PETSOLUTIONS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-05-2026 PDF all 15 filings
Turnover
≈ €9.6m
Estimated: probably between €5.8m and €16.0m
Total assets
€6.6m▲ 2.7%
2024 · €6.4m
Net result
€15,947▲ 52.7%
2024 · €10,441
Working capital
€767,242▼ 2.3%
2024 · €785,614
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€230,830
▲ 7.3%
2025
20182025
Net result
€15,947
▲ 52.7%
2025
middle half of the sector
20182025
Equity
€1.3m
▲ 1.3%
2025
highest quarter of the sector
20182025
Total assets
€6.6m
▲ 2.7%
2025
highest quarter of the sector
20182025
Debt
€5.3m
▲ 3.0%
2025
20182025
Working capital
€767,242
▼ 2.3%
2025
highest quarter of the sector
20182025
Solvency
19.5%
▼ 0.3pp
2025
middle half of the sector
20182025
Current ratio
1.17
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
0.2%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
22.2
▲ 6.2%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.4m▲ 95.1%€0.4m▲ 4.1%€0.7m▲ 61.0%€0.3m▼ 53.0%€0.1m▼ 67.6%€0.2m▲ 103%€0.2m▲ 7.3%
Net result€0.1m-€0.2m▲ 52.8%€0.3mabove the sector's middle half▲ 56.4%€0.5mabove the sector's middle half▲ 75.8%€0.2mabove the sector's middle half▼ 59.1%€0.008mwithin the sector's middle half▼ 95.8%€0.01mwithin the sector's middle half▲ 24.1%€0.02mwithin the sector's middle half▲ 52.7%
Equity€0.5m-€0.6m▲ 22.5%€0.7mwithin the sector's middle half▲ 12.6%€1.1mwithin the sector's middle half▲ 57.6%€1.3mabove the sector's middle half▲ 19.1%€1.3mabove the sector's middle half▲ 0.7%€1.3mabove the sector's middle half▲ 0.8%€1.3mabove the sector's middle half▲ 1.3%
Total assets€4.9m-€4.3m▼ 10.5%€4.1mabove the sector's middle half▼ 5.6%€5.4mabove the sector's middle half▲ 30.9%€5.4mabove the sector's middle half▲ 1.2%€6.2mabove the sector's middle half▲ 14.6%€6.4mabove the sector's middle half▲ 3.5%€6.6mabove the sector's middle half▲ 2.7%
Debt€4.3m-€3.7m▼ 13.8%€3.4m▼ 8.5%€4.3m▲ 25.7%€4.2m▼ 3.1%€5.0m▲ 18.7%€5.2m▲ 4.2%€5.3m▲ 3.0%
Working capital€0.4m-€0.5m▲ 5.2%€0.6mwithin the sector's middle half▲ 23.5%€1.0mabove the sector's middle half▲ 75.9%€1.2mabove the sector's middle half▲ 13.9%€0.8mwithin the sector's middle half▼ 33.7%€0.8mwithin the sector's middle half▲ 1.8%€0.8mabove the sector's middle half▼ 2.3%
Solvency10.0%-13.7%▲ 3.7pp16.3%below the sector's middle half▲ 2.6pp19.6%below the sector's middle half▲ 3.3pp23.1%within the sector's middle half▲ 3.5pp20.3%below the sector's middle half▼ 2.8pp19.8%below the sector's middle half▼ 0.5pp19.5%within the sector's middle half▼ 0.3pp
Current ratio1.19-1.24▲ 0.051.33within the sector's middle half▲ 0.091.37within the sector's middle half▲ 0.041.43within the sector's middle half▲ 0.051.21within the sector's middle half▼ 0.221.20within the sector's middle half▼ 0.011.17within the sector's middle half▼ 0.02
Return on assets (ROA)2.4%-4.1%▲ 1.7pp6.8%within the sector's middle half▲ 2.7pp9.2%within the sector's middle half▲ 2.3pp3.7%within the sector's middle half▼ 5.5pp0.1%below the sector's middle half▼ 3.6pp0.2%below the sector's middle half=0.2%within the sector's middle half▲ 0.1pp
Staff (FTE)14.9-16.3▲ 9.4%15.9above the sector's middle half▼ 2.5%19above the sector's middle half▲ 19.5%20.6above the sector's middle half▲ 8.4%18.8above the sector's middle half▼ 8.7%20.9above the sector's middle half▲ 11.2%22.2above the sector's middle half▲ 6.2%
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 7% higher than in 2024. 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 €6.6m
Fixed assets
€1.5m ▼ 14.1%
Current assets
€5.2m ▲ 8.6%
Equity and liabilities €6.6m
Equity
€1.3m ▲ 1.3%
Debt
€5.3m ▲ 3.0%
Debt's share of the balance-sheet total rises from 80.2% to 80.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€531,607▲
2024 · €505,222
Cash flow
€316,723▲
2024 · €300,547
Quick ratio
0.48▲
2024 · 0.43
Debt to equity
4.12▲
2024 · 4.05
ROE
1.2%▲
2024 · 0.8%
Interest coverage
3.63▲
2024 · 2.64
Debt ≤ 1 year
€4.4m▲
2024 · €4.0m
Debt > 1 year
€921,033▼
2024 · €1.1m
Income taxes
€36,894▲
2024 · €27,714
Staff costs
€1.6m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 23 | 19 | 19 | 22 | 22 |
| full-time | 20 | 16 | 15 | 18 | 18 |
| part-time | 3 | 3 | 4 | 4 | 4 |
| in full-time equivalents | 22.4 | 18.3 | 18 | 21 | 21 |
| Average over the year, in full-time equivalents | 19 | 20.6 | 18.8 | 20.9 | 22.2 |
| On a permanent contract | 23 | 19 | 19 | 22 | 22 |
| Joined | 26 | 22 | 9 | 20 | 8 |
| Left | 20 | 26 | 9 | 17 | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,283 | €122,497 | €104,130 | €26,492 | €22,595 |
| Intangible fixed assets | €36,000 | €13,170 | €367,019 | €157,191 | €40,517 |
| Financial fixed assets | - | - | €115 | - | - |
| Depreciation and write-downs of the year | €209,625 | €205,666 | €213,959 | €290,106 | €300,776 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 13 entries · €163,311 awarded · €133,311 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €33,030 | €28,030 |
| 2024 | 3 | €31,148 | €56,148 |
| 2023 | 4 | €77,082 | €27,685 |
| 2022 | 2 | €22,051 | €21,448 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1.1m | €1.2m | €1.3m | €1.5m | €1.6m | ▲ 7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0.1m | - | €0.04m | €0.1m | ▲ 175% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.004m | €0.04m | €0.03m | €0.03m | ▼ 12.4% |
| Gross operating margin9900 | €1.3m | €1.5m | €1.5m | €2.0m | €1.9m | €1.6m | €2.1m | €2.3m | ▲ 9.6% |
| Operating profit (loss)9901 | €0.2m | €0.4m | €0.4m | €0.7m | €0.3m | €0.1m | €0.2m | €0.2m | ▲ 7.3% |
| Financial income75/76B | - | - | - | €0.08m | €0.06m | €0.05m | €0.01m | €0.01m | ▼ 18.3% |
| Recurring financial income75 | €0.01m | €44 | €0.06m | €0.08m | €0.06m | €0.05m | €0.01m | €0.01m | ▼ 18.3% |
| Financial charges65/66B | - | - | - | €0.08m | €0.08m | €0.1m | €0.2m | €0.2m | ▼ 0.8% |
| Recurring financial charges65 | €0.07m | €0.1m | €0.1m | €0.08m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 23.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €0.04m | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.3m | €0.4m | €0.7m | €0.3m | €0.02m | €0.04m | €0.05m | ▲ 38.5% |
| Income taxes67/77 | €0.04m | €0.1m | €0.1m | €0.2m | €0.1m | €0.01m | €0.03m | €0.04m | ▲ 33.1% |
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.3m | €0.5m | €0.2m | €0.008m | €0.01m | €0.02m | ▲ 52.7% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.2m | €0.3m | €0.5m | €0.2m | €0.008m | €0.01m | €0.02m | ▲ 52.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.9m | €4.3m | €4.1m | €5.4m | €5.4m | €6.2m | €6.4m | €6.6m | ▲ 2.7% |
| Fixed assets21/28 | €2.0m | €1.9m | €1.8m | €1.6m | €1.5m | €1.8m | €1.7m | €1.5m | ▼ 14.1% |
| Intangible fixed assets21 | - | - | €0.04m | €0.06m | €0.06m | €0.4m | €0.4m | €0.3m | ▼ 20.3% |
| Tangible fixed assets22/27 | €2.0m | €1.9m | €1.7m | €1.5m | €1.5m | €1.4m | €1.3m | €1.1m | ▼ 12.0% |
| Land and buildings22 | - | - | - | €1.5m | €1.4m | €1.3m | €1.2m | €1.0m | ▼ 12.2% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.04m | €0.02m | €0.02m | €0.03m | ▲ 43.5% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.07m | €0.06m | €0.04m | ▼ 25.8% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €2.8m | €2.4m | €2.3m | €3.8m | €3.9m | €4.4m | €4.7m | €5.2m | ▲ 8.6% |
| Stocks and contracts in progress3 | €2.0m | €1.8m | €1.3m | €2.6m | €2.8m | €2.8m | €3.0m | €3.1m | ▲ 0.7% |
| Stocks30/36 | - | - | - | €2.6m | €2.8m | €2.8m | €3.0m | €3.1m | ▲ 0.7% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.7m | €0.9m | €1.1m | €1.1m | €1.4m | €1.7m | ▲ 22.2% |
| Trade receivables40 | - | - | - | €0.8m | €0.8m | €1.0m | €1.3m | €1.4m | ▲ 8.5% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.3m | €0.1m | €0.07m | €0.3m | ▲ 280% |
| Cash at bank and in hand54/58 | €0.2m | €0.005m | €0.3m | €0.3m | €0.02m | €0.2m | €0.2m | €0.07m | ▼ 53.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.008m | €0.3m | €0.2m | €0.3m | ▲ 90.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.9m | €4.3m | €4.1m | €5.4m | €5.4m | €6.2m | €6.4m | €6.6m | ▲ 2.7% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.4m | €0.5m | €0.6m | €1.0m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.3% |
| Provisions and deferred taxes16 | €0.02m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €4.3m | €3.7m | €3.4m | €4.3m | €4.2m | €5.0m | €5.2m | €5.3m | ▲ 3.0% |
| Amounts payable after more than one year17 | €2.0m | €1.8m | €1.7m | €1.5m | €1.4m | €1.2m | €1.1m | €0.9m | ▼ 14.4% |
| Financial debts170/4 | - | - | - | €1.5m | €1.4m | €1.2m | €1.1m | €0.9m | ▼ 14.4% |
| Amounts payable within one year42/48 | €2.4m | €2.0m | €1.8m | €2.7m | €2.7m | €3.7m | €4.0m | €4.4m | ▲ 10.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 2.2% |
| Financial debts43 | - | - | - | €1.3m | €1.5m | €1.8m | €1.8m | €1.8m | ▲ 1.7% |
| Credit institutions430/8 | - | - | - | €1.3m | €1.5m | €1.8m | €1.8m | €1.8m | ▲ 1.7% |
| Trade debts44 | €0.7m | €0.5m | €0.4m | €0.9m | €0.9m | €1.1m | €1.3m | €1.3m | ▲ 4.0% |
| Suppliers440/4 | - | - | - | €0.9m | €0.9m | €1.1m | €1.3m | €1.3m | ▲ 4.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.4m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.9% |
| Taxes450/3 | - | - | - | €0.2m | €0.05m | €0.02m | €0.05m | €0.06m | ▲ 19.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 5.0% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.03m | €0.4m | €0.5m | €0.8m | ▲ 65.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.008m | ▼ 93.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €117,303 | €179,287 | €280,433 | €493,014 | €201,733 | €8,411 | €10,441 | €15,947 | ▲ 52.7% |
| + Depreciation and write-downs630 | €255,584 | €243,929 | €229,080 | €209,625 | €205,666 | €213,959 | €290,106 | €300,776 | ▲ 3.7% |
| Operating cash flow (approximation) | €372,887 | €423,216 | €509,513 | €702,639 | €407,398 | €222,370 | €300,547 | €316,723 | ▲ 5.4% |
| Investment in fixed assets (approximation) | - | -€109,085 | -€88,783 | -€64,283 | -€135,666 | -€471,264 | -€183,683 | -€63,112 | ▲ 65.6% |
| Change in cash | - | -€160,050 | €315,903 | €11,302 | -€313,429 | €173,407 | -€41,477 | -€80,010 | ▼ 92.9% |
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, 4,107 companies had the same profile as PETSOLUTIONS has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PETSOLUTIONS 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 4,107 companies, not a prediction for PETSOLUTIONS. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-05-2026 | 2026-00126762 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00526709 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00497149 | |
| 31-12-2022 | abbreviated format | 13-10-2023 | 2023-00486444 | |
| 31-12-2021 | abbreviated format | 31-10-2022 | 2022-20517166 | |
| 31-12-2020 | abbreviated format | 04-03-2021 | 2021-07100400 | |
| 31-12-2019 | abbreviated format | 17-03-2020 | 2020-06800539 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59100160 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-61200535 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59000241 |