PIGCELL · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of PIGCELL is 2.6% (moderate). The 2022 annual accounts show negative equity (€-106k) and a net result of €-794. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 12% of 2418 sector peers (fiscal year 2022). The company has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

2.6% Moderate

0%0,5%1,5%4%10%≥25%

Annual accounts: weaker financial profile +Higher-failure-rate region +Lower-risk legal form −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

Insufficient current data: the most recent filed accounts (financial year 2022) are too old to derive current signals.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2023 was due at the National Bank by 31-07-2024. Nothing is on record today, 757 days later. 3 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed after the deadline

The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 20-09-2023, 51 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.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2022, that is 31-07-2023.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	nothing on record	not filed	-
31-12-2022	31-07-2023	20-09-2023	51 d late	2023-00450735
31-12-2021	31-07-2022	01-07-2022	30 d early	2022-20135823
31-12-2020	31-07-2021	31-08-2021	31 d late	2021-64500586
31-12-2019	31-07-2020	31-07-2020	on the day	2020-38200282
31-12-2018	31-07-2019	26-07-2019	5 d early	2019-39400318
31-12-2017	31-07-2018	31-08-2018	31 d late	2018-61000347
31-12-2016	31-07-2017	31-07-2017	on the day	2017-39600157
31-12-2015	31-07-2016	28-09-2016	59 d late	2016-63200212
31-12-2014	31-07-2015	28-08-2015	28 d late	2015-53500058

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Established

Founded in 2009, 16 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-794+54.9%

Working capital€-306k-0.3%

CSV export

Annual accounts & ratios

Source: NBB · 2022

Annual accounts filed on 20-09-2023 with the NBB · fiscal year 2022 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

volatile Too volatile to project: the yearly deviation from the trend is ~406% of the level (threshold 35%). We therefore deliberately show no projection line.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2022 · NACE 46, Wholesale trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	-53.1%	25.2%	better than 12% of 2418 sector peers
Net result	€-794	€4k	better than 36% of 2419 sector peers
Equity	€-106k	€21k	better than 5% of 2425 sector peers
Gross operating margin	€-239	€18k	better than 25% of 2411 sector peers
Total assets	€200k	€105k	better than 68% of 2421 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P12

Stable position over 2020-2022 · n=977-2418

Net result P36

Stable position over 2020-2022 · n=974-2419

Equity P5

Stable position over 2020-2022 · n=981-2425

Gross operating margin P25

Stable position over 2020-2022 · n=972-2411

Describes the position versus peers, not a forecast.

Net profit

€-794

+54.9% 18-22

Total assets

€200k

-0.8% 18-22

Equity

€-106k

-0.8% 18-22

Working capital

€-306k

-0.3% 18-22

Debt

€307k

-0.3% 18-22

Debt ≤ 1y

€307k

-0.3% 18-22

Current ratio

0.00

-86.1% 18-22

Quick ratio

0.00

-86.1% 18-22

Show 4 other metrics

Solvency

-53.1%

-1.6% 18-22

Debt / equity

-2.88

+1.0% 18-22

ROE

0.7%

-55.2% 18-22

ROA

-0.4%

+54.5% 18-22

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2022
Deposit	micro
Revenue	-
EBITDA	-
Net profit	€-794
Cash flow	-
Staff costs	-
Income taxes	-
Dividends	-
Total assets	€200k
Equity	€-106k
Debt	€307k
of which ≤ 1y	€307k
of which > 1y	-
Working capital	€-306k
Employees (FTE)	-

Ratios (computed)

	2022
Current ratio	0.00
Quick ratio	0.00
Working capital ratio	-152.9%
Solvency	-53.1%
Debt / equity	-2.88
Long-term debt ratio	-
Interest coverage	-
Gross margin	-
Net margin	-
ROA	-0.4%
ROE	0.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2022

Assets

Fixed assets €200k · 99.9% Current assets €266 · 0.1%

Full annual accounts (18 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€200k
Fixed assets	21/28	€200k
Financial fixed assets	28	€200k
Current assets	29/58	€266
Cash & bank	54/58	€266
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€200k
Equity	10/15	€-106k
Contributions / capital	10/11	€5.72M
Accumulated profits (losses)	14	€-5.83M
Amounts payable	17/49	€307k
Amounts payable within one year	42/48	€307k
Trade debts payable within one year	44	€348
Income statement
Gross operating margin	9900	€-239
Operating result	9901	€-586
Financial charges	65	€208
Result before taxes	9903	€-794
Net result for the period	9904	€-794
Result to be appropriated	9905	€-794

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2022 · computed

18 / 100 Critical

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2022. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

2 companies at this address See who is registered here

Establishment units

1 location

CRYOVISC

Blücherlaan 63, 1180 UkkelGroothandel in medisch-chirurgisch materieel en tandheelkundige instrumenten en benodigdheden

since 20092.182.710.628

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1,648 m²

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21614H0008/00Y052	Brussels	1,648 m²	-	-

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Financial profile

5 of 5 axes measured

43 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 18

Profitability 4

Solvency 33

Growth 58

Stability 100

Credit advice

verdict per customer and amount

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We hold annual accounts for 199 of the 1,897 companies in this sector. 73 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Groothandel in farmaceutische en medische artikelen46460

Primary activity highlighted.

Names & trade names

Legal nameFR

PIGCELL

Registered office

Blücherlaan 63

1180 Ukkel, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.