Pentanova
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 4 filings
Turnover
≈ €380,000
Estimated: probably between €180,000 and €930,000
Total assets
€287,722▲ 13.5%
2024 · €253,424
Net result
€74,541▼ 18.2%
2024 · €91,125
Working capital
€121,364▲ 44.4%
2024 · €84,019
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€98,465
▼ 19.1%
2025
20222025
Net result
€74,541
▼ 18.2%
2025
highest quarter of the sector
20222025
Equity
€273,058
▲ 37.5%
2025
highest quarter of the sector
20222025
Total assets
€287,722
▲ 13.5%
2025
middle half of the sector
20222025
Debt
€14,663
▼ 73.3%
2025
20222025
Working capital
€121,364
▲ 44.4%
2025
middle half of the sector
20222025
Solvency
94.9%
▲ 16.6pp
2025
highest quarter of the sector
20222025
Current ratio
9.28
▲ 6.75
2025
highest quarter of the sector
20222025
Return on assets (ROA)
25.9%
▼ 10.1pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€60,664-€75,628▲ 24.7%€121,644▲ 60.8%€98,465▼ 19.1%
Net result€47,514above the sector's middle half-€57,380above the sector's middle half▲ 20.8%€91,125above the sector's middle half▲ 58.8%€74,541above the sector's middle half▼ 18.2%
Equity€50,014within the sector's middle half-€107,393within the sector's middle half▲ 115%€198,518above the sector's middle half▲ 84.9%€273,058above the sector's middle half▲ 37.5%
Total assets€73,765within the sector's middle half-€135,589within the sector's middle half▲ 83.8%€253,424within the sector's middle half▲ 86.9%€287,722within the sector's middle half▲ 13.5%
Debt€23,752-€28,195▲ 18.7%€54,906▲ 94.7%€14,663▼ 73.3%
Working capital€49,249within the sector's middle half-€49,028within the sector's middle half▼ 0.4%€84,019within the sector's middle half▲ 71.4%€121,364within the sector's middle half▲ 44.4%
Solvency67.8%above the sector's middle half-79.2%above the sector's middle half▲ 11.4pp78.3%above the sector's middle half▼ 0.9pp94.9%above the sector's middle half▲ 16.6pp
Current ratio3.07within the sector's middle half-2.74within the sector's middle half▼ 0.332.53within the sector's middle half▼ 0.219.28above the sector's middle half▲ 6.75
Return on assets (ROA)64.4%above the sector's middle half-42.3%above the sector's middle half▼ 22.1pp36.0%above the sector's middle half▼ 6.4pp25.9%above the sector's middle half▼ 10.1pp
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 19% lower than 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 €287,722
Fixed assets
€151,695 ▲ 32.5%
Current assets
€136,027 ▼ 2.1%
Equity and liabilities €287,722
Equity
€273,058 ▲ 37.5%
Debt
€14,663 ▼ 73.3%
Debt's share of the balance-sheet total falls from 21.7% to 5.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€101,269▼
2024 · €124,010
Cash flow
€77,344▼
2024 · €93,490
Debt to equity
0.05▼
2024 · 0.28
ROE
27.3%▼
2024 · 45.9%
Interest coverage
26.73▼
2024 · 33.07
Debt ≤ 1 year
€14,663▼
2024 · €54,906
Income taxes
€21,472▼
2024 · €26,770
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €890 | €19,322 | €3,500 | - |
| Financial fixed assets | - | €40,000 | €54,999 | €39,999 |
| Depreciation and write-downs of the year | €126 | €1,721 | €2,366 | €2,803 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €126 | €1,721 | €2,366 | €2,803 | ▲ 18.5% |
| Other operating charges640/8 | €348 | €1,835 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €61,137 | €79,184 | €124,515 | €101,788 | ▼ 18.3% |
| Operating profit (loss)9901 | €60,664 | €75,628 | €121,644 | €98,465 | ▼ 19.1% |
| Financial income75/76B | - | €32 | €0 | €1,336 | ▲ 66,782× |
| Recurring financial income75 | - | €32 | €0 | €1,336 | ▲ 66,782× |
| Financial charges65/66B | €509 | €1,804 | €3,750 | €3,789 | ▲ 1.0% |
| Recurring financial charges65 | €509 | €1,804 | €3,750 | €3,789 | ▲ 1.0% |
| Profit (loss) for the period before taxes9903 | €60,155 | €73,857 | €117,895 | €96,012 | ▼ 18.6% |
| Income taxes67/77 | €12,641 | €16,477 | €26,770 | €21,472 | ▼ 19.8% |
| Profit (loss) for the period9904 | €47,514 | €57,380 | €91,125 | €74,541 | ▼ 18.2% |
| Profit (loss) for the period to be appropriated9905 | €47,514 | €57,380 | €91,125 | €74,541 | ▼ 18.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €73,765 | €135,589 | €253,424 | €287,722 | ▲ 13.5% |
| Fixed assets21/28 | €765 | €58,366 | €114,499 | €151,695 | ▲ 32.5% |
| Tangible fixed assets22/27 | €765 | €18,366 | €19,500 | €16,697 | ▼ 14.4% |
| Plant, machinery and equipment23 | €765 | €468 | €171 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €8,795 | €11,200 | €9,542 | ▼ 14.8% |
| Other tangible fixed assets26 | - | €9,103 | €8,129 | €7,155 | ▼ 12.0% |
| Financial fixed assets28 | - | €40,000 | €94,999 | €134,998 | ▲ 42.1% |
| Current assets29/58 | €73,001 | €77,223 | €138,925 | €136,027 | ▼ 2.1% |
| Amounts receivable within one year40/41 | €14,621 | €3,795 | €25,265 | €22,847 | ▼ 9.6% |
| Trade receivables40 | €14,600 | €2,420 | €25,053 | €22,832 | ▼ 8.9% |
| Other amounts receivable41 | €21 | €1,375 | €211 | €15 | ▼ 92.9% |
| Current investments50/53 | - | - | €75,000 | €100,230 | ▲ 33.6% |
| Cash at bank and in hand54/58 | €57,665 | €73,428 | €38,660 | €12,950 | ▼ 66.5% |
| Deferred charges and accrued income490/1 | €715 | €0 | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €73,765 | €135,589 | €253,424 | €287,722 | ▲ 13.5% |
| Equity10/15 | €50,014 | €107,393 | €198,518 | €273,058 | ▲ 37.5% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €47,514 | €104,893 | €196,018 | €270,558 | ▲ 38.0% |
| Amounts payable17/49 | €23,752 | €28,195 | €54,906 | €14,663 | ▼ 73.3% |
| Amounts payable within one year42/48 | €23,752 | €28,195 | €54,906 | €14,663 | ▼ 73.3% |
| Trade debts44 | €985 | €856 | €53 | €1,767 | ▲ 33× |
| Suppliers440/4 | €985 | €856 | €53 | €1,767 | ▲ 33× |
| Taxes, remuneration and social security45 | €18,567 | €27,340 | €34,043 | €7,268 | ▼ 78.7% |
| Taxes450/3 | €18,567 | €27,340 | €34,043 | €7,268 | ▼ 78.7% |
| Other amounts payable47/48 | €4,200 | €0 | €20,810 | €5,629 | ▼ 73.0% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,514 | €57,380 | €91,125 | €74,541 | ▼ 18.2% |
| + Depreciation and write-downs630 | €126 | €1,721 | €2,366 | €2,803 | ▲ 18.5% |
| Operating cash flow (approximation) | €47,639 | €59,101 | €93,490 | €77,344 | ▼ 17.3% |
| Investment in fixed assets (approximation) | - | -€59,322 | -€58,499 | -€39,999 | ▲ 31.6% |
| Change in cash | - | €15,763 | -€34,768 | -€25,710 | ▲ 26.1% |
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, 39,278 companies had the same profile as Pentanova has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pentanova itself: 0.6% 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 39,278 companies, not a prediction for Pentanova. 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.