PAPISA
ActiveSummary
PAPISA has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €4,696. Equity remains stable across the filed fiscal years (±0.6% per year). The computed 12-month bankruptcy probability is 0.6% (low).
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Signals
This company filed its last 7 accounts on average 110 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, micro schema
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.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,732 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €22,639 | €21,965 | €25,017 | €28,048 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,302 | €13,184 | €12,510 | €12,199 | €13,486 | ▲ 10.6% |
| Other operating charges640/8 | €11,779 | €12,027 | €13,096 | €12,708 | €14,015 | ▲ 10.3% |
| Gross operating margin9900 | €45,681 | €28,795 | €67,860 | €33,953 | €34,432 | ▲ 1.4% |
| Operating profit (loss)9901 | €19,600 | €3,585 | €42,254 | €9,047 | €6,931 | ▼ 23.4% |
| Financial charges65/66B | €349 | €495 | €480 | €473 | €480 | ▲ 1.4% |
| Recurring financial charges65 | €349 | €495 | €480 | €473 | €480 | ▲ 1.4% |
| Profit (loss) for the period before taxes9903 | €19,251 | €3,090 | €41,774 | €8,574 | €6,451 | ▼ 24.8% |
| Income taxes67/77 | - | - | €2,484 | €2,372 | €1,755 | ▼ 26.0% |
| Profit (loss) for the period9904 | €19,251 | €3,090 | €39,290 | €6,201 | €4,696 | ▼ 24.3% |
| Profit (loss) for the period to be appropriated9905 | €19,251 | €3,090 | €39,290 | €6,201 | €4,696 | ▼ 24.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.8m | €1.9m | €1.9m | €1.9m | ▲ 0.2% |
| Fixed assets21/28 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | ▼ 0.8% |
| Tangible fixed assets22/27 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | ▼ 0.8% |
| Land and buildings22 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Plant, machinery and equipment23 | €49,854 | €62,685 | €67,601 | €58,525 | €49,449 | ▼ 15.5% |
| Furniture and vehicles24 | €26,523 | €22,114 | €18,991 | €15,868 | €11,459 | ▼ 27.8% |
| Current assets29/58 | €20,521 | €17,367 | €57,348 | €74,919 | €92,484 | ▲ 23.4% |
| Amounts receivable within one year40/41 | €6,286 | - | - | €30,000 | - | - |
| Trade receivables40 | €6,286 | - | - | €30,000 | - | - |
| Cash at bank and in hand54/58 | €13,989 | €17,098 | €57,079 | €44,919 | €91,871 | ▲ 105% |
| Deferred charges and accrued income490/1 | €247 | €269 | €269 | - | €612 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €1.9m | €1.9m | €1.9m | ▲ 0.2% |
| Equity10/15 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | ▲ 0.3% |
| Contributions10/11 | €669,000 | €669,000 | €669,000 | €669,000 | €669,000 | = |
| Outside capital11 | €669,000 | - | - | - | - | - |
| Other1109/19 | €669,000 | - | - | - | - | - |
| Revaluation surpluses12 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €1,055 | €1,055 | €1,055 | €1,055 | €1,055 | = |
| Non-distributable reserves130/1 | €1,055 | €1,055 | €1,055 | €1,055 | €1,055 | = |
| Legal reserve130 | €1,055 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,055 | €1,055 | €1,055 | €1,055 | = |
| Profit (loss) carried forward14 | €10,515 | €13,605 | €52,894 | €59,096 | €63,792 | ▲ 7.9% |
| Amounts payable17/49 | €14,829 | €17,006 | €19,491 | €18,662 | €18,045 | ▼ 3.3% |
| Amounts payable within one year42/48 | €14,829 | €17,006 | €19,491 | €18,662 | €18,045 | ▼ 3.3% |
| Taxes, remuneration and social security45 | - | - | €2,484 | €2,372 | €1,755 | ▼ 26.0% |
| Taxes450/3 | - | - | €2,484 | €2,372 | €1,755 | ▼ 26.0% |
| Other amounts payable47/48 | €14,829 | €17,006 | €17,006 | €16,290 | €16,290 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,251 | €3,090 | €39,290 | €6,201 | €4,696 | ▼ 24.3% |
| + Depreciation and write-downs630 | €14,302 | €13,184 | €12,510 | €12,199 | €13,486 | ▲ 10.6% |
| Operating cash flow (approximation) | €33,553 | €16,274 | €51,799 | €18,400 | €18,181 | ▼ 1.2% |
| Investment in fixed assets (approximation) | - | -€21,605 | -€14,303 | €0 | €0 | - |
| Change in cash | - | €3,109 | €39,981 | -€12,160 | €46,952 | ▲ 486% |
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
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.
Directors · office · real estate
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25018A0091/00D000 | Wallonia | 2,967 m² | 1 · 114 m² | - |
Linked by address, not proof of ownership
Identification & contact
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.