PEGROLS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 10 filings
Turnover
≈ €41,000
Estimated: probably between €20,000 and €81,000
Total assets
€239,561▲ 0.4%
2024 · €238,572
Net result
-€9,615
2024 · €52,185
Working capital
€40,576▼ 74.2%
2024 · €157,326
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,335
2025
20182025
Net result
-€9,615
2025
lowest quarter of the sector
20182025
Equity
€108,343
▼ 54.0%
2025
middle half of the sector
20182025
Total assets
€239,561
▲ 0.4%
2025
middle half of the sector
20182025
Debt
€131,218
▲ 44×
2025
20182025
Working capital
€40,576
▼ 74.2%
2025
middle half of the sector
20182025
Solvency
45.2%
▼ 53.5pp
2025
middle half of the sector
20182025
Current ratio
1.31
▼ 52.72
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.0%
▼ 25.9pp
2025
lowest 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€89,158-€2,257▼ 97.5%-€32,665€126,364€121,416▼ 3.9%-€7,345€59,014-€8,335
Net result€69,676-€583▼ 99.2%-€33,081below the sector's middle half€107,349above the sector's middle half€95,101above the sector's middle half▼ 11.4%-€7,273below the sector's middle half€52,185within the sector's middle half-€9,615below the sector's middle half
Equity€152,542-€159,325▲ 4.4%-€11,757below the sector's middle half€95,592within the sector's middle half€190,693within the sector's middle half▲ 99.5%€183,420within the sector's middle half▼ 3.8%€235,605within the sector's middle half▲ 28.5%€108,343within the sector's middle half▼ 54.0%
Total assets€201,028-€186,235▼ 7.4%€10,946below the sector's middle half▼ 94.1%€109,985within the sector's middle half▲ 905%€207,519within the sector's middle half▲ 88.7%€191,233within the sector's middle half▼ 7.8%€238,572within the sector's middle half▲ 24.8%€239,561within the sector's middle half▲ 0.4%
Debt€48,486-€26,911▼ 44.5%€22,703▼ 15.6%€14,392▼ 36.6%€16,826▲ 16.9%€7,813▼ 53.6%€2,967▼ 62.0%€131,218▲ 44×
Working capital€134,296-€147,175▲ 9.6%-€12,431below the sector's middle half€95,592within the sector's middle half€189,108above the sector's middle half▲ 97.8%€182,456above the sector's middle half▼ 3.5%€157,326above the sector's middle half▼ 13.8%€40,576within the sector's middle half▼ 74.2%
Solvency75.9%-85.6%▲ 9.7pp-107.4%below the sector's middle half▼ 193.0pp86.9%above the sector's middle half▲ 194.3pp91.9%above the sector's middle half▲ 5.0pp95.9%above the sector's middle half▲ 4.0pp98.8%above the sector's middle half▲ 2.8pp45.2%within the sector's middle half▼ 53.5pp
Current ratio4.16-6.47▲ 2.310.45below the sector's middle half▼ 6.027.64above the sector's middle half▲ 7.1912.24above the sector's middle half▲ 4.6024.35above the sector's middle half▲ 12.1154.03above the sector's middle half▲ 29.681.31within the sector's middle half▼ 52.72
Return on assets (ROA)34.7%-0.3%▼ 34.3pp-302.2%below the sector's middle half▼ 302.5pp97.6%above the sector's middle half▲ 399.8pp45.8%above the sector's middle half▼ 51.8pp-3.8%below the sector's middle half▼ 49.6pp21.9%within the sector's middle half▲ 25.7pp-4.0%below the sector's middle half▼ 25.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €8,335, after a profit of €59,014 in 2024. It is the lowest result since 2021.
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 €239,561
Fixed assets
€67,767 ▼ 13.4%
Current assets
€171,794 ▲ 7.2%
Equity and liabilities €239,561
Equity
€108,343 ▼ 54.0%
Debt
€131,218 ▲ 44×
Debt's share of the balance-sheet total rises from 1.2% to 54.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€8,186▼
2024 · €61,617
Cash flow
€6,906▼
2024 · €54,788
Debt to equity
1.21▲
2024 · 0.01
ROE
-8.9%▼
2024 · 22.1%
Interest coverage
75.29▼
2024 · over 100
Debt ≤ 1 year
€131,218▲
2024 · €2,967
Income taxes
€5,241▼
2024 · €11,265
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,863 | - | €79,918 | €6,008 |
| Depreciation and write-downs of the year | €674 | €277 | €621 | €2,603 | €16,521 |
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 | - | - | - | - | - | - | €13,186 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,270 | €12,078 | €11,476 | €674 | €277 | €621 | €2,603 | €16,521 | ▲ 535% |
| Other operating charges640/8 | - | - | - | €449 | €450 | €493 | €840 | €520 | ▼ 38.2% |
| Gross operating margin9900 | €102,871 | €14,781 | -€20,742 | €127,487 | €122,143 | -€6,231 | €62,458 | €8,706 | ▼ 86.1% |
| Operating profit (loss)9901 | €89,158 | €2,257 | -€32,665 | €126,364 | €121,416 | -€7,345 | €59,014 | -€8,335 | - |
| Financial income75/76B | - | - | - | - | - | €881 | €4,649 | €4,069 | ▼ 12.5% |
| Recurring financial income75 | €129 | €135 | €0 | - | - | €881 | €4,649 | €4,069 | ▼ 12.5% |
| Financial charges65/66B | - | - | - | €114 | €125 | €351 | €213 | €109 | ▼ 49.0% |
| Recurring financial charges65 | €509 | €308 | €103 | €114 | €125 | €351 | €213 | €109 | ▼ 49.0% |
| Profit (loss) for the period before taxes9903 | €88,777 | €2,083 | -€32,768 | €126,250 | €121,290 | -€6,815 | €63,450 | -€4,375 | - |
| Income taxes67/77 | €19,101 | €1,500 | €313 | €18,901 | €26,190 | €458 | €11,265 | €5,241 | ▼ 53.5% |
| Profit (loss) for the period9904 | €69,676 | €583 | -€33,081 | €107,349 | €95,101 | -€7,273 | €52,185 | -€9,615 | - |
| Profit (loss) for the period to be appropriated9905 | €69,676 | €583 | -€33,081 | €107,349 | €95,101 | -€7,273 | €52,185 | -€9,615 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €201,028 | €186,235 | €10,946 | €109,985 | €207,519 | €191,233 | €238,572 | €239,561 | ▲ 0.4% |
| Fixed assets21/28 | €24,228 | €12,150 | €674 | - | €1,585 | €965 | €78,279 | €67,767 | ▼ 13.4% |
| Tangible fixed assets22/27 | €24,228 | €12,150 | €674 | - | €1,585 | €965 | €78,279 | €67,767 | ▼ 13.4% |
| Plant, machinery and equipment23 | - | - | - | - | €1,585 | €965 | €2,340 | €1,566 | ▼ 33.1% |
| Furniture and vehicles24 | - | - | - | - | - | - | €75,939 | €66,201 | ▼ 12.8% |
| Current assets29/58 | €176,800 | €174,086 | €10,272 | €109,985 | €205,934 | €190,269 | €160,293 | €171,794 | ▲ 7.2% |
| Amounts receivable within one year40/41 | €15,246 | €18,470 | €119 | €44,033 | €43,237 | €15,177 | €17,039 | €43,377 | ▲ 155% |
| Trade receivables40 | - | - | - | €37,934 | €41,927 | €9,196 | €660 | €40,838 | ▲ 62× |
| Other amounts receivable41 | - | - | - | €6,099 | €1,310 | €5,981 | €16,379 | €2,540 | ▼ 84.5% |
| Cash at bank and in hand54/58 | €160,393 | €154,594 | €7,701 | €63,321 | €162,227 | €174,506 | €141,363 | €126,544 | ▼ 10.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,631 | €470 | €586 | €1,891 | €1,873 | ▼ 0.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €201,028 | €186,235 | €10,946 | €109,985 | €207,519 | €191,233 | €238,572 | €239,561 | ▲ 0.4% |
| Equity10/15 | €152,542 | €159,325 | -€11,757 | €95,592 | €190,693 | €183,420 | €235,605 | €108,343 | ▼ 54.0% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €140,142 | €140,142 | €2,142 | €76,992 | €172,093 | €164,820 | €217,005 | €89,743 | ▼ 58.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €75,132 | €170,233 | €164,820 | €217,005 | €89,743 | ▼ 58.6% |
| Profit (loss) carried forward14 | - | €583 | -€32,498 | - | - | - | - | - | - |
| Amounts payable17/49 | €48,486 | €26,911 | €22,703 | €14,392 | €16,826 | €7,813 | €2,967 | €131,218 | ▲ 44× |
| Amounts payable after more than one year17 | €5,982 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €42,504 | €26,911 | €22,703 | €14,392 | €16,826 | €7,813 | €2,967 | €131,218 | ▲ 44× |
| Trade debts44 | €9,945 | €1,866 | €524 | €90 | €2,540 | €270 | - | €106 | - |
| Suppliers440/4 | - | - | - | €90 | €2,540 | €270 | - | €106 | - |
| Taxes, remuneration and social security45 | - | - | - | €14,236 | €14,260 | €7,460 | €2,884 | €31,028 | ▲ 976% |
| Taxes450/3 | - | - | - | €14,236 | €14,260 | €7,460 | €2,884 | €31,028 | ▲ 976% |
| Other amounts payable47/48 | - | - | - | €66 | €26 | €83 | €83 | €100,083 | ▲ 1,207× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,676 | €583 | -€33,081 | €107,349 | €95,101 | -€7,273 | €52,185 | -€9,615 | - |
| + Depreciation and write-downs630 | €13,270 | €12,078 | €11,476 | €674 | €277 | €621 | €2,603 | €16,521 | ▲ 535% |
| Operating cash flow (approximation) | €82,946 | €12,661 | -€21,606 | €108,023 | €95,378 | -€6,652 | €54,788 | €6,906 | ▼ 87.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | €0 | -€79,918 | -€6,008 | ▲ 92.5% |
| Change in cash | - | -€5,799 | -€146,893 | €55,620 | €98,906 | €12,279 | -€33,142 | -€14,819 | ▲ 55.3% |
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, 6,908 companies had the same profile as PEGROLS has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PEGROLS itself is lower: < 0.1% within 12 months. It rests on far more data about PEGROLS than the profile alone.
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 6,908 companies, not a prediction for PEGROLS. 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 | 23-06-2026 | 2026-00186808 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00316298 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00288221 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00233996 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20104220 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-63900219 | |
| 31-12-2019 | micro format | 05-10-2020 | 2020-58800168 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39200004 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-39600460 | |
| 31-12-2016 | abbreviated format | 16-08-2017 | 2017-44100419 |