PICAM TRADING
ActiveSummary
PICAM TRADING has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €969 and a net result of €3,556. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 28% of 40 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability56▲+56
Solvency27▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity tight (current ratio 1.02 against 0.95 in 2024; short-term debt: 98% and cash: 1.2% of total assets), and 98% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
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 17
Relative position
BE, all sectors
reference
Manufacture of paper and paper products (NACE 17)
about 49% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
2%
Return on assets
7.4%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
4 d late
2023
50 d late
2022
42 d late
2021
87 d late
2020
3 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 26 days after the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 14 March (4 of the last 5 filed years within 43 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close30-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€969
2024 · -€2,587
Total assets
€48,356▲ 7.9%
2024 · €44,810
Net result
€3,556
2024 · -€9,416
Working capital
€969
2024 · -€2,587
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€37,998€13,776▼ 63.7%€8,390▼ 39.1%-€6,518€6,343
Net result€35,147above the sector's middle half€6,724within the sector's middle half▼ 80.9%-€4,529below the sector's middle half-€9,416below the sector's middle half▼ 108%€3,556within the sector's middle half
Equity€4,634below the sector's middle half€11,358within the sector's middle half▲ 145%€6,829below the sector's middle half▼ 39.9%-€2,587below the sector's middle half€969within the sector's middle half
Total assets€124,079within the sector's middle half▲ 213%€49,208below the sector's middle half▼ 60.3%€57,326below the sector's middle half▲ 16.5%€44,810below the sector's middle half▼ 21.8%€48,356below the sector's middle half▲ 7.9%
Debt€119,446▲ 70.4%€37,850▼ 68.3%€50,497▲ 33.4%€47,397▼ 6.1%€47,387=
Working capital€4,634within the sector's middle half€11,358within the sector's middle half▲ 145%€6,829within the sector's middle half▼ 39.9%-€2,587below the sector's middle half€969within the sector's middle half
Solvency3.7%below the sector's middle half▲ 80.8pp23.1%within the sector's middle half▲ 19.3pp11.9%below the sector's middle half▼ 11.2pp-5.8%below the sector's middle half▼ 17.7pp2.0%within the sector's middle half▲ 7.8pp
Current ratio1.04within the sector's middle half▲ 0.481.30within the sector's middle half▲ 0.261.14within the sector's middle half▼ 0.160.95below the sector's middle half▼ 0.191.02within the sector's middle half▲ 0.08
Return on assets (ROA)28.3%above the sector's middle half▲ 41.8pp13.7%above the sector's middle half▼ 14.7pp-7.9%below the sector's middle half▼ 21.6pp-21.0%below the sector's middle half▼ 13.1pp7.4%within the sector's middle half▲ 28.4pp
above
within
below
the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €6,343 after a loss of €6,518 in 2024.
Balance-sheet composition
Equity and liabilities €48,356
Equity
€969
Debt
€47,387
Debt finances 98.0% of the balance-sheet total.
Key figures and ratios
Debt ≤ 1 year
€47,387=
2024 · €47,397
Income taxes
-€2,028
Equity ratios withheld: equity of €969 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,325 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.4%
went bankrupt
3.2%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,325 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,560 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €363 | - | - | - | - | - |
| Other operating charges640/8 | €186 | €450 | €500 | €887 | €554 | ▼ 37.5% |
| Non-recurring operating charges66A | €15 | - | - | - | - | - |
| Gross operating margin9900 | €40,122 | €14,225 | €8,890 | -€5,631 | €6,897 | ▲ 222% |
| Operating profit (loss)9901 | €37,998 | €13,776 | €8,390 | -€6,518 | €6,343 | ▲ 197% |
| Financial income75/76B | - | €0 | €397 | - | €1 | - |
| Recurring financial income75 | - | €0 | €397 | - | €1 | - |
| Financial charges65/66B | €2,851 | €5,023 | €2,301 | €2,899 | €4,815 | ▲ 66.1% |
| Recurring financial charges65 | €2,851 | €5,023 | €2,301 | €2,899 | €4,815 | ▲ 66.1% |
| Profit (loss) for the period before taxes9903 | €35,147 | €8,753 | €6,487 | -€9,416 | €1,528 | ▲ 116% |
| Income taxes67/77 | - | €2,028 | €11,015 | - | -€2,028 | - |
| Profit (loss) for the period9904 | €35,147 | €6,724 | -€4,529 | -€9,416 | €3,556 | ▲ 138% |
| Profit (loss) for the period to be appropriated9905 | €35,147 | €6,724 | -€4,529 | -€9,416 | €3,556 | ▲ 138% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €124,079 | €49,208 | €57,326 | €44,810 | €48,356 | ▲ 7.9% |
| Current assets29/58 | €124,079 | €49,208 | €57,326 | €44,810 | €48,356 | ▲ 7.9% |
| Amounts receivable within one year40/41 | €117,189 | €40,540 | €20,346 | €8,614 | €11,771 | ▲ 36.7% |
| Trade receivables40 | €76,057 | €32,725 | €6,388 | €1,888 | €4,888 | ▲ 159% |
| Other amounts receivable41 | €41,132 | €7,814 | €13,958 | €6,726 | €6,883 | ▲ 2.3% |
| Cash at bank and in hand54/58 | - | €8,243 | €981 | €197 | €584 | ▲ 197% |
| Deferred charges and accrued income490/1 | €6,890 | €425 | €36,000 | €36,000 | €36,000 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €124,079 | €49,208 | €57,326 | €44,810 | €48,356 | ▲ 7.9% |
| Equity10/15 | €4,634 | €11,358 | €6,829 | -€2,587 | €969 | ▲ 137% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1109/19 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€3,426 | €3,298 | -€1,231 | -€10,647 | -€7,091 | ▲ 33.4% |
| Amounts payable17/49 | €119,446 | €37,850 | €50,497 | €47,397 | €47,387 | = |
| Amounts payable within one year42/48 | €119,446 | €37,850 | €50,497 | €47,397 | €47,387 | = |
| Financial debts43 | €14,976 | - | €38,395 | €38,961 | €38,961 | = |
| Credit institutions430/8 | €14,976 | - | €38,395 | €38,961 | €38,961 | = |
| Trade debts44 | €93,838 | €21,996 | €166 | €1,625 | €1,243 | ▼ 23.5% |
| Suppliers440/4 | €93,838 | €21,996 | €166 | €1,625 | €1,243 | ▼ 23.5% |
| Advances received on contracts in progress46 | €2,500 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €1,573 | €3,620 | €11,936 | €2,028 | - | - |
| Taxes450/3 | - | €2,028 | €3,413 | €2,028 | - | - |
| Remuneration and social security454/9 | €1,573 | €1,591 | €8,523 | - | - | - |
| Other amounts payable47/48 | €6,559 | €12,235 | - | €4,782 | €7,182 | ▲ 50.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,147 | €6,724 | -€4,529 | -€9,416 | €3,556 | ▲ 138% |
| + Depreciation and write-downs630 | €363 | - | - | - | - | - |
| Operating cash flow (approximation) | €35,510 | €6,724 | -€4,529 | -€9,416 | €3,556 | ▲ 138% |
| Change in cash | - | - | -€7,262 | -€784 | €388 | ▲ 149% |
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
Next filing, fiscal year 2026, expected by
2026
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €3,556
Net result €3,556 after 2 loss-making years.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
21-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 50 days late
2023
14-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 42 days late
2022
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 87 days late
2021
30-06
Financial
Back to profitnet €35,147
Net result €35,147 after 2 loss-making years.
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Ravels · 1 establishment unit since 2009
Ground area
1,579 m²
Building footprint
163 m²
Volume, LiDAR
905 m³
Parcel 13033D0587/00D000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PICAM TRADING
since 20092.179.025.816
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13033D0587/00D000 | Flanders | 1,579 m² | 1 · 163 m² | 8.5 m · 2 fl. |
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.
Similar companies · same sector, comparable size
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Of 125 companies in sector 17120 we hold annual accounts for 93. 2 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded06-01-2009
Fiscal year end30-06
Activities, NACEBEL 2025
17120Manufacture of paper and paper products
17210Manufacture of paper and paper products
46869Wholesale trade
68310Real estate agency activities
68321Property management for co-owned buildings (syndics)
82910Office administrative, office support and other business support activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0808923679
Also
9925:BE0808923679
Registered
18-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.