PAPENMOER
ActiveSummary
PAPENMOER has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-375k) and a net result of €119k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability48▲+48
Solvency12▲+12
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 4.0 against 7.88 in 2024; short-term debt: 9% and cash: 35.7% of total assets), but equity is negative.
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 4556 sector peers (2025).
NBB · sector comparisonPosition among 4556 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
2 d early
2023
146 d late
2022
31 d late
2021
29 d late
2020
72 d early
2019
26 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€119k
2024 · €-280k
2018: €12k
2019: €626k▲ +5132% vs 2018highest in 8 years
2020: €-15k▼ -102% vs 2019
2021: €34k▲ +328% vs 2020
2022: €-98k▼ -388% vs 2021
2023: €-1.39M▼ -1324% vs 2022lowest in 8 years
2024: €-280k▲ +79.8% vs 2023
2025: €119k▲ +142% vs 2024
2018 → 2025
Working capital
€768k▼ 4.4%
2024 · €803k
2018: €-296klowest in 8 years
2019: €1.36M▲ +558% vs 2018
2020: €1.82M▲ +34.1% vs 2019
2021: €1.92M▲ +5.6% vs 2020highest in 8 years
2022: €1.69M▼ -12.2% vs 2021
2023: €661k▼ -60.8% vs 2022
2024: €803k▲ +21.4% vs 2023
2025: €768k▼ -4.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.27M-€1.17M▼ 7.7%€-214k€-494k▼ 131%€-375k▲ 24.1%
2021: €1.27Mhighest in 5 years
2022: €1.17M▼ -7.7% vs 2021
2023: €-214k▼ -118% vs 2022
2024: €-494k▼ -131% vs 2023lowest in 5 years
2025: €-375k▲ +24.1% vs 2024
Operating result€59k-€-124k€-1.91M▼ 1,441%€-279k▲ 85.4%€130k
2021: €59k
2022: €-124k▼ -308% vs 2021
2023: €-1.91M▼ -1441% vs 2022lowest in 5 years
2024: €-279k▲ +85.4% vs 2023
2025: €130k▲ +147% vs 2024highest in 5 years
Net result€34k-€-98k€-1.39M▼ 1,324%€-280k▲ 79.8%€119k
2021: €34k
2022: €-98k▼ -388% vs 2021
2023: €-1.39M▼ -1324% vs 2022lowest in 5 years
2024: €-280k▲ +79.8% vs 2023
2025: €119k▲ +142% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €130k after a loss of €279k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.84M
Fixed assets
€1.81M ▲ 105%
Current assets
€1.02M ▲ 11.3%
Key figures and ratios
Solvency
-13.2%▲
2024 · -27.3%
Current ratio
4.00▼
2024 · 7.88
Debt to equity
-8.58▼
2024 · -4.66
ROA
4.2%▲
2024 · -15.5%
Debt
€3.21M▲
2024 · €2.30M
Debt ≤ 1 year
€256k▲
2024 · €117k
Debt > 1 year
€2.94M▲
2024 · €2.17M
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 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.81M€2.84M▲
Fixed assets21/28€886k€1.81M▲
Tangible fixed assets22/27€885k€1.81M▲
Land and buildings22€641k€641k=
Assets under construction and advance payments27€244k€1.17M▲
Financial fixed assets28€1k€1k=
Current assets29/58€920k€1.02M▲
Amounts receivable within one year40/41€5k€8k▲
Trade receivables40€339-
Other amounts receivable41€4k€8k▲
Current investments50/53€38k-
Cash at bank and in hand54/58€875k€1.01M▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€1.81M€2.84M▲
Equity10/15€-494k€-375k▲
Contributions10/11€250k€250k=
Capital10€250k€250k=
Issued capital100€250k€250k=
Profit (loss) carried forward14€-744k€-625k▲
Amounts payable17/49€2.30M€3.21M▲
Amounts payable after more than one year17€2.17M€2.94M▲
Financial debts170/4€2.17M€2.94M▲
Amounts payable within one year42/48€117k€256k▲
Current portion of amounts payable after more than one year42€110k€120k▲
Trade debts44€7k€133k▲
Suppliers440/4€7k€133k▲
Other amounts payable47/48-€3k
Accrued charges and deferred income492/3€10k€20k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€22k-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€173k€-172k▼
Other operating charges640/8€13k€1k▼
Non-recurring operating charges66A€42k€339▼
Gross operating margin9900€-28k€-40k▼
Operating profit (loss)9901€-279k€130k▲
Financial income75/76B€26k€13k▼
Recurring financial income75€26k€13k▼
Financial charges65/66B€27k€25k▼
Recurring financial charges65€27k€25k▼
Profit (loss) for the period before taxes9903€-280k€119k▲
Profit (loss) for the period9904€-280k€119k▲
Profit (loss) for the period to be appropriated9905€-280k€119k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-744k€-625k▲
Profit (loss) brought forward from the previous period14P€-464k€-744k▼
The notes to these accounts (14 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €110k | €68k | €57k | €22k | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1.59M | €173k | €-172k | ▼ 199% |
| Other operating charges640/8 | €15k | €17k | €20k | €13k | €1k | ▼ 90.2% |
| Non-recurring operating charges66A | - | - | €47k | €42k | €339 | ▼ 99.2% |
| Gross operating margin9900 | €184k | €-39k | €-196k | €-28k | €-40k | ▼ 40.9% |
| Operating profit (loss)9901 | €59k | €-124k | €-1.91M | €-279k | €130k | ▲ 147% |
| Financial income75/76B | €16k | €65k | €51k | €26k | €13k | ▼ 48.8% |
| Recurring financial income75 | €16k | €65k | €51k | €26k | €13k | ▼ 48.8% |
| Financial charges65/66B | €37k | €39k | €60k | €27k | €25k | ▼ 8.3% |
| Recurring financial charges65 | €37k | €39k | €60k | €27k | €25k | ▼ 8.3% |
| Profit (loss) for the period before taxes9903 | €38k | €-98k | €-1.92M | €-280k | €119k | ▲ 142% |
| Transfer from deferred taxes780 | - | - | €527k | - | - | - |
| Income taxes67/77 | €4k | €0 | €544 | - | - | - |
| Profit (loss) for the period9904 | €34k | €-98k | €-1.39M | €-280k | €119k | ▲ 142% |
| Transfer from tax-exempt reserves789 | - | - | €975k | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €34k | €-98k | €-414k | €-280k | €119k | ▲ 142% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.61M | €3.47M | €1.91M | €1.81M | €2.84M | ▲ 57.2% |
| Fixed assets21/28 | €1.56M | €1.49M | €843k | €886k | €1.81M | ▲ 105% |
| Tangible fixed assets22/27 | €1.56M | €1.49M | €842k | €885k | €1.81M | ▲ 105% |
| Land and buildings22 | €1.56M | €1.49M | €663k | €641k | €641k | = |
| Assets under construction and advance payments27 | - | - | €178k | €244k | €1.17M | ▲ 380% |
| Financial fixed assets28 | - | €1k | €1k | €1k | €1k | = |
| Current assets29/58 | €2.05M | €1.98M | €1.06M | €920k | €1.02M | ▲ 11.3% |
| Amounts receivable after more than one year29 | €1.58M | €1.57M | €0 | - | - | - |
| Other amounts receivable291 | €1.58M | €1.57M | €0 | - | - | - |
| Amounts receivable within one year40/41 | €10k | €0 | €866k | €5k | €8k | ▲ 85.5% |
| Trade receivables40 | - | - | - | €339 | - | - |
| Other amounts receivable41 | €10k | €0 | €866k | €4k | €8k | ▲ 101% |
| Current investments50/53 | €350k | €386k | €96k | €38k | - | - |
| Cash at bank and in hand54/58 | €109k | €20k | €100k | €875k | €1.01M | ▲ 15.9% |
| Deferred charges and accrued income490/1 | €2k | €539 | €0 | €2k | €1k | ▼ 45.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.61M | €3.47M | €1.91M | €1.81M | €2.84M | ▲ 57.2% |
| Equity10/15 | €1.27M | €1.17M | €-214k | €-494k | €-375k | ▲ 24.1% |
| Contributions10/11 | €250k | €250k | €250k | €250k | €250k | = |
| Capital10 | €250k | €250k | €250k | €250k | €250k | = |
| Issued capital100 | €250k | €250k | €250k | €250k | €250k | = |
| Reserves13 | €1.02M | €975k | €0 | - | - | - |
| Tax-exempt reserves132 | €975k | €975k | €0 | - | - | - |
| Distributable reserves133 | €47k | €0 | - | - | - | - |
| Profit (loss) carried forward14 | - | €-50k | €-464k | €-744k | €-625k | ▲ 16.0% |
| Provisions and deferred taxes16 | €527k | €527k | €0 | - | - | - |
| Deferred taxes168 | €527k | €527k | €0 | - | - | - |
| Amounts payable17/49 | €1.81M | €1.77M | €2.12M | €2.30M | €3.21M | ▲ 39.7% |
| Amounts payable after more than one year17 | €1.68M | €1.48M | €1.72M | €2.17M | €2.94M | ▲ 35.2% |
| Financial debts170/4 | €1.68M | €1.48M | €1.72M | €2.17M | €2.94M | ▲ 35.2% |
| Amounts payable within one year42/48 | €130k | €288k | €402k | €117k | €256k | ▲ 119% |
| Current portion of amounts payable after more than one year42 | €125k | €130k | €47k | €110k | €120k | ▲ 9.2% |
| Financial debts43 | - | €150k | €0 | - | - | - |
| Credit institutions430/8 | - | €150k | €0 | - | - | - |
| Trade debts44 | €1k | €1k | €2k | €7k | €133k | ▲ 1,837% |
| Suppliers440/4 | €1k | €1k | €2k | €7k | €133k | ▲ 1,837% |
| Taxes, remuneration and social security45 | €4k | €4k | €0 | - | - | - |
| Taxes450/3 | €4k | €4k | €0 | - | - | - |
| Other amounts payable47/48 | - | €3k | €352k | - | €3k | - |
| Accrued charges and deferred income492/3 | - | €2k | €2k | €10k | €20k | ▲ 102% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34k | €-98k | €-1.39M | €-280k | €119k | ▲ 142% |
| + Depreciation and write-downs630 | €110k | €68k | €57k | €22k | - | - |
| Operating cash flow (approximation) | €144k | €-30k | €-1.33M | €-258k | €119k | ▲ 146% |
| Investment in fixed assets (approximation) | - | €-1k | €594k | €-66k | €-929k | ▼ 1,311% |
| Change in cash | - | €-90k | €81k | €775k | €139k | ▼ 82.0% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €119k
Net result €119k after 3 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 7.88
Current ratio from 2.65 to 7.88; short-term debt falls from €402k to €117k.
24-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 146 days late
2023
31-12
Financial
Weakest financial yearnet €-1.39M
Net result drops to €-1.39M, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 29 days late
2021
31-12
Financial
Back to profitnet €34k
Net result €34k after one loss-making year.
20-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Liquidity quadruplescurrent ratio 13.73
Current ratio from 3.34 to 13.73; short-term debt falls from €580k to €143k.
31-12
Financial
Equity above €1MEq €1.15M ▲27.1%
Equity rises from €905k to €1.15M.
Show earlier events
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 26 days late
2019
31-12
Financial
Highest result since 2018net €626k ▲5,132%
Operating result €1.03M, net result €626k, both a record.
31-12
Financial
Liquidity times 7current ratio 3.34
Current ratio from 0.49 to 3.34.
31-12
Financial
Equity above €500kEq €905k ▲224%
2 profitable years in a row build equity to €905k.
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Kapellen · 1 establishment unit since 1999
Ground area
1,472 m²
Building footprint
1,747 m²
Volume, LiDAR
8,782 m³
Parcel 11023A0261/00B007, Flanders · tallest building 11.5 m, ±1 floor. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Papenmoer
since 19992.090.492.530
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11023A0261/00B007 | Flanders | 1,472 m² | 1 · 1,747 m² | 11.5 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,013 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
Founded26-02-1999
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.