PAS

Active

Public limited companyfounded 199234 yrs activeKasteelstraat 47, 1840 Londerzeel, BelgiumKBO/BCE: BE 0447.413.983

Summary

PAS has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.9m and a net result of -€2.5m. Equity is growing by ~17.1% per year across the filed fiscal years. Its solvency ranks better than 66% of 818 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).

Risk analysisWatch Report Compare

PASActiveChecked score 65/100

Risk analysis Report Compare

Activity

Machining of metals

NACE 25530Coating of metals NACE 25510Manufacture of fabricated metal products, except machinery and equipment NACE 25610

#5 company by equity in Londerzeel, Manufacturing sector1 site

Size

€3.6mturnover 2025

Staff: 20.3 FTE
Equity: €4.9m
Loss: -€2.5m

Net result -171%: merger

Financial health

65 Healthy Checked score 2025

Bankruptcy chance 12 m: 1.1%

Structure

Parent: LEVIAT · 100%
Board: 4 members
Holdings: 1

Auditor: DELOITTE Bedrijfsrevisoren BVAccounts 99 d early

Why 65- Loss of €2.5m, the second in a row (FY 2025)- Liquidity: current ratio 0.40, cash €7,011- Sector Manufacture of fabricated metal products, except machinery and equipment (NACE 25)+ Equity €4.9m (59.5% of total assets)Show the evidence

Checked score

Score 2025

65 / 100

Healthy

Probability in this band: 0.55% to 1.5%

Better than 35% of its sector peers (NACE 25, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Weak

Solvency 84-16

equity 59.5% of total assets

Liquidity 31-68

short-term debt 40.5% · cash 0.1%

Profitability 0-3

return on assets -29.5%

Bankruptcy probability, 12 months

1.1% Low

0%0.5%1.5%4%10%≥ 25%

About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (747 companies)

Last 24 months 11-2024: 1.2% 12-2024: 1.2%● 0.0% vs 11-2024 01-2025: 1.1%▼ -2.4% vs 12-2024 02-2025: 1.1%▼ -3.3% vs 01-2025 03-2025: 1.3%▲ +16.8% vs 02-2025highest value 04-2025: 1.3%● 0.0% vs 03-2025highest value 05-2025: 1.2%▼ -5.3% vs 04-2025 06-2025: 1.2%▼ -1.1% vs 05-2025 07-2025: 1.0%▼ -19.8% vs 06-2025 08-2025: 1.0%● 0.0% vs 07-2025 09-2025: 1.0%▲ +1.9% vs 08-2025 10-2025: 1.0%● 0.0% vs 09-2025 11-2025: 1.0%● 0.0% vs 10-2025 12-2025: 1.0%● 0.0% vs 11-2025 01-2026: 1.0%● 0.0% vs 12-2025 02-2026: 0.9%▼ -3.3% vs 01-2026lowest value 03-2026: 1.0%▲ +1.3% vs 02-2026 04-2026: 1.0%▲ +1.8% vs 03-2026 05-2026: 1.1%▲ +17.5% vs 04-2026 06-2026: 1.1%● 0.0% vs 05-2026 07-2026: 1.1%● 0.0% vs 06-2026 08-2026: 1.1%● 0.0% vs 07-2026 09-2026: 1.1%● 0.0% vs 08-2026 10-2026: 1.1%● 0.0% vs 09-2026

Loss of €2.5m, the second in a row (FY 2025) raises the probability
Liquidity: current ratio 0.40, cash €7,011 raises the probability
Sector Manufacture of fabricated metal products, except machinery and equipment (NACE 25) raises the probability
Equity €4.9m (59.5% of total assets) lowers the probability

Credit up to €320,000 at 30 days acceptable

Liquidity short (current ratio 0.4 against 1.15 in 2024; short-term debt: 40.5% and cash: 0.1% of total assets), and 40.5% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 25, small). Better than this share of them on solvency 72%, liquidity 25%, profitability 2%, growth against the median 40%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 05-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Loss of €2.5m, the second in a row (FY 2025)

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Liquidity: current ratio 0.40, cash €7,011

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Sector Manufacture of fabricated metal products, except machinery and equipment (NACE 25)

In the bankruptcy model this factor raises the probability.

KBO

Equity €4.9m (59.5% of total assets)

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year -€2.5m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-04-2026, 99 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

99 d early

2024

43 d early

2023

8 d late

2022

4 d early

2021

96 d late

2020

177 d early

2019

21 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 34 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.

Checked, nothing found (2)

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 27 July (4 of the last 5 filed years within 95 days of that day).

Companies Code · seven months

Position in the running window

06-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

23-04-26 Annual accounts filedfiscal year 2025 · full…
03-03-26 Permanent representative: Sofian MiladState Gazette act
27-01-26 Capital & shares · Statutes amendmentMerger · Capital increase ·…

Key points

Risk: 3 loss-making years in a rowloss fiscal year 2025 -€2.5m View
Caution: Among the weakest 5% on net resultsector median €80,943 · 818 companies -€2.5m View
Result fell in 2025merger with TECHNO COATING ▼ 171% View
Controlled by LEVIATultimately: CRH PLC 100% View
Board changedlatest change 12-11-2025 · 4 in office 1 joined · 1 left View
Flemish supportawarded 2022 - 2025 €82,961 View