PAIN PLUS
ActiveSummary
PAIN PLUS has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €261,710 and a net result of €3,045. Equity is growing by ~11.8% per year across the filed fiscal years. Its solvency ranks better than 76% of 812 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-10
Solvency83▼-14
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20,000 at 30 days acceptable
Liquidity ample (current ratio 2.4 against 4.88 in 2024; short-term debt: 24.2% and cash: 33.2% of total assets), and 41.7% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+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 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
58.3%
Return on assets
0.7%
Age of the figures
9 mo
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
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 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
60 d late
2023
63 d late
2022
57 d late
2021
31 d late
2020
82 d late
2019
106 d late
← 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 56 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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 26 September (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€261,710▼ 49.0%
2024 · €512,665
Total assets
€448,572▼ 37.4%
2024 · €716,181
Net result
€3,045▼ 95.3%
2024 · €64,117
Working capital
€151,687▼ 61.9%
2024 · €397,886
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, 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
Line20212022202320242025
Operating result€123,280▲ 5.6%€82,617▼ 33.0%€101,101▲ 22.4%€83,788▼ 17.1%€7,321▼ 91.3%
Net result€92,378within the sector's middle half▲ 8.9%€63,864within the sector's middle half▼ 30.9%€78,527within the sector's middle half▲ 23.0%€64,117within the sector's middle half▼ 18.4%€3,045within the sector's middle half▼ 95.3%
Equity€391,107within the sector's middle half▲ 20.1%€428,522within the sector's middle half▲ 9.6%€471,049within the sector's middle half▲ 9.9%€512,665within the sector's middle half▲ 8.8%€261,710within the sector's middle half▼ 49.0%
Total assets€723,123within the sector's middle half▲ 2.4%€681,027within the sector's middle half▼ 5.8%€746,157within the sector's middle half▲ 9.6%€716,181within the sector's middle half▼ 4.0%€448,572within the sector's middle half▼ 37.4%
Debt€332,016▼ 12.7%€252,506▼ 23.9%€275,108▲ 9.0%€203,516▼ 26.0%€186,862▼ 8.2%
Working capital€223,310within the sector's middle half▲ 50.5%€256,152within the sector's middle half▲ 14.7%€328,184within the sector's middle half▲ 28.1%€397,886within the sector's middle half▲ 21.2%€151,687within the sector's middle half▼ 61.9%
Solvency54.1%within the sector's middle half▲ 8.0pp62.9%above the sector's middle half▲ 8.8pp63.1%above the sector's middle half▲ 0.2pp71.6%above the sector's middle half▲ 8.5pp58.3%above the sector's middle half▼ 13.2pp
Current ratio2.67above the sector's middle half▲ 0.733.78above the sector's middle half▲ 1.113.22above the sector's middle half▼ 0.574.88above the sector's middle half▲ 1.662.40above the sector's middle half▼ 2.48
Return on assets (ROA)12.8%above the sector's middle half▲ 0.8pp9.4%within the sector's middle half▼ 3.4pp10.5%within the sector's middle half▲ 1.1pp9.0%within the sector's middle half▼ 1.6pp0.7%within the sector's middle half▼ 8.3pp
Staff (FTE)5within the sector's middle half▼ 15.3%4.8within the sector's middle half▼ 4.0%6within the sector's middle half▲ 25.0%5within the sector's middle half▼ 16.7%4.8within the sector's middle half▼ 4.0%
above
within
below
the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 91% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €448,572
Fixed assets
€188,210 ▼ 12.7%
Current assets
€260,362 ▼ 48.0%
Equity and liabilities €448,572
Equity
€261,710 ▼ 49.0%
Debt
€186,862 ▼ 8.2%
Debt's share of the balance-sheet total rises from 28.4% to 41.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€49,551▼
2024 · €148,431
Cash flow
€45,275▼
2024 · €128,759
Quick ratio
2.32▼
2024 · 4.80
Debt to equity
0.71▲
2024 · 0.40
ROE
1.2%▼
2024 · 12.5%
Interest coverage
12.10▼
2024 · 39.73
Debt ≤ 1 year
€108,675▲
2024 · €102,604
Debt > 1 year
€77,778▼
2024 · €100,701
Income taxes
€4,231▼
2024 · €20,225
Staff costs
€245,508▲
2024 · €197,438
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.7%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 10,905 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €12,755 | - | - | - |
| Remuneration, social security and pensions62 | €166,586 | €170,729 | €227,201 | €197,438 | €245,508 | ▲ 24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,381 | €66,894 | €67,235 | €64,643 | €42,230 | ▼ 34.7% |
| Other operating charges640/8 | €3,091 | €3,123 | €3,088 | €4,895 | €4,858 | ▼ 0.7% |
| Gross operating margin9900 | €359,338 | €323,362 | €398,625 | €350,764 | €299,917 | ▼ 14.5% |
| Operating profit (loss)9901 | €123,280 | €82,617 | €101,101 | €83,788 | €7,321 | ▼ 91.3% |
| Financial income75/76B | €2,618 | €2,626 | €2,926 | €4,289 | €4,051 | ▼ 5.5% |
| Recurring financial income75 | €2,618 | €2,626 | €2,926 | €4,289 | €4,051 | ▼ 5.5% |
| Financial charges65/66B | €4,979 | €4,185 | €4,440 | €3,736 | €4,096 | ▲ 9.6% |
| Recurring financial charges65 | €4,979 | €4,185 | €4,440 | €3,736 | €4,096 | ▲ 9.6% |
| Profit (loss) for the period before taxes9903 | €120,919 | €81,057 | €99,587 | €84,341 | €7,276 | ▼ 91.4% |
| Income taxes67/77 | €28,541 | €17,193 | €21,060 | €20,225 | €4,231 | ▼ 79.1% |
| Profit (loss) for the period9904 | €92,378 | €63,864 | €78,527 | €64,117 | €3,045 | ▼ 95.3% |
| Profit (loss) for the period to be appropriated9905 | €92,378 | €63,864 | €78,527 | €64,117 | €3,045 | ▼ 95.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €723,123 | €681,027 | €746,157 | €716,181 | €448,572 | ▼ 37.4% |
| Fixed assets21/28 | €366,308 | €332,812 | €269,936 | €215,691 | €188,210 | ▼ 12.7% |
| Intangible fixed assets21 | - | €2,032 | €1,616 | €1,201 | €786 | ▼ 34.6% |
| Tangible fixed assets22/27 | €366,308 | €330,780 | €268,320 | €214,490 | €187,424 | ▼ 12.6% |
| Land and buildings22 | €191,169 | €173,985 | €156,802 | €139,618 | €125,378 | ▼ 10.2% |
| Plant, machinery and equipment23 | €50,491 | €50,789 | €38,526 | €31,649 | €26,301 | ▼ 16.9% |
| Furniture and vehicles24 | €13,485 | €13,676 | €7,378 | €4,325 | €7,028 | ▲ 62.5% |
| Other tangible fixed assets26 | €111,162 | €92,329 | €65,614 | €38,898 | €28,716 | ▼ 26.2% |
| Current assets29/58 | €356,815 | €348,215 | €476,221 | €500,490 | €260,362 | ▼ 48.0% |
| Amounts receivable after more than one year29 | €100,000 | €100,000 | €100,000 | €100,000 | - | - |
| Other amounts receivable291 | €100,000 | €100,000 | €100,000 | €100,000 | - | - |
| Stocks and contracts in progress3 | €7,700 | €7,700 | €7,700 | €7,700 | €7,700 | = |
| Stocks30/36 | €7,700 | €7,700 | €7,700 | €7,700 | €7,700 | = |
| Amounts receivable within one year40/41 | €9,613 | €49,692 | €88,986 | €107,334 | €26,247 | ▼ 75.5% |
| Trade receivables40 | €8,785 | €11,020 | €15,631 | €7,150 | €8,511 | ▲ 19.0% |
| Other amounts receivable41 | €828 | €38,672 | €73,354 | €100,184 | €17,736 | ▼ 82.3% |
| Current investments50/53 | - | - | €37,000 | €47,000 | €59,000 | ▲ 25.5% |
| Cash at bank and in hand54/58 | €219,456 | €174,059 | €212,598 | €226,773 | €149,086 | ▼ 34.3% |
| Deferred charges and accrued income490/1 | €20,047 | €16,765 | €29,938 | €11,684 | €18,330 | ▲ 56.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €723,123 | €681,027 | €746,157 | €716,181 | €448,572 | ▼ 37.4% |
| Equity10/15 | €391,107 | €428,522 | €471,049 | €512,665 | €261,710 | ▼ 49.0% |
| Contributions10/11 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €282,750 | €319,750 | €362,250 | €403,750 | €167,750 | ▼ 58.5% |
| Non-distributable reserves130/1 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Reserves not available under the articles1311 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Tax-exempt reserves132 | €36,250 | €36,250 | €36,250 | €36,250 | €36,250 | = |
| Distributable reserves133 | €239,000 | €276,000 | €318,500 | €360,000 | €124,000 | ▼ 65.6% |
| Profit (loss) carried forward14 | €33,357 | €33,772 | €33,799 | €33,915 | €18,960 | ▼ 44.1% |
| Amounts payable17/49 | €332,016 | €252,506 | €275,108 | €203,516 | €186,862 | ▼ 8.2% |
| Amounts payable after more than one year17 | €176,013 | €150,014 | €124,963 | €100,701 | €77,778 | ▼ 22.8% |
| Financial debts170/4 | €176,013 | €150,014 | €124,963 | €100,701 | €77,778 | ▼ 22.8% |
| Amounts payable within one year42/48 | €133,505 | €92,063 | €148,037 | €102,604 | €108,675 | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | €40,795 | €27,777 | €26,866 | €26,113 | €24,813 | ▼ 5.0% |
| Trade debts44 | €37,208 | €16,025 | €17,775 | €50,639 | €36,562 | ▼ 27.8% |
| Suppliers440/4 | €37,208 | €16,025 | €17,775 | €50,639 | €36,562 | ▼ 27.8% |
| Taxes, remuneration and social security45 | €28,702 | €21,810 | €67,395 | €3,352 | €46,877 | ▲ 1,298% |
| Taxes450/3 | €11,730 | €5,017 | €17,991 | €247 | €18,495 | ▲ 7,379% |
| Remuneration and social security454/9 | €16,972 | €16,794 | €49,404 | €3,105 | €28,382 | ▲ 814% |
| Other amounts payable47/48 | €26,800 | €26,450 | €36,000 | €22,500 | €422 | ▼ 98.1% |
| Accrued charges and deferred income492/3 | €22,497 | €10,428 | €2,109 | €210 | €409 | ▲ 94.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,378 | €63,864 | €78,527 | €64,117 | €3,045 | ▼ 95.3% |
| + Depreciation and write-downs630 | €66,381 | €66,894 | €67,235 | €64,643 | €42,230 | ▼ 34.7% |
| Operating cash flow (approximation) | €158,759 | €130,758 | €145,762 | €128,759 | €45,275 | ▼ 64.8% |
| Investment in fixed assets (approximation) | - | -€33,398 | -€4,359 | -€10,398 | -€14,749 | ▼ 41.8% |
| Change in cash | - | -€45,396 | €38,538 | €14,176 | -€77,688 | ▼ 648% |
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
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €3,045 ▼95.3%
Net result drops to €3,045, the lowest in the series.
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 60 days late
2024
31-12
Financial
Equity above €500,000Eq €512,665 ▲8.8%
7 profitable years in a row build equity to €512,665.
02-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 63 days late
2023
26-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 57 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
21-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 82 days late
2020
14-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 106 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 31 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2015
Ground area
540 m²
Building footprint
347 m²
Volume, LiDAR
2,126 m³
Parcel 46016G0750/00M006, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Pain Plus
since 20152.239.548.074
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46016G0750/00M006 | Flanders | 540 m² | 1 · 347 m² | 10.4 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 487 EUR awarded · 663 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 176 EUR | 176 EUR |
| 2024 | 1 | 176 EUR | 176 EUR |
| 2023 | 1 | 0 EUR | 176 EUR |
| 2022 | 1 | 135 EUR | 135 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteBeveren-Kruibeke-Zwijndrecht2.239.548.074
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Of 4,230 companies in sector 10712 we hold annual accounts for 1,875. 1,448 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 (pre-2019)
Founded17-02-2015
Fiscal year end31-12
Activities, NACEBEL 2025
10712Artisanal bread and fresh pastry making
47241Retail sale of bread and pastry (bakery outlets)
56210Event catering
E-invoicing
Reachable via Peppol
Peppol ID
0208:0598749029
Also
9925:BE0598749029
Registered
13-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.