Pajottenlander
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 25 filings
Turnover
≈ €1.9m
Estimated: probably between €1.3m and €3.2m
Total assets
€4.7m▲ 12.1%
2024 · €4.2m
Net result
€373,741▼ 2.6%
2024 · €383,831
Working capital
€1.9m▲ 18.7%
2024 · €1.6m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€512,826
▼ 3.1%
2025
20182025
Net result
€373,741
▼ 2.6%
2025
highest quarter of the sector
20182025
Equity
€2.6m
▲ 16.4%
2025
highest quarter of the sector
20182025
Total assets
€4.7m
▲ 12.1%
2025
highest quarter of the sector
20182025
Debt
€2.1m
▲ 7.0%
2025
20182025
Working capital
€1.9m
▲ 18.7%
2025
highest quarter of the sector
20182025
Solvency
56.0%
▲ 2.1pp
2025
middle half of the sector
20182025
Current ratio
1.99
▲ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
7.9%
▼ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
3.7
▲ 23.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.6m-€0.6m▲ 7.2%€0.8m▲ 20.0%€0.7m▼ 3.4%€0.2m▼ 68.7%€0.7m▲ 206%€0.5m▼ 25.4%€0.5m▼ 3.1%
Net result€0.5m-€0.5m▼ 3.0%€0.6mabove the sector's middle half▲ 28.1%€0.6mabove the sector's middle half▲ 2.5%€0.2mabove the sector's middle half▼ 67.4%€0.6mabove the sector's middle half▲ 196%€0.4mabove the sector's middle half▼ 33.2%€0.4mabove the sector's middle half▼ 2.6%
Equity€1.9m-€2.2m▲ 13.3%€1.1mabove the sector's middle half▼ 47.9%€1.3mabove the sector's middle half▲ 12.0%€1.5mabove the sector's middle half▲ 15.4%€1.9mabove the sector's middle half▲ 29.5%€2.3mabove the sector's middle half▲ 20.3%€2.6mabove the sector's middle half▲ 16.4%
Total assets€3.6m-€3.8m▲ 5.0%€3.6mabove the sector's middle half▼ 4.7%€2.6mwithin the sector's middle half▼ 28.1%€3.0mwithin the sector's middle half▲ 16.6%€3.8mabove the sector's middle half▲ 27.3%€4.2mabove the sector's middle half▲ 10.1%€4.7mabove the sector's middle half▲ 12.1%
Debt€1.7m-€1.6m▼ 4.5%€2.5m▲ 54.2%€1.3m▼ 46.5%€1.6m▲ 17.9%€1.9m▲ 25.1%€1.9m▲ 0.2%€2.1m▲ 7.0%
Working capital€1.6m-€1.9m▲ 17.1%€0.7mabove the sector's middle half▼ 61.3%€0.7mabove the sector's middle half▲ 1.1%€0.8mabove the sector's middle half▲ 6.1%€1.1mabove the sector's middle half▲ 43.4%€1.6mabove the sector's middle half▲ 47.0%€1.9mabove the sector's middle half▲ 18.7%
Solvency53.4%-57.6%▲ 4.2pp31.5%within the sector's middle half▼ 26.2pp49.0%within the sector's middle half▲ 17.5pp48.5%within the sector's middle half▼ 0.5pp49.3%within the sector's middle half▲ 0.9pp53.9%within the sector's middle half▲ 4.6pp56.0%within the sector's middle half▲ 2.1pp
Current ratio1.95-2.17▲ 0.221.29within the sector's middle half▼ 0.881.55within the sector's middle half▲ 0.261.50within the sector's middle half▼ 0.051.58within the sector's middle half▲ 0.081.92within the sector's middle half▲ 0.351.99within the sector's middle half▲ 0.07
Return on assets (ROA)13.1%-12.1%▼ 1.0pp16.2%above the sector's middle half▲ 4.1pp23.1%above the sector's middle half▲ 6.9pp6.5%within the sector's middle half▼ 16.6pp15.0%above the sector's middle half▲ 8.5pp9.1%within the sector's middle half▼ 5.9pp7.9%within the sector's middle half▼ 1.2pp
Staff (FTE)0.8below the sector's middle half1.8within the sector's middle half▲ 125%2.5within the sector's middle half▲ 38.9%3within the sector's middle half▲ 20.0%3.7within the sector's middle half▲ 23.3%
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 3% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.7m
Fixed assets
€829,440 ▲ 1.4%
Current assets
€3.9m ▲ 14.6%
Equity and liabilities €4.7m
Equity
€2.6m ▲ 16.4%
Debt
€2.1m ▲ 7.0%
Debt's share of the balance-sheet total falls from 46.1% to 44.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€828,706▲
2024 · €814,250
Cash flow
€689,621▲
2024 · €669,116
Quick ratio
1.21▲
2024 · 1.18
Debt to equity
0.79▼
2024 · 0.85
ROE
14.1%▼
2024 · 16.9%
Interest coverage
53.18▲
2024 · 48.99
Debt ≤ 1 year
€2.0m▲
2024 · €1.8m
Debt > 1 year
€117,803▼
2024 · €174,054
Income taxes
€133,215▼
2024 · €136,227
Staff costs
€283,869▲
2024 · €271,602
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 4 | 3 | 4 |
| full-time | 1 | 2 | 2 | 2 | 3 |
| part-time | 1 | 1 | 2 | 1 | 1 |
| in full-time equivalents | 1.5 | 2.5 | 3.4 | 2.9 | 3.9 |
| Average over the year, in full-time equivalents | 0.8 | 1.8 | 2.5 | 3 | 3.7 |
| On a permanent contract | 2 | 3 | 4 | 3 | 4 |
| Joined | 1 | 2 | 3 | 1 | 1 |
| Left | 0 | 1 | 2 | 2 | 0 |
| Training hours | 3 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €276,408 | €346,607 | €339,526 | €309,858 | €288,701 |
| Intangible fixed assets | €55,000 | €22,225 | €14,000 | - | €31,426 |
| Financial fixed assets | €1,200 | - | - | - | €7,500 |
| Depreciation and write-downs of the year | €164,617 | €211,043 | €248,893 | €285,285 | €315,880 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 7 entries · €29,493 awarded · €29,493 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | €4,444 | €4,444 |
| 2023 | 2 | €13,649 | €13,649 |
| 2022 | 3 | €11,400 | €11,400 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.004m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.05m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 10.7% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.003m | €0.01m | €0.007m | €0.005m | ▼ 29.3% |
| Non-recurring operating charges66A | - | - | - | €0.002m | - | €0.001m | €0.001m | - | - |
| Gross operating margin9900 | €0.8m | €0.8m | €0.9m | €1.0m | €0.6m | €1.1m | €1.1m | €1.1m | ▲ 2.2% |
| Operating profit (loss)9901 | €0.6m | €0.6m | €0.8m | €0.7m | €0.2m | €0.7m | €0.5m | €0.5m | ▼ 3.1% |
| Financial income75/76B | - | - | - | €0.005m | €0.002m | €0.01m | €0.008m | €0.01m | ▲ 25.9% |
| Recurring financial income75 | €0.08m | €0.008m | €0.01m | €0.005m | €0.002m | €0.01m | €0.008m | €0.01m | ▲ 25.9% |
| Financial charges65/66B | - | - | - | €0.001m | €0.003m | €0.003m | €0.02m | €0.02m | ▼ 6.2% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.001m | €0.003m | €0.003m | €0.02m | €0.02m | ▼ 6.2% |
| Profit (loss) for the period before taxes9903 | €0.7m | €0.6m | €0.8m | €0.7m | €0.2m | €0.7m | €0.5m | €0.5m | ▼ 2.5% |
| Income taxes67/77 | €0.2m | €0.2m | €0.2m | €0.1m | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 2.2% |
| Profit (loss) for the period9904 | €0.5m | €0.5m | €0.6m | €0.6m | €0.2m | €0.6m | €0.4m | €0.4m | ▼ 2.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.04m | €0.2m | €0.09m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.5m | €0.6m | €0.6m | €0.4m | €0.7m | €0.4m | €0.4m | ▼ 2.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €3.8m | €3.6m | €2.6m | €3.0m | €3.8m | €4.2m | €4.7m | ▲ 12.1% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.4m | €0.5m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 1.4% |
| Intangible fixed assets21 | - | - | - | €0.05m | €0.06m | €0.07m | €0.05m | €0.07m | ▲ 35.9% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | ▼ 1.8% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.004m | €0.06m | €0.05m | €0.04m | ▼ 5.5% |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.6m | €0.7m | €0.7m | €0.7m | ▼ 1.5% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | €0.009m | ▲ 405% |
| Current assets29/58 | €3.3m | €3.5m | €3.2m | €2.0m | €2.3m | €3.0m | €3.4m | €3.9m | ▲ 14.6% |
| Stocks and contracts in progress3 | €1.2m | €1.1m | €0.8m | €0.7m | €1.0m | €1.2m | €1.3m | €1.5m | ▲ 16.1% |
| Stocks30/36 | - | - | - | €0.7m | €1.0m | €1.2m | €1.3m | €1.5m | ▲ 16.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.1m | €0.7m | €0.9m | €1.4m | €1.6m | €2.0m | ▲ 28.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.4% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.9m | €1.3m | €1.7m | ▲ 37.7% |
| Current investments50/53 | - | - | - | - | - | - | €0.4m | - | - |
| Cash at bank and in hand54/58 | €1.9m | €2.2m | €2.3m | €0.6m | €0.4m | €0.5m | €0.1m | €0.3m | ▲ 233% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.005m | €0.006m | €0.01m | €0.02m | ▲ 16.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €3.8m | €3.6m | €2.6m | €3.0m | €3.8m | €4.2m | €4.7m | ▲ 12.1% |
| Equity10/15 | €1.9m | €2.2m | €1.1m | €1.3m | €1.5m | €1.9m | €2.3m | €2.6m | ▲ 16.4% |
| Contributions10/11 | €0.4m | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.4m | €0.3m | €0.3m | €0.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.04m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.04m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.09m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €0.9m | €1.2m | €0.2m | €0.3m | €0.7m | €1.2m | €1.6m | €2.0m | ▲ 23.2% |
| Amounts payable17/49 | €1.7m | €1.6m | €2.5m | €1.3m | €1.6m | €1.9m | €1.9m | €2.1m | ▲ 7.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.02m | €0.2m | €0.1m | ▼ 32.3% |
| Financial debts170/4 | - | - | - | - | - | €0.02m | €0.2m | €0.1m | ▼ 32.3% |
| Amounts payable within one year42/48 | €1.7m | €1.6m | €2.5m | €1.3m | €1.5m | €1.9m | €1.8m | €2.0m | ▲ 10.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.007m | €0.06m | €0.06m | ▲ 4.0% |
| Financial debts43 | - | - | - | €0.05m | €0.05m | - | €0.07m | €0.07m | ▼ 0.3% |
| Credit institutions430/8 | - | - | - | €0.05m | €0.05m | - | €0.07m | €0.07m | ▼ 0.3% |
| Trade debts44 | €0.3m | €0.2m | €0.4m | €0.1m | €0.6m | €0.7m | €0.4m | €0.5m | ▲ 14.4% |
| Suppliers440/4 | - | - | - | €0.1m | €0.6m | €0.7m | €0.4m | €0.5m | ▲ 14.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 10.2% |
| Taxes450/3 | - | - | - | €496 | - | €239 | - | €20 | - |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 10.1% |
| Other amounts payable47/48 | - | - | - | €1.1m | €0.9m | €1.2m | €1.1m | €1.3m | ▲ 10.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.008m | €77 | €0.001m | €0.001m | ▼ 26.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | €0.5m | €0.6m | €0.6m | €0.2m | €0.6m | €0.4m | €0.4m | ▼ 2.6% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 10.7% |
| Operating cash flow (approximation) | €0.6m | €0.6m | €0.7m | €0.8m | €0.4m | €0.8m | €0.7m | €0.7m | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.3m | -€0.3m | -€0.4m | -€0.4m | -€0.3m | -€0.3m | ▼ 7.1% |
| Change in cash | - | €0.3m | €0.1m | -€1.7m | -€0.2m | €0.06m | -€0.4m | €0.2m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as Pajottenlander has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pajottenlander itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for Pajottenlander. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00211312 | |
| 31-12-2024 | abbreviated format | 29-06-2025 | 2025-00192746 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00194123 | |
| 31-12-2022 | abbreviated format | 28-08-2023 | 2023-00359918 | |
| 31-12-2021 | abbreviated format | 22-08-2022 | 2022-20301152 | |
| 31-12-2020 | abbreviated format | 23-06-2021 | 2021-24100358 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48800480 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-60000573 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-43200317 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-38300369 |