Pax
ActiveSummary
Pax has been active since 1952 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €725,865 and a net result of €108,137. Equity is growing by ~11.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+3
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60,000 at 30 days acceptable
Liquidity ample (current ratio 12.67 against 12.43 in 2024; short-term debt: 6.6% and cash: 10.9% of total assets), and 6.6% 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
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
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
93.4%
Return on assets
13.9%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-07-2026, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2024
47 d early
2023
70 d early
2022
75 d early
2021
48 d early
2020
25 d late
2019
50 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 39 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 13 June (4 of the last 5 filed years within 30 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, abbreviated schema
Equity
€725,865▲ 10.4%
2024 · €657,728
Total assets
€777,555▲ 10.3%
2024 · €705,146
Net result
€108,137▲ 32.7%
2024 · €81,467
Working capital
€603,275▲ 11.3%
2024 · €542,092
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€109,186▼ 21.6%€75,781▼ 30.6%€93,063▲ 22.8%€89,554▼ 3.8%€125,792▲ 40.5%
Net result€84,621▼ 21.2%€59,152▼ 30.1%€80,559▲ 36.2%€81,467▲ 1.1%€108,137▲ 32.7%
Equity€516,551▲ 14.3%€555,702▲ 7.6%€606,261▲ 9.1%€657,728▲ 8.5%€725,865▲ 10.4%
Total assets€591,714▲ 11.7%€631,315▲ 6.7%€704,857▲ 11.6%€705,146=€777,555▲ 10.3%
Debt€75,164▼ 3.5%€75,612▲ 0.6%€98,596▲ 30.4%€47,418▼ 51.9%€51,690▲ 9.0%
Working capital€417,067▲ 13.1%€399,794▼ 4.1%€470,302▲ 17.6%€542,092▲ 15.3%€603,275▲ 11.3%
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 recovers in 2025; 2025 is 40% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €777,555
Fixed assets
€122,590 ▲ 6.0%
Current assets
€654,965 ▲ 11.1%
Equity and liabilities €777,555
Equity
€725,865 ▲ 10.4%
Debt
€51,690 ▲ 9.0%
Debt's share of the balance-sheet total falls from 6.7% to 6.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€156,877▲
2024 · €113,155
Cash flow
€139,221▲
2024 · €105,068
Current ratio
12.67▲
2024 · 12.43
Debt to equity
0.07▼
2024 · 0.07
ROE
14.9%▲
2024 · 12.4%
ROA
13.9%▲
2024 · 11.6%
Interest coverage
373.29▲
2024 · 307.44
Debt ≤ 1 year
€51,690▲
2024 · €47,418
Income taxes
€25,971▲
2024 · €21,401
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
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 20,129 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,810 | €26,820 | €23,409 | €23,601 | €31,085 | ▲ 31.7% |
| Other operating charges640/8 | €19,602 | €20,425 | €22,348 | €24,057 | €23,967 | ▼ 0.4% |
| Gross operating margin9900 | €147,597 | €123,027 | €138,820 | €137,212 | €180,844 | ▲ 31.8% |
| Operating profit (loss)9901 | €109,186 | €75,781 | €93,063 | €89,554 | €125,792 | ▲ 40.5% |
| Financial income75/76B | €0 | €23 | €7,966 | €13,683 | €8,736 | ▼ 36.2% |
| Recurring financial income75 | €0 | €23 | €7,966 | €13,683 | €8,736 | ▼ 36.2% |
| Financial charges65/66B | €239 | €283 | €284 | €368 | €420 | ▲ 14.2% |
| Recurring financial charges65 | €239 | €283 | €284 | €368 | €420 | ▲ 14.2% |
| Profit (loss) for the period before taxes9903 | €108,947 | €75,521 | €100,745 | €102,869 | €134,108 | ▲ 30.4% |
| Income taxes67/77 | €24,326 | €16,370 | €20,186 | €21,401 | €25,971 | ▲ 21.4% |
| Profit (loss) for the period9904 | €84,621 | €59,152 | €80,559 | €81,467 | €108,137 | ▲ 32.7% |
| Profit (loss) for the period to be appropriated9905 | €84,621 | €59,152 | €80,559 | €81,467 | €108,137 | ▲ 32.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €591,714 | €631,315 | €704,857 | €705,146 | €777,555 | ▲ 10.3% |
| Fixed assets21/28 | €99,484 | €155,909 | €135,959 | €115,637 | €122,590 | ▲ 6.0% |
| Tangible fixed assets22/27 | €99,484 | €155,909 | €135,959 | €115,637 | €122,590 | ▲ 6.0% |
| Land and buildings22 | €80,654 | €76,792 | €72,930 | €69,068 | €82,924 | ▲ 20.1% |
| Plant, machinery and equipment23 | €6,365 | €7,199 | €5,454 | €3,709 | €1,964 | ▼ 47.0% |
| Furniture and vehicles24 | €12,465 | €71,918 | €57,575 | €42,860 | €37,702 | ▼ 12.0% |
| Current assets29/58 | €492,230 | €475,406 | €568,898 | €589,509 | €654,965 | ▲ 11.1% |
| Amounts receivable within one year40/41 | €23,789 | €16,805 | - | - | €16,912 | - |
| Other amounts receivable41 | €23,789 | €16,805 | - | - | €16,912 | - |
| Current investments50/53 | - | - | €501,004 | €531,092 | €550,093 | ▲ 3.6% |
| Cash at bank and in hand54/58 | €468,441 | €458,601 | €57,643 | €54,769 | €85,127 | ▲ 55.4% |
| Deferred charges and accrued income490/1 | - | - | €10,251 | €3,648 | €2,834 | ▼ 22.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €591,714 | €631,315 | €704,857 | €705,146 | €777,555 | ▲ 10.3% |
| Equity10/15 | €516,551 | €555,702 | €606,261 | €657,728 | €725,865 | ▲ 10.4% |
| Contributions10/11 | €61,650 | €61,650 | €61,650 | €61,650 | €61,650 | = |
| Capital10 | €61,650 | €61,650 | €61,650 | €61,650 | €61,650 | = |
| Issued capital100 | €61,650 | €61,650 | €61,650 | €61,650 | €61,650 | = |
| Reserves13 | €454,901 | €494,052 | €544,611 | €596,078 | €664,215 | ▲ 11.4% |
| Non-distributable reserves130/1 | €6,165 | €6,165 | €6,165 | €6,165 | €6,165 | = |
| Legal reserve130 | €6,165 | €6,165 | €6,165 | €6,165 | €6,165 | = |
| Distributable reserves133 | €448,736 | €487,887 | €538,446 | €589,913 | €658,050 | ▲ 11.6% |
| Amounts payable17/49 | €75,164 | €75,612 | €98,596 | €47,418 | €51,690 | ▲ 9.0% |
| Amounts payable within one year42/48 | €75,164 | €75,612 | €98,596 | €47,418 | €51,690 | ▲ 9.0% |
| Financial debts43 | - | - | - | - | €15 | - |
| Credit institutions430/8 | - | - | - | - | €15 | - |
| Trade debts44 | - | €1,400 | €1,098 | €1,969 | €5,158 | ▲ 162% |
| Suppliers440/4 | - | €1,400 | €1,098 | €1,969 | €5,158 | ▲ 162% |
| Taxes, remuneration and social security45 | €12,142 | - | €4,084 | €284 | €13,082 | ▲ 4,509% |
| Taxes450/3 | €12,142 | - | €4,084 | €284 | €13,082 | ▲ 4,509% |
| Other amounts payable47/48 | €63,022 | €74,212 | €93,414 | €45,165 | €33,435 | ▼ 26.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,621 | €59,152 | €80,559 | €81,467 | €108,137 | ▲ 32.7% |
| + Depreciation and write-downs630 | €18,810 | €26,820 | €23,409 | €23,601 | €31,085 | ▲ 31.7% |
| Operating cash flow (approximation) | €103,431 | €85,972 | €103,968 | €105,068 | €139,221 | ▲ 32.5% |
| Investment in fixed assets (approximation) | - | -€83,245 | -€3,460 | -€3,279 | -€38,038 | ▼ 1,060% |
| Change in cash | - | -€9,840 | -€400,959 | -€2,874 | €30,358 | ▲ 1,156% |
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
21-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
14-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity doublescurrent ratio 12.43
Current ratio from 5.77 to 12.43; short-term debt falls from €98,596 to €47,418.
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €59,152 ▼30.1%
Net result drops to €59,152, the lowest in the series; recovery starts the following year.
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €500,000Eq €516,551 ▲14.3%
4 profitable years in a row build equity to €516,551.
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
2020
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €111,202 ▲2.1%
Operating result €150,909, net result €111,202, both a record.
23-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 54 days late
2018
26-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
26-04
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Alveringem · 1 establishment unit since 1952
Ground area
1.4 ha
Building footprint
394 m²
Volume, LiDAR
4,019 m³
2 parcels, Flanders · tallest building 23.3 m, ±7 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Kustlaan 105, 8300 Knokke-Heist
since 19522.003.981.297
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38010B0008/00H000 | Flanders | 1.4 ha | 1 · 225 m² | 8.0 m · 2 fl. |
| 31332E0015/00B000 | Flanders | 201 m² | 1 · 169 m² | 23.3 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPublic limited company
Founded24-07-1952
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0402743208
Also
9925:BE0402743208
Registered
12-03-2026
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.