PGS IMMO
ActiveSummary
PGS IMMO has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €785k and a net result of €78k. Equity remains stable across the filed fiscal years (±2.3% per year). Its solvency ranks better than 54% of 862 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability74▲+6
Solvency64▲+4
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50k at 30 days acceptable
Liquidity tight (current ratio 1.11 against 0.92 in 2023; short-term debt: 22.5% and cash: 8.4% of total assets), and 60.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% 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 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
32 d early
2022
33 d early
2021
23 d early
2020
24 d early
2019
4 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€78k
2023 · €-16k
Working capital
€48k
2023 · €-39k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€51k€67k▲ 31.5%€56k▼ 16.0%€-6k€105k
Net result€55k€62k▲ 14.0%€35k▼ 43.8%€-16k€78k
Equity€669k▲ 6.3%€742k▲ 11.0%€759k▲ 2.3%€725k▼ 4.5%€785k▲ 8.3%
Total assets€2.29M▼ 1.1%€2.29M▼ 0.1%€2.18M▼ 4.8%€2.05M▼ 6.0%€2.01M▼ 2.1%
Debt€1.61M▼ 3.7%€1.53M▼ 4.4%€1.41M▼ 8.0%€1.32M▼ 6.6%€1.22M▼ 7.6%
Working capital€-9k▲ 83.2%€34k€-46k€-39k▲ 15.4%€48k
Staff (FTE)10.8▼ 5.3%11.7▲ 8.3%13.8▲ 17.9%13.8=14.1▲ 2.2%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €105k after a loss of €6k in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.99M
Fixed assets
€1.49M ▼ 7.0%
Current assets
€500k ▲ 16.7%
Equity and liabilities €2.01M
Equity
€785k ▲ 8.3%
Provisions
€4k ▼ 50.0%
Debt
€1.22M ▼ 7.6%
Debt's share of the balance-sheet total falls from 64.3% to 60.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€298k▲
2023 · €188k
Cash flow
€271k▲
2023 · €178k
Current ratio
1.11▲
2023 · 0.92
Quick ratio
0.77▲
2023 · 0.60
Debt to equity
1.55▼
2023 · 1.82
ROE
9.9%▲
2023 · -2.3%
ROA
3.9%▲
2023 · -0.8%
Interest coverage
18.38▲
2023 · 11.15
Debt ≤ 1 year
€452k▼
2023 · €467k
Debt > 1 year
€766k▼
2023 · €852k
Income taxes
€35k▲
2023 · €17k
Staff costs
€618k▲
2023 · €555k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €850 | - | - | €6k | - |
| Remuneration, social security and pensions62 | - | €371k | €465k | €555k | €618k | ▲ 11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €172k | €168k | €198k | €194k | €193k | ▼ 0.4% |
| Other operating charges640/8 | - | €16k | €20k | €78k | €80k | ▲ 2.6% |
| Non-recurring operating charges66A | - | €174 | €175 | €11k | €2k | ▼ 83.0% |
| Gross operating margin9900 | €583k | €622k | €739k | €832k | €998k | ▲ 20.0% |
| Operating profit (loss)9901 | €51k | €67k | €56k | €-6k | €105k | ▲ 1,751% |
| Financial income75/76B | - | €27k | €23k | €23k | €25k | ▲ 6.2% |
| Recurring financial income75 | €28k | €27k | €23k | €23k | €25k | ▲ 6.2% |
| Financial charges65/66B | - | €31k | €18k | €17k | €16k | ▼ 3.7% |
| Recurring financial charges65 | €24k | €22k | €18k | €17k | €16k | ▼ 3.7% |
| Non-recurring financial charges66B | - | €9k | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €55k | €62k | €60k | €114 | €113k | ▲ 99,756% |
| Income taxes67/77 | €264 | €148 | €25k | €17k | €35k | ▲ 114% |
| Profit (loss) for the period9904 | €55k | €62k | €35k | €-16k | €78k | ▲ 574% |
| Profit (loss) for the period to be appropriated9905 | €55k | €62k | €35k | €-16k | €78k | ▲ 574% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.29M | €2.29M | €2.18M | €2.05M | €2.01M | ▼ 2.1% |
| Formation expenses20 | €24k | €21k | €19k | €16k | €14k | ▼ 15.8% |
| Fixed assets21/28 | €1.95M | €1.84M | €1.80M | €1.61M | €1.49M | ▼ 7.0% |
| Tangible fixed assets22/27 | €1.95M | €1.84M | €1.80M | €1.61M | €1.49M | ▼ 7.0% |
| Land and buildings22 | - | €1.55M | €1.46M | €1.38M | €1.30M | ▼ 5.6% |
| Plant, machinery and equipment23 | - | €233k | €300k | €207k | €137k | ▼ 33.5% |
| Furniture and vehicles24 | - | €65k | €39k | €22k | €55k | ▲ 154% |
| Other tangible fixed assets26 | - | €680 | €340 | - | - | - |
| Current assets29/58 | €320k | €427k | €369k | €428k | €500k | ▲ 16.7% |
| Stocks and contracts in progress3 | €109k | €95k | €119k | €150k | €153k | ▲ 2.6% |
| Stocks30/36 | - | €95k | €119k | €150k | €153k | ▲ 2.6% |
| Amounts receivable within one year40/41 | €172k | €220k | €203k | €205k | €178k | ▼ 13.3% |
| Trade receivables40 | - | €210k | €189k | €191k | €157k | ▼ 17.5% |
| Other amounts receivable41 | - | €11k | €14k | €14k | €21k | ▲ 43.2% |
| Current investments50/53 | - | - | €7k | €19k | - | - |
| Cash at bank and in hand54/58 | €30k | €103k | €26k | €49k | €168k | ▲ 241% |
| Deferred charges and accrued income490/1 | - | €9k | €14k | €5k | €733 | ▼ 86.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.29M | €2.29M | €2.18M | €2.05M | €2.01M | ▼ 2.1% |
| Equity10/15 | €669k | €742k | €759k | €725k | €785k | ▲ 8.3% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Revaluation surpluses12 | - | €530k | €511k | €511k | €474k | ▼ 7.3% |
| Reserves13 | €20k | €98k | €151k | €135k | €250k | ▲ 85.3% |
| Non-distributable reserves130/1 | - | €2k | €26k | €26k | €26k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Other1319 | - | - | €24k | €24k | €24k | = |
| Distributable reserves133 | - | €96k | €126k | €109k | €224k | ▲ 106% |
| Profit (loss) carried forward14 | €-3k | - | - | - | - | - |
| Investment grants15 | - | €96k | €78k | €60k | €42k | ▼ 29.5% |
| Provisions and deferred taxes16 | €19k | €15k | €11k | €8k | €4k | ▼ 50.0% |
| Deferred taxes168 | - | €15k | €11k | €8k | €4k | ▼ 50.0% |
| Amounts payable17/49 | €1.61M | €1.53M | €1.41M | €1.32M | €1.22M | ▼ 7.6% |
| Amounts payable after more than one year17 | €1.28M | €1.14M | €998k | €852k | €766k | ▼ 10.0% |
| Financial debts170/4 | - | €1.14M | €998k | €852k | €766k | ▼ 10.0% |
| Amounts payable within one year42/48 | €329k | €393k | €414k | €467k | €452k | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | €46k | €38k | €25k | - | - |
| Financial debts43 | - | €35k | €40k | - | - | - |
| Credit institutions430/8 | - | €35k | €40k | - | - | - |
| Trade debts44 | €55k | €85k | €69k | €139k | €120k | ▼ 13.8% |
| Suppliers440/4 | - | €85k | €69k | €139k | €120k | ▼ 13.8% |
| Taxes, remuneration and social security45 | - | €54k | €94k | €130k | €159k | ▲ 22.6% |
| Taxes450/3 | - | €11k | €38k | €40k | €53k | ▲ 35.1% |
| Remuneration and social security454/9 | - | €43k | €56k | €91k | €106k | ▲ 17.1% |
| Other amounts payable47/48 | - | €173k | €173k | €173k | €173k | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55k | €62k | €35k | €-16k | €78k | ▲ 574% |
| + Depreciation and write-downs630 | €172k | €168k | €198k | €194k | €193k | ▼ 0.4% |
| Operating cash flow (approximation) | €227k | €230k | €233k | €178k | €271k | ▲ 52.7% |
| Investment in fixed assets (approximation) | - | €-62k | €-150k | €-6k | €-80k | ▼ 1,336% |
| Change in cash | - | €73k | €-77k | €23k | €119k | ▲ 406% |
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
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €78k
Net result €78k after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
08-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €55k
Net result €55k after 2 loss-making years.
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet €-118k
Net result drops to €-118k, the lowest in the series; recovery starts the following year.
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
26-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Nivelles · 1 establishment unit since 2010
Ground area
3,091 m²
Building footprint
825 m²
Parcel 25004A0023/00E005, Wallonia. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Avenue Robert Schuman 182, 1400 Nivelles
since 20102.195.056.055
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25004A0023/00E005 | Wallonia | 3,091 m² | 1 · 825 m² | - |
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.
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Of 4,225 companies in sector 10712 we hold annual accounts for 1,870. 1,044 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-06-1996
Fiscal year end31-12
Activities, NACEBEL 2025
10712Artisanal bread and fresh pastry making
46360Wholesale trade
46389Wholesale of other food products
Scores and ratios are computed by Checked and are not a credit decision.