Summary
PAPILIO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €6.8m and a net result of €132,911. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 61% of 5593 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 · 5 filingsDeviation from the deadline
2025
9 d early
2024
9 d early
2023
21 d early
2022
31 d early
2021
24 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 19 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
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. Usually files around 11 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
PAPILIO was incorporated on 15 March 2021 as a Private limited company by BNP PARIBAS FORTIS PRIVATE EQUITY BELGIUM and two natural persons, with a starting capital of EUR 6.5 million.12 The board currently has 4 members; BNP Paribas Fortis Private Equity Management has served longest, since 2021.2 Total assets went from EUR 11 million in 2021 to EUR 11 million in 2025.3
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#7 company by equity in Zele, Finance and insurance sector#8 company by total assets in Zele, Finance and insurance sector
Equity
€6.8m▲ 2.0%
2024 · €6.6m
Net result
€132,911▲ 479%
2024 · €22,971
Total assets
€10.7m▲ 0.9%
2024 · €10.6m
Solvency
63.0%▲ 0.7pp
2024 · 62.3%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€39,364-€87,000€111,776▲ 28.5%€60,981▼ 45.4%€207,170▲ 240%
Net result-€48,369below the sector's middle half-€50,508within the sector's middle half€60,010within the sector's middle half▲ 18.8%€22,971within the sector's middle half▼ 61.7%€132,911within the sector's middle half▲ 479%
Equity€6.5mabove the sector's middle half-€6.6mabove the sector's middle half▲ 0.8%€6.6mabove the sector's middle half▲ 0.9%€6.6mabove the sector's middle half▲ 0.3%€6.8mabove the sector's middle half▲ 2.0%
Total assets€10.6mabove the sector's middle half-€10.6mabove the sector's middle half▼ 0.1%€10.6mabove the sector's middle half=€10.6mabove the sector's middle half▲ 0.1%€10.7mabove the sector's middle half▲ 0.9%
Debt€4.1m-€4.1m▼ 1.5%€4.0m▼ 1.5%€4.0m▼ 0.4%€4.0m▼ 1.0%
Working capital-€427,272below the sector's middle half--€759,706below the sector's middle half▼ 77.8%-€1.1mbelow the sector's middle half▼ 42.9%-€1.5mbelow the sector's middle half▼ 33.7%-€1.7mbelow the sector's middle half▼ 17.9%
Solvency61.1%within the sector's middle half-61.6%within the sector's middle half▲ 0.5pp62.2%within the sector's middle half▲ 0.6pp62.3%within the sector's middle half▲ 0.2pp63.0%within the sector's middle half▲ 0.7pp
Current ratio0.03below the sector's middle half-0.00below the sector's middle half▼ 0.030.00below the sector's middle half=0.01below the sector's middle half=0.06below the sector's middle half▲ 0.05
Return on assets (ROA)-0.5%below the sector's middle half-0.5%within the sector's middle half▲ 0.9pp0.6%within the sector's middle half▲ 0.1pp0.2%below the sector's middle half▼ 0.3pp1.2%within the sector's middle half▲ 1.0pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 240% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.7m
Fixed assets
€10.6m =
Current assets
€100,682 ▲ 1,262%
Equity and liabilities €10.7m
Equity
€6.8m ▲ 2.0%
Debt
€4.0m ▼ 1.0%
Debt's share of the balance-sheet total falls from 37.7% to 37.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
2.0%▲
2024 · 0.3%
Debt ≤ 1 year
€1.8m▲
2024 · €1.5m
Debt > 1 year
€2.2m▼
2024 · €2.5m
Income taxes
€46,132▲
2024 · €5,743
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €600 | €785 | €1,339 | €1,108 | €1,502 | ▲ 35.5% |
| Gross operating margin9900 | -€38,764 | €87,785 | €113,115 | €62,089 | €208,672 | ▲ 236% |
| Operating profit (loss)9901 | -€39,364 | €87,000 | €111,776 | €60,981 | €207,170 | ▲ 240% |
| Financial charges65/66B | €9,005 | €35,779 | €31,763 | €32,268 | €28,127 | ▼ 12.8% |
| Recurring financial charges65 | €9,005 | €35,779 | €31,763 | €32,268 | €28,127 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | -€48,369 | €51,221 | €80,013 | €28,713 | €179,043 | ▲ 524% |
| Income taxes67/77 | - | €713 | €20,003 | €5,743 | €46,132 | ▲ 703% |
| Profit (loss) for the period9904 | -€48,369 | €50,508 | €60,010 | €22,971 | €132,911 | ▲ 479% |
| Profit (loss) for the period to be appropriated9905 | -€48,369 | €50,508 | €60,010 | €22,971 | €132,911 | ▲ 479% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.6m | €10.6m | €10.6m | €10.6m | €10.7m | ▲ 0.9% |
| Fixed assets21/28 | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | = |
| Financial fixed assets28 | €10.6m | €10.6m | €10.6m | €10.6m | €10.6m | = |
| Current assets29/58 | €13,206 | €1,660 | €205 | €7,394 | €100,682 | ▲ 1,262% |
| Amounts receivable within one year40/41 | €6,911 | €0 | - | - | €100,000 | - |
| Trade receivables40 | - | - | - | - | €100,000 | - |
| Other amounts receivable41 | €6,911 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €5,687 | €1,052 | €205 | €6,787 | €73 | ▼ 98.9% |
| Deferred charges and accrued income490/1 | €607 | €607 | €0 | €608 | €609 | ▲ 0.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.6m | €10.6m | €10.6m | €10.6m | €10.7m | ▲ 0.9% |
| Equity10/15 | €6.5m | €6.6m | €6.6m | €6.6m | €6.8m | ▲ 2.0% |
| Contributions10/11 | €6.5m | €6.5m | €6.5m | €6.5m | €6.5m | = |
| Profit (loss) carried forward14 | -€48,369 | €2,139 | €62,148 | €85,119 | €218,030 | ▲ 156% |
| Amounts payable17/49 | €4.1m | €4.1m | €4.0m | €4.0m | €4.0m | ▼ 1.0% |
| Amounts payable after more than one year17 | €3.7m | €3.3m | €2.9m | €2.5m | €2.2m | ▼ 15.4% |
| Financial debts170/4 | €3.7m | €3.3m | €2.9m | €2.5m | €2.2m | ▼ 15.4% |
| Amounts payable within one year42/48 | €440,478 | €761,365 | €1.1m | €1.5m | €1.8m | ▲ 24.2% |
| Current portion of amounts payable after more than one year42 | €379,903 | €382,942 | €386,005 | €389,093 | €392,206 | ▲ 0.8% |
| Financial debts43 | - | - | - | €376,691 | €355,892 | ▼ 5.5% |
| Credit institutions430/8 | - | - | - | €1,691 | €18,392 | ▲ 988% |
| Other loans439 | - | - | - | €375,000 | €337,500 | ▼ 10.0% |
| Trade debts44 | €53,745 | €87,410 | €114,935 | €283,496 | €150,899 | ▼ 46.8% |
| Suppliers440/4 | €53,745 | €87,410 | €114,935 | €283,496 | €150,899 | ▼ 46.8% |
| Taxes, remuneration and social security45 | - | €2,334 | €30,356 | €24,672 | €29,837 | ▲ 20.9% |
| Taxes450/3 | - | €2,334 | €30,356 | €24,672 | €29,837 | ▲ 20.9% |
| Other amounts payable47/48 | €6,830 | €288,680 | €554,610 | €385,268 | €882,968 | ▲ 129% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,369 | €50,508 | €60,010 | €22,971 | €132,911 | ▲ 479% |
| Operating cash flow (approximation) | -€48,369 | €50,508 | €60,010 | €22,971 | €132,911 | ▲ 479% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€4,635 | -€847 | €6,582 | -€6,713 | ▼ 202% |
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 · abbreviated schema
24-03
State Gazette act
Resignation: LOEM (class B director)Appointments: Christine VASTENAVONDT (class B director) and Vincent DE DECKER (independent director) · Permanent representatives: Ruth DE DECKER and Michael DE DECKER · Mandate compensation7 facts ▸
State Gazette act
Resignation: LOEM (class B director)
Appointments: Christine VASTENAVONDT (class B director) and Vincent DE DECKER (independent director) · Permanent representatives: Ruth DE DECKER and Michael DE DECKER · Mandate compensation7 facts ▸
- General meeting, 31/12/2025
- Director resignation, LOEM (class B director)
- Director appointment, Christine VASTENAVONDT (class B director)
- Director appointment, Vincent DE DECKER (independent director)
- Mandate compensation, Vincent DE DECKER
- Permanent representative, Ruth DE DECKER
- Permanent representative, Michael DE DECKER
2025
31-12
Financial
Highest result since 2021net €132,911 ▲479%
Operating result €207,170, net result €132,911, both a record.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
24-02
State Gazette act
Resignations: LOEM BV, BNP Paribas Fortis Private Equity Management NV and 2 othersAppointments: FEYNMAN BV (class A director) and LOEM BV (class B director) · Permanent representatives: Michael De Decker, Sophie De Maesschalck and 2 others · Reappointments: SDM-CONSULT, Lambrecht JFF and Christine Vastenavondt20 facts ▸
State Gazette act
Resignations: LOEM BV, BNP Paribas Fortis Private Equity Management NV and 2 others
Appointments: FEYNMAN BV (class A director) and LOEM BV (class B director) · Permanent representatives: Michael De Decker, Sophie De Maesschalck and 2 others · Reappointments: SDM-CONSULT, Lambrecht JFF and Christine Vastenavondt20 facts ▸
- General meeting, 13/09/2024
- Director resignation, LOEM BV (class A director)
- Director appointment, FEYNMAN BV (class A director)
- Permanent representative, Michael De Decker
- General meeting, 02/12/2024
- Director resignation, BNP Paribas Fortis Private Equity Management NV (class B director)
- Director discharge, BNP Paribas Fortis Private Equity Management NV
- General meeting, 14/01/2025
- Director reappointment, SDM-CONSULT (class A director)
- Permanent representative, Sophie De Maesschalck
- Director reappointment, Lambrecht JFF (independent director)
- Permanent representative, Johan Lambrecht
- +8 further facts in this act
2024
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-08
State Gazette act
Resignation: FEYNMAN BV (director)Permanent representatives: Michael De Decker, Sophie De Maesschalck and Johan Lambrecht · Appointments: SDM-CONSULT BV, Lambrecht JFF Comm.V and Christine Vastenavondt7 facts ▸
State Gazette act
Resignation: FEYNMAN BV (director)
Permanent representatives: Michael De Decker, Sophie De Maesschalck and Johan Lambrecht · Appointments: SDM-CONSULT BV, Lambrecht JFF Comm.V and Christine Vastenavondt7 facts ▸
- Director resignation, FEYNMAN BV (director)
- Permanent representative, Michael De Decker
- Director appointment, SDM-CONSULT BV (class A director)
- Permanent representative, Sophie De Maesschalck
- Director appointment, Lambrecht JFF Comm.V (independent director)
- Permanent representative, Johan Lambrecht
- Director appointment, Christine Vastenavondt (independent director)
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €50,508
Net result €50,508 after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
05-07
State Gazette act
Resignation: AL SERVICE (director)Appointment: LOEM (class A director) · Permanent representative: Ruth DE DECKER · Mandate compensation5 facts ▸
State Gazette act
Resignation: AL SERVICE (director)
Appointment: LOEM (class A director) · Permanent representative: Ruth DE DECKER · Mandate compensation5 facts ▸
- General meeting, 08/06/2021
- Director resignation, AL SERVICE (director)
- Director appointment, LOEM (class A director)
- Mandate compensation, LOEM
- Permanent representative, Ruth DE DECKER
17-03
State Gazette act
IncorporationAppointments: Al Service BV, Feynman BV and BNP Paribas Fortis Private Equity Management · Permanent representatives: DE DECKER Ruth Maria Stefaan, DE DECKER Michael Johanna Maurice and Sofie Vermeulen · Founder14 facts ▸
State Gazette act
Incorporation
Appointments: Al Service BV, Feynman BV and BNP Paribas Fortis Private Equity Management · Permanent representatives: DE DECKER Ruth Maria Stefaan, DE DECKER Michael Johanna Maurice and Sofie Vermeulen · Founder14 facts ▸
- Incorporation, 12.03.2021
- Founder, DE DECKER Ruth Maria Stefaan
- Founder, DE DECKER Michael Johanna Maurice
- Founding capital, €6.549.000
- Bank account, 36.000,00, EUR
- Director appointment, Al Service BV (class A director)
- Director appointment, Feynman BV (class A director)
- Director appointment, BNP Paribas Fortis Private Equity Management (class B director)
- Permanent representative, DE DECKER Ruth Maria Stefaan
- Permanent representative, DE DECKER Michael Johanna Maurice
- Permanent representative, Sofie Vermeulen
- Mandate compensation, Al Service BV
- +2 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
5 of 5 acts read
Directors · office · real estate
Directors
5 directors, no change since 2026
Board 5
BNP Paribas Fortis Private Equity Management
CurrentClass B director · since 12-03-2021 · Public limited company · perm. rep.: Sofie Vermeulen
Christine Vastenavondt
CurrentClass B director · since 28-06-2023
FEYNMAN
CurrentClass A director · since 13-09-2024 · Private limited company · perm. rep.: DE DECKER Michael Johanna Maurice
Vincent DE DECKER
CurrentIndependent director · since 01-01-2026
Al Service BV
CurrentClass A director · since 17-03-2021 · Legal entity · from a recent act
Permanent representatives 2
Sofie Vermeulen
CurrentPermanent representative · since 12-03-2021 · for BNP Paribas Fortis Private Equity Management
DE DECKER Michael Johanna Maurice
CurrentPermanent representative · since 13-09-2024 · for FEYNMAN
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Zele · 1 establishment unit since 2021
Ground area
401 m²
Building footprint
401 m²
Volume, LiDAR
4,900 m³
Parcel 42028A1279/00E002, Flanders · tallest building 16.6 m, ±5 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
PAPILIO
since 20212.314.486.811
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42028A1279/00E002 | Flanders | 401 m² | 1 · 401 m² | 16.6 m · 5 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.
Mandate history
10 people since 2021, 5 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BNP Paribas Fortis Private Equity Management |
|
| FEYNMAN |
|
| Al Service BVfrom an act |
|
| Christine Vastenavondt |
|
| Vincent DE DECKER |
|
| LOEM |
|
| Lambrecht JFF |
|
| SDM-CONSULT |
|
| BNP Paribas Fortis Private Equity Management NV |
|
| LEEDEC |
|
Articles of association
Purpose
De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: 1. De verwerving van…
Full purpose
De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: 1. De verwerving van participaties onder gelijk welke vorm ook in handels-, industriële en financiële ondernemingen... 2. Het beheer en toezicht voeren over alle andere vennootschappen en ondernemingen van welke aard ook. 3. De engineering, ontwikkeling, commercialisatie... 4. Het geven van adviezen... 5. Het verkrijgen, uitbaten of afstaan van alle octrooien... 6. Het verkrijgen door aankoop of anderszins... van alle onroerende goederen...
Structure & network
Owners and holdings
1 holding · 5 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
All subsidiaries, including indirect ones 5
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
HOLDING MEMO 100%4 subsidiaries
- INVESTEL 100%
MEMO 99.8%2 subsidiaries
- UW SECRETARESSE 100%
- TELEWACHT 99.67%
According to the 2025 annual accounts of PAPILIO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
19 connected companiesThis company
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Director
Shareholding
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Ownership & control
3 board mandatesBoard mandates of this companythis company sits on their board3
Capital and shareholders
Shareholders according to the acts
At incorporation
act of 17-03-2021 ↗
- DE DECKER Ruth Maria Stefaan 275 shares (27.5%) · 1,801,000 EUR
- DE DECKER Michael Johanna Maurice 275 shares (27.5%) · 1,801,000 EUR
- BNP PARIBAS FORTIS PRIVATE EQUITY BELGIUM (BE 0421.883.286) 450 shares (45%) · 2,947,000 EUR
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 17-03-2021 Incorporation · 6,549,000 EUR · 1,000 shares
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,805. 7,216 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-03-2021
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70100Activities of head offices
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0765153420
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.