Pasval
ActiveSummary
Pasval has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €50,674 and a net result of €5,320. Equity is growing by ~11.6% per year across the filed fiscal years. Its solvency ranks better than 93% of 1577 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+80
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity ample (current ratio 3.78 against 3.97 in 2024; short-term debt: 14.2% and cash: 46% of total assets), and 14.4% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
85.6%
Return on assets
9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
20 d late
2024
26 d late
2023
30 d late
2022
28 d late
2021
60 d late
2020
56 d late
2019
24 d late
← 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 35 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€50,674▲ 11.7%
2024 · €45,354
Total assets
€59,190▲ 8.0%
2024 · €54,825
Net result
€5,320
2024 · -€10,123
Working capital
€23,393▼ 16.8%
2024 · €28,109
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€42,134▲ 131%€22,198▼ 47.3%-€22,051-€9,662▲ 56.2%€6,095
Net result€34,453above the sector's middle half▲ 115%€16,585within the sector's middle half▼ 51.9%-€22,179below the sector's middle half-€10,123below the sector's middle half▲ 54.4%€5,320within the sector's middle half
Equity€61,071within the sector's middle half▲ 66.8%€77,656within the sector's middle half▲ 27.2%€55,477within the sector's middle half▼ 28.6%€45,354within the sector's middle half▼ 18.2%€50,674within the sector's middle half▲ 11.7%
Total assets€104,919within the sector's middle half▲ 38.5%€99,602within the sector's middle half▼ 5.1%€68,982below the sector's middle half▼ 30.7%€54,825below the sector's middle half▼ 20.5%€59,190below the sector's middle half▲ 8.0%
Debt€43,848▲ 12.0%€21,946▼ 49.9%€13,505▼ 38.5%€9,471▼ 29.9%€8,516▼ 10.1%
Working capital€36,214within the sector's middle half▲ 175%€54,797within the sector's middle half▲ 51.3%€41,281within the sector's middle half▼ 24.7%€28,109within the sector's middle half▼ 31.9%€23,393within the sector's middle half▼ 16.8%
Solvency58.2%above the sector's middle half▲ 9.9pp78.0%above the sector's middle half▲ 19.8pp80.4%above the sector's middle half▲ 2.5pp82.7%above the sector's middle half▲ 2.3pp85.6%above the sector's middle half▲ 2.9pp
Current ratio2.24above the sector's middle half▲ 0.334.17above the sector's middle half▲ 1.935.72above the sector's middle half▲ 1.553.97above the sector's middle half▼ 1.753.78above the sector's middle half▼ 0.19
Return on assets (ROA)32.8%above the sector's middle half▲ 11.7pp16.7%above the sector's middle half▼ 16.2pp-32.2%below the sector's middle half▼ 48.8pp-18.5%below the sector's middle half▲ 13.7pp9.0%within the sector's middle half▲ 27.5pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €6,095 after a loss of €9,662 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €59,190
Fixed assets
€27,391 ▲ 58.8%
Current assets
€31,799 ▼ 15.4%
Equity and liabilities €59,190
Equity
€50,674 ▲ 11.7%
Debt
€8,516 ▼ 10.1%
Debt's share of the balance-sheet total falls from 17.3% to 14.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,427▲
2024 · -€2,992
Cash flow
€13,652▲
2024 · -€3,453
Debt to equity
0.17▼
2024 · 0.21
ROE
10.5%▲
2024 · -22.3%
Interest coverage
17.83▲
2024 · -6.45
Debt ≤ 1 year
€8,406▼
2024 · €9,471
Staff costs
€54▼
2024 · €424
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,970 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €5,116 | €7,441 | €7,908 | €424 | €54 | ▼ 87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,851 | €16,506 | €8,564 | €6,670 | €8,332 | ▲ 24.9% |
| Other operating charges640/8 | €986 | €2,330 | €1,403 | €1,236 | €1,371 | ▲ 10.9% |
| Gross operating margin9900 | €64,087 | €48,475 | -€4,176 | -€1,332 | €15,852 | ▲ 1,290% |
| Operating profit (loss)9901 | €42,134 | €22,198 | -€22,051 | -€9,662 | €6,095 | ▲ 163% |
| Financial income75/76B | €11 | - | - | €3 | €34 | ▲ 1,033% |
| Recurring financial income75 | €11 | - | - | €3 | €34 | ▲ 1,033% |
| Financial charges65/66B | €872 | €229 | €128 | €464 | €809 | ▲ 74.4% |
| Recurring financial charges65 | €872 | €229 | €128 | €464 | €809 | ▲ 74.4% |
| Profit (loss) for the period before taxes9903 | €41,273 | €21,969 | -€22,179 | -€10,123 | €5,320 | ▲ 153% |
| Income taxes67/77 | €6,820 | €5,384 | - | - | - | - |
| Profit (loss) for the period9904 | €34,453 | €16,585 | -€22,179 | -€10,123 | €5,320 | ▲ 153% |
| Profit (loss) for the period to be appropriated9905 | €34,453 | €16,585 | -€22,179 | -€10,123 | €5,320 | ▲ 153% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €104,919 | €99,602 | €68,982 | €54,825 | €59,190 | ▲ 8.0% |
| Fixed assets21/28 | €39,510 | €27,511 | €18,947 | €17,245 | €27,391 | ▲ 58.8% |
| Intangible fixed assets21 | €17,625 | €14,625 | €11,625 | €8,625 | €5,625 | ▼ 34.8% |
| Tangible fixed assets22/27 | €21,885 | €12,886 | €7,322 | €8,620 | €21,766 | ▲ 153% |
| Land and buildings22 | - | - | - | - | €1,780 | - |
| Plant, machinery and equipment23 | €19,149 | €11,093 | €6,472 | €4,806 | €15,642 | ▲ 225% |
| Furniture and vehicles24 | €2,736 | €1,793 | €850 | €3,814 | €4,344 | ▲ 13.9% |
| Current assets29/58 | €65,409 | €72,091 | €50,035 | €37,580 | €31,799 | ▼ 15.4% |
| Amounts receivable within one year40/41 | €3,081 | €3,038 | €4,486 | €5,533 | €4,579 | ▼ 17.2% |
| Trade receivables40 | €518 | €434 | €709 | €2,363 | €761 | ▼ 67.8% |
| Other amounts receivable41 | €2,563 | €2,604 | €3,777 | €3,170 | €3,818 | ▲ 20.4% |
| Cash at bank and in hand54/58 | €62,278 | €68,984 | €45,549 | €32,047 | €27,220 | ▼ 15.1% |
| Deferred charges and accrued income490/1 | €50 | €69 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €104,919 | €99,602 | €68,982 | €54,825 | €59,190 | ▲ 8.0% |
| Equity10/15 | €61,071 | €77,656 | €55,477 | €45,354 | €50,674 | ▲ 11.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €53,011 | €69,596 | €47,417 | €37,294 | €42,614 | ▲ 14.3% |
| Amounts payable17/49 | €43,848 | €21,946 | €13,505 | €9,471 | €8,516 | ▼ 10.1% |
| Amounts payable after more than one year17 | €10,000 | - | - | - | - | - |
| Financial debts170/4 | €10,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €29,195 | €17,294 | €8,754 | €9,471 | €8,406 | ▼ 11.2% |
| Current portion of amounts payable after more than one year42 | €6,668 | - | - | - | - | - |
| Trade debts44 | €3,255 | €7,159 | €3,574 | €5,114 | €4,262 | ▼ 16.7% |
| Suppliers440/4 | €3,255 | €7,159 | €3,574 | €5,114 | €4,262 | ▼ 16.7% |
| Taxes, remuneration and social security45 | €9,264 | €7,513 | €5,180 | €4,357 | €4,144 | ▼ 4.9% |
| Taxes450/3 | €6,795 | €5,041 | €816 | €216 | - | - |
| Remuneration and social security454/9 | €2,469 | €2,472 | €4,364 | €4,141 | €4,144 | ▲ 0.1% |
| Other amounts payable47/48 | €10,008 | €2,622 | - | - | - | - |
| Accrued charges and deferred income492/3 | €4,653 | €4,652 | €4,751 | - | €110 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,453 | €16,585 | -€22,179 | -€10,123 | €5,320 | ▲ 153% |
| + Depreciation and write-downs630 | €15,851 | €16,506 | €8,564 | €6,670 | €8,332 | ▲ 24.9% |
| Operating cash flow (approximation) | €50,304 | €33,091 | -€13,615 | -€3,453 | €13,652 | ▲ 495% |
| Investment in fixed assets (approximation) | - | -€4,507 | €0 | -€4,968 | -€18,478 | ▼ 272% |
| Change in cash | - | €6,706 | -€23,435 | -€13,502 | -€4,827 | ▲ 64.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 20 days late
2025
31-12
Financial
Back to profitnet €5,320
Net result €5,320 after 2 loss-making years.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet -€22,179
Net result drops to -€22,179, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 60 days late
2021
31-12
Financial
Highest result since 2018net €34,453 ▲115%
Operating result €42,134, net result €34,453, both a record.
25-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 56 days late
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 24 days late
2019
24-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Knokke-Heist · 1 establishment unit since 2018
Ground area
305 m²
Building footprint
176 m²
Volume, LiDAR
1,127 m³
2 parcels, Flanders · tallest building 13.8 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Cómodo
since 20182.270.742.878
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31336H1146/00_000 | Flanders | 157 m² | 1 · 98 m² | 13.8 m · 4 fl. |
| 31333H0600/00B009 | Flanders | 148 m² | 1 · 78 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteKnokke-Heist2.270.742.878
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Of 4,228 companies in sector 10712 we hold annual accounts for 1,874. 1,536 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded16-11-2017
Fiscal year end31-12
Activities, NACEBEL 2025
10712Artisanal bread and fresh pastry making
E-invoicing
Reachable via Peppol
Peppol ID
0208:0684730621
Also
9925:BE0684730621
Registered
13-01-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.