Starting capital
€100,000 100,000 shares
PASH
Lifetime
1 annual account with figurespeak -€10,348 (2025)
-€10,348
lowest -€10,594 (2025)
-€10,594
peak €89,406 (2025)
€89,406
€146,396
Board5 names since 2024
3 directorsARLO and 2 others
Owners
Documentsfilings and deeds
18-06-202643 days before the deadline
2025financial year
Loss of €10,594First year with figures
Key points
from the 2025 annual accountsChecked score
51
Fair
Financially stronger than 35% of micro companies in accommodation (NACE 55)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.6% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.6% across 2,522 companies (NACE 55, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2025: 1.4%lowest value
12-2025: 1.4%● unchanged vs 11-2025lowest value
01-2026: 1.5%▲ +0.1 percentage points vs 12-2025
02-2026: 1.7%▲ +0.2 percentage points vs 01-2026
03-2026: 1.8%▲ +0.1 percentage points vs 02-2026
04-2026: 4.1%▲ +2.3 percentage points vs 03-2026
05-2026: 4.1%● unchanged vs 04-2026
06-2026: 4.3%▲ +0.2 percentage points vs 05-2026
07-2026: 4.2%▼ -0.1 percentage points vs 06-2026
08-2026: 4.2%● unchanged vs 07-2026
09-2026: 4.5%▲ +0.3 percentage points vs 08-2026highest value
10-2026: 2.6%▼ -1.9 percentage points vs 09-2026
11-2026: 2.6%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Founded in 2024
1 change of registered office in 24 months
Liquidity: current ratio 0.05, cash €6,847
lowers risk
Figures for financial year 2025 (filed on 18-06-2026)
Calculation
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 55, micro). It does better than 62% of them on solvency, 19% on liquidity and 25% on profitability.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 2,145 companies had the same profile as PASH has now. Each dot stands for 6 companies, two years later.
91.7%
were still trading
5.9%
stopped another way
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PASH itself: 2.6% within 12 months.
Test of the method
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 2,145 companies, not a prediction for PASH. 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.
Credit verdict
Credit of up to €4,500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.05, below 1. Short-term debt is 62.1% and cash 2.9% of total assets. 62.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 18-06-2026, 43 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
43 days early
← before the deadline
after the deadline →
Searched, nothing found (1)
Board and ownership
- KO IMMO 50,000 sharesdeed of 24-10-2024
- ANDRE LACIRE PARTICIPATIONS 50,000 sharesdeed of 24-10-2024
Recent changes
Registered office moved from Waterloo to Libramont
New registered office: Au buisson Martin 45 à 6800 Libramont · Previous registered office: Chaussée de Tervuren 389 1410 Waterloo · Resignations: Arlo (director) and Sport Ventures (director) · General meeting of 23-06-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1015390159
Incorporation
Founding capital of €100,000, 100,000 shares · Founders: KO IMMO and ANDRE LACIRE PARTICIPATIONS · Appointments: ARLO, SPORTS VENTURES, LACIRE André and PLENNEVAUX Nicolas · published on 24-10-2024 · Gazette deed
First establishment
Chaussée de Tervuren 389, Waterloo
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PASH Libramont-Chevigny | €235,802 | -€10,348 | 37.9% | - |
| Domaine de Strainchamps Fauvillers | €386,354 | -€28,802 | -18.3% | - |
| Helias Roeselare | €157,367 | -€63,753 | -41.8% | 0.7 |
| Van Der Valk Libin Libin | €498,682 | -€2,280 | 99.8% | - |
| YUST Housing Brussels Antwerp | €150,407 | -€12,384 | 26.5% | 0 |
| SOLS Liège | €356,521 | -€766 | 99.7% | - |
| MORTORIO Brussels | €97,688 | -€6,076 | 94.2% | 0 |
These companies have the same main activity as PASH: hotels and similar accommodation (NACE 55100). They are comparable in size and age: total assets between €97,700 and €499,000, founded between 2023 and 2024.
Official details
Source: KBO- Status
- Active since 22-10-2024Normal situation
- Activity
- Hotels and similar accommodationNACE 55100
- Establishment unit
- 2.366.362.1141410 Waterloo, since 22-10-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 29-01-2026
Annual accounts 2025
- €235,802
- Filing
- Filed on 18-06-2026, 43 days before the end of the filing period
Insights on PASH
The computed 12-month bankruptcy probability of PASH is 2.6% (moderate). The 2025 annual accounts show equity of €89,406 and a net result of -€10,594.
Its solvency ranks better than 54% of 518 sector peers (NACE 55, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about PASH
- What is the company number of PASH?
- The company number of PASH is 1015.390.159. The VAT number is the same number with BE in front: BE 1015.390.159.
- Where is PASH based?
- The registered office is at Recogne,Au Buisson Martin 45, 6800 Libramont-Chevigny.Company details
- What does PASH do?
- According to the KBO register, the main activity is hotels and similar accommodation (NACE 55100).
- What is the legal form of PASH?
- PASH is a public limited company (NV).
- When was PASH founded?
- PASH was founded on 22-10-2024.
- Is PASH still active?
- Yes, PASH is an active enterprise in the KBO register.
- What is the turnover of PASH?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is PASH profitable?
- In financial year 2025, PASH made a loss of €10,594.
- Where can I find the annual accounts of PASH?
- PASH filed 1 annual account with the National Bank of Belgium, for financial year 2025.
Next steps
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