PEO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 19 filings
Turnover
≈ €1.6m
Estimated: probably between €1.0m and €2.7m
Total assets
€742,311▲ 145%
2024 · €303,221
Net result
€157,246▲ 356%
2024 · €34,458
Working capital
€380,346▲ 434%
2024 · €71,202
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€212,864
▲ 358%
2025
20182025
Net result
€157,246
▲ 356%
2025
highest quarter of the sector
20182025
Equity
€255,224
▲ 160%
2025
middle half of the sector
20182025
Total assets
€742,311
▲ 145%
2025
middle half of the sector
20182025
Debt
€487,086
▲ 137%
2025
20182025
Working capital
€380,346
▲ 434%
2025
middle half of the sector
20182025
Solvency
34.4%
▲ 2.1pp
2025
middle half of the sector
20182025
Current ratio
2.14
▲ 0.79
2025
middle half of the sector
20182025
Return on assets (ROA)
21.2%
▲ 9.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
▲ 233%
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€27,848-€35,606▲ 27.9%€120,022▲ 237%€56,567▼ 52.9%€102,289▲ 80.8%€30,361▼ 70.3%€46,475▲ 53.1%€212,864▲ 358%
Net result€14,899-€20,926▲ 40.4%€83,569within the sector's middle half▲ 299%€39,457within the sector's middle half▼ 52.8%€75,050within the sector's middle half▲ 90.2%€22,056within the sector's middle half▼ 70.6%€34,458within the sector's middle half▲ 56.2%€157,246above the sector's middle half▲ 356%
Equity€102,463-€123,389▲ 20.4%€206,958within the sector's middle half▲ 67.7%€246,415within the sector's middle half▲ 19.1%€171,464within the sector's middle half▼ 30.4%€63,520below the sector's middle half▼ 63.0%€97,979below the sector's middle half▲ 54.2%€255,224within the sector's middle half▲ 160%
Total assets€432,250-€547,992▲ 26.8%€495,608below the sector's middle half▼ 9.6%€508,489below the sector's middle half▲ 2.6%€730,482within the sector's middle half▲ 43.7%€446,141below the sector's middle half▼ 38.9%€303,221below the sector's middle half▼ 32.0%€742,311within the sector's middle half▲ 145%
Debt€329,786-€424,603▲ 28.8%€288,651▼ 32.0%€262,074▼ 9.2%€559,018▲ 113%€382,621▼ 31.6%€205,242▼ 46.4%€487,086▲ 137%
Working capital€38,642-€114,521▲ 196%€198,192within the sector's middle half▲ 73.1%€229,766within the sector's middle half▲ 15.9%€167,587within the sector's middle half▼ 27.1%€51,852below the sector's middle half▼ 69.1%€71,202within the sector's middle half▲ 37.3%€380,346within the sector's middle half▲ 434%
Solvency23.7%-22.5%▼ 1.2pp41.8%within the sector's middle half▲ 19.2pp48.5%within the sector's middle half▲ 6.7pp23.5%within the sector's middle half▼ 25.0pp14.2%below the sector's middle half▼ 9.2pp32.3%within the sector's middle half▲ 18.1pp34.4%within the sector's middle half▲ 2.1pp
Current ratio1.12-1.27▲ 0.151.69within the sector's middle half▲ 0.421.88within the sector's middle half▲ 0.191.31within the sector's middle half▼ 0.571.14below the sector's middle half▼ 0.171.35within the sector's middle half▲ 0.212.14within the sector's middle half▲ 0.79
Return on assets (ROA)3.4%-3.8%▲ 0.4pp16.9%above the sector's middle half▲ 13.0pp7.8%within the sector's middle half▼ 9.1pp10.3%within the sector's middle half▲ 2.5pp4.9%within the sector's middle half▼ 5.3pp11.4%above the sector's middle half▲ 6.4pp21.2%above the sector's middle half▲ 9.8pp
Staff (FTE)1.5-1.5=1.6below the sector's middle half▲ 6.7%0.7below the sector's middle half▼ 56.3%0.8below the sector's middle half0.3below the sector's middle half▼ 62.5%1within the sector's middle half▲ 233%
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 4.6 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €742,311
Fixed assets
€27,077 ▲ 1.1%
Current assets
€715,234 ▲ 159%
Equity and liabilities €742,311
Equity
€255,224 ▲ 160%
Debt
€487,086 ▲ 137%
Debt's share of the balance-sheet total falls from 67.7% to 65.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€212,864▲
2024 · €46,671
Cash flow
€157,246▲
2024 · €34,655
Debt to equity
1.91▼
2024 · 2.09
ROE
61.6%▲
2024 · 35.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€334,887▲
2024 · €205,242
Income taxes
€55,468▲
2024 · €11,873
Staff costs
€98,617▲
2024 · €95,930
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | 1 |
| full-time | - | 1 | 1 | 1 |
| part-time | - | 0 | 0 | 0 |
| in full-time equivalents | - | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.7 | 0.8 | 0.3 | 1 |
| On a permanent contract | - | 1 | 1 | 1 |
| Joined | 1 | 1 | 1 | - |
| Left | 3 | 0 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,250 | - | - | - | - |
| Financial fixed assets | - | - | - | €18,577 | €3,500 |
| Depreciation and write-downs of the year | €1,497 | €2,654 | €2,327 | €196 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Public contracts
1 award · 2024
Procédure ouverte pour l'achat de dispositifs de mesure des rayonnements ionisants, maintenance et formation incluses.: radiamètre personnel (avec étui)
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €11,441 | €0 | - | €2,728 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €47,998 | €0 | €84,333 | €95,930 | €98,617 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,443 | €1,443 | €995 | €1,497 | €2,654 | €2,327 | €196 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,687 | €3,025 | €1,111 | €1,493 | €3,797 | ▲ 154% |
| Gross operating margin9900 | €60,735 | €151,914 | €221,728 | €107,749 | €107,968 | €118,131 | €144,093 | €315,277 | ▲ 119% |
| Operating profit (loss)9901 | €27,848 | €35,606 | €120,022 | €56,567 | €102,289 | €30,361 | €46,475 | €212,864 | ▲ 358% |
| Financial income75/76B | - | - | - | €0 | - | €0 | €0 | €0 | - |
| Recurring financial income75 | €257 | €4 | €1 | €0 | - | €0 | €0 | €0 | - |
| Financial charges65/66B | - | - | - | €771 | €315 | €235 | €143 | €150 | ▲ 4.9% |
| Recurring financial charges65 | €2,201 | €762 | €870 | €771 | €315 | €235 | €143 | €150 | ▲ 4.9% |
| Profit (loss) for the period before taxes9903 | €25,905 | €34,848 | €119,153 | €55,795 | €101,974 | €30,125 | €46,332 | €212,714 | ▲ 359% |
| Income taxes67/77 | €11,006 | €13,922 | €35,585 | €16,339 | €26,925 | €8,069 | €11,873 | €55,468 | ▲ 367% |
| Profit (loss) for the period9904 | €14,899 | €20,926 | €83,569 | €39,457 | €75,050 | €22,056 | €34,458 | €157,246 | ▲ 356% |
| Profit (loss) for the period to be appropriated9905 | €14,899 | €20,926 | €83,569 | €39,457 | €75,050 | €22,056 | €34,458 | €157,246 | ▲ 356% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €432,250 | €547,992 | €495,608 | €508,489 | €730,482 | €446,141 | €303,221 | €742,311 | ▲ 145% |
| Fixed assets21/28 | €63,821 | €8,868 | €8,896 | €16,649 | €13,995 | €11,669 | €26,777 | €27,077 | ▲ 1.1% |
| Tangible fixed assets22/27 | €2,111 | €668 | €696 | €8,449 | €5,795 | €3,469 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €8,449 | €5,795 | €3,469 | €0 | - | - |
| Financial fixed assets28 | €61,710 | €8,200 | €8,200 | €8,200 | €8,200 | €8,200 | €26,777 | €27,077 | ▲ 1.1% |
| Current assets29/58 | €368,429 | €539,124 | €486,712 | €491,840 | €716,487 | €434,473 | €276,444 | €715,234 | ▲ 159% |
| Amounts receivable within one year40/41 | €197,402 | €461,436 | €348,441 | €288,092 | €668,736 | €299,141 | €193,943 | €613,320 | ▲ 216% |
| Trade receivables40 | - | - | - | €277,410 | €632,031 | €268,935 | €173,971 | €613,320 | ▲ 253% |
| Other amounts receivable41 | - | - | - | €10,682 | €36,706 | €30,206 | €19,972 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €165,909 | €74,708 | €136,650 | €203,293 | €46,975 | €135,332 | €81,618 | €100,628 | ▲ 23.3% |
| Deferred charges and accrued income490/1 | - | - | - | €455 | €776 | €0 | €883 | €1,286 | ▲ 45.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €432,250 | €547,992 | €495,608 | €508,489 | €730,482 | €446,141 | €303,221 | €742,311 | ▲ 145% |
| Equity10/15 | €102,463 | €123,389 | €206,958 | €246,415 | €171,464 | €63,520 | €97,979 | €255,224 | ▲ 160% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €82,003 | €102,929 | €186,498 | €225,955 | €151,004 | €43,060 | €77,519 | €234,764 | ▲ 203% |
| Amounts payable17/49 | €329,786 | €424,603 | €288,651 | €262,074 | €559,018 | €382,621 | €205,242 | €487,086 | ▲ 137% |
| Amounts payable within one year42/48 | €329,786 | €424,603 | €288,521 | €262,074 | €548,900 | €382,621 | €205,242 | €334,887 | ▲ 63.2% |
| Trade debts44 | €226,602 | €353,091 | €173,506 | €199,274 | €539,908 | €201,892 | €162,736 | €230,005 | ▲ 41.3% |
| Suppliers440/4 | - | - | - | €199,274 | €539,908 | €201,892 | €162,736 | €230,005 | ▲ 41.3% |
| Taxes, remuneration and social security45 | - | - | - | €62,800 | €8,992 | €47,320 | €42,506 | €104,883 | ▲ 147% |
| Taxes450/3 | - | - | - | €57,598 | €8,617 | €23,135 | €28,955 | €93,451 | ▲ 223% |
| Remuneration and social security454/9 | - | - | - | €5,202 | €375 | €24,185 | €13,551 | €11,432 | ▼ 15.6% |
| Other amounts payable47/48 | - | - | - | - | - | €133,409 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €10,118 | €0 | - | €152,199 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,899 | €20,926 | €83,569 | €39,457 | €75,050 | €22,056 | €34,458 | €157,246 | ▲ 356% |
| + Depreciation and write-downs630 | €1,443 | €1,443 | €995 | €1,497 | €2,654 | €2,327 | €196 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €16,343 | €22,369 | €84,564 | €40,954 | €77,703 | €24,383 | €34,655 | €157,246 | ▲ 354% |
| Investment in fixed assets (approximation) | - | €53,510 | -€1,023 | -€9,250 | €0 | €0 | -€15,305 | -€300 | ▲ 98.0% |
| Change in cash | - | -€91,201 | €61,942 | €66,643 | -€156,319 | €88,357 | -€53,715 | €19,010 | - |
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 PEO 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 PEO 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 PEO. 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 | abbreviated format | 23-06-2026 | 2026-00205701 | |
| 31-12-2024 | abbreviated format | 10-07-2025 | 2025-00259878 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00319987 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00177579 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20258974 | |
| 31-12-2020 | abbreviated format | 09-07-2021 | 2021-33300212 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-30700252 | |
| 31-12-2018 | abbreviated format | 25-04-2019 | 2019-10600065 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-57000197 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-50100473 |