Equity
PAPPERAS paid out €719,384 in dividends. That is 209% of the 2025 profit.
PAPPERAS paid out €719,384 in dividends. That is 209% of the 2025 profit.
Of this, €169,608 falls due within a year.
Green is investment, beige is depreciation.
In 2025, 4 people joined and 4 left.
Short-term debts rose from €163,356 to €169,608.
Higher net result than 90% of companies in office administrative support. Sector median €20,941 · 2,831 companies.
The dashed line is the sector median: 0.2% across 12,672 companies (NACE 82, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 32% of them on solvency, 43% on liquidity, 87% on profitability and 9% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 7,976 companies had the same profile as PAPPERAS has now. Each dot stands for 20 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PAPPERAS itself is lower: 0.4% within 12 months. It rests on far more data about PAPPERAS than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,976 companies, not a prediction for PAPPERAS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 2.19 (4.9 in 2024), above the usual 1.5. Short-term debt is 23% and cash 7.7% of total assets. However, 74.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 52 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
These companies have the same main activity as PAPPERAS: office administrative and support services (NACE 82100). They are comparable in size and age: total assets between €453,000 and €1.2m, founded between 2020 and 2023.
PAPPERAS files the abbreviated format. That format states no turnover. The gross margin rose from €765,434 in 2022 to €1.1m in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.7m. Estimated: probably between €1.3m and €2.5m.
Higher than 35% of 2,829 companies in 2025.
Higher than 65% of 2,718 companies in 2025.
Higher than 95% of 2,776 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 4 people joined and 4 left. Training hours in 2025: 908.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
737,802 | 1.3m | 1.2m | 1.0m | |
20 |
- | - | 0 | 121 | |
21/28 |
367,084 | 482,582 | 588,632 | 638,526 | |
21 |
257,378 | 343,092 | 428,806 | 514,521 | |
22/27 |
106,807 | 136,590 | 156,926 | 121,606 | |
23 |
20,821 | 41,186 | 63,010 | 83,393 | |
24 |
13,654 | 12,616 | 17,569 | 3,483 | |
26 |
72,331 | 82,788 | 76,347 | 34,729 | |
28 |
2,900 | 2,900 | 2,900 | 2,400 | |
29/58 |
370,717 | 800,669 | 653,338 | 373,049 | |
40/41 |
54,935 | 65,288 | 40,612 | 59,732 | |
40 |
54,863 | 65,264 | 39,898 | 34,146 | |
41 |
72 | 24 | 714 | 25,586 | |
50/53 |
250,541 | 0 | 440,000 | - | |
54/58 |
56,944 | 728,299 | 165,639 | 313,317 | |
490/1 |
8,298 | 7,083 | 7,087 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
737,802 | 1.3m | 1.2m | 1.0m | |
10/15 |
185,368 | 589,384 | 350,304 | 160,847 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | |
13 |
165,368 | 569,384 | 330,304 | 140,847 | |
130/1 |
102,630 | - | - | - | |
1319 |
102,630 | - | - | - | |
133 |
62,739 | 569,384 | 330,304 | 140,847 | |
14 |
0 | 0 | 0 | - | |
16 |
0 | 2,500 | - | - | |
160/5 |
0 | 2,500 | - | - | |
164/5 |
0 | 2,500 | - | - | |
17/49 |
552,433 | 691,367 | 891,667 | 850,849 | |
17 |
350,000 | 500,000 | 700,000 | 700,000 | |
170/4 |
350,000 | 500,000 | 700,000 | 700,000 | |
42/48 |
169,608 | 163,356 | 153,167 | 126,349 | |
43 |
3,732 | 5,462 | 36 | - | |
439 |
3,732 | 5,462 | 36 | - | |
44 |
29,101 | 33,565 | 28,437 | 23,288 | |
440/4 |
29,101 | 33,565 | 28,437 | 23,288 | |
45 |
107,934 | 96,630 | 101,062 | 103,061 | |
450/3 |
19,207 | 20,051 | 29,609 | 37,872 | |
454/9 |
88,728 | 76,579 | 71,453 | 65,188 | |
47/48 |
28,841 | 27,699 | 23,632 | - | |
492/3 |
32,826 | 28,011 | 38,500 | 24,500 | |
| Income statement | |||||
9900 |
1.1m | 922,800 | 912,094 | 765,434 | |
62 |
482,193 | 434,852 | 473,308 | 441,842 | |
630 |
121,918 | 121,147 | 115,507 | 109,093 | |
635/8 |
-2,500 | 2,500 | - | - | |
640/8 |
1,651 | 1,384 | 1,077 | 5,270 | |
66A |
1,748 | 1,461 | 940 | - | |
9901 |
491,208 | 361,457 | 321,262 | 209,228 | |
75/76B |
4 | 22,387 | 150 | 0 | |
75 |
4 | 22,387 | 150 | 0 | |
65/66B |
34,378 | 28,601 | 39,086 | 24,634 | |
65 |
34,378 | 28,601 | 39,086 | 24,634 | |
9903 |
456,834 | 355,243 | 282,326 | 184,595 | |
67/77 |
112,703 | 88,464 | 69,237 | 43,748 | |
9904 |
344,131 | 266,779 | 213,089 | 140,847 | |
9905 |
344,131 | 266,779 | 213,089 | 140,847 | |
| Appropriation of the result | |||||
9906 |
344,131 | 266,779 | 213,089 | 140,847 | |
791/2 |
569,384 | - | - | - | |
691/2 |
165,368 | 239,080 | 189,457 | 140,847 | |
6921 |
165,368 | 239,080 | 189,457 | 140,847 | |
694/7 |
748,147 | 27,699 | 23,632 | - | |
694 |
719,384 | - | - | - | |
697 |
28,763 | 27,699 | 23,632 | - | |
| Social balance sheet | |||||
9087 |
6.9 | 7.8 | 8.2 | 8.3 | |
Hours worked1013 |
10,480 | 10,249 | 11,567 | 12,095 | |
| Document | |||||
The notes to these accounts have 22 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €4,062 | €4,051 |
| 2024 | 3 | €12,321 | €12,321 |
| 2023 | 3 | €14,130 | €14,130 |
| 2022 | 2 | €10,183 | €10,183 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 613,126 | 482,604 | 436,769 | 318,322 | ||
| 466,050 | 387,926 | 328,596 | 249,940 | ||
| 9,169 | 16,557 | 66,432 | 745,757 | ||
| -671,355 | 562,660 | -147,678 | - | ||
| 201,110 | 637,313 | 500,172 | 246,700 | ||
| 25.1% | 45.9% | 28.2% | 15.9% | ||
| 2.19 | 4.90 | 4.27 | 2.95 | ||
| 2.98 | 1.17 | 2.55 | 5.29 | ||
| 185.6% | 45.3% | 60.8% | 87.6% | ||
| 46.6% | 20.8% | 17.2% | 13.9% | ||
| 17.83 | 16.87 | 11.17 | 12.92 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 8 | 9 | 9 |
| full-time | 4 | 7 | 7 | 8 |
| part-time | 0 | 1 | 2 | 1 |
| in full-time equivalents | 4 | 7.2 | 8 | 8.2 |
| 6.9 | 7.8 | 8.2 | 8.3 | |
| On a permanent contract | 1 | 8 | 9 | 9 |
| Joined | 4 | 5 | 1 | 13 |
| Left | 4 | 6 | 1 | 6 |
| Training hours | 908 | 1,739 | 1,210 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €9,169 | €16,557 | €65,932 | €143,357 |
| Intangible fixed assets | - | - | - | €600,000 |
| Financial fixed assets | €0 | - | €500 | €2,400 |
| €121,918 | €121,147 | €115,507 | €109,093 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 36% higher than in 2024 and the highest since 2022. It is the third rise in a row.
Debt's share of the balance-sheet total rises from 53.9% to 74.9%. Equity and debt are lower.
Indien de vennootschap door meer dan één bestuurder wordt bestuurd, mag iedere bestuurder, alleen optredend, alle handelingen stellen die nodig of nuttig zijn voor de verwezenlijking van het voorwerp van de vennootschap, behalve deze die de wet of de statuten aan de algemene vergadering voorbehouden. Iedere bestuurder vertegenwoordigt afzonderlijk de vennootschap jegens derden en in rechte als eiser of als verweerder. Evenwel wordt de vennootschap voor handelingen voor een bedrag van meer dan tienduizend euro, enkel rechtsgeldig vertegenwoordigd door minstens twee bestuurders, samen handelend. Deze beperking kan echter niet aan derden worden tegengeworpen, ook al is ze openbaar gemaakt.
PAPPERAS has no parent and no holdings in its annual accounts. Pepijn Raeymaekers is the only director.
| JCI Vlaanderen via Pepijn Raeymaekers, no longer at JCI Vlaanderen · Director · deed of 19-01-2012 |
founded in 1977 |
| Junior Chamber international belgium via Pepijn Raeymaekers, no longer at Junior Chamber international belgium · Director · deed of 28-02-2011 |
founded in 1965 |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 15 November 2021, PAPPERAS was incorporated as a private limited company by three natural persons, with a starting capital of €20,000.12 Pepijn Raeymaekers has served as statutory director since 2021.3 Total assets went from €1.0m in 2022 to €737,802 in 2025 and headcount from 8.3 to 6.9 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Koksijdesteenweg 74 registered office 8670 Koksijde | 15-11-2021 | 2.324.360.619 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 38502E0304/00_000 | 1,621 m² | 1 · 436 m² | 9.0 m · 3 |
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