PAPPAERT
ActiveSummary
The computed 12-month bankruptcy probability of PAPPAERT is 2.3% (moderate). The 2025 annual accounts show equity of €88,188 and a net result of €11,843. Equity is growing by ~39.5% per year across the filed fiscal years. The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-20
Solvency90▼-10
Growth78=
Track record94
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 6.03 against 13.45 in 2024; short-term debt: 11.1% and cash: 5.9% of total assets), and 35.1% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
64.9%
Return on assets
8.7%
Age of the figures
9 mo
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 05-06-2026, 56 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
56 d early
2024
13 d late
2023
16 d early
2022
27 d early
2021
27 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 23 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)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€88,188▲ 15.5%
2024 · €76,345
Total assets
€135,973▲ 68.2%
2024 · €80,822
Net result
€11,843▼ 45.1%
2024 · €21,564
Working capital
€76,278▲ 36.8%
2024 · €55,756
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,805-€32,566▲ 201%€36,588▲ 12.4%€26,972▼ 26.3%€16,191▼ 40.0%
Net result€7,315-€21,692▲ 197%€23,774▲ 9.6%€21,564▼ 9.3%€11,843▼ 45.1%
Equity€9,315-€31,007▲ 233%€54,780▲ 76.7%€76,345▲ 39.4%€88,188▲ 15.5%
Total assets€55,417-€58,086▲ 4.8%€65,996▲ 13.6%€80,822▲ 22.5%€135,973▲ 68.2%
Debt€46,102-€27,079▼ 41.3%€11,216▼ 58.6%€4,477▼ 60.1%€47,785▲ 967%
Working capital-€28,667--€713▲ 97.5%€29,308€55,756▲ 90.2%€76,278▲ 36.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 40% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €135,973
Fixed assets
€44,545 ▲ 116%
Current assets
€91,428 ▲ 51.8%
Equity and liabilities €135,973
Equity
€88,188 ▲ 15.5%
Debt
€47,785 ▲ 967%
Debt's share of the balance-sheet total rises from 5.5% to 35.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,450▼
2024 · €37,112
Cash flow
€23,103▼
2024 · €31,704
Current ratio
6.03▼
2024 · 13.45
Debt to equity
0.54▲
2024 · 0.06
ROE
13.4%▼
2024 · 28.2%
ROA
8.7%▼
2024 · 26.7%
Interest coverage
15.55▼
2024 · 132.80
Debt ≤ 1 year
€15,150▲
2024 · €4,477
Debt > 1 year
€31,750
Income taxes
€5,699▼
2024 · €7,140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 26,964 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,716 | €8,655 | €9,278 | €10,139 | €11,260 | ▲ 11.1% |
| Other operating charges640/8 | €548 | €1,830 | €686 | €834 | €607 | ▼ 27.2% |
| Non-recurring operating charges66A | - | - | - | - | €6,333 | - |
| Gross operating margin9900 | €14,069 | €43,051 | €46,553 | €37,946 | €34,391 | ▼ 9.4% |
| Operating profit (loss)9901 | €10,805 | €32,566 | €36,588 | €26,972 | €16,191 | ▼ 40.0% |
| Financial income75/76B | €4 | €5 | €286 | €2,011 | €3,117 | ▲ 55.0% |
| Recurring financial income75 | €4 | €5 | €286 | €2,011 | €3,117 | ▲ 55.0% |
| Financial charges65/66B | €201 | €1,268 | €3,034 | €279 | €1,765 | ▲ 532% |
| Recurring financial charges65 | €62 | €1,268 | €3,034 | €279 | €1,765 | ▲ 532% |
| Non-recurring financial charges66B | €139 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €10,609 | €31,304 | €33,841 | €28,704 | €17,542 | ▼ 38.9% |
| Income taxes67/77 | €3,294 | €9,612 | €10,067 | €7,140 | €5,699 | ▼ 20.2% |
| Profit (loss) for the period9904 | €7,315 | €21,692 | €23,774 | €21,564 | €11,843 | ▼ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €7,315 | €21,692 | €23,774 | €21,564 | €11,843 | ▼ 45.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €55,417 | €58,086 | €65,996 | €80,822 | €135,973 | ▲ 68.2% |
| Fixed assets21/28 | €37,982 | €31,720 | €25,473 | €20,589 | €44,545 | ▲ 116% |
| Tangible fixed assets22/27 | €37,982 | €31,720 | €25,473 | €20,589 | €44,545 | ▲ 116% |
| Land and buildings22 | - | - | €1,285 | €982 | €679 | ▼ 30.8% |
| Plant, machinery and equipment23 | €208 | €1,217 | €856 | €5,071 | €3,742 | ▼ 26.2% |
| Furniture and vehicles24 | €37,774 | €30,503 | €23,332 | €14,536 | €40,124 | ▲ 176% |
| Current assets29/58 | €17,435 | €26,366 | €40,524 | €60,233 | €91,428 | ▲ 51.8% |
| Amounts receivable within one year40/41 | - | €5,000 | €16,898 | €39,762 | €71,463 | ▲ 79.7% |
| Other amounts receivable41 | - | €5,000 | €16,898 | €39,762 | €71,463 | ▲ 79.7% |
| Cash at bank and in hand54/58 | €9,055 | €9,041 | €10,535 | €8,296 | €8,034 | ▼ 3.2% |
| Deferred charges and accrued income490/1 | €8,380 | €12,325 | €13,091 | €12,176 | €11,931 | ▼ 2.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €55,417 | €58,086 | €65,996 | €80,822 | €135,973 | ▲ 68.2% |
| Equity10/15 | €9,315 | €31,007 | €54,780 | €76,345 | €88,188 | ▲ 15.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €7,315 | €29,007 | €52,780 | €74,345 | €86,188 | ▲ 15.9% |
| Distributable reserves133 | €7,315 | €29,007 | €52,780 | €74,345 | €86,188 | ▲ 15.9% |
| Amounts payable17/49 | €46,102 | €27,079 | €11,216 | €4,477 | €47,785 | ▲ 967% |
| Amounts payable after more than one year17 | - | - | - | - | €31,750 | - |
| Financial debts170/4 | - | - | - | - | €31,750 | - |
| Amounts payable within one year42/48 | €46,102 | €27,079 | €11,216 | €4,477 | €15,150 | ▲ 238% |
| Current portion of amounts payable after more than one year42 | - | €2,511 | - | - | €12,666 | - |
| Trade debts44 | €5,817 | €5,822 | €5,770 | €4,003 | €2,217 | ▼ 44.6% |
| Suppliers440/4 | €5,817 | €5,822 | €5,770 | €4,003 | €2,217 | ▼ 44.6% |
| Taxes, remuneration and social security45 | €3,294 | €10,672 | €5,446 | €474 | €266 | ▼ 43.8% |
| Taxes450/3 | €3,294 | €10,672 | €5,446 | €474 | €266 | ▼ 43.8% |
| Other amounts payable47/48 | €36,991 | €8,074 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €885 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,315 | €21,692 | €23,774 | €21,564 | €11,843 | ▼ 45.1% |
| + Depreciation and write-downs630 | €2,716 | €8,655 | €9,278 | €10,139 | €11,260 | ▲ 11.1% |
| Operating cash flow (approximation) | €10,031 | €30,347 | €33,052 | €31,704 | €23,103 | ▼ 27.1% |
| Investment in fixed assets (approximation) | - | -€2,393 | -€3,031 | -€5,255 | -€35,217 | ▼ 570% |
| Change in cash | - | -€14 | €1,494 | -€2,239 | -€262 | ▲ 88.3% |
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
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 13 days late
2024
31-12
Financial
Liquidity quadruplescurrent ratio 13.45
Current ratio from 3.61 to 13.45; short-term debt falls from €11,216 to €4,477.
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2021net €23,774 ▲9.6%
Operating result €36,588, net result €23,774, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 3.61
Current ratio from 0.97 to 3.61; short-term debt falls from €27,079 to €11,216.
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Haaltert · 1 establishment unit since 2021
Ground area
2,367 m²
Building footprint
957 m²
Volume, LiDAR
2,381 m³
Parcel 41025A0141/00K000, Flanders · tallest building 8.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Pappaert
since 20212.321.113.295
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41025A0141/00K000 | Flanders | 2,367 m² | 1 · 957 m² | 8.9 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded06-09-2021
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0773573911
Also
9925:BE0773573911
Registered
18-02-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.