PIERRE
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 15-10-2026 at the NBB all 31 filings
Turnover
≈ €250,000
Estimated: probably between €190,000 and €420,000
Total assets
€881,546▲ 5.5%
2025 · €835,289
Net result
€32,915▲ 50.9%
2025 · €21,808
Working capital
-€10,817▲ 16.9%
2025 · -€13,011
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€44,180
▼ 5.3%
2026
20192026
Net result
€32,915
▲ 50.9%
2026
20192026
Equity
€626,001
▲ 5.5%
2026
20192026
Total assets
€881,546
▲ 5.5%
2026
20192026
Debt
€255,544
▲ 5.5%
2026
20192026
Working capital
-€10,817
▲ 16.9%
2026
20192026
Solvency
71.0%
=
2026
20192026
Current ratio
0.88
▼ 0.01
2026
20192026
Return on assets (ROA)
3.7%
▲ 1.1pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€32,238-€93,590▲ 190%-€2,466€18,120€25,923▲ 43.1%€39,743▲ 53.3%€46,677▲ 17.4%€44,180▼ 5.3%
Net result€8,363-€60,547▲ 624%-€2,972below the sector's middle half€3,303within the sector's middle half€9,055within the sector's middle half▲ 174%€28,252within the sector's middle half▲ 212%€21,808within the sector's middle half▼ 22.8%€32,915▲ 50.9%
Equity€535,092-€563,639▲ 5.3%€560,667above the sector's middle half▼ 0.5%€563,970above the sector's middle half▲ 0.6%€573,026above the sector's middle half▲ 1.6%€571,278above the sector's middle half▼ 0.3%€593,086above the sector's middle half▲ 3.8%€626,001▲ 5.5%
Total assets€831,071-€907,931▲ 9.2%€887,928above the sector's middle half▼ 2.2%€837,738above the sector's middle half▼ 5.7%€827,192above the sector's middle half▼ 1.3%€835,015above the sector's middle half▲ 0.9%€835,289above the sector's middle half=€881,546▲ 5.5%
Debt€295,980-€344,292▲ 16.3%€327,260▼ 4.9%€273,767▼ 16.3%€254,166▼ 7.2%€263,737▲ 3.8%€242,203▼ 8.2%€255,544▲ 5.5%
Working capital€17,308-€35,130▲ 103%-€90,756below the sector's middle half-€12,708below the sector's middle half▲ 86.0%€7,383within the sector's middle half€3,880below the sector's middle half▼ 47.4%-€13,011below the sector's middle half-€10,817▲ 16.9%
Solvency64.4%-62.1%▼ 2.3pp63.1%within the sector's middle half▲ 1.1pp67.3%within the sector's middle half▲ 4.2pp69.3%within the sector's middle half▲ 2.0pp68.4%within the sector's middle half▼ 0.9pp71.0%within the sector's middle half▲ 2.6pp71.0%=
Current ratio1.22-1.22=0.49below the sector's middle half▼ 0.740.83below the sector's middle half▲ 0.341.09below the sector's middle half▲ 0.261.04below the sector's middle half▼ 0.050.88below the sector's middle half▼ 0.150.88▼ 0.01
Return on assets (ROA)1.0%-6.7%▲ 5.7pp-0.3%below the sector's middle half▼ 7.0pp0.4%below the sector's middle half▲ 0.7pp1.1%below the sector's middle half▲ 0.7pp3.4%within the sector's middle half▲ 2.3pp2.6%within the sector's middle half▼ 0.8pp3.7%▲ 1.1pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 operating result for 2026 is 5% lower than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €881,546
Fixed assets
€803,426 ▲ 9.2%
Current assets
€78,119 ▼ 21.4%
Equity and liabilities €881,546
Equity
€626,001 ▲ 5.5%
Debt
€255,544 ▲ 5.5%
Debt's share of the balance-sheet total stays at 29.0%.
Key figures and ratios
EBITDA
€86,701▲
2025 · €59,938
Cash flow
€75,436▲
2025 · €35,069
Debt to equity
0.41=
2025 · 0.41
ROE
5.3%▲
2025 · 3.7%
Interest coverage
10.76▲
2025 · 6.03
Debt ≤ 1 year
€88,937▼
2025 · €112,461
Debt > 1 year
€155,392▲
2025 · €123,326
Income taxes
€17,698▲
2025 · €14,963
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,846 | €10,348 | €15,706 | €24,991 | €110,108 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €47,544 | €47,505 | €29,976 | €13,261 | €42,521 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,499 | €44,413 | €60,311 | €47,544 | €47,505 | €29,976 | €13,261 | €42,521 | ▲ 221% |
| Other operating charges640/8 | - | - | - | €6,889 | €6,582 | €9,196 | €9,202 | €10,770 | ▲ 17.0% |
| Non-recurring operating charges66A | - | - | - | €341 | €0 | - | - | - | - |
| Gross operating margin9900 | €91,657 | €148,903 | €66,214 | €72,893 | €80,010 | €78,915 | €69,140 | €97,471 | ▲ 41.0% |
| Operating profit (loss)9901 | €32,238 | €93,590 | -€2,466 | €18,120 | €25,923 | €39,743 | €46,677 | €44,180 | ▼ 5.3% |
| Financial income75/76B | - | - | - | €3 | €0 | €386 | €30 | €14,490 | ▲ 483× |
| Recurring financial income75 | €28 | €925 | €88 | €3 | €0 | €386 | €30 | €190 | ▲ 532% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | €14,300 | - |
| Financial charges65/66B | - | - | - | €7,396 | €7,915 | €7,196 | €9,935 | €8,056 | ▼ 18.9% |
| Recurring financial charges65 | €5,446 | €5,396 | €4,800 | €7,396 | €7,915 | €7,196 | €9,935 | €8,056 | ▼ 18.9% |
| Profit (loss) for the period before taxes9903 | €26,819 | €89,119 | €2,261 | €10,727 | €18,008 | €32,934 | €36,771 | €50,613 | ▲ 37.6% |
| Income taxes67/77 | €18,456 | €28,571 | €5,233 | €7,424 | €8,952 | €4,681 | €14,963 | €17,698 | ▲ 18.3% |
| Profit (loss) for the period9904 | €8,363 | €60,547 | -€2,972 | €3,303 | €9,055 | €28,252 | €21,808 | €32,915 | ▲ 50.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €500 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €8,263 | €60,447 | -€2,972 | €3,803 | €9,055 | €28,252 | €21,808 | €32,915 | ▲ 50.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €831,071 | €907,931 | €887,928 | €837,738 | €827,192 | €835,015 | €835,289 | €881,546 | ▲ 5.5% |
| Fixed assets21/28 | €735,713 | €713,840 | €802,234 | €775,537 | €738,380 | €724,110 | €735,839 | €803,426 | ▲ 9.2% |
| Tangible fixed assets22/27 | €735,494 | €713,621 | €802,015 | €775,317 | €738,161 | €723,891 | €735,620 | €803,207 | ▲ 9.2% |
| Land and buildings22 | - | - | - | €684,639 | €677,300 | €669,961 | €669,961 | €650,757 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €13,990 | €42,900 | ▲ 207% |
| Furniture and vehicles24 | - | - | - | €37,805 | €16,375 | €11,958 | €9,541 | €96,850 | ▲ 915% |
| Other tangible fixed assets26 | - | - | - | €52,873 | €44,486 | €41,971 | €42,128 | €12,700 | ▼ 69.9% |
| Financial fixed assets28 | €219 | €219 | €219 | €219 | €219 | €219 | €219 | €219 | = |
| Current assets29/58 | €95,359 | €194,091 | €85,694 | €62,201 | €88,812 | €110,906 | €99,450 | €78,119 | ▼ 21.4% |
| Amounts receivable within one year40/41 | €32,877 | €156,462 | €44,618 | €29,880 | €33,370 | €65,702 | €47,158 | €8,222 | ▼ 82.6% |
| Trade receivables40 | - | - | - | €29,880 | €32,970 | €49,021 | €47,158 | €8,222 | ▼ 82.6% |
| Other amounts receivable41 | - | - | - | €0 | €401 | €16,681 | €0 | - | - |
| Cash at bank and in hand54/58 | €52,281 | €28,447 | €32,180 | €22,092 | €44,309 | €31,351 | €37,826 | €55,464 | ▲ 46.6% |
| Deferred charges and accrued income490/1 | - | - | - | €10,229 | €11,133 | €13,852 | €14,466 | €14,434 | ▼ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €831,071 | €907,931 | €887,928 | €837,738 | €827,192 | €835,015 | €835,289 | €881,546 | ▲ 5.5% |
| Equity10/15 | €535,092 | €563,639 | €560,667 | €563,970 | €573,026 | €571,278 | €593,086 | €626,001 | ▲ 5.5% |
| Contributions10/11 | €6,197 | €0 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €47,714 | €108,214 | €108,214 | €107,714 | €107,714 | €107,714 | €127,714 | €152,714 | ▲ 19.6% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €105,855 | €105,855 | €105,855 | €125,855 | €150,855 | ▲ 19.9% |
| Profit (loss) carried forward14 | €481,181 | €449,228 | €446,256 | €450,059 | €459,115 | €457,367 | €459,175 | €467,090 | ▲ 1.7% |
| Amounts payable17/49 | €295,980 | €344,292 | €327,260 | €273,767 | €254,166 | €263,737 | €242,203 | €255,544 | ▲ 5.5% |
| Amounts payable after more than one year17 | €217,929 | €185,331 | €150,811 | €195,580 | €164,921 | €144,335 | €123,326 | €155,392 | ▲ 26.0% |
| Financial debts170/4 | - | - | - | €115,580 | €84,921 | €64,335 | €43,326 | €75,392 | ▲ 74.0% |
| Other amounts payable178/9 | - | - | - | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Amounts payable within one year42/48 | €78,051 | €158,961 | €176,450 | €74,909 | €81,430 | €107,026 | €112,461 | €88,937 | ▼ 20.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,231 | €30,659 | €20,586 | €21,009 | €43,529 | ▲ 107% |
| Financial debts43 | - | - | - | - | €1,301 | €0 | - | - | - |
| Other loans439 | - | - | - | - | €1,301 | €0 | - | - | - |
| Trade debts44 | €12,233 | €72,927 | €5,945 | €7,874 | €20,233 | €37,885 | €24,190 | €22,612 | ▼ 6.5% |
| Suppliers440/4 | - | - | - | €7,874 | €20,233 | €37,885 | €24,190 | €22,612 | ▼ 6.5% |
| Taxes, remuneration and social security45 | - | - | - | €27,839 | €29,237 | €18,555 | €31,263 | €21,535 | ▼ 31.1% |
| Taxes450/3 | - | - | - | €18,702 | €24,924 | €14,213 | €26,151 | €20,069 | ▼ 23.3% |
| Remuneration and social security454/9 | - | - | - | €9,137 | €4,313 | €4,343 | €5,112 | €1,466 | ▼ 71.3% |
| Other amounts payable47/48 | - | - | - | €3,965 | €0 | €30,000 | €35,998 | €1,261 | ▼ 96.5% |
| Accrued charges and deferred income492/3 | - | - | - | €3,279 | €7,816 | €12,376 | €6,416 | €11,216 | ▲ 74.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,363 | €60,547 | -€2,972 | €3,303 | €9,055 | €28,252 | €21,808 | €32,915 | ▲ 50.9% |
| + Depreciation and write-downs630 | €48,499 | €44,413 | €60,311 | €47,544 | €47,505 | €29,976 | €13,261 | €42,521 | ▲ 221% |
| Operating cash flow (approximation) | €56,862 | €104,960 | €57,339 | €50,847 | €56,560 | €58,228 | €35,069 | €75,436 | ▲ 115% |
| Investment in fixed assets (approximation) | - | -€22,540 | -€148,705 | -€20,846 | -€10,348 | -€15,706 | -€24,991 | -€110,108 | ▼ 341% |
| Change in cash | - | -€23,834 | €3,733 | -€10,088 | €22,217 | -€12,958 | €6,474 | €17,638 | ▲ 172% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as PIERRE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PIERRE itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 14,766 companies, not a prediction for PIERRE. 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.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 15-10-2026 | 2026-00560468 | |
| 31-03-2025 | micro format | 23-10-2025 | 2025-00548733 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00522597 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00505588 | |
| 31-03-2022 | micro format | 27-10-2022 | 2022-20475529 | |
| 31-03-2021 | micro format | 14-10-2021 | 2021-72000227 | |
| 31-03-2020 | micro format | 26-11-2020 | 2020-73700076 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-73200214 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-71800056 | |
| 31-03-2017 | full format | 26-10-2017 | 2017-67800436 |