PAJA HOLDING
ActiveSummary
PAJA HOLDING has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €88,775 and a net result of -€20,442. Equity is shrinking by ~6.3% per year across the filed fiscal years. Its solvency ranks better than 34% of 149 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability13▼-22
Solvency53▼-27
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity tight (current ratio 1.3 against 2.11 in 2025; short-term debt: 71.9% and cash: 34.5% of total assets), and 71.9% 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
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2026Solvency, return and age of the figures
Solvency
28.1%
Return on assets
-6.5%
Age of the figures
6 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 08-05-2026, 176 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
176 d early
2025
175 d early
2024
49 d early
2023
173 d early
2022
151 d early
2021
156 d early
2020
130 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 144 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. Usually files around 11 May (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, abbreviated schema
Equity
€88,775▼ 69.7%
2025 · €293,057
Total assets
€315,740▼ 40.6%
2025 · €531,119
Net result
-€20,442
2025 · €3,142
Working capital
€67,658▼ 74.4%
2025 · €264,501
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20222023202420252026
Operating result€62,285▼ 16.4%€39,561▼ 36.5%€51,570▲ 30.4%€21,472▼ 58.4%-€5,489
Net result€36,048within the sector's middle half▼ 26.5%€24,696within the sector's middle half▼ 31.5%€28,421within the sector's middle half▲ 15.1%€3,142within the sector's middle half▼ 88.9%-€20,442
Equity€343,180within the sector's middle half▼ 23.2%€433,144within the sector's middle half▲ 26.2%€374,165within the sector's middle half▼ 13.6%€293,057within the sector's middle half▼ 21.7%€88,775▼ 69.7%
Total assets€656,643within the sector's middle half▲ 11.0%€628,646within the sector's middle half▼ 4.3%€638,687within the sector's middle half▲ 1.6%€531,119within the sector's middle half▼ 16.8%€315,740▼ 40.6%
Debt€313,463▲ 116%€195,501▼ 37.6%€264,521▲ 35.3%€238,062▼ 10.0%€226,965▼ 4.7%
Working capital€332,986within the sector's middle half▼ 15.2%€425,101within the sector's middle half▲ 27.7%€336,536within the sector's middle half▼ 20.8%€264,501within the sector's middle half▼ 21.4%€67,658▼ 74.4%
Solvency52.3%within the sector's middle half▼ 23.3pp68.9%above the sector's middle half▲ 16.6pp58.6%within the sector's middle half▼ 10.3pp55.2%within the sector's middle half▼ 3.4pp28.1%▼ 27.1pp
Current ratio2.06within the sector's middle half▼ 1.653.17within the sector's middle half▲ 1.112.27within the sector's middle half▼ 0.902.11within the sector's middle half▼ 0.161.30▼ 0.81
Return on assets (ROA)5.5%within the sector's middle half▼ 2.8pp3.9%within the sector's middle half▼ 1.6pp4.4%within the sector's middle half▲ 0.5pp0.6%within the sector's middle half▼ 3.9pp-6.5%▼ 7.1pp
Staff (FTE)0.6below the sector's middle half=0.6below the sector's middle half=0.6below the sector's middle half=0.7below the sector's middle half▲ 16.7%0.7=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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 turns negative in 2026: a loss of €5,489 after €21,472 in 2025, the lowest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €315,740
Fixed assets
€21,116 ▼ 26.1%
Current assets
€294,623 ▼ 41.4%
Equity and liabilities €315,740
Equity
€88,775 ▼ 69.7%
Debt
€226,965 ▼ 4.7%
Debt's share of the balance-sheet total rises from 44.8% to 71.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,636▼
2025 · €30,545
Cash flow
-€11,317▼
2025 · €12,215
Quick ratio
0.86▼
2025 · 1.68
Debt to equity
2.56▲
2025 · 0.81
ROE
-23.0%▼
2025 · 1.1%
Interest coverage
0.24▼
2025 · 1.87
Debt ≤ 1 year
€226,965▼
2025 · €238,062
Staff costs
€32,125▲
2025 · €30,862
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,165 companies that looked in July 2024 the way this one looks now, 2.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.6%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,338 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% | 1.9% |
| 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 2,165 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 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,000 | - | - | - |
| Remuneration, social security and pensions62 | €20,776 | €28,867 | €32,374 | €30,862 | €32,125 | ▲ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €560 | €2,151 | €5,026 | €9,073 | €9,125 | ▲ 0.6% |
| Other operating charges640/8 | €1,530 | €917 | €1,031 | €1,085 | €1,070 | ▼ 1.4% |
| Non-recurring operating charges66A | €24,038 | - | - | - | - | - |
| Gross operating margin9900 | €109,189 | €71,496 | €90,000 | €62,493 | €36,832 | ▼ 41.1% |
| Operating profit (loss)9901 | €62,285 | €39,561 | €51,570 | €21,472 | -€5,489 | ▼ 126% |
| Financial charges65/66B | €4,617 | €4,801 | €8,798 | €16,326 | €14,953 | ▼ 8.4% |
| Recurring financial charges65 | €4,617 | €4,801 | €8,798 | €16,326 | €14,953 | ▼ 8.4% |
| Profit (loss) for the period before taxes9903 | €57,668 | €34,759 | €42,772 | €5,146 | -€20,442 | ▼ 497% |
| Income taxes67/77 | €21,620 | €10,063 | €14,351 | €2,004 | - | - |
| Profit (loss) for the period9904 | €36,048 | €24,696 | €28,421 | €3,142 | -€20,442 | ▼ 751% |
| Profit (loss) for the period to be appropriated9905 | €36,048 | €24,696 | €28,421 | €3,142 | -€20,442 | ▼ 751% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €656,643 | €628,646 | €638,687 | €531,119 | €315,740 | ▼ 40.6% |
| Fixed assets21/28 | €10,194 | €8,043 | €37,629 | €28,556 | €21,116 | ▼ 26.1% |
| Tangible fixed assets22/27 | €10,194 | €8,043 | €37,629 | €28,556 | €21,116 | ▼ 26.1% |
| Furniture and vehicles24 | €10,194 | €8,043 | €37,629 | €28,556 | €21,116 | ▼ 26.1% |
| Current assets29/58 | €646,448 | €620,602 | €601,057 | €502,563 | €294,623 | ▼ 41.4% |
| Stocks and contracts in progress3 | €114,102 | €107,545 | €134,665 | €101,940 | €100,547 | ▼ 1.4% |
| Stocks30/36 | €114,102 | €107,545 | €134,665 | €101,940 | €100,547 | ▼ 1.4% |
| Amounts receivable within one year40/41 | €75,804 | €51,894 | €64,943 | €67,644 | €79,560 | ▲ 17.6% |
| Trade receivables40 | €75,804 | €44,488 | €61,451 | €62,333 | €77,060 | ▲ 23.6% |
| Other amounts receivable41 | - | €7,406 | €3,492 | €5,311 | €2,500 | ▼ 52.9% |
| Cash at bank and in hand54/58 | €454,550 | €443,451 | €398,948 | €324,865 | €108,797 | ▼ 66.5% |
| Deferred charges and accrued income490/1 | €1,993 | €17,712 | €2,501 | €8,115 | €5,719 | ▼ 29.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €656,643 | €628,646 | €638,687 | €531,119 | €315,740 | ▼ 40.6% |
| Equity10/15 | €343,180 | €433,144 | €374,165 | €293,057 | €88,775 | ▼ 69.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €324,580 | €382,047 | €323,068 | €241,960 | €58,119 | ▼ 76.0% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €322,720 | €380,187 | €323,068 | €241,960 | €58,119 | ▼ 76.0% |
| Profit (loss) carried forward14 | - | €32,498 | €32,498 | €32,498 | €12,055 | ▼ 62.9% |
| Amounts payable17/49 | €313,463 | €195,501 | €264,521 | €238,062 | €226,965 | ▼ 4.7% |
| Amounts payable within one year42/48 | €313,463 | €195,501 | €264,521 | €238,062 | €226,965 | ▼ 4.7% |
| Trade debts44 | €35,427 | €49,837 | €54,696 | €18,944 | €7,677 | ▼ 59.5% |
| Suppliers440/4 | €35,427 | €49,837 | €54,696 | €18,944 | €7,677 | ▼ 59.5% |
| Taxes, remuneration and social security45 | €29,450 | €32,204 | €7,858 | €10,117 | €11,755 | ▲ 16.2% |
| Taxes450/3 | €29,450 | €28,499 | €6,356 | €5,952 | €8,402 | ▲ 41.2% |
| Remuneration and social security454/9 | - | €3,704 | €1,501 | €4,165 | €3,353 | ▼ 19.5% |
| Other amounts payable47/48 | €248,585 | €113,460 | €201,968 | €209,001 | €207,532 | ▼ 0.7% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,048 | €24,696 | €28,421 | €3,142 | -€20,442 | ▼ 751% |
| + Depreciation and write-downs630 | €560 | €2,151 | €5,026 | €9,073 | €9,125 | ▲ 0.6% |
| Operating cash flow (approximation) | €36,608 | €26,847 | €33,447 | €12,215 | -€11,317 | ▼ 193% |
| Investment in fixed assets (approximation) | - | €0 | -€34,611 | €0 | -€1,686 | - |
| Change in cash | - | -€11,099 | -€44,503 | -€74,083 | -€216,068 | ▼ 192% |
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 2027, expected by
2026
08-05
NBB filing
Annual accounts filed
fiscal year 2026 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€20,442
Net result drops to -€20,442, the lowest in the series.
2025
09-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
11-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
28-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Willebroek · 1 establishment unit since 2008
Ground area
1,105 m²
Building footprint
207 m²
Volume, LiDAR
907 m³
Parcel 12342B0386/00W000, Flanders · tallest building 6.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
PAJA HOLDING
since 20082.175.055.645
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12342B0386/00W000 | Flanders | 1,105 m² | 1 · 207 m² | 6.9 m · 1 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 2,120 companies in sector 46500 we hold annual accounts for 1,408. 1,013 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
Founded24-11-2008
Fiscal year end31-03
Activities, NACEBEL 2025
46500Wholesale of information and communication equipment
46649Wholesale of other machinery and equipment
46620Wholesale of machine tools
46643Wholesale of electrical equipment, including installation materials
47120Other non-specialised retail sale
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0807964567
Registered
26-09-2025
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.