PAJ
ActiveSummary
PAJ has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €41,872 and a net result of €6,716. Equity is growing by ~19.1% per year across the filed fiscal years. Its solvency ranks better than 63% of 28374 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▼-2
Solvency84▲+11
Growth68=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity ample (current ratio 2.45 against 1.88 in 2024; short-term debt: 40.5% and cash: 0.1% of total assets), and 40.9% of the assets are financed with debt.
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Signals
Three 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 11-02-2026, 11 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
4 d early
2023
7 d early
2022
7 d early
2021
6 d early
2020
2 d early
2019
4 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 3 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 25 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close30-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€66,872▲ 26.3%
2019 · €52,930
EBIT margin
22.5%▼ 0.1pp
2019 · 22.6%
Net result
€6,716▼ 22.2%
2024 · €8,628
Working capital
€41,451▲ 24.4%
2024 · €33,330
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Turnover
Operating result€3,899▼ 74.0%€3,755▼ 3.7%€5,294▲ 41.0%€12,729▲ 140%€10,532▼ 17.3%
Net result€2,133within the sector's middle half▼ 83.7%€1,634within the sector's middle half▼ 23.4%€2,905within the sector's middle half▲ 77.8%€8,628within the sector's middle half▲ 197%€6,716within the sector's middle half▼ 22.2%
EBIT margin
Equity€21,989within the sector's middle half▲ 10.7%€23,623within the sector's middle half▲ 7.4%€26,528within the sector's middle half▲ 12.3%€35,156within the sector's middle half▲ 32.5%€41,872within the sector's middle half▲ 19.1%
Total assets€73,633within the sector's middle half▲ 26.2%€71,195within the sector's middle half▼ 3.3%€64,242below the sector's middle half▼ 9.8%€73,699within the sector's middle half▲ 14.7%€70,790within the sector's middle half▼ 3.9%
Debt€51,644▲ 34.2%€47,572▼ 7.9%€37,714▼ 20.7%€38,543▲ 2.2%€28,918▼ 25.0%
Working capital€5,709within the sector's middle half▼ 71.2%€11,915within the sector's middle half▲ 109%€16,268within the sector's middle half▲ 36.5%€33,330within the sector's middle half▲ 105%€41,451within the sector's middle half▲ 24.4%
Solvency29.9%within the sector's middle half▼ 4.2pp33.2%within the sector's middle half▲ 3.3pp41.3%within the sector's middle half▲ 8.1pp47.7%within the sector's middle half▲ 6.4pp59.1%within the sector's middle half▲ 11.4pp
Current ratio1.14within the sector's middle half▼ 0.381.29within the sector's middle half▲ 0.161.44within the sector's middle half▲ 0.141.88within the sector's middle half▲ 0.452.45within the sector's middle half▲ 0.56
Return on assets (ROA)2.9%within the sector's middle half▼ 19.5pp2.3%within the sector's middle half▼ 0.6pp4.5%within the sector's middle half▲ 2.2pp11.7%within the sector's middle half▲ 7.2pp9.5%within the sector's middle half▼ 2.2pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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 falls in 2025; 2025 is 17% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €70,790
Fixed assets
€671 ▼ 73.9%
Current assets
€70,119 ▼ 1.4%
Equity and liabilities €70,790
Equity
€41,872 ▲ 19.1%
Debt
€28,918 ▼ 25.0%
Debt's share of the balance-sheet total falls from 52.3% to 40.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€12,279▼
2024 · €20,851
Cash flow
€8,463▼
2024 · €16,750
Quick ratio
1.61▲
2024 · 1.10
Debt to equity
0.69▼
2024 · 1.10
ROE
16.0%▼
2024 · 24.5%
Interest coverage
6.72▼
2024 · 11.85
Debt ≤ 1 year
€28,668▼
2024 · €37,793
Income taxes
€1,990▼
2024 · €2,342
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 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 of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,340 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 34,696 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 | - | - | - | - | €10,283 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,293 | €8,122 | €8,122 | €8,122 | €1,747 | ▼ 78.5% |
| Other operating charges640/8 | - | €788 | €817 | €876 | €1,081 | ▲ 23.4% |
| Gross operating margin9900 | €12,071 | €12,665 | €14,233 | €21,727 | €13,360 | ▼ 38.5% |
| Operating profit (loss)9901 | €3,899 | €3,755 | €5,294 | €12,729 | €10,532 | ▼ 17.3% |
| Recurring financial income75 | €2 | - | - | - | - | - |
| Financial charges65/66B | - | €1,678 | €1,601 | €1,759 | €1,826 | ▲ 3.8% |
| Recurring financial charges65 | €1,767 | €1,678 | €1,601 | €1,759 | €1,826 | ▲ 3.8% |
| Profit (loss) for the period before taxes9903 | €2,133 | €2,077 | €3,694 | €10,970 | €8,706 | ▼ 20.6% |
| Income taxes67/77 | - | €444 | €789 | €2,342 | €1,990 | ▼ 15.0% |
| Profit (loss) for the period9904 | €2,133 | €1,634 | €2,905 | €8,628 | €6,716 | ▼ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €2,133 | €1,634 | €2,905 | €8,628 | €6,716 | ▼ 22.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €73,633 | €71,195 | €64,242 | €73,699 | €70,790 | ▼ 3.9% |
| Fixed assets21/28 | €26,941 | €18,819 | €10,697 | €2,575 | €671 | ▼ 73.9% |
| Tangible fixed assets22/27 | €26,941 | €18,819 | €10,697 | €2,575 | €671 | ▼ 73.9% |
| Furniture and vehicles24 | - | €16,531 | €9,005 | €1,479 | €170 | ▼ 88.5% |
| Other tangible fixed assets26 | - | €2,288 | €1,692 | €1,097 | €501 | ▼ 54.3% |
| Current assets29/58 | €46,691 | €52,376 | €53,545 | €71,124 | €70,119 | ▼ 1.4% |
| Stocks and contracts in progress3 | €9,450 | €39,350 | €12,650 | €29,550 | €24,050 | ▼ 18.6% |
| Stocks30/36 | - | €9,450 | €5,150 | €4,550 | €3,550 | ▼ 22.0% |
| Contracts in progress37 | - | €29,900 | €7,500 | €25,000 | €20,500 | ▼ 18.0% |
| Amounts receivable within one year40/41 | €12,341 | €12,984 | €40,828 | €41,496 | €45,395 | ▲ 9.4% |
| Trade receivables40 | - | €11,550 | €40,000 | €40,400 | €44,000 | ▲ 8.9% |
| Other amounts receivable41 | - | €1,434 | €828 | €1,096 | €1,395 | ▲ 27.3% |
| Cash at bank and in hand54/58 | - | €42 | €67 | €78 | €59 | ▼ 24.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €615 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €73,633 | €71,195 | €64,242 | €73,699 | €70,790 | ▼ 3.9% |
| Equity10/15 | €21,989 | €23,623 | €26,528 | €35,156 | €41,872 | ▲ 19.1% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €3,389 | €5,023 | €7,928 | €16,556 | €23,272 | ▲ 40.6% |
| Non-distributable reserves130/1 | - | €445 | €445 | - | - | - |
| Reserves not available under the articles1311 | - | €445 | €445 | - | - | - |
| Distributable reserves133 | - | €4,578 | €7,483 | €16,556 | €23,272 | ▲ 40.6% |
| Profit (loss) carried forward14 | -€12,237 | - | - | - | - | - |
| Amounts payable17/49 | €51,644 | €47,572 | €37,714 | €38,543 | €28,918 | ▼ 25.0% |
| Amounts payable after more than one year17 | €10,661 | €5,611 | €437 | - | - | - |
| Financial debts170/4 | - | €5,611 | €437 | - | - | - |
| Amounts payable within one year42/48 | €40,983 | €40,461 | €37,277 | €37,793 | €28,668 | ▼ 24.1% |
| Current portion of amounts payable after more than one year42 | - | €5,049 | €5,174 | €437 | - | - |
| Financial debts43 | - | €8,731 | €9,732 | €9,670 | €9,853 | ▲ 1.9% |
| Credit institutions430/8 | - | €8,731 | €9,732 | €9,670 | €9,853 | ▲ 1.9% |
| Trade debts44 | €4,448 | €2,066 | €385 | €1,078 | €817 | ▼ 24.2% |
| Suppliers440/4 | - | €2,066 | €385 | €1,078 | €817 | ▼ 24.2% |
| Taxes, remuneration and social security45 | - | €3,532 | €3,269 | €4,452 | €4,100 | ▼ 7.9% |
| Taxes450/3 | - | €1,843 | €1,531 | €2,684 | €2,318 | ▼ 13.6% |
| Remuneration and social security454/9 | - | €1,689 | €1,739 | €1,768 | €1,782 | ▲ 0.8% |
| Other amounts payable47/48 | - | €21,083 | €18,716 | €22,157 | €13,898 | ▼ 37.3% |
| Accrued charges and deferred income492/3 | - | €1,500 | - | €750 | €250 | ▼ 66.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,133 | €1,634 | €2,905 | €8,628 | €6,716 | ▼ 22.2% |
| + Depreciation and write-downs630 | €7,293 | €8,122 | €8,122 | €8,122 | €1,747 | ▼ 78.5% |
| Operating cash flow (approximation) | €9,427 | €9,756 | €11,027 | €16,750 | €8,463 | ▼ 49.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €157 | - |
| Change in cash | - | - | €25 | €11 | -€19 | ▼ 267% |
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
11-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
2025
27-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Weakest financial yearnet €1,634 ▼23.4%
Net result drops to €1,634, the lowest in the series; recovery starts the following year.
25-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Highest result since 2019net €13,048 ▲33.3%
Operating result €15,020, net result €13,048, both a record.
27-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
08-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 8 days late
2018
22-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
23-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Halen · 1 establishment unit since 2011
Ground area
2,612 m²
Building footprint
223 m²
Volume, LiDAR
487 m³
Parcel 71020D0109/00V000, Flanders · tallest building 9.8 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PAJ BVBA
since 20112.197.068.410
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71020D0109/00V000 | Flanders | 2,612 m² | 1 · 223 m² | 9.8 m |
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 8,464 companies in sector 43120 we hold annual accounts for 3,234. 2,416 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
Founded09-03-2011
Fiscal year end30-06
Activities, NACEBEL 2025
43120Site preparation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0834381924
Registered
04-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.