PLOG
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00381848.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 25 filings
Turnover
≈ €250,000
Estimated: probably between €140,000 and €410,000
EBIT margin
Not included in this filing
Net result
€14,982▼ 19.5%
2024 · €18,603
Working capital
€80,548▲ 24.2%
2024 · €64,856
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,693
▼ 8.4%
2025
20182025
Net result
€14,982
▼ 19.5%
2025
middle half of the sector
20182025
Equity
€80,800
▲ 22.8%
2025
middle half of the sector
20182025
Total assets
€206,180
▲ 12.4%
2025
middle half of the sector
20182025
Debt
€125,380
▲ 6.6%
2025
20182025
Working capital
€80,548
▲ 24.2%
2025
middle half of the sector
20182025
Solvency
39.2%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.64
▲ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
7.3%
▼ 2.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,980-€3,163▼ 36.5%€2,582▼ 18.4%€2,513▼ 2.7%€47,429▲ 19×€12,819▼ 73.0%€25,852▲ 102%€23,693▼ 8.4%
Net result€1,145-€608▼ 46.9%€1,510within the sector's middle half▲ 148%€1,207below the sector's middle half▼ 20.1%€37,122within the sector's middle half▲ 31×€5,319within the sector's middle half▼ 85.7%€18,603within the sector's middle half▲ 250%€14,982within the sector's middle half▼ 19.5%
Equity€1,450-€2,058▲ 42.0%€3,568below the sector's middle half▲ 73.4%€4,774below the sector's middle half▲ 33.8%€41,896below the sector's middle half▲ 778%€47,216below the sector's middle half▲ 12.7%€65,818below the sector's middle half▲ 39.4%€80,800within the sector's middle half▲ 22.8%
Total assets€84,448-€52,614▼ 37.7%€19,587below the sector's middle half▼ 62.8%€141,007below the sector's middle half▲ 620%€174,192below the sector's middle half▲ 23.5%€161,111below the sector's middle half▼ 7.5%€183,426below the sector's middle half▲ 13.9%€206,180within the sector's middle half▲ 12.4%
Debt€82,999-€50,556▼ 39.1%€16,019▼ 68.3%€136,233▲ 750%€132,296▼ 2.9%€113,895▼ 13.9%€117,608▲ 3.3%€125,380▲ 6.6%
Working capital€19,714-€14,599▼ 25.9%€10,027within the sector's middle half▼ 31.3%€4,774within the sector's middle half▼ 52.4%€41,896within the sector's middle half▲ 778%€45,544within the sector's middle half▲ 8.7%€64,856within the sector's middle half▲ 42.4%€80,548within the sector's middle half▲ 24.2%
Solvency1.7%-3.9%▲ 2.2pp18.2%within the sector's middle half▲ 14.3pp3.4%below the sector's middle half▼ 14.8pp24.1%within the sector's middle half▲ 20.7pp29.3%within the sector's middle half▲ 5.3pp35.9%within the sector's middle half▲ 6.6pp39.2%within the sector's middle half▲ 3.3pp
Current ratio1.30-1.38▲ 0.082.05within the sector's middle half▲ 0.661.04within the sector's middle half▼ 1.011.32within the sector's middle half▲ 0.281.40within the sector's middle half▲ 0.081.55within the sector's middle half▲ 0.151.64within the sector's middle half▲ 0.09
Return on assets (ROA)1.4%-1.2%▼ 0.2pp7.7%within the sector's middle half▲ 6.6pp0.9%within the sector's middle half▼ 6.9pp21.3%above the sector's middle half▲ 20.5pp3.3%within the sector's middle half▼ 18.0pp10.1%above the sector's middle half▲ 6.8pp7.3%within the sector's middle half▼ 2.9pp
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 8% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €206,180
Fixed assets
€252 ▼ 73.8%
Current assets
€205,928 ▲ 12.9%
Equity and liabilities €206,180
Equity
€80,800 ▲ 22.8%
Debt
€125,380 ▲ 6.6%
Debt's share of the balance-sheet total falls from 64.1% to 60.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24,403▼
2024 · €26,562
Cash flow
€15,692▼
2024 · €19,313
Debt to equity
1.55▼
2024 · 1.79
ROE
18.5%▼
2024 · 28.3%
Interest coverage
32.72▼
2024 · 86.12
Debt ≤ 1 year
€125,380▲
2024 · €117,608
Income taxes
€8,000▲
2024 · €6,968
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,130 | - | - |
| Depreciation and write-downs of the year | - | - | €458 | €710 | €710 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €458 | €710 | €710 | = |
| Other operating charges640/8 | - | - | - | €428 | €428 | €464 | - | €2,265 | - |
| Gross operating margin9900 | €5,328 | €3,511 | €2,930 | €2,941 | €47,857 | €13,741 | €26,562 | €26,668 | ▲ 0.4% |
| Operating profit (loss)9901 | €4,980 | €3,163 | €2,582 | €2,513 | €47,429 | €12,819 | €25,852 | €23,693 | ▼ 8.4% |
| Financial income75/76B | - | - | - | - | €4,092 | - | €27 | €35 | ▲ 31.7% |
| Recurring financial income75 | €80 | - | €1,073 | - | €4,092 | - | €27 | €35 | ▲ 31.7% |
| Financial charges65/66B | - | - | - | €867 | €530 | €4,388 | €308 | €746 | ▲ 142% |
| Recurring financial charges65 | €3,294 | €2,323 | €1,528 | €867 | €530 | €4,388 | €308 | €746 | ▲ 142% |
| Profit (loss) for the period before taxes9903 | €1,766 | €841 | €2,127 | €1,646 | €50,991 | €8,431 | €25,571 | €22,982 | ▼ 10.1% |
| Income taxes67/77 | €621 | €232 | €617 | €439 | €13,869 | €3,112 | €6,968 | €8,000 | ▲ 14.8% |
| Profit (loss) for the period9904 | €1,145 | €608 | €1,510 | €1,207 | €37,122 | €5,319 | €18,603 | €14,982 | ▼ 19.5% |
| Profit (loss) for the period to be appropriated9905 | €1,145 | €608 | €1,510 | €1,207 | €37,122 | €5,319 | €18,603 | €14,982 | ▼ 19.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €84,448 | €52,614 | €19,587 | €141,007 | €174,192 | €161,111 | €183,426 | €206,180 | ▲ 12.4% |
| Fixed assets21/28 | - | - | - | - | - | €1,672 | €962 | €252 | ▼ 73.8% |
| Tangible fixed assets22/27 | - | - | - | - | - | €1,672 | €962 | €252 | ▼ 73.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,672 | €962 | €252 | ▼ 73.8% |
| Current assets29/58 | €84,448 | €52,614 | €19,587 | €141,007 | €174,192 | €159,439 | €182,464 | €205,928 | ▲ 12.9% |
| Amounts receivable within one year40/41 | €84,448 | €51,318 | €19,492 | €75,860 | €155,694 | €155,568 | €159,375 | €182,365 | ▲ 14.4% |
| Trade receivables40 | - | - | - | €22,382 | €15,202 | €12,368 | €21,175 | €44,165 | ▲ 109% |
| Other amounts receivable41 | - | - | - | €53,478 | €140,492 | €143,200 | €138,200 | €138,200 | = |
| Cash at bank and in hand54/58 | - | €1,296 | €95 | €65,147 | €18,498 | €3,871 | €22,989 | €23,563 | ▲ 2.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €100 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €84,448 | €52,614 | €19,587 | €141,007 | €174,192 | €161,111 | €183,426 | €206,180 | ▲ 12.4% |
| Equity10/15 | €1,450 | €2,058 | €3,568 | €4,774 | €41,896 | €47,216 | €65,818 | €80,800 | ▲ 22.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,530 | €1,530 | €1,530 | €1,530 | €1,530 | €1,530 | €1,530 | €16,512 | ▲ 979% |
| Non-distributable reserves130/1 | - | - | - | €930 | €930 | €930 | €930 | €930 | = |
| Other1319 | - | - | - | €930 | €930 | €930 | €930 | €930 | = |
| Distributable reserves133 | - | - | - | €600 | €600 | €600 | €600 | €15,582 | ▲ 26× |
| Profit (loss) carried forward14 | -€6,280 | -€5,672 | -€4,162 | -€2,956 | €34,166 | €39,486 | €58,088 | €58,088 | = |
| Amounts payable17/49 | €82,999 | €50,556 | €16,019 | €136,233 | €132,296 | €113,895 | €117,608 | €125,380 | ▲ 6.6% |
| Amounts payable after more than one year17 | €18,265 | €12,541 | €6,459 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €64,734 | €38,015 | €9,560 | €136,233 | €132,296 | €113,895 | €117,608 | €125,380 | ▲ 6.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,459 | - | - | - | - | - |
| Trade debts44 | €43,992 | €27,130 | €1,041 | €38,367 | €12,434 | €6,906 | €6,152 | €5,851 | ▼ 4.9% |
| Suppliers440/4 | - | - | - | €38,367 | €12,434 | €6,906 | €6,152 | €5,851 | ▼ 4.9% |
| Taxes, remuneration and social security45 | - | - | - | €439 | €16,751 | €4,462 | €9,059 | €17,663 | ▲ 95.0% |
| Taxes450/3 | - | - | - | €439 | €16,751 | €4,462 | €9,059 | €17,663 | ▲ 95.0% |
| Other amounts payable47/48 | - | - | - | €90,968 | €103,111 | €102,527 | €102,397 | €101,866 | ▼ 0.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,145 | €608 | €1,510 | €1,207 | €37,122 | €5,319 | €18,603 | €14,982 | ▼ 19.5% |
| + Depreciation and write-downs630 | - | - | - | - | - | €458 | €710 | €710 | = |
| Operating cash flow (approximation) | €1,145 | €608 | €1,510 | €1,207 | €37,122 | €5,777 | €19,313 | €15,692 | ▼ 18.7% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | -€0 | €0 | - |
| Change in cash | - | - | -€1,201 | €65,052 | -€46,649 | -€14,627 | €19,118 | €574 | ▼ 97.0% |
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, 31,368 companies had the same profile as PLOG has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PLOG itself: 0.6% 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 31,368 companies, not a prediction for PLOG. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00381848 | |
| 31-12-2024 | full format | 25-08-2025 | 2025-00397178 | |
| 31-12-2023 | full format | 26-08-2024 | 2024-00369181 | |
| 31-12-2022 | full format | 31-05-2023 | 2023-00099595 | |
| 31-12-2021 | full format | 16-08-2022 | 2022-20288191 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-44000076 | |
| 31-12-2019 | full format | 25-08-2020 | 2020-44200480 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-52900566 | |
| 31-12-2017 | full format | 07-08-2018 | 2018-43800554 | |
| 31-12-2016 | full format | 11-10-2017 | 2017-66800591 |