PENTACO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 19 filings
Turnover
≈ €68,000
Estimated: probably between €32,000 and €130,000
Total assets
€108,644▼ 47.6%
2024 · €207,502
Net result
€7,583▲ 136%
2024 · €3,211
Working capital
€46,688▼ 64.6%
2024 · €131,728
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€11,835
▲ 105%
2025
20182025
Net result
€7,583
▲ 136%
2025
middle half of the sector
20182025
Equity
€46,905
▼ 64.5%
2025
middle half of the sector
20182025
Total assets
€108,644
▼ 47.6%
2025
middle half of the sector
20182025
Debt
€61,740
▼ 18.2%
2025
20182025
Working capital
€46,688
▼ 64.6%
2025
middle half of the sector
20182025
Solvency
43.2%
▼ 20.5pp
2025
middle half of the sector
20182025
Current ratio
1.76
▼ 0.99
2025
middle half of the sector
20182025
Return on assets (ROA)
7.0%
▲ 5.4pp
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€168,318-€135,847▼ 19.3%€8,515▼ 93.7%€11,168▲ 31.2%-€9,823€8,385€5,781▼ 31.1%€11,835▲ 105%
Net result€112,358-€92,732▼ 17.5%€3,390below the sector's middle half▼ 96.3%€5,261within the sector's middle half▲ 55.2%€2,212below the sector's middle half▼ 58.0%€4,787within the sector's middle half▲ 116%€3,211below the sector's middle half▼ 32.9%€7,583within the sector's middle half▲ 136%
Equity€312,468-€405,200▲ 29.7%€408,590above the sector's middle half▲ 0.8%€413,851above the sector's middle half▲ 1.3%€299,758above the sector's middle half▼ 27.6%€241,200above the sector's middle half▼ 19.5%€132,054within the sector's middle half▼ 45.3%€46,905within the sector's middle half▼ 64.5%
Total assets€320,838-€449,028▲ 40.0%€452,549above the sector's middle half▲ 0.8%€487,486above the sector's middle half▲ 7.7%€385,584above the sector's middle half▼ 20.9%€310,313above the sector's middle half▼ 19.5%€207,502within the sector's middle half▼ 33.1%€108,644within the sector's middle half▼ 47.6%
Debt€8,370-€43,829▲ 424%€43,960▲ 0.3%€73,635▲ 67.5%€85,826▲ 16.6%€69,113▼ 19.5%€75,448▲ 9.2%€61,740▼ 18.2%
Working capital€299,288-€396,279▲ 32.4%€391,456above the sector's middle half▼ 1.2%€403,750above the sector's middle half▲ 3.1%€299,773above the sector's middle half▼ 25.8%€240,766above the sector's middle half▼ 19.7%€131,728above the sector's middle half▼ 45.3%€46,688within the sector's middle half▼ 64.6%
Solvency97.4%-90.2%▼ 7.2pp90.3%above the sector's middle half=84.9%above the sector's middle half▼ 5.4pp77.7%within the sector's middle half▼ 7.2pp77.7%within the sector's middle half=63.6%within the sector's middle half▼ 14.1pp43.2%within the sector's middle half▼ 20.5pp
Current ratio36.76-10.04▼ 26.719.90above the sector's middle half▼ 0.146.48above the sector's middle half▼ 3.424.52within the sector's middle half▼ 1.974.48within the sector's middle half▼ 0.032.75within the sector's middle half▼ 1.741.76within the sector's middle half▼ 0.99
Return on assets (ROA)35.0%-20.7%▼ 14.4pp0.7%below the sector's middle half▼ 19.9pp1.1%below the sector's middle half▲ 0.3pp0.6%below the sector's middle half▼ 0.5pp1.5%below the sector's middle half▲ 1.0pp1.5%below the sector's middle half=7.0%within the sector's middle half▲ 5.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 105% higher than in 2024 and the highest since 2021. It is a recovery after the fall 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 €108,644
Fixed assets
€217 ▼ 33.3%
Current assets
€108,427 ▼ 47.7%
Equity and liabilities €108,644
Equity
€46,905 ▼ 64.5%
Debt
€61,740 ▼ 18.2%
Debt's share of the balance-sheet total rises from 36.4% to 56.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,944▲
2024 · €5,889
Cash flow
€7,692▲
2024 · €3,320
Debt to equity
1.32▲
2024 · 0.57
ROE
16.2%▲
2024 · 2.4%
Interest coverage
over 100▲
2024 · 40.90
Debt ≤ 1 year
€61,740▼
2024 · €75,448
Income taxes
€4,825▲
2024 · €2,451
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | €4,776 | €4,210 | €6,650 | €7,008 | €108 | €108 | €108 | €108 | = |
| Other operating charges640/8 | - | - | - | €2,297 | €770 | €516 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | €175,503 | €141,037 | €17,452 | €20,472 | -€8,944 | €9,010 | €6,417 | €12,488 | ▲ 94.6% |
| Operating profit (loss)9901 | €168,318 | €135,847 | €8,515 | €11,168 | -€9,823 | €8,385 | €5,781 | €11,835 | ▲ 105% |
| Financial income75/76B | - | - | - | €50 | €13,100 | €449 | €25 | €692 | ▲ 28× |
| Recurring financial income75 | €87 | €59 | - | €50 | €50 | €449 | €25 | €692 | ▲ 28× |
| Non-recurring financial income76B | - | - | - | - | €13,050 | - | - | - | - |
| Financial charges65/66B | - | - | - | €149 | €119 | €106 | €144 | €119 | ▼ 17.5% |
| Recurring financial charges65 | €326 | €207 | €168 | €149 | €119 | €106 | €144 | €119 | ▼ 17.5% |
| Profit (loss) for the period before taxes9903 | €168,079 | €135,699 | €8,347 | €11,069 | €3,159 | €8,728 | €5,662 | €12,408 | ▲ 119% |
| Income taxes67/77 | €55,721 | €42,967 | €4,957 | €5,808 | €946 | €3,942 | €2,451 | €4,825 | ▲ 96.9% |
| Profit (loss) for the period9904 | €112,358 | €92,732 | €3,390 | €5,261 | €2,212 | €4,787 | €3,211 | €7,583 | ▲ 136% |
| Profit (loss) for the period to be appropriated9905 | €112,358 | €92,732 | €3,390 | €5,261 | €2,212 | €4,787 | €3,211 | €7,583 | ▲ 136% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €320,838 | €449,028 | €452,549 | €487,486 | €385,584 | €310,313 | €207,502 | €108,644 | ▼ 47.6% |
| Fixed assets21/28 | €13,180 | €8,920 | €17,133 | €10,101 | €542 | €434 | €325 | €217 | ▼ 33.3% |
| Tangible fixed assets22/27 | €13,105 | €8,895 | €17,108 | €10,101 | €542 | €434 | €325 | €217 | ▼ 33.3% |
| Land and buildings22 | - | - | - | €651 | €542 | €434 | €325 | €217 | ▼ 33.3% |
| Furniture and vehicles24 | - | - | - | €9,450 | - | - | - | - | - |
| Financial fixed assets28 | €75 | €25 | €25 | - | - | - | - | - | - |
| Current assets29/58 | €307,658 | €440,108 | €435,416 | €477,385 | €385,041 | €309,879 | €207,177 | €108,427 | ▼ 47.7% |
| Amounts receivable within one year40/41 | €35,107 | €76,957 | €37,584 | €50,777 | €53,339 | €87,724 | €87,272 | €100,022 | ▲ 14.6% |
| Trade receivables40 | - | - | - | €50,711 | €53,339 | €85,076 | €87,254 | €98,488 | ▲ 12.9% |
| Other amounts receivable41 | - | - | - | €66 | - | €2,648 | €18 | €1,534 | ▲ 84× |
| Cash at bank and in hand54/58 | €271,965 | €359,363 | €394,639 | €424,531 | €331,603 | €220,754 | €118,373 | €8,405 | ▼ 92.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,077 | €100 | €1,401 | €1,532 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €320,838 | €449,028 | €452,549 | €487,486 | €385,584 | €310,313 | €207,502 | €108,644 | ▼ 47.6% |
| Equity10/15 | €312,468 | €405,200 | €408,590 | €413,851 | €299,758 | €241,200 | €132,054 | €46,905 | ▼ 64.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €293,868 | €386,600 | €389,990 | €395,251 | €281,158 | €222,600 | €113,454 | €28,305 | ▼ 75.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €393,391 | €279,298 | €222,600 | €113,454 | €28,305 | ▼ 75.1% |
| Amounts payable17/49 | €8,370 | €43,829 | €43,960 | €73,635 | €85,826 | €69,113 | €75,448 | €61,740 | ▼ 18.2% |
| Amounts payable within one year42/48 | €8,370 | €43,829 | €43,960 | €73,635 | €85,268 | €69,113 | €75,448 | €61,740 | ▼ 18.2% |
| Trade debts44 | €1,032 | €25,032 | €39,208 | €71,712 | €80,456 | €62,580 | €70,399 | €59,619 | ▼ 15.3% |
| Suppliers440/4 | - | - | - | €71,712 | €80,456 | €62,580 | €70,399 | €59,619 | ▼ 15.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,924 | €4,812 | €6,533 | €5,050 | €2,121 | ▼ 58.0% |
| Taxes450/3 | - | - | - | €1,924 | €4,812 | €6,533 | €5,050 | €2,121 | ▼ 58.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €558 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €112,358 | €92,732 | €3,390 | €5,261 | €2,212 | €4,787 | €3,211 | €7,583 | ▲ 136% |
| + Depreciation and write-downs630 | €4,776 | €4,210 | €6,650 | €7,008 | €108 | €108 | €108 | €108 | = |
| Operating cash flow (approximation) | €117,134 | €96,942 | €10,040 | €12,269 | €2,321 | €4,895 | €3,320 | €7,692 | ▲ 132% |
| Investment in fixed assets (approximation) | - | €50 | -€14,862 | €25 | €9,450 | €0 | €0 | €0 | - |
| Change in cash | - | €87,398 | €35,276 | €29,892 | -€92,928 | -€110,849 | -€102,382 | -€109,967 | ▼ 7.4% |
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, 34,693 companies had the same profile as PENTACO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PENTACO itself: 0.1% 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 34,693 companies, not a prediction for PENTACO. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00168685 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00343018 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00316318 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00229318 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20184181 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-43100183 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37900296 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42300354 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-15400348 | |
| 31-12-2016 | abbreviated format | 06-06-2017 | 2017-15500020 |