PETERMARK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 21 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€52,274▼ 97.8%
2024 · -€26,435
Working capital
-€154,154▼ 35.9%
2024 · -€113,439
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€47,228
▼ 131%
2025
20192025
Net result
-€52,274
▼ 97.8%
2025
lowest quarter of the sector
20192025
Equity
€149,110
▼ 26.0%
2025
middle half of the sector
20192025
Total assets
€458,196
▼ 6.1%
2025
middle half of the sector
20192025
Debt
€284,696
▲ 9.1%
2025
20192025
Working capital
-€154,154
▼ 35.9%
2025
lowest quarter of the sector
20192025
Solvency
32.5%
▼ 8.7pp
2025
middle half of the sector
20192025
Current ratio
0.06
▼ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-11.4%
▼ 6.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€159,123-€21,951▼ 86.2%€31,672▲ 44.3%-€14,814-€33,346▼ 125%-€20,459▲ 38.6%-€47,228▼ 131%
Net result€104,788-€11,728within the sector's middle half▼ 88.8%€17,503within the sector's middle half▲ 49.2%-€16,716within the sector's middle half-€35,563below the sector's middle half▼ 113%-€26,435below the sector's middle half▲ 25.7%-€52,274below the sector's middle half▼ 97.8%
Equity€250,866-€262,594within the sector's middle half▲ 4.7%€280,097within the sector's middle half▲ 6.7%€263,381within the sector's middle half▼ 6.0%€227,818within the sector's middle half▼ 13.5%€201,384within the sector's middle half▼ 11.6%€149,110within the sector's middle half▼ 26.0%
Total assets€636,203-€575,370below the sector's middle half▼ 9.6%€575,763below the sector's middle half▲ 0.1%€538,662below the sector's middle half▼ 6.4%€504,742within the sector's middle half▼ 6.3%€487,720within the sector's middle half▼ 3.4%€458,196within the sector's middle half▼ 6.1%
Debt€354,583-€283,083▼ 20.2%€267,033▼ 5.7%€247,708▼ 7.2%€250,411▲ 1.1%€260,885▲ 4.2%€284,696▲ 9.1%
Working capital-€55,393--€60,721within the sector's middle half▼ 9.6%-€49,845within the sector's middle half▲ 17.9%-€65,474within the sector's middle half▼ 31.4%-€96,588below the sector's middle half▼ 47.5%-€113,439below the sector's middle half▼ 17.4%-€154,154below the sector's middle half▼ 35.9%
Solvency39.4%-45.6%within the sector's middle half▲ 6.2pp48.6%within the sector's middle half▲ 3.0pp48.9%within the sector's middle half▲ 0.2pp45.1%within the sector's middle half▼ 3.8pp41.3%within the sector's middle half▼ 3.8pp32.5%within the sector's middle half▼ 8.7pp
Current ratio0.55-0.29below the sector's middle half▼ 0.250.31below the sector's middle half▲ 0.020.17below the sector's middle half▼ 0.140.06below the sector's middle half▼ 0.100.13below the sector's middle half▲ 0.060.06below the sector's middle half▼ 0.06
Return on assets (ROA)16.5%-2.0%within the sector's middle half▼ 14.4pp3.0%within the sector's middle half▲ 1.0pp-3.1%below the sector's middle half▼ 6.1pp-7.0%below the sector's middle half▼ 3.9pp-5.4%below the sector's middle half▲ 1.6pp-11.4%below the sector's middle half▼ 6.0pp
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 a loss of €47,228, larger than the loss of €20,459 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €458,196
Fixed assets
€447,883 ▼ 5.0%
Current assets
€10,314 ▼ 36.9%
Equity and liabilities €458,196
Equity
€149,110 ▼ 26.0%
Provisions
€24,391 ▼ 4.2%
Debt
€284,696 ▲ 9.1%
Debt's share of the balance-sheet total rises from 53.5% to 62.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€21,267▼
2024 · €6,414
Cash flow
-€26,313▼
2024 · €438
Quick ratio
0.05▼
2024 · 0.11
Debt to equity
1.91▲
2024 · 1.30
ROE
-35.1%▼
2024 · -13.1%
Interest coverage
-3.57▼
2024 · 0.93
Debt ≤ 1 year
€164,468▲
2024 · €129,788
Debt > 1 year
€112,729▼
2024 · €129,157
Income taxes
€142▲
2024 · €135
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €221,191 | €192,832 | - | - | - |
| Carrying value of the mortgaged assets | €515,149 | €495,458 | €475,767 | €456,061 | €439,308 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €34,496 | - | - | - | €2,472 |
| Depreciation and write-downs of the year | €24,899 | €27,680 | €27,247 | €26,873 | €25,961 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,035 | €23,202 | €24,899 | €27,680 | €27,247 | €26,873 | €25,961 | ▼ 3.4% |
| Other operating charges640/8 | - | - | €5,123 | €4,864 | €3,167 | €3,298 | €3,214 | ▼ 2.6% |
| Gross operating margin9900 | €190,404 | €50,766 | €61,693 | €17,730 | -€2,932 | €9,713 | -€18,053 | - |
| Operating profit (loss)9901 | €159,123 | €21,951 | €31,672 | -€14,814 | -€33,346 | -€20,459 | -€47,228 | ▼ 131% |
| Financial income75/76B | - | - | €5 | €3 | €22 | - | - | - |
| Recurring financial income75 | €319 | €2 | €5 | €3 | €22 | - | - | - |
| Financial charges65/66B | - | - | €3,281 | €2,845 | €3,171 | €6,901 | €5,965 | ▼ 13.6% |
| Recurring financial charges65 | €11,175 | €3,627 | €3,281 | €2,845 | €3,171 | €6,901 | €5,965 | ▼ 13.6% |
| Profit (loss) for the period before taxes9903 | €148,266 | €18,326 | €28,395 | -€17,657 | -€36,495 | -€27,360 | -€53,193 | ▼ 94.4% |
| Transfer from deferred taxes780 | - | - | €1,060 | €1,060 | €1,060 | €1,060 | €1,060 | = |
| Income taxes67/77 | €12,724 | €7,659 | €11,952 | €120 | €128 | €135 | €142 | ▲ 5.1% |
| Profit (loss) for the period9904 | €104,788 | €11,728 | €17,503 | -€16,716 | -€35,563 | -€26,435 | -€52,274 | ▼ 97.8% |
| Transfer from tax-exempt reserves789 | - | - | €17,405 | €2,525 | €2,525 | €2,525 | €2,525 | = |
| Profit (loss) for the period to be appropriated9905 | €31,574 | €14,252 | €34,908 | -€14,191 | -€33,038 | -€23,910 | -€49,750 | ▼ 108% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €636,203 | €575,370 | €575,763 | €538,662 | €504,742 | €487,720 | €458,196 | ▼ 6.1% |
| Fixed assets21/28 | €569,043 | €549,986 | €553,172 | €525,491 | €498,244 | €471,372 | €447,883 | ▼ 5.0% |
| Intangible fixed assets21 | - | €1,097 | €857 | €617 | €377 | €137 | - | - |
| Tangible fixed assets22/27 | €569,043 | €548,889 | €552,315 | €524,874 | €497,867 | €471,235 | €447,883 | ▼ 5.0% |
| Furniture and vehicles24 | - | - | €37,166 | €29,416 | €22,101 | €15,174 | €8,575 | ▼ 43.5% |
| Other tangible fixed assets26 | - | - | €515,149 | €495,458 | €475,767 | €456,061 | €439,308 | ▼ 3.7% |
| Current assets29/58 | €67,160 | €25,384 | €22,591 | €13,170 | €6,497 | €16,349 | €10,314 | ▼ 36.9% |
| Amounts receivable after more than one year29 | - | - | €330 | €330 | €330 | €330 | €330 | = |
| Other amounts receivable291 | - | - | €330 | €330 | €330 | €330 | €330 | = |
| Stocks and contracts in progress3 | - | €3,600 | €3,600 | €2,700 | €2,700 | €2,700 | €2,700 | = |
| Stocks30/36 | - | - | €3,600 | €2,700 | €2,700 | €2,700 | €2,700 | = |
| Amounts receivable within one year40/41 | €10,640 | €2,416 | €239 | €2,380 | - | €110 | €926 | ▲ 745% |
| Trade receivables40 | - | - | €239 | - | - | €110 | €636 | ▲ 480% |
| Other amounts receivable41 | - | - | - | €2,380 | - | - | €290 | - |
| Cash at bank and in hand54/58 | €54,867 | €17,703 | €16,542 | €6,212 | €2,326 | €11,291 | €3,228 | ▼ 71.4% |
| Deferred charges and accrued income490/1 | - | - | €1,881 | €1,548 | €1,141 | €1,918 | €3,130 | ▲ 63.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €636,203 | €575,370 | €575,763 | €538,662 | €504,742 | €487,720 | €458,196 | ▼ 6.1% |
| Equity10/15 | €250,866 | €262,594 | €280,097 | €263,381 | €227,818 | €201,384 | €149,110 | ▼ 26.0% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €246,371 | €250,194 | €267,697 | €265,172 | €262,648 | €260,123 | €257,599 | ▼ 1.0% |
| Non-distributable reserves130/1 | - | - | €14,455 | €14,455 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €14,455 | €14,455 | - | - | - | - |
| Tax-exempt reserves132 | - | - | €68,165 | €65,640 | €63,116 | €60,591 | €58,067 | ▼ 4.2% |
| Distributable reserves133 | - | - | €185,077 | €185,077 | €199,532 | €199,532 | €199,532 | = |
| Profit (loss) carried forward14 | -€7,905 | - | - | -€14,191 | -€47,229 | -€71,139 | -€120,889 | ▼ 69.9% |
| Provisions and deferred taxes16 | €30,754 | €29,693 | €28,633 | €27,572 | €26,512 | €25,451 | €24,391 | ▼ 4.2% |
| Deferred taxes168 | - | - | €28,633 | €27,572 | €26,512 | €25,451 | €24,391 | ▼ 4.2% |
| Amounts payable17/49 | €354,583 | €283,083 | €267,033 | €247,708 | €250,411 | €260,885 | €284,696 | ▲ 9.1% |
| Amounts payable after more than one year17 | €227,073 | €196,053 | €192,832 | €167,908 | €145,665 | €129,157 | €112,729 | ▼ 12.7% |
| Financial debts170/4 | - | - | €192,832 | €167,908 | €143,115 | €126,607 | €110,179 | ▼ 13.0% |
| Other amounts payable178/9 | - | - | - | - | €2,550 | €2,550 | €2,550 | = |
| Amounts payable within one year42/48 | €122,553 | €86,105 | €72,436 | €78,644 | €103,085 | €129,788 | €164,468 | ▲ 26.7% |
| Current portion of amounts payable after more than one year42 | - | - | €28,359 | €24,925 | €24,793 | €18,663 | €16,427 | ▼ 12.0% |
| Trade debts44 | - | €935 | €146 | €350 | €2,120 | €53 | €203 | ▲ 281% |
| Suppliers440/4 | - | - | €146 | €350 | €2,120 | €53 | €203 | ▲ 281% |
| Taxes, remuneration and social security45 | - | - | €14,548 | €1,763 | €612 | €1,827 | €143 | ▼ 92.2% |
| Taxes450/3 | - | - | €13,332 | €1,763 | €612 | €1,827 | €143 | ▼ 92.2% |
| Remuneration and social security454/9 | - | - | €1,216 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €29,384 | €51,606 | €75,560 | €109,244 | €147,695 | ▲ 35.2% |
| Accrued charges and deferred income492/3 | - | - | €1,765 | €1,156 | €1,662 | €1,941 | €7,499 | ▲ 286% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €104,788 | €11,728 | €17,503 | -€16,716 | -€35,563 | -€26,435 | -€52,274 | ▼ 97.8% |
| + Depreciation and write-downs630 | €23,035 | €23,202 | €24,899 | €27,680 | €27,247 | €26,873 | €25,961 | ▼ 3.4% |
| Operating cash flow (approximation) | €127,823 | €34,929 | €42,402 | €10,964 | -€8,316 | €438 | -€26,313 | - |
| Investment in fixed assets (approximation) | - | -€4,145 | -€28,084 | €0 | €0 | €0 | -€2,472 | - |
| Change in cash | - | -€37,164 | -€1,161 | -€10,330 | -€3,886 | €8,965 | -€8,064 | - |
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, 929 companies had the same profile as PETERMARK has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of PETERMARK itself: 1.2% 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 929 companies, not a prediction for PETERMARK. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00105357 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00080669 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00076761 | |
| 30-09-2022 | full format | 25-04-2023 | 2023-00078480 | |
| 30-09-2021 | full format | 27-04-2022 | 2022-20017299 | |
| 30-09-2020 | full format | 30-04-2021 | 2021-12800098 | |
| 30-09-2019 | full format | 24-04-2020 | 2020-09900081 | |
| 30-09-2018 | full format | 06-05-2019 | 2019-12500221 | |
| 30-09-2017 | full format | 28-03-2018 | 2018-08200526 | |
| 30-09-2016 | full format | 28-04-2017 | 2017-10800352 |