PLO4
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 23-10-2026 at the NBB all 15 filings
Turnover
≈ €160,000
Estimated: probably between €100,000 and €210,000
Total assets
€567,871▲ 0.6%
2025 · €564,240
Net result
€6,149▼ 78.6%
2025 · €28,685
Working capital
€216,537▲ 10.3%
2025 · €196,291
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€6,576
▼ 82.3%
2026
20192026
Net result
€6,149
▼ 78.6%
2026
20192026
Equity
€332,070
▲ 1.9%
2026
20192026
Total assets
€567,871
▲ 0.6%
2026
20192026
Debt
€206,669
▼ 0.3%
2026
20192026
Working capital
€216,537
▲ 10.3%
2026
20192026
Solvency
58.5%
▲ 0.7pp
2026
20192026
Current ratio
5.19
▲ 0.37
2026
20192026
Return on assets (ROA)
1.1%
▼ 4.0pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€9,539-€41,054▲ 330%€37,718▼ 8.1%€189,844▲ 403%-€6,424-€2,464▲ 61.7%€37,203€6,576▼ 82.3%
Net result€6,849-€31,561▲ 361%€29,727above the sector's middle half▼ 5.8%€152,418above the sector's middle half▲ 413%-€2,595below the sector's middle half€229within the sector's middle half€28,685within the sector's middle half▲ 125×€6,149▼ 78.6%
Equity€154,396-€185,957▲ 20.4%€215,684above the sector's middle half▲ 16.0%€299,602above the sector's middle half▲ 38.9%€297,007above the sector's middle half▼ 0.9%€297,236above the sector's middle half▲ 0.1%€325,921above the sector's middle half▲ 9.7%€332,070▲ 1.9%
Total assets€251,849-€290,560▲ 15.4%€337,724above the sector's middle half▲ 16.2%€622,013above the sector's middle half▲ 84.2%€585,374above the sector's middle half▼ 5.9%€537,926above the sector's middle half▼ 8.1%€564,240above the sector's middle half▲ 4.9%€567,871▲ 0.6%
Debt€97,453-€104,603▲ 7.3%€122,040▲ 16.7%€285,510▲ 134%€253,409▼ 11.2%€207,673▼ 18.0%€207,245▼ 0.2%€206,669▼ 0.3%
Working capital€162,808-€179,173▲ 10.1%€199,687above the sector's middle half▲ 11.4%€224,928above the sector's middle half▲ 12.6%€212,887above the sector's middle half▼ 5.4%€189,867above the sector's middle half▼ 10.8%€196,291above the sector's middle half▲ 3.4%€216,537▲ 10.3%
Solvency61.3%-64.0%▲ 2.7pp63.9%within the sector's middle half▼ 0.1pp48.2%within the sector's middle half▼ 15.7pp50.7%within the sector's middle half▲ 2.6pp55.3%within the sector's middle half▲ 4.5pp57.8%within the sector's middle half▲ 2.5pp58.5%▲ 0.7pp
Current ratio6.08-6.78▲ 0.705.34above the sector's middle half▼ 1.433.11above the sector's middle half▼ 2.233.90above the sector's middle half▲ 0.784.89above the sector's middle half▲ 0.994.81above the sector's middle half▼ 0.075.19▲ 0.37
Return on assets (ROA)2.7%-10.9%▲ 8.1pp8.8%within the sector's middle half▼ 2.1pp24.5%above the sector's middle half▲ 15.7pp-0.4%below the sector's middle half▼ 24.9pp0.0%below the sector's middle half▲ 0.5pp5.1%within the sector's middle half▲ 5.0pp1.1%▼ 4.0pp
Staff (FTE)0.1
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 2026 is 82% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €567,871
Fixed assets
€299,601 ▼ 5.3%
Current assets
€268,269 ▲ 8.3%
Equity and liabilities €567,871
Equity
€332,070 ▲ 1.9%
Provisions
€29,132 ▼ 6.2%
Debt
€206,669 ▼ 0.3%
Debt's share of the balance-sheet total falls from 36.7% to 36.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,464▼
2025 · €64,719
Cash flow
€28,037▼
2025 · €56,200
Debt to equity
0.62▼
2025 · 0.64
ROE
1.9%▼
2025 · 8.8%
Interest coverage
5.32▼
2025 · 13.66
Debt ≤ 1 year
€51,732▲
2025 · €51,490
Debt > 1 year
€154,734▲
2025 · €154,146
Income taxes
€5,896▼
2025 · €14,500
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €280,528 | €51,922 | €18,409 | €50,005 | €41,079 |
| Depreciation and write-downs of the year | €29,143 | €14,593 | €18,235 | €27,515 | €21,888 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €159 awarded · €159 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €99 | €99 |
| 2022 | 1 | €60 | €60 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1,561 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,391 | €18,682 | €22,025 | €29,143 | €14,593 | €18,235 | €27,515 | €21,888 | ▼ 20.5% |
| Other operating charges640/8 | - | - | - | €2,534 | €1,689 | €1,153 | €1,105 | €964 | ▼ 12.7% |
| Gross operating margin9900 | €24,098 | €62,374 | €64,537 | €223,081 | €9,858 | €16,924 | €65,824 | €29,428 | ▼ 55.3% |
| Operating profit (loss)9901 | €9,539 | €41,054 | €37,718 | €189,844 | -€6,424 | -€2,464 | €37,203 | €6,576 | ▼ 82.3% |
| Financial income75/76B | - | - | - | €5,960 | €5,777 | €8,759 | €8,778 | €8,874 | ▲ 1.1% |
| Recurring financial income75 | €4,881 | €4,550 | €4,841 | €5,960 | €5,777 | €8,759 | €8,778 | €8,874 | ▲ 1.1% |
| Financial charges65/66B | - | - | - | €4,222 | €3,380 | €5,003 | €4,739 | €5,348 | ▲ 12.9% |
| Recurring financial charges65 | €3,930 | €3,483 | €2,997 | €4,222 | €3,380 | €5,003 | €4,739 | €5,348 | ▲ 12.9% |
| Profit (loss) for the period before taxes9903 | €10,490 | €42,121 | €39,562 | €191,581 | -€4,027 | €1,292 | €41,242 | €10,103 | ▼ 75.5% |
| Transfer from deferred taxes780 | - | - | - | €1,942 | €1,942 | €1,942 | €1,942 | €1,942 | = |
| Transfer to deferred taxes680 | - | - | - | €38,843 | - | - | - | - | - |
| Income taxes67/77 | €3,641 | €10,560 | €9,835 | €2,263 | €510 | €3,006 | €14,500 | €5,896 | ▼ 59.3% |
| Profit (loss) for the period9904 | €6,849 | €31,561 | €29,727 | €152,418 | -€2,595 | €229 | €28,685 | €6,149 | ▼ 78.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €7,769 | €7,769 | €7,769 | €7,769 | €7,769 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €155,371 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €6,849 | €31,561 | €29,727 | €4,816 | €5,174 | €7,997 | €36,453 | €13,917 | ▼ 61.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €251,849 | €290,560 | €337,724 | €622,013 | €585,374 | €537,926 | €564,240 | €567,871 | ▲ 0.6% |
| Fixed assets21/28 | €56,977 | €80,370 | €92,056 | €290,709 | €299,035 | €299,208 | €316,459 | €299,601 | ▼ 5.3% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €56,977 | €80,370 | €92,056 | €290,709 | €299,035 | €299,208 | €316,459 | €299,601 | ▼ 5.3% |
| Land and buildings22 | - | - | - | €263,643 | €259,122 | €264,882 | €255,317 | €283,752 | ▲ 11.1% |
| Plant, machinery and equipment23 | - | - | - | €1,057 | €798 | €2,343 | €1,675 | €1,006 | ▼ 39.9% |
| Furniture and vehicles24 | - | - | - | €21,250 | €3,754 | €4,099 | €39,062 | €1,915 | ▼ 95.1% |
| Leasing and similar rights25 | - | - | - | €4,760 | €35,362 | €27,884 | €20,406 | €12,928 | ▼ 36.6% |
| Current assets29/58 | €194,872 | €210,189 | €245,668 | €331,304 | €286,340 | €238,717 | €247,781 | €268,269 | ▲ 8.3% |
| Amounts receivable after more than one year29 | - | - | - | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Other amounts receivable291 | - | - | - | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Stocks and contracts in progress3 | - | - | €1,725 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €26,546 | €30,798 | €17,397 | €86,044 | €17,558 | €20,383 | €15,184 | €16,874 | ▲ 11.1% |
| Trade receivables40 | - | - | - | €12,334 | €3,400 | €8,690 | €6,165 | €3,588 | ▼ 41.8% |
| Other amounts receivable41 | - | - | - | €73,711 | €14,158 | €11,693 | €9,019 | €13,286 | ▲ 47.3% |
| Cash at bank and in hand54/58 | €11,908 | €20,860 | €11,907 | €30,942 | €60,636 | €13,267 | €29,131 | €47,587 | ▲ 63.4% |
| Deferred charges and accrued income490/1 | - | - | - | €14,318 | €8,146 | €5,068 | €3,465 | €3,808 | ▲ 9.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €251,849 | €290,560 | €337,724 | €622,013 | €585,374 | €537,926 | €564,240 | €567,871 | ▲ 0.6% |
| Equity10/15 | €154,396 | €185,957 | €215,684 | €299,602 | €297,007 | €297,236 | €325,921 | €332,070 | ▲ 1.9% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €135,747 | €167,296 | €196,857 | €280,987 | €278,334 | €278,539 | €307,268 | €313,374 | ▲ 2.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €147,602 | €139,834 | €132,065 | €124,297 | €116,528 | ▼ 6.2% |
| Distributable reserves133 | - | - | - | €131,524 | €138,500 | €146,474 | €182,971 | €196,846 | ▲ 7.6% |
| Profit (loss) carried forward14 | €49 | €61 | €227 | €16 | €74 | €97 | €53 | €96 | ▲ 79.6% |
| Provisions and deferred taxes16 | - | - | - | €36,901 | €34,958 | €33,016 | €31,074 | €29,132 | ▼ 6.2% |
| Deferred taxes168 | - | - | - | €36,901 | €34,958 | €33,016 | €31,074 | €29,132 | ▼ 6.2% |
| Amounts payable17/49 | €97,453 | €104,603 | €122,040 | €285,510 | €253,409 | €207,673 | €207,245 | €206,669 | ▼ 0.3% |
| Amounts payable after more than one year17 | €63,963 | €73,586 | €76,059 | €178,212 | €178,817 | €158,621 | €154,146 | €154,734 | ▲ 0.4% |
| Financial debts170/4 | - | - | - | €178,212 | €178,817 | €158,621 | €154,146 | €154,734 | ▲ 0.4% |
| Amounts payable within one year42/48 | €32,063 | €31,016 | €45,981 | €106,376 | €73,453 | €48,850 | €51,490 | €51,732 | ▲ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,308 | €28,150 | €23,639 | €28,050 | €30,652 | ▲ 9.3% |
| Financial debts43 | - | - | - | - | - | - | - | €3,420 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,420 | - |
| Trade debts44 | €8,970 | €9,819 | €15,455 | €10,568 | €13,402 | €14,105 | €7,742 | €10,544 | ▲ 36.2% |
| Suppliers440/4 | - | - | - | €10,568 | €13,402 | €14,105 | €7,742 | €10,544 | ▲ 36.2% |
| Advances received on contracts in progress46 | - | - | - | - | €3,305 | - | - | €1,706 | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €5,540 | €5,410 | ▼ 2.3% |
| Taxes450/3 | - | - | - | - | - | - | €5,540 | €5,410 | ▼ 2.3% |
| Other amounts payable47/48 | - | - | - | €68,500 | €28,596 | €11,106 | €10,157 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €923 | €1,139 | €202 | €1,609 | €203 | ▼ 87.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,849 | €31,561 | €29,727 | €152,418 | -€2,595 | €229 | €28,685 | €6,149 | ▼ 78.6% |
| + Depreciation and write-downs630 | €11,391 | €18,682 | €22,025 | €29,143 | €14,593 | €18,235 | €27,515 | €21,888 | ▼ 20.5% |
| Operating cash flow (approximation) | €18,240 | €50,243 | €51,752 | €181,561 | €11,998 | €18,464 | €56,200 | €28,037 | ▼ 50.1% |
| Investment in fixed assets (approximation) | - | -€42,076 | -€33,710 | -€227,796 | -€22,919 | -€18,409 | -€44,766 | -€5,030 | ▲ 88.8% |
| Change in cash | - | €8,952 | -€8,953 | €19,035 | €29,694 | -€47,369 | €15,864 | €18,456 | ▲ 16.3% |
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, 6,049 companies had the same profile as PLO4 has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of PLO4 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 6,049 companies, not a prediction for PLO4. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 23-10-2026 | 2026-00566944 | |
| 31-03-2025 | micro format | 28-10-2025 | 2025-00551013 | |
| 31-03-2024 | micro format | 28-10-2024 | 2024-00515913 | |
| 31-03-2023 | micro format | 28-09-2023 | 2023-00456498 | |
| 31-03-2022 | micro format | 27-10-2022 | 2022-20473753 | |
| 31-03-2021 | micro format | 06-09-2021 | 2021-65700398 | |
| 31-03-2020 | micro format | 24-09-2020 | 2020-55000587 | |
| 31-03-2019 | micro format | 06-11-2019 | 2019-73000545 | |
| 31-03-2018 | micro format | 29-10-2018 | 2018-70300377 | |
| 31-03-2017 | micro format | 26-10-2017 | 2017-67700375 |