PILDING
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 03-04-2026 PDF all 4 filings
Every figure per financial year
The operating result for 2025 is 27% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €98,153 | €50,302 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €902,245 | - | - | - |
| Financial fixed assets | €827,419 | €0 | €300,000 | €0 |
| Depreciation and write-downs of the year | €35,975 | €34,573 | €19,366 | €4,402 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,975 | €34,573 | €19,366 | €4,402 | ▼ 77.3% |
| Other operating charges640/8 | €8,313 | €8,419 | €6,729 | €8,966 | ▲ 33.2% |
| Gross operating margin9900 | €76,360 | €81,831 | €86,303 | €57,285 | ▼ 33.6% |
| Operating profit (loss)9901 | €32,072 | €38,839 | €60,208 | €43,917 | ▼ 27.1% |
| Financial income75/76B | €1,794 | €162 | €1,968 | €404,356 | ▲ 205× |
| Recurring financial income75 | €1,794 | €162 | €1,968 | €404,356 | ▲ 205× |
| Financial charges65/66B | €22,196 | €26,581 | €501,456 | €11,783 | ▼ 97.7% |
| Recurring financial charges65 | €22,196 | €26,581 | €34,037 | €11,783 | ▼ 65.4% |
| Non-recurring financial charges66B | - | - | €467,419 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €11,670 | €12,420 | -€439,280 | €436,490 | - |
| Income taxes67/77 | - | - | €3,631 | €9,712 | ▲ 167% |
| Profit (loss) for the period9904 | €11,670 | €12,420 | -€442,911 | €426,778 | - |
| Profit (loss) for the period to be appropriated9905 | €11,670 | €12,420 | -€442,911 | €426,778 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.0m | €1.0m | €0.5m | €0.5m | ▲ 3.2% |
| Formation expenses20 | €0.003m | €0.002m | €0.001m | €0 | ▼ 100% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.4m | €0.09m | ▼ 77.5% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 3.9% |
| Land and buildings22 | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 3.9% |
| Financial fixed assets28 | €0.8m | €0.8m | €0.3m | €0 | ▼ 100% |
| Current assets29/58 | €0.08m | €0.04m | €0.1m | €0.4m | ▲ 294% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | - |
| Other amounts receivable291 | - | - | - | €0.1m | - |
| Amounts receivable within one year40/41 | €0.07m | €49 | €0.08m | €0.006m | ▼ 92.1% |
| Trade receivables40 | - | - | - | €0.001m | - |
| Other amounts receivable41 | €0.07m | €49 | €0.08m | €0.005m | ▼ 93.3% |
| Current investments50/53 | - | - | - | €0.3m | - |
| Cash at bank and in hand54/58 | €0.003m | €0.04m | €0.03m | €0.04m | ▲ 32.4% |
| Deferred charges and accrued income490/1 | - | - | - | €17 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.5m | €0.5m | ▲ 3.2% |
| Equity10/15 | €0.5m | €0.5m | €0.09m | €0.2m | ▲ 145% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | -€0.03m | €0.1m | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 26.7% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.4m | €0 | ▼ 100% |
| Financial debts170/4 | €0.05m | €0.004m | €0 | - | - |
| Other amounts payable178/9 | €0.1m | €0.1m | €0.4m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.01m | €0.3m | ▲ 28× |
| Current portion of amounts payable after more than one year42 | €0.05m | €0.05m | €0.007m | €0 | ▼ 100% |
| Trade debts44 | €0.001m | €0 | €166 | €96 | ▼ 42.3% |
| Suppliers440/4 | €0.001m | €0 | €166 | €96 | ▼ 42.3% |
| Taxes, remuneration and social security45 | - | - | €0.003m | €0.003m | = |
| Taxes450/3 | - | - | €0.003m | €0.003m | = |
| Other amounts payable47/48 | €0.3m | €0.3m | €0 | €0.3m | - |
| Accrued charges and deferred income492/3 | €0.02m | €0 | - | €92 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,670 | €12,420 | -€442,911 | €426,778 | - |
| + Depreciation and write-downs630 | €35,975 | €34,573 | €19,366 | €4,402 | ▼ 77.3% |
| Operating cash flow (approximation) | €47,645 | €46,993 | -€423,545 | €431,180 | - |
| Investment in fixed assets (approximation) | - | -€1,238 | €526,182 | €299,146 | ▼ 43.1% |
| Change in cash | - | €41,204 | -€16,705 | €9,028 | - |
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, 3,127 companies had the same profile as PILDING has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of PILDING itself: 0.2% 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 3,127 companies, not a prediction for PILDING. 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.