PASTE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-06-2026 PDF all 21 filings
Turnover
≈ €38,000
Estimated: probably between €18,000 and €76,000
Total assets
€16,450▲ 26.0%
2024 · €13,053
Net result
€7,368
2024 · -€5,572
Working capital
-€548▲ 93.1%
2024 · -€7,916
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,544
2025
20182025
Net result
€7,368
2025
middle half of the sector
20182025
Equity
-€548
▲ 93.1%
2025
lowest quarter of the sector
20182025
Total assets
€16,450
▲ 26.0%
2025
lowest quarter of the sector
20182025
Debt
€16,998
▼ 18.9%
2025
20182025
Working capital
-€548
▲ 93.1%
2025
lowest quarter of the sector
20182025
Solvency
-3.3%
▲ 57.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.97
▲ 0.35
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
44.8%
▲ 87.5pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€12,396-€18,246▲ 47.2%€4,258▼ 76.7%-€9,954€5,338-€6,481-€5,395▲ 16.8%€7,544
Net result€8,965-€12,276▲ 36.9%€2,991within the sector's middle half▼ 75.6%-€10,569below the sector's middle half€5,153within the sector's middle half-€6,697below the sector's middle half-€5,572below the sector's middle half▲ 16.8%€7,368within the sector's middle half
Equity€9,402-€9,678▲ 2.9%€9,769below the sector's middle half▲ 0.9%-€800below the sector's middle half€4,353below the sector's middle half-€2,344below the sector's middle half-€7,916below the sector's middle half▼ 238%-€548below the sector's middle half▲ 93.1%
Total assets€34,010-€40,538▲ 19.2%€33,546below the sector's middle half▼ 17.2%€25,250below the sector's middle half▼ 24.7%€20,119below the sector's middle half▼ 20.3%€20,823below the sector's middle half▲ 3.5%€13,053below the sector's middle half▼ 37.3%€16,450below the sector's middle half▲ 26.0%
Debt€24,609-€30,860▲ 25.4%€23,777▼ 23.0%€26,049▲ 9.6%€15,766▼ 39.5%€23,167▲ 46.9%€20,969▼ 9.5%€16,998▼ 18.9%
Working capital€9,402-€8,845▼ 5.9%€8,513within the sector's middle half▼ 3.8%-€1,224below the sector's middle half€4,344within the sector's middle half-€2,344below the sector's middle half-€7,916below the sector's middle half▼ 238%-€548below the sector's middle half▲ 93.1%
Solvency27.6%-23.9%▼ 3.8pp29.1%within the sector's middle half▲ 5.2pp-3.2%below the sector's middle half▼ 32.3pp21.6%below the sector's middle half▲ 24.8pp-11.3%below the sector's middle half▼ 32.9pp-60.6%below the sector's middle half▼ 49.4pp-3.3%below the sector's middle half▲ 57.3pp
Current ratio1.38-1.29▼ 0.101.36within the sector's middle half▲ 0.070.95below the sector's middle half▼ 0.411.28within the sector's middle half▲ 0.320.90below the sector's middle half▼ 0.380.62below the sector's middle half▼ 0.280.97below the sector's middle half▲ 0.35
Return on assets (ROA)26.4%-30.3%▲ 3.9pp8.9%within the sector's middle half▼ 21.4pp-41.9%below the sector's middle half▼ 50.8pp25.6%within the sector's middle half▲ 67.5pp-32.2%below the sector's middle half▼ 57.8pp-42.7%below the sector's middle half▼ 10.5pp44.8%above the sector's middle half▲ 87.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €7,544, after a loss of €5,395 in 2024. It is the highest result since 2021.
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.
Key figures and ratios
Debt ≤ 1 year
€16,998▼
2024 · €20,969
The equity ratios are withheld because equity of -€548 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €416 | €823 | €832 | €415 | €9 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €62 | €535 | €611 | €620 | €633 | ▲ 2.0% |
| Gross operating margin9900 | €12,476 | €18,724 | €5,160 | -€9,060 | €6,288 | -€5,861 | -€4,774 | €8,177 | - |
| Operating profit (loss)9901 | €12,396 | €18,246 | €4,258 | -€9,954 | €5,338 | -€6,481 | -€5,395 | €7,544 | - |
| Financial income75/76B | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Recurring financial income75 | €846 | €9 | - | - | €0 | €0 | €0 | €0 | - |
| Financial charges65/66B | - | - | - | €615 | €185 | €216 | €177 | €176 | ▼ 0.6% |
| Recurring financial charges65 | €170 | €73 | €71 | €615 | €185 | €216 | €177 | €176 | ▼ 0.6% |
| Profit (loss) for the period before taxes9903 | €13,072 | €18,181 | €4,187 | -€10,569 | €5,153 | -€6,697 | -€5,572 | €7,368 | - |
| Income taxes67/77 | €4,107 | €5,905 | €1,195 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €8,965 | €12,276 | €2,991 | -€10,569 | €5,153 | -€6,697 | -€5,572 | €7,368 | - |
| Profit (loss) for the period to be appropriated9905 | €8,965 | €12,276 | €2,991 | -€10,569 | €5,153 | -€6,697 | -€5,572 | €7,368 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €34,010 | €40,538 | €33,546 | €25,250 | €20,119 | €20,823 | €13,053 | €16,450 | ▲ 26.0% |
| Fixed assets21/28 | - | €833 | €1,256 | €425 | €9 | €0 | - | - | - |
| Tangible fixed assets22/27 | - | €833 | €1,256 | €425 | €9 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €425 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €9 | €0 | - | - | - |
| Current assets29/58 | €34,010 | €39,705 | €32,290 | €24,825 | €20,110 | €20,823 | €13,053 | €16,450 | ▲ 26.0% |
| Amounts receivable within one year40/41 | €10,761 | €22,110 | €11,170 | €19,303 | €3,402 | €8,000 | €6,292 | €11,420 | ▲ 81.5% |
| Trade receivables40 | - | - | - | €19,303 | €3,402 | €8,000 | €6,292 | €11,420 | ▲ 81.5% |
| Cash at bank and in hand54/58 | €23,249 | €17,596 | €21,120 | €5,522 | €15,875 | €12,823 | €6,761 | €5,030 | ▼ 25.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €833 | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €34,010 | €40,538 | €33,546 | €25,250 | €20,119 | €20,823 | €13,053 | €16,450 | ▲ 26.0% |
| Equity10/15 | €9,402 | €9,678 | €9,769 | -€800 | €4,353 | -€2,344 | -€7,916 | -€548 | ▲ 93.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Profit (loss) carried forward14 | €1,342 | €1,618 | €1,709 | -€8,860 | -€3,707 | -€8,544 | -€14,116 | -€6,748 | ▲ 52.2% |
| Amounts payable17/49 | €24,609 | €30,860 | €23,777 | €26,049 | €15,766 | €23,167 | €20,969 | €16,998 | ▼ 18.9% |
| Amounts payable within one year42/48 | €24,609 | €30,860 | €23,777 | €26,049 | €15,766 | €23,167 | €20,969 | €16,998 | ▼ 18.9% |
| Trade debts44 | €6,309 | €8,361 | €10,761 | €12,534 | €10,048 | €10,079 | €11,141 | €5,501 | ▼ 50.6% |
| Suppliers440/4 | - | - | - | €12,534 | €10,048 | €10,079 | €11,141 | €5,501 | ▼ 50.6% |
| Taxes, remuneration and social security45 | - | - | - | €5,516 | €2,618 | €3,458 | €1,828 | €3,312 | ▲ 81.2% |
| Taxes450/3 | - | - | - | €5,516 | €2,618 | €3,458 | €1,828 | €3,312 | ▲ 81.2% |
| Other amounts payable47/48 | - | - | - | €8,000 | €3,100 | €9,630 | €8,000 | €8,185 | ▲ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,965 | €12,276 | €2,991 | -€10,569 | €5,153 | -€6,697 | -€5,572 | €7,368 | - |
| + Depreciation and write-downs630 | - | €416 | €823 | €832 | €415 | €9 | €0 | - | - |
| Operating cash flow (approximation) | €8,965 | €12,692 | €3,814 | -€9,737 | €5,568 | -€6,688 | -€5,572 | €7,368 | - |
| Investment in fixed assets (approximation) | - | - | -€1,246 | €0 | €0 | €0 | - | - | - |
| Change in cash | - | -€5,654 | €3,524 | -€15,597 | €10,353 | -€3,052 | -€6,062 | -€1,731 | ▲ 71.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,794 companies had the same profile as PASTE has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PASTE itself is lower: 0.1% within 12 months. It rests on far more data about PASTE than the profile alone.
Test of the method
The method was tested on the 497,446 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 3,794 companies, not a prediction for PASTE. 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.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-06-2026 | 2026-00145692 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00168008 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00170647 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00270043 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20076694 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-18100250 | |
| 31-12-2019 | abbreviated format | 25-03-2020 | 2020-07500099 | |
| 31-12-2018 | abbreviated format | 13-06-2019 | 2019-18100092 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-19900091 | |
| 31-12-2016 | abbreviated format | 29-05-2017 | 2017-13600054 |