PAVLOV
ActivePAVLOV has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20k and a net result of €3k. Equity is growing by ~28.5% per year across the filed fiscal years. Its solvency ranks better than 20% of 7431 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability71▼-11
Solvency37▼-49
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity tight (current ratio 1.02 against 2.85 in 2024; short-term debt: 79.6% and cash: 16.4% of total assets), and 87.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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
Sector 41
higher
← 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
12.5%
Return on assets
2.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 7431 sector peers (2025).
NBB · sector comparisonPosition among 7431 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 7 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
68 d late
2022
90 d late
2021
87 d late
2020
96 d late
2019
81 d late
← before the deadline
after the deadline →
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
23-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€20k▼ 77.9%
2024 · €92k
2019: €9k
2020: €30k
2021: €54k
2022: €45k
2023: €76k
2024: €92k
2019 → 2025
Total assets
€163k▲ 7.6%
2024 · €152k
2019: €62k
2020: €98k
2021: €107k
2022: €107k
2023: €108k
2024: €152k
2019 → 2025
Net result
€3k▼ 78.7%
2024 · €16k
2019: €2k
2020: €21k
2021: €23k
2022: €842
2023: €31k
2024: €16k
2019 → 2025
Working capital
€2k▼ 96.4%
2024 · €68k
2019: €-7k
2020: €1k
2021: €22k
2022: €3k
2023: €50k
2024: €68k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€54k-€45k▼ 17.0%€76k▲ 70.1%€92k▲ 21.1%€20k▼ 77.9%
Operating result€33k-€2k▼ 94.6%€43k▲ 2,310%€24k▼ 43.9%€6k▼ 73.3%
Net result€23k-€842▼ 96.4%€31k▲ 3,621%€16k▼ 48.9%€3k▼ 78.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 73% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €163k
Fixed assets
€31k▼ 34.8%
Current assets
€132k▲ 26.9%
Equity and liabilities €163k
Equity
€20k▼ 77.9%
Debt
€143k▲ 139%
The debt ratio rises from 39.4% to 87.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25k▼
2024 · €48k
Cash flow
€22k▼
2024 · €41k
Solvency
12.5%▼
2024 · 60.6%
Current ratio
1.02▼
2024 · 2.85
Quick ratio
0.79▼
2024 · 2.35
Debt / equity
7.01▲
2024 · 0.65
ROE
16.7%▼
2024 · 17.4%
ROA
2.1%▼
2024 · 10.6%
Interest coverage
14.30▼
2024 · 27.58
Debt
€143k▲
2024 · €60k
Debt ≤ 1 year
€130k▲
2024 · €37k
Debt > 1 year
€13k▼
2024 · €23k
Income taxes
€1k▼
2024 · €6k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€152k€163k▲
Fixed assets21/28€47k€31k▼
Tangible fixed assets22/27€47k€30k▼
Plant, machinery and equipment23€6k€2k▼
Furniture and vehicles24€6k€5k▼
Leasing and similar rights25€35k€24k▼
Financial fixed assets28€351€400▲
Current assets29/58€104k€132k▲
Stocks and contracts in progress3€18k€30k▲
Stocks30/36€18k€30k▲
Amounts receivable within one year40/41€51k€74k▲
Trade receivables40€37k€73k▲
Other amounts receivable41€14k€1k▼
Cash at bank and in hand54/58€33k€27k▼
Deferred charges and accrued income490/1€2k€2k▲
Equity and liabilities
Total equity and liabilities10/49€152k€163k▲
Equity10/15€92k€20k▼
Contributions10/11€2k€2k=
Reserves13€150€150=
Non-distributable reserves130/1€150€150=
Reserves not available under the articles1311€150€150=
Profit (loss) carried forward14€90k€19k▼
Amounts payable17/49€60k€143k▲
Amounts payable after more than one year17€23k€13k▼
Financial debts170/4€23k€13k▼
Amounts payable within one year42/48€37k€130k▲
Current portion of amounts payable after more than one year42€12k€10k▼
Trade debts44€16k€16k▲
Suppliers440/4€16k€16k▲
Taxes, remuneration and social security45€9k€16k▲
Taxes450/3€9k€16k▲
Other amounts payable47/48-€88k
Income statement
Code20242025
Non-recurring operating income76A€14k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25k€18k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€9k
Other operating charges640/8€5k€2k▼
Gross operating margin9900€53k€35k▼
Operating profit (loss)9901€24k€6k▼
Financial income75/76B€167€32▼
Recurring financial income75€167€32▼
Financial charges65/66B€2k€2k▼
Recurring financial charges65€2k€2k▼
Profit (loss) for the period before taxes9903€22k€5k▼
Income taxes67/77€6k€1k▼
Profit (loss) for the period9904€16k€3k▼
Profit (loss) for the period to be appropriated9905€16k€3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€90k€94k▲
Profit (loss) brought forward from the previous period14P€74k€90k▲
Profit to be distributed694/7-€75k
Return on contributions (dividend)694-€75k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
2023
31-12
Financial
Highest result since 2019net €31k ▲3621%
Operating result €43k, net result €31k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 3.50
Current ratio from 1.08 to 3.50; short-term debt falls from €41k to €20k.
29-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 90 days late
2022
31-12
Financial
Weakest financial yearnet €842 ▼96.4%
Net result drops to €842, the lowest in the series; recovery starts the following year.
26-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 87 days late
2021
04-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 96 days late
2020
20-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 81 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Herk-de-Stad · 1 establishment unit since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Sint-Jorislaan 1043540 Herk-de-StadGround area
567 m²
Building footprint
157 m²
Volume, LiDAR
791 m³
Parcel 71051C0561/00V000, Flanders · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Pavel Pavlov
since 20172.264.195.873
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71051C0561/00V000 | Flanders | 567 m² | 1 · 157 m² | 7.4 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 29,801 companies in sector 41001 we hold annual accounts for 16,050. 11,576 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-03-2017
Fiscal year end31-12
Activities, NACEBEL
41001General construction of residential buildings
41003General construction of other non-residential buildings
43211General electrical installation work
43222Installation of electric heating, air conditioning, cooling and ventilation
43230Insulation installation
43291Specialised construction activities
43350Other building finishing work
43410Roofing work
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.