PGRB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-04-2026 PDF all 14 filings
Turnover
≈ €71,000
Estimated: probably between €41,000 and €150,000
Total assets
€94,325▼ 32.8%
2024 · €140,441
Net result
-€50,483
2024 · €2,084
Working capital
-€10,156
2024 · €23,284
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€40,272
2025
20192025
Net result
-€50,483
2025
lowest quarter of the sector
20192025
Equity
-€35,282
2025
lowest quarter of the sector
20192025
Total assets
€94,325
▼ 32.8%
2025
middle half of the sector
20192025
Debt
€129,607
▲ 3.5%
2025
20192025
Working capital
-€10,156
2025
lowest quarter of the sector
20192025
Solvency
-37.4%
▼ 48.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.76
▼ 0.89
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-53.5%
▼ 55.0pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,229-€14,151▲ 171%-€21,191€17,000€22,278▲ 31.0%€10,546▼ 52.7%-€40,272
Net result€481-€6,435within the sector's middle half▲ 13×-€23,174below the sector's middle half€14,385within the sector's middle half€13,190within the sector's middle half▼ 8.3%€2,084within the sector's middle half▼ 84.2%-€50,483below the sector's middle half
Equity€2,282-€8,717below the sector's middle half▲ 282%-€14,457below the sector's middle half-€73below the sector's middle half▲ 99.5%€13,117below the sector's middle half€15,200below the sector's middle half▲ 15.9%-€35,282below the sector's middle half
Total assets€94,466-€91,979within the sector's middle half▼ 2.6%€61,484below the sector's middle half▼ 33.2%€66,114below the sector's middle half▲ 7.5%€52,975below the sector's middle half▼ 19.9%€140,441within the sector's middle half▲ 165%€94,325within the sector's middle half▼ 32.8%
Debt€92,183-€83,262▼ 9.7%€75,941▼ 8.8%€66,187▼ 12.8%€39,859▼ 39.8%€125,240▲ 214%€129,607▲ 3.5%
Working capital-€11,873--€5,702below the sector's middle half▲ 52.0%-€17,429below the sector's middle half▼ 206%€6,528within the sector's middle half€5,217within the sector's middle half▼ 20.1%€23,284within the sector's middle half▲ 346%-€10,156below the sector's middle half
Solvency2.4%-9.5%below the sector's middle half▲ 7.1pp-23.5%below the sector's middle half▼ 33.0pp-0.1%below the sector's middle half▲ 23.4pp24.8%within the sector's middle half▲ 24.9pp10.8%below the sector's middle half▼ 13.9pp-37.4%below the sector's middle half▼ 48.2pp
Current ratio0.86-0.93below the sector's middle half▲ 0.070.73below the sector's middle half▼ 0.191.13within the sector's middle half▲ 0.391.17within the sector's middle half▲ 0.041.65within the sector's middle half▲ 0.480.76below the sector's middle half▼ 0.89
Return on assets (ROA)0.5%-7.0%within the sector's middle half▲ 6.5pp-37.7%below the sector's middle half▼ 44.7pp21.8%above the sector's middle half▲ 59.4pp24.9%above the sector's middle half▲ 3.1pp1.5%within the sector's middle half▼ 23.4pp-53.5%below the sector's middle half▼ 55.0pp
Staff (FTE)1.4-
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €40,272, after a profit of €10,546 in 2024. It is the lowest result since 2021.
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 €94,325
Fixed assets
€62,242 ▼ 23.4%
Current assets
€32,083 ▼ 45.8%
Equity and liabilities
Equity-€35,282
Debt€129,607
Equity is negative. Debt (€129,607) exceeds the balance-sheet total (€94,325).
Key figures and ratios
EBITDA
-€21,276▼
2024 · €15,618
Cash flow
-€31,486▼
2024 · €7,156
Quick ratio
0.68▼
2024 · 1.55
Interest coverage
-2.09▼
2024 · 3.48
Debt ≤ 1 year
€42,239▲
2024 · €35,918
Debt > 1 year
€87,369▼
2024 · €89,322
Income taxes
€22▼
2024 · €3,974
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,143 | €2,910 | €14,993 | €117,800 | - |
| Financial fixed assets | - | €498 | €156 | - | - |
| Depreciation and write-downs of the year | €8,662 | €2,666 | €5,438 | €5,072 | €18,996 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,618 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,190 | €7,984 | €8,662 | €2,666 | €5,438 | €5,072 | €18,996 | ▲ 275% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€19,200 | €0 | - | -€27,191 | - |
| Other operating charges640/8 | - | - | €2,781 | €2,651 | €1,708 | €1,349 | €55,595 | ▲ 41× |
| Non-recurring operating charges66A | - | - | - | €1,157 | €0 | €3,904 | €0 | ▼ 100% |
| Gross operating margin9900 | €67,528 | €23,593 | -€9,747 | €4,274 | €29,424 | €20,870 | €7,129 | ▼ 65.8% |
| Operating profit (loss)9901 | €5,229 | €14,151 | -€21,191 | €17,000 | €22,278 | €10,546 | -€40,272 | - |
| Financial income75/76B | - | - | €43 | - | - | - | - | - |
| Recurring financial income75 | €163 | €285 | €43 | - | - | - | - | - |
| Financial charges65/66B | - | - | €2,023 | €2,386 | €3,885 | €4,488 | €10,189 | ▲ 127% |
| Recurring financial charges65 | €5,183 | €4,897 | €2,023 | €2,386 | €3,885 | €4,488 | €10,189 | ▲ 127% |
| Profit (loss) for the period before taxes9903 | €210 | €9,540 | -€23,171 | €14,615 | €18,393 | €6,058 | -€50,461 | - |
| Income taxes67/77 | -€271 | €3,105 | €3 | €230 | €5,203 | €3,974 | €22 | ▼ 99.5% |
| Profit (loss) for the period9904 | €481 | €6,435 | -€23,174 | €14,385 | €13,190 | €2,084 | -€50,483 | - |
| Profit (loss) for the period to be appropriated9905 | €481 | €6,435 | -€23,174 | €14,385 | €13,190 | €2,084 | -€50,483 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €94,466 | €91,979 | €61,484 | €66,114 | €52,975 | €140,441 | €94,325 | ▼ 32.8% |
| Fixed assets21/28 | €23,145 | €18,860 | €13,540 | €8,505 | €16,189 | €81,238 | €62,242 | ▼ 23.4% |
| Intangible fixed assets21 | €991 | €743 | €496 | €248 | €0 | - | - | - |
| Tangible fixed assets22/27 | €21,353 | €15,756 | €11,485 | €6,200 | €16,003 | €81,052 | €62,056 | ▼ 23.4% |
| Plant, machinery and equipment23 | - | - | €7,525 | €6,200 | €3,987 | €77,048 | €60,385 | ▼ 21.6% |
| Furniture and vehicles24 | - | - | - | - | €12,016 | €4,004 | €1,671 | ▼ 58.3% |
| Leasing and similar rights25 | - | - | €3,960 | - | - | - | - | - |
| Financial fixed assets28 | €800 | €2,360 | €1,560 | €2,058 | €186 | €186 | €186 | = |
| Current assets29/58 | €71,321 | €73,120 | €47,944 | €57,608 | €36,786 | €59,202 | €32,083 | ▼ 45.8% |
| Stocks and contracts in progress3 | €2,964 | €5,735 | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Stocks30/36 | - | - | €3,500 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Amounts receivable within one year40/41 | €54,082 | €42,676 | €42,286 | €53,699 | €32,444 | €52,253 | €26,249 | ▼ 49.8% |
| Trade receivables40 | - | - | €39,329 | €41,407 | €28,143 | €37,060 | €15,406 | ▼ 58.4% |
| Other amounts receivable41 | - | - | €2,957 | €12,292 | €4,301 | €15,193 | €10,842 | ▼ 28.6% |
| Cash at bank and in hand54/58 | - | - | €598 | €9 | €0 | €2,370 | €84 | ▼ 96.5% |
| Deferred charges and accrued income490/1 | - | - | €1,559 | €400 | €842 | €1,079 | €2,251 | ▲ 109% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €94,466 | €91,979 | €61,484 | €66,114 | €52,975 | €140,441 | €94,325 | ▼ 32.8% |
| Equity10/15 | €2,282 | €8,717 | -€14,457 | -€73 | €13,117 | €15,200 | -€35,282 | - |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€18,178 | -€11,743 | -€34,917 | -€20,533 | -€7,343 | -€5,260 | -€53,882 | ▼ 924% |
| Amounts payable17/49 | €92,183 | €83,262 | €75,941 | €66,187 | €39,859 | €125,240 | €129,607 | ▲ 3.5% |
| Amounts payable after more than one year17 | €8,420 | €4,440 | €10,569 | €15,106 | €8,289 | €89,322 | €87,369 | ▼ 2.2% |
| Financial debts170/4 | - | - | €10,569 | €15,106 | €8,289 | €89,322 | €87,369 | ▼ 2.2% |
| Amounts payable within one year42/48 | €83,195 | €78,822 | €65,372 | €51,080 | €31,569 | €35,918 | €42,239 | ▲ 17.6% |
| Current portion of amounts payable after more than one year42 | - | - | €10,648 | €10,357 | €6,817 | €9,523 | €23,320 | ▲ 145% |
| Trade debts44 | €49,452 | €44,069 | €47,626 | €40,493 | €16,203 | €22,447 | €18,919 | ▼ 15.7% |
| Suppliers440/4 | - | - | €47,626 | €40,493 | €16,203 | €22,447 | €18,919 | ▼ 15.7% |
| Advances received on contracts in progress46 | - | - | €7,097 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €230 | €8,549 | €3,948 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €230 | €8,549 | €3,948 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €481 | €6,435 | -€23,174 | €14,385 | €13,190 | €2,084 | -€50,483 | - |
| + Depreciation and write-downs630 | €9,190 | €7,984 | €8,662 | €2,666 | €5,438 | €5,072 | €18,996 | ▲ 275% |
| Operating cash flow (approximation) | €9,671 | €14,419 | -€14,512 | €17,050 | €18,627 | €7,156 | -€31,486 | - |
| Investment in fixed assets (approximation) | - | -€3,699 | -€3,343 | €2,369 | -€13,121 | -€70,121 | €0 | - |
| Change in cash | - | - | - | -€589 | -€9 | €2,370 | -€2,287 | - |
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, 6,907 companies had the same profile as PGRB has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PGRB itself: 4.1% 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 6,907 companies, not a prediction for PGRB. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 03-04-2026 | 2026-00071963 | |
| 30-09-2024 | micro format | 13-03-2025 | 2025-00047270 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00055336 | |
| 30-09-2022 | micro format | 05-04-2023 | 2023-00054234 | |
| 30-09-2021 | micro format | 03-05-2022 | 2022-20020503 | |
| 30-09-2020 | micro format | 10-05-2021 | 2021-13700371 | |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10300173 | |
| 30-09-2018 | micro format | 27-04-2019 | 2019-11300520 | |
| 30-09-2017 | micro format | 26-04-2018 | 2018-11600340 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-11000495 |