PIVETE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 8 filings
Turnover
€346,316
EBIT margin
5.5%
Net result
€2,774▼ 94.7%
2024 · €52,098
Working capital
€182,570▼ 0.1%
2024 · €182,701
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€11,439
▼ 85.6%
2025
20182025
Net result
€2,774
▼ 94.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€167,063
▲ 1.7%
2025
middle half of the sector
20182025
Total assets
€471,819
▼ 21.2%
2025
lowest quarter of the sector
20182025
Debt
€304,756
▼ 29.8%
2025
20182025
Working capital
€182,570
▼ 0.1%
2025
middle half of the sector
20182025
Solvency
35.4%
▲ 8.0pp
2025
middle half of the sector
20182025
Current ratio
1.64
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
0.6%
▼ 8.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m-
Operating result€0.02m-€0.01m▼ 34.0%€0.01m▲ 14.5%€0.04m▲ 163%€0.06m▲ 49.5%€0.05m▼ 16.5%€0.08m▲ 68.5%€0.01m▼ 85.6%
Net result€0.009m-€0.007m▼ 23.6%€0.005mwithin the sector's middle half▼ 30.8%€0.02mwithin the sector's middle half▲ 327%€0.04mabove the sector's middle half▲ 67.2%€0.03mwithin the sector's middle half▼ 20.4%€0.05mwithin the sector's middle half▲ 85.4%€0.003mbelow the sector's middle half▼ 94.7%
EBIT margin5.5%-
Equity€0.02m-€0.02m▲ 45.9%€0.03mwithin the sector's middle half▲ 21.8%€0.05mwithin the sector's middle half▲ 76.3%€0.08mwithin the sector's middle half▲ 72.4%€0.1mbelow the sector's middle half▲ 33.4%€0.2mbelow the sector's middle half▲ 46.4%€0.2mwithin the sector's middle half▲ 1.7%
Total assets€0.2m-€0.4m▲ 104%€0.7mabove the sector's middle half▲ 60.4%€0.5mwithin the sector's middle half▼ 22.4%€1.0mabove the sector's middle half▲ 87.9%€1.3mwithin the sector's middle half▲ 32.5%€0.6mbelow the sector's middle half▼ 52.8%€0.5mbelow the sector's middle half▼ 21.2%
Debt€0.2m-€0.4m▲ 109%€0.6m▲ 62.7%€0.5m▼ 26.8%€0.9m▲ 89.6%€1.2m▲ 32.4%€0.4m▼ 62.4%€0.3m▼ 29.8%
Working capital€0.02m-€0.006m▼ 58.6%€0.04mwithin the sector's middle half▲ 464%€0.05mwithin the sector's middle half▲ 28.2%€0.08mwithin the sector's middle half▲ 63.0%€0.1mwithin the sector's middle half▲ 38.5%€0.2mwithin the sector's middle half▲ 73.7%€0.2mwithin the sector's middle half▼ 0.1%
Solvency7.8%-5.6%▼ 2.2pp4.2%below the sector's middle half▼ 1.3pp9.6%below the sector's middle half▲ 5.4pp8.8%below the sector's middle half▼ 0.8pp8.8%below the sector's middle half▲ 0.1pp27.4%within the sector's middle half▲ 18.6pp35.4%within the sector's middle half▲ 8.0pp
Current ratio1.08-1.02▼ 0.071.06within the sector's middle half▲ 0.041.11within the sector's middle half▲ 0.051.09within the sector's middle half▼ 0.021.09below the sector's middle half=1.44within the sector's middle half▲ 0.351.64within the sector's middle half▲ 0.19
Return on assets (ROA)4.7%-1.7%▼ 2.9pp0.8%within the sector's middle half▼ 1.0pp4.1%within the sector's middle half▲ 3.4pp3.7%within the sector's middle half▼ 0.5pp2.2%within the sector's middle half▼ 1.5pp8.7%within the sector's middle half▲ 6.5pp0.6%within the sector's middle half▼ 8.1pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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 86% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €471,819
Fixed assets
€1,934 ▼ 59.0%
Current assets
€469,885 ▼ 20.9%
Equity and liabilities €471,819
Equity
€167,063 ▲ 1.7%
Debt
€304,756 ▼ 29.8%
Debt's share of the balance-sheet total falls from 72.6% to 64.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,223▼
2024 · €86,604
Cash flow
€5,557▼
2024 · €59,441
Quick ratio
1.29▲
2024 · 1.20
Debt to equity
1.82▼
2024 · 2.64
ROE
1.7%▼
2024 · 31.7%
Interest coverage
1.58▼
2024 · 8.67
Debt ≤ 1 year
€287,315▼
2024 · €411,292
Debt > 1 year
€16,201▼
2024 · €23,130
Income taxes
€1,099▼
2024 · €17,389
Staff costs
€67,436▲
2024 · €66,008
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | - | €161,850 | €161,850 |
| Carrying value of the other pledged assets | - | - | - | €4,362 | €1,934 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,365 | - | - | €2,254 | - |
| Intangible fixed assets | - | €4,565 | - | - | - |
| Depreciation and write-downs of the year | €7,590 | €9,017 | €9,373 | €7,343 | €2,784 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €346,316 | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €59,935 | €60,064 | €62,579 | €66,008 | €67,436 | ▲ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2,161 | €5,874 | €7,590 | €9,017 | €9,373 | €7,343 | €2,784 | ▼ 62.1% |
| Other operating charges640/8 | - | - | - | €62 | €2,659 | €1,641 | €2,055 | €2,085 | ▲ 1.5% |
| Gross operating margin9900 | €70,426 | €66,446 | €74,792 | €105,262 | €128,063 | €120,637 | €154,667 | €83,744 | ▼ 45.9% |
| Operating profit (loss)9901 | €18,976 | €12,528 | €14,350 | €37,675 | €56,322 | €47,043 | €79,261 | €11,439 | ▼ 85.6% |
| Financial income75/76B | - | - | - | €11 | €103 | €0 | €220 | €1,461 | ▲ 565% |
| Recurring financial income75 | €17 | €169 | €59 | €11 | €103 | €0 | €220 | €1,461 | ▲ 565% |
| Financial charges65/66B | - | - | - | €9,551 | €7,480 | €6,918 | €9,993 | €9,027 | ▼ 9.7% |
| Recurring financial charges65 | €4,647 | €5,025 | €8,075 | €9,551 | €7,480 | €6,918 | €9,993 | €9,027 | ▼ 9.7% |
| Profit (loss) for the period before taxes9903 | €14,346 | €7,671 | €6,334 | €28,136 | €48,945 | €40,125 | €69,487 | €3,873 | ▼ 94.4% |
| Income taxes67/77 | €4,976 | €517 | €1,385 | €7,019 | €13,646 | €12,024 | €17,389 | €1,099 | ▼ 93.7% |
| Profit (loss) for the period9904 | €9,370 | €7,154 | €4,949 | €21,117 | €35,300 | €28,102 | €52,098 | €2,774 | ▼ 94.7% |
| Profit (loss) for the period to be appropriated9905 | €9,370 | €7,154 | €4,949 | €21,117 | €35,300 | €28,102 | €52,098 | €2,774 | ▼ 94.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.4m | €0.7m | €0.5m | €1.0m | €1.3m | €0.6m | €0.5m | ▼ 21.2% |
| Fixed assets21/28 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.005m | €0.002m | ▼ 59.0% |
| Intangible fixed assets21 | - | - | - | - | €0.003m | €0.002m | €356 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.008m | €0.004m | €0.002m | ▼ 55.7% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.008m | €0.004m | €0.002m | ▼ 55.7% |
| Current assets29/58 | €0.2m | €0.4m | €0.6m | €0.5m | €0.9m | €1.3m | €0.6m | €0.5m | ▼ 20.9% |
| Stocks and contracts in progress3 | €0.04m | €0.09m | €0.2m | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 0.5% |
| Stocks30/36 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 0.5% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.5m | €0.5m | €0.8m | €1.1m | €0.5m | €0.4m | ▼ 24.9% |
| Trade receivables40 | - | - | - | €0.4m | €0.8m | €1.0m | €0.5m | €0.4m | ▼ 23.9% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.01m | €0.04m | €0.03m | €0.02m | ▼ 39.5% |
| Cash at bank and in hand54/58 | €0.004m | €374 | €426 | €0.002m | €0.003m | €0.04m | €0.001m | €44 | ▼ 94.0% |
| Deferred charges and accrued income490/1 | - | - | - | €385 | €0.001m | €245 | €0.002m | €0.001m | ▼ 38.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.4m | €0.7m | €0.5m | €1.0m | €1.3m | €0.6m | €0.5m | ▼ 21.2% |
| Equity10/15 | €0.02m | €0.02m | €0.03m | €0.05m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 1.7% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.009m | €0.02m | €0.02m | €0.04m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 1.8% |
| Non-distributable reserves130/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves not available under the articles1311 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.04m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 1.8% |
| Amounts payable17/49 | €0.2m | €0.4m | €0.6m | €0.5m | €0.9m | €1.2m | €0.4m | €0.3m | ▼ 29.8% |
| Amounts payable after more than one year17 | - | €0.008m | €0.03m | €0.02m | €0.01m | €0.003m | €0.02m | €0.02m | ▼ 30.0% |
| Financial debts170/4 | - | - | - | €0.02m | €0.01m | €0.003m | €0.02m | €0.02m | ▼ 30.0% |
| Amounts payable within one year42/48 | €0.2m | €0.4m | €0.6m | €0.4m | €0.9m | €1.2m | €0.4m | €0.3m | ▼ 30.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.008m | €0.009m | €0.007m | ▼ 26.2% |
| Financial debts43 | - | - | - | €0.08m | €0.08m | €0.08m | €0.09m | €0.08m | ▼ 18.8% |
| Credit institutions430/8 | - | - | - | €0.08m | €0.08m | €0.08m | €0.09m | €0.08m | ▼ 18.8% |
| Trade debts44 | €0.05m | €0.2m | €0.3m | €0.1m | €0.3m | €0.1m | €0.2m | €0.1m | ▼ 19.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.3m | €0.1m | €0.2m | €0.1m | ▼ 19.0% |
| Advances received on contracts in progress46 | - | - | - | - | €0.3m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 11.5% |
| Taxes450/3 | - | - | - | €0.05m | €0.02m | €0.02m | €0.002m | €0.003m | ▲ 63.3% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.008m | €0.005m | €0.01m | €0.01m | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.9m | €0.1m | €0.05m | ▼ 59.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,370 | €7,154 | €4,949 | €21,117 | €35,300 | €28,102 | €52,098 | €2,774 | ▼ 94.7% |
| + Depreciation and write-downs630 | - | €2,161 | €5,874 | €7,590 | €9,017 | €9,373 | €7,343 | €2,784 | ▼ 62.1% |
| Operating cash flow (approximation) | €9,370 | €9,315 | €10,823 | €28,706 | €44,317 | €37,475 | €59,441 | €5,557 | ▼ 90.7% |
| Investment in fixed assets (approximation) | - | - | -€4,529 | -€8,365 | -€4,565 | €0 | -€2,254 | €0 | - |
| Change in cash | - | -€3,973 | €52 | €1,668 | €468 | €39,312 | -€41,145 | -€685 | ▲ 98.3% |
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, 5,047 companies had the same profile as PIVETE has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PIVETE itself: 1.7% 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 5,047 companies, not a prediction for PIVETE. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00333210 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00316873 | |
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00166518 | |
| 31-12-2022 | micro format | 11-05-2023 | 2023-00086673 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20249774 | |
| 31-12-2020 | micro format | 05-08-2021 | 2021-47100535 | |
| 31-12-2019 | micro format | 25-08-2020 | 2020-44200197 | |
| 31-12-2018 | micro format | 21-08-2019 | 2019-49700550 |