Equity
PASVAN has made a profit without a break since 2019.
PASVAN has made a profit without a break since 2019.
Of this, €1.8m falls due within a year.
The 2019 accounts came latest: 105 days after the end of the period.
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 46, small). It does better than 13% of them on solvency, 10% on liquidity, 19% on profitability and 58% on growth.
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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 4,107 companies had the same profile as PASVAN has now. Each dot stands for 11 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PASVAN itself: 0.2% within 12 months.
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 4,107 companies, not a prediction for PASVAN. 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.
Liquidity is tight, with a current ratio of 1.1 (1.09 in 2024), below the usual 1.5. Short-term debt is 87.8% and cash 8.4% of total assets. 89.6% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 25 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PASVAN Ixelles | €2.1m | €90,638 | 10.4% | - |
| SAM EUROPA Ixelles | €2.0m | €120,398 | 7.4% | - |
| DESTINOLA Duffel | €2.2m | €70,986 | 5.8% | 0 |
| SB Invest Maarkedal | €2.1m | €149,275 | 37.7% | 0 |
| RDN INVEST Wichelen | €2.6m | €88,589 | 13.0% | - |
| DéliNatie Antwerp | €1.9m | €165,078 | 13.0% | 1 |
| WATIFIC Waterloo | €1.7m | €115,977 | 97.6% | - |
These companies have the same main activity as PASVAN: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €1.7m and €2.6m, founded between 2012 and 2017.
PASVAN files the abbreviated format. That format states no turnover. The gross margin fell from €114,201 in 2016 to €90,638 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 18% of 9,902 companies in 2025.
Higher than 25% of 9,665 companies in 2025.
Higher than 32% of 9,780 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
2.1m | 2.1m | 1.4m | 1.4m | 1.3m | 1.0m | 1.2m | 597,772 | 619,426 | 616,544 | |
21/28 |
68,146 | 71,975 | 81,197 | 91,310 | 48,334 | 54,992 | 4,993 | 4,020 | 3,976 | 5,877 | |
22/27 |
68,048 | 71,877 | 81,100 | 91,212 | 48,334 | 54,992 | 4,993 | 4,020 | 3,976 | 5,877 | |
22 |
39,862 | 41,881 | 43,899 | 45,918 | - | - | - | - | - | - | |
23 |
28,186 | 29,749 | 35,783 | 41,817 | 43,042 | 48,229 | - | - | - | - | |
24 |
- | 247 | 1,417 | 3,477 | 5,292 | 6,763 | 4,993 | 4,020 | 3,976 | 5,877 | |
28 |
98 | 98 | 98 | 98 | - | - | - | - | - | - | |
29/58 |
2.0m | 2.1m | 1.3m | 1.3m | 1.2m | 962,876 | 1.2m | 593,752 | 615,450 | 610,667 | |
3 |
68,431 | 975,533 | 778,146 | 605,194 | 316,428 | 531,464 | 687,806 | 109,787 | 91,056 | 103,715 | |
30/36 |
68,431 | 975,533 | 778,146 | 605,194 | 316,428 | 531,464 | 687,806 | 109,787 | 91,056 | 103,715 | |
40/41 |
1.8m | 1.1m | 507,427 | 598,532 | 900,852 | 429,815 | 531,864 | 483,023 | 440,503 | 503,365 | |
40 |
1.8m | 1.1m | 474,503 | 539,390 | 793,888 | 329,160 | 356,789 | 383,504 | 406,518 | 339,715 | |
41 |
6,705 | - | 32,924 | 59,142 | 106,964 | 100,655 | 175,075 | 99,519 | 33,985 | 163,650 | |
54/58 |
173,157 | 31,051 | 23,891 | 72,642 | 18,435 | 842 | - | - | 75,292 | 3,538 | |
490/1 |
- | - | - | - | 339 | 755 | 5,849 | 942 | 8,599 | 49 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
2.1m | 2.1m | 1.4m | 1.4m | 1.3m | 1.0m | 1.2m | 597,772 | 619,426 | 616,544 | |
10/15 |
214,426 | 201,743 | 198,160 | 196,092 | 183,996 | 167,700 | 130,141 | 126,263 | 132,577 | 103,163 | |
10/11 |
20,460 | 20,460 | 20,460 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | |
11 |
- | - | - | - | - | 18,600 | - | - | - | - | |
1109/19 |
- | - | - | - | - | 18,600 | - | - | - | - | |
13 |
12,683 | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
133 |
12,683 | - | - | - | - | - | - | - | - | - | |
14 |
181,283 | 181,283 | 177,700 | 175,632 | 163,536 | 147,240 | 109,681 | 105,803 | 112,117 | 82,703 | |
17/49 |
1.9m | 1.9m | 1.2m | 1.2m | 1.1m | 850,168 | 1.1m | 471,509 | 486,849 | 513,381 | |
17 |
37,730 | 39,858 | 41,947 | 43,998 | - | - | - | - | 1,833 | - | |
170/4 |
37,730 | 39,858 | 41,947 | 43,998 | - | - | - | - | 1,833 | - | |
42/48 |
1.8m | 1.9m | 1.1m | 1.1m | 1.1m | 850,168 | 1.1m | 471,509 | 485,016 | 513,013 | |
42 |
2,128 | 597,759 | 377,052 | 2,251 | - | - | - | 1,833 | 11,000 | - | |
43 |
84,895 | 99,634 | 97,365 | 200,991 | 201,772 | 239,110 | 195,887 | 149,444 | 93,248 | - | |
430/8 |
84,895 | 99,634 | 97,365 | 200,991 | 201,772 | 239,110 | 195,887 | 69,444 | 13,248 | - | |
439 |
- | - | - | - | - | - | - | 80,000 | 80,000 | - | |
44 |
1.4m | 865,724 | 335,723 | 553,621 | 416,442 | 349,292 | 432,061 | - | - | 277,686 | |
440/4 |
1.4m | 865,724 | 335,723 | 553,621 | 416,442 | 349,292 | 432,061 | - | - | 277,686 | |
46 |
15,000 | - | - | - | - | - | - | - | - | - | |
45 |
10,755 | 20,243 | 8,481 | 13,365 | 7,290 | 14,706 | 4,793 | 4,060 | 17,132 | 44,985 | |
450/3 |
10,755 | 20,243 | 8,481 | 13,365 | 7,290 | 14,706 | 4,793 | 4,060 | 17,132 | 44,985 | |
47/48 |
298,038 | 324,716 | 330,847 | 356,271 | 473,800 | 247,060 | 467,630 | 316,172 | 363,636 | 190,342 | |
492/3 |
- | - | 1,088 | 1,088 | 1,088 | - | - | - | - | 368 | |
| Income statement | |||||||||||
70 |
- | - | - | - | - | - | - | 1.7m | 2.1m | 2.1m | |
9900 |
90,638 | 82,200 | 43,839 | 44,222 | 48,808 | 72,002 | 29,990 | -30,222 | -54,686 | 114,201 | |
60/61 |
- | - | - | - | - | - | - | 1.7m | 2.1m | 2.0m | |
630 |
8,564 | 9,223 | 10,113 | 9,749 | 8,318 | 6,475 | 3,425 | 3,664 | 2,693 | 2,432 | |
640/8 |
6,813 | 8,953 | 3,433 | 2,441 | 2,006 | 1,435 | 6,967 | 3,321 | 1,199 | 76 | |
66A |
- | - | - | - | 640 | - | - | - | - | - | |
9901 |
75,260 | 64,024 | 30,294 | 32,033 | 37,844 | 64,092 | 19,598 | -37,207 | -58,578 | 111,693 | |
75/76B |
41 | 21 | 12 | 442 | - | 53 | - | 37,269 | 104,268 | 15,728 | |
75 |
41 | 21 | 12 | 442 | - | 53 | - | 37,269 | 104,268 | 15,728 | |
65/66B |
55,180 | 57,147 | 25,885 | 14,304 | 14,258 | 16,422 | 8,225 | 4,820 | 3,972 | 1,586 | |
65 |
55,180 | 57,147 | 25,885 | 14,304 | 14,258 | 16,422 | 8,225 | 4,820 | 3,972 | 1,586 | |
9903 |
20,121 | 6,898 | 4,421 | 18,171 | 23,586 | 47,723 | 11,373 | -4,758 | 41,718 | 125,835 | |
67/77 |
7,438 | 3,315 | 2,353 | 6,075 | 7,290 | 10,164 | 7,495 | 1,556 | 12,304 | 41,272 | |
9904 |
12,683 | 3,583 | 2,068 | 12,095 | 16,296 | 37,559 | 3,878 | -6,314 | 29,414 | 84,563 | |
9905 |
12,683 | 3,583 | 2,068 | 12,095 | 16,296 | 37,559 | 3,878 | -6,314 | 29,414 | 84,563 | |
| Appropriation of the result | |||||||||||
9906 |
193,966 | 181,283 | 177,700 | 175,632 | 163,536 | 147,240 | 109,681 | 105,803 | 112,117 | 84,563 | |
14P |
181,283 | 177,700 | 175,632 | 163,536 | 147,240 | - | - | - | - | - | |
691/2 |
12,683 | - | - | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
12,683 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 11 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 20-08-2026.
2025 annual accounts filed 20 days after the deadline. Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00410160.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-08-2026 | 2026-00410160 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00389309 | |
| 31-12-2023 | full format | 23-08-2024 | 2024-00372296 | |
| 31-12-2022 | full format | 17-08-2023 | 2023-00335273 | |
| 31-12-2021 | full format | 18-08-2022 | 2022-20294673 | |
| 31-12-2020 | full format | 05-07-2021 | 2021-31200573 | |
| 31-12-2019 | full format | 13-11-2020 | 2020-70200433 | |
| 31-12-2018 | full format | 28-10-2019 | 2019-71600105 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-38900535 | |
| 31-12-2016 | full format | 25-07-2017 | 2017-36000553 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 83,824 | 73,246 | 40,406 | 41,782 | 46,162 | 70,567 | 23,023 | -33,543 | -55,885 | 114,125 | ||
| 21,247 | 12,806 | 12,181 | 21,845 | 24,614 | 44,034 | 7,303 | -2,650 | 32,107 | 86,995 | ||
| 4,735 | 0 | 0 | 54,207 | 2,300 | 56,474 | 4,398 | 3,708 | 792 | 8,309 | ||
| 142,106 | 7,160 | -48,750 | 54,207 | 17,593 | - | - | - | 71,754 | - | ||
| 184,010 | 169,625 | 159,997 | 149,868 | 136,750 | 112,708 | 125,148 | 122,243 | 130,434 | 97,654 | ||
| - | - | - | - | - | - | - | -2.2% | -2.8% | 5.4% | ||
| 10.4% | 9.4% | 14.2% | 14.3% | 14.3% | 16.5% | 10.6% | 21.1% | 21.4% | 16.7% | ||
| 1.10 | 1.09 | 1.14 | 1.13 | 1.12 | 1.13 | 1.11 | 1.26 | 1.27 | 1.19 | ||
| 1.06 | 0.58 | 0.46 | 0.60 | 0.84 | 0.51 | 0.49 | 1.03 | 1.08 | 0.99 | ||
| 8.65 | 9.66 | 6.02 | 5.97 | 5.98 | 5.07 | 8.46 | 3.73 | 3.67 | 4.98 | ||
| 5.9% | 1.8% | 1.0% | 6.2% | 8.9% | 22.4% | 3.0% | -5.0% | 22.2% | 82.0% | ||
| 0.6% | 0.2% | 0.1% | 0.9% | 1.3% | 3.7% | 0.3% | -1.1% | 4.7% | 13.7% | ||
| 1.52 | 1.28 | 1.56 | 2.92 | 3.24 | - | - | - | - | - | ||
| - | - | - | - | - | - | - | 85 days | 71 days | 60 days | ||
| - | - | - | - | - | - | - | - | - | 52 days |
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,735 | - | - | €54,109 | €2,300 |
| Financial fixed assets | - | - | - | €98 | - |
| €8,564 | €9,223 | €10,113 | €9,749 | €8,318 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 18% higher than in 2024 and the highest since 2016. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 90.6% to 89.6%. Equity is higher and debt is lower.
Older annual accounts also name 1 natural person.
Source: shareholder structure in its own accounts
PASVAN has no parent and no holdings in its annual accounts. Labani Motlagh Reza is the only director.
The network starts from the directors of PASVAN. 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 |
|---|---|---|
| Dalstraat 57 registered office 1050 Ixelles | 11-07-2016 | 2.254.602.771 |
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