PISTAR
ActiveSummary
PISTAR has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €190,207 and a net result of €7,186. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 56% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-7
Solvency62▲+10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity short (current ratio 0.06 against 0.39 in 2024; short-term debt: 54.3% and cash: 0.4% of total assets), and 63% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
37%
Return on assets
1.4%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €190,207
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 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.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
54 d late
2023
40 d late
2022
59 d late
2021
60 d late
2020
11 d late
2019
98 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 48 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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 23 September (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€190,207▲ 3.5%
2024 · €183,855
Total assets
€513,388▼ 23.4%
2024 · €670,250
Net result
€7,186▼ 84.1%
2024 · €45,321
Working capital
-€261,168▼ 19.0%
2024 · -€219,413
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€98,784▼ 483%€81,709€85,195▲ 4.3%€15,962▼ 81.3%€8,568▼ 46.3%
Net result-€33,808below the sector's middle half▼ 116%€76,957above the sector's middle half€74,456above the sector's middle half▼ 3.3%€45,321above the sector's middle half▼ 39.1%€7,186within the sector's middle half▼ 84.1%
Equity-€11,187below the sector's middle half€65,770within the sector's middle half€139,393within the sector's middle half▲ 112%€183,855within the sector's middle half▲ 31.9%€190,207within the sector's middle half▲ 3.5%
Total assets€331,442within the sector's middle half▼ 4.2%€756,047within the sector's middle half▲ 128%€739,759within the sector's middle half▼ 2.2%€670,250within the sector's middle half▼ 9.4%€513,388within the sector's middle half▼ 23.4%
Debt€306,824▲ 7.3%€653,751▲ 113%€565,541▼ 13.5%€457,504▼ 19.1%€295,989▼ 35.3%
Working capital-€56,739within the sector's middle half▲ 78.5%-€268,378below the sector's middle half▼ 373%-€225,385below the sector's middle half▲ 16.0%-€219,413below the sector's middle half▲ 2.6%-€261,168below the sector's middle half▼ 19.0%
Solvency-3.4%below the sector's middle half▼ 9.9pp8.7%within the sector's middle half▲ 12.1pp18.8%within the sector's middle half▲ 10.1pp27.4%within the sector's middle half▲ 8.6pp37.0%within the sector's middle half▲ 9.6pp
Current ratio0.71within the sector's middle half▲ 0.640.31below the sector's middle half▼ 0.400.42within the sector's middle half▲ 0.100.39within the sector's middle half▼ 0.030.06below the sector's middle half▼ 0.32
Return on assets (ROA)-10.2%below the sector's middle half▼ 5.7pp10.2%above the sector's middle half▲ 20.4pp10.1%above the sector's middle half▼ 0.1pp6.8%within the sector's middle half▼ 3.3pp1.4%within the sector's middle half▼ 5.4pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate 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 has fallen two years in a row; 2025 is 46% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €513,388
Fixed assets
€495,820 ▼ 6.8%
Current assets
€17,568 ▼ 87.3%
Equity and liabilities €513,388
Equity
€190,207 ▲ 3.5%
Provisions
€27,192 ▼ 5.9%
Debt
€295,989 ▼ 35.3%
Debt's share of the balance-sheet total falls from 68.3% to 57.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,695▼
2024 · €50,029
Cash flow
€38,313▼
2024 · €79,388
Debt to equity
1.56▼
2024 · 2.49
ROE
3.8%▼
2024 · 24.7%
Interest coverage
16.85▲
2024 · 11.84
Debt ≤ 1 year
€278,736▼
2024 · €357,612
Debt > 1 year
€7,259▼
2024 · €93,667
Income taxes
€1,049▼
2024 · €5,361
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,340 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% | 1.8% |
| 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 14,732 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €14,896 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,365 | €61,778 | €55,576 | €34,067 | €31,127 | ▼ 8.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €2,420 | - | -€4,235 | - | - |
| Other operating charges640/8 | €3,768 | €5,223 | €5,152 | €4,753 | €3,145 | ▼ 33.8% |
| Non-recurring operating charges66A | €108,433 | - | €625 | - | €5 | - |
| Gross operating margin9900 | €14,783 | €151,130 | €146,547 | €50,547 | €42,845 | ▼ 15.2% |
| Operating profit (loss)9901 | -€98,784 | €81,709 | €85,195 | €15,962 | €8,568 | ▼ 46.3% |
| Financial income75/76B | €63,667 | - | - | €37,245 | €323 | ▼ 99.1% |
| Recurring financial income75 | €63,667 | - | - | €37,245 | €323 | ▼ 99.1% |
| Non-recurring financial income76B | - | - | - | €37,245 | - | - |
| Financial charges65/66B | - | €5,824 | €5,230 | €4,224 | €2,356 | ▼ 44.2% |
| Recurring financial charges65 | - | €5,824 | €5,230 | €4,224 | €2,356 | ▼ 44.2% |
| Profit (loss) for the period before taxes9903 | -€35,117 | €75,885 | €79,964 | €48,982 | €6,535 | ▼ 86.7% |
| Transfer from deferred taxes780 | €1,700 | €1,700 | €1,700 | €1,700 | €1,700 | = |
| Income taxes67/77 | €391 | €628 | €7,208 | €5,361 | €1,049 | ▼ 80.4% |
| Profit (loss) for the period9904 | -€33,808 | €76,957 | €74,456 | €45,321 | €7,186 | ▼ 84.1% |
| Transfer from tax-exempt reserves789 | €3,301 | €3,301 | €3,301 | €3,301 | €3,301 | = |
| Profit (loss) for the period to be appropriated9905 | -€30,508 | €80,258 | €77,756 | €48,621 | €10,486 | ▼ 78.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €331,442 | €756,047 | €739,759 | €670,250 | €513,388 | ▼ 23.4% |
| Fixed assets21/28 | €189,790 | €633,352 | €578,405 | €532,051 | €495,820 | ▼ 6.8% |
| Intangible fixed assets21 | - | €9,000 | - | - | - | - |
| Tangible fixed assets22/27 | €189,790 | €624,352 | €578,405 | €532,051 | €495,820 | ▼ 6.8% |
| Land and buildings22 | €189,790 | €597,767 | €564,365 | €531,409 | €495,544 | ▼ 6.7% |
| Furniture and vehicles24 | - | €26,585 | €14,040 | €641 | €276 | ▼ 57.0% |
| Current assets29/58 | €141,651 | €122,694 | €161,355 | €138,199 | €17,568 | ▼ 87.3% |
| Amounts receivable within one year40/41 | €138,162 | €117,906 | €97,761 | €27,431 | €14,639 | ▼ 46.6% |
| Trade receivables40 | €100,000 | €74,781 | €65,597 | - | - | - |
| Other amounts receivable41 | €38,162 | €43,125 | €32,165 | €27,431 | €14,639 | ▼ 46.6% |
| Cash at bank and in hand54/58 | €1,957 | €1,738 | €60,466 | €109,756 | €1,878 | ▼ 98.3% |
| Deferred charges and accrued income490/1 | €1,532 | €3,050 | €3,128 | €1,012 | €1,051 | ▲ 3.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €331,442 | €756,047 | €739,759 | €670,250 | €513,388 | ▼ 23.4% |
| Equity10/15 | -€11,187 | €65,770 | €139,393 | €183,855 | €190,207 | ▲ 3.5% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €67,869 | €64,569 | €126,993 | €171,455 | €177,807 | ▲ 3.7% |
| Tax-exempt reserves132 | €66,010 | €62,710 | €59,409 | €56,109 | €52,808 | ▼ 5.9% |
| Distributable reserves133 | €1,859 | €1,859 | €67,584 | €115,346 | €124,999 | ▲ 8.4% |
| Profit (loss) carried forward14 | -€91,456 | -€11,199 | - | - | - | - |
| Provisions and deferred taxes16 | €35,805 | €36,526 | €34,826 | €28,892 | €27,192 | ▼ 5.9% |
| Provisions for liabilities and charges160/5 | €1,815 | €4,235 | €4,235 | - | - | - |
| Other liabilities and charges164/5 | €1,815 | €4,235 | €4,235 | - | - | - |
| Deferred taxes168 | €33,990 | €32,291 | €30,591 | €28,892 | €27,192 | ▼ 5.9% |
| Amounts payable17/49 | €306,824 | €653,751 | €565,541 | €457,504 | €295,989 | ▼ 35.3% |
| Amounts payable after more than one year17 | - | €262,678 | €178,801 | €93,667 | €7,259 | ▼ 92.3% |
| Financial debts170/4 | - | €262,678 | €178,801 | €93,667 | €7,259 | ▼ 92.3% |
| Amounts payable within one year42/48 | €198,391 | €391,073 | €386,740 | €357,612 | €278,736 | ▼ 22.1% |
| Current portion of amounts payable after more than one year42 | - | €87,667 | €88,986 | €90,241 | €86,409 | ▼ 4.2% |
| Trade debts44 | - | €675 | €1,853 | €4,267 | €3,144 | ▼ 26.3% |
| Suppliers440/4 | - | €675 | €1,853 | €4,267 | €3,144 | ▼ 26.3% |
| Taxes, remuneration and social security45 | €391 | €391 | €250 | €258 | €1,202 | ▲ 366% |
| Taxes450/3 | €391 | €391 | €250 | €258 | €1,202 | ▲ 366% |
| Other amounts payable47/48 | €198,000 | €302,340 | €295,650 | €262,846 | €187,982 | ▼ 28.5% |
| Accrued charges and deferred income492/3 | €108,433 | - | - | €6,224 | €9,994 | ▲ 60.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€33,808 | €76,957 | €74,456 | €45,321 | €7,186 | ▼ 84.1% |
| + Depreciation and write-downs630 | €1,365 | €61,778 | €55,576 | €34,067 | €31,127 | ▼ 8.6% |
| Operating cash flow (approximation) | -€32,443 | €138,735 | €130,031 | €79,388 | €38,313 | ▼ 51.7% |
| Investment in fixed assets (approximation) | - | -€505,340 | -€628 | €12,286 | €5,104 | ▼ 58.5% |
| Change in cash | - | -€219 | €58,728 | €49,290 | -€107,878 | ▼ 319% |
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
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
23-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 54 days late
2024
31-12
Financial
Equity above €150,000Eq €183,855 ▲31.9%
3 profitable years in a row build equity to €183,855.
09-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 40 days late
2023
31-12
Financial
Equity above €100,000Eq €139,393 ▲112%
2 profitable years in a row build equity to €139,393.
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 59 days late
2022
31-12
Financial
Back to profitnet €76,957
Net result €76,957 after 4 loss-making years.
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 60 days late
2021
31-12
Financial
Weakest financial yearnet -€33,808
Net result drops to -€33,808, the lowest in the series; recovery starts the following year.
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
06-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 98 days late
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 58 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
26-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Arlon
Ground area
1,644 m²
Building footprint
142 m²
Parcel 81001A1082/00Z002, Wallonia. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81001A1082/00Z002 | Wallonia | 1,644 m² | 1 · 142 m² | - |
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 3,762 companies in sector 68321 we hold annual accounts for 1,394. 999 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
Founded14-08-1998
Fiscal year end31-12
Activities, NACEBEL 2025
68321Property management for co-owned buildings (syndics)
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.