PG-TECHNICS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 11 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €330,000
Estimated: probably between €170,000 and €770,000
Total assets
€630,815▲ 208%
2024 · €204,583
Net result
€25,143▼ 7.3%
2024 · €27,129
Working capital
€44,750▼ 27.4%
2024 · €61,641
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€30,288
▼ 3.0%
2025
20192025
Net result
€25,143
▼ 7.3%
2025
middle half of the sector
20192025
Equity
€190,546
▲ 15.2%
2025
highest quarter of the sector
20192025
Total assets
€630,815
▲ 208%
2025
highest quarter of the sector
20192025
Debt
€440,269
▲ 11×
2025
20192025
Working capital
€44,750
▼ 27.4%
2025
middle half of the sector
20192025
Solvency
30.2%
▼ 50.6pp
2025
middle half of the sector
20192025
Current ratio
1.19
▼ 1.39
2025
middle half of the sector
20192025
Return on assets (ROA)
4.0%
▼ 9.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,379-€36,992▲ 401%€26,334▼ 28.8%€26,530▲ 0.7%€27,602▲ 4.0%€31,234▲ 13.2%€30,288▼ 3.0%
Net result€5,628-€29,530above the sector's middle half▲ 425%€22,309within the sector's middle half▼ 24.5%€19,433within the sector's middle half▼ 12.9%€23,438within the sector's middle half▲ 20.6%€27,129above the sector's middle half▲ 15.7%€25,143within the sector's middle half▼ 7.3%
Equity€74,164-€103,694within the sector's middle half▲ 39.8%€106,003within the sector's middle half▲ 2.2%€125,436within the sector's middle half▲ 18.3%€138,274within the sector's middle half▲ 10.2%€165,403within the sector's middle half▲ 19.6%€190,546above the sector's middle half▲ 15.2%
Total assets€141,313-€218,465within the sector's middle half▲ 54.6%€163,199within the sector's middle half▼ 25.3%€169,468within the sector's middle half▲ 3.8%€150,627within the sector's middle half▼ 11.1%€204,583within the sector's middle half▲ 35.8%€630,815above the sector's middle half▲ 208%
Debt€67,149-€114,771▲ 70.9%€57,196▼ 50.2%€44,032▼ 23.0%€12,353▼ 71.9%€39,180▲ 217%€440,269▲ 11×
Working capital€84,393-€90,492within the sector's middle half▲ 7.2%€71,281within the sector's middle half▼ 21.2%€80,002within the sector's middle half▲ 12.2%€73,940within the sector's middle half▼ 7.6%€61,641within the sector's middle half▼ 16.6%€44,750within the sector's middle half▼ 27.4%
Solvency52.5%-47.5%within the sector's middle half▼ 5.0pp65.0%within the sector's middle half▲ 17.5pp74.0%above the sector's middle half▲ 9.1pp91.8%above the sector's middle half▲ 17.8pp80.8%above the sector's middle half▼ 11.0pp30.2%within the sector's middle half▼ 50.6pp
Current ratio2.94-2.55within the sector's middle half▼ 0.403.75above the sector's middle half▲ 1.214.24above the sector's middle half▲ 0.4815.25above the sector's middle half▲ 11.012.57within the sector's middle half▼ 12.681.19within the sector's middle half▼ 1.39
Return on assets (ROA)4.0%-13.5%within the sector's middle half▲ 9.5pp13.7%within the sector's middle half▲ 0.2pp11.5%within the sector's middle half▼ 2.2pp15.6%above the sector's middle half▲ 4.1pp13.3%above the sector's middle half▼ 2.3pp4.0%within the sector's middle half▼ 9.3pp
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 3% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €630,815
Fixed assets
€345,796 ▲ 233%
Current assets
€285,019 ▲ 183%
Equity and liabilities €630,815
Equity
€190,546 ▲ 15.2%
Debt
€440,269 ▲ 11×
Debt's share of the balance-sheet total rises from 19.2% to 69.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€62,699▲
2024 · €61,697
Cash flow
€57,554▼
2024 · €57,593
Debt to equity
2.31▲
2024 · 0.24
ROE
13.2%▼
2024 · 16.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€240,269▲
2024 · €39,180
Debt > 1 year
€200,000
Income taxes
€7,623▲
2024 · €6,453
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €25,813 | €32,208 | €62,728 | €24,445 |
| Intangible fixed assets | - | - | - | €250,000 |
| Depreciation and write-downs of the year | €25,483 | €25,455 | €30,464 | €32,411 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €748 awarded · €748 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,909 | €24,199 | €22,444 | €25,483 | €25,455 | €30,464 | €32,411 | ▲ 6.4% |
| Other operating charges640/8 | - | - | - | €2,981 | €872 | €499 | €8,323 | ▲ 17× |
| Non-recurring operating charges66A | - | - | - | €1,602 | - | - | - | - |
| Gross operating margin9900 | €17,743 | €61,329 | €49,417 | €56,596 | €53,928 | €62,197 | €71,023 | ▲ 14.2% |
| Operating profit (loss)9901 | €7,379 | €36,992 | €26,334 | €26,530 | €27,602 | €31,234 | €30,288 | ▼ 3.0% |
| Financial income75/76B | - | - | - | €2,912 | €2,144 | €2,625 | €2,730 | ▲ 4.0% |
| Recurring financial income75 | €1,892 | €2,803 | €2,191 | €2,912 | €2,144 | €2,625 | €2,730 | ▲ 4.0% |
| Financial charges65/66B | - | - | - | €880 | €468 | €277 | €252 | ▼ 9.0% |
| Recurring financial charges65 | €2,098 | €2,381 | €926 | €880 | €468 | €277 | €252 | ▼ 9.0% |
| Profit (loss) for the period before taxes9903 | €7,173 | €37,414 | €27,599 | €28,562 | €29,277 | €33,582 | €32,766 | ▼ 2.4% |
| Income taxes67/77 | €1,545 | €7,884 | €5,290 | €9,129 | €5,839 | €6,453 | €7,623 | ▲ 18.1% |
| Profit (loss) for the period9904 | €5,628 | €29,530 | €22,309 | €19,433 | €23,438 | €27,129 | €25,143 | ▼ 7.3% |
| Profit (loss) for the period to be appropriated9905 | €5,628 | €29,530 | €22,309 | €19,433 | €23,438 | €27,129 | €25,143 | ▼ 7.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €141,313 | €218,465 | €163,199 | €169,468 | €150,627 | €204,583 | €630,815 | ▲ 208% |
| Fixed assets21/28 | €13,490 | €69,453 | €66,017 | €64,744 | €71,498 | €103,762 | €345,796 | ▲ 233% |
| Intangible fixed assets21 | - | - | - | - | - | - | €246,301 | - |
| Tangible fixed assets22/27 | €13,490 | €69,453 | €66,017 | €64,744 | €71,498 | €103,762 | €99,494 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | €16,100 | €26,707 | €25,329 | €17,792 | ▼ 29.8% |
| Furniture and vehicles24 | - | - | - | €40,832 | €33,479 | €71,360 | €76,983 | ▲ 7.9% |
| Other tangible fixed assets26 | - | - | - | €7,812 | €11,312 | €7,073 | €4,719 | ▼ 33.3% |
| Current assets29/58 | €127,823 | €149,012 | €97,182 | €104,724 | €79,129 | €100,821 | €285,019 | ▲ 183% |
| Amounts receivable within one year40/41 | €80,139 | €77,089 | €44,247 | €49,954 | €46,286 | €43,661 | €81,039 | ▲ 85.6% |
| Trade receivables40 | - | - | - | €38,744 | €43,208 | €34,705 | €76,901 | ▲ 122% |
| Other amounts receivable41 | - | - | - | €11,210 | €3,078 | €8,956 | €4,138 | ▼ 53.8% |
| Cash at bank and in hand54/58 | €31,124 | €59,683 | €45,015 | €51,170 | €32,844 | €54,760 | €203,980 | ▲ 272% |
| Deferred charges and accrued income490/1 | - | - | - | €3,600 | - | €2,400 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €141,313 | €218,465 | €163,199 | €169,468 | €150,627 | €204,583 | €630,815 | ▲ 208% |
| Equity10/15 | €74,164 | €103,694 | €106,003 | €125,436 | €138,274 | €165,403 | €190,546 | ▲ 15.2% |
| Contributions10/11 | €18,550 | - | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €55,614 | €85,144 | €87,453 | €106,886 | €119,724 | €146,853 | €171,996 | ▲ 17.1% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - |
| Distributable reserves133 | - | - | - | €105,031 | €117,869 | €146,853 | €171,996 | ▲ 17.1% |
| Amounts payable17/49 | €67,149 | €114,771 | €57,196 | €44,032 | €12,353 | €39,180 | €440,269 | ▲ 11× |
| Amounts payable after more than one year17 | €16,976 | €48,098 | €31,295 | €19,310 | €7,163 | - | €200,000 | - |
| Financial debts170/4 | - | - | - | €19,310 | €7,163 | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | €200,000 | - |
| Amounts payable within one year42/48 | €43,430 | €58,520 | €25,901 | €24,722 | €5,189 | €39,180 | €240,269 | ▲ 513% |
| Trade debts44 | €18,616 | €16,727 | €6,620 | €19,201 | €4,367 | €29,200 | €36,234 | ▲ 24.1% |
| Suppliers440/4 | - | - | - | €19,201 | €4,367 | €29,200 | €36,234 | ▲ 24.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,521 | €152 | €245 | €1,458 | ▲ 496% |
| Taxes450/3 | - | - | - | €5,521 | €152 | €245 | €1,458 | ▲ 496% |
| Other amounts payable47/48 | - | - | - | - | €671 | €9,735 | €202,577 | ▲ 21× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,628 | €29,530 | €22,309 | €19,433 | €23,438 | €27,129 | €25,143 | ▼ 7.3% |
| + Depreciation and write-downs630 | €9,909 | €24,199 | €22,444 | €25,483 | €25,455 | €30,464 | €32,411 | ▲ 6.4% |
| Operating cash flow (approximation) | €15,537 | €53,729 | €44,753 | €44,916 | €48,893 | €57,593 | €57,554 | ▼ 0.1% |
| Investment in fixed assets (approximation) | - | -€80,162 | -€19,008 | -€24,210 | -€32,208 | -€62,728 | -€274,445 | ▼ 338% |
| Change in cash | - | €28,559 | -€14,668 | €6,155 | -€18,326 | €21,916 | €149,220 | ▲ 581% |
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, 6,049 companies had the same profile as PG-TECHNICS has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of PG-TECHNICS 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 6,049 companies, not a prediction for PG-TECHNICS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00024659 | |
| 30-06-2024 | micro format | 26-01-2025 | 2025-00010335 | |
| 30-06-2023 | micro format | 31-12-2023 | 2024-00540957 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013785 | |
| 30-06-2021 | micro format | 30-01-2022 | 2022-02800219 | |
| 30-06-2020 | micro format | 27-02-2021 | 2021-06400027 | |
| 30-06-2019 | micro format | 28-02-2020 | 2020-05800167 | |
| 30-06-2018 | micro format | 28-02-2019 | 2019-05900033 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03100436 | |
| 30-06-2016 | abbreviated format | 15-02-2017 | 2017-04400544 |