Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2014 to 2025 closed with a loss. 2017 was the heaviest.
Of this, €255,753 falls due within a year.
In July 2024, 6,909 companies had the same profile as PASAVAN has now. Each dot stands for 18 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,331 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 6,909 companies, not a prediction for PASAVAN. 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.
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.
| Company | ||||
|---|---|---|---|---|
| PASAVAN Nieuwpoort | €91,614 | -€4,299 | -181.5% | 0 |
| Bas Vaerewyck Mechelen | €64,896 | €1,302 | 98.3% | 0 |
| FingerPrint International Wevelgem | €110,865 | -€5,317 | 59.5% | - |
| C- Factory Knokke-Heist | €65,352 | -€20,542 | -59.3% | - |
| LG-Project Anzegem | €66,271 | -€1,083 | 86.7% | - |
| TRACES T.E.I. Belgium Florennes | €87,318 | -€7,099 | 72.4% | - |
| FOLLOW-UP Wetteren | €100,268 | -€1,412 | 28.2% | - |
These companies have the same main activity as PASAVAN: pre-press and pre-media services (NACE 18130). They are comparable in size and age: total assets between €64,900 and €111,000, founded between 2005 and 2013.
PASAVAN files the abbreviated format. That format states no turnover. The gross margin fell from €2,203 in 2007 to -€4,299 in 2025.
holds 90% of the shares.
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.
Lower than 95% of 370 companies in 2025.
Lower than 95% of 365 companies in 2025.
Higher than 9% of 369 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
91,614 | 89,877 | 95,309 | 101,789 | 107,886 | 110,902 | 115,042 | 122,204 | 130,736 | 139,431 | 151,587 | 162,860 | 176,639 | 171,172 | 182,422 | 191,590 | 201,464 | 210,889 | 213,451 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 835 | 1,670 | 2,505 | 3,339 | |
21/28 |
83,303 | 88,182 | 93,061 | 97,939 | 103,001 | 108,063 | 113,125 | 118,187 | 122,333 | 131,559 | 143,923 | 156,287 | 168,651 | 163,914 | 173,103 | 183,126 | 193,150 | 203,172 | 202,719 | |
22/27 |
83,303 | 88,182 | 93,061 | 97,939 | 103,001 | 108,063 | 113,125 | 118,187 | 122,333 | 131,559 | 143,923 | 156,287 | 168,651 | 163,914 | 173,103 | 182,291 | 191,480 | 200,667 | 199,380 | |
22 |
83,303 | 88,182 | 93,061 | 97,939 | 102,818 | 107,697 | 112,576 | 117,454 | 122,333 | 127,212 | 132,091 | 136,970 | 141,848 | 146,727 | 151,606 | 156,485 | 161,364 | 166,242 | 171,121 | |
23 |
- | - | - | 0 | 183 | 366 | - | - | - | 926 | 4,991 | 9,056 | 13,122 | 17,187 | 21,497 | 25,806 | 30,116 | 34,425 | 28,259 | |
24 |
- | - | - | - | - | - | 549 | 733 | - | 3,421 | 6,841 | 10,261 | 13,681 | - | - | - | - | - | - | |
29/58 |
8,311 | 1,695 | 2,248 | 3,850 | 4,885 | 2,839 | 1,917 | 4,017 | 8,403 | 7,872 | 7,664 | 6,573 | 7,988 | 7,258 | 9,319 | 8,464 | 8,314 | 7,717 | 10,732 | |
3 |
169 | 216 | 304 | 485 | 1,081 | 1,408 | 1,524 | 1,557 | 3,236 | 3,395 | 4,390 | 5,135 | 4,681 | - | 4,539 | 3,885 | 5,092 | 5,356 | 6,337 | |
30/36 |
169 | 216 | 304 | 485 | 1,081 | 1,408 | 1,524 | 1,557 | 3,236 | 3,395 | 4,390 | 5,135 | 4,681 | - | 4,539 | 3,885 | 5,092 | 5,356 | 6,337 | |
40/41 |
1,659 | 399 | 468 | 1,312 | 1,143 | 610 | 333 | 98 | 195 | 967 | 506 | 394 | 1,464 | 4,148 | 555 | 3,273 | 289 | 1,754 | 2,974 | |
40 |
0 | 28 | - | - | - | - | 219 | 98 | 195 | 967 | 506 | 356 | 1,070 | 138 | 272 | 3,273 | 289 | 1,754 | 1,159 | |
41 |
1,659 | 371 | 468 | 1,312 | 1,143 | 610 | 114 | - | - | - | - | 38 | 394 | 4,010 | 283 | - | - | - | 1,815 | |
54/58 |
6,484 | 1,080 | 1,477 | 2,052 | 2,661 | 821 | 60 | 2,362 | 4,972 | 3,510 | 2,768 | 1,044 | 1,843 | 3,110 | 4,225 | 1,306 | 2,933 | 607 | 1,421 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
91,614 | 89,877 | 95,309 | 101,789 | 107,886 | 110,902 | 115,042 | 122,204 | 130,736 | 139,431 | 151,587 | 162,860 | 176,639 | 171,172 | 182,422 | 191,590 | 201,464 | 210,889 | 213,451 | |
10/15 |
-166,325 | -154,935 | -144,256 | -133,280 | -118,027 | -101,611 | -92,842 | -74,067 | -57,744 | -38,297 | -27,102 | -21,327 | -12,840 | -13,977 | -12,801 | -14,466 | -8,674 | -1,879 | 5,166 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
11 |
- | - | - | - | - | 20,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1109/19 |
- | - | - | - | - | 20,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-186,325 | -174,935 | -164,256 | -153,280 | -138,027 | -121,611 | -112,842 | -94,067 | -77,744 | -58,297 | -47,102 | -41,327 | -32,840 | -33,977 | -32,801 | -34,466 | -28,674 | -21,879 | -14,834 | |
17/49 |
257,940 | 244,812 | 239,564 | 235,069 | 225,913 | 212,513 | 207,884 | 196,271 | 188,480 | 177,728 | 178,689 | 184,187 | 189,479 | 185,149 | 195,223 | 206,056 | 210,138 | 212,768 | 208,285 | |
17 |
2,187 | 10,937 | 19,687 | 28,437 | 37,187 | 45,937 | 54,687 | 63,437 | 72,187 | 80,937 | 89,687 | 98,437 | 107,187 | 115,937 | 124,687 | 133,437 | 142,187 | 150,937 | 159,687 | |
170/4 |
2,187 | 10,937 | 19,687 | 28,437 | 37,187 | 45,937 | 54,687 | 63,437 | 72,187 | 80,937 | 89,687 | 98,437 | 107,187 | 115,937 | 124,687 | 133,437 | 142,187 | 150,937 | 159,687 | |
42/48 |
255,753 | 233,876 | 219,878 | 206,632 | 188,726 | 166,576 | 153,197 | 132,834 | 116,293 | 96,791 | 89,002 | 85,750 | 82,292 | 69,212 | 70,536 | 69,709 | 67,951 | 61,831 | 48,598 | |
42 |
8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | 8,750 | |
43 |
- | - | - | - | - | - | - | - | - | 88,000 | 80,000 | 77,000 | 73,500 | 60,000 | 60,000 | 59,750 | 58,500 | 51,600 | 39,425 | |
439 |
- | - | - | - | - | - | - | - | - | 88,000 | 80,000 | 77,000 | 73,500 | 60,000 | 60,000 | 59,750 | 58,500 | 51,600 | 39,425 | |
44 |
250 | 0 | 53 | - | - | - | 1,647 | 28 | 28 | 41 | 181 | - | 42 | 462 | 1,786 | 267 | 43 | 603 | 423 | |
440/4 |
250 | 0 | 53 | - | - | - | 1,647 | 28 | 28 | 41 | 181 | - | 42 | 462 | 1,786 | 267 | 43 | 603 | 423 | |
45 |
- | - | - | - | - | - | - | 56 | 215 | - | 71 | - | - | - | - | 942 | 658 | 878 | - | |
450/3 |
- | - | - | - | - | - | - | 56 | 215 | - | 71 | - | - | - | - | 942 | 658 | 878 | - | |
47/48 |
246,753 | 225,126 | 211,075 | 197,882 | 179,976 | 157,826 | 142,800 | 124,000 | 107,300 | - | - | - | - | - | - | - | - | - | - | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,910 | - | - | - | |
| Income statement | ||||||||||||||||||||
9900 |
-4,299 | -3,030 | -2,843 | -6,528 | -7,019 | 745 | -9,993 | -7,124 | -5,341 | 7,112 | 12,001 | 9,802 | 19,886 | 14,874 | 19,096 | 11,995 | 11,789 | 12,507 | 2,203 | |
630 |
4,879 | 4,879 | 4,879 | 5,062 | 5,062 | 5,062 | 5,062 | 5,062 | 9,225 | 12,364 | 12,364 | 12,364 | 12,364 | 9,188 | 9,188 | 9,188 | 9,188 | 9,188 | 8,019 | |
640/8 |
1,263 | 1,410 | 1,450 | 1,407 | 1,411 | 1,301 | - | - | - | - | - | - | - | - | 835 | 835 | 835 | 835 | 835 | |
9901 |
-10,441 | -9,319 | -9,172 | -12,997 | -13,492 | -5,618 | -15,055 | -12,186 | -14,566 | -5,252 | -363 | -2,562 | 7,522 | 5,686 | 9,073 | 1,972 | 1,766 | 2,484 | -6,651 | |
75/76B |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2 | |
75 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2 | |
65/66B |
949 | 1,361 | 1,803 | 2,257 | 2,693 | 3,151 | 3,606 | 4,082 | 4,754 | 5,008 | 5,412 | 5,925 | 6,385 | 6,862 | 7,408 | 7,764 | 8,561 | 9,529 | 8,185 | |
65 |
949 | 1,361 | 1,803 | 2,257 | 2,693 | 3,151 | 3,606 | 4,082 | 4,754 | 5,008 | 5,412 | 5,925 | 6,385 | 6,862 | 7,408 | 7,764 | 8,561 | 9,529 | 8,185 | |
9903 |
-11,390 | -10,680 | -10,975 | -15,254 | -16,185 | -8,769 | -18,661 | -16,268 | -19,320 | -10,260 | -5,775 | -8,487 | 1,137 | -1,176 | 1,665 | -5,792 | -6,795 | -7,045 | -14,834 | |
67/77 |
- | - | - | 0 | 231 | - | 114 | 55 | 127 | 935 | - | - | - | - | - | - | - | - | - | |
9904 |
-11,390 | -10,680 | -10,975 | -15,254 | -16,416 | -8,769 | -18,775 | -16,323 | -19,447 | -11,195 | -5,775 | -8,487 | 1,137 | -1,176 | 1,665 | -5,792 | -6,795 | -7,045 | -14,834 | |
9905 |
-11,390 | -10,680 | -10,975 | -15,254 | -16,416 | -8,769 | -18,775 | -16,323 | -19,447 | -11,195 | -5,775 | -8,487 | 1,137 | -1,176 | 1,665 | -5,792 | -6,795 | -7,045 | -14,834 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-186,325 | -174,935 | -164,256 | -153,280 | -138,027 | -121,611 | -112,842 | -94,067 | -77,744 | -58,297 | -47,102 | -41,327 | -32,840 | -33,977 | -32,801 | -34,466 | -28,674 | -21,879 | -14,834 | |
14P |
-174,935 | -164,256 | -153,280 | -138,027 | -121,611 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The notes to these accounts have 20 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 26-08-2026.
2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00426918.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00426918 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00337981 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00366058 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00207929 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20305009 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42200448 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-16200232 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15200274 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-38300562 | |
| 31-12-2016 | micro format | 04-07-2017 | 2017-25700104 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-36800157 | |
| 31-12-2014 | abbreviated format | 18-05-2015 | 2015-11900158 | |
| 31-12-2013 | abbreviated format | 02-06-2014 | 2014-14100169 | |
| 31-12-2012 | abbreviated format | 29-03-2013 | 2013-07500075 | |
| 31-12-2011 | abbreviated format | 01-03-2012 | 2012-05000202 | |
| 31-12-2010 | abbreviated format | 10-03-2011 | 2011-05500086 | |
| 31-12-2009 | abbreviated format | 04-05-2010 | 2010-10700222 | |
| 31-12-2008 | abbreviated format | 18-03-2009 | 2009-07600279 | |
| 31-12-2007 | abbreviated format | 23-05-2008 | 2008-14800376 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -5,562 | -4,441 | -4,293 | -7,935 | -8,430 | -556 | -9,993 | -7,124 | -5,341 | 7,112 | 12,001 | 9,802 | 19,886 | 14,874 | 18,261 | 11,160 | 10,954 | 11,672 | 1,368 | ||
| -6,511 | -5,801 | -6,097 | -10,192 | -11,354 | -3,707 | -13,713 | -11,261 | -10,222 | 1,169 | 6,589 | 3,877 | 13,501 | 8,012 | 10,853 | 3,396 | 2,393 | 2,143 | -6,815 | ||
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 916 | -1 | 0 | 0 | 0 | 17,101 | -1 | -835 | -836 | -834 | 10,475 | 207,399 | ||
| 5,404 | -397 | -575 | -609 | 1,840 | 761 | -2,302 | -2,610 | 1,462 | 742 | 1,724 | -799 | -1,267 | -1,115 | 2,919 | -1,627 | 2,326 | -814 | - | ||
| -247,442 | -232,181 | -217,629 | -202,783 | -183,841 | -163,737 | -151,280 | -128,817 | -107,890 | -88,919 | -81,338 | -79,177 | -74,304 | -61,954 | -61,217 | -61,245 | -59,637 | -54,114 | -37,866 | ||
| -181.5% | -172.4% | -151.4% | -130.9% | -109.4% | -91.6% | -80.7% | -60.6% | -44.2% | -27.5% | -17.9% | -13.1% | -7.3% | -8.2% | -7.0% | -7.6% | -4.3% | -0.9% | 2.4% | ||
| 0.03 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.01 | 0.03 | 0.07 | 0.08 | 0.09 | 0.08 | 0.10 | 0.10 | 0.13 | 0.12 | 0.12 | 0.12 | 0.22 | ||
| 0.03 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 | 0.02 | 0.04 | 0.05 | 0.04 | 0.02 | 0.04 | 0.10 | 0.07 | 0.07 | 0.05 | 0.04 | 0.09 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 40.32 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -287.1% | ||
| -12.4% | -11.9% | -11.5% | -15.0% | -15.2% | -7.9% | -16.3% | -13.4% | -14.9% | -8.0% | -3.8% | -5.2% | 0.6% | -0.7% | 0.9% | -3.0% | -3.4% | -3.3% | -6.9% | ||
| -5.86 | -3.26 | -2.38 | -3.52 | -3.13 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €19,687 | - | - | - |
| Mortgages, amount registered | €160,000 | €160,000 | €160,000 | - | - |
| Carrying value of the mortgaged assets | €88,182 | €88,182 | €93,061 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | €0 | - | - | - | - |
| €4,879 | €4,879 | €4,879 | €5,062 | €5,062 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €10,441, larger than the loss of €9,319 in 2024. It is the lowest result since 2022.
Equity is negative. Debt (€257,940) exceeds the balance-sheet total (€91,614).
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of . Every holding stands with its own latest accounts.
| ALVERO
registered office since 01-01-1984 · founded in 1984 |
total assets €183,680 (2025) 0426.695.476 |
The network starts from the directors of PASAVAN. Every other company they run is a node.
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
| Establishment | Since | Unit number |
|---|---|---|
| Recollettenstraat 4 registered office 8620 Nieuwpoort | 09-02-2007 | 2.159.855.250 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 38016B0961/00S000 | 106 m² | 1 · 106 m² | 13.0 m · 3 |
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