PAVEDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-03-2026 PDF all 13 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a profit of €5,683, after a loss of €9,524 in 2024. It is the highest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €19,451 | - | €58,558 |
| Depreciation and write-downs of the year | €11,504 | €16,353 | €17,988 | €13,365 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,407 | €12,364 | €12,435 | €11,504 | €16,353 | €17,988 | €13,365 | ▼ 25.7% |
| Other operating charges640/8 | - | - | - | €2,501 | €3,094 | €5,623 | €4,518 | ▼ 19.6% |
| Gross operating margin9900 | €18,594 | €23,671 | €18,915 | €16,078 | -€10,765 | €14,087 | €23,567 | ▲ 67.3% |
| Operating profit (loss)9901 | €1,596 | €8,648 | €3,911 | €2,074 | -€30,212 | -€9,524 | €5,683 | - |
| Financial income75/76B | - | - | - | - | - | €553 | €9,297 | ▲ 17× |
| Recurring financial income75 | - | - | - | - | - | €553 | €565 | ▲ 2.1% |
| Non-recurring financial income76B | - | - | - | - | - | - | €8,732 | - |
| Financial charges65/66B | - | - | - | €1,959 | €1,433 | €1,431 | €737 | ▼ 48.5% |
| Recurring financial charges65 | €5,597 | €4,986 | €4,359 | €1,959 | €1,433 | €1,431 | €737 | ▼ 48.5% |
| Profit (loss) for the period before taxes9903 | -€4,001 | €3,662 | -€448 | €114 | -€31,645 | -€10,402 | €14,243 | - |
| Income taxes67/77 | - | - | - | - | €233 | €279 | €262 | ▼ 6.1% |
| Profit (loss) for the period9904 | -€4,001 | €3,662 | -€448 | €114 | -€31,878 | -€10,681 | €13,981 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,001 | €3,662 | -€448 | €114 | -€31,878 | -€10,681 | €13,981 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €434,557 | €425,490 | €410,978 | €399,074 | €430,232 | €404,397 | €441,690 | ▲ 9.2% |
| Fixed assets21/28 | €432,359 | €419,995 | €407,560 | €396,056 | €399,153 | €381,165 | €418,241 | ▲ 9.7% |
| Tangible fixed assets22/27 | €432,359 | €419,995 | €407,560 | €396,056 | €399,153 | €381,165 | €418,241 | ▲ 9.7% |
| Land and buildings22 | - | - | - | €396,056 | €399,153 | €373,048 | €361,544 | ▼ 3.1% |
| Furniture and vehicles24 | - | - | - | - | - | €8,118 | €56,697 | ▲ 598% |
| Current assets29/58 | €2,198 | €5,495 | €3,418 | €3,018 | €31,079 | €23,232 | €23,449 | ▲ 0.9% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €435 | €435 | = |
| Other amounts receivable41 | - | - | - | - | - | €435 | €435 | = |
| Current investments50/53 | - | - | - | - | €18,000 | €18,387 | €18,782 | ▲ 2.1% |
| Cash at bank and in hand54/58 | €1,295 | €4,588 | €2,507 | €2,055 | €11,298 | €2,701 | €2,490 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | - | - | - | €963 | €1,781 | €1,709 | €1,742 | ▲ 1.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €434,557 | €425,490 | €410,978 | €399,074 | €430,232 | €404,397 | €441,690 | ▲ 9.2% |
| Equity10/15 | €241,463 | €245,125 | €244,677 | €244,791 | €212,913 | €202,232 | €216,213 | ▲ 6.9% |
| Contributions10/11 | €316,500 | - | - | €316,500 | €316,500 | €316,500 | €316,500 | = |
| Profit (loss) carried forward14 | -€75,037 | -€71,375 | -€71,823 | -€71,709 | -€103,587 | -€114,268 | -€100,287 | ▲ 12.2% |
| Amounts payable17/49 | €193,094 | €180,365 | €166,301 | €154,282 | €217,318 | €202,165 | €225,477 | ▲ 11.5% |
| Amounts payable after more than one year17 | €109,932 | €94,458 | €78,320 | €60,270 | €42,612 | €24,594 | €10,841 | ▼ 55.9% |
| Financial debts170/4 | - | - | - | €60,270 | €42,612 | €24,594 | €10,841 | ▼ 55.9% |
| Amounts payable within one year42/48 | €83,162 | €85,907 | €87,981 | €94,012 | €168,707 | €171,473 | €212,292 | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €32,307 | €37,659 | €18,017 | €13,753 | ▼ 23.7% |
| Trade debts44 | €817 | €2,935 | €2,346 | €2,208 | €2,431 | €1,234 | €1,286 | ▲ 4.2% |
| Suppliers440/4 | - | - | - | €2,208 | €2,431 | €1,234 | €1,286 | ▲ 4.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €1,333 | €113 | €93 | ▼ 18.1% |
| Taxes450/3 | - | - | - | - | €1,333 | €113 | €93 | ▼ 18.1% |
| Other amounts payable47/48 | - | - | - | €59,498 | €127,284 | €152,108 | €197,161 | ▲ 29.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €6,000 | €6,098 | €2,343 | ▼ 61.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,001 | €3,662 | -€448 | €114 | -€31,878 | -€10,681 | €13,981 | - |
| + Depreciation and write-downs630 | €14,407 | €12,364 | €12,435 | €11,504 | €16,353 | €17,988 | €13,365 | ▼ 25.7% |
| Operating cash flow (approximation) | €10,406 | €16,026 | €11,987 | €11,618 | -€15,524 | €7,306 | €27,346 | ▲ 274% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€19,451 | €0 | -€50,440 | - |
| Change in cash | - | €3,293 | -€2,082 | -€452 | €9,243 | -€8,598 | -€211 | ▲ 97.5% |
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, 10,904 companies had the same profile as PAVEDA has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of PAVEDA itself: 0.2% 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 10,904 companies, not a prediction for PAVEDA. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-03-2026 | 2026-00046351 | |
| 30-09-2024 | micro format | 03-03-2025 | 2025-00044175 | |
| 30-09-2023 | abbreviated format | 07-03-2024 | 2024-00040243 | |
| 30-09-2022 | abbreviated format | 27-02-2023 | 2023-00033435 | |
| 30-09-2021 | abbreviated format | 28-02-2022 | 2022-06700559 | |
| 30-09-2020 | abbreviated format | 02-03-2021 | 2021-06700148 | |
| 30-09-2019 | abbreviated format | 10-03-2020 | 2020-06700128 | |
| 30-09-2018 | abbreviated format | 25-02-2019 | 2019-05600585 | |
| 30-09-2017 | abbreviated format | 06-03-2018 | 2018-06400060 | |
| 30-09-2016 | abbreviated format | 07-03-2017 | 2017-05900017 |