PAPAGO
ActiveSummary
PAPAGO has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €229k and a net result of €41k. Equity is growing by ~39.2% per year across the filed fiscal years. Its solvency ranks better than 80% of 10407 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability84▲+2
Solvency93▲+25
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21k at 30 days acceptable
Liquidity ample (current ratio 5.17 against 2.61 in 2024; short-term debt: 14.1% and cash: 62.7% of total assets), and 31.5% of the assets are financed with debt.
Credit check for your own amount and term
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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
68.5%
Return on assets
12.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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
27 d late
2024
31 d early
2023
30 d late
2022
31 d late
2021
31 d late
2020
39 d late
2019
55 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€229k▲ 21.9%
2024 · €188k
2018: €-350klowest in 8 years
2019: €-309k▲ +11.8% vs 2018
2020: €-288k▲ +6.7% vs 2019
2021: €-228k▲ +20.7% vs 2020
2022: €85k▲ +137% vs 2021
2023: €142k▲ +68.1% vs 2022
2024: €188k▲ +32.0% vs 2023
2025: €229k▲ +21.9% vs 2024highest in 8 years
2018 → 2025
Total assets
€334k▼ 24.2%
2024 · €441k
2018: €337k
2019: €306k▼ -9.2% vs 2018
2020: €272k▼ -11.2% vs 2019
2021: €269k▼ -1.0% vs 2020lowest in 8 years
2022: €435k▲ +61.4% vs 2021
2023: €446k▲ +2.6% vs 2022highest in 8 years
2024: €441k▼ -1.1% vs 2023
2025: €334k▼ -24.2% vs 2024
2018 → 2025
Net result
€41k▼ 9.7%
2024 · €46k
2018: €62k
2019: €41k▼ -33.5% vs 2018
2020: €21k▼ -49.7% vs 2019lowest in 8 years
2021: €60k▲ +188% vs 2020
2022: €313k▲ +425% vs 2021highest in 8 years
2023: €58k▼ -81.6% vs 2022
2024: €46k▼ -21.0% vs 2023
2025: €41k▼ -9.7% vs 2024
2018 → 2025
Working capital
€197k▼ 9.5%
2024 · €217k
2018: €-387klowest in 8 years
2019: €-198k▲ +48.8% vs 2018
2020: €-202k▼ -2.0% vs 2019
2021: €-167k▲ +17.4% vs 2020
2022: €119k▲ +171% vs 2021
2023: €166k▲ +39.7% vs 2022
2024: €217k▲ +30.9% vs 2023highest in 8 years
2025: €197k▼ -9.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-228k-€85k€142k▲ 68.1%€188k▲ 32.0%€229k▲ 21.9%
2021: €-228klowest in 5 years
2022: €85k▲ +137% vs 2021
2023: €142k▲ +68.1% vs 2022
2024: €188k▲ +32.0% vs 2023
2025: €229k▲ +21.9% vs 2024highest in 5 years
Operating result€75k-€339k▲ 354%€86k▼ 74.5%€71k▼ 18.1%€64k▼ 9.8%
2021: €75k
2022: €339k▲ +354% vs 2021highest in 5 years
2023: €86k▼ -74.5% vs 2022
2024: €71k▼ -18.1% vs 2023
2025: €64k▼ -9.8% vs 2024lowest in 5 years
Net result€60k-€313k▲ 425%€58k▼ 81.6%€46k▼ 21.0%€41k▼ 9.7%
2021: €60k
2022: €313k▲ +425% vs 2021highest in 5 years
2023: €58k▼ -81.6% vs 2022
2024: €46k▼ -21.0% vs 2023
2025: €41k▼ -9.7% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 10% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €334k
Fixed assets
€90k ▲ 1.2%
Current assets
€244k ▼ 30.7%
Equity and liabilities €334k
Equity
€229k ▲ 21.9%
Debt
€105k ▼ 58.4%
Debt's share of the balance-sheet total falls from 57.4% to 31.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€65k▼
2024 · €77k
Cash flow
€42k▼
2024 · €52k
Current ratio
5.17▲
2024 · 2.61
Quick ratio
4.47▲
2024 · 2.27
Debt to equity
0.46▼
2024 · 1.35
ROE
18.0%▼
2024 · 24.3%
ROA
12.3%▲
2024 · 10.3%
Interest coverage
10.19▲
2024 · 8.57
Debt ≤ 1 year
€47k▼
2024 · €135k
Debt > 1 year
€58k▼
2024 · €118k
Income taxes
€18k▼
2024 · €19k
Staff costs
€38k▲
2024 · €37k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€441k€334k▼
Fixed assets21/28€89k€90k▲
Tangible fixed assets22/27€88k€89k▲
Land and buildings22€85k€87k▲
Plant, machinery and equipment23€130€0▼
Furniture and vehicles24€3k€2k▼
Financial fixed assets28€1k€1k=
Current assets29/58€352k€244k▼
Stocks and contracts in progress3€46k€33k▼
Stocks30/36€46k€33k▼
Amounts receivable within one year40/41€5k€1k▼
Trade receivables40€2k€831▼
Other amounts receivable41€3k€319▼
Cash at bank and in hand54/58€300k€209k▼
Deferred charges and accrued income490/1€485€69▼
Equity and liabilities
Total equity and liabilities10/49€441k€334k▼
Equity10/15€188k€229k▲
Contributions10/11€74k€74k=
Capital10€74k€74k=
Issued capital100€74k€74k=
Reserves13€113k€155k▲
Non-distributable reserves130/1€6k€7k▲
Legal reserve130€6k€7k▲
Tax-exempt reserves132€16k€16k=
Distributable reserves133€91k€131k▲
Amounts payable17/49€253k€105k▼
Amounts payable after more than one year17€118k€58k▼
Financial debts170/4€118k€58k▼
Amounts payable within one year42/48€135k€47k▼
Current portion of amounts payable after more than one year42€0-
Trade debts44€7k€6k▼
Suppliers440/4€7k€6k▼
Taxes, remuneration and social security45€22k€19k▼
Taxes450/3€14k€13k▼
Remuneration and social security454/9€7k€5k▼
Other amounts payable47/48€106k€22k▼
Accrued charges and deferred income492/3€620€0▼
Income statement
Code20242025
Remuneration, social security and pensions62€37k€38k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€1k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€5k€5k▲
Gross operating margin9900€119k€108k▼
Operating profit (loss)9901€71k€64k▼
Financial income75/76B€3k€2k▼
Recurring financial income75€3k€2k▼
Financial charges65/66B€9k€6k▼
Recurring financial charges65€9k€6k▼
Profit (loss) for the period before taxes9903€65k€59k▼
Income taxes67/77€19k€18k▼
Profit (loss) for the period9904€46k€41k▼
Profit (loss) for the period to be appropriated9905€46k€41k▼
Appropriation of the result
Profit (loss) to be appropriated9906€46k€41k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer from equity791/2€0-
Transfer to equity691/2€46k€41k▼
To the legal reserve6920-€1k
To other reserves6921€46k€40k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €30k | €34k | €36k | €37k | €38k | ▲ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15k | €15k | €15k | €6k | €1k | ▼ 82.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-4k | €-901 | €-1k | €0 | - | - |
| Other operating charges640/8 | €4k | €4k | €5k | €5k | €5k | ▲ 0.7% |
| Gross operating margin9900 | €119k | €391k | €141k | €119k | €108k | ▼ 9.1% |
| Operating profit (loss)9901 | €75k | €339k | €86k | €71k | €64k | ▼ 9.8% |
| Financial income75/76B | €1k | - | €5k | €3k | €2k | ▼ 43.6% |
| Recurring financial income75 | €1k | - | €5k | €3k | €2k | ▼ 43.6% |
| Financial charges65/66B | €16k | €11k | €10k | €9k | €6k | ▼ 29.1% |
| Recurring financial charges65 | €16k | €11k | €10k | €9k | €6k | ▼ 29.1% |
| Profit (loss) for the period before taxes9903 | €60k | €328k | €81k | €65k | €59k | ▼ 8.5% |
| Income taxes67/77 | - | €15k | €24k | €19k | €18k | ▼ 5.7% |
| Profit (loss) for the period9904 | €60k | €313k | €58k | €46k | €41k | ▼ 9.7% |
| Profit (loss) for the period to be appropriated9905 | €60k | €313k | €58k | €46k | €41k | ▼ 9.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €269k | €435k | €446k | €441k | €334k | ▼ 24.2% |
| Fixed assets21/28 | €123k | €109k | €95k | €89k | €90k | ▲ 1.2% |
| Tangible fixed assets22/27 | €118k | €105k | €93k | €88k | €89k | ▲ 1.2% |
| Land and buildings22 | €117k | €103k | €90k | €85k | €87k | ▲ 2.9% |
| Plant, machinery and equipment23 | €850 | €610 | €370 | €130 | €0 | ▼ 100% |
| Furniture and vehicles24 | €558 | €771 | €3k | €3k | €2k | ▼ 41.7% |
| Financial fixed assets28 | €4k | €4k | €1k | €1k | €1k | = |
| Current assets29/58 | €147k | €326k | €351k | €352k | €244k | ▼ 30.7% |
| Stocks and contracts in progress3 | €33k | €47k | €50k | €46k | €33k | ▼ 28.1% |
| Stocks30/36 | €33k | €47k | €50k | €46k | €33k | ▼ 28.1% |
| Amounts receivable within one year40/41 | €21k | €9k | €31k | €5k | €1k | ▼ 76.8% |
| Trade receivables40 | €21k | €3k | €27k | €2k | €831 | ▼ 60.4% |
| Other amounts receivable41 | €370 | €6k | €4k | €3k | €319 | ▼ 88.9% |
| Cash at bank and in hand54/58 | €92k | €269k | €270k | €300k | €209k | ▼ 30.3% |
| Deferred charges and accrued income490/1 | €216 | €77 | €401 | €485 | €69 | ▼ 85.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €269k | €435k | €446k | €441k | €334k | ▼ 24.2% |
| Equity10/15 | €-228k | €85k | €142k | €188k | €229k | ▲ 21.9% |
| Contributions10/11 | €74k | €74k | €74k | €74k | €74k | = |
| Capital10 | €74k | €74k | €74k | €74k | €74k | = |
| Issued capital100 | €74k | €74k | €74k | €74k | €74k | = |
| Reserves13 | €125k | €125k | €68k | €113k | €155k | ▲ 36.2% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €7k | ▲ 15.6% |
| Legal reserve130 | €6k | €6k | €6k | €6k | €7k | ▲ 15.6% |
| Tax-exempt reserves132 | €16k | €16k | €16k | €16k | €16k | = |
| Distributable reserves133 | €102k | €102k | €46k | €91k | €131k | ▲ 44.0% |
| Profit (loss) carried forward14 | €-427k | €-114k | €0 | - | - | - |
| Amounts payable17/49 | €498k | €350k | €304k | €253k | €105k | ▼ 58.4% |
| Amounts payable after more than one year17 | €178k | €138k | €118k | €118k | €58k | ▼ 50.8% |
| Financial debts170/4 | €178k | €138k | €118k | €118k | €58k | ▼ 50.8% |
| Amounts payable within one year42/48 | €314k | €207k | €185k | €135k | €47k | ▼ 65.0% |
| Current portion of amounts payable after more than one year42 | €39k | €40k | €20k | €0 | - | - |
| Financial debts43 | €86k | - | - | - | - | - |
| Credit institutions430/8 | €86k | - | - | - | - | - |
| Trade debts44 | €7k | €7k | €24k | €7k | €6k | ▼ 9.6% |
| Suppliers440/4 | €7k | €7k | €24k | €7k | €6k | ▼ 9.6% |
| Taxes, remuneration and social security45 | €17k | €15k | €17k | €22k | €19k | ▼ 14.3% |
| Taxes450/3 | €10k | €9k | €11k | €14k | €13k | ▼ 7.5% |
| Remuneration and social security454/9 | €7k | €6k | €6k | €7k | €5k | ▼ 27.7% |
| Other amounts payable47/48 | €165k | €145k | €124k | €106k | €22k | ▼ 78.9% |
| Accrued charges and deferred income492/3 | €6k | €5k | €177 | €620 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60k | €313k | €58k | €46k | €41k | ▼ 9.7% |
| + Depreciation and write-downs630 | €15k | €15k | €15k | €6k | €1k | ▼ 82.0% |
| Operating cash flow (approximation) | €74k | €328k | €72k | €52k | €42k | ▼ 18.6% |
| Investment in fixed assets (approximation) | - | €-997 | €-304 | €-1k | €-2k | ▼ 103% |
| Change in cash | - | €177k | €697 | €30k | €-91k | ▼ 399% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Equity above €200kEq €229k ▲21.9%
8 profitable years in a row build equity to €229k.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €150kEq €188k ▲32%
7 profitable years in a row build equity to €188k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Equity above €100kEq €142k ▲68.1%
6 profitable years in a row build equity to €142k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €313k ▲425%
Operating result €339k, net result €313k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 1.57
Current ratio from 0.47 to 1.57; short-term debt falls from €314k to €207k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
08-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 39 days late
2020
31-12
Financial
Weakest financial yearnet €21k ▼49.7%
Net result drops to €21k, the lowest in the series; recovery starts the following year.
Show earlier events
24-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 55 days late
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
04-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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
355 m²
Building footprint
112 m²
Volume, LiDAR
1,097 m³
2 parcels, Flanders · tallest building 14.1 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
PAPAGO
since 19952.016.867.451
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34022G0512/00A000 | Flanders | 243 m² | - | - |
| 34353H0384/00A000 | Flanders | 111 m² | 1 · 111 m² | 14.1 m · 4 fl. |
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.
Similar companies · same sector, comparable size
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Of 1,270 companies in sector 47512 we hold annual accounts for 581. 464 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
Founded27-09-1979
Fiscal year end31-12
Activities, NACEBEL 2025
47512Retail sale of household textiles and bedding
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
Scores and ratios are computed by Checked and are not a credit decision.