Equity
Debts exceed assets in financial year 2025.
Negative equity caps the score at 59.
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 5% of them on solvency, 3% on liquidity, 26% on profitability and 43% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,796 companies had the same profile as PG MANAGEMENT has now. Each dot stands for 7 companies, two years later.
Another 1.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PG MANAGEMENT itself is lower: 0.4% within 12 months. It rests on far more data about PG MANAGEMENT than the profile alone.
The method was tested on the 497,447 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 2,796 companies, not a prediction for PG MANAGEMENT. 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.
Liquidity is insufficient, with a current ratio of 0.0 (0.0 in 2024), below 1. Short-term debt is 123.3% and cash 0.1% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 11 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
PG MANAGEMENT files the micro format. That format states no turnover. The gross margin rose from €7,537 in 2007 to €14,178 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €110,000. Estimated: probably between €50,000 and €260,000.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
306,857 | 303,732 | 303,483 | 303,738 | 303,792 | 303,550 | 303,397 | 302,341 | 302,129 | 301,473 | 301,934 | 303,009 | 302,013 | 301,892 | 313,735 | 326,687 | 340,263 | 362,079 | 384,640 | |
21/28 |
306,537 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 313,693 | 326,039 | 339,572 | 361,796 | 384,172 | |
22/27 |
306,537 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 313,693 | 326,039 | 339,572 | 361,796 | 384,172 | |
22 |
306,537 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 303,242 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 301,347 | 313,693 | 326,039 | 339,572 | 361,796 | 384,172 | |
29/58 |
320 | 490 | 241 | 496 | 550 | 308 | 155 | 993 | 781 | 125 | 587 | 1,662 | 666 | 544 | 42 | 649 | 691 | 284 | 468 | |
54/58 |
320 | 490 | 241 | 496 | 550 | 308 | 155 | 993 | 781 | 125 | 587 | 1,662 | 666 | 544 | 42 | 649 | 691 | - | - | |
490/1 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 284 | 468 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
306,857 | 303,732 | 303,483 | 303,738 | 303,792 | 303,550 | 303,397 | 302,341 | 302,129 | 301,473 | 301,934 | 303,009 | 302,013 | 301,892 | 313,735 | 326,687 | 340,263 | 362,079 | 384,640 | |
10/15 |
-261,411 | -259,912 | -258,199 | -255,377 | -253,012 | -250,611 | -249,745 | -240,697 | -226,822 | -218,536 | -211,881 | -205,400 | -208,165 | -200,583 | -185,499 | -164,660 | -132,441 | -89,931 | -81,509 | |
10/11 |
192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | |
10 |
192,117 | 192,117 | 192,117 | 192,117 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | 192,117 | |
14 |
-453,529 | -452,030 | -450,317 | -447,494 | -445,129 | -442,729 | -441,862 | -432,815 | -418,940 | -410,654 | -403,999 | -397,517 | -400,282 | -392,701 | -377,616 | -356,777 | -324,559 | -282,048 | -273,626 | |
17/49 |
568,268 | 563,644 | 561,682 | 559,115 | 556,803 | 554,161 | 553,142 | 543,038 | 528,951 | 520,009 | 513,815 | 508,409 | 510,178 | 502,475 | 499,234 | 491,347 | 472,704 | 452,010 | 466,149 | |
17 |
190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 193,529 | 223,159 | |
170/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,529 | 33,159 | |
178/9 |
190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | 190,000 | |
42/48 |
378,268 | 373,644 | 371,682 | 369,115 | 366,803 | 364,161 | 363,142 | 353,038 | 338,951 | 330,009 | 323,815 | 291,809 | 300,228 | 305,825 | 295,934 | 288,047 | 269,404 | 231,881 | 229,690 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,599 | 29,342 | 28,355 | |
44 |
- | 118 | - | 102 | 101 | 567 | 1,964 | 1,831 | - | 5,020 | 969 | 969 | 438 | 235 | 1,315 | 54 | - | - | - | |
440/4 |
- | 118 | - | 102 | 101 | 567 | 1,964 | 1,831 | - | 5,020 | 969 | 969 | 438 | 235 | 1,315 | 54 | - | - | - | |
45 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,995 | - | - | - | - | |
450/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,995 | - | - | - | - | |
47/48 |
378,268 | 373,526 | 371,682 | 369,013 | 366,702 | 363,595 | 361,179 | 351,207 | 338,951 | 324,989 | 322,846 | 290,840 | 299,791 | 305,590 | 292,623 | 287,993 | 266,805 | 202,539 | 201,335 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | 26,600 | 19,950 | 6,650 | 13,300 | 13,300 | 13,300 | 26,600 | 13,300 | |
| Income statement | ||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 26,851 | - | |
9900 |
14,178 | 14,380 | 13,096 | 13,368 | 13,313 | 13,178 | 6,502 | 3,456 | 7,385 | 8,965 | 9,139 | 9,745 | 8,895 | 10,872 | 6,366 | -2,425 | -4,357 | 4,440 | 7,537 | |
630 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 12,346 | 12,346 | 13,534 | 22,223 | 22,376 | 22,376 | |
640/8 |
1,968 | 2,009 | 1,834 | 1,786 | 1,773 | 100 | 1,616 | 3,382 | 1,721 | 1,713 | 1,708 | 236 | 3,143 | 254 | 1,515 | 2,883 | 1,484 | 1,264 | 1,470 | |
9901 |
12,210 | 12,371 | 11,262 | 11,582 | 11,540 | 13,078 | 4,886 | 74 | 5,663 | 7,252 | 7,431 | 9,509 | 5,752 | -1,727 | -7,495 | -18,841 | -28,064 | -19,200 | -16,310 | |
75/76B |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | |
75 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | |
65/66B |
13,709 | 14,084 | 14,084 | 13,947 | 13,940 | 13,945 | 13,934 | 13,949 | 13,949 | 13,907 | 13,913 | 6,744 | 13,333 | 13,357 | 13,344 | 13,377 | 14,446 | 16,073 | 17,599 | |
65 |
13,709 | 14,084 | 14,084 | 13,947 | 13,940 | 13,945 | 13,934 | 13,949 | 13,949 | 13,907 | 13,913 | 6,744 | 13,333 | 13,357 | 13,344 | 13,377 | 14,446 | 16,073 | 17,599 | |
9903 |
-1,499 | -1,713 | -2,822 | -2,365 | -2,400 | -866 | -9,048 | -13,875 | -8,286 | -6,655 | -6,481 | 2,765 | -7,581 | -15,085 | -20,839 | -32,218 | -42,510 | -8,422 | -33,908 | |
67/77 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | |
9904 |
-1,499 | -1,713 | -2,822 | -2,365 | -2,400 | -866 | -9,048 | -13,875 | -8,286 | -6,655 | -6,481 | 2,765 | -7,581 | -15,085 | -20,839 | -32,218 | -42,510 | -8,422 | -33,908 | |
9905 |
-1,499 | -1,713 | -2,822 | -2,365 | -2,400 | -866 | -9,048 | -13,875 | -8,286 | -6,655 | -6,481 | 2,765 | -7,581 | -15,085 | -20,839 | -32,218 | -42,510 | -8,422 | -33,908 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-453,529 | -452,030 | -450,317 | -447,494 | -445,129 | -442,729 | -441,862 | -432,815 | -418,940 | -410,654 | -403,999 | -397,517 | -400,282 | -392,701 | -377,616 | -356,777 | -324,559 | -282,048 | -273,626 | |
14P |
-452,030 | -450,317 | -447,494 | -445,129 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The accounts for 12 older financial years (1993-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 10-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-01-2026 | 2026-00005428 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00024237 | |
| 30-06-2023 | micro format | 31-12-2023 | 2023-00540558 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00009966 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02100569 | |
| 30-06-2020 | micro format | 21-01-2021 | 2021-01300200 | |
| 30-06-2019 | micro format | 16-01-2020 | 2020-01400315 | |
| 30-06-2018 | micro format | 11-01-2019 | 2019-01100099 | |
| 30-06-2017 | micro format | 03-01-2018 | 2018-00200248 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400479 | |
| 30-06-2015 | abbreviated format | 18-01-2016 | 2016-02000577 | |
| 30-06-2014 | abbreviated format | 12-02-2015 | 2015-04100159 | |
| 30-06-2013 | abbreviated format | 14-02-2014 | 2014-03700501 | |
| 30-06-2012 | abbreviated format | 11-02-2013 | 2013-03200281 | |
| 30-06-2011 | abbreviated format | 20-02-2012 | 2012-04100208 | |
| 30-06-2010 | abbreviated format | 27-01-2011 | 2011-01700559 | |
| 30-06-2009 | abbreviated format | 11-01-2010 | 2010-01100096 | |
| 30-06-2008 | abbreviated format | 29-01-2009 | 2009-02700352 | |
| 30-06-2007 | abbreviated format | 11-01-2008 | 2008-01300036 | |
| 30-06-2006 | abbreviated format | 11-01-2007 | 2007-01401503 | |
| 30-06-2005 | abbreviated format | 19-12-2005 | 2005-90105226 | |
| 30-06-2004 | abbreviated format | 17-01-2005 | 2005-01801415 | |
| 30-06-2003 | abbreviated format | 12-01-2004 | 2004-01002930 | |
| 30-06-2002 | abbreviated format | 17-12-2002 | 2002-77201445 | |
| 30-06-2000 | abbreviated format | 30-05-2001 | 2001-14600104 | |
| 30-06-1999 | abbreviated format | 22-08-2000 | 2000-51600257 | |
| 30-06-1998 | abbreviated format | 17-03-1999 | 1999-04902220 | |
| 30-06-1997 | abbreviated format | 10-04-1998 | 1998-06601179 | |
| 30-06-1995 | abbreviated format | 10-01-1997 | 1997-00402676 | |
| 30-06-1994 | abbreviated format | 31-07-1995 | 1995-43005118 | |
| 31-12-1993 | abbreviated format | 13-07-1994 | 1994-29402306 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | - | - | - | - | 10,618 | 4,851 | -5,308 | -5,841 | 3,176 | 6,067 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | -2,739 | -8,493 | -18,685 | -20,287 | 13,954 | -11,531 | ||
| 3,295 | - | - | - | - | - | 1,895 | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | - | ||
| -170 | 249 | -255 | -54 | 242 | 153 | -838 | 212 | 656 | -461 | -1,075 | 996 | 122 | 502 | -607 | -42 | - | - | - | ||
| -377,948 | -373,154 | -371,441 | -368,619 | -366,254 | -363,853 | -362,987 | -352,044 | -338,169 | -329,884 | -323,229 | -290,147 | -299,562 | -305,281 | -295,892 | -287,398 | -268,714 | -231,597 | -229,221 | ||
| -85.2% | -85.6% | -85.1% | -84.1% | -83.3% | -82.6% | -82.3% | -79.6% | -75.1% | -72.5% | -70.2% | -67.8% | -68.9% | -66.4% | -59.1% | -50.4% | -38.9% | -24.8% | -21.2% | ||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| -0.5% | -0.6% | -0.9% | -0.8% | -0.8% | -0.3% | -3.0% | -4.6% | -2.7% | -2.2% | -2.1% | 0.9% | -2.5% | -5.0% | -6.6% | -9.9% | -12.5% | -2.3% | -8.8% |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €3,295 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 1% lower than in 2024.
Equity is negative. Debt (€568,268) exceeds the balance-sheet total (€306,857).
PG MANAGEMENT has no parent and no holdings in its annual accounts. PG MANAGEMENT shares no director with another company.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Eugeen Van de Vellaan 69 registered office 2970 Schilde | ||
| Secretaris Meyerlei 76 2170 Antwerp 6920101 Certified accountants and tax accountants | 01-02-1994 | 2.065.357.454 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11423B0265/00E005 | 183 m² | 1 · 88 m² | 10.8 m · 1 |
| 11039D0119/00A006 | 155 m² | 1 · 155 m² | 8.4 m · 2 |
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