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PICPUSSEN

Active
Public limited companyfounded 2017active for 9 yearsWinkelom 83B, 2440 Geel, Belgium34 active companies are registered at this addressKBO/BCE: BE 0681.406.588
Summary

PICPUSSEN has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €509,835 and a net result of -€17,375. Equity is shrinking by about 3.5% per year across the filed financial years. Its solvency ranks better than 18% of 5,765 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisFollow ReportCompare
PICPUSSENActiveChecked score 88/100
Risk analysis ReportCompare

Overview

Activity
Development of residential building projects
NACE 68121
1 site
Size
€11.8mtotal assets 2025
Equity
€509,835
Loss
-€17,375
Financial health
88 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.2%
Structure
Parent
Borghof Invest · 60%
Board
4 members
Holdings
1
  • BV KONRAD HOLDINGManaging director
Auditor: Callens Vandelanotte2025 accounts 37 days early5 of 14 deeds summarised
Why 88raises riskLiquidity: current ratio 306.55, cash €40,589Equity €509,835 (4.3% of total assets)lowers riskSize: total assets €11.8mSector: Real estate activities (NACE 68)Show the evidence

Checked score

Score 2025
88 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 37% of its sector peers (NACE 68, medium-sized)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency 29-1
equity 4.3% of total assets
Liquidity 50=
short-term debt 0.3% · cash 0.3%
Profitability 37=
return on assets -0.1%
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (1,719 companies, NACE 68, medium-sized)
Last 24 months 11-2024: 0.8% 12-2024: 0.8%● unchanged vs 11-2024 01-2025: 0.8%● unchanged vs 12-2024 02-2025: 0.8%● unchanged vs 01-2025 03-2025: 0.8%● unchanged vs 02-2025 04-2025: 0.8%● unchanged vs 03-2025 05-2025: 0.8%● unchanged vs 04-2025 06-2025: 0.8%● unchanged vs 05-2025highest value 07-2025: 0.7%▼ -0.1 percentage points vs 06-2025 08-2025: 0.7%● unchanged vs 07-2025 09-2025: 0.7%● unchanged vs 08-2025 10-2025: 0.7%● unchanged vs 09-2025 11-2025: 0.7%● unchanged vs 10-2025 12-2025: 0.7%● unchanged vs 11-2025 01-2026: 0.7%● unchanged vs 12-2025 02-2026: 0.7%● unchanged vs 01-2026 03-2026: 0.7%● unchanged vs 02-2026 04-2026: 0.4%▼ -0.3 percentage points vs 03-2026 05-2026: 0.4%● unchanged vs 04-2026 06-2026: 0.4%● unchanged vs 05-2026 07-2026: 0.2%▼ -0.2 percentage points vs 06-2026lowest value 08-2026: 0.2%● unchanged vs 07-2026lowest value 09-2026: 0.2%● unchanged vs 08-2026lowest value 10-2026: 0.2%● unchanged vs 09-2026lowest value
Credit of up to €40,000 on 30-day terms is acceptable
short-term debt: 0.3% and cash: 0.3% of total assets, and 95.7% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 68, medium-sized): better than 22% on solvency, 59% on liquidity, 37% on profitability and 30% on growth.

The bankruptcy probability was computed on 25-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Seven signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 306.55, cash €40,589
NBB · annual accounts
lowers risk · Size: total assets €11.8m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
lowers risk · Sector: Real estate activities (NACE 68)
KBO
raises risk · Equity €509,835 (4.3% of total assets)
NBB · annual accounts
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025
Net result per financial year
1819202122232425
2018 to 2025 · latest year -€17,375
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 5765 sector peers (2025).
NBB · sector comparison
Position among 5765 sector peers
Solvency
better than 18%
← weakest strongest →
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 24-06-2026, 37 days ahead of the deadline.
NBB · 8 filings
Deviation from the deadline
2025
37 days early
2024
41 days early
2023
34 days early
2022
41 days early
2021
20 days early
2020
40 days early
2019
104 days late
← 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 16 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% 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 24 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
26-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Annual accounts filedfinancial year 2024 · abbreviated…
  3. Liquidity more than 176 timescurrent ratio 1166.05

Key points

  • Risk: 8 loss-making years in a rowloss financial year 2025 -€17,375 View
  • Caution: Among the weakest 18% on solvencysector median 38.3% · 5,765 companies 4.3% View
  • Controlled by Borghof Investultimately: KONRAD INVEST 60% View
  • Positive: Filed on time since financial year 2020accounts within the deadline every year 6 years View

By topic

Financials

Financial year
2025
Total assets
€11.8m
Loss
-€17,375
Solvency
4.3%
Total assets▲ 4.4%
Net result
20182025
Go to Financials

Board & ownership

Board
4 members
Parent
Borghof Invest · 60%
Auditor
Callens Vandelanotte
  • Bertrand VAN REGEMORTELDirector
  • BV KONRAD HOLDINGManaging director
  • NV BORGHOF INVESTManaging director
  • NV PARTICIPATIEMAATSCHAPPIJ VLAANDERENDirector
Go to Board & ownership

Timeline

Events
16
Since
2019
Next accounts
by 31-07-2027
  1. 31-12-2024Permanent representatives: Yvan Willems, Erik Thuysbaert and…
  2. 30-07-2024Reappointment: CALLENS VANDELANOTTE (statutory auditor)
  3. 27-06-2024Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Development of residential building projectsNACE 68121
Founded
14-09-2017
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Key facts about PICPUSSEN

What is the company number of PICPUSSEN?
0681.406.588. In Belgium the VAT number is the company number with BE in front: BE 0681.406.588.
Where is PICPUSSEN based?
The registered office is at Winkelom 83B, 2440 Geel.Company details
What does PICPUSSEN do?
According to the KBO register, the main activity is development of residential building projects (NACE 68121).
What is the legal form of PICPUSSEN?
Public limited company (NV).
When was PICPUSSEN founded?
On 14-09-2017.
Is PICPUSSEN still active?
Yes, PICPUSSEN is an active enterprise in the KBO register.
What is the turnover of PICPUSSEN?
Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.Financials
Is PICPUSSEN profitable?
In financial year 2025, PICPUSSEN made a loss of €17,375.
Where can I find the annual accounts of PICPUSSEN?
PICPUSSEN filed 8 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of PICPUSSEN due?
By 31-07-2027, for financial year 2026.Timeline

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How much credit can you give this customer, and on what payment terms?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?KONRAD INVEST · 30 companies How does this company compare with its sector?Sector benchmark

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