €3,064 | ▼ 47.0% |
| Furniture and vehicles24 | €10,439 | €7,889 | €5,781 | €3,064 | ▼ 47.0% |
| Financial fixed assets28 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Current assets29/58 | €3,409 | €21,457 | €20,833 | €42,820 | ▲ 106% |
| Amounts receivable within one year40/41 | €3,338 | €21,400 | €20,817 | €40,540 | ▲ 94.7% |
| Trade receivables40 | - | €15,352 | €17,924 | €26,801 | ▲ 49.5% |
| Other amounts receivable41 | €3,338 | €6,049 | €2,894 | €13,739 | ▲ 375% |
| Cash at bank and in hand54/58 | €71 | €57 | €16 | €2,280 | ▲ 14,450% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €21,408 | €36,846 | €34,114 | €53,384 | ▲ 56.5% |
| Equity10/15 | €3,403 | €10,609 | -€16,784 | -€24,558 | ▼ 46.3% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | €5,609 | €5,609 | €5,609 | = |
| Distributable reserves133 | - | €5,609 | €5,609 | €5,609 | = |
| Profit (loss) carried forward14 | -€1,597 | - | -€27,392 | -€35,167 | ▼ 28.4% |
| Amounts payable17/49 | €18,005 | €26,238 | €50,898 | €77,942 | ▲ 53.1% |
| Amounts payable after more than one year17 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Financial debts170/4 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Amounts payable within one year42/48 | €11,805 | €19,638 | €42,198 | €69,242 | ▲ 64.1% |
| Trade debts44 | €9,783 | €13,840 | €36,512 | €63,380 | ▲ 73.6% |
| Suppliers440/4 | €9,783 | €13,840 | €36,512 | €63,380 | ▲ 73.6% |
| Taxes, remuneration and social security45 | €2,023 | €5,497 | €3,761 | €3,937 | ▲ 4.7% |
| Taxes450/3 | - | €1,609 | €1,738 | €1,914 | ▲ 10.1% |
| Remuneration and social security454/9 | €2,023 | €3,888 | €2,023 | €2,023 | = |
| Other amounts payable47/48 | - | €300 | €1,925 | €1,925 | = |
| Accrued charges and deferred income492/3 | - | €400 | €2,500 | €2,500 | = |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,597 | €7,205 | -€27,392 | -€7,774 | ▲ 71.6% |
| + Depreciation and write-downs630 | €4,149 | €2,611 | €2,608 | €2,717 | ▲ 4.2% |
| Operating cash flow (approximation) | €2,552 | €9,816 | -€24,785 | -€5,057 | ▲ 79.6% |
| Investment in fixed assets (approximation) | - | -€61 | -€500 | €0 | ▲ 100% |
| Change in cash | - | -€14 | -€41 | €2,264 | ▲ 5,569% |
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
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
25-03
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Board meeting, 26/02/2026
- Registered-office move, Industrieweg Noord 1118 bus 9, 3660 Oudsbergen
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Weakest financial yearnet -€27,392
Net result drops to -€27,392, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Back to profitnet €7,205
Net result €7,205 after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 1.09
Current ratio from 0.29 to 1.09.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 60 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Oudsbergen · 1 establishment unit since 2022
Ground area
1.9 ha
Building footprint
906 m²
Volume, LiDAR
5,092 m³
Parcel 71562B0905/00S003, Flanders · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
21
companies at this address
See who is registered here
1 establishment unit
PAGL
since 20222.327.714.542
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71562B0905/00S003 | Flanders | 1.9 ha | 1 · 906 m² | 7.0 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.
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Of 12,583 companies in sector 49410 we hold annual accounts for 8,204. 3,991 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
Founded06-01-2022
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
52210Service activities incidental to land transportation
52250Logistics services
Contact
E-mail
info@arpalogistics.nlOudsbergen
E-mail
info@transportpagl.beOudsbergen
Phone
+31612433267Oudsbergen
Phone
+31650706271Oudsbergen
E-invoicing
Reachable via Peppol
Peppol ID
0208:0779796460
Also
9925:BE0779796460
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.