PAP
ActivePAP has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €100k and a net result of €26k. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 76% of 1303 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
81
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability87▲+2
Solvency79▲+16
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity tight (current ratio 1.15 against 1.02 in 2024; short-term debt: 33.9% and cash: 22% of total assets), and 45.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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
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
54.4%
Return on assets
14.2%
Age of the figures
12 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Sector 55
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 29-04-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
4 d early
2023
29 d late
2022
15 d late
2021
1 d early
2020
1 d early
2019
13 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
22-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€100k▲ 6.6%
2024 · €94k
2018: €61k
2019: €69k
2020: €78k
2021: €102k
2022: €88k
2023: €81k
2024: €94k
2018 → 2025
Total assets
€184k▼ 25.2%
2024 · €246k
2018: €271k
2019: €250k
2020: €223k
2021: €241k
2022: €232k
2023: €218k
2024: €246k
2018 → 2025
Net result
€26k▼ 20.3%
2024 · €33k
2018: €-6k
2019: €7k
2020: €9k
2021: €24k
2022: €7k
2023: €13k
2024: €33k
2018 → 2025
Working capital
€9k▲ 241%
2024 · €3k
2018: €-37k
2019: €-65k
2020: €-56k
2021: €-14k
2022: €-18k
2023: €-15k
2024: €3k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€102k-€88k▼ 13.2%€81k▼ 8.1%€94k▲ 15.8%€100k▲ 6.6%
Operating result€33k-€12k▼ 62.3%€19k▲ 50.3%€46k▲ 143%€37k▼ 19.7%
Net result€24k-€7k▼ 72.1%€13k▲ 95.0%€33k▲ 154%€26k▼ 20.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 20% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €184k
Fixed assets
€112k▼ 4.7%
Current assets
€72k▼ 44.0%
Equity and liabilities €184k
Equity
€100k▲ 6.6%
Debt
€84k▼ 44.8%
The debt ratio falls from 61.8% to 45.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55k▼
2024 · €63k
Cash flow
€44k▼
2024 · €50k
Solvency
54.4%▲
2024 · 38.2%
Current ratio
1.15▲
2024 · 1.02
Quick ratio
1.15▲
2024 · 1.02
Debt / equity
0.84▼
2024 · 1.62
ROE
26.2%▼
2024 · 35.0%
ROA
14.2%▲
2024 · 13.3%
Interest coverage
53.95▼
2024 · 59.59
Debt
€84k▼
2024 · €152k
Debt ≤ 1 year
€62k▼
2024 · €125k
Debt > 1 year
€17k▼
2024 · €25k
Income taxes
€10k▼
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€246k€184k▼
Fixed assets21/28€118k€112k▼
Tangible fixed assets22/27€118k€112k▼
Land and buildings22€80k€71k▼
Plant, machinery and equipment23€38k€41k▲
Current assets29/58€128k€72k▼
Amounts receivable within one year40/41€41k€29k▼
Trade receivables40€5k€2k▼
Other amounts receivable41€36k€27k▼
Cash at bank and in hand54/58€83k€40k▼
Deferred charges and accrued income490/1€4k€2k▼
Equity and liabilities
Total equity and liabilities10/49€246k€184k▼
Equity10/15€94k€100k▲
Contributions10/11€23k€23k=
Reserves13€2k€2k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€68k€74k▲
Amounts payable17/49€152k€84k▼
Amounts payable after more than one year17€25k€17k▼
Financial debts170/4€25k€17k▼
Amounts payable within one year42/48€125k€62k▼
Current portion of amounts payable after more than one year42€8k€8k=
Trade debts44€15k€5k▼
Suppliers440/4€15k€5k▼
Taxes, remuneration and social security45€18k€17k▼
Taxes450/3€18k€17k▼
Other amounts payable47/48€84k€32k▼
Accrued charges and deferred income492/3€1k€5k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17k€18k▲
Other operating charges640/8€10k€5k▼
Gross operating margin9900€72k€60k▼
Operating profit (loss)9901€46k€37k▼
Financial income75/76B€242€386▲
Recurring financial income75€242€386▲
Financial charges65/66B€1k€1k▼
Recurring financial charges65€1k€1k▼
Profit (loss) for the period before taxes9903€45k€36k▼
Income taxes67/77€12k€10k▼
Profit (loss) for the period9904€33k€26k▼
Profit (loss) for the period to be appropriated9905€33k€26k▼
Appropriation of the result
Profit (loss) to be appropriated9906€88k€94k▲
Profit (loss) brought forward from the previous period14P€55k€68k▲
Profit to be distributed694/7€20k€20k=
Return on contributions (dividend)694€20k€20k=
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Highest result since 2018net €33k ▲154%
Operating result €46k, net result €33k, both a record.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 15 days late
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €100kEq €102k ▲30.4%
3 profitable years in a row build equity to €102k.
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 13 days late
2019
30-09
Financial
Back to profitnet €7k
Net result €7k after one loss-making year.
29-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
30-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2022
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
22-11-2022
Resigned as Manager
Location & real-estate footprint
Registered office, Theux · 1 establishment unit since 1995
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Sassor 404910 TheuxGround area
8,842 m²
Building footprint
338 m²
Volume, LiDAR
2,435 m³
Parcel 63076C0713/00C000, Wallonia · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Sassor Village 40, 4910 Theux
since 19952.070.269.416
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63076C0713/00C000 | Wallonia | 8,842 m² | 1 · 338 m² | 9.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via establishment units: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
SWAPPERZ
BE 0545.953.018
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MARVAL
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Schilde · Eq €104k
In De Ban Van Buiten
BE 0802.069.145
Putte · Eq €95k
IRENT
BE 0802.197.621
Vilvoorde · Eq €106k
A PROPOS
BE 0432.232.691
Brussel · Eq €108k
Of 732 companies in sector 55209 we hold annual accounts for 208. 153 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded24-09-1993
Fiscal year end30-09
Activities, NACEBEL
55209Other holiday and short-stay accommodation
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 32 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.