PAMA
ActiveSummary
PAMA has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €114,338 and a net result of -€8,873. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 95% of 11547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▼-3
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity ample (current ratio 70.14 against 24.12 in 2024; short-term debt: 1.4% and cash: 97.2% of total assets), and 1.4% of the assets are financed with debt.
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Signals
Five 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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€8,873
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
29 d late
2024
28 d late
2023
27 d late
2022
28 d late
2021
29 d late
2020
23 d late
2019
69 d late
← 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 33 days after 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 28 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€114,338▼ 7.2%
2024 · €123,211
Total assets
€115,952▼ 9.7%
2024 · €128,421
Net result
-€8,873▼ 3.5%
2024 · -€8,574
Working capital
€111,589▼ 7.4%
2024 · €120,462
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,628▼ 29.0%€4,433▼ 33.1%€2,577▼ 41.9%-€7,627-€8,469▼ 11.0%
Net result€4,451within the sector's middle half▼ 48.9%€2,645within the sector's middle half▼ 40.6%€1,865within the sector's middle half▼ 29.5%-€8,574below the sector's middle half-€8,873below the sector's middle half▼ 3.5%
Equity€147,275within the sector's middle half▲ 3.1%€149,920within the sector's middle half▲ 1.8%€131,785within the sector's middle half▼ 12.1%€123,211within the sector's middle half▼ 6.5%€114,338within the sector's middle half▼ 7.2%
Total assets€150,707within the sector's middle half▼ 1.1%€155,938within the sector's middle half▲ 3.5%€142,748within the sector's middle half▼ 8.5%€128,421within the sector's middle half▼ 10.0%€115,952within the sector's middle half▼ 9.7%
Debt€3,432▼ 63.8%€6,018▲ 75.3%€10,963▲ 82.2%€5,210▼ 52.5%€1,614▼ 69.0%
Working capital€144,526above the sector's middle half▲ 5.7%€147,171above the sector's middle half▲ 1.8%€129,036above the sector's middle half▼ 12.3%€120,462within the sector's middle half▼ 6.6%€111,589within the sector's middle half▼ 7.4%
Solvency97.7%above the sector's middle half▲ 4.0pp96.1%above the sector's middle half▼ 1.6pp92.3%above the sector's middle half▼ 3.8pp95.9%above the sector's middle half▲ 3.6pp98.6%above the sector's middle half▲ 2.7pp
Current ratio43.11above the sector's middle half▲ 27.7025.46above the sector's middle half▼ 17.6612.77above the sector's middle half▼ 12.6824.12above the sector's middle half▲ 11.3570.14above the sector's middle half▲ 46.02
Return on assets (ROA)3.0%within the sector's middle half▼ 2.8pp1.7%within the sector's middle half▼ 1.3pp1.3%within the sector's middle half▼ 0.4pp-6.7%below the sector's middle half▼ 8.0pp-7.7%below the sector's middle half▼ 1.0pp
Staff (FTE)1▲ 900%1=1=1=0.1▼ 90.0%
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8,469 in 2025 against €7,627 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €115,952
Fixed assets
€2,749 =
Current assets
€113,203 ▼ 9.9%
Equity and liabilities €115,952
Equity
€114,338 ▼ 7.2%
Debt
€1,614 ▼ 69.0%
Debt's share of the balance-sheet total falls from 4.1% to 1.4%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.01▼
2024 · 0.04
ROE
-7.8%▼
2024 · -7.0%
Debt ≤ 1 year
€1,614▼
2024 · €5,210
Income taxes
€96▼
2024 · €903
Staff costs
€3,486▼
2024 · €8,220
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 12,321 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €7,163 | €7,212 | €8,215 | €8,220 | €3,486 | ▼ 57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €662 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €300 | - | - | - | €8,184 | - |
| Other operating charges640/8 | €724 | €726 | €781 | €642 | €640 | ▼ 0.3% |
| Non-recurring operating charges66A | €768 | - | - | - | €200 | - |
| Gross operating margin9900 | €16,245 | €12,371 | €11,573 | €1,235 | €4,041 | ▲ 227% |
| Operating profit (loss)9901 | €6,628 | €4,433 | €2,577 | -€7,627 | -€8,469 | ▼ 11.0% |
| Financial income75/76B | €55 | €61 | €765 | €128 | €207 | ▲ 61.7% |
| Recurring financial income75 | €55 | €61 | €765 | €128 | €207 | ▲ 61.7% |
| Financial charges65/66B | €322 | €215 | €215 | €172 | €515 | ▲ 199% |
| Recurring financial charges65 | €322 | €215 | €187 | €172 | €515 | ▲ 199% |
| Non-recurring financial charges66B | - | - | €28 | - | - | - |
| Profit (loss) for the period before taxes9903 | €6,361 | €4,279 | €3,127 | -€7,671 | -€8,777 | ▼ 14.4% |
| Income taxes67/77 | €1,910 | €1,634 | €1,262 | €903 | €96 | ▼ 89.4% |
| Profit (loss) for the period9904 | €4,451 | €2,645 | €1,865 | -€8,574 | -€8,873 | ▼ 3.5% |
| Profit (loss) for the period to be appropriated9905 | €4,451 | €2,645 | €1,865 | -€8,574 | -€8,873 | ▼ 3.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €150,707 | €155,938 | €142,748 | €128,421 | €115,952 | ▼ 9.7% |
| Fixed assets21/28 | €2,749 | €2,749 | €2,749 | €2,749 | €2,749 | = |
| Financial fixed assets28 | €2,749 | €2,749 | €2,749 | €2,749 | €2,749 | = |
| Current assets29/58 | €147,958 | €153,189 | €139,999 | €125,672 | €113,203 | ▼ 9.9% |
| Stocks and contracts in progress3 | €16,209 | €14,221 | €15,988 | €17,584 | - | - |
| Stocks30/36 | €16,209 | €14,221 | €15,988 | €17,584 | - | - |
| Amounts receivable within one year40/41 | €39,237 | €18,368 | €21,256 | €29,868 | €282 | ▼ 99.1% |
| Trade receivables40 | €38,659 | €17,395 | €20,054 | €28,633 | - | - |
| Other amounts receivable41 | €578 | €973 | €1,202 | €1,235 | €282 | ▼ 77.2% |
| Current investments50/53 | €169 | €169 | €169 | €169 | €169 | = |
| Cash at bank and in hand54/58 | €92,343 | €120,431 | €102,586 | €78,051 | €112,752 | ▲ 44.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €150,707 | €155,938 | €142,748 | €128,421 | €115,952 | ▼ 9.7% |
| Equity10/15 | €147,275 | €149,920 | €131,785 | €123,211 | €114,338 | ▼ 7.2% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | €20,000 | €20,000 | - | - | - | - |
| Issued capital100 | €20,000 | €20,000 | - | - | - | - |
| Reserves13 | €1,936 | €1,936 | €1,936 | €1,936 | €1,936 | = |
| Non-distributable reserves130/1 | €1,936 | €1,936 | - | - | - | - |
| Legal reserve130 | €1,936 | €1,936 | - | - | - | - |
| Distributable reserves133 | - | - | €1,936 | €1,936 | €1,936 | = |
| Profit (loss) carried forward14 | €125,339 | €127,984 | €109,849 | €101,275 | €92,402 | ▼ 8.8% |
| Amounts payable17/49 | €3,432 | €6,018 | €10,963 | €5,210 | €1,614 | ▼ 69.0% |
| Amounts payable within one year42/48 | €3,432 | €6,018 | €10,963 | €5,210 | €1,614 | ▼ 69.0% |
| Trade debts44 | €1,416 | €1,090 | €1,819 | €1,973 | €301 | ▼ 84.7% |
| Suppliers440/4 | €1,416 | €1,090 | €1,819 | €1,973 | €301 | ▼ 84.7% |
| Taxes, remuneration and social security45 | €2,016 | €4,928 | €9,144 | €3,237 | €1,313 | ▼ 59.4% |
| Taxes450/3 | €2,012 | €4,928 | €9,144 | €3,237 | €1,313 | ▼ 59.4% |
| Remuneration and social security454/9 | €4 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,451 | €2,645 | €1,865 | -€8,574 | -€8,873 | ▼ 3.5% |
| + Depreciation and write-downs630 | €662 | - | - | - | - | - |
| Operating cash flow (approximation) | €5,113 | €2,645 | €1,865 | -€8,574 | -€8,873 | ▼ 3.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €28,088 | -€17,845 | -€24,535 | €34,701 | ▲ 241% |
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
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
2025
31-12
Financial
Weakest financial yearnet -€8,873
Net result drops to -€8,873, the lowest in the series.
31-12
Financial
Liquidity triplescurrent ratio 70.14
Current ratio from 24.12 to 70.14; short-term debt falls from €5,210 to €1,614.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Liquidity triplescurrent ratio 43.11
Current ratio from 15.41 to 43.11; short-term debt falls from €9,489 to €3,432.
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
2020
31-12
Financial
Highest result since 2018net €8,709 ▲909%
Operating result €9,336, net result €8,709, both a record.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 69 days late
2019
31-12
Financial
Back to profitnet €863
Net result €863 after one loss-making year.
Show earlier events
31-12
Financial
Liquidity times 7current ratio 17.87
Current ratio from 2.70 to 17.87; short-term debt falls from €76,120 to €7,681.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
No directors read yet: 0 of 6 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Grâce-Hollogne · 1 establishment unit since 1982
Ground area
3,418 m²
Building footprint
57 m²
2 parcels, Wallonia. Linked by address, not a title deed.
1 establishment unit
Parc Industriel 16, 4400 Flémalle
since 19822.019.671.444
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62412B0318/00F005 | Wallonia | 3,334 m² | - | - |
| 62054B0550/00F004 | Wallonia | 84 m² | 1 · 57 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 472 companies in this sector we hold annual accounts for 336. 221 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded18-11-1981
Fiscal year end31-12
Activities, NACEBEL 2025
46442Wholesale trade
16281Manufacture of other wood products
46831Wholesale of construction materials, general range
E-invoicing
Reachable via Peppol
Peppol ID
0208:0422102626
Also
9925:BE0422102626
Registered
01-04-2026
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.