Summary
PGco is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €386,175 and a net result of €29,039. Equity is growing by about 7.4% per year across the filed financial years. Its solvency ranks better than 51% of 9,723 sector peers (NACE 64, financial year 2025). The company has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€386,175▼ 6.5%
2024 · €413,038
Net result
€29,039▼ 48.9%
2024 · €56,816
Total assets
€740,885▼ 9.6%
2024 · €819,280
Solvency
52.1%▲ 1.7pp
2024 · 50.4%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result has fallen three years in a row; 2025 is 39% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€45,336
2025
Net result€29,039
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€740,885
2025
Equity€386,175
2025
Debt€354,710
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€189,388
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)3.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency52.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio5.35
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€119,593-€199,956▲ 67.2%€133,830▼ 33.1%€207,430▲ 55.0%€101,048▼ 51.3%€74,368▼ 26.4%€45,336▼ 39.0%
Net result€103,714-€159,890above the sector's middle half▲ 54.2%€114,140above the sector's middle half▼ 28.6%€153,730above the sector's middle half▲ 34.7%€85,361above the sector's middle half▼ 44.5%€56,816within the sector's middle half▼ 33.4%€29,039within the sector's middle half▼ 48.9%
Equity€251,410-€340,500within the sector's middle half▲ 35.4%€376,463within the sector's middle half▲ 10.6%€421,790above the sector's middle half▲ 12.0%€441,318above the sector's middle half▲ 4.6%€413,038above the sector's middle half▼ 6.4%€386,175above the sector's middle half▼ 6.5%
Total assets€481,459-€559,892within the sector's middle half▲ 16.3%€968,260above the sector's middle half▲ 72.9%€933,960above the sector's middle half▼ 3.5%€878,448within the sector's middle half▼ 5.9%€819,280within the sector's middle half▼ 6.7%€740,885within the sector's middle half▼ 9.6%
Debt€230,049-€219,392▼ 4.6%€591,797▲ 170%€512,170▼ 13.5%€437,129▼ 14.7%€406,242▼ 7.1%€354,710▼ 12.7%
Working capital€193,275-€300,792above the sector's middle half▲ 55.6%€245,990above the sector's middle half▼ 18.2%€258,824above the sector's middle half▲ 5.2%€224,180above the sector's middle half▼ 13.4%€209,866above the sector's middle half▼ 6.4%€189,388above the sector's middle half▼ 9.8%
Solvency52.2%-60.8%within the sector's middle half▲ 8.6pp38.9%within the sector's middle half▼ 21.9pp45.2%within the sector's middle half▲ 6.3pp50.2%within the sector's middle half▲ 5.1pp50.4%within the sector's middle half▲ 0.2pp52.1%within the sector's middle half▲ 1.7pp
Current ratio5.13-5.59above the sector's middle half▲ 0.473.08within the sector's middle half▼ 2.513.86within the sector's middle half▲ 0.784.93above the sector's middle half▲ 1.074.47above the sector's middle half▼ 0.465.35above the sector's middle half▲ 0.88
Return on assets (ROA)21.5%-28.6%above the sector's middle half▲ 7.0pp11.8%within the sector's middle half▼ 16.8pp16.5%within the sector's middle half▲ 4.7pp9.7%within the sector's middle half▼ 6.7pp6.9%within the sector's middle half▼ 2.8pp3.9%within the sector's middle half▼ 3.0pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €740,885
Fixed assets
€507,991 ▼ 7.5%
Current assets
€232,894 ▼ 13.8%
Equity and liabilities €740,885
Equity
€386,175 ▼ 6.5%
Debt
€354,710 ▼ 12.7%
Debt's share of the balance-sheet total falls from 49.6% to 47.9%. Equity and debt are lower.
Key figures and ratios
ROE
7.5%▼
2024 · 13.8%
Debt ≤ 1 year
€43,506▼
2024 · €60,405
Debt > 1 year
€311,204▼
2024 · €345,837
Income taxes
€27,743▲
2024 · €9,752
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €35,277 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,853 | €51,214 | €87,210 | €48,527 | €42,306 | €40,133 | €41,019 | ▲ 2.2% |
| Other operating charges640/8 | - | - | - | €2,287 | €4,423 | €4,338 | €12,923 | ▲ 198% |
| Non-recurring operating charges66A | - | - | - | - | - | €3,367 | - | - |
| Gross operating margin9900 | €172,233 | €253,392 | €222,937 | €258,244 | €147,776 | €122,206 | €99,277 | ▼ 18.8% |
| Operating profit (loss)9901 | €119,593 | €199,956 | €133,830 | €207,430 | €101,048 | €74,368 | €45,336 | ▼ 39.0% |
| Financial income75/76B | - | - | - | €504 | €215 | €273 | €23,282 | ▲ 85× |
| Recurring financial income75 | - | - | €201 | €504 | €215 | €273 | €23,282 | ▲ 85× |
| Financial charges65/66B | - | - | - | €5,155 | €7,683 | €8,074 | €11,836 | ▲ 46.6% |
| Recurring financial charges65 | €3,067 | €914 | €5,871 | €5,155 | €7,683 | €8,074 | €11,836 | ▲ 46.6% |
| Profit (loss) for the period before taxes9903 | €116,526 | €199,042 | €128,160 | €202,779 | €93,580 | €66,568 | €56,782 | ▼ 14.7% |
| Income taxes67/77 | €12,812 | €39,152 | €14,020 | €49,048 | €8,218 | €9,752 | €27,743 | ▲ 184% |
| Profit (loss) for the period9904 | €103,714 | €159,890 | €114,140 | €153,730 | €85,361 | €56,816 | €29,039 | ▼ 48.9% |
| Profit (loss) for the period to be appropriated9905 | €103,714 | €159,890 | €114,140 | €153,730 | €85,361 | €56,816 | €29,039 | ▼ 48.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €481,459 | €559,892 | €968,260 | €933,960 | €878,448 | €819,280 | €740,885 | ▼ 9.6% |
| Fixed assets21/28 | €241,350 | €193,609 | €604,102 | €584,705 | €597,262 | €549,009 | €507,991 | ▼ 7.5% |
| Tangible fixed assets22/27 | €241,350 | €193,609 | €604,102 | €584,705 | €597,262 | €549,009 | €507,991 | ▼ 7.5% |
| Land and buildings22 | - | - | - | €523,513 | €503,654 | €483,795 | €463,936 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | €31,715 | €30,829 | €9,268 | €5,212 | ▼ 43.8% |
| Furniture and vehicles24 | - | - | - | €29,478 | €62,779 | €55,946 | €38,842 | ▼ 30.6% |
| Current assets29/58 | €240,109 | €366,283 | €364,158 | €349,255 | €281,185 | €270,271 | €232,894 | ▼ 13.8% |
| Stocks and contracts in progress3 | - | €104,815 | - | - | €34,887 | €137,684 | €108,559 | ▼ 21.2% |
| Stocks30/36 | - | - | - | - | €34,887 | €137,684 | €108,559 | ▼ 21.2% |
| Amounts receivable within one year40/41 | €47,003 | €49,800 | €61,363 | €115,857 | €95,896 | €65,560 | €14,926 | ▼ 77.2% |
| Trade receivables40 | - | - | - | €97,638 | €15,145 | €16,940 | €14,520 | ▼ 14.3% |
| Other amounts receivable41 | - | - | - | €18,219 | €80,751 | €48,620 | €406 | ▼ 99.2% |
| Current investments50/53 | - | - | - | - | €51,049 | €21,049 | €93,521 | ▲ 344% |
| Cash at bank and in hand54/58 | €191,896 | €210,404 | €301,044 | €230,986 | €97,255 | €42,868 | €13,464 | ▼ 68.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,412 | €2,099 | €3,110 | €2,424 | ▼ 22.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €481,459 | €559,892 | €968,260 | €933,960 | €878,448 | €819,280 | €740,885 | ▼ 9.6% |
| Equity10/15 | €251,410 | €340,500 | €376,463 | €421,790 | €441,318 | €413,038 | €386,175 | ▼ 6.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - |
| Reserves13 | €197,355 | €286,445 | €322,408 | €367,735 | €387,263 | €358,983 | €330,259 | ▼ 8.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €365,875 | €385,403 | €357,123 | €330,259 | ▼ 7.5% |
| Profit (loss) carried forward14 | €35,455 | €35,455 | €35,455 | €35,455 | €35,455 | €35,455 | €37,315 | ▲ 5.2% |
| Amounts payable17/49 | €230,049 | €219,392 | €591,797 | €512,170 | €437,129 | €406,242 | €354,710 | ▼ 12.7% |
| Amounts payable after more than one year17 | €183,215 | €153,901 | €473,629 | €421,740 | €380,124 | €345,837 | €311,204 | ▼ 10.0% |
| Financial debts170/4 | - | - | - | €421,740 | €380,124 | €345,837 | €311,204 | ▼ 10.0% |
| Amounts payable within one year42/48 | €46,834 | €65,491 | €118,168 | €90,430 | €57,005 | €60,405 | €43,506 | ▼ 28.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €51,889 | €41,616 | €34,287 | €34,633 | ▲ 1.0% |
| Financial debts43 | - | - | - | - | €118 | €154 | €92 | ▼ 40.4% |
| Credit institutions430/8 | - | - | - | - | €118 | €154 | €92 | ▼ 40.4% |
| Trade debts44 | €3,537 | €2,981 | €28,383 | €283 | €10,986 | €3,682 | €5,575 | ▲ 51.4% |
| Suppliers440/4 | - | - | - | €283 | €10,986 | €3,682 | €5,575 | ▲ 51.4% |
| Taxes, remuneration and social security45 | - | - | - | €38,258 | €4,285 | €9,802 | €3,206 | ▼ 67.3% |
| Taxes450/3 | - | - | - | €38,258 | €4,285 | €9,802 | €3,206 | ▼ 67.3% |
| Other amounts payable47/48 | - | - | - | - | - | €12,480 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €103,714 | €159,890 | €114,140 | €153,730 | €85,361 | €56,816 | €29,039 | ▼ 48.9% |
| + Depreciation and write-downs630 | €50,853 | €51,214 | €87,210 | €48,527 | €42,306 | €40,133 | €41,019 | ▲ 2.2% |
| Operating cash flow (approximation) | €154,568 | €211,104 | €201,350 | €202,257 | €127,667 | €96,949 | €70,057 | ▼ 27.7% |
| Investment in fixed assets (approximation) | - | -€3,473 | -€497,703 | -€29,130 | -€54,863 | €8,120 | €0 | ▼ 100% |
| Change in cash | - | €18,508 | €90,639 | -€70,058 | -€133,731 | -€54,387 | -€29,404 | ▲ 45.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 31-03-2026 | 2026-00068268 |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00083169 |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00075567 |
| 30-09-2022 | micro format | 30-04-2023 | 2023-00073277 |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09400055 |
| 30-09-2020 | micro format | 31-03-2021 | 2021-09300062 |
| 30-09-2019 | micro format | 31-03-2020 | 2020-08100336 |
| 30-09-2018 | micro format | 31-03-2019 | 2019-08500594 |
| 30-09-2017 | micro format | 31-03-2018 | 2018-08200065 |
| 30-09-2016 | abbreviated format | 24-04-2017 | 2017-09600308 |
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Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.