PEGASUS POLYMERS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 17 filings
Turnover
≈ €1.8m
Estimated: probably between €1.1m and €3.0m
EBIT margin
Not included in this filing
Net result
€251,179▼ 7.4%
2024 · €271,312
Working capital
€110,000▼ 3.6%
2024 · €114,077
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€344,211
▼ 7.9%
2025
20182025
Net result
€251,179
▼ 7.4%
2025
middle half of the sector
20182025
Equity
€110,000
▼ 3.6%
2025
lowest quarter of the sector
20182025
Total assets
€1.0m
▼ 49.8%
2025
lowest quarter of the sector
20182025
Debt
€900,387
▼ 52.6%
2025
20182025
Working capital
€110,000
▼ 3.6%
2025
lowest quarter of the sector
20182025
Solvency
10.9%
▲ 5.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.12
▲ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
24.9%
▲ 11.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.7m-€0.4m▼ 48.1%€0.2m▼ 39.5%€0.4m▲ 77.9%€1.3m▲ 206%€0.7m▼ 48.6%€0.4m▼ 43.3%€0.3m▼ 7.9%
Net result€0.5m-€0.3m▼ 52.3%€0.2mabove the sector's middle half▼ 32.9%€0.3mabove the sector's middle half▲ 76.8%€1.0mabove the sector's middle half▲ 212%€0.5mabove the sector's middle half▼ 48.1%€0.3mabove the sector's middle half▼ 45.5%€0.3mwithin the sector's middle half▼ 7.4%
Equity€0.1m-€0.1m▲ 3.6%€0.1mwithin the sector's middle half▲ 0.8%€0.1mbelow the sector's middle half▲ 0.4%€0.1mbelow the sector's middle half▼ 0.9%€0.1mbelow the sector's middle half▼ 2.2%€0.1mbelow the sector's middle half▲ 1.2%€0.1mbelow the sector's middle half▼ 3.6%
Total assets€1.3m-€1.0m▼ 24.8%€0.9mwithin the sector's middle half▼ 7.8%€1.1mwithin the sector's middle half▲ 20.3%€1.4mwithin the sector's middle half▲ 35.0%€1.3mwithin the sector's middle half▼ 9.7%€2.0mwithin the sector's middle half▲ 54.2%€1.0mbelow the sector's middle half▼ 49.8%
Debt€1.2m-€0.9m▼ 27.4%€0.8m▼ 8.9%€1.0m▲ 23.2%€1.3m▲ 39.4%€1.2m▼ 10.3%€1.9m▲ 59.2%€0.9m▼ 52.6%
Working capital€0.1m-€0.1m▲ 8.2%€0.1mwithin the sector's middle half▲ 3.4%€0.1mwithin the sector's middle half▲ 2.9%€0.1mwithin the sector's middle half▼ 0.4%€0.1mwithin the sector's middle half▼ 2.0%€0.1mwithin the sector's middle half▲ 1.2%€0.1mbelow the sector's middle half▼ 3.6%
Solvency8.6%-11.9%▲ 3.3pp13.0%below the sector's middle half▲ 1.1pp10.9%below the sector's middle half▼ 2.1pp8.0%below the sector's middle half▼ 2.9pp8.6%below the sector's middle half▲ 0.7pp5.7%below the sector's middle half▼ 3.0pp10.9%below the sector's middle half▲ 5.2pp
Current ratio1.09-1.13▲ 0.041.14below the sector's middle half▲ 0.021.12below the sector's middle half▼ 0.021.09below the sector's middle half▼ 0.031.09below the sector's middle half▲ 0.011.06below the sector's middle half▼ 0.031.12below the sector's middle half▲ 0.06
Return on assets (ROA)42.3%-26.8%▼ 15.5pp19.5%above the sector's middle half▼ 7.3pp28.7%above the sector's middle half▲ 9.2pp66.3%above the sector's middle half▲ 37.6pp38.1%above the sector's middle half▼ 28.2pp13.5%above the sector's middle half▼ 24.6pp24.9%above the sector's middle half▲ 11.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 8% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1.0m
Equity
€110,000 ▼ 3.6%
Debt
€900,387 ▼ 52.6%
Debt's share of the balance-sheet total falls from 94.3% to 89.1%. Equity and debt are lower.
Key figures and ratios
Debt to equity
8.19▼
2024 · 16.66
ROE
228.3%▼
2024 · 237.8%
Debt ≤ 1 year
€900,387▼
2024 · €1.9m
Income taxes
€83,734▼
2024 · €90,437
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €1.01bn | €1.00bn | €112,766 | €114,077 | €110,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.006m | €0.004m | €0.003m | €0.003m | €0.001m | €258 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.001m | €0.002m | €0.002m | €319 | ▼ 79.6% |
| Gross operating margin9900 | €0.8m | €0.4m | €0.2m | €0.4m | €1.3m | €0.7m | €0.4m | €0.3m | ▼ 8.2% |
| Operating profit (loss)9901 | €0.7m | €0.4m | €0.2m | €0.4m | €1.3m | €0.7m | €0.4m | €0.3m | ▼ 7.9% |
| Financial income75/76B | - | - | - | €0.02m | €0.05m | €0.02m | €0.01m | €0.02m | ▲ 55.3% |
| Recurring financial income75 | €0.03m | €0.01m | €0.02m | €0.02m | €0.05m | €0.02m | €0.01m | €0.02m | ▲ 55.3% |
| Financial charges65/66B | - | - | - | €0.03m | €0.05m | €0.01m | €0.02m | €0.03m | ▲ 14.3% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.03m | €0.03m | €0.05m | €0.01m | €0.02m | €0.03m | ▲ 14.3% |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.4m | €0.2m | €0.4m | €1.3m | €0.7m | €0.4m | €0.3m | ▼ 7.4% |
| Income taxes67/77 | €0.2m | €0.1m | €0.06m | €0.1m | €0.3m | €0.2m | €0.09m | €0.08m | ▼ 7.4% |
| Profit (loss) for the period9904 | €0.5m | €0.3m | €0.2m | €0.3m | €1.0m | €0.5m | €0.3m | €0.3m | ▼ 7.4% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.3m | €0.2m | €0.3m | €1.0m | €0.5m | €0.3m | €0.3m | ▼ 7.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.0m | €0.9m | €1.1m | €1.4m | €1.3m | €2.0m | €1.0m | ▼ 49.8% |
| Fixed assets21/28 | €0.01m | €0.007m | €0.004m | €0.001m | €258 | - | - | - | - |
| Tangible fixed assets22/27 | €0.01m | €0.007m | €0.004m | €0.001m | €258 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €258 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €24 | - | - | - | - | - |
| Current assets29/58 | €1.3m | €1.0m | €0.9m | €1.1m | €1.4m | €1.3m | €2.0m | €1.0m | ▼ 49.8% |
| Amounts receivable within one year40/41 | €1.3m | €0.9m | €0.9m | €1.1m | €1.4m | €1.3m | €2.0m | €1.0m | ▼ 49.8% |
| Trade receivables40 | - | - | - | €0.3m | €0.5m | €0.7m | €1.3m | €0.6m | ▼ 56.5% |
| Other amounts receivable41 | - | - | - | €0.7m | €1.0m | €0.6m | €0.7m | €0.5m | ▼ 38.2% |
| Cash at bank and in hand54/58 | €0.01m | €0.03m | €0.007m | €0.002m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.0m | €0.9m | €1.1m | €1.4m | €1.3m | €2.0m | €1.0m | ▼ 49.8% |
| Equity10/15 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.6% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.001m | €0.005m | €0.006m | €0.006m | €0.005m | €0.003m | €0.004m | - | - |
| Amounts payable17/49 | €1.2m | €0.9m | €0.8m | €1.0m | €1.3m | €1.2m | €1.9m | €0.9m | ▼ 52.6% |
| Amounts payable within one year42/48 | €1.2m | €0.9m | €0.8m | €1.0m | €1.3m | €1.2m | €1.9m | €0.9m | ▼ 52.6% |
| Financial debts43 | - | - | - | €0.4m | - | - | €0.4m | €0.1m | ▼ 64.4% |
| Other loans439 | - | - | - | €0.4m | - | - | €0.4m | €0.1m | ▼ 64.4% |
| Trade debts44 | €0.4m | €0.3m | €0.1m | €0.1m | €0.3m | €0.6m | €1.2m | €0.5m | ▼ 59.1% |
| Suppliers440/4 | - | - | - | €0.1m | €0.3m | €0.6m | €1.2m | €0.5m | ▼ 59.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.07m | €0.05m | €0.02m | €0.008m | ▼ 69.0% |
| Taxes450/3 | - | - | - | €0.06m | €0.07m | €0.05m | €0.02m | €0.008m | ▼ 69.0% |
| Other amounts payable47/48 | - | - | - | €0.3m | €1.0m | €0.5m | €0.3m | €0.3m | ▼ 5.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €542,752 | €259,026 | €173,889 | €307,467 | €958,907 | €497,437 | €271,312 | €251,179 | ▼ 7.4% |
| + Depreciation and write-downs630 | €5,948 | €4,198 | €2,807 | €2,807 | €660 | €258 | - | - | - |
| Operating cash flow (approximation) | €548,699 | €263,224 | €176,696 | €310,274 | €959,566 | €497,695 | €271,312 | €251,179 | ▼ 7.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - | - | - | - |
| Change in cash | - | €20,396 | -€24,275 | -€4,972 | - | - | - | - | - |
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, 2,609 companies had the same profile as PEGASUS POLYMERS has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of PEGASUS POLYMERS itself: 0.5% 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 2,609 companies, not a prediction for PEGASUS POLYMERS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00312031 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00208510 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00146254 | |
| 31-12-2022 | abbreviated format | 14-06-2023 | 2023-00132635 | |
| 31-12-2021 | abbreviated format | 14-06-2022 | 2022-20068109 | |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-22500286 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-26600459 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-19500022 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-27600358 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-28200096 |