Summary
PENFRET has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €164.6m and a net result of €5.2m. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 84% of 3243 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
27 d late
2023
30 d late
2022
31 d late
2021
2 d early
2020
31 d late
2019
74 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 27 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#4 company by total assets in Ukkel, Professional and technical services sector#4 company by equity in Ukkel, Professional and technical services sector
Turnover
€2.7m▼ 3.2%
2024 · €2.8m
EBIT margin
-4.7%▲ 332.7pp
2024 · -337.4%
Net result
€5.2m
2024 · -€538,979
Working capital
€47.1m▲ 16.3%
2024 · €40.5m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€2.9m▲ 7.3%€6.0m▲ 105%€3.8m▼ 37.5%€2.8m▼ 24.8%€2.7m▼ 3.2%
Operating result-€878,431▼ 941%€393,142-€4.1m-€9.6m▼ 132%-€128,395▲ 98.7%
Net result€9.6mabove the sector's middle half▲ 65.6%-€2.9mbelow the sector's middle half-€1.6mbelow the sector's middle half▲ 46.9%-€538,979below the sector's middle half▲ 65.5%€5.2mabove the sector's middle half
EBIT margin-29.8%▼ 26.7pp6.5%▲ 36.3pp-109.4%▼ 116.0pp-337.4%▼ 227.9pp-4.7%▲ 332.7pp
Equity€164.4mabove the sector's middle half▲ 6.2%€161.5mabove the sector's middle half▼ 1.8%€159.9mabove the sector's middle half▼ 1.0%€159.4mabove the sector's middle half▼ 0.3%€164.6mabove the sector's middle half▲ 3.3%
Total assets€177.7mabove the sector's middle half▲ 9.9%€184.2mabove the sector's middle half▲ 3.6%€183.6mabove the sector's middle half▼ 0.3%€181.1mabove the sector's middle half▼ 1.3%€182.2mabove the sector's middle half▲ 0.6%
Debt€13.3m▲ 93.2%€22.7m▲ 71.0%€23.6m▲ 4.1%€21.7m▼ 8.1%€17.6m▼ 19.0%
Working capital€143.4mabove the sector's middle half▲ 5.2%€139.9mabove the sector's middle half▼ 2.4%€140.2mabove the sector's middle half▲ 0.3%€40.5mabove the sector's middle half▼ 71.1%€47.1mabove the sector's middle half▲ 16.3%
Solvency92.5%above the sector's middle half▼ 3.2pp87.7%above the sector's middle half▼ 4.9pp87.1%above the sector's middle half▼ 0.5pp88.0%above the sector's middle half▲ 0.9pp90.3%above the sector's middle half▲ 2.3pp
Current ratio13.97above the sector's middle half▼ 18.687.81above the sector's middle half▼ 6.167.61above the sector's middle half▼ 0.202.95within the sector's middle half▼ 4.663.81above the sector's middle half▲ 0.86
Return on assets (ROA)5.4%within the sector's middle half▲ 1.8pp-1.6%below the sector's middle half▼ 7.0pp-0.9%below the sector's middle half▲ 0.7pp-0.3%below the sector's middle half▲ 0.6pp2.9%within the sector's middle half▲ 3.2pp
Staff (FTE)0.3below the sector's middle half0.3below the sector's middle half=0.3below the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €128,395 in 2025 against €9.6m in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €182.2m
Fixed assets
€118.3m ▼ 1.3%
Current assets
€63.9m ▲ 4.2%
Equity and liabilities €182.2m
Equity
€164.6m ▲ 3.3%
Debt
€17.6m ▼ 19.0%
Debt's share of the balance-sheet total falls from 12.0% to 9.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.2%▲
2024 · -0.3%
Debt ≤ 1 year
€16.8m▼
2024 · €20.8m
Debt > 1 year
€521,928▼
2024 · €935,201
Income taxes
€1.1m▲
2024 · €628,367
Staff costs
€11,620▲
2024 · €11,007
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €3.4m | €6.5m | €4.2m | €3.3m | €3.2m | ▼ 2.7% |
| Turnover70 | €2.9m | €6.0m | €3.8m | €2.8m | €2.7m | ▼ 3.2% |
| Other operating income74 | €438,188 | €425,940 | €422,120 | €433,791 | €435,569 | ▲ 0.4% |
| Operating charges60/66A | €4.3m | €6.1m | €8.3m | €12.9m | €3.3m | ▼ 74.2% |
| Goods for resale, raw materials and consumables60 | €2.9m | €5.0m | €3.0m | €2.9m | €2.2m | ▼ 24.8% |
| Purchases600/8 | €149,945 | €7.4m | €2.4m | €560,861 | €3.5m | ▲ 531% |
| Change in stocks: decrease (increase)609 | €2.7m | -€2.4m | €617,285 | €2.3m | -€1.4m | ▼ 159% |
| Services and other goods61 | €968,440 | €645,418 | €877,446 | €770,787 | €703,227 | ▼ 8.8% |
| Remuneration, social security and pensions62 | - | - | €11,296 | €11,007 | €11,620 | ▲ 5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €354,722 | €361,222 | €366,689 | €365,043 | €366,981 | ▲ 0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €4.0m | €200,000 | - | - |
| Other operating charges640/8 | €81,284 | €69,914 | €69,926 | €52,445 | €63,074 | ▲ 20.3% |
| Non-recurring operating charges66A | - | - | - | €8.6m | - | - |
| Operating profit (loss)9901 | -€878,431 | €393,142 | -€4.1m | -€9.6m | -€128,395 | ▲ 98.7% |
| Financial income75/76B | €14.8m | €6.6m | €6.7m | €12.3m | €7.8m | ▼ 37.2% |
| Recurring financial income75 | €14.8m | €6.6m | €6.6m | €3.9m | €4.0m | ▲ 2.6% |
| Income from financial fixed assets750 | - | - | - | €1.7m | €2.2m | ▲ 29.5% |
| Income from current assets751 | €2.0m | €3.7m | €5.3m | €818,777 | €1.1m | ▲ 30.6% |
| Other financial income752/9 | €12.8m | €2.9m | €1.3m | €1.4m | €714,425 | ▼ 47.7% |
| Non-recurring financial income76B | - | - | €146,092 | €8.5m | €3.8m | ▼ 55.4% |
| Financial charges65/66B | €625,486 | €8.4m | €3.7m | €2.7m | €1.3m | ▼ 49.5% |
| Recurring financial charges65 | €625,486 | €7.7m | €1.6m | €904,199 | €1.1m | ▲ 21.1% |
| Debt charges650 | €47,607 | €369,429 | €1.0m | €1.3m | €132,936 | ▼ 89.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €34,609 | €6.8m | -€741,625 | -€613,828 | €224,402 | ▲ 137% |
| Other financial charges652/9 | €543,270 | €546,204 | €1.3m | €262,042 | €737,400 | ▲ 181% |
| Non-recurring financial charges66B | - | €724,113 | €2.1m | €1.8m | €250,606 | ▼ 85.7% |
| Profit (loss) for the period before taxes9903 | €13.3m | -€1.4m | -€1.1m | €89,389 | €6.3m | ▲ 6,922% |
| Income taxes67/77 | €3.7m | €1.5m | €490,200 | €628,367 | €1.1m | ▲ 68.6% |
| Taxes670/3 | €3.7m | €1.5m | €490,200 | €628,367 | €1.1m | ▲ 68.6% |
| Profit (loss) for the period9904 | €9.6m | -€2.9m | -€1.6m | -€538,979 | €5.2m | ▲ 1,068% |
| Profit (loss) for the period to be appropriated9905 | €9.6m | -€2.9m | -€1.6m | -€538,979 | €5.2m | ▲ 1,068% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €177.7m | €184.2m | €183.6m | €181.1m | €182.2m | ▲ 0.6% |
| Fixed assets21/28 | €23.3m | €23.8m | €22.1m | €119.8m | €118.3m | ▼ 1.3% |
| Tangible fixed assets22/27 | €11.2m | €10.9m | €10.6m | €10.2m | €9.9m | ▼ 3.0% |
| Land and buildings22 | €10.9m | €10.7m | €10.4m | €10.0m | €9.8m | ▼ 2.8% |
| Plant, machinery and equipment23 | €1,718 | €1,374 | €1,728 | €1,052 | €377 | ▼ 64.2% |
| Furniture and vehicles24 | - | - | €1,647 | €1,253 | €860 | ▼ 31.4% |
| Other tangible fixed assets26 | €275,787 | €250,509 | €225,230 | €199,942 | €174,654 | ▼ 12.6% |
| Financial fixed assets28 | €12.2m | €12.9m | €11.5m | €109.6m | €108.4m | ▼ 1.1% |
| Affiliated companies280/1 | - | - | - | €30.7m | €24.7m | ▼ 19.8% |
| Participating interests280 | - | - | - | €17.0m | €17.0m | = |
| Amounts receivable281 | - | - | - | €13.7m | €7.7m | ▼ 44.3% |
| Companies linked by participating interests282/3 | €400 | €400 | €400 | €1.7m | €1.9m | ▲ 13.8% |
| Participating interests282 | €400 | €400 | €400 | €1.7m | €1.8m | ▲ 10.8% |
| Amounts receivable283 | - | - | - | - | €50,001 | - |
| Other financial fixed assets284/8 | €12.2m | €12.9m | €11.5m | €77.2m | €81.8m | ▲ 6.0% |
| Shares284 | €8.6m | €9.0m | €8.2m | €71.5m | €74.9m | ▲ 4.8% |
| Amounts receivable and cash guarantees285/8 | €3.5m | €3.9m | €3.3m | €5.7m | €6.9m | ▲ 21.6% |
| Current assets29/58 | €154.4m | €160.4m | €161.4m | €61.3m | €63.9m | ▲ 4.2% |
| Amounts receivable after more than one year29 | €42.9m | €35.6m | €30.9m | - | - | - |
| Other amounts receivable291 | €42.9m | €35.6m | €30.9m | - | - | - |
| Stocks and contracts in progress3 | €6.0m | €8.4m | €7.8m | €5.2m | €6.6m | ▲ 26.2% |
| Stocks30/36 | €6.0m | €8.4m | €7.8m | €5.2m | €6.6m | ▲ 26.2% |
| Property held for sale35 | €6.0m | €8.4m | €7.8m | €5.2m | €6.6m | ▲ 26.2% |
| Amounts receivable within one year40/41 | €1.7m | €4.5m | €4.0m | €912,944 | €804,426 | ▼ 11.9% |
| Trade receivables40 | €1.3m | €239,473 | €94,019 | €345,034 | €61,719 | ▼ 82.1% |
| Other amounts receivable41 | €381,012 | €4.3m | €3.9m | €567,910 | €742,707 | ▲ 30.8% |
| Current investments50/53 | €88.6m | €102.0m | €112.5m | €51.7m | €53.2m | ▲ 2.8% |
| Other investments51/53 | €88.6m | €102.0m | €112.5m | €51.7m | €53.2m | ▲ 2.8% |
| Cash at bank and in hand54/58 | €14.6m | €8.7m | €5.6m | €3.3m | €3.3m | ▲ 0.1% |
| Deferred charges and accrued income490/1 | €628,219 | €1.1m | €637,143 | €130,372 | €13,192 | ▼ 89.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €177.7m | €184.2m | €183.6m | €181.1m | €182.2m | ▲ 0.6% |
| Equity10/15 | €164.4m | €161.5m | €159.9m | €159.4m | €164.6m | ▲ 3.3% |
| Contributions10/11 | €7.4m | €7.4m | €7.4m | €7.4m | €7.4m | = |
| Capital10 | €7.4m | €7.4m | €7.4m | €7.4m | €7.4m | = |
| Issued capital100 | €7.4m | €7.4m | €7.4m | €7.4m | €7.4m | = |
| Reserves13 | €738,023 | €738,023 | €738,023 | €738,023 | €738,023 | = |
| Non-distributable reserves130/1 | €738,023 | €738,023 | €738,023 | €738,023 | €738,023 | = |
| Legal reserve130 | €738,023 | €738,023 | €738,023 | €738,023 | €738,023 | = |
| Profit (loss) carried forward14 | €156.3m | €153.4m | €151.8m | €151.3m | €156.5m | ▲ 3.4% |
| Amounts payable17/49 | €13.3m | €22.7m | €23.6m | €21.7m | €17.6m | ▼ 19.0% |
| Amounts payable after more than one year17 | €2.2m | €1.7m | €1.3m | €935,201 | €521,928 | ▼ 44.2% |
| Financial debts170/4 | €2.2m | €1.7m | €1.3m | €935,201 | €521,928 | ▼ 44.2% |
| Credit institutions173 | €2.2m | €1.7m | €1.3m | €935,201 | €521,928 | ▼ 44.2% |
| Amounts payable within one year42/48 | €11.1m | €20.5m | €21.2m | €20.8m | €16.8m | ▼ 19.3% |
| Current portion of amounts payable after more than one year42 | €396,869 | €400,908 | €404,942 | €409,109 | €413,273 | ▲ 1.0% |
| Financial debts43 | - | €13 | €373,697 | €91 | €1.9m | ▲ 2,060,059% |
| Credit institutions430/8 | - | €13 | €373,697 | €91 | €1.9m | ▲ 2,060,059% |
| Trade debts44 | €418,847 | €21,499 | €331,060 | €463,205 | €140,926 | ▼ 69.6% |
| Suppliers440/4 | €418,847 | €21,499 | €331,060 | €463,205 | €140,926 | ▼ 69.6% |
| Taxes, remuneration and social security45 | €3.2m | €3.0m | €12,606 | €9.2m | €8.8m | ▼ 4.1% |
| Taxes450/3 | €3.2m | €3.0m | €10,958 | €9.2m | €8.8m | ▼ 4.1% |
| Remuneration and social security454/9 | - | - | €1,648 | €2,521 | €2,790 | ▲ 10.7% |
| Other amounts payable47/48 | €7.1m | €17.1m | €20.1m | €10.7m | €5.5m | ▼ 48.3% |
| Accrued charges and deferred income492/3 | €69,879 | €415,352 | €1.1m | €12,172 | €304,336 | ▲ 2,400% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9.6m | -€2.9m | -€1.6m | -€538,979 | €5.2m | ▲ 1,068% |
| + Depreciation and write-downs630 | €354,722 | €361,222 | €366,689 | €365,043 | €366,981 | ▲ 0.5% |
| Operating cash flow (approximation) | €9.9m | -€2.6m | -€1.2m | -€173,935 | €5.6m | ▲ 3,311% |
| Investment in fixed assets (approximation) | - | -€842,753 | €1.3m | -€98.1m | €1.1m | ▲ 101% |
| Change in cash | - | -€5.9m | -€3.1m | -€2.3m | €2,926 | ▲ 100% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €5.2m
Net result €5.2m after 3 loss-making years.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€2.9m
Net result drops to -€2.9m, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 74 days late
2019
31-12
Financial
Highest result since 2018net €103.5m ▲901%
Net result €103.5m, the highest in the series.
31-12
Financial
Liquidity times 6current ratio 70.83
Current ratio from 11.52 to 70.83; short-term debt falls from €3.3m to €1.9m.
31-12
Financial
Equity above €100mEq €151.4m ▲216%
2 profitable years in a row build equity to €151.4m.
Show earlier events
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 18 acts read
About the unread acts
We know of 18 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
18 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2011
Ground area
514 m²
Building footprint
266 m²
Volume, LiDAR
3,962 m³
Parcel 21612C0001/00D059, Brussels · tallest building 18.6 m, ±5 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Guido van Arezzoplein 19, 1180 Ukkel
since 20112.206.839.377
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0001/00D059 | Brussels | 513 m² | 1 · 266 m² | 18.6 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
4 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 4
-
99.74%
-
40%
-
29.89%
-
10%
According to the 2025 annual accounts of PENFRET and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
9676002EDL3EGF96ML34
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Identification & contact
Identification
Legal formPublic limited company
Founded18-10-2011
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0840452936
Also
9925:BE0840452936
Registered
17-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.