PECUNIA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 38 filings
Turnover
≈ €47,000
Estimated: probably between €22,000 and €110,000
Total assets
€444,908▼ 17.0%
2024 · €536,064
Net result
-€20,424
2024 · €15,826
Working capital
€92,248▼ 27.8%
2024 · €127,799
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€24,904
▼ 1,141%
2025
20182025
Net result
-€20,424
2025
20182025
Equity
€325,903
▼ 5.9%
2025
20182025
Total assets
€444,908
▼ 17.0%
2025
20182025
Debt
€65,455
▼ 50.4%
2025
20182025
Working capital
€92,248
▼ 27.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m--€0.04m-€0.03m▲ 21.9%-€0.04m▼ 43.8%€0.4m-€0.03m-€0.002m▲ 93.7%-€0.02m▼ 1,141%
Net result€0.2m--€0.02m-€0.03m▼ 46.0%-€0.06m▼ 139%€0.2m-€0.02m€0.02m-€0.02m
Equity€1.0m-€1.0m▲ 0.5%€1.0m▼ 0.4%€0.5m▼ 49.1%€0.7m▲ 40.9%€0.7m▼ 2.9%€0.3m▼ 49.2%€0.3m▼ 5.9%
Total assets€1.2m-€1.1m▼ 4.0%€1.2m▲ 4.8%€0.9m▼ 20.3%€0.8m▼ 11.2%€0.8m▲ 0.1%€0.5m▼ 36.1%€0.4m▼ 17.0%
Debt€0.03m-€0.005m▼ 82.5%€0.09m▲ 19×€0.3m▲ 269%€0.07m▼ 78.8%€0.1m▲ 34.4%€0.1m▲ 37.4%€0.07m▼ 50.4%
Working capital€0.1m-€0.1m▼ 2.9%€0.2m▲ 77.9%-€0.1m€0.4m€0.5m▲ 10.3%€0.1m▼ 73.1%€0.09m▼ 27.8%
The operating result for 2025 is a loss of €24,904, larger than the loss of €2,007 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €444,908
Fixed assets
€298,894 ▼ 8.8%
Current assets
€146,014 ▼ 29.9%
Equity and liabilities €444,908
Equity
€325,903 ▼ 5.9%
Provisions
€53,549 ▼ 7.1%
Debt
€65,455 ▼ 50.4%
Debt's share of the balance-sheet total falls from 24.6% to 14.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,906▼
2024 · €26,576
Cash flow
€8,386▼
2024 · €44,410
Current ratio
2.72▲
2024 · 2.59
Debt to equity
0.20▼
2024 · 0.38
ROE
-6.3%▼
2024 · 4.6%
ROA
-4.6%▼
2024 · 3.0%
Interest coverage
0.69▼
2024 · 2.35
Debt ≤ 1 year
€53,766▼
2024 · €80,561
Debt > 1 year
€8,133▼
2024 · €18,440
Income taxes
€146▼
2024 · €15,829
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €39,550 | €1,199 | - |
| Depreciation and write-downs of the year | €22,062 | €18,524 | €21,151 | €28,584 | €28,811 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €420,325 | - | €33,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,981 | €29,981 | €30,352 | €22,062 | €18,524 | €21,151 | €28,584 | €28,811 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €4,962 | €11,731 | €2,355 | €1,822 | €2,272 | ▲ 24.7% |
| Non-recurring operating charges66A | - | - | - | €1,793 | - | - | - | - | - |
| Gross operating margin9900 | €319,730 | -€4,451 | €4,883 | -€15,047 | €386,075 | -€8,222 | €28,398 | €6,178 | ▼ 78.2% |
| Operating profit (loss)9901 | €284,558 | -€39,048 | -€30,501 | -€43,864 | €355,820 | -€31,728 | -€2,007 | -€24,904 | ▼ 1,141% |
| Financial income75/76B | - | - | - | €8,868 | €1,534 | €27,463 | €40,863 | €6,180 | ▼ 84.9% |
| Recurring financial income75 | €7,113 | €16,573 | €8,368 | €8,868 | €1,534 | €27,463 | €40,863 | €6,180 | ▼ 84.9% |
| Financial charges65/66B | - | - | - | €30,814 | €20,824 | €18,164 | €11,320 | €5,672 | ▼ 49.9% |
| Recurring financial charges65 | €6,232 | €1,108 | €9,770 | €10,759 | €20,824 | €18,164 | €11,320 | €5,672 | ▼ 49.9% |
| Non-recurring financial charges66B | - | - | - | €20,055 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €286,330 | -€23,583 | -€31,902 | -€65,810 | €336,531 | -€22,430 | €27,536 | -€24,397 | - |
| Transfer from deferred taxes780 | - | - | - | €5,873 | €44,092 | €4,119 | €4,119 | €4,119 | = |
| Income taxes67/77 | €101,149 | €568 | €157 | €114 | €162,161 | €1,724 | €15,829 | €146 | ▼ 99.1% |
| Profit (loss) for the period9904 | €211,287 | -€17,203 | -€25,110 | -€60,051 | €218,463 | -€20,034 | €15,826 | -€20,424 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €17,619 | €132,277 | €12,357 | €12,357 | €12,357 | = |
| Profit (loss) for the period to be appropriated9905 | €261,963 | -€661 | -€8,569 | -€42,433 | €350,740 | -€7,677 | €28,183 | -€8,067 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.2m | €0.9m | €0.8m | €0.8m | €0.5m | €0.4m | ▼ 17.0% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €0.8m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 8.8% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.8m | €0.8m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 8.8% |
| Land and buildings22 | - | - | - | €0.8m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | - | - | €0.04m | €0.03m | €0.02m | ▼ 36.7% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | - | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €0.2m | €0.1m | €0.5m | €0.5m | €0.2m | €0.1m | ▼ 29.9% |
| Amounts receivable within one year40/41 | €0.08m | €0.09m | €0.1m | €0.1m | €0.06m | €0.003m | - | €128 | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.06m | €0.003m | - | €128 | - |
| Current investments50/53 | €0.001m | - | - | €0.03m | €0.02m | €0.4m | €0.2m | €0.1m | ▼ 30.1% |
| Cash at bank and in hand54/58 | €0.05m | €0.01m | €0.09m | €0.02m | €0.4m | €0.06m | €0.004m | €0.002m | ▼ 52.1% |
| Deferred charges and accrued income490/1 | - | - | - | €323 | €0.001m | €450 | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.2m | €0.9m | €0.8m | €0.8m | €0.5m | €0.4m | ▼ 17.0% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €0.5m | €0.7m | €0.7m | €0.3m | €0.3m | ▼ 5.9% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Capital10 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Issued capital100 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | €0.3m | €0.3m | ▼ 7.5% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.1% |
| Distributable reserves133 | - | - | - | €181 | €0.4m | €0.4m | €0.06m | €0.05m | ▼ 13.1% |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.06m | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.2m | €0.1m | €0.1m | €0.1m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 7.1% |
| Deferred taxes168 | - | - | - | €0.1m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 7.1% |
| Amounts payable17/49 | €0.03m | €0.005m | €0.09m | €0.3m | €0.07m | €0.1m | €0.1m | €0.07m | ▼ 50.4% |
| Amounts payable after more than one year17 | - | - | €0.08m | €0.07m | - | €0.03m | €0.02m | €0.008m | ▼ 55.9% |
| Financial debts170/4 | - | - | - | €0.07m | - | €0.03m | €0.02m | €0.008m | ▼ 55.9% |
| Amounts payable within one year42/48 | €0.03m | €0.005m | €0.009m | €0.3m | €0.07m | €0.009m | €0.08m | €0.05m | ▼ 33.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.009m | - | €0.009m | €0.01m | €0.01m | ▲ 6.0% |
| Trade debts44 | - | - | - | - | €36 | €36 | €36 | €126 | ▲ 251% |
| Suppliers440/4 | - | - | - | - | €36 | €36 | €36 | €126 | ▲ 251% |
| Taxes, remuneration and social security45 | - | - | - | €0.006m | €0.04m | - | €0.02m | - | - |
| Taxes450/3 | - | - | - | €0.004m | €0.04m | - | €0.02m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.002m | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.04m | - | €0.05m | €0.04m | ▼ 20.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.06m | €0.03m | €0.004m | ▼ 89.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €211,287 | -€17,203 | -€25,110 | -€60,051 | €218,463 | -€20,034 | €15,826 | -€20,424 | - |
| + Depreciation and write-downs630 | €29,981 | €29,981 | €30,352 | €22,062 | €18,524 | €21,151 | €28,584 | €28,811 | ▲ 0.8% |
| Operating cash flow (approximation) | €241,268 | €12,778 | €5,242 | -€37,989 | €236,986 | €1,117 | €44,410 | €8,386 | ▼ 81.1% |
| Investment in fixed assets (approximation) | - | -€6,906 | €1,559 | €165,789 | €446,121 | -€39,550 | -€1,199 | €0 | - |
| Change in cash | - | -€31,446 | €77,542 | -€75,043 | €395,720 | -€349,276 | -€59,543 | -€2,156 | ▲ 96.4% |
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, 12,322 companies had the same profile as PECUNIA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PECUNIA itself: 0.6% 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 12,322 companies, not a prediction for PECUNIA. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | micro format | 12-06-2026 | 2026-00162327 | |
| 30-12-2024 | micro format | 25-07-2025 | 2025-00319242 | |
| 30-12-2023 | micro format | 12-07-2024 | 2024-00245369 | |
| 30-12-2022 | micro format | 19-06-2023 | 2023-00136183 | |
| 30-12-2021 | micro format | 12-08-2022 | 2022-20290095 | |
| 30-12-2020 | micro format | 29-07-2021 | 2021-43100503 | |
| 30-12-2019 | micro format | 11-09-2020 | 2020-52500519 | |
| 30-12-2018 | micro format | 07-08-2019 | 2019-44600293 | |
| 30-12-2017 | micro format | 29-08-2018 | 2018-57700072 | |
| 30-12-2016 | abbreviated format | 05-08-2017 | 2017-42700271 |