PELGRIMS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 32 filings
Turnover
≈ €340,000
Estimated: probably between €300,000 and €370,000
Total assets
€5.7m▲ 43.1%
2024 · €4.0m
Net result
€85,718▲ 9.7%
2024 · €78,139
Working capital
-€2.1m▼ 31.5%
2024 · -€1.6m
In the rankings
#7 company by total assets in Begijnendijk
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€136,106
▲ 26.6%
2025
20182025
Net result
€85,718
▲ 9.7%
2025
highest quarter of the sector
20182025
Equity
€964,781
▲ 9.8%
2025
middle half of the sector
20182025
Total assets
€5.7m
▲ 43.1%
2025
highest quarter of the sector
20182025
Debt
€4.7m
▲ 53.3%
2025
20182025
Working capital
-€2.1m
▼ 31.5%
2025
lowest quarter of the sector
20182025
Solvency
17.0%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
0.13
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.5%
▼ 0.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.09m▲ 252%€0.05m▼ 41.5%€0.03m▼ 34.0%€0.08m▲ 149%€0.1m▲ 16.4%€0.1m▲ 11.1%€0.1m▲ 26.6%
Net result€0.01m-€0.05m▲ 353%€0.03mabove the sector's middle half▼ 28.9%€0.04mabove the sector's middle half▲ 20.1%€0.05mabove the sector's middle half▲ 16.8%€0.04mabove the sector's middle half▼ 19.2%€0.08mabove the sector's middle half▲ 106%€0.09mabove the sector's middle half▲ 9.7%
Equity€0.5m-€0.5m▲ 10.0%€0.5mabove the sector's middle half▲ 6.5%€0.7mabove the sector's middle half▲ 30.6%€0.8mabove the sector's middle half▲ 6.5%€0.8mabove the sector's middle half▲ 5.0%€0.9mabove the sector's middle half▲ 9.8%€1.0mwithin the sector's middle half▲ 9.8%
Total assets€2.8m-€2.8m▼ 1.2%€3.0mabove the sector's middle half▲ 9.5%€3.4mabove the sector's middle half▲ 13.4%€4.3mabove the sector's middle half▲ 25.2%€4.0mabove the sector's middle half▼ 7.2%€4.0mabove the sector's middle half▼ 0.5%€5.7mabove the sector's middle half▲ 43.1%
Debt€2.3m-€2.2m▼ 3.5%€2.4m▲ 10.3%€2.7m▲ 8.9%€3.5m▲ 30.7%€3.1m▼ 9.9%€3.0m▼ 3.1%€4.7m▲ 53.3%
Working capital-€1.2m--€1.3m▼ 7.0%-€1.4mbelow the sector's middle half▼ 6.7%-€1.2mbelow the sector's middle half▲ 10.1%-€1.4mbelow the sector's middle half▼ 12.7%-€1.4mbelow the sector's middle half▼ 2.1%-€1.6mbelow the sector's middle half▼ 10.8%-€2.1mbelow the sector's middle half▼ 31.5%
Solvency16.8%-18.7%▲ 1.9pp18.2%within the sector's middle half▼ 0.5pp20.9%within the sector's middle half▲ 2.8pp17.8%within the sector's middle half▼ 3.1pp20.1%within the sector's middle half▲ 2.3pp22.2%within the sector's middle half▲ 2.1pp17.0%within the sector's middle half▼ 5.2pp
Current ratio0.09-0.08▼ 0.010.10below the sector's middle half▲ 0.020.14below the sector's middle half▲ 0.040.21below the sector's middle half▲ 0.070.07below the sector's middle half▼ 0.140.09below the sector's middle half▲ 0.020.13below the sector's middle half▲ 0.04
Return on assets (ROA)0.4%-1.7%▲ 1.3pp1.1%within the sector's middle half▼ 0.6pp1.2%within the sector's middle half▲ 0.1pp1.1%within the sector's middle half▼ 0.1pp1.0%within the sector's middle half▼ 0.1pp2.0%within the sector's middle half▲ 1.0pp1.5%within the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 27% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €5.7m
Fixed assets
€5.4m ▲ 40.7%
Current assets
€304,417 ▲ 103%
Equity and liabilities €5.7m
Equity
€964,781 ▲ 9.8%
Provisions
€37,397 ▼ 3.3%
Debt
€4.7m ▲ 53.3%
Debt's share of the balance-sheet total rises from 76.8% to 82.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€286,318▲
2024 · €176,290
Cash flow
€235,930▲
2024 · €146,946
Debt to equity
4.83▲
2024 · 3.46
ROE
8.9%=
2024 · 8.9%
Interest coverage
13.13▲
2024 · 7.57
Debt ≤ 1 year
€2.4m▲
2024 · €1.7m
Debt > 1 year
€2.3m▲
2024 · €1.3m
Income taxes
€29,862▲
2024 · €7,336
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 | €494,708 | €729,000 | - | - | €761,678 |
| Intangible fixed assets | - | - | €30,000 | - | - |
| Financial fixed assets | - | - | - | - | €940,000 |
| Depreciation and write-downs of the year | €24,636 | €36,049 | €68,808 | €68,808 | €150,212 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,321 | €24,321 | €24,321 | €24,636 | €36,049 | €68,808 | €68,808 | €150,212 | ▲ 118% |
| Other operating charges640/8 | - | - | - | €212 | €879 | €13,499 | €14,665 | €13,455 | ▼ 8.3% |
| Gross operating margin9900 | €54,150 | €112,001 | €79,269 | €58,286 | €120,057 | €179,063 | €190,956 | €299,773 | ▲ 57.0% |
| Operating profit (loss)9901 | €24,580 | €86,494 | €50,636 | €33,439 | €83,129 | €96,757 | €107,483 | €136,106 | ▲ 26.6% |
| Recurring financial income75 | €679 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €17,141 | €20,674 | €45,192 | €23,298 | €21,814 | ▼ 6.4% |
| Recurring financial charges65 | €10,783 | €24,531 | €6,118 | €17,141 | €20,674 | €45,192 | €23,298 | €21,814 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | €14,476 | €61,964 | €44,518 | €16,298 | €62,455 | €51,565 | €84,185 | €114,291 | ▲ 35.8% |
| Transfer from deferred taxes780 | - | - | - | €23,793 | €1,290 | €1,290 | €1,290 | €1,290 | = |
| Income taxes67/77 | €4,101 | €15,000 | €11,129 | - | €16,903 | €15,000 | €7,336 | €29,862 | ▲ 307% |
| Profit (loss) for the period9904 | €10,375 | €46,964 | €33,388 | €40,091 | €46,841 | €37,855 | €78,139 | €85,718 | ▲ 9.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €58,253 | €3,869 | €3,869 | €3,869 | €3,869 | = |
| Profit (loss) for the period to be appropriated9905 | €10,375 | €46,964 | €33,388 | €98,344 | €50,710 | €41,723 | €82,008 | €89,587 | ▲ 9.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.8m | €2.8m | €3.0m | €3.4m | €4.3m | €4.0m | €4.0m | €5.7m | ▲ 43.1% |
| Fixed assets21/28 | €2.7m | €2.6m | €2.9m | €3.2m | €3.9m | €3.9m | €3.8m | €5.4m | ▲ 40.7% |
| Intangible fixed assets21 | - | - | - | - | - | €0.03m | €0.02m | €0.02m | ▼ 11.4% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.2m | €1.5m | €2.2m | €2.2m | €2.1m | €2.7m | ▲ 29.1% |
| Land and buildings22 | - | - | - | €1.5m | €2.2m | €2.2m | €2.1m | €2.7m | ▲ 29.1% |
| Financial fixed assets28 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €2.6m | ▲ 56.1% |
| Current assets29/58 | €0.1m | €0.1m | €0.2m | €0.2m | €0.4m | €0.1m | €0.1m | €0.3m | ▲ 103% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.09m | €0.1m | €0.3m | ▲ 137% |
| Trade receivables40 | - | - | - | €0.05m | €0.2m | €0.03m | €0.1m | €0.3m | ▲ 137% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.07m | €0.06m | €0 | €1 | - |
| Cash at bank and in hand54/58 | €0.02m | €0.01m | €0.01m | €0.02m | €0.1m | €0.02m | €0.04m | €0.03m | ▼ 4.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.8m | €2.8m | €3.0m | €3.4m | €4.3m | €4.0m | €4.0m | €5.7m | ▲ 43.1% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | ▲ 9.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.8m | €0.9m | ▲ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.3% |
| Distributable reserves133 | - | - | - | €0.07m | €0.07m | €0.07m | €0.7m | €0.8m | ▲ 12.9% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | €0 | - | - |
| Provisions and deferred taxes16 | €0.02m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 3.3% |
| Deferred taxes168 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 3.3% |
| Amounts payable17/49 | €2.3m | €2.2m | €2.4m | €2.7m | €3.5m | €3.1m | €3.0m | €4.7m | ▲ 53.3% |
| Amounts payable after more than one year17 | €1.0m | €0.8m | €0.9m | €1.2m | €1.7m | €1.6m | €1.3m | €2.3m | ▲ 74.3% |
| Financial debts170/4 | - | - | - | €1.2m | €1.7m | €1.6m | €1.3m | €2.3m | ▲ 74.3% |
| Other amounts payable178/9 | - | - | - | - | - | €0.002m | €0 | - | - |
| Amounts payable within one year42/48 | €1.3m | €1.4m | €1.5m | €1.4m | €1.8m | €1.5m | €1.7m | €2.4m | ▲ 37.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.4m | ▲ 67.8% |
| Financial debts43 | - | - | - | €0.2m | €0.1m | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.1m | €0 | - | - | - |
| Trade debts44 | - | - | - | €0.03m | €0.08m | €0.004m | €0.001m | €0.001m | ▼ 23.3% |
| Suppliers440/4 | - | - | - | €0.03m | €0.08m | €0.004m | €0.001m | €0.001m | ▼ 23.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.1m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.009m | €0.009m | €0.03m | €0.08m | ▲ 218% |
| Taxes450/3 | - | - | - | - | €0.009m | €0.009m | €0.03m | €0.08m | ▲ 218% |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.4m | €1.4m | €1.4m | €2.0m | ▲ 39.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.05m | €0.03m | €0.04m | €0.05m | €0.04m | €0.08m | €0.09m | ▲ 9.7% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.04m | €0.07m | €0.07m | €0.2m | ▲ 118% |
| Operating cash flow (approximation) | €0.03m | €0.07m | €0.06m | €0.06m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 60.6% |
| Investment in fixed assets (approximation) | - | €0 | -€0.2m | -€0.4m | -€0.7m | -€0.03m | €0 | -€1.7m | - |
| Change in cash | - | -€0.009m | €0.001m | €0.003m | €0.1m | -€0.1m | €0.02m | -€0.002m | - |
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, 4,685 companies had the same profile as PELGRIMS has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of PELGRIMS itself: 0.2% 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 4,685 companies, not a prediction for PELGRIMS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00300111 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00282467 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00387257 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00132181 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20338970 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53900212 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38000513 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-67400550 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37900097 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-55900226 |