PLUG 21
ActiveSummary
PLUG 21 has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.9m and a net result of -€1.2m. Equity is growing by about 35% per year across the filed financial years. Its solvency ranks better than 19% of 3,854 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, full format
Turnover
€1.6m▼ 53.5%
2024 · €3.4m
EBIT margin
12.3%▼ 35.5pp
2024 · 47.8%
Net result
-€1.2m
2024 · €8,661
Working capital
-€11.6m▼ 31.0%
2024 · -€8.8m
Trend over the years
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result falls in 2025; 2025 is 88% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€1.6m
2025
Operating result€0.2m
2025
Net result-€1.2m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€40.6m
2025
Equity€6.9m
2025
Debt€33.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€11.6m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin12.3%
2025
Return on assets (ROA)-2.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency16.9%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.16
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€0.9m-€1.7m▲ 79.3%€2.8m▲ 68.7%€3.5m▲ 25.6%€3.4m▼ 4.0%€1.6m▼ 53.5%
Operating result€0.5m-€0.7m▲ 39.7%€0.9m▲ 28.9%€1.5m▲ 66.9%€1.6m▲ 5.2%€0.2m▼ 88.0%
Net result-€0.1mbelow the sector's middle half--€0.2mbelow the sector's middle half▼ 116%€3.8mabove the sector's middle half€4.6mabove the sector's middle half▲ 22.2%€0.009mwithin the sector's middle half▼ 99.8%-€1.2mbelow the sector's middle half
EBIT margin55.2%-43.0%▼ 12.2pp32.9%▼ 10.1pp43.7%▲ 10.8pp47.8%▲ 4.2pp12.3%▼ 35.5pp
Equity-€0.1mbelow the sector's middle half--€0.3mbelow the sector's middle half▼ 218%€3.4mabove the sector's middle half€8.0mabove the sector's middle half▲ 134%€8.1mabove the sector's middle half▲ 0.1%€6.9mabove the sector's middle half▼ 14.6%
Total assets€36.8mabove the sector's middle half-€38.4mabove the sector's middle half▲ 4.4%€41.3mabove the sector's middle half▲ 7.5%€39.0mabove the sector's middle half▼ 5.7%€40.6mabove the sector's middle half▲ 4.1%€40.6mabove the sector's middle half▲ 0.1%
Debt€36.9m-€38.8m▲ 5.1%€37.9m▼ 2.3%€30.9m▼ 18.4%€32.5m▲ 5.2%€33.8m▲ 3.8%
Working capital-€3.4mbelow the sector's middle half--€5.9mbelow the sector's middle half▼ 75.7%-€5.1mbelow the sector's middle half▲ 14.1%-€6.1mbelow the sector's middle half▼ 20.0%-€8.8mbelow the sector's middle half▼ 44.8%-€11.6mbelow the sector's middle half▼ 31.0%
Solvency-0.3%below the sector's middle half--0.9%below the sector's middle half▼ 0.6pp8.3%below the sector's middle half▲ 9.2pp20.6%below the sector's middle half▲ 12.3pp19.8%below the sector's middle half▼ 0.8pp16.9%below the sector's middle half▼ 2.9pp
Current ratio0.20below the sector's middle half-0.17below the sector's middle half▼ 0.030.36below the sector's middle half▲ 0.190.08below the sector's middle half▼ 0.280.20below the sector's middle half▲ 0.110.16below the sector's middle half▼ 0.04
Return on assets (ROA)-0.3%below the sector's middle half--0.6%below the sector's middle half▼ 0.3pp9.1%within the sector's middle half▲ 9.7pp11.8%within the sector's middle half▲ 2.7pp0.0%below the sector's middle half▼ 11.8pp-2.9%below the sector's middle half▼ 2.9pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40.6m
Fixed assets
€38.4m =
Current assets
€2.2m ▲ 2.8%
Equity and liabilities €40.6m
Equity
€6.9m ▼ 14.6%
Debt
€33.8m ▲ 3.8%
Debt's share of the balance-sheet total rises from 80.2% to 83.1%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
4.91▲
2024 · 4.04
ROE
-17.1%▼
2024 · 0.1%
Debt ≤ 1 year
€13.8m▲
2024 · €11.0m
Debt > 1 year
€19.5m▼
2024 · €21.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.7m | €2.8m | €3.5m | €3.4m | €1.6m | ▼ 53.5% |
| Turnover70 | €0.9m | €1.7m | €2.8m | €3.5m | €3.4m | €1.6m | ▼ 53.5% |
| Operating charges60/66A | - | €0.9m | €1.9m | €2.0m | €1.8m | €1.4m | ▼ 21.9% |
| Services and other goods61 | - | €0.9m | €1.9m | €2.0m | €1.8m | €1.4m | ▼ 22.0% |
| Other operating charges640/8 | - | €449 | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 14.4% |
| Operating profit (loss)9901 | €0.5m | €0.7m | €0.9m | €1.5m | €1.6m | €0.2m | ▼ 88.0% |
| Financial income75/76B | - | - | €3.8m | €4.6m | €0.04m | €0.07m | ▲ 74.0% |
| Recurring financial income75 | €0.002m | - | €3.8m | €4.6m | €0.04m | €0.07m | ▲ 74.0% |
| Income from financial fixed assets750 | - | - | €3.8m | €4.6m | - | - | - |
| Income from current assets751 | - | - | - | €138 | €0.04m | €0.05m | ▲ 24.8% |
| Other financial income752/9 | - | - | - | - | - | €0.02m | - |
| Financial charges65/66B | - | €0.9m | €0.9m | €1.5m | €1.6m | €1.4m | ▼ 12.6% |
| Recurring financial charges65 | €0.6m | €0.9m | €0.9m | €1.5m | €1.6m | €1.4m | ▼ 12.6% |
| Debt charges650 | €0.6m | €0.9m | €0.9m | €1.5m | €1.6m | €1.4m | ▼ 12.6% |
| Other financial charges652/9 | - | €0.01m | €0.007m | €0.001m | €0.001m | €0.001m | ▲ 38.8% |
| Profit (loss) for the period before taxes9903 | -€0.1m | -€0.2m | €3.8m | €4.6m | €0.009m | -€1.2m | - |
| Taxes670/3 | - | - | - | €41 | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €41 | - | - | - |
| Profit (loss) for the period9904 | -€0.1m | -€0.2m | €3.8m | €4.6m | €0.009m | -€1.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | -€0.2m | €3.8m | €4.6m | €0.009m | -€1.2m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €36.8m | €38.4m | €41.3m | €39.0m | €40.6m | €40.6m | ▲ 0.1% |
| Fixed assets21/28 | €35.9m | €37.2m | €38.4m | €38.4m | €38.4m | €38.4m | = |
| Financial fixed assets28 | €35.9m | €37.2m | €38.4m | €38.4m | €38.4m | €38.4m | = |
| Affiliated companies280/1 | - | €37.2m | €38.4m | €38.4m | €38.4m | €38.4m | = |
| Participating interests280 | - | €37.2m | €38.4m | €38.4m | €38.4m | €38.4m | = |
| Current assets29/58 | €0.9m | €1.2m | €2.9m | €0.6m | €2.2m | €2.2m | ▲ 2.8% |
| Amounts receivable within one year40/41 | €0.8m | €0.2m | €0.4m | €0.4m | €1.9m | €1.4m | ▼ 23.3% |
| Trade receivables40 | - | €0.2m | €0.4m | €0.4m | €0.6m | €0.2m | ▼ 75.3% |
| Other amounts receivable41 | - | - | - | €0.03m | €1.2m | €1.3m | ▲ 4.0% |
| Cash at bank and in hand54/58 | €0.04m | €1.1m | €2.5m | €0.1m | €0.3m | €0.8m | ▲ 170% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.001m | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €36.8m | €38.4m | €41.3m | €39.0m | €40.6m | €40.6m | ▲ 0.1% |
| Equity10/15 | -€0.1m | -€0.3m | €3.4m | €8.0m | €8.1m | €6.9m | ▼ 14.6% |
| Contributions10/11 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.3m | €3.4m | €8.0m | €8.1m | €6.9m | ▼ 14.6% |
| Amounts payable17/49 | €36.9m | €38.8m | €37.9m | €30.9m | €32.5m | €33.8m | ▲ 3.8% |
| Amounts payable after more than one year17 | €32.6m | €31.5m | €29.4m | €23.7m | €21.0m | €19.5m | ▼ 7.4% |
| Financial debts170/4 | - | €31.5m | €29.4m | €23.7m | €21.0m | €19.5m | ▼ 7.4% |
| Subordinated loans170 | - | €11.7m | €11.1m | €8.1m | €8.1m | €8.0m | ▼ 1.2% |
| Credit institutions173 | - | €19.8m | €18.4m | €15.7m | €13.0m | €11.5m | ▼ 11.2% |
| Amounts payable within one year42/48 | €4.2m | €7.2m | €8.0m | €6.7m | €11.0m | €13.8m | ▲ 25.4% |
| Current portion of amounts payable after more than one year42 | - | €2.7m | €2.7m | €2.7m | €2.7m | €1.5m | ▼ 46.3% |
| Trade debts44 | €0.4m | €0.2m | €0.2m | €0.2m | €0.4m | €1.4m | ▲ 245% |
| Suppliers440/4 | - | €0.2m | €0.2m | €0.2m | €0.4m | €1.4m | ▲ 245% |
| Taxes, remuneration and social security45 | - | €0.04m | €0.05m | - | €0.03m | €0.02m | ▼ 10.2% |
| Taxes450/3 | - | €0.04m | €0.05m | - | €0.03m | €0.02m | ▼ 10.2% |
| Other amounts payable47/48 | - | €4.2m | €5.0m | €3.7m | €7.9m | €11.0m | ▲ 39.2% |
| Accrued charges and deferred income492/3 | - | €0.1m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 3.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€0.2m | €3.8m | €4.6m | €0.009m | -€1.2m | - |
| Operating cash flow (approximation) | -€0.1m | -€0.2m | €3.8m | €4.6m | €0.009m | -€1.2m | - |
| Investment in fixed assets (approximation) | - | -€1.3m | -€1.2m | €0 | €0 | €0 | - |
| Change in cash | - | €1.0m | €1.5m | -€2.4m | €0.2m | €0.5m | ▲ 193% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00205621 |
| 31-12-2024 | full format | 24-06-2025 | 2025-00182301 |
| 31-12-2023 | full format | 15-07-2024 | 2024-00255691 |
| 31-12-2022 | full format | 20-06-2023 | 2023-00145927 |
| 31-12-2021 | full format | 08-07-2022 | 2022-20176057 |
| 31-12-2020 | full format | 24-06-2021 | 2021-24300016 |
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Of the 82,511 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 54,625. 9,074 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.