Picsem
ActiveSummary
Picsem has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €17,721 and a net result of €15,333. Equity has been growing by about 48% per year since 2023. Its solvency ranks better than 63% of 8,575 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-03-2023 Normal situation
- Registered office
- 10 active companies are registered at this address Source: KBO register, as of 1 November 2026.
- Activity
- Public relations and communication consultancy NACE 73300and 4 others
- Establishment unit
- 2.343.211.380 1000 Brussel, since 28-03-2023
- Financial year end
- 31 December
- Peppol
- Reachable
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €19,936
- Turnover
- ≈ €130,000
- estimated
- Profit
- €15,333
- Equity
- €17,721
- ▲ 642%
- Total assets
- €26,258
- ▲ 102%
Score breakdownraises riskSize: total assets €26,258Founded in 2023lowers riskLiquidity: current ratio 2.76, cash €12,700Sector: Advertising, market research and public relations activities (NACE 73)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 73, micro). It does better than 65% of them on solvency, 78% on liquidity, 88% on profitability and 99% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 10 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a profit of €18,799, after a loss of €6,444 in 2024. It is the highest result since 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €3,090 | - | €2,174 |
| Depreciation and write-downs of the year | €435 | €1,030 | €1,137 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as Picsem: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €20,700 and €39,500, founded between 2022 and 2023.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| Picsem Brussel | 2023 | €26,258 | €17,721 | €19,936 | €15,333 | 2025 |
| HOUSE OF MAURICE Zulte | 2023 | €22,347 | €10,353 | €20,989 | €14,588 | 2025 |
| Billiet automation consultancy Rumst | 2022 | €29,393 | €9,028 | €17,059 | €11,215 | 2025 |
| ADREAN CONSULTING Sint-Jans-Molenbeek | 2023 | €35,728 | €19,871 | €20,139 | €14,899 | 2025 |
| MY CUP OF TEA Elsene | 2023 | €20,674 | €1,963 | €14,977 | €7,159 | 2025 |
| RMCC Oudergem | 2023 | €33,918 | €5,556 | €28,020 | €19,042 | 2025 |
| NDV Consulting Elsene | 2023 | €39,464 | €20,128 | €22,585 | €11,230 | 2025 |
They were chosen from the 7,100 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 39,278 companies had the same profile as Picsem has now. Two years later, 1.8% had gone bankrupt and 95.9% were still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
The bankruptcy probability of Picsem itself is lower: 0.2% within 12 months. It rests on far more data about Picsem than the profile alone.
Test of the method
The method was tested on the 497,445 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 39,278 companies, not a prediction for Picsem. 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €435 | €1,030 | €1,137 | ▲ 10.4% |
| Gross operating margin9900 | €10,830 | -€5,414 | €19,936 | - |
| Operating profit (loss)9901 | €10,396 | -€6,444 | €18,799 | - |
| Financial income75/76B | - | €3 | €26 | ▲ 820% |
| Recurring financial income75 | - | €3 | €26 | ▲ 820% |
| Non-recurring financial income76B | - | €3 | €26 | ▲ 820% |
| Financial charges65/66B | €117 | €207 | €89 | ▼ 56.9% |
| Recurring financial charges65 | €99 | €199 | €74 | ▼ 62.8% |
| Non-recurring financial charges66B | €18 | €8 | €15 | ▲ 88.4% |
| Profit (loss) for the period before taxes9903 | €10,279 | -€6,649 | €18,736 | - |
| Income taxes67/77 | €3,242 | - | €3,403 | - |
| Profit (loss) for the period9904 | €7,037 | -€6,649 | €15,333 | - |
| Profit (loss) for the period to be appropriated9905 | €7,037 | -€6,649 | €15,333 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €16,843 | €13,028 | €26,258 | ▲ 102% |
| Fixed assets21/28 | €2,656 | €1,626 | €2,662 | ▲ 63.8% |
| Tangible fixed assets22/27 | €2,656 | €1,626 | €2,662 | ▲ 63.8% |
| Plant, machinery and equipment23 | €2,656 | €1,626 | €2,662 | ▲ 63.8% |
| Current assets29/58 | €14,187 | €11,403 | €23,596 | ▲ 107% |
| Amounts receivable within one year40/41 | €9,167 | €8,874 | €10,393 | ▲ 17.1% |
| Trade receivables40 | €9,167 | €8,874 | €10,393 | ▲ 17.1% |
| Cash at bank and in hand54/58 | €4,363 | €1,739 | €12,700 | ▲ 630% |
| Deferred charges and accrued income490/1 | €658 | €790 | €503 | ▼ 36.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €16,843 | €13,028 | €26,258 | ▲ 102% |
| Equity10/15 | €9,037 | €2,388 | €17,721 | ▲ 642% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €7,037 | €7,037 | €7,037 | = |
| Distributable reserves133 | €7,037 | €7,037 | €7,037 | = |
| Profit (loss) carried forward14 | - | -€6,649 | €8,684 | - |
| Amounts payable17/49 | €7,806 | €10,640 | €8,537 | ▼ 19.8% |
| Amounts payable within one year42/48 | €7,806 | €10,140 | €8,537 | ▼ 15.8% |
| Trade debts44 | €2,266 | €674 | €332 | ▼ 50.7% |
| Suppliers440/4 | €2,266 | €674 | €332 | ▼ 50.7% |
| Taxes, remuneration and social security45 | €5,407 | €5,551 | €6,073 | ▲ 9.4% |
| Taxes450/3 | €5,247 | €5,391 | €6,073 | ▲ 12.7% |
| Remuneration and social security454/9 | €160 | €160 | - | - |
| Other amounts payable47/48 | €133 | €3,916 | €2,132 | ▼ 45.6% |
| Accrued charges and deferred income492/3 | - | €500 | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,037 | -€6,649 | €15,333 | - |
| + Depreciation and write-downs630 | €435 | €1,030 | €1,137 | ▲ 10.4% |
| Operating cash flow (approximation) | €7,472 | -€5,619 | €16,470 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,174 | - |
| Change in cash | - | -€2,624 | €10,962 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Shareholders
- ISTACE Philippe 1,000 shares (100%) · €2,000 in cash
Capital transactions
- 30-03-2023 Incorporation · €2,000 · 1,000 shares
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant,moitié acquéreurs au prorata des actions si plusieurs, entre vifs à titre onéreux ou gratuit,volontaires ou forcées,exclusion…”
Articles of association, deed of 30-03-2023 (in French)
Network & group
Picsem shares no director with another company.
Companies at the same address
9 other companies- BLeight Consultancy Registered office · since 2025 1027483881
- Peccatus, Lenssine (sole trader) Establishment · since 2024 1009923022
- Istace, Philippe (sole trader) Establishment · since 2023 0799147069
- BRADLYK Establishment · since 2023 0797271605
- Sekkaki, Célia (sole trader) Establishment · since 2022 0792647970
- SOLARI MED Establishment · since 2021 0778456771
- Bradly, Kenza (sole trader) Establishment · since 2021 0755583379
- Solari, Livio (sole trader) Establishment · since 2020 0740755643
- Federatie van Wit-Gele Kruisverenigingen van Vlaanderen Registered office · since 2008 0465698582
Connections & network
1 current directorThe network starts from the directors of Picsem. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
30-03
Gazette deed
IncorporationStarting capital €2,000 · Appointment: ISTACE Philippe (director) · Founder · Bank account10 points ▸
- Incorporation, 27-03-2023
- Founder, ISTACE Philippe
- Other provision, 28-02-2023
- Bank account, “Beobank, BE81 9501 1885 3324” (deed in French)
- Capital
- General meeting, “decisions suivantes, conformement a la loi” (deed in French)
- Registered office clause, “1000 Bruxelles, rue du Frontispice 8/44” (deed in French)
- Board rule, 1
- Director appointment, ISTACE Philippe (director (not named in the articles))
- Founding capital, €2,000
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21813A0257/00R006 | Brussels | 1,576 m² | 1 · 897 m² | 25.9 m · 7 |