PITS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00112588.
Annual accounts 2025 filed on 18-05-2026 PDF all 23 filings
Turnover
≈ €630,000
Estimated: probably between €410,000 and €1.0m
Total assets
€1.4m▲ 19.4%
2024 · €1.1m
Net result
€54,258▲ 150%
2024 · €21,740
Working capital
€806,383▲ 32.3%
2024 · €609,539
In the rankings
#5 company by equity in Hove, Wholesale and retail trade sector#6 company by total assets in Hove, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€89,813
▲ 137%
2025
20192025
Net result
€54,258
▲ 150%
2025
highest quarter of the sector
20192025
Equity
€951,314
▲ 6.0%
2025
highest quarter of the sector
20192025
Total assets
€1.4m
▲ 19.4%
2025
highest quarter of the sector
20192025
Debt
€411,152
▲ 68.7%
2025
20192025
Working capital
€806,383
▲ 32.3%
2025
highest quarter of the sector
20192025
Solvency
69.8%
▼ 8.8pp
2025
highest quarter of the sector
20192025
Current ratio
4.51
▲ 0.91
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.0%
▲ 2.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.02m-€0.005m€0.02m▲ 246%€0.03m▲ 82.3%€0.02m▼ 20.4%€0.04m▲ 54.5%€0.09m▲ 137%
Net result-€0.02m--€125within the sector's middle half▲ 99.5%€0.002mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 702%€0.02mwithin the sector's middle half▼ 12.2%€0.02mabove the sector's middle half▲ 30.5%€0.05mabove the sector's middle half▲ 150%
Equity€0.8m-€0.9mabove the sector's middle half▲ 8.7%€0.9mabove the sector's middle half▲ 0.3%€0.9mabove the sector's middle half▲ 2.2%€0.9mabove the sector's middle half▲ 1.9%€0.9mabove the sector's middle half▼ 1.2%€1.0mabove the sector's middle half▲ 6.0%
Total assets€0.9m-€0.9mabove the sector's middle half▲ 7.6%€0.9mabove the sector's middle half▼ 1.4%€1.0mabove the sector's middle half▲ 4.0%€1.1mabove the sector's middle half▲ 15.8%€1.1mabove the sector's middle half▲ 1.2%€1.4mabove the sector's middle half▲ 19.4%
Debt€0.08m-€0.08m▼ 3.3%€0.06m▼ 20.1%€0.08m▲ 30.0%€0.2m▲ 167%€0.2m▲ 11.4%€0.4m▲ 68.7%
Working capital€0.4m-€0.5mabove the sector's middle half▲ 44.4%€0.5mabove the sector's middle half▼ 1.2%€0.5mabove the sector's middle half▲ 1.9%€0.6mabove the sector's middle half▲ 17.8%€0.6mabove the sector's middle half▼ 3.8%€0.8mabove the sector's middle half▲ 32.3%
Solvency90.8%-91.7%above the sector's middle half▲ 0.9pp93.3%above the sector's middle half▲ 1.6pp91.6%above the sector's middle half▼ 1.7pp80.6%above the sector's middle half▼ 11.0pp78.6%above the sector's middle half▼ 2.0pp69.8%above the sector's middle half▼ 8.8pp
Current ratio18.93-14.82above the sector's middle half▼ 4.1110.17above the sector's middle half▼ 4.659.04above the sector's middle half▼ 1.134.41above the sector's middle half▼ 4.633.60above the sector's middle half▼ 0.814.51above the sector's middle half▲ 0.91
Return on assets (ROA)-2.8%-0.0%within the sector's middle half▲ 2.8pp0.3%within the sector's middle half▲ 0.3pp1.9%within the sector's middle half▲ 1.7pp1.5%within the sector's middle half▼ 0.5pp1.9%within the sector's middle half▲ 0.4pp4.0%within the sector's middle half▲ 2.1pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 137% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€326,157 ▲ 9.9%
Current assets
€1.0m ▲ 22.8%
Equity and liabilities €1.4m
Equity
€951,314 ▲ 6.0%
Debt
€411,152 ▲ 68.7%
Debt's share of the balance-sheet total rises from 21.4% to 30.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€118,751▲
2024 · €63,117
Cash flow
€83,196▲
2024 · €46,886
Debt to equity
0.43▲
2024 · 0.27
ROE
5.7%▲
2024 · 2.4%
Interest coverage
8.48▲
2024 · 4.16
Debt ≤ 1 year
€229,926▼
2024 · €234,486
Debt > 1 year
€0▼
2024 · €8,776
Income taxes
€22,498▲
2024 · €2,135
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €39,338 | €36,674 | €14,443 | €58,338 |
| Financial fixed assets | €3,000 | - | - | - | - |
| Depreciation and write-downs of the year | €21,521 | €20,750 | €26,000 | €25,147 | €28,938 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €9,465 | - | - | €886 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,555 | €20,849 | €21,521 | €20,750 | €26,000 | €25,147 | €28,938 | ▲ 15.1% |
| Other operating charges640/8 | €4,369 | - | €7,065 | €5,300 | €5,370 | €3,458 | €7,009 | ▲ 103% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €183 | - |
| Gross operating margin9900 | €6,473 | €57,167 | €45,516 | €56,916 | €55,945 | €66,575 | €125,943 | ▲ 89.2% |
| Operating profit (loss)9901 | -€19,451 | €4,893 | €16,930 | €30,866 | €24,575 | €37,971 | €89,813 | ▲ 137% |
| Financial income75/76B | €141 | - | - | €20 | - | €1,091 | €946 | ▼ 13.3% |
| Recurring financial income75 | €141 | €12 | - | €20 | - | €1,091 | €946 | ▼ 13.3% |
| Financial charges65/66B | €2,051 | - | €1,167 | €1,749 | €3,376 | €15,187 | €14,003 | ▼ 7.8% |
| Recurring financial charges65 | €1,151 | €1,877 | €1,167 | €1,749 | €3,376 | €15,187 | €14,003 | ▼ 7.8% |
| Non-recurring financial charges66B | €900 | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€21,361 | €3,028 | €15,763 | €29,138 | €21,199 | €23,875 | €76,756 | ▲ 221% |
| Income taxes67/77 | €3,338 | €3,154 | €13,399 | €10,169 | €4,546 | €2,135 | €22,498 | ▲ 954% |
| Profit (loss) for the period9904 | -€24,699 | -€125 | €2,364 | €18,969 | €16,653 | €21,740 | €54,258 | ▲ 150% |
| Profit (loss) for the period to be appropriated9905 | -€24,699 | -€125 | €2,364 | €18,969 | €16,653 | €21,740 | €54,258 | ▲ 150% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | €1.1m | €1.4m | ▲ 19.4% |
| Fixed assets21/28 | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 9.9% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.0% |
| Land and buildings22 | €0.08m | - | €0.09m | €0.08m | €0.08m | €0.08m | €0.08m | ▼ 0.7% |
| Plant, machinery and equipment23 | €289 | - | - | - | - | €0.002m | €0.001m | ▼ 23.0% |
| Furniture and vehicles24 | €0.005m | - | €0.007m | €0.005m | €0.03m | €0.02m | €0.04m | ▲ 58.4% |
| Other tangible fixed assets26 | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 9.4% |
| Financial fixed assets28 | €0.2m | €0.07m | €0.08m | €0.08m | €0.004m | €0.004m | €0.004m | = |
| Current assets29/58 | €0.4m | €0.6m | €0.6m | €0.6m | €0.8m | €0.8m | €1.0m | ▲ 22.8% |
| Amounts receivable within one year40/41 | €0.01m | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | €0.04m | ▲ 145% |
| Trade receivables40 | €0.01m | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.04m | ▲ 165% |
| Other amounts receivable41 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €41 | ▼ 97.0% |
| Current investments50/53 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | ▲ 15.5% |
| Cash at bank and in hand54/58 | €0.01m | €0.04m | €0.05m | €0.06m | €0.3m | €0.1m | €0.2m | ▲ 43.9% |
| Deferred charges and accrued income490/1 | €0.001m | - | €0.001m | €0.007m | - | €0.008m | €0.008m | ▼ 10.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | €1.1m | €1.4m | ▲ 19.4% |
| Equity10/15 | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | ▲ 6.0% |
| Contributions10/11 | €0.006m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | €0.006m | - | €0.02m | €0.02m | €0.02m | - | - | - |
| Issued capital100 | €0.02m | - | €0.02m | €0.02m | €0.02m | - | - | - |
| Uncalled capital101 | €0.01m | - | - | - | - | - | - | - |
| Revaluation surpluses12 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.04m | €0.05m | €0.05m | €0.1m | ▲ 101% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.02m | €0.002m | €0 | - | - |
| Legal reserve130 | €0.002m | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0 | - | - |
| Other1319 | - | - | - | €0.02m | - | - | - | - |
| Tax-exempt reserves132 | €0.02m | - | €0.02m | €0.02m | €0.05m | €0.02m | €0.02m | = |
| Distributable reserves133 | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.04m | €0.09m | ▲ 143% |
| Profit (loss) carried forward14 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Amounts payable17/49 | €0.08m | €0.08m | €0.06m | €0.08m | €0.2m | €0.2m | €0.4m | ▲ 68.7% |
| Amounts payable after more than one year17 | €0.06m | €0.04m | €0.003m | €0.01m | €0.03m | €0.009m | €0 | ▼ 100% |
| Financial debts170/4 | €0.06m | - | €0.003m | €0.01m | €0.03m | €0.009m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.02m | €0.04m | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | ▼ 1.9% |
| Current portion of amounts payable after more than one year42 | €0.006m | - | €0.01m | €0.01m | - | €0.01m | €0.01m | ▼ 13.1% |
| Trade debts44 | €0.003m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 15.2% |
| Suppliers440/4 | €0.003m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 15.2% |
| Advances received on contracts in progress46 | €0.002m | - | - | - | - | - | €0.008m | - |
| Taxes, remuneration and social security45 | €0.005m | - | €0.01m | €0.02m | €0.006m | €0.01m | €0.06m | ▲ 428% |
| Taxes450/3 | €0.002m | - | €0.01m | €0.02m | €0.006m | €0.01m | €0.06m | ▲ 400% |
| Remuneration and social security454/9 | €0.003m | - | - | - | - | - | €0.003m | - |
| Other amounts payable47/48 | €0.005m | - | €0.02m | €0.02m | €0.2m | €0.2m | €0.1m | ▼ 32.6% |
| Accrued charges and deferred income492/3 | - | - | €0.003m | €132 | - | €464 | €0.2m | ▲ 390× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,699 | -€125 | €2,364 | €18,969 | €16,653 | €21,740 | €54,258 | ▲ 150% |
| + Depreciation and write-downs630 | €21,555 | €20,849 | €21,521 | €20,750 | €26,000 | €25,147 | €28,938 | ▲ 15.1% |
| Operating cash flow (approximation) | -€3,144 | €20,723 | €23,885 | €39,719 | €42,653 | €46,886 | €83,196 | ▲ 77.4% |
| Investment in fixed assets (approximation) | - | €94,554 | €4,553 | -€39,338 | €35,326 | -€14,443 | -€58,338 | ▼ 304% |
| Change in cash | - | €26,318 | €15,866 | €5,334 | €215,602 | -€131,313 | €62,174 | - |
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, 14,766 companies had the same profile as PITS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PITS itself: 0.1% 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 14,766 companies, not a prediction for PITS. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 18-05-2026 | 2026-00112588 | |
| 30-09-2024 | micro format | 04-07-2025 | 2025-00238474 | |
| 30-09-2023 | micro format | 05-07-2024 | 2024-00223349 | |
| 30-09-2022 | micro format | 30-04-2023 | 2023-00073302 | |
| 30-09-2021 | micro format | 02-05-2022 | 2022-20015795 | |
| 30-09-2020 | micro format | 30-03-2021 | 2021-08800254 | |
| 30-09-2019 | micro format | 05-03-2020 | 2020-06600560 | |
| 30-09-2018 | micro format | 28-02-2019 | 2019-06400414 | |
| 30-09-2017 | micro format | 30-08-2018 | 2018-53100053 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08800182 |