PIOTREX
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00400174.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 15 filings
Turnover
≈ €320,000
Estimated: probably between €170,000 and €630,000
EBIT margin
Not included in this filing
Net result
€11,460▲ 186%
2024 · €4,013
Working capital
€47,047▲ 42.4%
2024 · €33,044
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,002
▲ 95.8%
2025
20182025
Net result
€11,460
▲ 186%
2025
middle half of the sector
20182025
Equity
€54,072
▲ 26.9%
2025
middle half of the sector
20182025
Total assets
€82,094
▲ 57.2%
2025
middle half of the sector
20182025
Debt
€28,023
▲ 192%
2025
20182025
Working capital
€47,047
▲ 42.4%
2025
middle half of the sector
20182025
Solvency
65.9%
▼ 15.7pp
2025
middle half of the sector
20182025
Current ratio
2.68
▼ 1.76
2025
middle half of the sector
20182025
Return on assets (ROA)
14.0%
▲ 6.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€5,730-€21,379€8,530▼ 60.1%€2,019▼ 76.3%€3,543▲ 75.5%€6,721▲ 89.7%€8,683▲ 29.2%€17,002▲ 95.8%
Net result-€5,917-€13,841€6,599within the sector's middle half▼ 52.3%-€1,110below the sector's middle half€11below the sector's middle half€2,339within the sector's middle half▲ 217×€4,013within the sector's middle half▲ 71.6%€11,460within the sector's middle half▲ 186%
Equity€16,919-€30,760▲ 81.8%€37,360within the sector's middle half▲ 21.5%€36,250within the sector's middle half▼ 3.0%€36,261within the sector's middle half=€38,599within the sector's middle half▲ 6.4%€42,612within the sector's middle half▲ 10.4%€54,072within the sector's middle half▲ 26.9%
Total assets€61,649-€36,796▼ 40.3%€54,699below the sector's middle half▲ 48.7%€48,996below the sector's middle half▼ 10.4%€59,698below the sector's middle half▲ 21.8%€72,832within the sector's middle half▲ 22.0%€52,225below the sector's middle half▼ 28.3%€82,094within the sector's middle half▲ 57.2%
Debt€44,730-€6,036▼ 86.5%€17,339▲ 187%€12,746▼ 26.5%€23,437▲ 83.9%€34,232▲ 46.1%€9,613▼ 71.9%€28,023▲ 192%
Working capital€9,288-€26,351▲ 184%€28,515within the sector's middle half▲ 8.2%€27,463within the sector's middle half▼ 3.7%€28,362within the sector's middle half▲ 3.3%€30,208within the sector's middle half▲ 6.5%€33,044within the sector's middle half▲ 9.4%€47,047within the sector's middle half▲ 42.4%
Solvency27.4%-83.6%▲ 56.2pp68.3%above the sector's middle half▼ 15.3pp74.0%above the sector's middle half▲ 5.7pp60.7%within the sector's middle half▼ 13.2pp53.0%within the sector's middle half▼ 7.7pp81.6%above the sector's middle half▲ 28.6pp65.9%within the sector's middle half▼ 15.7pp
Current ratio1.22-5.37▲ 4.152.64within the sector's middle half▼ 2.723.15above the sector's middle half▲ 0.512.21within the sector's middle half▼ 0.941.88within the sector's middle half▼ 0.334.44above the sector's middle half▲ 2.552.68within the sector's middle half▼ 1.76
Return on assets (ROA)-9.6%-37.6%▲ 47.2pp12.1%within the sector's middle half▼ 25.6pp-2.3%below the sector's middle half▼ 14.3pp0.0%below the sector's middle half▲ 2.3pp3.2%within the sector's middle half▲ 3.2pp7.7%within the sector's middle half▲ 4.5pp14.0%within the sector's middle half▲ 6.3pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2025 is 96% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €82,094
Fixed assets
€7,025 ▼ 26.6%
Current assets
€75,070 ▲ 76.0%
Equity and liabilities €82,094
Equity
€54,072 ▲ 26.9%
Debt
€28,023 ▲ 192%
Debt's share of the balance-sheet total rises from 18.4% to 34.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€22,308▲
2024 · €13,941
Cash flow
€16,766▲
2024 · €9,271
Debt to equity
0.52▲
2024 · 0.23
ROE
21.2%▲
2024 · 9.4%
Interest coverage
16.72▲
2024 · 6.94
Debt ≤ 1 year
€28,023▲
2024 · €9,613
Income taxes
€4,341▲
2024 · €2,661
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,431 | €3,121 | €5,135 | €6,436 | €30,265 |
| Depreciation and write-downs of the year | €4,490 | €4,009 | €4,643 | €5,258 | €5,306 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €2,497 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,213 | €4,870 | €4,600 | €4,490 | €4,009 | €4,643 | €5,258 | €5,306 | ▲ 0.9% |
| Other operating charges640/8 | - | - | - | €1,845 | €1,623 | €2,892 | €1,794 | €1,647 | ▼ 8.2% |
| Gross operating margin9900 | €15,083 | €27,321 | €20,838 | €8,354 | €9,175 | €14,255 | €15,734 | €23,955 | ▲ 52.2% |
| Operating profit (loss)9901 | -€5,730 | €21,379 | €8,530 | €2,019 | €3,543 | €6,721 | €8,683 | €17,002 | ▲ 95.8% |
| Financial income75/76B | - | - | - | €141 | €118 | €98 | - | €133 | - |
| Recurring financial income75 | €3 | €55 | €187 | €141 | €118 | €98 | - | €133 | - |
| Financial charges65/66B | - | - | - | €2,317 | €1,991 | €2,235 | €2,009 | €1,334 | ▼ 33.6% |
| Recurring financial charges65 | €975 | €1,597 | €1,576 | €2,317 | €1,991 | €2,235 | €2,009 | €1,334 | ▼ 33.6% |
| Profit (loss) for the period before taxes9903 | -€6,702 | €19,838 | €7,141 | -€156 | €1,670 | €4,584 | €6,674 | €15,801 | ▲ 137% |
| Income taxes67/77 | -€785 | €5,997 | €541 | €954 | €1,660 | €2,245 | €2,661 | €4,341 | ▲ 63.1% |
| Profit (loss) for the period9904 | -€5,917 | €13,841 | €6,599 | -€1,110 | €11 | €2,339 | €4,013 | €11,460 | ▲ 186% |
| Profit (loss) for the period to be appropriated9905 | -€5,917 | €13,841 | €6,599 | -€1,110 | €11 | €2,339 | €4,013 | €11,460 | ▲ 186% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61,649 | €36,796 | €54,699 | €48,996 | €59,698 | €72,832 | €52,225 | €82,094 | ▲ 57.2% |
| Fixed assets21/28 | €9,279 | €4,410 | €8,845 | €8,786 | €7,899 | €8,391 | €9,568 | €7,025 | ▼ 26.6% |
| Tangible fixed assets22/27 | €9,279 | €4,410 | €8,845 | €8,786 | €7,899 | €8,391 | €9,568 | €7,025 | ▼ 26.6% |
| Plant, machinery and equipment23 | - | - | - | €774 | €282 | - | €2,566 | €1,917 | ▼ 25.3% |
| Furniture and vehicles24 | - | - | - | €8,012 | €7,617 | €8,391 | €7,002 | €5,108 | ▼ 27.1% |
| Current assets29/58 | €52,370 | €32,387 | €45,854 | €40,210 | €51,799 | €64,441 | €42,657 | €75,070 | ▲ 76.0% |
| Amounts receivable within one year40/41 | €50,608 | €19,056 | €22,802 | €21,148 | €36,855 | €56,418 | €33,694 | €36,206 | ▲ 7.5% |
| Trade receivables40 | - | - | - | €12,519 | €34,751 | €54,016 | €29,319 | €29,504 | ▲ 0.6% |
| Other amounts receivable41 | - | - | - | €8,629 | €2,104 | €2,402 | €4,375 | €6,702 | ▲ 53.2% |
| Cash at bank and in hand54/58 | €1,762 | €10,607 | €3,247 | €3,338 | €2,508 | - | €4,902 | €5,880 | ▲ 20.0% |
| Deferred charges and accrued income490/1 | - | - | - | €15,724 | €12,436 | €8,023 | €4,061 | €32,984 | ▲ 712% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61,649 | €36,796 | €54,699 | €48,996 | €59,698 | €72,832 | €52,225 | €82,094 | ▲ 57.2% |
| Equity10/15 | €16,919 | €30,760 | €37,360 | €36,250 | €36,261 | €38,599 | €42,612 | €54,072 | ▲ 26.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | - | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | - | €6,200 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €8,859 | €22,700 | €29,300 | €28,190 | €28,201 | €30,539 | €34,552 | €46,012 | ▲ 33.2% |
| Amounts payable17/49 | €44,730 | €6,036 | €17,339 | €12,746 | €23,437 | €34,232 | €9,613 | €28,023 | ▲ 192% |
| Amounts payable within one year42/48 | €43,082 | €6,036 | €17,339 | €12,746 | €23,437 | €34,232 | €9,613 | €28,023 | ▲ 192% |
| Current portion of amounts payable after more than one year42 | - | - | - | €432 | €432 | €441 | €441 | €439 | ▼ 0.6% |
| Financial debts43 | - | - | - | - | - | €6,266 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €6,266 | - | - | - |
| Trade debts44 | €18,960 | - | €7,954 | - | €8,563 | €10,122 | €5,984 | €18,206 | ▲ 204% |
| Suppliers440/4 | - | - | - | - | €8,563 | €10,122 | €5,984 | €18,206 | ▲ 204% |
| Taxes, remuneration and social security45 | - | - | - | €12,314 | €13,231 | €16,859 | €3,188 | €9,378 | ▲ 194% |
| Taxes450/3 | - | - | - | €7,914 | €13,231 | €16,859 | €3,188 | €6,178 | ▲ 93.8% |
| Remuneration and social security454/9 | - | - | - | €4,400 | - | - | - | €3,200 | - |
| Other amounts payable47/48 | - | - | - | - | €1,211 | €545 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,917 | €13,841 | €6,599 | -€1,110 | €11 | €2,339 | €4,013 | €11,460 | ▲ 186% |
| + Depreciation and write-downs630 | €14,213 | €4,870 | €4,600 | €4,490 | €4,009 | €4,643 | €5,258 | €5,306 | ▲ 0.9% |
| Operating cash flow (approximation) | €8,296 | €18,711 | €11,199 | €3,380 | €4,020 | €6,981 | €9,271 | €16,766 | ▲ 80.8% |
| Investment in fixed assets (approximation) | - | -€0 | -€9,035 | -€4,431 | -€3,121 | -€5,135 | -€6,436 | -€2,762 | ▲ 57.1% |
| Change in cash | - | €8,845 | -€7,360 | €91 | -€830 | - | - | €978 | - |
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, 34,693 companies had the same profile as PIOTREX has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PIOTREX itself: 0.5% 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 34,693 companies, not a prediction for PIOTREX. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00400174 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00237498 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00229590 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00270312 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20166749 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-56500531 | |
| 31-12-2019 | micro format | 19-10-2020 | 2020-62900110 | |
| 31-12-2018 | full format | 08-10-2019 | 2019-70000535 | |
| 31-12-2017 | full format | 13-09-2018 | 2018-63300488 | |
| 31-12-2016 | full format | 17-08-2017 | 2017-45200362 |