PAK

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Private limited companyfounded 2001Grasmarkt 105, 1000 Brussel, BelgiumKBO/BCE: BE 0473.724.442

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Financials · financial year 2024, micro format

Annual accounts 2024 filed on 23-06-2025 PDF all 23 filings

Turnover

≈ €790,000

Estimated: probably between €550,000 and €1.2m

Total assets

€410,197▲ 72.8%

2023 · €237,340

Net result

€3,584▼ 95.5%

2023 · €80,436

Working capital

€44,612▲ 36.4%

2023 · €32,696

Multi-year overview

2019 to 2024, 6 financial years

Operating result

€16,156

▼ 83.2% 2024

20192024

Net result

€3,584

▼ 95.5% 2024

middle half of the sector

20192024

Equity

€64,915

▲ 5.6% 2024

middle half of the sector

20192024

Total assets

€410,197

▲ 72.8% 2024

highest quarter of the sector

20192024

Debt

€345,282

▲ 96.3% 2024

20192024

Working capital

€44,612

▲ 36.4% 2024

middle half of the sector

20192024

Solvency

15.8%

▼ 10.1pp 2024

middle half of the sector

20192024

Current ratio

1.14

▼ 0.08 2024

middle half of the sector

20192024

Return on assets (ROA)

0.9%

▼ 33.0pp 2024

middle half of the sector

20192024

Staff (FTE)

▼ 52.4% 2024

20192024

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line201920202021202220232024

Operating result-€52,457-€60,044-€80,715€6,578€95,906▲ 15×€16,156▼ 83.2%

Net result-€56,373-€57,459-€82,605€5,704€80,436▲ 14×€3,584▼ 95.5%

Equity€20,962-€78,422▲ 274%-€4,184€1,520€61,452▲ 40×€64,915▲ 5.6%

Total assets€82,762-€159,678▲ 92.9%€57,406▼ 64.0%€105,429▲ 83.7%€237,340▲ 125%€410,197▲ 72.8%

Debt€61,800-€81,257▲ 31.5%€61,590▼ 24.2%€103,909▲ 68.7%€175,888▲ 69.3%€345,282▲ 96.3%

Working capital-€13,037-€60,676-€11,674-€17,230▼ 47.6%€32,696€44,612▲ 36.4%

Solvency25.3%-49.1%▲ 23.8pp-7.3%▼ 56.4pp1.4%▲ 8.7pp25.9%▲ 24.5pp15.8%▼ 10.1pp

Current ratio0.79-1.75▲ 0.960.81▼ 0.940.81=1.22▲ 0.411.14▼ 0.08

Return on assets (ROA)-68.1%-36.0%▲ 104.1pp-143.9%▼ 179.9pp5.4%▲ 149.3pp33.9%▲ 28.5pp0.9%▼ 33.0pp

Staff (FTE)0.52.1▲ 320%1▼ 52.4%

above within below The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2024 is 83% lower than in 2023.

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €410,197

10%

90.4%

Fixed assets €39,288 ▼ 30.2%

Current assets €370,909 ▲ 105%

Equity and liabilities €410,197

15.8%

84.2%

Equity €64,915 ▲ 5.6%

Debt €345,282 ▲ 96.3%

Debt's share of the balance-sheet total rises from 74.1% to 84.2%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€33,150▼

2023 · €112,347

Cash flow

€20,578▼

2023 · €96,877

Quick ratio

0.80▼

2023 · 0.95

Debt to equity

5.32▲

2023 · 2.86

ROE

5.5%▼

2023 · 130.9%

Interest coverage

5.47▼

2023 · 16.70

Debt ≤ 1 year

€326,297▲

2023 · €148,363

Debt > 1 year

€18,985▼

2023 · €27,526

Income taxes

€6,573▼

2023 · €8,748

Staff costs

€29,542▲

2023 · €11,693

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet

Item	31-12-2022	31-12-2023	31-12-2024
Employees at the balance-sheet date	1	2	2
full-time	-	-	1
part-time	1	2	1
in full-time equivalents	0.3	0.7	1.3
Average over the year, in full-time equivalents	0.2	0.7	0.8
On a permanent contract	1	1	1
Joined	1	4	1
Left	0	3	1

Source: social balance sheet in the 2022 to 2024 annual accounts

Investments

fixed assets acquired

Item	2021	2022	2023	2024
Tangible fixed assets	-	€35,881	€34,999	-
Intangible fixed assets	-	-	€5,000	-
Financial fixed assets	-	€150	-	-
Depreciation and write-downs of the year	€10,255	€6,597	€16,441	€16,994

Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2024 against 2023 · 52 lines

Balance sheet Code20232024

Assets

Total assets20/58€237,340€410,197▲

Fixed assets21/28€56,282€39,288▼

Intangible fixed assets21€4,625€4,125▼

Tangible fixed assets22/27€51,383€34,889▼

Land and buildings22€174-

Furniture and vehicles24€51,209€34,889▼

Financial fixed assets28€274€274=

Current assets29/58€181,058€370,909▲

Stocks and contracts in progress3€39,730€110,841▲

Stocks30/36€39,730€110,841▲

Amounts receivable within one year40/41€83,022€202,735▲

Trade receivables40€60,862€191,508▲

Other amounts receivable41€22,160€11,227▼

Cash at bank and in hand54/58€58,306€57,333▼

Equity and liabilities

Total equity and liabilities10/49€237,340€410,197▲

Equity10/15€61,452€64,915▲

Contributions10/11€6,197€6,197=

Reserves13€72,224€72,224=

Distributable reserves133€72,224€72,224=

Profit (loss) carried forward14-€16,969-€13,507▲

Amounts payable17/49€175,888€345,282▲

Amounts payable after more than one year17€27,526€18,985▼

Financial debts170/4€27,526€18,985▼

Amounts payable within one year42/48€148,363€326,297▲

Current portion of amounts payable after more than one year42€7,954€8,540▲

Financial debts43€0-

Credit institutions430/8€0-

Trade debts44€39,035€227,324▲

Suppliers440/4€39,035€227,324▲

Taxes, remuneration and social security45€17,641€31,852▲

Taxes450/3€8,846€19,114▲

Remuneration and social security454/9€8,796€12,739▲

Other amounts payable47/48€83,732€58,580▼

Income statement Code20232024

Remuneration, social security and pensions62€11,693€29,542▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16,441€16,994▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€6,958-

Other operating charges640/8€488€1,521▲

Non-recurring operating charges66A-€9,910

Gross operating margin9900€131,487€74,123▼

Operating profit (loss)9901€95,906€16,156▼

Financial income75/76B€7€58▲

Recurring financial income75€7€58▲

Financial charges65/66B€6,729€6,057▼

Recurring financial charges65€6,729€6,057▼

Profit (loss) for the period before taxes9903€89,184€10,157▼

Income taxes67/77€8,748€6,573▼

Profit (loss) for the period9904€80,436€3,584▼

Profit (loss) for the period to be appropriated9905€80,436€3,584▼

Appropriation of the result

Profit (loss) to be appropriated9906-€1,969-€13,507▼

Profit (loss) brought forward from the previous period14P-€82,405-€17,091▲

Profit to be distributed694/7€15,000-

Directors or managers695€15,000-

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2024 (PDF), filed on 23-06-2025.

Line	2019	2020	2021	2022	2023	2024	Change
Remuneration, social security and pensions62	-	-	-	€2,709	€11,693	€29,542	▲ 153%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€10,255	€10,255	€10,255	€6,597	€16,441	€16,994	▲ 3.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	-	-	-	€6,958	-	-
Other operating charges640/8	-	-	€42,392	€51,726	€488	€1,521	▲ 212%
Non-recurring operating charges66A	-	-	€1,702	-	-	€9,910	-
Gross operating margin9900	-€30,700	€75,629	-€26,366	€67,610	€131,487	€74,123	▼ 43.6%
Operating profit (loss)9901	-€52,457	€60,044	-€80,715	€6,578	€95,906	€16,156	▼ 83.2%
Financial income75/76B	-	-	€64	€62	€7	€58	▲ 785%
Recurring financial income75	€28	€0	€64	€62	€7	€58	▲ 785%
Financial charges65/66B	-	-	€1,480	€936	€6,729	€6,057	▼ 10.0%
Recurring financial charges65	€3,664	€764	€1,480	€936	€6,729	€6,057	▼ 10.0%
Profit (loss) for the period before taxes9903	-€56,092	€59,281	-€82,131	€5,704	€89,184	€10,157	▼ 88.6%
Income taxes67/77	€281	€1,821	€474	-	€8,748	€6,573	▼ 24.9%
Profit (loss) for the period9904	-€56,373	€57,459	-€82,605	€5,704	€80,436	€3,584	▼ 95.5%
Profit (loss) for the period to be appropriated9905	-€56,373	€57,459	-€82,605	€5,704	€80,436	€3,584	▼ 95.5%

Line	2019	2020	2021	2022	2023	2024	Change
Assets
Total assets20/58	€82,762	€159,678	€57,406	€105,429	€237,340	€410,197	▲ 72.8%
Fixed assets21/28	€34,000	€17,745	€7,491	€32,724	€56,282	€39,288	▼ 30.2%
Intangible fixed assets21	-	-	-	-	€4,625	€4,125	▼ 10.8%
Tangible fixed assets22/27	€27,876	€17,621	€7,367	€32,450	€51,383	€34,889	▼ 32.1%
Land and buildings22	-	-	€522	€348	€174	-	-
Furniture and vehicles24	-	-	€6,845	€32,102	€51,209	€34,889	▼ 31.9%
Financial fixed assets28	€6,124	€124	€124	€274	€274	€274	=
Current assets29/58	€48,763	€141,933	€49,915	€72,704	€181,058	€370,909	▲ 105%
Stocks and contracts in progress3	€20,200	€4,103	€6,543	€19,137	€39,730	€110,841	▲ 179%
Stocks30/36	-	-	€6,543	€19,137	€39,730	€110,841	▲ 179%
Amounts receivable within one year40/41	€10,707	€86,479	€20,704	€27,575	€83,022	€202,735	▲ 144%
Trade receivables40	-	-	€5,848	€10,167	€60,862	€191,508	▲ 215%
Other amounts receivable41	-	-	€14,856	€17,408	€22,160	€11,227	▼ 49.3%
Cash at bank and in hand54/58	€7,798	€36,044	€22,668	€25,993	€58,306	€57,333	▼ 1.7%
Equity and liabilities
Total equity and liabilities10/49	€82,762	€159,678	€57,406	€105,429	€237,340	€410,197	▲ 72.8%
Equity10/15	€20,962	€78,422	-€4,184	€1,520	€61,452	€64,915	▲ 5.6%
Contributions10/11	€6,197	-	€6,197	€6,197	€6,197	€6,197	=
Contributions outside capital11	-	-	€6,197	-	-	-	-
Other1109/19	-	-	€6,197	-	-	-	-
Reserves13	€14,765	€72,224	€72,224	€72,224	€72,224	€72,224	=
Distributable reserves133	-	-	€72,224	€72,224	€72,224	€72,224	=
Profit (loss) carried forward14	-	-	-€82,605	-€76,902	-€16,969	-€13,507	▲ 20.4%
Amounts payable17/49	€61,800	€81,257	€61,590	€103,909	€175,888	€345,282	▲ 96.3%
Amounts payable after more than one year17	-	-	-	€13,975	€27,526	€18,985	▼ 31.0%
Financial debts170/4	-	-	-	€13,975	€27,526	€18,985	▼ 31.0%
Amounts payable within one year42/48	€61,800	€81,257	€61,590	€89,934	€148,363	€326,297	▲ 120%
Current portion of amounts payable after more than one year42	-	-	€8,687	€6,025	€7,954	€8,540	▲ 7.4%
Financial debts43	-	-	€105	€1,679	€0	-	-
Credit institutions430/8	-	-	€105	€1,679	€0	-	-
Trade debts44	-	-	€35,014	€20,452	€39,035	€227,324	▲ 482%
Suppliers440/4	-	-	€35,014	€20,452	€39,035	€227,324	▲ 482%
Taxes, remuneration and social security45	-	-	€2,657	€4,396	€17,641	€31,852	▲ 80.6%
Taxes450/3	-	-	€2,657	€3,836	€8,846	€19,114	▲ 116%
Remuneration and social security454/9	-	-	-	€561	€8,796	€12,739	▲ 44.8%
Other amounts payable47/48	-	-	€15,126	€57,382	€83,732	€58,580	▼ 30.0%

Line	2019	2020	2021	2022	2023	2024	Change
Profit (loss) for the period9904	-€56,373	€57,459	-€82,605	€5,704	€80,436	€3,584	▼ 95.5%
+ Depreciation and write-downs630	€10,255	€10,255	€10,255	€6,597	€16,441	€16,994	▲ 3.4%
Operating cash flow (approximation)	-€46,119	€67,714	-€72,351	€12,301	€96,877	€20,578	▼ 78.8%
Investment in fixed assets (approximation)	-	€6,000	€0	-€31,831	-€39,999	€0	-
Change in cash	-	€28,246	-€13,376	€3,324	€32,314	-€974	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 23 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2024	micro format	23-06-2025	2025-00166851	PDF
31-12-2023	micro format	25-09-2024	2024-00472130	PDF
31-12-2022	micro format	30-08-2023	2023-00381888	PDF
31-12-2021	micro format	31-08-2022	2022-20396967	PDF
31-12-2020	micro format	31-08-2021	2021-63500521	PDF
31-12-2019	micro format	28-04-2021	2021-11600330	PDF
31-12-2017	micro format	15-08-2018	2018-47600304	PDF
31-12-2016	micro format	31-08-2017	2017-59900340	PDF
31-12-2015	full format	31-08-2016	2016-55000444	PDF
31-12-2014	full format	19-08-2015	2015-44100352	PDF

Show all 23 filings