PASVORM - WONING
ActiveSummary
PASVORM - WONING has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €88,941 and a net result of -€5,764. Equity is shrinking by ~16.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 45% of 7586 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▼-20
Solvency64▲+11
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 1.51 against 1.21 in 2024; short-term debt: 24.4% and cash: 10.9% of total assets), but 60.9% of the assets are financed with debt.
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Signals
Five 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.1%
Return on assets
-2.5%
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 10-09-2026, 41 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 · 10 filingsDeviation from the deadline
2025
41 d late
2024
70 d early
2023
133 d late
2022
1 d late
2021
26 d late
2020
36 d early
2019
63 d early
← 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 5 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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. Usually files around 26 August (4 of the last 5 filed years within 96 days of that day).
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
€88,941▼ 6.1%
2024 · €94,704
Total assets
€227,199▼ 31.9%
2024 · €333,440
Net result
-€5,764
2024 · €33,923
Working capital
€28,293▲ 3.1%
2024 · €27,444
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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-€30,851-€75,608▼ 145%-€46,243▲ 38.8%€43,789-€684
Net result-€30,791below the sector's middle half-€85,824below the sector's middle half▼ 179%-€57,709below the sector's middle half▲ 32.8%€33,923above the sector's middle half-€5,764below the sector's middle half
Equity€204,315within the sector's middle half▼ 13.1%€118,491within the sector's middle half▼ 42.0%€60,781below the sector's middle half▼ 48.7%€94,704within the sector's middle half▲ 55.8%€88,941within the sector's middle half▼ 6.1%
Total assets€656,665within the sector's middle half▼ 17.7%€503,859within the sector's middle half▼ 23.3%€454,161within the sector's middle half▼ 9.9%€333,440above the sector's middle half▼ 26.6%€227,199within the sector's middle half▼ 31.9%
Debt€452,350▼ 19.7%€385,368▼ 14.8%€393,380▲ 2.1%€238,736▼ 39.3%€138,259▼ 42.1%
Working capital€53,126within the sector's middle half▼ 16.3%-€30,235below the sector's middle half-€82,227below the sector's middle half▼ 172%€27,444within the sector's middle half€28,293within the sector's middle half▲ 3.1%
Solvency31.1%within the sector's middle half▲ 1.7pp23.5%within the sector's middle half▼ 7.6pp13.4%below the sector's middle half▼ 10.1pp28.4%within the sector's middle half▲ 15.0pp39.1%within the sector's middle half▲ 10.7pp
Current ratio1.48within the sector's middle half▲ 0.090.73below the sector's middle half▼ 0.760.53below the sector's middle half▼ 0.191.21within the sector's middle half▲ 0.671.51within the sector's middle half▲ 0.30
Return on assets (ROA)-4.7%below the sector's middle half▼ 4.8pp-17.0%below the sector's middle half▼ 12.3pp-12.7%below the sector's middle half▲ 4.3pp10.2%within the sector's middle half▲ 22.9pp-2.5%below the sector's middle half▼ 12.7pp
Staff (FTE)2.3within the sector's middle half▼ 4.2%2.4within the sector's middle half▲ 4.3%0.8below the sector's middle half▼ 66.7%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €684 after €43,789 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €227,199
Fixed assets
€143,529 ▼ 17.2%
Current assets
€83,670 ▼ 47.7%
Equity and liabilities €227,199
Equity
€88,941 ▼ 6.1%
Debt
€138,259 ▼ 42.1%
Debt's share of the balance-sheet total falls from 71.6% to 60.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€31,992▼
2024 · €101,004
Cash flow
€26,912▼
2024 · €91,137
Quick ratio
1.48▲
2024 · 1.18
Debt to equity
1.55▼
2024 · 2.52
ROE
-6.5%▼
2024 · 35.8%
Interest coverage
5.44▼
2024 · 9.62
Debt ≤ 1 year
€55,378▼
2024 · €132,608
Debt > 1 year
€75,858▼
2024 · €102,299
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 12,321 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 | €29,868 | €60,509 | €51,264 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €81,229 | €76,794 | €77,567 | €57,214 | €32,676 | ▼ 42.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€30,000 | - | - | - | - | - |
| Other operating charges640/8 | €26,049 | €16,976 | €19,501 | €151,906 | €11,649 | ▼ 92.3% |
| Gross operating margin9900 | €76,295 | €78,671 | €102,089 | €252,910 | €43,641 | ▼ 82.7% |
| Operating profit (loss)9901 | -€30,851 | -€75,608 | -€46,243 | €43,789 | -€684 | ▼ 102% |
| Financial income75/76B | €11,669 | €267 | €85 | €638 | €806 | ▲ 26.3% |
| Recurring financial income75 | €11,669 | €267 | €85 | €638 | €806 | ▲ 26.3% |
| Financial charges65/66B | €11,609 | €10,483 | €11,551 | €10,505 | €5,886 | ▼ 44.0% |
| Recurring financial charges65 | €11,609 | €10,483 | €11,551 | €10,505 | €5,886 | ▼ 44.0% |
| Profit (loss) for the period before taxes9903 | -€30,791 | -€85,824 | -€57,709 | €33,923 | -€5,764 | ▼ 117% |
| Profit (loss) for the period9904 | -€30,791 | -€85,824 | -€57,709 | €33,923 | -€5,764 | ▼ 117% |
| Profit (loss) for the period to be appropriated9905 | -€30,791 | -€85,824 | -€57,709 | €33,923 | -€5,764 | ▼ 117% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €656,665 | €503,859 | €454,161 | €333,440 | €227,199 | ▼ 31.9% |
| Fixed assets21/28 | €493,942 | €424,035 | €360,593 | €173,388 | €143,529 | ▼ 17.2% |
| Tangible fixed assets22/27 | €492,592 | €422,684 | €359,242 | €171,490 | €141,631 | ▼ 17.4% |
| Land and buildings22 | €252,285 | €212,823 | €173,361 | €133,899 | €115,759 | ▼ 13.5% |
| Plant, machinery and equipment23 | €20,647 | €18,861 | €23,353 | €21,284 | €15,014 | ▼ 29.5% |
| Furniture and vehicles24 | €39,834 | €31,867 | €24,087 | €16,307 | €10,858 | ▼ 33.4% |
| Leasing and similar rights25 | €179,826 | €159,134 | €138,441 | €0 | - | - |
| Financial fixed assets28 | €1,351 | €1,351 | €1,351 | €1,898 | €1,898 | = |
| Current assets29/58 | €162,723 | €79,824 | €93,568 | €160,052 | €83,670 | ▼ 47.7% |
| Stocks and contracts in progress3 | €1,994 | €2,821 | €3,655 | €3,655 | €1,660 | ▼ 54.6% |
| Stocks30/36 | €1,994 | €2,821 | €3,655 | €3,655 | €1,660 | ▼ 54.6% |
| Amounts receivable within one year40/41 | €35,218 | €54,997 | €49,143 | €56,700 | €56,372 | ▼ 0.6% |
| Trade receivables40 | €29,049 | €48,869 | €43,030 | €40,361 | €48,167 | ▲ 19.3% |
| Other amounts receivable41 | €6,169 | €6,129 | €6,113 | €16,339 | €8,204 | ▼ 49.8% |
| Cash at bank and in hand54/58 | €114,209 | €12,072 | €23,666 | €93,848 | €24,812 | ▼ 73.6% |
| Deferred charges and accrued income490/1 | €11,302 | €9,933 | €17,104 | €5,848 | €826 | ▼ 85.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €656,665 | €503,859 | €454,161 | €333,440 | €227,199 | ▼ 31.9% |
| Equity10/15 | €204,315 | €118,491 | €60,781 | €94,704 | €88,941 | ▼ 6.1% |
| Contributions10/11 | €26,029 | €26,029 | €26,029 | €26,029 | €26,029 | = |
| Revaluation surpluses12 | €19,973 | €13,316 | €6,658 | €0 | - | - |
| Reserves13 | €182,496 | €189,154 | €195,812 | €202,469 | €202,469 | = |
| Non-distributable reserves130/1 | €2,603 | €2,603 | €2,603 | €0 | - | - |
| Reserves not available under the articles1311 | €2,603 | €2,603 | €2,603 | €0 | - | - |
| Distributable reserves133 | €179,893 | €186,551 | €193,209 | €202,469 | €202,469 | = |
| Profit (loss) carried forward14 | -€24,183 | -€110,008 | -€167,717 | -€133,794 | -€139,558 | ▼ 4.3% |
| Amounts payable17/49 | €452,350 | €385,368 | €393,380 | €238,736 | €138,259 | ▼ 42.1% |
| Amounts payable after more than one year17 | €342,753 | €275,309 | €215,940 | €102,299 | €75,858 | ▼ 25.8% |
| Financial debts170/4 | €342,753 | €275,309 | €215,940 | €102,299 | €75,858 | ▼ 25.8% |
| Amounts payable within one year42/48 | €109,597 | €110,059 | €175,795 | €132,608 | €55,378 | ▼ 58.2% |
| Current portion of amounts payable after more than one year42 | €71,701 | €67,444 | €59,369 | €25,580 | €26,441 | ▲ 3.4% |
| Financial debts43 | - | - | €25,000 | €25,000 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | €25,000 | €25,000 | €0 | ▼ 100% |
| Trade debts44 | €34,695 | €36,767 | €68,770 | €42,045 | €16,517 | ▼ 60.7% |
| Suppliers440/4 | €34,695 | €36,767 | €68,770 | €42,045 | €16,517 | ▼ 60.7% |
| Taxes, remuneration and social security45 | €3,201 | €5,848 | €7,656 | €24,983 | €9,970 | ▼ 60.1% |
| Taxes450/3 | - | €1,095 | €3,839 | €23,283 | €9,970 | ▼ 57.2% |
| Remuneration and social security454/9 | €3,201 | €4,753 | €3,817 | €1,700 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €15,000 | €15,000 | €2,449 | ▼ 83.7% |
| Accrued charges and deferred income492/3 | - | - | €1,644 | €3,829 | €7,023 | ▲ 83.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,791 | -€85,824 | -€57,709 | €33,923 | -€5,764 | ▼ 117% |
| + Depreciation and write-downs630 | €81,229 | €76,794 | €77,567 | €57,214 | €32,676 | ▼ 42.9% |
| Operating cash flow (approximation) | €50,437 | -€9,031 | €19,858 | €91,137 | €26,912 | ▼ 70.5% |
| Investment in fixed assets (approximation) | - | -€6,886 | -€14,125 | €129,991 | -€2,817 | ▼ 102% |
| Change in cash | - | -€102,137 | €11,594 | €70,183 | -€69,036 | ▼ 198% |
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
10-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 41 days late
2025
22-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €33,923
Net result €33,923 after 3 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 1.21
Current ratio from 0.53 to 1.21; short-term debt falls from €175,795 to €132,608.
11-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 133 days late
2023
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 1 day late
2022
31-12
Financial
Weakest financial yearnet -€85,824
Net result drops to -€85,824, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 9 days late
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are 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, Aalst · 2 establishment units since 1990
Ground area
4,496 m²
Building footprint
2,416 m²
Volume, LiDAR
10,952 m³
3 parcels, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Brusselse steenweg 164, 9300 Aalst
since 19902.121.627.550
Café Artislok
since 20162.255.536.446
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41304G0178/00L006 | Flanders | 3,917 m² | 1 · 2,150 m² | 10.4 m · 1 fl. |
| 41016C0055/00L000 | Flanders | 333 m² | 1 · 170 m² | 8.4 m · 2 fl. |
| 41304G0196/00L000 | Flanders | 245 m² | 1 · 95 m² | 10.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 215 EUR awarded · 215 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 215 EUR | 215 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteErpe-Mere2.255.536.446
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Of 29,785 companies in sector 41001 we hold annual accounts for 16,058. 13,176 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
Founded08-08-1990
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
Contact
E-mail
artichoke@telenet.beErpe-Mere
Phone
0475752967Erpe-Mere
E-invoicing
Reachable via Peppol
Peppol ID
0208:0441491243
Also
9925:BE0441491243
Registered
01-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.