PIEJAMAR
ActiveSummary
PIEJAMAR has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €114k and a net result of €925. Equity is growing by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 74% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-2
Solvency100▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9k at 30 days acceptable
Liquidity ample (current ratio 1.83 against 1.72 in 2024; short-term debt: 18.2% and cash: 0.6% of total assets), and 22.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
77.9%
Return on assets
0.6%
Age of the figures
9 mo
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 · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
28 d late
2023
29 d late
2022
29 d late
2021
24 d late
2020
27 d late
2019
27 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€114k▲ 0.8%
2024 · €113k
2018: €69klowest in 8 years
2019: €75k▲ +9.2% vs 2018
2020: €86k▲ +14.6% vs 2019
2021: €96k▲ +12.4% vs 2020
2022: €108k▲ +11.7% vs 2021
2023: €109k▲ +1.3% vs 2022
2024: €113k▲ +4.1% vs 2023
2025: €114k▲ +0.8% vs 2024highest in 8 years
2018 → 2025
Total assets
€147k▼ 3.5%
2024 · €152k
2018: €95klowest in 8 years
2019: €107k▲ +12.1% vs 2018
2020: €122k▲ +14.3% vs 2019
2021: €119k▼ -2.5% vs 2020
2022: €133k▲ +12.0% vs 2021
2023: €157k▲ +17.7% vs 2022highest in 8 years
2024: €152k▼ -2.8% vs 2023
2025: €147k▼ -3.5% vs 2024
2018 → 2025
Net result
€925▼ 79.4%
2024 · €4k
2018: €11k
2019: €8k▼ -25.0% vs 2018
2020: €13k▲ +59.3% vs 2019
2021: €11k▼ -15.6% vs 2020
2022: €13k▲ +21.0% vs 2021highest in 8 years
2023: €3k▼ -76.6% vs 2022
2024: €4k▲ +49.4% vs 2023
2025: €925▼ -79.4% vs 2024lowest in 8 years
2018 → 2025
Working capital
€22k▲ 4.9%
2024 · €21k
2018: €-9klowest in 8 years
2019: €-8k▲ +6.3% vs 2018
2020: €6k▲ +175% vs 2019
2021: €17k▲ +175% vs 2020
2022: €28k▲ +62.8% vs 2021highest in 8 years
2023: €23k▼ -15.1% vs 2022
2024: €21k▼ -9.9% vs 2023
2025: €22k▲ +4.9% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€96k-€108k▲ 11.7%€109k▲ 1.3%€113k▲ 4.1%€114k▲ 0.8%
2021: €96klowest in 5 years
2022: €108k▲ +11.7% vs 2021
2023: €109k▲ +1.3% vs 2022
2024: €113k▲ +4.1% vs 2023
2025: €114k▲ +0.8% vs 2024highest in 5 years
Operating result€15k-€18k▲ 21.4%€6k▼ 67.6%€8k▲ 38.0%€3k▼ 57.8%
2021: €15k
2022: €18k▲ +21.4% vs 2021highest in 5 years
2023: €6k▼ -67.6% vs 2022
2024: €8k▲ +38.0% vs 2023
2025: €3k▼ -57.8% vs 2024lowest in 5 years
Net result€11k-€13k▲ 21.0%€3k▼ 76.6%€4k▲ 49.4%€925▼ 79.4%
2021: €11k
2022: €13k▲ +21.0% vs 2021highest in 5 years
2023: €3k▼ -76.6% vs 2022
2024: €4k▲ +49.4% vs 2023
2025: €925▼ -79.4% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 58% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €147k
Fixed assets
€98k ▼ 3.9%
Current assets
€49k ▼ 2.9%
Equity and liabilities €147k
Equity
€114k ▲ 0.8%
Debt
€33k ▼ 16.3%
Debt's share of the balance-sheet total falls from 25.5% to 22.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9k▼
2024 · €13k
Cash flow
€6k▼
2024 · €9k
Current ratio
1.83▲
2024 · 1.72
Debt to equity
0.28▼
2024 · 0.34
ROE
0.8%▼
2024 · 4.0%
ROA
0.6%▼
2024 · 2.9%
Interest coverage
10.57▼
2024 · 16.62
Debt ≤ 1 year
€27k▼
2024 · €29k
Debt > 1 year
€6k▼
2024 · €10k
Income taxes
€2k▼
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€152k€147k▼
Fixed assets21/28€102k€98k▼
Tangible fixed assets22/27€16k€12k▼
Furniture and vehicles24€16k€12k▼
Financial fixed assets28€86k€86k=
Current assets29/58€50k€49k▼
Amounts receivable within one year40/41€48k€48k▲
Trade receivables40€45k€42k▼
Other amounts receivable41€2k€6k▲
Cash at bank and in hand54/58€868€931▲
Deferred charges and accrued income490/1€2k€0▼
Equity and liabilities
Total equity and liabilities10/49€152k€147k▼
Equity10/15€113k€114k▲
Contributions10/11€6k€6k=
Reserves13€107k€108k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€105k€106k▲
Profit (loss) carried forward14€0-
Amounts payable17/49€39k€33k▼
Amounts payable after more than one year17€10k€6k▼
Financial debts170/4€10k€6k▼
Amounts payable within one year42/48€29k€27k▼
Current portion of amounts payable after more than one year42€4k€4k▲
Trade debts44€3k€953▼
Suppliers440/4€3k€953▼
Taxes, remuneration and social security45€5k€6k▲
Taxes450/3€5k€6k▲
Other amounts payable47/48€17k€16k▼
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€5k▲
Other operating charges640/8€613€830▲
Gross operating margin9900€14k€9k▼
Operating profit (loss)9901€8k€3k▼
Financial income75/76B€0€0▼
Recurring financial income75€0€0▼
Financial charges65/66B€780€807▲
Recurring financial charges65€780€807▲
Profit (loss) for the period before taxes9903€7k€3k▼
Income taxes67/77€3k€2k▼
Profit (loss) for the period9904€4k€925▼
Profit (loss) for the period to be appropriated9905€4k€925▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€925▼
Transfer to equity691/2€4k€925▼
To other reserves6921€4k€925▼
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance
Average headcount (FTE)90870.0-
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €161 | €146 | €4k | €5k | €5k | ▲ 3.7% |
| Other operating charges640/8 | €559 | €448 | €774 | €613 | €830 | ▲ 35.3% |
| Gross operating margin9900 | €15k | €18k | €10k | €14k | €9k | ▼ 31.1% |
| Operating profit (loss)9901 | €15k | €18k | €6k | €8k | €3k | ▼ 57.8% |
| Financial income75/76B | €0 | €0 | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €0 | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €94 | €154 | €654 | €780 | €807 | ▲ 3.5% |
| Recurring financial charges65 | €94 | €154 | €654 | €780 | €807 | ▲ 3.5% |
| Profit (loss) for the period before taxes9903 | €15k | €18k | €5k | €7k | €3k | ▼ 64.4% |
| Income taxes67/77 | €4k | €5k | €2k | €3k | €2k | ▼ 39.8% |
| Profit (loss) for the period9904 | €11k | €13k | €3k | €4k | €925 | ▼ 79.4% |
| Profit (loss) for the period to be appropriated9905 | €11k | €13k | €3k | €4k | €925 | ▼ 79.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €119k | €133k | €157k | €152k | €147k | ▼ 3.5% |
| Fixed assets21/28 | €86k | €86k | €107k | €102k | €98k | ▼ 3.9% |
| Tangible fixed assets22/27 | €146 | €0 | €21k | €16k | €12k | ▼ 24.7% |
| Furniture and vehicles24 | €146 | €0 | €21k | €16k | €12k | ▼ 24.7% |
| Financial fixed assets28 | €86k | €86k | €86k | €86k | €86k | = |
| Current assets29/58 | €33k | €47k | €50k | €50k | €49k | ▼ 2.9% |
| Amounts receivable within one year40/41 | €26k | €47k | €46k | €48k | €48k | ▲ 0.7% |
| Trade receivables40 | €22k | €45k | €45k | €45k | €42k | ▼ 6.6% |
| Other amounts receivable41 | €4k | €1k | €180 | €2k | €6k | ▲ 148% |
| Cash at bank and in hand54/58 | €7k | €510 | €4k | €868 | €931 | ▲ 7.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2k | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €119k | €133k | €157k | €152k | €147k | ▼ 3.5% |
| Equity10/15 | €96k | €108k | €109k | €113k | €114k | ▲ 0.8% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €90k | €101k | €103k | €107k | €108k | ▲ 0.9% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | €88k | €100k | €101k | €105k | €106k | ▲ 0.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €23k | €26k | €48k | €39k | €33k | ▼ 16.3% |
| Amounts payable after more than one year17 | - | - | €13k | €10k | €6k | ▼ 40.2% |
| Financial debts170/4 | - | - | €13k | €10k | €6k | ▼ 40.2% |
| Amounts payable within one year42/48 | €16k | €20k | €26k | €29k | €27k | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | - | - | €4k | €4k | €4k | ▲ 4.1% |
| Trade debts44 | €553 | €799 | €287 | €3k | €953 | ▼ 68.7% |
| Suppliers440/4 | €553 | €799 | €287 | €3k | €953 | ▼ 68.7% |
| Advances received on contracts in progress46 | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €4k | €6k | €5k | €5k | €6k | ▲ 19.3% |
| Taxes450/3 | €4k | €6k | €5k | €5k | €6k | ▲ 19.3% |
| Other amounts payable47/48 | €12k | €13k | €17k | €17k | €16k | ▼ 8.9% |
| Accrued charges and deferred income492/3 | €7k | €6k | €8k | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11k | €13k | €3k | €4k | €925 | ▼ 79.4% |
| + Depreciation and write-downs630 | €161 | €146 | €4k | €5k | €5k | ▲ 3.7% |
| Operating cash flow (approximation) | €11k | €13k | €7k | €9k | €6k | ▼ 35.7% |
| Investment in fixed assets (approximation) | - | €0 | €-25k | €0 | €-1k | - |
| Change in cash | - | €-6k | €4k | €-3k | €63 | ▲ 102% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
2025
31-12
Financial
Weakest financial yearnet €925 ▼79.4%
Net result drops to €925, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Highest result since 2018net €13k ▲21%
Operating result €18k, net result €13k, both a record.
31-12
Financial
Equity above €100kEq €108k ▲11.7%
5 profitable years in a row build equity to €108k.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 27 days late
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Zonnebeke · 1 establishment unit since 2012
Ground area
569 m²
Building footprint
168 m²
Parcel 33037B0437/00P000, Flanders. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PIEJAMAR
since 20122.210.418.182
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33037B0437/00P000 | Flanders | 569 m² | 1 · 168 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 5,699 companies in sector 70100 we hold annual accounts for 3,495. 2,301 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 (pre-2019)
Founded13-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
70100Activities of head offices
Scores and ratios are computed by Checked and are not a credit decision.