PAMI
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00459834.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 37 filings
Turnover
€36.4m▲ 10.2%
2024 · €33.0m
EBIT margin
0.7%▼ 0.2pp
2024 · 0.9%
Net result
€90,773▲ 15.1%
2024 · €78,891
Working capital
€161,186▼ 29.1%
2024 · €227,481
In the rankings
#1 company by total assets in Limburg, Furniture sector#2 company by equity in Limburg, Furniture sector#3 employer in Limburg, Furniture sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€36.4m
▲ 10.2%
2025
20182025
Operating result
€243,298
▼ 17.3%
2025
20182025
Net result
€90,773
▲ 15.1%
2025
middle half of the sector
20182025
EBIT margin
0.7%
▼ 0.2pp
2025
20182025
Equity
€10.5m
▲ 0.9%
2025
highest quarter of the sector
20182025
Total assets
€31.7m
▲ 0.6%
2025
highest quarter of the sector
20182025
Debt
€21.3m
▲ 0.4%
2025
20182025
Working capital
€161,186
▼ 29.1%
2025
middle half of the sector
20182025
Solvency
33.0%
▲ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.01
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.3%
=
2025
middle half of the sector
20182025
Staff (FTE)
97.4
▼ 1.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€24.1m-€23.6m▼ 1.9%€26.1m▲ 10.6%€26.0m▼ 0.7%€28.8m▲ 10.9%€38.5m▲ 33.7%€33.0m▼ 14.2%€36.4m▲ 10.2%
Operating result€0.9m-€0.8m▼ 15.6%€0.7m▼ 7.3%€0.2m▼ 77.1%€0.3m▲ 106%€0.6m▲ 88.8%€0.3m▼ 53.6%€0.2m▼ 17.3%
Net result€1.0m-€0.8m▼ 18.2%€0.7mabove the sector's middle half▼ 17.5%€0.1mwithin the sector's middle half▼ 85.2%€0.2mwithin the sector's middle half▲ 67.8%€0.3mabove the sector's middle half▲ 105%€0.08mwithin the sector's middle half▼ 76.4%€0.09mwithin the sector's middle half▲ 15.1%
EBIT margin3.8%-3.3%▼ 0.5pp2.7%▼ 0.5pp0.6%▼ 2.1pp1.2%▲ 0.5pp1.6%▲ 0.5pp0.9%▼ 0.8pp0.7%▼ 0.2pp
Equity€8.3m-€9.0m▲ 9.6%€9.7mabove the sector's middle half▲ 7.2%€9.8mabove the sector's middle half▲ 1.0%€10.0mabove the sector's middle half▲ 1.7%€10.3mabove the sector's middle half▲ 3.4%€10.4mabove the sector's middle half▲ 0.8%€10.5mabove the sector's middle half▲ 0.9%
Total assets€15.7m-€15.4m▼ 1.7%€20.9mabove the sector's middle half▲ 35.7%€21.2mabove the sector's middle half▲ 1.5%€27.3mabove the sector's middle half▲ 28.6%€32.4mabove the sector's middle half▲ 18.6%€31.5mabove the sector's middle half▼ 2.6%€31.7mabove the sector's middle half▲ 0.6%
Debt€7.4m-€6.4m▼ 14.5%€11.2m▲ 76.6%€11.4m▲ 1.9%€17.4m▲ 51.8%€22.1m▲ 27.3%€21.2m▼ 4.2%€21.3m▲ 0.4%
Working capital€0.8m-€1.5m▲ 94.5%€2.1mabove the sector's middle half▲ 36.7%€2.1mabove the sector's middle half▲ 3.7%€2.1mabove the sector's middle half▼ 1.7%€0.1mwithin the sector's middle half▼ 94.1%€0.2mwithin the sector's middle half▲ 83.6%€0.2mwithin the sector's middle half▼ 29.1%
Solvency52.6%-58.7%▲ 6.1pp46.3%within the sector's middle half▼ 12.3pp46.1%within the sector's middle half▼ 0.2pp36.5%within the sector's middle half▼ 9.7pp31.8%within the sector's middle half▼ 4.7pp32.9%within the sector's middle half▲ 1.1pp33.0%within the sector's middle half▲ 0.1pp
Current ratio1.11-1.24▲ 0.141.22within the sector's middle half▼ 0.031.22within the sector's middle half=1.22within the sector's middle half=1.01below the sector's middle half▼ 0.211.02below the sector's middle half▲ 0.011.01below the sector's middle half=
Return on assets (ROA)6.2%-5.2%▼ 1.0pp3.1%within the sector's middle half▼ 2.0pp0.5%below the sector's middle half▼ 2.7pp0.6%within the sector's middle half▲ 0.1pp1.0%within the sector's middle half▲ 0.4pp0.3%within the sector's middle half▼ 0.8pp0.3%within the sector's middle half=
Staff (FTE)89-89.9▲ 1.0%87.8above the sector's middle half▼ 2.3%87.6above the sector's middle half▼ 0.2%83.7above the sector's middle half▼ 4.5%94.9above the sector's middle half▲ 13.4%98.8above the sector's middle half▲ 4.1%97.4above the sector's middle half▼ 1.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 17% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31.7m
Fixed assets
€16.1m ▼ 2.2%
Current assets
€15.6m ▲ 3.5%
Equity and liabilities €31.7m
Equity
€10.5m ▲ 0.9%
Debt
€21.3m ▲ 0.4%
Debt's share of the balance-sheet total falls from 67.1% to 67.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.2m▼
2024 · €1.2m
Cash flow
€1.1m▲
2024 · €1.0m
Quick ratio
0.75▲
2024 · 0.67
Debt to equity
2.03▼
2024 · 2.04
ROE
0.9%▲
2024 · 0.8%
Interest coverage
6.73▼
2024 · 7.67
Debt ≤ 1 year
€15.5m▲
2024 · €14.9m
Debt > 1 year
€4.0m▼
2024 · €4.3m
Income taxes
€115,051▲
2024 · €104,631
Customer credit
85 days▲
2024 · 45 days
Supplier credit
157 days▼
2024 · 194 days
Staff costs
€6.4m▲
2024 · €6.2m
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 | 93 | 91 | 110 | 102 | 101 |
| full-time | 62 | 62 | 81 | 73 | 76 |
| part-time | 31 | 29 | 29 | 29 | 25 |
| in full-time equivalents | 85.6 | 82.2 | 103.5 | 95.9 | 95.7 |
| Average over the year, in full-time equivalents | 87.6 | 83.7 | 94.9 | 98.8 | 97.4 |
| On a permanent contract | 93 | 91 | 110 | 102 | 100 |
| Joined | 2 | 8 | 31 | 7 | 10 |
| Left | 5 | 11 | 11 | 15 | 11 |
| Agency workers, average number | - | 1.9 | 7.1 | 2.3 | 1.8 |
| Training hours | 2,053 | 567 | 443 | 4,063 | 3,607 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.5m | €492,146 | €1.3m | - | - |
| Mortgages, amount registered | €756,076 | - | - | - | - |
| Mortgage mandates | €756,076 | - | - | - | - |
| Carrying value of the mortgaged assets | €2.1m | - | - | - | - |
| Pledge on the business | €136,342 | €1.5m | €2.4m | €2.4m | €2.4m |
| Carrying value of the other pledged assets | €2.0m | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €586,077 | €5.0m | €332,300 | €108,158 | €663,024 |
| Intangible fixed assets | €173,137 | €219,672 | €198,295 | €74,810 | €19,183 |
| Financial fixed assets | - | €3.9m | - | - | - |
| Depreciation and write-downs of the year | €772,946 | €866,572 | €958,066 | €953,213 | €990,908 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,100 | €9,500 | €10,000 | €10,500 | €11,180 |
| Other work by the auditor | €15,060 | - | - | - | - |
| Work by persons linked to the auditor | €25,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 16 entries · €139,242 awarded · €139,203 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €33,215 | €33,420 |
| 2024 | 4 | €37,577 | €37,333 |
| 2023 | 4 | €38,307 | €43,307 |
| 2022 | 4 | €30,143 | €25,143 |
Public contracts
27 awards · 2019 to 2026
Los (kantoor)meubilair: FLU25L008 - 1
Levering kantoormeubilair voor het nieuwe provinciale hoofdkantoor Wit-Gele Kruis Limbrug
Raamovereenkomst voor het leveren en installeren van kantoormeubilair: Krukjes 4-poots en krukjes met wielen
Raamovereenkomst voor het leveren en installeren van kantoormeubilair: Bezoekersstoelen en wachtbanken
Marché de fournitures ayant pour objet la mise en place d’un accord-cadre destiné à l’acquisition de mobiliers divers: 2024-1-068 - 3 - Aankoop van allerhande zitmeubelen
Show 22 more contracts
Raamovereenkomst voor het leveren en monteren van diverse stoelen.: 2025/HFB/OP/146496 - 1
Raamovereenkomst voor het leveren en monteren van diverse stoelen.: 2025/HFB/OP/146496 - 4
Raamovereenkomst voor het leveren en monteren van diverse stoelen.: 2025/HFB/OP/146496 - 5
Raamovereenkomst voor het leveren en monteren van diverse stoelen.: 2025/HFB/OP/146496 - 8
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: huiskamertafel
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: Vergadertafel stahoogte
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: bijzettafel
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: poef
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: concentratiewerkplek
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: modulaire bibliotheekrek
Raamovereenkomst voor het leveren van 'wijs werken' meubilair: zitmeubilair
Raamovereenkomst Kantoormeubilair
Fourniture de mobilier de bureau sous la forme d’un accord-cadre: Perceel 1 - Formeel meubelair
Fourniture de mobilier de bureau sous la forme d’un accord-cadre: Lot 2 - Mobilier de type Bubble
Raamovereenkomst voor de levering van kantoormeubilair (inclusief wisselstukken)
Kantoormeubilair: Bureaux ergonomiques (accessoires compris), chaises ergonomiques (bureau et salles de réunion)
Kantoormeubilair: Diverse tafels voor verschillende types van vergaderruimten
Kantoormeubilair: Keukentafels en keukenstoelen
2023/HFB/OP/111577 – Leveren van akoestisch meubilair en softseating.: Mobiele akoestische wanden.
2023/HFB/OP/111577 – Leveren van akoestisch meubilair en softseating.: Belcellen.
2020/HFB/OP/70436 - Levering van elektrische zit-statafels aan de instellingen van de Vlaamse Overheid: Leveren en plaatsen van elektrische zit-statafels.
Raamovereenkomst voor het leveren van divers kantoormeubilair (inclusief wisselstukken): Aanstellen van een pool van leveranciers voor het leveren van 'niet-standaard' meubilair
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €27.0m | €29.9m | €39.9m | €35.1m | €37.0m | ▲ 5.4% |
| Turnover70 | €24.1m | €23.6m | €26.1m | €26.0m | €28.8m | €38.5m | €33.0m | €36.4m | ▲ 10.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.3m | €0.2m | €0.4m | -€0.2m | -€0.3m | ▼ 51.8% |
| Own construction capitalised72 | - | - | - | €0.2m | €0.3m | €0.3m | €0.08m | €18 | ▼ 100.0% |
| Other operating income74 | - | - | - | €0.6m | €0.6m | €0.7m | €2.2m | €0.9m | ▼ 57.5% |
| Non-recurring operating income76A | - | - | - | €0.02m | €100 | €0 | - | - | - |
| Operating charges60/66A | - | - | - | €26.9m | €29.6m | €39.3m | €34.8m | €36.7m | ▲ 5.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €15.4m | €16.3m | €21.9m | €18.7m | €18.8m | ▲ 0.9% |
| Purchases600/8 | - | - | - | €16.5m | €16.6m | €22.6m | €18.0m | €18.2m | ▲ 0.9% |
| Change in stocks: decrease (increase)609 | - | - | - | -€1.1m | -€0.2m | -€0.7m | €0.7m | €0.7m | ▲ 0.5% |
| Services and other goods61 | - | - | - | €6.1m | €7.6m | €10.2m | €9.2m | €10.4m | ▲ 13.8% |
| Remuneration, social security and pensions62 | - | - | - | €4.4m | €4.6m | €6.0m | €6.2m | €6.4m | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.5m | €0.5m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.08m | €0.1m | €0.07m | -€0.3m | €0.02m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.007m | -€0.006m | -€0.005m | -€0.002m | - | - |
| Other operating charges640/8 | - | - | - | €0.09m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 16.8% |
| Non-recurring operating charges66A | - | - | - | €0.05m | €0.007m | €0.02m | €0 | - | - |
| Operating profit (loss)9901 | €0.9m | €0.8m | €0.7m | €0.2m | €0.3m | €0.6m | €0.3m | €0.2m | ▼ 17.3% |
| Financial income75/76B | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 27.3% |
| Recurring financial income75 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 27.3% |
| Income from financial fixed assets750 | - | - | - | €0.05m | €0.05m | €0.05m | €0.06m | €0.3m | ▲ 391% |
| Income from current assets751 | - | - | - | €0.003m | €0.02m | €0.2m | €0.2m | €0.02m | ▼ 85.2% |
| Other financial income752/9 | - | - | - | €0.05m | €0.08m | €0.03m | €0.03m | €0.01m | ▼ 58.1% |
| Financial charges65/66B | - | - | - | €0.05m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 1.8% |
| Recurring financial charges65 | €0.08m | €0.07m | €0.05m | €0.05m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 1.8% |
| Debt charges650 | €0.04m | €0.02m | €0.03m | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 12.8% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.05m | €0.2m | €0.2m | €0.2m | ▼ 14.2% |
| Profit (loss) for the period before taxes9903 | €1.0m | €0.8m | €0.8m | €0.2m | €0.3m | €0.5m | €0.2m | €0.2m | ▲ 12.2% |
| Transfer from deferred taxes780 | - | - | - | €0.001m | €0.001m | €0.001m | €0 | - | - |
| Income taxes67/77 | €0.002m | €0.004m | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▲ 10.0% |
| Taxes670/3 | - | - | - | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▲ 10.0% |
| Profit (loss) for the period9904 | €1.0m | €0.8m | €0.7m | €0.1m | €0.2m | €0.3m | €0.08m | €0.09m | ▲ 15.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.002m | €0.002m | €0.001m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €0.8m | €0.7m | €0.1m | €0.2m | €0.3m | €0.08m | €0.09m | ▲ 15.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15.7m | €15.4m | €20.9m | €21.2m | €27.3m | €32.4m | €31.5m | €31.7m | ▲ 0.6% |
| Fixed assets21/28 | €7.7m | €7.7m | €9.4m | €9.4m | €15.5m | €17.2m | €16.4m | €16.1m | ▼ 2.2% |
| Intangible fixed assets21 | €0.03m | €0.02m | €0.04m | €0.2m | €0.4m | €0.5m | €0.4m | €0.3m | ▼ 27.5% |
| Tangible fixed assets22/27 | €3.0m | €3.0m | €4.7m | €4.5m | €6.5m | €6.0m | €5.3m | €5.1m | ▼ 3.8% |
| Land and buildings22 | - | - | - | €2.1m | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.6m | ▲ 178% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 13.6% |
| Leasing and similar rights25 | - | - | - | €2.0m | €5.9m | €5.3m | €4.7m | €4.1m | ▼ 12.9% |
| Other tangible fixed assets26 | - | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 21.7% |
| Financial fixed assets28 | €4.7m | €4.7m | €4.7m | €4.7m | €8.6m | €10.7m | €10.7m | €10.7m | ▼ 0.3% |
| Affiliated companies280/1 | - | - | - | €4.6m | €8.6m | €10.7m | €10.7m | €10.7m | = |
| Participating interests280 | - | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Amounts receivable281 | - | - | - | €4.6m | €4.6m | €6.8m | €6.8m | €6.8m | = |
| Other financial fixed assets284/8 | - | - | - | €0.07m | €0.06m | €0.05m | €0.06m | €0.02m | ▼ 61.4% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.07m | €0.06m | €0.05m | €0.06m | €0.02m | ▼ 61.4% |
| Current assets29/58 | €8.0m | €7.7m | €11.5m | €11.9m | €11.8m | €15.2m | €15.1m | €15.6m | ▲ 3.5% |
| Stocks and contracts in progress3 | €2.8m | €3.2m | €3.0m | €4.4m | €4.7m | €5.7m | €5.1m | €4.1m | ▼ 19.6% |
| Stocks30/36 | - | - | - | €4.4m | €4.7m | €5.7m | €5.1m | €4.1m | ▼ 19.6% |
| Raw materials and consumables30/31 | - | - | - | €2.0m | €2.1m | €2.6m | €2.1m | €1.7m | ▼ 19.4% |
| Work in progress32 | - | - | - | €0.4m | €0.4m | €0.5m | €0.3m | €0.5m | ▲ 31.4% |
| Finished goods33 | - | - | - | €0.9m | €1.1m | €1.4m | €1.3m | €1.0m | ▼ 28.7% |
| Goods purchased for resale34 | - | - | - | €1.0m | €1.1m | €1.2m | €1.3m | €1.0m | ▼ 24.1% |
| Amounts receivable within one year40/41 | €4.9m | €4.3m | €4.6m | €6.4m | €6.6m | €8.3m | €7.6m | €10.4m | ▲ 36.7% |
| Trade receivables40 | - | - | - | €6.3m | €4.5m | €6.3m | €4.0m | €8.5m | ▲ 110% |
| Other amounts receivable41 | - | - | - | €0.04m | €2.1m | €2.0m | €3.5m | €1.9m | ▼ 47.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.07m | €3.9m | €1.0m | €0.2m | €0.7m | €2.0m | €1.0m | ▼ 51.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.08m | €0.3m | €0.4m | €0.4m | €0.2m | ▼ 46.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15.7m | €15.4m | €20.9m | €21.2m | €27.3m | €32.4m | €31.5m | €31.7m | ▲ 0.6% |
| Equity10/15 | €8.3m | €9.0m | €9.7m | €9.8m | €10.0m | €10.3m | €10.4m | €10.5m | ▲ 0.9% |
| Contributions10/11 | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Capital10 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Issued capital100 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Revaluation surpluses12 | - | - | - | €1.8m | €1.7m | €1.6m | €1.5m | €1.5m | ▼ 5.8% |
| Reserves13 | €2.0m | €3.0m | €3.7m | €4.0m | €4.2m | €4.7m | €4.8m | €5.0m | ▲ 3.7% |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.2% |
| Legal reserve130 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.2% |
| Tax-exempt reserves132 | - | - | - | €0.004m | €0.001m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €3.6m | €3.9m | €4.3m | €4.4m | €4.6m | ▲ 4.0% |
| Provisions and deferred taxes16 | €0.01m | €0.03m | €0.02m | €0.02m | €0.008m | €0.002m | €0 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.01m | €0.007m | €0.002m | €0 | - | - |
| Pensions and similar obligations160 | - | - | - | €0.01m | €0.007m | €0.002m | €0 | - | - |
| Deferred taxes168 | - | - | - | €0.002m | €0.001m | €0 | - | - | - |
| Amounts payable17/49 | €7.4m | €6.4m | €11.2m | €11.4m | €17.4m | €22.1m | €21.2m | €21.3m | ▲ 0.4% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €1.7m | €1.7m | €5.4m | €4.9m | €4.3m | €4.0m | ▼ 7.7% |
| Financial debts170/4 | - | - | - | €1.7m | €5.4m | €4.9m | €4.3m | €4.0m | ▼ 7.7% |
| Leasing and similar obligations172 | - | - | - | €1.6m | €5.3m | €4.7m | €4.2m | €3.6m | ▼ 13.5% |
| Credit institutions173 | - | - | - | €0.08m | €0.03m | €0 | - | €0.2m | - |
| Other loans174 | - | - | - | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable within one year42/48 | €7.2m | €6.2m | €9.5m | €9.7m | €9.7m | €15.1m | €14.9m | €15.5m | ▲ 4.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 8.5% |
| Financial debts43 | - | - | - | €0.4m | €0.4m | €1.2m | €1.6m | €1.6m | = |
| Credit institutions430/8 | - | - | - | €0.4m | €0.4m | €1.2m | €1.6m | €1.6m | = |
| Trade debts44 | €3.8m | €4.3m | €6.6m | €6.5m | €6.9m | €10.5m | €9.9m | €8.1m | ▼ 18.1% |
| Suppliers440/4 | - | - | - | €6.5m | €6.9m | €10.5m | €9.9m | €8.1m | ▼ 18.1% |
| Advances received on contracts in progress46 | - | - | - | €0.8m | €0.5m | €0.7m | €0.8m | €2.5m | ▲ 225% |
| Taxes, remuneration and social security45 | - | - | - | €1.5m | €1.1m | €2.0m | €1.6m | €1.9m | ▲ 23.3% |
| Taxes450/3 | - | - | - | €0.9m | €0.5m | €1.0m | €0.7m | €1.1m | ▲ 45.9% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.7m | €1.0m | €0.8m | €0.9m | ▲ 3.6% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.2m | €0 | €0.5m | €0.7m | ▲ 57.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €2.2m | €2.2m | €2.0m | €1.8m | ▼ 9.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €0.8m | €0.7m | €0.1m | €0.2m | €0.3m | €0.08m | €0.09m | ▲ 15.1% |
| + Depreciation and write-downs630 | €0.4m | €0.5m | €0.5m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 4.0% |
| Operating cash flow (approximation) | €1.4m | €1.3m | €1.2m | €0.9m | €1.0m | €1.3m | €1.0m | €1.1m | ▲ 4.8% |
| Investment in fixed assets (approximation) | - | -€0.5m | -€2.2m | -€0.8m | -€7.0m | -€2.6m | -€0.2m | -€0.6m | ▼ 241% |
| Change in cash | - | -€0.1m | €3.8m | -€2.9m | -€0.8m | €0.5m | €1.3m | -€1.1m | - |
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, 1,887 companies had the same profile as PAMI has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of PAMI itself: 0.4% 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 1,887 companies, not a prediction for PAMI. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00459834 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00291609 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00236378 | |
| 31-12-2022 | full format | 12-07-2023 | 2023-00234613 | |
| 31-12-2021 | full format | 12-07-2022 | 2022-20197041 | |
| 31-12-2020 | full format | 08-07-2021 | 2021-34300130 | |
| 31-12-2019 | full format | 15-06-2020 | 2020-18100398 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-26400152 | |
| 31-12-2017 | full format | 28-06-2018 | 2018-27600510 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-27400262 |