PAPAY
ActiveThe computed 12-month bankruptcy probability of PAPAY is 2.0% (moderate). The 2025 annual accounts show equity of €111k and a net result of €23k. Equity is growing by ~21.1% per year across the filed fiscal years. Its solvency ranks better than 76% of 13270 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
74
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability85▲+14
Solvency86▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity ample (current ratio 1.76 against 2.74 in 2024; short-term debt: 39.2% and cash: 45.5% of total assets), and 39.2% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Sector 56
higher
← fewer bankruptcies
more bankruptcies →
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
60.8%
Return on assets
12.9%
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 31-08-2026, 31 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
31 d late
2024
1 d early
2023
30 d late
2022
30 d late
2021
30 d late
2020
31 d late
2019
92 d late
← before the deadline
after the deadline →
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
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€23k▲ 857%
2024 · €2k
2018: €-3k
2019: €13k
2020: €13k
2021: €29k
2022: €26k
2023: €15k
2024: €2k
2018 → 2025
Working capital
€54k▼ 31.8%
2024 · €80k
2018: €9k
2019: €19k
2020: €33k
2021: €62k
2022: €63k
2023: €80k
2024: €80k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€64k-€69k▲ 8.2%€85k▲ 22.0%€87k▲ 2.9%€111k▲ 27.0%
Operating result€44k-€32k▼ 27.8%€18k▼ 44.1%€-2k€37k
Net result€29k-€26k▼ 9.4%€15k▼ 41.4%€2k▼ 83.9%€23k▲ 857%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €37k after a loss of €2k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €182k
Fixed assets
€56k▲ 659%
Current assets
€126k▲ 0.1%
Equity and liabilities €182k
Equity
€111k▲ 27.0%
Debt
€71k▲ 55.5%
The debt ratio rises from 34.5% to 39.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€41k▲
2024 · €2k
Cash flow
€28k▲
2024 · €6k
Solvency
60.8%▼
2024 · 65.5%
Current ratio
1.76▼
2024 · 2.74
Quick ratio
1.72▼
2024 · 2.69
Debt / equity
0.65▲
2024 · 0.53
ROE
21.2%▲
2024 · 2.8%
ROA
12.9%▲
2024 · 1.8%
Interest coverage
305.22▲
2024 · 7.66
Debt
€71k▲
2024 · €46k
Debt ≤ 1 year
€71k▲
2024 · €46k
Income taxes
€14k▲
2024 · €972
Staff costs
€97k▼
2024 · €116k
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€133k€182k▲
Fixed assets21/28€7k€56k▲
Tangible fixed assets22/27€7k€56k▲
Plant, machinery and equipment23€1k€53k▲
Furniture and vehicles24€6k€3k▼
Financial fixed assets28€95€95=
Current assets29/58€126k€126k▲
Stocks and contracts in progress3€2k€3k▲
Stocks30/36€2k€3k▲
Amounts receivable within one year40/41€11k€40k▲
Trade receivables40€11k€15k▲
Other amounts receivable41-€25k
Cash at bank and in hand54/58€113k€83k▼
Equity and liabilities
Total equity and liabilities10/49€133k€182k▲
Equity10/15€87k€111k▲
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€67k€90k▲
Amounts payable17/49€46k€71k▲
Amounts payable within one year42/48€46k€71k▲
Trade debts44-€434
Suppliers440/4-€434
Taxes, remuneration and social security45€46k€69k▲
Taxes450/3€1k€10k▲
Remuneration and social security454/9€45k€59k▲
Other amounts payable47/48-€2k
Income statement
Code20242025
Remuneration, social security and pensions62€116k€97k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€4k▲
Other operating charges640/8€789€1k▲
Non-recurring operating charges66A-€313
Gross operating margin9900€119k€140k▲
Operating profit (loss)9901€-2k€37k▲
Financial income75/76B€6k€830▼
Recurring financial income75€6k€830▼
Financial charges65/66B€197€134▼
Recurring financial charges65€197€134▼
Profit (loss) for the period before taxes9903€3k€37k▲
Income taxes67/77€972€14k▲
Profit (loss) for the period9904€2k€23k▲
Profit (loss) for the period to be appropriated9905€2k€23k▲
Appropriation of the result
Profit (loss) to be appropriated9906€67k€90k▲
Profit (loss) brought forward from the previous period14P€64k€67k▲
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Equity above €100kEq €111k ▲27%
7 profitable years in a row build equity to €111k.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €29k ▲128%
Operating result €44k, net result €29k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Liquidity quadruplescurrent ratio 9.31
Current ratio from 2.57 to 9.31; short-term debt falls from €12k to €4k.
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 92 days late
2019
31-12
Financial
Back to profitnet €13k
Net result €13k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
11-10
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 72 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
9 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, Etterbeek · 1 establishment unit since 2004
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.
Steenweg op Waver 3821040 EtterbeekGround area
96 m²
Building footprint
78 m²
Volume, LiDAR
1,216 m³
Parcel 21005A0084/00T000, Brussels · tallest building 20.7 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
PAPAY
since 20042.138.999.359
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21005A0084/00T000 | Brussels | 96 m² | 1 · 78 m² | 20.7 m · 5 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEtterbeek2.138.999.359
Similar companies · same sector, comparable size
ERCATEC
BE 0647.609.711
Sint-Joost-ten-Node · Eq €111k
Delice
BE 0717.775.749
Antwerpen · Eq €111k
DANICOO
BE 0880.919.257
Mouscron · Eq €111k
S-T & ASSOCIES
BE 0807.306.056
Sint-Jans-Molenbeek · Eq €110k
Cornelis Joeri
BE 0794.761.580
Merelbeke-Melle · Eq €110k
Of 21,896 companies in sector 56112 we hold annual accounts for 9,785. 7,680 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-04-2004
Fiscal year end31-12
Activities, NACEBEL
55302
56102Limited-service restaurants
56112Limited-service restaurants, excluding mobile food services
Sources
Crossroads Bank for EnterprisesNational Bank · 19 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.