PFC
ActiveThe file of PFC contains 2 judicial reorganisation notices, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 4.6% (elevated). The 2024 annual accounts show equity of €9.9m and a net result of €18,435. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 79% of 9086 sector peers (fiscal year 2024).
Checked score
Score 2024
Axes · tick = 2023
Profitability19▲+5
Solvency97▲+76
Growth78=
Track record60
Bankruptcy probability, 12 months
4.6%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €490,000 at 30 days only on tighter terms
short-term debt: 0.1% and cash: 0.9% of total assets, and 27.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
72.4%
Return on assets
0.1%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-06-2025, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
37 d early
2023
8 d early
2022
28 d early
2021
31 d early
2020
16 d early
2019
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 22 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Turnover
€75,000
EBIT margin
-1252.6%
Net result
€18,435
2023 · -€78,606
Working capital
€10.3m
2023 · -€1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover
Operating result-€23,305▲ 52.5%-€9,762▲ 58.1%-€9,816▼ 0.6%-€30,774▼ 213%-€122,828▼ 299%
Net result-€18,996below the sector's middle half-€17,947below the sector's middle half▲ 5.5%-€48,846below the sector's middle half▼ 172%-€78,606below the sector's middle half▼ 60.9%€18,435within the sector's middle half
EBIT margin
Equity€61,214below the sector's middle half▼ 23.7%€43,267below the sector's middle half▼ 29.3%-€5,579below the sector's middle half-€84,185below the sector's middle half▼ 1,409%€9.9mabove the sector's middle half
Total assets€622,711within the sector's middle half▲ 20.6%€804,851within the sector's middle half▲ 29.2%€1.2mwithin the sector's middle half▲ 47.7%€1.9mwithin the sector's middle half▲ 59.2%€13.7mabove the sector's middle half▲ 625%
Debt€561,497▲ 28.8%€761,583▲ 35.6%€1.2m▲ 56.8%€2.0m▲ 65.5%€3.8m▲ 91.3%
Working capital€110,825within the sector's middle half▼ 22.1%-€323,965below the sector's middle half-€950,639below the sector's middle half▼ 193%-€1.9mbelow the sector's middle half▼ 104%€10.3mabove the sector's middle half
Solvency9.8%below the sector's middle half▼ 5.7pp5.4%below the sector's middle half▼ 4.5pp-0.5%below the sector's middle half▼ 5.8pp-4.4%below the sector's middle half▼ 4.0pp72.4%above the sector's middle half▲ 76.9pp
Current ratio1.36within the sector's middle half▼ 0.030.50below the sector's middle half▼ 0.860.20below the sector's middle half▼ 0.300.02below the sector's middle half▼ 0.19
Return on assets (ROA)-3.1%below the sector's middle half▼ 727.0pp-2.2%below the sector's middle half▲ 0.8pp-4.1%below the sector's middle half▼ 1.9pp-4.2%below the sector's middle half=0.1%below the sector's middle half▲ 4.3pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €122,828 in 2024 against €30,774 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €13.7m
Fixed assets
€3.4m ▲ 81.8%
Current assets
€10.3m ▲ 28,577%
Equity and liabilities €13.7m
Equity
€9.9m
Debt
€3.8m
Debt finances 27.6% of the balance-sheet total.
Key figures and ratios
EBITDA
-€107,929▼
2023 · -€24,011
Cash flow
€33,334▲
2023 · -€71,843
Debt to equity
0.38▲
2023 · -23.47
ROE
0.2%
Interest coverage
-1.40▼
2023 · -0.46
Debt ≤ 1 year
€15,320▼
2023 · €2.0m
Debt > 1 year
€3.7m
A ratio outside any meaningful range has been withheld (balance sheet total €13.7m, equity €9.9m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 544 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 93% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 4.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 544 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,951 | €4,053 | €2,577 | €6,763 | €14,899 | ▲ 120% |
| Other operating charges640/8 | - | €546 | €548 | €6,329 | €82,098 | ▲ 1,197% |
| Gross operating margin9900 | -€12,984 | -€5,164 | -€6,691 | -€17,682 | -€25,831 | ▼ 46.1% |
| Operating profit (loss)9901 | -€23,305 | -€9,762 | -€9,816 | -€30,774 | -€122,828 | ▼ 299% |
| Financial income75/76B | - | €0 | €68 | €4,133 | €218,189 | ▲ 5,180% |
| Recurring financial income75 | €10,495 | €0 | €68 | €4,133 | €218,189 | ▲ 5,180% |
| Financial charges65/66B | - | €8,186 | €39,098 | €51,965 | €76,925 | ▲ 48.0% |
| Recurring financial charges65 | €6,186 | €8,186 | €39,098 | €51,965 | €76,925 | ▲ 48.0% |
| Profit (loss) for the period before taxes9903 | -€18,996 | -€17,947 | -€48,846 | -€78,606 | €18,435 | ▲ 123% |
| Profit (loss) for the period9904 | -€18,996 | -€17,947 | -€48,846 | -€78,606 | €18,435 | ▲ 123% |
| Transfer from tax-exempt reserves789 | - | - | - | €4.0m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€18,996 | -€17,947 | -€48,846 | €3.9m | €18,435 | ▼ 99.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €622,711 | €804,851 | €1.2m | €1.9m | €13.7m | ▲ 625% |
| Formation expenses20 | €6,273 | €2,509 | - | - | - | - |
| Fixed assets21/28 | €200,356 | €475,068 | €945,060 | €1.9m | €3.4m | ▲ 81.8% |
| Intangible fixed assets21 | €356 | €68 | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | €309,884 | €294,984 | ▼ 4.8% |
| Land and buildings22 | - | - | - | €308,031 | €293,323 | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | €1,852 | €1,662 | ▼ 10.3% |
| Financial fixed assets28 | €200,000 | €475,000 | €945,060 | €1.5m | €3.1m | ▲ 99.2% |
| Current assets29/58 | €416,082 | €327,273 | €243,370 | €36,053 | €10.3m | ▲ 28,577% |
| Amounts receivable after more than one year29 | - | €116,900 | - | - | - | - |
| Other amounts receivable291 | - | €116,900 | - | - | - | - |
| Amounts receivable within one year40/41 | €147,457 | €117,129 | €116,899 | €1,373 | €219,249 | ▲ 15,871% |
| Trade receivables40 | - | - | - | - | €29 | - |
| Other amounts receivable41 | - | €117,129 | €116,899 | €1,373 | €219,220 | ▲ 15,868% |
| Current investments50/53 | €11,180 | €11,180 | €11,180 | €11,180 | €9.9m | ▲ 88,635% |
| Cash at bank and in hand54/58 | €22,212 | €80,631 | €113,856 | €23,299 | €123,897 | ▲ 432% |
| Deferred charges and accrued income490/1 | - | €1,434 | €1,435 | €202 | €75,505 | ▲ 37,256% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €622,711 | €804,851 | €1.2m | €1.9m | €13.7m | ▲ 625% |
| Equity10/15 | €61,214 | €43,267 | -€5,579 | -€84,185 | €9.9m | ▲ 11,901% |
| Contributions10/11 | €7.5m | €8.8m | €8.8m | €8.8m | €18.8m | ▲ 113% |
| Capital10 | - | €7.5m | €7.5m | €7.5m | €17.5m | ▲ 133% |
| Issued capital100 | - | €7.5m | €7.5m | €7.5m | €17.5m | ▲ 133% |
| Outside capital11 | - | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Share premium1100/10 | - | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €4.1m | €4.1m | €4.1m | €61,444 | €61,444 | = |
| Non-distributable reserves130/1 | - | €61,444 | €61,444 | €61,444 | €61,444 | = |
| Legal reserve130 | - | €11,444 | €11,444 | €11,444 | €11,444 | = |
| Own shares acquired1312 | - | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Tax-exempt reserves132 | - | €4.0m | €4.0m | €0 | - | - |
| Profit (loss) carried forward14 | -€12.8m | -€12.8m | -€12.9m | -€9.0m | -€9.0m | ▲ 0.2% |
| Amounts payable17/49 | €561,497 | €761,583 | €1.2m | €2.0m | €3.8m | ▲ 91.3% |
| Amounts payable after more than one year17 | €255,846 | €110,345 | - | - | €3.7m | - |
| Financial debts170/4 | - | €23,228 | - | - | €3.7m | - |
| Trade debts175 | - | €1,514 | - | - | - | - |
| Other amounts payable178/9 | - | €85,603 | - | - | - | - |
| Amounts payable within one year42/48 | €305,257 | €651,238 | €1.2m | €2.0m | €15,320 | ▼ 99.2% |
| Current portion of amounts payable after more than one year42 | - | €24,743 | €24,743 | €0 | - | - |
| Financial debts43 | - | €506,495 | €1.0m | €2.0m | €0 | ▼ 100% |
| Other loans439 | - | €506,495 | €1.0m | €2.0m | €0 | ▼ 100% |
| Trade debts44 | €514 | - | - | - | €6,250 | - |
| Suppliers440/4 | - | - | - | - | €6,250 | - |
| Advances received on contracts in progress46 | - | - | - | €19 | €19 | = |
| Taxes, remuneration and social security45 | - | €120,000 | €99,601 | €0 | - | - |
| Taxes450/3 | - | €120,000 | €99,601 | €0 | - | - |
| Other amounts payable47/48 | - | - | €40,545 | €5,735 | €9,050 | ▲ 57.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €33,105 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,996 | -€17,947 | -€48,846 | -€78,606 | €18,435 | ▲ 123% |
| + Depreciation and write-downs630 | €5,951 | €4,053 | €2,577 | €6,763 | €14,899 | ▲ 120% |
| Operating cash flow (approximation) | -€13,045 | -€13,894 | -€46,269 | -€71,843 | €33,334 | ▲ 146% |
| Investment in fixed assets (approximation) | - | -€278,765 | -€472,569 | -€917,648 | -€1.5m | ▼ 67.2% |
| Change in cash | - | €58,419 | €33,225 | -€90,558 | €100,598 | ▲ 211% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €18,435
Net result €18,435 after 4 loss-making years.
31-12
Financial
Liquidity times 36992current ratio 674.88
Current ratio from 0.02 to 674.88; short-term debt falls from €2.0m to €15,320.
31-12
Financial
Equity above €5mEq €9.9m
Equity rises from -€84,185 to €9.9m.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €3.7m
Net result €3.7m after one loss-making year.
31-12
Financial
Liquidity times 48current ratio 1.39
Current ratio from 0.03 to 1.39; short-term debt falls from €2.8m to €361,268.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Show earlier events
08-03
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
2018
16-11
Judicial reorganisation
Plan approval refused
Ondernemingsrechtbank Gent · event 06-11-2018
14-08
Judicial reorganisation
Opening
Rechtbank van koophandel Gent · collective agreement · event 09-08-2018
12-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 73 days late
2017
08-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 161 days late
2016
10-03
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
11-03
State Gazette act
General meeting · Capital increase
Capital · Director resignation · Eric De Bie
23-02
State Gazette act
Merger · Corporate purpose
Capital · Net-asset statement
SignalFinancial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 24 acts read
About the unread acts
We know of 24 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
24 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Vilvoorde · 1 establishment unit since 2010
Ground area
473 m²
Building footprint
236 m²
Volume, LiDAR
2,800 m³
Parcel 23066A0244/00R000, Flanders · tallest building 18.1 m, ±4 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Drie Kastelenstraat 60, 1800 Vilvoorde
since 20102.189.215.368
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23066A0244/00R000 | Flanders | 473 m² | 1 · 236 m² | 18.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 owner · 3 holdingsChain of control
Highest known parent: VERMICOM. The sources do not say who stands above it.
Owners 1
- VERMECparentSourceaccounts VERMEC 2025100%
Holdings 3
- ZenovatesubsidiarySourceown accounts 202475%
-
20.25%
-
19.47%
According to the 2024 annual accounts of PFC and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
894500RCNKUVF8R4VP73
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Of 169 companies in sector 46730 we hold annual accounts for 89. 8 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded12-02-2010
Fiscal year end31-12
Activities, NACEBEL 2025
46730Wholesale trade
46495Wholesale trade
47632Retail sale of bicycles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0823156153
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.