PLAGYPRO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00378259.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 16 filings
Turnover
≈ €400,000
Estimated: probably between €300,000 and €560,000
Total assets
€284,202▲ 9.7%
2024 · €259,144
Net result
€14,375▼ 29.8%
2024 · €20,491
Working capital
€219,677▲ 6.9%
2024 · €205,542
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€26,945
▼ 27.4%
2025
20182025
Net result
€14,375
▼ 29.8%
2025
middle half of the sector
20182025
Equity
€224,806
▲ 6.8%
2025
highest quarter of the sector
20182025
Total assets
€284,202
▲ 9.7%
2025
middle half of the sector
20182025
Debt
€59,396
▲ 21.9%
2025
20182025
Working capital
€219,677
▲ 6.9%
2025
highest quarter of the sector
20182025
Solvency
79.1%
▼ 2.1pp
2025
highest quarter of the sector
20182025
Current ratio
4.70
▼ 0.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.1%
▼ 2.8pp
2025
middle half of the sector
20182025
Staff (FTE)
1.4
▲ 16.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€46,632-€43,107▼ 7.6%€39,892▼ 7.5%-€43,469€32,032€35,556▲ 11.0%€37,136▲ 4.4%€26,945▼ 27.4%
Net result€27,035-€26,376▼ 2.4%€16,570within the sector's middle half▼ 37.2%-€61,573below the sector's middle half€6,914within the sector's middle half€16,002within the sector's middle half▲ 131%€20,491within the sector's middle half▲ 28.1%€14,375within the sector's middle half▼ 29.8%
Equity€185,651-€212,027▲ 14.2%€228,597above the sector's middle half▲ 7.8%€167,024above the sector's middle half▼ 26.9%€173,938above the sector's middle half▲ 4.1%€189,940above the sector's middle half▲ 9.2%€210,431above the sector's middle half▲ 10.8%€224,806above the sector's middle half▲ 6.8%
Total assets€275,383-€247,392▼ 10.2%€331,933above the sector's middle half▲ 34.2%€250,486within the sector's middle half▼ 24.5%€216,003within the sector's middle half▼ 13.8%€213,667within the sector's middle half▼ 1.1%€259,144within the sector's middle half▲ 21.3%€284,202within the sector's middle half▲ 9.7%
Debt€89,731-€35,364▼ 60.6%€103,336▲ 192%€83,463▼ 19.2%€42,065▼ 49.6%€23,727▼ 43.6%€48,713▲ 105%€59,396▲ 21.9%
Working capital€173,474-€205,243▲ 18.3%€216,005above the sector's middle half▲ 5.2%€140,075above the sector's middle half▼ 35.2%€153,571above the sector's middle half▲ 9.6%€185,265above the sector's middle half▲ 20.6%€205,542above the sector's middle half▲ 10.9%€219,677above the sector's middle half▲ 6.9%
Solvency67.4%-85.7%▲ 18.3pp68.9%above the sector's middle half▼ 16.8pp66.7%above the sector's middle half▼ 2.2pp80.5%above the sector's middle half▲ 13.8pp88.9%above the sector's middle half▲ 8.4pp81.2%above the sector's middle half▼ 7.7pp79.1%above the sector's middle half▼ 2.1pp
Current ratio3.18-10.42▲ 7.243.50above the sector's middle half▼ 6.923.11above the sector's middle half▼ 0.396.09above the sector's middle half▲ 2.9811.45above the sector's middle half▲ 5.365.30above the sector's middle half▼ 6.154.70above the sector's middle half▼ 0.60
Return on assets (ROA)9.8%-10.7%▲ 0.8pp5.0%within the sector's middle half▼ 5.7pp-24.6%below the sector's middle half▼ 29.6pp3.2%within the sector's middle half▲ 27.8pp7.5%within the sector's middle half▲ 4.3pp7.9%within the sector's middle half▲ 0.4pp5.1%within the sector's middle half▼ 2.8pp
Staff (FTE)0.6-0.9▲ 50.0%0.4below the sector's middle half▼ 55.6%1▲ 150%1=0.2▼ 80.0%1.2▲ 500%1.4▲ 16.7%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 27% lower than in 2024.
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 €284,202
Fixed assets
€5,129 ▼ 11.0%
Current assets
€279,073 ▲ 10.1%
Equity and liabilities €284,202
Equity
€224,806 ▲ 6.8%
Debt
€59,396 ▲ 21.9%
Debt's share of the balance-sheet total rises from 18.8% to 20.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,579▼
2024 · €42,048
Cash flow
€15,009▼
2024 · €25,403
Debt to equity
0.26▲
2024 · 0.23
ROE
6.4%▼
2024 · 9.7%
Interest coverage
3.67▲
2024 · 2.65
Debt ≤ 1 year
€59,396▲
2024 · €47,839
Income taxes
€8,001▲
2024 · €1,491
Staff costs
€92,331▲
2024 · €76,414
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 | - | 2 | 2 |
| full-time | - | - | - | 1 | 1 |
| part-time | 1 | 1 | - | 1 | 1 |
| in full-time equivalents | 0.4 | 0.4 | - | 1.5 | 1.5 |
| Average over the year, in full-time equivalents | 0.4 | 0.4 | 0.1 | 1.2 | 1.4 |
| On a permanent contract | 1 | 1 | - | 2 | 1 |
| Joined | - | - | - | - | 5 |
| Left | - | - | - | - | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,939 | - | - | - | - |
| Depreciation and write-downs of the year | €9,979 | €11,780 | €6,782 | €4,912 | €634 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,207 | - | €12,099 | €7,925 | €250 | ▼ 96.8% |
| Remuneration, social security and pensions62 | - | - | - | €14,693 | €12,903 | €5,086 | €76,414 | €92,331 | ▲ 20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,735 | €13,823 | €11,749 | €9,979 | €11,780 | €6,782 | €4,912 | €634 | ▼ 87.1% |
| Other operating charges640/8 | - | - | - | €2,595 | €2,947 | €1,135 | €527 | €1,424 | ▲ 170% |
| Non-recurring operating charges66A | - | - | - | €5,209 | - | - | - | - | - |
| Gross operating margin9900 | €89,462 | €102,697 | €65,554 | -€10,992 | €59,662 | €48,559 | €118,990 | €121,334 | ▲ 2.0% |
| Operating profit (loss)9901 | €46,632 | €43,107 | €39,892 | -€43,469 | €32,032 | €35,556 | €37,136 | €26,945 | ▼ 27.4% |
| Financial income75/76B | - | - | - | €2,022 | €1,093 | €191 | €711 | €2,954 | ▲ 316% |
| Recurring financial income75 | €54 | €671 | €1,102 | €2,022 | €1,093 | €191 | €711 | €2,954 | ▲ 316% |
| Financial charges65/66B | - | - | - | €20,118 | €26,211 | €19,744 | €15,865 | €7,523 | ▼ 52.6% |
| Recurring financial charges65 | €12,457 | €10,098 | €19,405 | €20,118 | €26,211 | €19,744 | €15,865 | €7,523 | ▼ 52.6% |
| Profit (loss) for the period before taxes9903 | €34,228 | €33,679 | €21,590 | -€61,565 | €6,914 | €16,002 | €21,982 | €22,376 | ▲ 1.8% |
| Income taxes67/77 | €7,193 | €7,303 | €5,020 | €9 | - | - | €1,491 | €8,001 | ▲ 437% |
| Profit (loss) for the period9904 | €27,035 | €26,376 | €16,570 | -€61,573 | €6,914 | €16,002 | €20,491 | €14,375 | ▼ 29.8% |
| Profit (loss) for the period to be appropriated9905 | €27,035 | €26,376 | €16,570 | -€61,573 | €6,914 | €16,002 | €20,491 | €14,375 | ▼ 29.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €275,383 | €247,392 | €331,933 | €250,486 | €216,003 | €213,667 | €259,144 | €284,202 | ▲ 9.7% |
| Fixed assets21/28 | €22,446 | €20,359 | €29,513 | €44,068 | €32,289 | €10,675 | €5,763 | €5,129 | ▼ 11.0% |
| Tangible fixed assets22/27 | €15,817 | €15,230 | €24,384 | €38,939 | €27,160 | €5,546 | €634 | - | - |
| Furniture and vehicles24 | - | - | - | €38,939 | €27,160 | €5,546 | €634 | - | - |
| Financial fixed assets28 | €6,629 | €5,129 | €5,129 | €5,129 | €5,129 | €5,129 | €5,129 | €5,129 | = |
| Current assets29/58 | €252,937 | €227,033 | €302,420 | €206,418 | €183,714 | €202,992 | €253,380 | €279,073 | ▲ 10.1% |
| Amounts receivable within one year40/41 | €221,994 | €206,028 | €220,648 | €187,677 | €174,963 | €181,355 | €233,024 | €246,987 | ▲ 6.0% |
| Trade receivables40 | - | - | - | €152,408 | €113,807 | €132,905 | €174,666 | €161,093 | ▼ 7.8% |
| Other amounts receivable41 | - | - | - | €35,268 | €61,156 | €48,450 | €58,358 | €85,895 | ▲ 47.2% |
| Cash at bank and in hand54/58 | €8,982 | €2,733 | €67,197 | €7,614 | €1,267 | €17,927 | €19,966 | €31,563 | ▲ 58.1% |
| Deferred charges and accrued income490/1 | - | - | - | €11,127 | €7,484 | €3,710 | €390 | €523 | ▲ 33.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €275,383 | €247,392 | €331,933 | €250,486 | €216,003 | €213,667 | €259,144 | €284,202 | ▲ 9.7% |
| Equity10/15 | €185,651 | €212,027 | €228,597 | €167,024 | €173,938 | €189,940 | €210,431 | €224,806 | ▲ 6.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €165,191 | €191,567 | €208,137 | €146,564 | €153,478 | €169,480 | €189,971 | €204,346 | ▲ 7.6% |
| Amounts payable17/49 | €89,731 | €35,364 | €103,336 | €83,463 | €42,065 | €23,727 | €48,713 | €59,396 | ▲ 21.9% |
| Amounts payable after more than one year17 | €10,268 | €13,574 | €16,921 | €17,120 | €11,922 | €6,000 | €874 | - | - |
| Financial debts170/4 | - | - | - | €17,120 | €11,922 | €6,000 | €874 | - | - |
| Amounts payable within one year42/48 | €79,464 | €21,790 | €86,415 | €66,342 | €30,142 | €17,728 | €47,839 | €59,396 | ▲ 24.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,028 | €11,511 | €5,923 | €5,126 | €874 | ▼ 82.9% |
| Financial debts43 | - | - | - | - | €14,590 | €92 | €464 | - | - |
| Credit institutions430/8 | - | - | - | - | €14,590 | €92 | €464 | - | - |
| Trade debts44 | €43,025 | €5,371 | €72,861 | €44,733 | €2,581 | €10,713 | €37,744 | €51,432 | ▲ 36.3% |
| Suppliers440/4 | - | - | - | €44,733 | €2,581 | €10,713 | €37,744 | €51,432 | ▲ 36.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,581 | €1,461 | €1,000 | €4,505 | €7,090 | ▲ 57.4% |
| Remuneration and social security454/9 | - | - | - | €1,581 | €1,461 | €1,000 | €4,505 | €7,090 | ▲ 57.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,035 | €26,376 | €16,570 | -€61,573 | €6,914 | €16,002 | €20,491 | €14,375 | ▼ 29.8% |
| + Depreciation and write-downs630 | €20,735 | €13,823 | €11,749 | €9,979 | €11,780 | €6,782 | €4,912 | €634 | ▼ 87.1% |
| Operating cash flow (approximation) | €47,770 | €40,200 | €28,319 | -€51,594 | €18,694 | €22,785 | €25,403 | €15,009 | ▼ 40.9% |
| Investment in fixed assets (approximation) | - | -€11,737 | -€20,903 | -€24,534 | €0 | €14,831 | €0 | €0 | - |
| Change in cash | - | -€6,249 | €64,464 | -€59,583 | -€6,347 | €16,660 | €2,039 | €11,597 | ▲ 469% |
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, 34,693 companies had the same profile as PLAGYPRO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PLAGYPRO itself: 0.2% 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 34,693 companies, not a prediction for PLAGYPRO. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-08-2026 | 2026-00378259 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00404138 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00354621 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00110082 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20393427 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62000517 | |
| 31-12-2019 | micro format | 05-11-2020 | 2020-68900158 | |
| 31-12-2018 | micro format | 13-09-2019 | 2019-64500168 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-54600276 | |
| 31-12-2016 | micro format | 12-09-2017 | 2017-60600060 |