PB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 10 filings
Turnover
€163,441▲ 3.8%
2021 · €157,411
EBIT margin
35.1%▲ 21.4pp
2021 · 13.7%
Net result
€741,925▲ 650%
2024 · €98,906
Working capital
€107,555
2024 · -€122,168
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€64,253
▼ 2.5%
2025
20182025
Net result
€741,925
▲ 650%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€637,908
▲ 161%
2025
highest quarter of the sector
20182025
Total assets
€1.0m
▲ 72.2%
2025
highest quarter of the sector
20182025
Debt
€355,300
▲ 8.5%
2025
20182025
Working capital
€107,555
2025
highest quarter of the sector
20182025
Solvency
63.7%
▲ 21.6pp
2025
highest quarter of the sector
20182025
Current ratio
1.40
▲ 1.03
2025
middle half of the sector
20182025
Return on assets (ROA)
74.1%
▲ 57.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€0.1m▲ 2.4%€0.1m▲ 1.5%€0.2m▲ 10.1%€0.2m▲ 3.8%
Operating result€0.08m-€0.04m▼ 50.8%€0.03m▼ 12.1%€0.02m▼ 35.3%€0.06m▲ 166%€0.05m▼ 10.5%€0.07m▲ 28.1%€0.06m▼ 2.5%
Net result€0.05m-€0.03m▼ 41.7%€0.02mwithin the sector's middle half▼ 8.0%€0.008mwithin the sector's middle half▼ 69.1%€0.05mwithin the sector's middle half▲ 525%€0.08mabove the sector's middle half▲ 62.1%€0.1mabove the sector's middle half▲ 27.3%€0.7mabove the sector's middle half▲ 650%
EBIT margin56.0%-26.9%▼ 29.1pp23.3%▼ 3.6pp13.7%▼ 9.6pp35.1%▲ 21.4pp
Equity€0.1m-€0.2m▲ 15.2%€0.2mwithin the sector's middle half▲ 11.8%€0.2mwithin the sector's middle half▼ 0.2%€0.2mwithin the sector's middle half▲ 14.1%€0.2mabove the sector's middle half▲ 27.3%€0.2mabove the sector's middle half▼ 0.4%€0.6mabove the sector's middle half▲ 161%
Total assets€0.3m-€0.6m▲ 89.3%€0.6mwithin the sector's middle half▲ 2.4%€0.4mwithin the sector's middle half▼ 24.8%€0.5mwithin the sector's middle half▲ 26.5%€0.5mabove the sector's middle half▼ 3.9%€0.6mabove the sector's middle half▲ 12.1%€1.0mabove the sector's middle half▲ 72.2%
Debt€0.2m-€0.4m▲ 161%€0.4m▼ 1.1%€0.2m▼ 36.2%€0.3m▲ 36.1%€0.3m▼ 21.8%€0.3m▲ 24.3%€0.4m▲ 8.5%
Working capital€0.002m--€0.1m-€0.1mbelow the sector's middle half▼ 1.7%-€0.02mbelow the sector's middle half▲ 87.0%-€0.1mbelow the sector's middle half▼ 463%-€0.08mbelow the sector's middle half▲ 18.4%-€0.1mbelow the sector's middle half▼ 44.1%€0.1mabove the sector's middle half
Solvency45.0%-27.4%▼ 17.6pp29.9%within the sector's middle half▲ 2.5pp39.7%within the sector's middle half▲ 9.8pp35.8%within the sector's middle half▼ 3.9pp47.4%within the sector's middle half▲ 11.6pp42.1%within the sector's middle half▼ 5.3pp63.7%above the sector's middle half▲ 21.6pp
Current ratio1.04-0.33▼ 0.710.38below the sector's middle half▲ 0.050.79below the sector's middle half▲ 0.410.35below the sector's middle half▼ 0.440.32below the sector's middle half▼ 0.030.36below the sector's middle half▲ 0.041.40within the sector's middle half▲ 1.03
Return on assets (ROA)15.8%-4.9%▼ 11.0pp4.4%within the sector's middle half▼ 0.5pp1.8%within the sector's middle half▼ 2.6pp8.9%within the sector's middle half▲ 7.1pp15.0%above the sector's middle half▲ 6.1pp17.0%above the sector's middle half▲ 2.0pp74.1%above the sector's middle half▲ 57.1pp
Staff (FTE)0.1-0.3▲ 200%0.3below the sector's middle half=0.3below the sector's middle half=0.31▲ 233%1=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€623,464 ▲ 22.0%
Current assets
€377,188 ▲ 438%
Equity and liabilities €1.0m
Equity
€637,908 ▲ 161%
Provisions
€7,445 ▼ 17.0%
Debt
€355,300 ▲ 8.5%
Debt's share of the balance-sheet total falls from 56.3% to 35.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€92,491▼
2024 · €114,151
Cash flow
€770,163▲
2024 · €147,186
Debt to equity
0.56▼
2024 · 1.34
ROE
116.3%▲
2024 · 40.4%
Interest coverage
14.68▲
2024 · 14.30
Debt ≤ 1 year
€269,633▲
2024 · €192,235
Debt > 1 year
€84,530▼
2024 · €131,726
Income taxes
€17,742▲
2024 · €9,379
Staff costs
€23,280▲
2024 · €17,779
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | - | 0.3 | - |
| Average over the year, in full-time equivalents | - | 0.3 | - |
| On a permanent contract | 1 | 1 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €48,221 | - | - | - | - |
| Debts guaranteed by Belgian public bodies | - | €36,870 | - | - | - |
| Pledge on other assets, amount secured | €48,221 | €36,870 | €36,870 | €36,870 | - |
| Carrying value of the other pledged assets | €140,909 | €136,212 | €131,516 | €126,819 | - |
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 | €11,944 | €175,526 | €24,099 | €80,696 | €23,931 |
| Financial fixed assets | - | - | - | - | €116,712 |
| Depreciation and write-downs of the year | €22,069 | €41,183 | €28,154 | €48,280 | €28,238 |
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 | €137,528 | €140,871 | €142,974 | €157,411 | €163,441 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €18,931 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €128,642 | €119,832 | €123,350 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €16,977 | €16,008 | €17,509 | €17,779 | €23,280 | ▲ 30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,534 | €21,533 | €23,588 | €22,069 | €41,183 | €28,154 | €48,280 | €28,238 | ▼ 41.5% |
| Other operating charges640/8 | - | - | - | €7,041 | €5,896 | €4,031 | €2,825 | €3,627 | ▲ 28.4% |
| Gross operating margin9900 | €96,247 | €77,413 | €76,857 | €67,641 | €120,514 | €101,100 | €134,755 | €119,399 | ▼ 11.4% |
| Operating profit (loss)9901 | €77,020 | €37,902 | €33,314 | €21,555 | €57,427 | €51,406 | €65,871 | €64,253 | ▼ 2.5% |
| Financial income75/76B | - | - | - | €23 | €10,263 | €50,016 | €50,067 | €701,427 | ▲ 14× |
| Recurring financial income75 | €25 | €7 | €12,845 | €23 | €10,263 | €50,016 | €50,067 | €701,427 | ▲ 14× |
| Financial charges65/66B | - | - | - | €7,890 | €8,337 | €8,483 | €7,985 | €6,300 | ▼ 21.1% |
| Recurring financial charges65 | €7,742 | €6,687 | €8,363 | €7,890 | €8,337 | €8,483 | €7,985 | €6,300 | ▼ 21.1% |
| Profit (loss) for the period before taxes9903 | €69,303 | €31,223 | €37,796 | €13,688 | €59,353 | €92,939 | €107,953 | €759,380 | ▲ 603% |
| Transfer from deferred taxes780 | - | - | - | €332 | €332 | €332 | €332 | €286 | ▼ 13.8% |
| Income taxes67/77 | €12,000 | €4,559 | €13,292 | €6,347 | €11,746 | €15,562 | €9,379 | €17,742 | ▲ 89.2% |
| Profit (loss) for the period9904 | €46,342 | €26,996 | €24,836 | €7,673 | €47,939 | €77,709 | €98,906 | €741,925 | ▲ 650% |
| Transfer from tax-exempt reserves789 | - | - | - | €813 | €813 | €813 | €38,703 | €859 | ▼ 97.8% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €21,050 | - | €42,100 | - |
| Profit (loss) for the period to be appropriated9905 | €19,507 | €27,809 | €8,809 | €8,486 | €48,752 | €57,472 | €137,609 | €700,683 | ▲ 409% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.6m | €0.6m | €0.4m | €0.5m | €0.5m | €0.6m | €1.0m | ▲ 72.2% |
| Fixed assets21/28 | €0.2m | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 22.0% |
| Tangible fixed assets22/27 | €0.04m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.0% |
| Land and buildings22 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.05m | €0.06m | €0.05m | €0.06m | ▲ 19.6% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.02m | €0.01m | €0.007m | €0.004m | ▼ 49.1% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.08m | €0.08m | €0.08m | €0.08m | €0.2m | ▲ 156% |
| Current assets29/58 | €0.05m | €0.07m | €0.09m | €0.07m | €0.06m | €0.04m | €0.07m | €0.4m | ▲ 438% |
| Stocks and contracts in progress3 | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | - | - |
| Stocks30/36 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | - | - |
| Amounts receivable within one year40/41 | €59 | €0.01m | €0.04m | €0.05m | €0.04m | €0.02m | €0.03m | €0.04m | ▲ 30.3% |
| Trade receivables40 | - | - | - | €0.006m | €0.005m | €0.001m | €0.001m | €109 | ▼ 90.8% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.03m | €0.02m | €0.03m | €0.04m | ▲ 34.7% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.3m | - |
| Cash at bank and in hand54/58 | €0.04m | €0.04m | €0.03m | €0.01m | €0.006m | €0.005m | €0.03m | €0.03m | ▲ 21.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 6.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.6m | €0.6m | €0.4m | €0.5m | €0.5m | €0.6m | €1.0m | ▲ 72.2% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.6m | ▲ 161% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.6m | ▲ 175% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.06m | €0.02m | €0.06m | ▲ 193% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.6m | ▲ 173% |
| Profit (loss) carried forward14 | €0.001m | €0.002m | €471 | €0.001m | €0.001m | €0.003m | €0.001m | €0.001m | ▲ 86.5% |
| Provisions and deferred taxes16 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | €0.009m | €0.007m | ▼ 17.0% |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.009m | €0.009m | €0.007m | ▼ 17.0% |
| Amounts payable17/49 | €0.2m | €0.4m | €0.4m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 8.5% |
| Amounts payable after more than one year17 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 35.8% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 35.8% |
| Amounts payable within one year42/48 | €0.05m | €0.2m | €0.2m | €0.09m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 40.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.04m | €0.04m | €0.05m | €0.04m | ▼ 10.7% |
| Trade debts44 | €0.004m | €0.005m | €0.005m | €0.01m | €0.01m | €0.006m | €0.003m | €0.002m | ▼ 49.2% |
| Suppliers440/4 | - | - | - | €0.01m | €0.01m | €0.006m | €0.003m | €0.002m | ▼ 49.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.02m | €0.008m | €0.02m | ▲ 130% |
| Taxes450/3 | - | - | - | €0.009m | €0.009m | €0.01m | €0.007m | €0.02m | ▲ 133% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.002m | ▲ 111% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.09m | €0.07m | €0.1m | €0.2m | ▲ 55.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.003m | €0.003m | €0.003m | €0.001m | ▼ 67.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,342 | €26,996 | €24,836 | €7,673 | €47,939 | €77,709 | €98,906 | €741,925 | ▲ 650% |
| + Depreciation and write-downs630 | €13,534 | €21,533 | €23,588 | €22,069 | €41,183 | €28,154 | €48,280 | €28,238 | ▼ 41.5% |
| Operating cash flow (approximation) | €59,876 | €48,529 | €48,424 | €29,742 | €89,123 | €105,863 | €147,186 | €770,163 | ▲ 423% |
| Investment in fixed assets (approximation) | - | -€267,035 | -€17,186 | €102,516 | -€168,403 | -€24,099 | -€80,696 | -€140,644 | ▼ 74.3% |
| Change in cash | - | €6,884 | -€10,338 | -€21,398 | -€5,276 | -€736 | €19,756 | €5,522 | ▼ 72.0% |
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, 34,693 companies had the same profile as PB has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PB 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 34,693 companies, not a prediction for PB. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00197142 | |
| 31-12-2024 | micro format | 09-06-2025 | 2025-00125909 | |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00188736 | |
| 31-12-2022 | full format | 28-06-2023 | 2023-00167811 | |
| 31-12-2021 | full format | 17-05-2022 | 2022-20027740 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-30500109 | |
| 31-12-2019 | full format | 20-05-2020 | 2020-12700193 | |
| 31-12-2018 | full format | 17-05-2019 | 2019-13200578 | |
| 31-12-2017 | full format | 23-05-2018 | 2018-13600156 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-27400257 |