Pivaco
ActiveSummary
Pivaco has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of €103,941. Equity is growing by ~15.2% per year across the filed fiscal years. Its solvency ranks better than 58% of 3342 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75=
Solvency78▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €80,000 at 30 days acceptable
Liquidity short (current ratio 0.26 against 0.41 in 2024; short-term debt: 7.3% and cash: 0.7% of total assets), and 46.6% of the assets are financed with debt.
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Signals
Four 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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
53.4%
Return on assets
5.2%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 16-12-2025, 135 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
135 d early
2024
133 d early
2023
32 d early
2022
2 d early
2021
31 d early
2020
21 d early
← 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 59 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 30 March (4 of the last 5 filed years within 102 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close30-09-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.1m▲ 0.1%
2024 · €1.1m
Total assets
€2.0m▼ 1.7%
2024 · €2.0m
Net result
€103,941▲ 0.7%
2024 · €103,184
Working capital
-€106,572▼ 41.7%
2024 · -€75,213
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting 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€86,794▼ 10.7%€162,416▲ 87.1%€153,471▼ 5.5%€161,188▲ 5.0%€164,657▲ 2.2%
Net result€445,828above the sector's middle half▲ 149%€319,774above the sector's middle half▼ 28.3%€97,323within the sector's middle half▼ 69.6%€103,184within the sector's middle half▲ 6.0%€103,941within the sector's middle half▲ 0.7%
Equity€627,716within the sector's middle half▲ 242%€945,889above the sector's middle half▲ 50.7%€958,289above the sector's middle half▲ 1.3%€1.1mabove the sector's middle half▲ 10.8%€1.1mabove the sector's middle half▲ 0.1%
Total assets€1.2mwithin the sector's middle half▲ 29.5%€2.1mwithin the sector's middle half▲ 83.1%€2.1mwithin the sector's middle half▼ 2.7%€2.0mwithin the sector's middle half▼ 2.5%€2.0mwithin the sector's middle half▼ 1.7%
Debt€537,800▼ 25.0%€1.2m▲ 121%€1.1m▼ 5.9%€963,382▼ 13.8%€928,290▼ 3.6%
Working capital-€38,465below the sector's middle half▼ 146%-€25,719below the sector's middle half▲ 33.1%-€97,412below the sector's middle half▼ 279%-€75,213below the sector's middle half▲ 22.8%-€106,572below the sector's middle half▼ 41.7%
Solvency53.9%within the sector's middle half▲ 33.5pp44.3%within the sector's middle half▼ 9.5pp46.2%within the sector's middle half▲ 1.8pp52.4%within the sector's middle half▲ 6.3pp53.4%within the sector's middle half▲ 0.9pp
Current ratio0.63below the sector's middle half▼ 0.300.83below the sector's middle half▲ 0.200.46below the sector's middle half▼ 0.360.41below the sector's middle half▼ 0.050.26below the sector's middle half▼ 0.15
Return on assets (ROA)38.3%above the sector's middle half▲ 18.4pp15.0%within the sector's middle half▼ 23.3pp4.7%within the sector's middle half▼ 10.3pp5.1%within the sector's middle half▲ 0.4pp5.2%within the sector's middle half▲ 0.1pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 2% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€2.0m ▼ 1.0%
Current assets
€38,262 ▼ 27.6%
Equity and liabilities €2.0m
Equity
€1.1m ▲ 0.1%
Debt
€928,290 ▼ 3.6%
Debt's share of the balance-sheet total falls from 47.6% to 46.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€184,412▲
2024 · €180,943
Cash flow
€123,696▲
2024 · €122,939
Debt to equity
0.87▼
2024 · 0.91
ROE
9.8%▲
2024 · 9.7%
Interest coverage
6.46▼
2024 · 6.85
Debt ≤ 1 year
€144,834▲
2024 · €128,055
Debt > 1 year
€779,710▼
2024 · €830,823
Income taxes
€32,156▲
2024 · €31,578
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,063 | €19,755 | €19,755 | €19,755 | = |
| Other operating charges640/8 | - | €1,065 | €1,518 | €1,726 | €1,777 | ▲ 3.0% |
| Gross operating margin9900 | €87,489 | €164,544 | €174,744 | €182,669 | €186,189 | ▲ 1.9% |
| Operating profit (loss)9901 | €86,794 | €162,416 | €153,471 | €161,188 | €164,657 | ▲ 2.2% |
| Financial income75/76B | - | €231,301 | - | - | - | - |
| Recurring financial income75 | - | €135,000 | - | - | - | - |
| Non-recurring financial income76B | - | €96,301 | - | - | - | - |
| Financial charges65/66B | - | €6,880 | €27,621 | €26,426 | €28,560 | ▲ 8.1% |
| Recurring financial charges65 | €4,839 | €6,880 | €27,621 | €26,426 | €28,560 | ▲ 8.1% |
| Profit (loss) for the period before taxes9903 | €506,954 | €386,836 | €125,850 | €134,762 | €136,097 | ▲ 1.0% |
| Income taxes67/77 | €61,126 | €67,063 | €28,527 | €31,578 | €32,156 | ▲ 1.8% |
| Profit (loss) for the period9904 | €445,828 | €319,774 | €97,323 | €103,184 | €103,941 | ▲ 0.7% |
| Profit (loss) for the period to be appropriated9905 | €445,828 | €319,774 | €97,323 | €103,184 | €103,941 | ▲ 0.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €2.1m | €2.1m | €2.0m | €2.0m | ▼ 1.7% |
| Fixed assets21/28 | €1.1m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 1.0% |
| Tangible fixed assets22/27 | - | €97,711 | €77,957 | €58,202 | €38,447 | ▼ 33.9% |
| Furniture and vehicles24 | - | €97,711 | €77,957 | €58,202 | €38,447 | ▼ 33.9% |
| Financial fixed assets28 | €1.1m | €1.9m | €1.9m | €1.9m | €1.9m | = |
| Current assets29/58 | €65,516 | €122,005 | €84,200 | €52,842 | €38,262 | ▼ 27.6% |
| Amounts receivable within one year40/41 | €30,250 | €46,615 | €48,208 | €23,163 | €15,490 | ▼ 33.1% |
| Trade receivables40 | - | €44,360 | €21,735 | - | - | - |
| Other amounts receivable41 | - | €2,255 | €26,473 | €23,163 | €15,490 | ▼ 33.1% |
| Cash at bank and in hand54/58 | €33,094 | €72,529 | €27,479 | €16,029 | €14,772 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | - | €2,862 | €8,513 | €13,649 | €8,001 | ▼ 41.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €2.1m | €2.1m | €2.0m | €2.0m | ▼ 1.7% |
| Equity10/15 | €627,716 | €945,889 | €958,289 | €1.1m | €1.1m | ▲ 0.1% |
| Contributions10/11 | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €621,516 | €939,689 | €939,689 | €1.0m | €939,689 | ▼ 9.9% |
| Distributable reserves133 | - | €939,689 | €939,689 | €1.0m | €939,689 | ▼ 9.9% |
| Profit (loss) carried forward14 | - | - | - | - | €103,941 | - |
| Amounts payable17/49 | €537,800 | €1.2m | €1.1m | €963,382 | €928,290 | ▼ 3.6% |
| Amounts payable after more than one year17 | €427,139 | €1.0m | €931,569 | €830,823 | €779,710 | ▼ 6.2% |
| Financial debts170/4 | - | €1.0m | €931,569 | €830,823 | €779,710 | ▼ 6.2% |
| Amounts payable within one year42/48 | €103,981 | €147,724 | €181,612 | €128,055 | €144,834 | ▲ 13.1% |
| Current portion of amounts payable after more than one year42 | - | €100,021 | €100,382 | €100,746 | €101,114 | ▲ 0.4% |
| Financial debts43 | - | €6,283 | - | - | - | - |
| Credit institutions430/8 | - | €6,283 | - | - | - | - |
| Trade debts44 | €1,023 | €1,879 | €3,485 | €7,567 | €11,057 | ▲ 46.1% |
| Suppliers440/4 | - | €1,879 | €3,485 | €7,567 | €11,057 | ▲ 46.1% |
| Taxes, remuneration and social security45 | - | €32,985 | €14,438 | €18,197 | €15,811 | ▼ 13.1% |
| Taxes450/3 | - | €32,985 | €14,438 | €18,197 | €15,811 | ▼ 13.1% |
| Other amounts payable47/48 | - | €6,556 | €63,307 | €1,544 | €16,852 | ▲ 992% |
| Accrued charges and deferred income492/3 | - | €7,964 | €4,498 | €4,504 | €3,747 | ▼ 16.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €445,828 | €319,774 | €97,323 | €103,184 | €103,941 | ▲ 0.7% |
| + Depreciation and write-downs630 | - | €1,063 | €19,755 | €19,755 | €19,755 | = |
| Operating cash flow (approximation) | €445,828 | €320,836 | €117,078 | €122,939 | €123,696 | ▲ 0.6% |
| Investment in fixed assets (approximation) | - | -€912,586 | €0 | €0 | €0 | - |
| Change in cash | - | €39,435 | -€45,050 | -€11,450 | -€1,258 | ▲ 89.0% |
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
2025
16-12
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
18-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
30-09
Financial
Equity above €1mEq €1.1m ▲10.8%
5 profitable years in a row build equity to €1.1m.
29-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Weakest financial yearnet €97,323 ▼69.6%
Net result drops to €97,323, the lowest in the series; recovery starts the following year.
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Highest result since 2020net €445,828 ▲149%
Net result €445,828, the highest in the series.
30-09
Financial
Equity above €500,000Eq €627,716 ▲242%
2 profitable years in a row build equity to €627,716.
09-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Roeselare · 1 establishment unit since 2019
Ground area
1,669 m²
Building footprint
306 m²
Volume, LiDAR
1,703 m³
Parcel 36505C1002/00M000, Flanders · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Pivaco
since 20192.284.673.266
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36505C1002/00M000 | Flanders | 1,669 m² | 1 · 306 m² | 9.2 m · 2 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.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 30-09-2025 list no shareholders, and no other source names one.
Holdings 2
-
85.2%
-
80%
According to the annual accounts to 30-09-2025 of Pivaco and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 12,174 companies in sector 69201 we hold annual accounts for 7,641. 4,328 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
Founded24-01-2019
Fiscal year end30-09
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
Contact
E-mail
pieterjan.verbrugghe@fidomez.beRoeselare
Phone
0474578419Roeselare
E-invoicing
Reachable via Peppol
Peppol ID
0208:0719365757
Also
9925:BE0719365757
Registered
13-11-2025
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.