Equity
PLUS paid out €484,155 in dividends. That is 336% of the 2025 profit.
PLUS paid out €484,155 in dividends. That is 336% of the 2025 profit.
The result fell in 2025 from €294,655 to €144,092.
The micro format states no turnover.
Green is investment, beige is depreciation.
Short-term debts rose from €38,240 to €63,264.
Higher net result than 95% of companies in retail trade. Sector median €5,059 · 22,852 companies.
The dashed line is the sector median: 0.6% across 40,276 companies (NACE 47, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 92% of them on solvency, 67% on liquidity, 96% on profitability and 11% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 34,693 companies had the same profile as PLUS has now. Each dot stands for 87 companies, two years later.
That fits the bankruptcy probability of PLUS itself: 0.1% within 12 months.
The method was tested on the 497,447 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 PLUS. 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.
Liquidity is ample, with a current ratio of 4.34 (17.47 in 2024), above the usual 1.5. Short-term debt is 15.3% and cash 11.2% of total assets. 15.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 26 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PLUS Destelbergen | €413,706 | €203,845 | 84.7% | - |
| AIRSOFT DOCTOR Mechelen | €400,931 | €207,262 | 24.7% | - |
| RunAttitude Mont-Saint-Guibert | €470,272 | €163,315 | 67.2% | - |
| Scubarepair Hulshout | €403,114 | €152,102 | 19.6% | - |
| SPORTSIDE.BE Frameries | €465,707 | €198,045 | 27.4% | 3.4 |
| AJT run Soumagne | €447,661 | €314,778 | 49.5% | 3.8 |
| Big Panda Namur | €502,541 | €157,921 | 23.3% | 2.8 |
These companies have the same main activity as PLUS: retail sale of other sporting goods (NACE 47639). They are comparable in size and age: total assets between €401,000 and €503,000, founded between 2012 and 2017.
PLUS files the micro format. That format states no turnover. The gross margin fell from €245,708 in 2023 to €203,845 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.2m. Estimated: probably between €670,000 and €2.0m.
Higher than 91% of 22,869 companies in 2025.
Higher than 85% of 22,000 companies in 2025.
Higher than 93% of 22,150 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
413,706 | 728,745 | 1.2m | |
21/28 |
139,125 | 60,681 | 28,948 | |
22/27 |
139,125 | 60,681 | 28,948 | |
24 |
139,125 | 60,681 | 28,948 | |
29/58 |
274,581 | 668,064 | 1.2m | |
40/41 |
226,335 | 321,267 | 15,677 | |
40 |
18,271 | 306,254 | 12,100 | |
41 |
208,064 | 15,013 | 3,577 | |
50/53 |
0 | 320,000 | 725,000 | |
54/58 |
46,346 | 25,047 | 449,746 | |
490/1 |
1,900 | 1,750 | 3,876 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
413,706 | 728,745 | 1.2m | |
10/15 |
350,442 | 690,505 | 780,579 | |
10/11 |
18,600 | 18,600 | 18,600 | |
13 |
331,842 | 671,905 | 761,979 | |
133 |
331,842 | 671,905 | 761,979 | |
14 |
0 | 0 | 0 | |
17/49 |
63,264 | 38,240 | 442,668 | |
42/48 |
63,264 | 38,240 | 442,668 | |
43 |
20,226 | - | - | |
430/8 |
20,226 | - | - | |
44 |
4,049 | 2,610 | 7,922 | |
440/4 |
4,049 | 2,610 | 7,922 | |
45 |
33,156 | 35,630 | 12,846 | |
450/3 |
27,306 | 29,780 | 6,896 | |
454/9 |
5,850 | 5,850 | 5,950 | |
47/48 |
5,834 | 0 | 421,900 | |
| Income statement | ||||
9900 |
203,845 | 317,765 | 245,708 | |
630 |
17,228 | 25,871 | 18,405 | |
640/8 |
1,213 | 1,407 | 1,256 | |
9901 |
185,404 | 290,486 | 226,047 | |
75/76B |
2,605 | 78,526 | 2,967 | |
75 |
2,605 | 78,526 | 2,967 | |
65/66B |
1,456 | 475 | 262 | |
65 |
1,456 | 475 | 262 | |
9903 |
186,554 | 368,537 | 228,752 | |
67/77 |
42,462 | 73,882 | 56,423 | |
9904 |
144,092 | 294,655 | 172,329 | |
9905 |
144,092 | 294,655 | 172,329 | |
| Appropriation of the result | ||||
9906 |
144,092 | 294,655 | 172,329 | |
791/2 |
484,155 | 384,729 | 409,992 | |
691/2 |
144,092 | 294,655 | 172,329 | |
6921 |
144,092 | 294,655 | 172,329 | |
694/7 |
484,155 | 384,729 | 409,992 | |
694 |
484,155 | 384,729 | 409,992 | |
| Document | ||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 09-01-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 202,632 | 316,357 | 244,452 | ||
| 161,319 | 320,526 | 190,734 | ||
| 95,672 | 57,604 | 8,200 | ||
| 21,299 | -424,699 | - | ||
| 211,317 | 629,824 | 751,631 | ||
| 84.7% | 94.8% | 63.8% | ||
| 4.34 | 17.47 | 2.70 | ||
| 0.18 | 0.06 | 0.57 | ||
| 41.1% | 42.7% | 22.1% | ||
| 34.8% | 40.4% | 14.1% | ||
| over 100 | over 100 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 |
|---|---|---|---|
| Tangible fixed assets | €95,672 | €57,604 | €8,200 |
| €17,228 | €25,871 | €18,405 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 36% lower than in 2024 and the lowest since 2023.
Debt's share of the balance-sheet total rises from 5.2% to 15.3%. Equity is lower and debt is higher.
PLUS has no parent and no holdings in its annual accounts.
| THINK2ACT CAPITAL via Kristof Vercambre, no longer at THINK2ACT CAPITAL · Director · deed of 08-05-2014 founded in 2012 |
total assets €87.0m (2025) |
| PLUS via Kristof Vercambre, no longer at PLUS · Permanent representative · deed of 05-04-2023 No longer active |
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| PLUS Comm. V. registered office Kleine Driesstraat 1A, 9070 Destelbergen | 12-05-2015 | 2.242.911.006 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44028B0188/00F000 | 6,237 m² | 1 · 228 m² | 12.1 m · 3 |
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