PALIO
ActiveSummary
PALIO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €412,639 and a net result of €42,974. Equity is growing by ~55.6% per year across the filed fiscal years. Its solvency ranks better than 54% of 166 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▲+28
Solvency60▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 15.13 against 46.38 in 2024; short-term debt: 2.8% and cash: 7.1% of total assets), but 65.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers 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
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
34.9%
Return on assets
3.6%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 14
Relative position
BE, all sectors
reference
Manufacture of wearing apparel (NACE 14)
about 12% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 10-04-2026, 112 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
112 d early
2024
77 d early
2023
63 d early
2022
117 d early
2021
74 d early
2020
127 d early
2019
66 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 91 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 35% 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 15 May (4 of the last 5 filed years within 35 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€412,639▲ 11.6%
2024 · €369,665
Total assets
€1.2m▲ 4.7%
2024 · €1.1m
Net result
€42,974▲ 629%
2024 · €5,895
Working capital
€472,889▼ 45.6%
2024 · €869,815
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, 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€71,172▲ 56.9%€76,183▲ 7.0%€297,072▲ 290%€34,358▼ 88.4%€85,798▲ 150%
Net result€41,801above the sector's middle half▲ 190%€27,485above the sector's middle half▼ 34.2%€239,690above the sector's middle half▲ 772%€5,895within the sector's middle half▼ 97.5%€42,974above the sector's middle half▲ 629%
Equity€96,594within the sector's middle half▲ 76.0%€124,079above the sector's middle half▲ 28.5%€363,770above the sector's middle half▲ 193%€369,665above the sector's middle half▲ 1.6%€412,639above the sector's middle half▲ 11.6%
Total assets€661,145above the sector's middle half▲ 7.6%€820,757above the sector's middle half▲ 24.1%€1.1mabove the sector's middle half▲ 34.2%€1.1mabove the sector's middle half▲ 2.7%€1.2mabove the sector's middle half▲ 4.7%
Debt€564,273▲ 0.8%€696,493▲ 23.4%€689,349▼ 1.0%€712,655▲ 3.4%€720,925▲ 1.2%
Working capital€367,250above the sector's middle half▲ 18.3%€481,206above the sector's middle half▲ 31.0%€827,375above the sector's middle half▲ 71.9%€869,815above the sector's middle half▲ 5.1%€472,889above the sector's middle half▼ 45.6%
Solvency14.6%within the sector's middle half▲ 5.7pp15.1%within the sector's middle half▲ 0.5pp33.0%within the sector's middle half▲ 17.9pp32.7%within the sector's middle half▼ 0.3pp34.9%within the sector's middle half▲ 2.2pp
Current ratio16.09above the sector's middle half▼ 9.0317.36above the sector's middle half▲ 1.2677.93above the sector's middle half▲ 60.5746.38above the sector's middle half▼ 31.5515.13above the sector's middle half▼ 31.25
Return on assets (ROA)6.3%within the sector's middle half▲ 4.0pp3.3%within the sector's middle half▼ 3.0pp21.8%above the sector's middle half▲ 18.4pp0.5%within the sector's middle half▼ 21.2pp3.6%within the sector's middle half▲ 3.1pp
above
within
below
the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, 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 recovers in 2025; 2025 is 150% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€677,072 ▲ 181%
Current assets
€506,360 ▼ 43.0%
Equity and liabilities €1.2m
Equity
€412,639 ▲ 11.6%
Provisions
€49,869 ▲ 4.0%
Debt
€720,925 ▲ 1.2%
Debt's share of the balance-sheet total falls from 63.1% to 60.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€192,397▲
2024 · €62,278
Cash flow
€149,574▲
2024 · €33,816
Debt to equity
1.75▼
2024 · 1.93
ROE
10.4%▲
2024 · 1.6%
Interest coverage
4.14▲
2024 · 1.31
Debt ≤ 1 year
€33,471▲
2024 · €19,166
Debt > 1 year
€642,000=
2024 · €642,000
Income taxes
€8,209▲
2024 · €903
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 14,733 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 | - | - | €241,616 | €0 | €167,836 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,868 | €24,098 | €26,377 | €27,921 | €106,600 | ▲ 282% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €803 | €0 | - | - | - | - |
| Other operating charges640/8 | €5,665 | €4,724 | €4,470 | €3,993 | €6,160 | ▲ 54.3% |
| Gross operating margin9900 | €99,508 | €105,004 | €327,919 | €66,272 | €198,558 | ▲ 200% |
| Operating profit (loss)9901 | €71,172 | €76,183 | €297,072 | €34,358 | €85,798 | ▲ 150% |
| Financial income75/76B | €193 | €4,050 | €10,964 | €20,052 | €13,740 | ▼ 31.5% |
| Recurring financial income75 | €193 | €4,050 | €10,964 | €20,052 | €13,740 | ▼ 31.5% |
| Financial charges65/66B | €23,260 | €50,790 | €14,854 | €47,612 | €46,447 | ▼ 2.4% |
| Recurring financial charges65 | €23,260 | €50,790 | €14,854 | €47,612 | €46,447 | ▼ 2.4% |
| Profit (loss) for the period before taxes9903 | €48,106 | €29,443 | €293,183 | €6,798 | €53,090 | ▲ 681% |
| Transfer from deferred taxes780 | €93 | €93 | €185 | €0 | €1,348 | - |
| Transfer to deferred taxes680 | - | - | €47,961 | €0 | €3,256 | - |
| Income taxes67/77 | €6,398 | €2,051 | €5,716 | €903 | €8,209 | ▲ 809% |
| Profit (loss) for the period9904 | €41,801 | €27,485 | €239,690 | €5,895 | €42,974 | ▲ 629% |
| Transfer from tax-exempt reserves789 | €37,778 | €278 | €555 | €0 | €5,392 | - |
| Transfer to tax-exempt reserves689 | - | - | €191,844 | €0 | €13,022 | - |
| Profit (loss) for the period to be appropriated9905 | €79,578 | €27,762 | €48,401 | €5,895 | €35,344 | ▲ 500% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €661,145 | €820,757 | €1.1m | €1.1m | €1.2m | ▲ 4.7% |
| Fixed assets21/28 | €269,562 | €310,131 | €262,949 | €241,299 | €677,072 | ▲ 181% |
| Tangible fixed assets22/27 | €269,562 | €310,131 | €262,949 | €241,299 | €677,072 | ▲ 181% |
| Land and buildings22 | €259,498 | €247,303 | €208,526 | €202,163 | €636,894 | ▲ 215% |
| Plant, machinery and equipment23 | €901 | €3,112 | €7,120 | €4,245 | €17,699 | ▲ 317% |
| Furniture and vehicles24 | €9,163 | €59,716 | €47,304 | €34,891 | €22,479 | ▼ 35.6% |
| Current assets29/58 | €391,583 | €510,626 | €838,130 | €888,981 | €506,360 | ▼ 43.0% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - |
| Stocks30/36 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €60,899 | €50,610 | €24,611 | €100,681 | €48,909 | ▼ 51.4% |
| Trade receivables40 | €59,668 | €47,996 | €21,017 | €25,317 | €46,577 | ▲ 84.0% |
| Other amounts receivable41 | €1,231 | €2,614 | €3,594 | €75,364 | €2,332 | ▼ 96.9% |
| Current investments50/53 | €191,688 | €165,863 | €777,690 | €771,688 | €370,797 | ▼ 51.9% |
| Cash at bank and in hand54/58 | €137,665 | €293,244 | €33,264 | €12,865 | €83,972 | ▲ 553% |
| Deferred charges and accrued income490/1 | €1,329 | €910 | €2,565 | €3,747 | €2,682 | ▼ 28.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €661,145 | €820,757 | €1.1m | €1.1m | €1.2m | ▲ 4.7% |
| Equity10/15 | €96,594 | €124,079 | €363,770 | €369,665 | €412,639 | ▲ 11.6% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €12,083 | €11,805 | €203,094 | €203,094 | €210,725 | ▲ 3.8% |
| Non-distributable reserves130/1 | €11,250 | €11,250 | €11,250 | €11,250 | €11,250 | = |
| Legal reserve130 | €11,250 | €11,250 | €11,250 | €11,250 | €11,250 | = |
| Tax-exempt reserves132 | €833 | €555 | €191,844 | €191,844 | €199,475 | ▲ 4.0% |
| Profit (loss) carried forward14 | -€970,488 | -€942,726 | -€894,325 | -€888,430 | -€853,086 | ▲ 4.0% |
| Provisions and deferred taxes16 | €278 | €185 | €47,961 | €47,961 | €49,869 | ▲ 4.0% |
| Deferred taxes168 | €278 | €185 | €47,961 | €47,961 | €49,869 | ▲ 4.0% |
| Amounts payable17/49 | €564,273 | €696,493 | €689,349 | €712,655 | €720,925 | ▲ 1.2% |
| Amounts payable after more than one year17 | €517,000 | €642,000 | €642,000 | €642,000 | €642,000 | = |
| Other amounts payable178/9 | €517,000 | €642,000 | €642,000 | €642,000 | €642,000 | = |
| Amounts payable within one year42/48 | €24,332 | €29,420 | €10,755 | €19,166 | €33,471 | ▲ 74.6% |
| Trade debts44 | €9,501 | €10,296 | €2,184 | €2,588 | €13,865 | ▲ 436% |
| Suppliers440/4 | €9,501 | €10,296 | €2,184 | €2,588 | €13,865 | ▲ 436% |
| Taxes, remuneration and social security45 | €14,548 | €18,894 | €7,097 | €14,653 | €10,878 | ▼ 25.8% |
| Taxes450/3 | €8,348 | €12,694 | €7,097 | €6,578 | €2,803 | ▼ 57.4% |
| Remuneration and social security454/9 | €6,200 | €6,200 | €0 | €8,075 | €8,075 | = |
| Other amounts payable47/48 | €283 | €231 | €1,475 | €1,926 | €8,729 | ▲ 353% |
| Accrued charges and deferred income492/3 | €22,940 | €25,072 | €36,594 | €51,488 | €45,454 | ▼ 11.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,801 | €27,485 | €239,690 | €5,895 | €42,974 | ▲ 629% |
| + Depreciation and write-downs630 | €21,868 | €24,098 | €26,377 | €27,921 | €106,600 | ▲ 282% |
| Operating cash flow (approximation) | €63,669 | €51,582 | €266,068 | €33,816 | €149,574 | ▲ 342% |
| Investment in fixed assets (approximation) | - | -€64,666 | €20,804 | -€6,271 | -€542,372 | ▼ 8,549% |
| Change in cash | - | €155,579 | -€259,980 | -€20,399 | €71,107 | ▲ 449% |
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
10-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €5,895 ▼97.5%
Net result drops to €5,895, the lowest in the series; recovery starts the following year.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €239,690 ▲772%
Operating result €297,072, net result €239,690, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 77.93
Current ratio from 17.36 to 77.93; short-term debt falls from €29,420 to €10,755.
31-12
Financial
Equity above €200,000Eq €363,770 ▲193%
6 profitable years in a row build equity to €363,770.
05-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €100,000Eq €124,079 ▲28.5%
5 profitable years in a row build equity to €124,079.
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
02-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
11-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-06
State Gazette act
Board meeting · Director appointment
Permanent representative · Power of attorney
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Kortrijk · 1 establishment unit since 1995
Ground area
1,900 m²
Building footprint
240 m²
Volume, LiDAR
2,226 m³
Parcel 34352A0266/00V005, Flanders · tallest building 15.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Koning Leopold III-laan(Kor) 23, 8500 Kortrijk
since 19952.046.582.412
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34352A0266/00V005 | Flanders | 1,900 m² | 1 · 240 m² | 15.8 m · 3 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 · 1,961 EUR awarded · 1,717 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 294 EUR | 335 EUR |
| 2024 | 1 | 525 EUR | 240 EUR |
| 2023 | 1 | 1,037 EUR | 1,037 EUR |
| 2022 | 1 | 105 EUR | 105 EUR |
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Of 540 companies in sector 14299 we hold annual accounts for 105. 58 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-10-1989
Fiscal year end31-12
Activities, NACEBEL 2025
14299Manufacture of wearing apparel
71209Other technical testing and analysis
74999Other professional, scientific and technical activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0438544423
Also
9925:BE0438544423
Registered
27-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.