PDV has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €46,744. Equity remains stable across the filed financial years (±1.8% per year). Its solvency ranks better than 86% of 5,763 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Auditor: BV BRUNO VANDENBOSCH & C° REVISEUR D'ENTREPRISESAccounts filed 3 days late1 of 12 deeds read
Why 96raises riskLiquidity: current ratio 6.67, cash €5,408lowers riskSize: total assets €2.1mFigures for financial year 2025 (filed 03-08-2026)Founded in 2004Show the evidence
Checked score
Score 2025
Checked score
A figure from 0 to 100: the higher it is, the smaller the chance that the company goes bankrupt within twelve months. The band, from Critical to Excellent, follows from that chance; within the band, how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
96/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 67% of its sector peers (NACE 68, small)
How strong the balance sheet and results are: solvency, liquidity and profitability from the latest annual accounts, each out of 100. It does not directly set the Checked score's band; how the company does on these and on growth against its sector peers does count for its place within the band.
Strong
Solvency100=
equity 89.0% of total assets
Liquidity50=
short-term debt 3.5% · cash 0.3%
Profitability71-1
return on assets 2.2%
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. 0.2% means about 2 in 1,000 comparable companies. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.1% (6,982 companies, NACE 68, small)
Last 24 months11-2024: < 0.1%12-2024: < 0.1%● unchanged vs 11-202401-2025: < 0.1%● unchanged vs 12-2024lowest value02-2025: < 0.1%● unchanged vs 01-202503-2025: < 0.1%● unchanged vs 02-202504-2025: < 0.1%● unchanged vs 03-202505-2025: < 0.1%● unchanged vs 04-202506-2025: < 0.1%● unchanged vs 05-202507-2025: 0.1%▲ +0.1 percentage points vs 06-202508-2025: 0.1%● unchanged vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-202603-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 0.1%● unchanged vs 05-202607-2026: 0.1%● unchanged vs 06-202608-2026: 0.3%▲ +0.2 percentage points vs 07-2026highest value09-2026: 0.1%▼ -0.2 percentage points vs 08-202610-2026: 0.1%● unchanged vs 09-2026
Credit of up to €180,000 on 30-day terms is acceptable
Liquidity ample (current ratio 6.67, compared with 7.47 in 2024, above the usual 1.5; short-term debt: 3.5% and cash: 0.3% of total assets), and 11% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small): better than 92% on solvency, 58% on liquidity, 76% on profitability and 44% on growth.
The bankruptcy probability was computed on 23-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 2 days after the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 July (4 of the last 5 filed years within 30 days of that day).
24-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
Annual accounts filedfinancial year 2025 · full…
Annual accounts filedfinancial year 2024 · abbreviated…
Reappointments: BV BRUNO VANDENBOSCH & C°…Permanent representatives: Carsten Meier and…
Financials · financial year 2025, full format
2025 annual accounts filed late (3 days)Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00383265.
Turnover
Turnover
What the company sold in the financial year. Rising revenue points to growth; compare with last year and with the sector.
2021 to 2025, 5 financial years2019 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 2% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.02m2025Net result€0.05m2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€2.1m2025Equity€1.9m2025Debt€0.07m2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.4m2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)2.2%2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency89.0%2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio6.672025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
Net result€0.07m-€0.07m-€0.02mwithin the sector's middle half▼ 77.0%€0.08mabove the sector's middle half▲ 352%€0.05mwithin the sector's middle half▼ 32.2%€0.02mwithin the sector's middle half▼ 52.0%€0.05mwithin the sector's middle half▲ 111%€0.05mwithin the sector's middle half▼ 10.3%
EBIT margin46.2%-
Equity€1.7m-€1.7m-€1.7mabove the sector's middle half▲ 1.0%€1.8mabove the sector's middle half▲ 4.4%€1.9mabove the sector's middle half▲ 2.9%€1.9mabove the sector's middle half▲ 1.3%€1.9mabove the sector's middle half▲ 0.6%€1.9mwithin the sector's middle half▲ 0.1%
Total assets€2.0m-€1.9m-€1.9mwithin the sector's middle half▼ 1.0%€1.9mabove the sector's middle half▼ 1.5%€2.0mwithin the sector's middle half▲ 5.8%€2.1mwithin the sector's middle half▲ 3.7%€2.1mwithin the sector's middle half▲ 1.3%€2.1mwithin the sector's middle half▲ 0.8%
Working capital-€0.1m--€0.04m-€0.09mwithin the sector's middle half€0.2mabove the sector's middle half▲ 115%€0.3mwithin the sector's middle half▲ 44.4%€0.4mwithin the sector's middle half▲ 66.5%€0.4mwithin the sector's middle half▼ 13.1%€0.4mwithin the sector's middle half▲ 9.0%
Solvency86.3%-87.8%-89.5%above the sector's middle half▲ 1.8pp94.9%above the sector's middle half▲ 5.4pp92.3%above the sector's middle half▼ 2.6pp90.2%above the sector's middle half▼ 2.1pp89.6%above the sector's middle half▼ 0.6pp89.0%above the sector's middle half▼ 0.6pp
Current ratio0.61-0.85-1.61within the sector's middle half▲ 0.766.17above the sector's middle half▲ 4.563.85above the sector's middle half▼ 2.3111.09above the sector's middle half▲ 7.247.47above the sector's middle half▼ 3.626.67above the sector's middle half▼ 0.80
Return on assets (ROA)3.4%-3.8%-0.9%within the sector's middle half▼ 2.9pp4.0%within the sector's middle half▲ 3.1pp2.6%within the sector's middle half▼ 1.4pp1.2%within the sector's middle half▼ 1.4pp2.5%within the sector's middle half▲ 1.3pp2.2%within the sector's middle half▼ 0.3pp
abovewithinbelowthe middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
76.6%
23.4%
Fixed assets€1.6m ▼ 2.0%
Current assets€497,794 ▲ 11.0%
Equity and liabilities €2.1m
89.0%
8%
Equity€1.9m ▲ 0.1%
Provisions€160,000 =
Debt€74,680 ▲ 24.4%
Debt's share of the balance-sheet total rises from 2.8% to 3.5%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€66,626▼
2024 · €67,163
Cash flow
€92,293▼
2024 · €97,641
Debt to equity
0.04▲
2024 · 0.03
ROE
2.5%▼
2024 · 2.8%
Interest coverage
54.46▼
2024 · 57.62
Debt ≤ 1 year
€74,680▲
2024 · €60,027
Income taxes
€635▼
2024 · €5,852
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 49 lines
Balance sheetCode20242025
Assets
Total assets20/58€2.1m€2.1m▲
Fixed assets21/28€1.7m€1.6m▼
Tangible fixed assets22/27€0.4m€0.4m▼
Land and buildings22€0.4m€0.4m▼
Financial fixed assets28€1.2m€1.3m▲
Current assets29/58€0.4m€0.5m▲
Amounts receivable within one year40/41€0.4m€0.5m▲
Trade receivables40€0.4m€0.5m▲
Other amounts receivable41€0.01m€0.01m=
Cash at bank and in hand54/58€0.007m€0.005m▼
Equity and liabilities
Total equity and liabilities10/49€2.1m€2.1m▲
Equity10/15€1.9m€1.9m▲
Contributions10/11€0.7m€0.7m=
Capital10€0.7m€0.7m=
Issued capital100€0.7m€0.7m=
Reserves13€1.0m€1.0m=
Non-distributable reserves130/1€0.07m€0.07m=
Legal reserve130€0.07m€0.07m=
Distributable reserves133€1.0m€1.0m=
Profit (loss) carried forward14€0.2m€0.2m▲
Provisions and deferred taxes16€0.2m€0.2m=
Provisions for liabilities and charges160/5€0.2m€0.2m=
Major repairs and maintenance162€0.1m€0.1m=
Other liabilities and charges164/5€0.06m€0.06m=
Amounts payable17/49€0.06m€0.07m▲
Amounts payable within one year42/48€0.06m€0.07m▲
Current portion of amounts payable after more than one year42€0.01m-
Trade debts44€0.001m€0.03m▲
Suppliers440/4€0.001m€0.03m▲
Taxes, remuneration and social security45€0.006m€0.004m▼
Taxes450/3€0.006m€0.004m▼
Other amounts payable47/48€0.04m€0.05m▲
Income statementCode20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.05m€0.05m=
Other operating charges640/8€0.03m€0.03m▲
Gross operating margin9900€0.09m€0.09m▲
Operating profit (loss)9901€0.02m€0.02m▼
Financial income75/76B€0.04m€0.03m▼
Recurring financial income75€0.04m€0.03m▼
Financial charges65/66B€0.001m€0.001m▼
Recurring financial charges65€0.001m€0.001m▲
Non-recurring financial charges66B€300-
Profit (loss) for the period before taxes9903€0.06m€0.05m▼
Income taxes67/77€0.006m€0.001m▼
Profit (loss) for the period9904€0.05m€0.05m▼
Profit (loss) for the period to be appropriated9905€0.05m€0.05m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.2m€0.2m▲
Profit (loss) brought forward from the previous period14P€0.2m€0.2m▲
Profit to be distributed694/7€0.04m€0.05m▲
Directors or managers695€0.04m€0.05m▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2019
2019
2020
2021
2022
2023
2024
2025
Change
Turnover70
€120,000
-
-
-
-
-
-
-
-
Non-recurring operating income76A
-
-
-
€3,000
-
-
-
-
-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€45,549
€34,162
€45,549
€45,549
€45,549
€45,549
€45,549
€45,549
=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-
-
-
-
-
€100,000
-
-
-
Other operating charges640/8
-
-
-
€24,194
€24,271
€26,501
€26,945
€27,785
▲ 3.1%
Gross operating margin9900
-
€114,660
€156,127
€162,969
€126,181
€163,966
€94,109
€94,412
▲ 0.3%
Operating profit (loss)9901
€55,390
€57,917
€12,343
€93,226
€56,361
-€8,084
€21,614
€21,077
▼ 2.5%
Financial income75/76B
-
-
-
€11,074
€14,622
€42,705
€37,795
€27,525
▼ 27.2%
Recurring financial income75
€11,134
€8,421
€10,994
€11,074
€14,622
€42,705
€37,795
€27,525
▼ 27.2%
Financial charges65/66B
-
-
-
€635
€679
€862
€1,466
€1,224
▼ 16.5%
Recurring financial charges65
€162
€216
€418
€635
€679
€862
€1,166
€1,224
▲ 5.0%
Non-recurring financial charges66B
-
-
-
-
-
-
€300
-
-
Profit (loss) for the period before taxes9903
€66,362
€73,210
€22,918
€103,664
€70,303
€33,759
€57,944
€47,379
▼ 18.2%
Income taxes67/77
-
€49
€6,110
€27,665
€18,762
€9,016
€5,852
€635
▼ 89.2%
Profit (loss) for the period9904
€66,362
€73,160
€16,809
€75,999
€51,541
€24,743
€52,092
€46,744
▼ 10.3%
Profit (loss) for the period to be appropriated9905
€66,362
€73,160
€16,809
€75,999
€51,541
€24,743
€52,092
€46,744
▼ 10.3%
Line
2019
2019
2020
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€2.0m
€1.9m
€1.9m
€1.9m
€2.0m
€2.1m
€2.1m
€2.1m
▲ 0.8%
Fixed assets21/28
€1.8m
€1.7m
€1.7m
€1.7m
€1.6m
€1.6m
€1.7m
€1.6m
▼ 2.0%
Tangible fixed assets22/27
€0.7m
€0.6m
€0.6m
€0.6m
€0.5m
€0.5m
€0.4m
€0.4m
▼ 10.8%
Land and buildings22
-
-
-
€0.6m
€0.5m
€0.5m
€0.4m
€0.4m
▼ 10.8%
Financial fixed assets28
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
€1.2m
€1.3m
▲ 1.0%
Current assets29/58
€0.2m
€0.2m
€0.2m
€0.2m
€0.4m
€0.5m
€0.4m
€0.5m
▲ 11.0%
Amounts receivable within one year40/41
€0.1m
€0.07m
€0.01m
€0.2m
€0.4m
€0.4m
€0.4m
€0.5m
▲ 11.5%
Trade receivables40
-
-
-
€0.2m
€0.3m
€0.4m
€0.4m
€0.5m
▲ 11.8%
Other amounts receivable41
-
-
-
€0.05m
€0.05m
€0.05m
€0.01m
€0.01m
=
Cash at bank and in hand54/58
€0.06m
€0.1m
€0.2m
€0.007m
€0.006m
€0.06m
€0.007m
€0.005m
▼ 19.5%
Equity and liabilities
Total equity and liabilities10/49
€2.0m
€1.9m
€1.9m
€1.9m
€2.0m
€2.1m
€2.1m
€2.1m
▲ 0.8%
Equity10/15
€1.7m
€1.7m
€1.7m
€1.8m
€1.9m
€1.9m
€1.9m
€1.9m
▲ 0.1%
Contributions10/11
€0.07m
€0.7m
€0.7m
€0.7m
€0.7m
€0.7m
€0.7m
€0.7m
=
Capital10
-
-
-
€0.7m
€0.7m
€0.7m
€0.7m
€0.7m
=
Issued capital100
-
-
-
€0.7m
€0.7m
€0.7m
€0.7m
€0.7m
=
Reserves13
€1.6m
€1.0m
€1.0m
€1.0m
€1.0m
€1.0m
€1.0m
€1.0m
=
Non-distributable reserves130/1
-
-
-
€0.07m
€0.07m
€0.07m
€0.07m
€0.07m
=
Legal reserve130
-
-
-
€0.07m
€0.07m
€0.07m
€0.07m
€0.07m
=
Distributable reserves133
-
-
-
€1.0m
€1.0m
€1.0m
€1.0m
€1.0m
=
Profit (loss) carried forward14
-
-
-
€0.08m
€0.1m
€0.2m
€0.2m
€0.2m
▲ 1.1%
Provisions and deferred taxes16
-
-
€0.06m
€0.06m
€0.06m
€0.2m
€0.2m
€0.2m
=
Provisions for liabilities and charges160/5
-
-
-
€0.06m
€0.06m
€0.2m
€0.2m
€0.2m
=
Major repairs and maintenance162
-
-
-
-
-
€0.1m
€0.1m
€0.1m
=
Other liabilities and charges164/5
-
-
-
€0.06m
€0.06m
€0.06m
€0.06m
€0.06m
=
Amounts payable17/49
€0.3m
€0.2m
€0.1m
€0.04m
€0.09m
€0.04m
€0.06m
€0.07m
▲ 24.4%
Amounts payable within one year42/48
€0.3m
€0.2m
€0.1m
€0.04m
€0.09m
€0.04m
€0.06m
€0.07m
▲ 24.4%
Current portion of amounts payable after more than one year42
-
-
-
-
-
€0.01m
€0.01m
-
-
Trade debts44
€0.01m
€0.007m
€0.1m
€0.003m
€0.04m
€0.004m
€0.001m
€0.03m
▲ 2,108%
Suppliers440/4
-
-
-
€0.003m
€0.04m
€0.004m
€0.001m
€0.03m
▲ 2,108%
Taxes, remuneration and social security45
-
-
-
€0.03m
€0.05m
€0.03m
€0.006m
€0.004m
▼ 30.5%
Taxes450/3
-
-
-
€0.03m
€0.05m
€0.03m
€0.006m
€0.004m
▼ 30.5%
Other amounts payable47/48
-
-
-
-
-
-
€0.04m
€0.05m
▲ 12.5%
Line
2019
2019
2020
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€66,362
€73,160
€16,809
€75,999
€51,541
€24,743
€52,092
€46,744
▼ 10.3%
+ Depreciation and write-downs630
€45,549
€34,162
€45,549
€45,549
€45,549
€45,549
€45,549
€45,549
=
Operating cash flow (approximation)
€111,911
€107,322
€62,358
€121,548
€97,090
€70,292
€97,641
€92,293
▼ 5.5%
Investment in fixed assets (approximation)
-
-
€0
-€22,067
-€14,622
€8,186
-€116,046
-€12,525
▲ 89.2%
Change in cash
-
-
€82,600
-€209,852
-€1,077
€55,208
-€54,520
-€1,313
▲ 97.6%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Of the 587 active companies whose main activity is real estate activities (NACE 68204), figures are known for 319. 193 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
Directors
Who runs the company today and since when, grouped the way the KBO groups its office holders. Many recent board changes are a reason to keep a close eye.
under verification, last change in 2024
This board is reconstructed from a single act (24130037). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Not every act has been read: a resignation may still be missing
11 of this company's 12 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
The company's story in a few sentences, from the company register, the Belgian Official Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
PDV was incorporated on 2 August 2004.1Total assets went from €2.0m in 2019 to €2.1m in 2025.2
Director reappointment, DC Industrial NV (director)
Director reappointment, GDC NV (director)
Director reappointment, Patrick Degryse (director)
06-08
NBB filingAnnual accounts filed
financial year 2023 · abbreviated format · 6 days late
2023
31-12
FinancialLiquidity more than doubledcurrent ratio 11.09
Current ratio from 3.85 to 11.09; short-term debt falls from €94,025 to €44,281.
27-06
NBB filingAnnual accounts filed
financial year 2022 · abbreviated format
2022
28-07
NBB filingAnnual accounts filed
financial year 2021 · micro format
2021
31-12
FinancialHighest result from 2019 to 2025net €75,999 ▲352%
Operating result €93,226, net result €75,999, both a record.
31-12
FinancialLiquidity more than triplescurrent ratio 6.17
Current ratio from 1.61 to 6.17; short-term debt falls from €141,632 to €35,970.
30-09
NBB filingAnnual accounts filed
financial year 2020 · abbreviated format · 61 days late
2020
31-12
FinancialWeakest financial yearnet €16,809 ▼77%
Net result drops to €16,809, the lowest in the series; recovery starts the following year.
16-07
NBB filingAnnual accounts filed
financial year 2019 · abbreviated format
Show earlier events
2019
14-10
NBB filingAnnual accounts filed
financial year 2019 · full format
21-05
NBB filingAnnual accounts filed
financial year 2018 · full format · 202 days late
2017
29-09
NBB filingAnnual accounts filed
financial year 2017 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 22 annual accounts filed, the latest 10 are here; all 22 are under Financials.
1 of 12 deeds read
About the unread acts
Of the 12 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.