Equity
€170,177 from €496,920 in 2019
Equity fell by 66% in 6 years.
PIEWAL
Lifetime
20 annual accounts with figures on one time axis, 49 filings since 1977peak €1.8m (2014)
€7,038▼ 98.4%
lowest -€180,858 (2020)
-€50,356▲ €69,928
peak €496,920 (2019)
€170,177▼ 22.8%
€349,021▲ 4.2%
peak 43.6 FTE (2012)
0.3 FTE▼ 97.1%
Board2 names since 2017
2 directorsJoëlle PIERSON and 1 other
Documentsfilings and deeds
15-10-202676 days late
2025financial year
Gross margin from €427,393 to €7,038Loss of €50,356Staff from 10.2 FTE to 0.3 FTEEquity from €220,533 to €170,177Cash from €16,691 to €10,182
Key points
from the 2025 annual accountsLosses
-€198,196 in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Staff
0.3 FTE ▼ 97.1%
Fewer staff in 2025 from 10.2 FTE to 0.3 FTE.
2025 accounts filed 76 days after the deadline
Checked score
67
Healthy
Financially stronger than 24% of micro companies in real estate (NACE 68)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.8%
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 05-2025
07-2025: 0.9%▲ +0.1 percentage points vs 06-2025
08-2025: 1.2%▲ +0.3 percentage points vs 07-2025
09-2025: 1.2%● unchanged vs 08-2025
10-2025: 1.2%● unchanged vs 09-2025
11-2025: 1.2%● unchanged vs 10-2025
12-2025: 1.2%● unchanged vs 11-2025
01-2026: 1.2%● unchanged vs 12-2025
02-2026: 1.2%● unchanged vs 01-2026
03-2026: 1.2%● unchanged vs 02-2026
04-2026: 1.3%▲ +0.1 percentage points vs 03-2026
05-2026: 1.3%● unchanged vs 04-2026
06-2026: 1.3%● unchanged vs 05-2026
07-2026: 1.3%● unchanged vs 06-2026
08-2026: 1.8%▲ +0.5 percentage points vs 07-2026
09-2026: 2.0%▲ +0.2 percentage points vs 08-2026highest value
10-2026: 0.7%▼ -1.3 percentage points vs 09-2026lowest value
11-2026: 0.7%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Loss of €50,356, the second in a row (financial year 2025)
Last filed accounts filed 76 days late; 1 of the last 3 accounts late
Liquidity: current ratio 0.63, cash €10,182
lowers risk
Size: 0.3 FTE, total assets €519,198
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 68, micro). It does better than 51% of them on solvency, 15% on liquidity, 11% on profitability and 20% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 12,322 companies had the same profile as PIEWAL has now. Each dot stands for 31 companies, two years later.
90.3%
were still trading
8.6%
stopped another way
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PIEWAL itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 12,322 companies, not a prediction for PIEWAL. 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.
Credit verdict
Credit of up to €11,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.63 (0.71 in 2024), below 1. Short-term debt is 66.2% and cash 2% of total assets. 67.2% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
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 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€50,356
raises risk · 2025 accounts filed 76 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-10-2026, 76 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
76 days late
2024
29 days late
2023
5 days early
2022
21 days late
2021
31 days late
2020
5 days early
2019
61 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 30 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 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 29 August (4 of the last 5 accounts filed within 33 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0403930566
Company renamed from ENTREPRISES DE PEINTURES WALHIN to PIEWAL
Gazette deed
Amendment of the articles
General meeting of 21-11-2023 · Gazette deed
Reappointments: Eric WALHIN (managing director) and Joëlle PIERSON (managing director)
General meeting of 29-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PIEWAL Chaudfontaine | €0.5m | €7,038 | 32.8% | 0.3 |
| IMMOBILIERE DES COLLETS Namur | €0.3m | €7,268 | 98.7% | 0.2 |
| TONNY CAMPE Deinze | €0.4m | €4,431 | 19.1% | 0 |
| ARBOFLORA Wichelen | €0.5m | €23,102 | -19.7% | 0 |
| SYMIM Antwerp | €0.5m | €18,311 | 78.8% | 0 |
| TALLIEU - TALLIEU Ghent | €1.6m | €12,342 | 98.8% | 0.2 |
| VAN HECK Westerlo | €0.6m | €8,531 | 30.4% | - |
These companies have the same main activity as PIEWAL: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €329,000 and €1.6m, founded between 1981 and 1995.
Official details
Source: KBO- Status
- Active since 18-04-1963Normal situation
- Activity
- Renting and operating of own or leased residential real estate, excluding social housingNACE 68201
- Establishment unit
- 2.008.065.6904053 Chaudfontaine, since 01-04-1963
- Financial year end
- 31 December
- Peppol
- Reachable since 11-12-2025
Insights on PIEWAL
PIEWAL has existed since 1963. The gross margin fell from €780,829 in 2023 to €7,038 in 2025 and staff from 16.6 to 0.3 full-time equivalents.
The gross margin has fallen every year since 2021. Solvency fell in 2025 from 39.7% to 32.8% because of the loss.
In September 2023, the Official Gazette published the appointment of Joëlle PIERSON as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about PIEWAL
- What is the company number of PIEWAL?
- The company number of PIEWAL is 0403.930.566. The VAT number is the same number with BE in front: BE 0403.930.566.
- Where is PIEWAL based?
- The registered office is at Source de la Lèche 43, 4053 Chaudfontaine.Company details
- What does PIEWAL do?
- According to the KBO register, the main activity is renting and operating of own or leased residential real estate, excluding social housing (NACE 68201).
- What is the legal form of PIEWAL?
- PIEWAL is a public limited company (NV).
- When was PIEWAL founded?
- PIEWAL was founded on 18-04-1963.
- Is PIEWAL still active?
- Yes, PIEWAL is an active enterprise in the KBO register.
- How many employees does PIEWAL have?
- PIEWAL had an average of 0.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of PIEWAL?
- The turnover in financial year 2025 is ≈ €19,000. This figure is estimated from the gross margin of €7,038 and 34 comparable companies (NACE 68201). It probably lies between €13,000 and €30,000. It is a rough estimate.
- Is PIEWAL profitable?
- In financial year 2025, PIEWAL made a loss of €50,356.
- Where can I find the annual accounts of PIEWAL?
- PIEWAL filed 49 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PIEWAL due?
- PIEWAL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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