PIREA
ActiveSummary
The computed 12-month bankruptcy probability of PIREA is 8.4% (elevated). The 2025 annual accounts show negative equity (-€33,293) and a net result of -€12,192. Equity is shrinking by ~57.2% per year across the filed fiscal years. Its solvency ranks better than 5% of 28281 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
8.4%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
balance sheet total too small for a liquidity verdict, and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Age of the figures
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year -€33,293
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
2 d early
2024
2 d early
2023
6 d late
2022
29 d late
2021
29 d late
2020
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 15 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€33,293▼ 57.8%
2024 · -€21,101
Total assets
€3,129▼ 78.1%
2024 · €14,309
Net result
-€12,192▼ 3.7%
2024 · -€11,759
Working capital
-€33,656▼ 56.1%
2024 · -€21,564
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€4,857-€9,851▼ 103%€4,732-€11,310-€11,793▼ 4.3%
Net result-€5,269below the sector's middle half-€11,000below the sector's middle half▼ 109%€4,269within the sector's middle half-€11,759below the sector's middle half-€12,192below the sector's middle half▼ 3.7%
Equity-€2,610below the sector's middle half-€13,610below the sector's middle half▼ 421%-€9,341below the sector's middle half▲ 31.4%-€21,101below the sector's middle half▼ 126%-€33,293below the sector's middle half▼ 57.8%
Total assets€22,966below the sector's middle half▼ 31.4%€6,018below the sector's middle half▼ 73.8%€13,605below the sector's middle half▲ 126%€14,309below the sector's middle half▲ 5.2%€3,129below the sector's middle half▼ 78.1%
Debt€25,576▼ 17.0%€19,629▼ 23.3%€22,947▲ 16.9%€35,410▲ 54.3%€36,422▲ 2.9%
Working capital-€5,790below the sector's middle half▼ 202%-€14,316below the sector's middle half▼ 147%-€9,945below the sector's middle half▲ 30.5%-€21,564below the sector's middle half▼ 117%-€33,656below the sector's middle half▼ 56.1%
Solvency-11.4%below the sector's middle half▼ 19.3pp-226.2%below the sector's middle half▼ 214.8pp-68.7%below the sector's middle half▲ 157.5pp-147.5%below the sector's middle half▼ 78.8pp
Current ratio0.75below the sector's middle half▼ 0.180.24below the sector's middle half▼ 0.510.57below the sector's middle half▲ 0.330.39below the sector's middle half▼ 0.18
Return on assets (ROA)-22.9%below the sector's middle half▼ 36.9pp-182.8%below the sector's middle half▼ 159.8pp31.4%above the sector's middle half▲ 214.2pp-82.2%below the sector's middle half▼ 113.6pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11,793 in 2025 against €11,310 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3,129
Fixed assets
€363 ▼ 21.6%
Current assets
€2,766 ▼ 80.0%
Key figures and ratios
EBITDA
-€11,693▼
2024 · -€11,169
Cash flow
-€12,092▼
2024 · -€11,618
Interest coverage
-31.71▲
2024 · -46.27
Debt ≤ 1 year
€36,422▲
2024 · €35,410
Income taxes
€30▼
2024 · €208
Ratios withheld: a balance sheet total of €3,129 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,010 companies that looked in July 2024 the way this one looks now, 7.9% went bankrupt within 24 months and 83% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
7.9%
went bankrupt
8.4%
stopped otherwise
83%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 8.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,010 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,533 | €4,574 | €625 | €141 | €100 | ▼ 29.1% |
| Other operating charges640/8 | €347 | €1,513 | €525 | €639 | €7,687 | ▲ 1,102% |
| Gross operating margin9900 | €23 | -€3,765 | €5,882 | -€10,529 | -€4,006 | ▲ 62.0% |
| Operating profit (loss)9901 | -€4,857 | -€9,851 | €4,732 | -€11,310 | -€11,793 | ▼ 4.3% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | €413 | €990 | €283 | €241 | €369 | ▲ 52.8% |
| Recurring financial charges65 | €413 | €990 | €283 | €241 | €369 | ▲ 52.8% |
| Profit (loss) for the period before taxes9903 | -€5,269 | -€10,840 | €4,449 | -€11,551 | -€12,162 | ▼ 5.3% |
| Income taxes67/77 | - | €160 | €180 | €208 | €30 | ▼ 85.4% |
| Profit (loss) for the period9904 | -€5,269 | -€11,000 | €4,269 | -€11,759 | -€12,192 | ▼ 3.7% |
| Profit (loss) for the period to be appropriated9905 | -€5,269 | -€11,000 | €4,269 | -€11,759 | -€12,192 | ▼ 3.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €22,966 | €6,018 | €13,605 | €14,309 | €3,129 | ▼ 78.1% |
| Fixed assets21/28 | €5,638 | €1,476 | €604 | €463 | €363 | ▼ 21.6% |
| Tangible fixed assets22/27 | €5,275 | €1,113 | €241 | €100 | - | - |
| Furniture and vehicles24 | €5,275 | €1,113 | €241 | €100 | - | - |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | = |
| Current assets29/58 | €17,329 | €4,542 | €13,001 | €13,846 | €2,766 | ▼ 80.0% |
| Amounts receivable within one year40/41 | €16,574 | €4,117 | €12,690 | €13,578 | €127 | ▼ 99.1% |
| Trade receivables40 | €14,471 | €4,021 | €7,869 | €7,869 | - | - |
| Other amounts receivable41 | €2,102 | €96 | €4,821 | €5,710 | €127 | ▼ 97.8% |
| Cash at bank and in hand54/58 | - | €250 | €29 | €102 | €2,505 | ▲ 2,359% |
| Deferred charges and accrued income490/1 | €755 | €175 | €283 | €166 | €133 | ▼ 19.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €22,966 | €6,018 | €13,605 | €14,309 | €3,129 | ▼ 78.1% |
| Equity10/15 | -€2,610 | -€13,610 | -€9,341 | -€21,101 | -€33,293 | ▼ 57.8% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | -€5,110 | -€16,110 | -€11,841 | -€23,601 | -€35,793 | ▼ 51.7% |
| Amounts payable17/49 | €25,576 | €19,629 | €22,947 | €35,410 | €36,422 | ▲ 2.9% |
| Amounts payable after more than one year17 | €1,724 | - | - | - | - | - |
| Financial debts170/4 | €1,724 | - | - | - | - | - |
| Amounts payable within one year42/48 | €23,119 | €18,858 | €22,947 | €35,410 | €36,422 | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | €3,655 | €1,724 | - | - | - | - |
| Trade debts44 | €11,850 | €10,708 | €1,509 | €1,982 | €517 | ▼ 73.9% |
| Suppliers440/4 | €11,850 | €10,708 | €1,509 | €1,982 | €517 | ▼ 73.9% |
| Taxes, remuneration and social security45 | €19 | €160 | €340 | €196 | €384 | ▲ 95.5% |
| Taxes450/3 | €19 | €160 | €340 | €196 | €384 | ▲ 95.5% |
| Other amounts payable47/48 | €7,595 | €6,267 | €21,097 | €33,232 | €35,522 | ▲ 6.9% |
| Accrued charges and deferred income492/3 | €734 | €770 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,269 | -€11,000 | €4,269 | -€11,759 | -€12,192 | ▼ 3.7% |
| + Depreciation and write-downs630 | €4,533 | €4,574 | €625 | €141 | €100 | ▼ 29.1% |
| Operating cash flow (approximation) | -€736 | -€6,427 | €4,893 | -€11,618 | -€12,092 | ▼ 4.1% |
| Investment in fixed assets (approximation) | - | -€412 | €248 | €0 | €0 | - |
| Change in cash | - | - | -€221 | €73 | €2,403 | ▲ 3,190% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
19-06
State Gazette act
Registered officeRegistered-office move · Director in office4 facts ▸
State Gazette act
Registered office
Registered-office move · Director in office4 facts ▸
- Other statement, publication reference, 26078298
- General meeting, 12-05-2026
- Registered-office move, Rue Antoine Gautier 116 à 1040 Etterbeek
- Director in office, VANWASSENHOVEN Melvin (director)
2025
31-12
Financial
Weakest financial yearnet -€12,192
Net result drops to -€12,192, the lowest in the series.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
06-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 6 days late
2023
31-12
Financial
Back to profitnet €4,269
Net result €4,269 after 2 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Etterbeek
Ground area
1,863 m²
Building footprint
1,263 m²
Volume, LiDAR
23,152 m³
Parcel 21364B0125/00P002, Brussels · tallest building 25.4 m, ±7 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21364B0125/00P002 | Brussels | 1,863 m² | 1 · 1,263 m² | 25.4 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,537 companies in sector 43222 we hold annual accounts for 5,668. 935 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-04-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
Contact
E-mail
info@pirea.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0745863187
Also
9925:BE0745863187
Registered
31-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.