PAV SECURITY
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-05-2026 PDF all 27 filings
Turnover
€166,051▼ 77.0%
2020 · €720,953
EBIT margin
11.0%▼ 5.7pp
2020 · 16.7%
Net result
€21,172▼ 22.2%
2024 · €27,228
Working capital
€304,478▲ 7.8%
2024 · €282,318
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€22,442
▼ 20.1%
2025
20182025
Net result
€21,172
▼ 22.2%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€305,607
▲ 7.4%
2025
middle half of the sector
20182025
Total assets
€377,660
▼ 4.0%
2025
middle half of the sector
20182025
Debt
€72,053
▼ 33.9%
2025
20182025
Working capital
€304,478
▲ 7.8%
2025
highest quarter of the sector
20182025
Solvency
80.9%
▲ 8.6pp
2025
highest quarter of the sector
20182025
Current ratio
5.23
▲ 1.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.6%
▼ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1.2
▼ 40.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€720,953€166,051▼ 77.0%
Operating result€78,211--€48,976€120,285€18,207▼ 84.9%€13,387▼ 26.5%€25,529▲ 90.7%€28,086▲ 10.0%€22,442▼ 20.1%
Net result€75,339--€51,913€117,654above the sector's middle half€17,033within the sector's middle half▼ 85.5%€11,939within the sector's middle half▼ 29.9%€24,179within the sector's middle half▲ 103%€27,228within the sector's middle half▲ 12.6%€21,172within the sector's middle half▼ 22.2%
EBIT margin16.7%11.0%▼ 5.7pp
Equity€138,317-€86,403▼ 37.5%€204,057within the sector's middle half▲ 136%€221,090within the sector's middle half▲ 8.3%€233,029within the sector's middle half▲ 5.4%€257,208within the sector's middle half▲ 10.4%€284,435within the sector's middle half▲ 10.6%€305,607within the sector's middle half▲ 7.4%
Total assets€198,258-€139,054▼ 29.9%€347,300within the sector's middle half▲ 150%€256,725within the sector's middle half▼ 26.1%€287,093within the sector's middle half▲ 11.8%€352,655within the sector's middle half▲ 22.8%€393,411within the sector's middle half▲ 11.6%€377,660within the sector's middle half▼ 4.0%
Debt€59,941-€52,651▼ 12.2%€143,243▲ 172%€35,635▼ 75.1%€54,064▲ 51.7%€95,447▲ 76.5%€108,975▲ 14.2%€72,053▼ 33.9%
Working capital€138,317-€86,403▼ 37.5%€204,057within the sector's middle half▲ 136%€221,090within the sector's middle half▲ 8.3%€231,755within the sector's middle half▲ 4.8%€254,103within the sector's middle half▲ 9.6%€282,318within the sector's middle half▲ 11.1%€304,478above the sector's middle half▲ 7.8%
Solvency69.8%-62.1%▼ 7.6pp58.8%within the sector's middle half▼ 3.4pp86.1%above the sector's middle half▲ 27.4pp81.2%above the sector's middle half▼ 5.0pp72.9%above the sector's middle half▼ 8.2pp72.3%above the sector's middle half▼ 0.6pp80.9%above the sector's middle half▲ 8.6pp
Current ratio3.31-2.64▼ 0.672.42within the sector's middle half▼ 0.227.20above the sector's middle half▲ 4.785.29above the sector's middle half▼ 1.923.66above the sector's middle half▼ 1.623.59above the sector's middle half▼ 0.075.23above the sector's middle half▲ 1.64
Return on assets (ROA)38.0%--37.3%▼ 75.3pp33.9%above the sector's middle half▲ 71.2pp6.6%within the sector's middle half▼ 27.2pp4.2%within the sector's middle half▼ 2.5pp6.9%within the sector's middle half▲ 2.7pp6.9%within the sector's middle half▲ 0.1pp5.6%within the sector's middle half▼ 1.3pp
Staff (FTE)1.3-2▲ 53.8%1.1below the sector's middle half▼ 45.0%1below the sector's middle half▼ 9.1%1below the sector's middle half=2below the sector's middle half▲ 100%2within the sector's middle half=1.2within the sector's middle half▼ 40.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 20% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €377,660
Fixed assets
€1,129 ▼ 46.7%
Current assets
€376,530 ▼ 3.8%
Equity and liabilities €377,660
Equity
€305,607 ▲ 7.4%
Debt
€72,053 ▼ 33.9%
Debt's share of the balance-sheet total falls from 27.7% to 19.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,430▼
2024 · €29,074
Cash flow
€22,160▼
2024 · €28,216
Debt to equity
0.24▼
2024 · 0.38
ROE
6.9%▼
2024 · 9.6%
Interest coverage
18.44▼
2024 · 36.89
Debt ≤ 1 year
€72,053▼
2024 · €108,975
Income taxes
€0▼
2024 · €71
Staff costs
€358,905▼
2024 · €439,096
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 2 | 1 |
| full-time | 1 | 1 | 2 | 2 | 1 |
| part-time | - | - | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 2 | 2 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 2 | 2 | 1.2 |
| On a permanent contract | 1 | 1 | 2 | 2 | 1 |
| Joined | - | - | 1 | - | 0 |
| Left | - | - | 0 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €175,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,281 | €2,671 | - | - |
| Depreciation and write-downs of the year | - | €7 | €840 | €988 | €988 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €720,953 | €166,051 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €41,797 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €112,261 | €154,635 | €399,004 | €439,096 | €358,905 | ▼ 18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €7 | €840 | €988 | €988 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€7,688 | -€11,453 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,474 | €472 | €710 | €721 | €520 | ▼ 27.9% |
| Gross operating margin9900 | €172,930 | €120,408 | €243,496 | €124,254 | €157,048 | €426,082 | €468,891 | €382,855 | ▼ 18.3% |
| Operating profit (loss)9901 | €78,211 | -€48,976 | €120,285 | €18,207 | €13,387 | €25,529 | €28,086 | €22,442 | ▼ 20.1% |
| Recurring financial income75 | €3 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,174 | €1,151 | €1,198 | €788 | €1,270 | ▲ 61.2% |
| Recurring financial charges65 | €2,012 | €2,695 | €2,631 | €1,174 | €1,151 | €1,198 | €788 | €1,270 | ▲ 61.2% |
| Profit (loss) for the period before taxes9903 | €76,201 | -€51,671 | €117,654 | €17,033 | €12,236 | €24,331 | €27,298 | €21,172 | ▼ 22.4% |
| Income taxes67/77 | €863 | €242 | - | - | €297 | €152 | €71 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €75,339 | -€51,913 | €117,654 | €17,033 | €11,939 | €24,179 | €27,228 | €21,172 | ▼ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €75,339 | -€51,913 | €117,654 | €17,033 | €11,939 | €24,179 | €27,228 | €21,172 | ▼ 22.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €198,258 | €139,054 | €347,300 | €256,725 | €287,093 | €352,655 | €393,411 | €377,660 | ▼ 4.0% |
| Fixed assets21/28 | - | - | - | - | €1,274 | €3,105 | €2,117 | €1,129 | ▼ 46.7% |
| Tangible fixed assets22/27 | - | - | - | - | €1,274 | €3,105 | €2,117 | €1,129 | ▼ 46.7% |
| Furniture and vehicles24 | - | - | - | - | - | €3,105 | €2,117 | €1,129 | ▼ 46.7% |
| Other tangible fixed assets26 | - | - | - | - | €1,274 | - | - | - | - |
| Current assets29/58 | €198,258 | €139,054 | €347,300 | €256,725 | €285,819 | €349,550 | €391,293 | €376,530 | ▼ 3.8% |
| Stocks and contracts in progress3 | €4,510 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €132,296 | €47,800 | €135,418 | €169,804 | €255,478 | €313,987 | €353,674 | €352,551 | ▼ 0.3% |
| Trade receivables40 | - | - | - | €161,193 | €252,515 | €307,762 | €352,121 | €332,378 | ▼ 5.6% |
| Other amounts receivable41 | - | - | - | €8,611 | €2,963 | €6,226 | €1,553 | €20,173 | ▲ 13× |
| Cash at bank and in hand54/58 | €61,453 | €91,254 | €211,882 | €86,921 | €29,074 | €35,006 | €37,341 | €23,690 | ▼ 36.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,267 | €556 | €278 | €289 | ▲ 3.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €198,258 | €139,054 | €347,300 | €256,725 | €287,093 | €352,655 | €393,411 | €377,660 | ▼ 4.0% |
| Equity10/15 | €138,317 | €86,403 | €204,057 | €221,090 | €233,029 | €257,208 | €284,435 | €305,607 | ▲ 7.4% |
| Contributions10/11 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Capital10 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Issued capital100 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €13,139 | €13,139 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Non-distributable reserves130/1 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Legal reserve130 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Profit (loss) carried forward14 | -€24,823 | -€76,736 | €39,057 | €56,090 | €68,029 | €92,208 | €119,435 | €140,607 | ▲ 17.7% |
| Amounts payable17/49 | €59,941 | €52,651 | €143,243 | €35,635 | €54,064 | €95,447 | €108,975 | €72,053 | ▼ 33.9% |
| Amounts payable within one year42/48 | €59,941 | €52,651 | €143,243 | €35,635 | €54,064 | €95,447 | €108,975 | €72,053 | ▼ 33.9% |
| Trade debts44 | €46,300 | €31,836 | €112,643 | €11,612 | €11,565 | €15,782 | €29,505 | €17,182 | ▼ 41.8% |
| Suppliers440/4 | - | - | - | €11,612 | €11,565 | €15,782 | €29,505 | €17,182 | ▼ 41.8% |
| Taxes, remuneration and social security45 | - | - | - | €24,023 | €42,499 | €79,666 | €79,470 | €54,870 | ▼ 31.0% |
| Taxes450/3 | - | - | - | - | - | - | - | €8,948 | - |
| Remuneration and social security454/9 | - | - | - | €24,023 | €42,499 | €79,666 | €79,470 | €45,922 | ▼ 42.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,339 | -€51,913 | €117,654 | €17,033 | €11,939 | €24,179 | €27,228 | €21,172 | ▼ 22.2% |
| + Depreciation and write-downs630 | - | - | - | - | €7 | €840 | €988 | €988 | = |
| Operating cash flow (approximation) | €75,339 | -€51,913 | €117,654 | €17,033 | €11,946 | €25,018 | €28,216 | €22,160 | ▼ 21.5% |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€2,671 | €0 | €0 | - |
| Change in cash | - | €29,801 | €120,628 | -€124,961 | -€57,847 | €5,932 | €2,335 | -€13,651 | - |
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, 31,368 companies had the same profile as PAV SECURITY has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PAV SECURITY itself: 0.1% within 12 months.
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 31,368 companies, not a prediction for PAV SECURITY. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-05-2026 | 2026-00115965 | |
| 31-12-2024 | abbreviated format | 26-05-2025 | 2025-00107986 | |
| 31-12-2023 | full format | 20-08-2024 | 2024-00360303 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00305304 | |
| 31-12-2022 | abbreviated format | 24-07-2023 | 2023-00267800 | |
| 31-12-2021 | abbreviated format | 10-10-2022 | 2022-20459428 | |
| 31-12-2020 | abbreviated format | 22-12-2021 | 2021-81200334 | |
| 31-12-2019 | abbreviated format | 29-06-2021 | 2021-27300261 | |
| 31-12-2018 | abbreviated format | 14-06-2019 | 2019-18400467 | |
| 31-12-2017 | abbreviated format | 21-09-2018 | 2018-63800329 |