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PIA Group BeLux

Active Public limited companyfounded 2019active for 7 yearsForeestelaan 88, 9000 GhentKBO/BCE: BE 0718.884.618 subsidiary of PIAGROUP International#1 company by total assets in East Flanders, Legal and accounting sector
Part of the group ENTERHOLD S.A. 222 companies in 11 countries
See the group

Lifetime

7 annual accounts with figures on one time axis
peak €25.9m (2025)
€25.9m▲ 140%
lowest -€1.9m (2025)
-€1.9m▼ €13.6m
peak €77.1m (2025)
€77.1m▲ 28.4%
€243.9m▲ 48.1%
peak 47.5 FTE (2025)
47.5 FTE▲ 17.9%
Board10 names since 2019
3 directorsCheval Blanc Investments and 2 others
Owners5 names in the annual accounts
100%PIAGROUP International and 3 others
Documentsfilings and deeds
10-07-202621 days before the deadline
2025financial year
Turnover from €10.8m to €25.9mLoss of €1.9mStaff from 40.3 FTE to 47.5 FTECompany renamed from PIAGROUP Belgium to PIA Group BeLux 05-08Capital increase of €8,000,000 to €34,862,280 17-03Merger: PIAGroup Belgium takes over VMW & Partners 17-02

Key points

from the 2025 annual accounts

Result

-€1.9m -€1.9m
€12m2024-€1.9m2025

From profit to loss in 2025, after a profit of €11.7m in 2024.

Debts

€243.9m 76% of the balance sheet
Financial debts 67%Suppliers 3%Taxes and wages 2%Other 28%

€193.1m of the debts are secured on the company's own assets. In 2021 that was €10.7m.

Staff

51 employees on 31-12-2025
1710202425152025

In 2025, 25 people joined and 15 left.

Payment terms

220 days to suppliers
Suppliers
96 to 220
Customers
94 to 185

PIA Group BeLux pays its suppliers 124 days later than in 2024. Customers pay 91 days later.

Position in the sector

-€1.9m

Lower net result than 95% of companies in legal and accounting. Sector median €119,810 · 1,050 companies.

Turnover +140%: merger

Checked score

85
Excellent
Financially stronger than 38% of small companies in legal and accounting (NACE 69)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: < 0.1% across 1,476 companies (NACE 69, small).

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025lowest value 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.2%▲ +0.1 percentage points vs 06-2025 08-2025: 0.1%▼ -0.1 percentage points vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.2%▲ +0.1 percentage points vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.2%● unchanged vs 04-2026 06-2026: 0.2%● unchanged vs 05-2026 07-2026: 0.2%● unchanged vs 06-2026 08-2026: 0.3%▲ +0.1 percentage points vs 07-2026highest value 09-2026: 0.3%● unchanged vs 08-2026 10-2026: 0.3%● unchanged vs 09-2026 11-2026: 0.3%● unchanged vs 10-2026

Financial strength
Average

49-3equity 24.0% of total assets
42-3short-term debt 23.6% · cash 0.2%
52+35return on assets -0.6%

Score breakdown

raises risk
Liquidity: current ratio 0.50, cash €558,164, halved
Equity €77.1m (24.0% of total assets)
lowers risk
Sector: Legal and accounting activities (NACE 69)
Size: turnover €25.9m, 47.5 FTE, total assets €321.0m, files consolidated accounts
Calculation

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 (NACE 69, small). It does better than 31% of them on solvency, 20% on liquidity, 14% on profitability and 88% on growth.

The bankruptcy probability was computed on 08-11-2026 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 31-12-2025.

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).

Credit verdict

Credit of up to €2,550,000 on 30-day terms is acceptable

Liquidity is insufficient, with a current ratio of 0.5 (0.67 in 2024), below 1. Short-term debt is 23.6% and cash 0.2% of total assets. 76% of the assets are financed with debt and provisions.

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The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 0.50, cash €558,164, halved
NBB · annual accounts
lowers risk · Sector: Legal and accounting activities (NACE 69)
KBO
lowers risk · Size: turnover €25.9m, 47.5 FTE, total assets €321.0m, files consolidated accounts
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Equity €77.1m (24.0% of total assets)
NBB · annual accounts
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 7 filings
Deviation from the deadline
2025
21 days early
2024
16 days early
2023
21 days early
2022
2 days early
2021
1 day early
2020
21 days early
2019
30 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 16 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 July (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

CB
Director, BROUCKAERT Steven André Kristof, since 07-09-2023
WI
Director, since 07-09-2023
A
Director, Tom Verhaegen
EE
Auditor, Breoht Deketele

Shares in 68 companies, including A & B PARTNERS WAREGEM and Accountants - Belastingconsulenten Van Poucke

Board & ownership

Recent changes

1 director appointed ACF BV (class B director) · Permanent representatives: Tom Verhaegen and Steven Brouckaert · General meeting of 08-09-2026 · Gazette deed
1 director appointed, 1 resignation Appointment: ACF · Permanent representatives: Tom Verhaegen and Jan Vergote · Resignation: CORAL & WALLACE · General meeting of 08-09-2026 · Gazette deed
Purpose change · Amendment of the articles “gewijzigd artikel 3” (deed in Dutch) · General meeting of 18-09-2026 · Gazette deed
Publication in the Belgian Official Gazette Gazette deed
All 49 events

Comparable companies

same main activity, similar in size and age
Company
PIA Group BeLux Ghent €25.9m 42.8% 24.0% 47.5
TITECA Roeselare €14.1m -12.8% 25.0% 31.3
Moore Services Financiers Waterloo €14.4m 6.0% 19.1% 80.5
NEB PARTICIPATIONS Liège - - 82.8% -
DOMO INVESTMENT GROUP Ghent €3.5m -97.2% 92.5% 7.3
Deloitte Global Tax Center (Europe) Zaventem €84.7m 7.4% 6.9% 164.2
Ernst & Young Accountants Machelen (Brab.) €24.1m 5.4% 18.7% 121.6
-10%0%10%20%€1m€10m€100mPIA Group BeLuxEBIT margin

Grey: the largest companies of the sector (legal and accounting (NACE 69)), without their names. Blue: the sector peers from the table.

These companies have the same main activity as PIA Group BeLux: certified accountants and tax accountants (NACE 69201). They are comparable in size and age: total assets between €32m and €260m, founded between 1982 and 2020.

Official details

Source: KBO
Status
Active since 18-01-2019Normal situation
Registered office
17 active companies are registered at this address4 started in the 12 months before. Source: KBO register, as of 9 November 2026.
Activity
Certified accountants and tax accountantsNACE 69201and 1 other
Establishment units
2.285.368.3028800 Roeselare, since 18-01-2019
2.344.956.0939000 Ghent, since 01-04-2023
Financial year end
31 December
Peppol
Reachable since 31-10-2023
Company details

Annual accounts 2025

€321.0m▲ 42.8%
Employeeson 31-12-2025
51▲ 24.4%
Filing
Filed on 10-07-2026, 21 days before the end of the filing period
Financials

Insights on PIA Group BeLux

PIA Group BeLux has existed since 2019. In 2023 turnover rose from €876,383 to €7.1m. On 1 April 2023 a site was added.

Turnover has grown every year since.

PIAGROUP International holds all the shares.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.

Key facts about PIA Group BeLux

What is the company number of PIA Group BeLux?
The company number of PIA Group BeLux is 0718.884.618. The VAT number is the same number with BE in front: BE 0718.884.618.
Where is PIA Group BeLux based?
The registered office is at Foreestelaan 88, 9000 Ghent.Company details
What does PIA Group BeLux do?
According to the KBO register, the main activity is certified accountants and tax accountants (NACE 69201).
What is the legal form of PIA Group BeLux?
PIA Group BeLux is a public limited company (NV).
When was PIA Group BeLux founded?
PIA Group BeLux was founded on 18-01-2019.
Is PIA Group BeLux still active?
Yes, PIA Group BeLux is an active enterprise in the KBO register.
How many employees does PIA Group BeLux have?
PIA Group BeLux had an average of 47.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of PIA Group BeLux?
The turnover of PIA Group BeLux was €25.9m in financial year 2025, according to the filed annual accounts.
Is PIA Group BeLux profitable?
In financial year 2025, PIA Group BeLux made a loss of €1.9m.
Where can I find the annual accounts of PIA Group BeLux?
PIA Group BeLux filed 8 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of PIA Group BeLux due?
PIA Group BeLux must file the annual accounts for financial year 2026 by 31-07-2027.Timeline

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