PMGEST

Liquidation closed on 27-01-2026 KBO/BCE: BE 0449.040.714

PMGEST

Financial year 2025

Follow Report

Annual accounts 2025

full format, filed on 13-02-2026, 168 days before the deadline

Gross margin

€255

▼ 99.9%

Operating result

€255

▼ 99.8%

Profit

€187

▼ 99.8%

Working capital

€77,327

▼ 37.0%

Solvency

95.7%

▲ 1.7 percentage points

Current ratio

23.18

▼ 1.44

The turnover shown is an estimate from the gross margin.

Turnover ≈ €1,700. Estimated: probably between €720 and €4,300.

Balance sheet

balance sheet total €80,814 on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	80,814	750,659	738,978	947,638	1.0m	1.0m	739,658	769,375	777,552	806,062	850,349	878,499	909,888	960,364	878,293	925,914	683,411	706,398	616,461	642,526
Fixed assets`21/28`	-	622,725	656,202	926,094	934,971	985,009	724,004	757,009	770,617	794,567	831,856	869,891	906,924	871,223	873,502	815,700	681,952	702,171	614,307	639,862
Tangible fixed assets`22/27`	-	622,725	656,202	926,094	934,971	985,009	724,004	757,009	770,617	794,567	831,856	869,891	906,924	871,223	873,502	815,700	681,952	702,171	614,307	639,862
Land and buildings`22`	-	528,286	563,625	742,612	770,568	798,523	520,754	538,710	554,707	572,467	590,227	609,098	626,860	644,622	662,384	696,327	561,685	576,870	484,558	501,517
Plant, machinery and equipment`23`	-	81,793	81,496	168,864	157,216	172,428	184,781	194,394	199,668	220,792	239,995	258,395	276,642	222,154	205,647	115,797	120,267	125,301	129,749	138,344
Furniture and vehicles`24`	-	12,646	11,081	14,618	7,187	14,057	18,469	23,905	16,242	1,308	1,634	2,398	3,422	4,446	5,471	3,576	-	-	-	-
Current assets`29/58`	80,814	127,935	82,776	21,543	70,396	18,878	15,655	12,366	6,935	11,495	18,492	8,608	2,965	89,141	4,791	110,214	1,458	4,227	2,154	2,665
Amounts receivable within one year`40/41`	627	24,796	33,541	12,956	432	1,837	11,211	10,443	1,881	8,661	9,772	4,563	2,155	84,613	562	59,560	459	459	1,086	-
Trade receivables`40`	-	15,628	-	9,578	432	1,837	11,156	10,388	1,881	476	129	127	259	29	-	-	-	-	-	-
Other amounts receivable`41`	627	9,168	33,541	3,378	-	-	55	55	-	8,184	9,643	4,435	1,897	84,584	562	59,560	459	459	1,086	-
Current investments`50/53`	-	90,000	-	-	-	-	-	-	-	-	-	-	-	958	900	43,200	-	-	-	-
Cash at bank and in hand`54/58`	80,187	11,687	48,130	4,753	65,991	13,100	2,776	1,923	5,054	2,835	6,993	2,734	416	3,005	3,329	7,454	999	3,768	1,068	843
Deferred charges and accrued income`490/1`	-	1,452	1,105	3,834	3,973	3,941	1,668	-	-	-	1,727	1,311	393	565	-	-	-	-	-	1,822
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	80,814	750,659	738,978	947,638	1.0m	1.0m	739,658	769,375	777,552	806,062	850,349	878,499	909,888	960,364	878,293	925,914	683,411	706,398	616,461	642,526
Equity`10/15`	77,327	705,385	602,910	236,736	228,950	157,023	148,412	125,221	123,252	230,109	231,368	236,199	229,390	219,742	213,495	214,683	94,723	79,088	28,880	5,318
Contributions`10/11`	62,000	62,000	62,000	62,000	62,000	62,000	62,000	62,000	62,000	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131
Capital`10`	62,000	62,000	62,000	62,000	62,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	62,000	62,000	62,000	62,000	62,000	62,000	62,000	62,000	62,000	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131	161,131
Reserves`13`	695,154	631,225	533,112	166,937	159,977	88,051	86,412	87,056	91,418	95,779	100,141	104,487	108,832	112,707	117,052	121,398	300	300	300	300
Non-distributable reserves`130/1`	6,200	6,200	6,200	6,200	4,264	89	-	-	-	-	-	211	211	211	211	211	211	211	211	-
Legal reserve`130`	6,200	6,200	6,200	6,200	4,264	89	89	89	89	89	89	89	89	89	89	89	89	89	89	89
Own shares acquired`1312`	-	-	-	-	-	-	-	-	-	-	-	211	211	211	211	-	211	211	211	-
Other`1319`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	211	-	-	-	-
Tax-exempt reserves`132`	-	60,115	64,477	68,839	73,200	77,562	81,924	86,285	90,647	95,009	99,370	103,716	108,061	112,407	116,752	121,098	-	-	-	-
Distributable reserves`133`	688,954	564,909	462,435	91,899	82,513	10,399	4,399	682	682	682	682	471	471	-	-	-	-	-	-	211
Profit (loss) carried forward`14`	12,347	12,160	7,798	7,798	6,972	6,972	-	-23,835	-30,166	-26,802	-29,903	-29,418	-40,573	-54,096	-64,688	-67,846	-66,708	-82,343	-132,551	-156,113
Advance to shareholders on the distribution of net assets`19`	692,174	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	-	40,077	42,985	45,893	48,801	51,709	54,616	57,524	60,432	63,340	66,247	69,144	72,041	74,938	77,835	80,732	-	-	-	-
Deferred taxes`168`	-	40,077	42,985	45,893	48,801	51,709	54,616	57,524	60,432	63,340	66,247	69,144	72,041	74,938	77,835	80,732	-	-	-	-
Amounts payable`17/49`	3,487	5,197	93,083	665,009	727,616	795,155	536,630	586,630	593,868	512,614	552,733	573,155	608,457	665,684	586,963	630,499	588,688	627,310	587,581	637,208
Amounts payable after more than one year`17`	-	-	-	465,829	509,526	558,998	346,685	384,137	406,425	442,110	476,358	499,744	554,523	601,285	535,547	571,044	542,638	569,645	470,625	490,533
Financial debts`170/4`	-	-	-	465,829	509,526	558,998	346,685	384,137	406,425	442,110	476,358	499,744	554,523	601,285	535,547	571,044	542,638	569,645	470,625	490,533
Amounts payable within one year`42/48`	3,487	5,197	93,083	193,482	212,388	230,451	185,867	199,533	183,358	70,503	70,430	73,411	53,935	64,399	51,416	59,456	46,049	57,246	116,956	143,648
Current portion of amounts payable after more than one year`42`	-	-	5,075	74,451	70,594	63,544	37,452	38,277	35,685	36,648	36,559	48,367	39,991	37,528	33,136	28,395	27,006	25,605	19,908	17,380
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	13,334	2,300	-	13,150	10,441	850	-	912	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	13,334	2,300	-	13,150	10,441	850	-	912	-
Trade debts`44`	559	708	2,881	23	3,732	5,744	927	788	26,983	4,315	2,644	1,261	143	6,379	172	19,570	-	-	-	409
Suppliers`440/4`	559	708	2,881	23	3,732	5,744	927	788	26,983	4,315	2,644	1,261	143	6,379	172	19,570	-	-	-	409
Taxes, remuneration and social security`45`	2,927	2,499	3,506	2,893	14,006	9,773	3,740	3,913	-	-	-	-	-	-	1,049	-	-	-	-	-
Taxes`450/3`	2,927	2,499	3,506	2,893	14,006	9,773	3,740	3,913	-	-	-	-	-	-	-	-	-	-	-	-
Remuneration and social security`454/9`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,049	-	-	-	-	-
Other amounts payable`47/48`	-	1,991	81,620	116,116	124,056	151,390	143,748	156,555	120,690	29,541	31,227	10,450	11,500	20,492	3,910	1,050	18,193	31,641	96,137	125,859
Accrued charges and deferred income`492/3`	-	-	-	5,697	5,703	5,707	4,078	2,960	4,085	-	5,945	-	-	-	-	-	-	420	-	3,028
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	44	203,656	-	28,741	-	-
Gross operating margin`9900`	255	196,025	608,115	112,281	197,007	106,382	113,022	85,828	66,907	64,046	66,994	78,282	80,234	75,124	61,570	56,349	72,326	73,150	77,909	70,548
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	204	-	-	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	-	32,164	32,883	57,010	55,850	54,095	52,045	52,495	46,840	39,284	40,800	39,676	39,272	33,425	29,603	22,575	20,219	20,328	25,555	26,169
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-29	-	29	-	-	-	-	-	-	-	-
Other operating charges`640/8`	-	6,565	8,819	11,572	11,409	10,010	9,633	10,859	8,950	8,675	7,735	7,749	7,757	5,129	3,340	3,974	4,309	4,717	4,632	4,540
Non-recurring operating charges`66A`	-	3,459	-	-	-	-	-	-	-	-	-	442	-	139	-	-	-	-	-	-
Operating profit (loss)`9901`	255	153,838	566,413	43,699	129,748	42,277	51,344	22,473	11,117	15,913	18,460	30,829	33,205	36,570	28,627	29,800	47,798	48,104	47,722	39,840
Financial income`75/76B`	-	312	214	-	-	-	19	85	140	11	837	16	15	675	17	20	15	4	10	-
Recurring financial income`75`	-	312	214	-	-	-	19	85	140	11	837	16	15	675	17	20	15	4	10	-
Financial charges`65/66B`	-	117	29,437	23,598	25,744	26,250	24,518	23,497	21,890	20,092	27,024	26,488	26,940	33,759	32,770	32,782	32,178	26,641	24,152	29,270
Recurring financial charges`65`	-	117	29,437	23,598	25,744	26,250	24,518	23,497	21,890	20,092	27,024	26,488	26,940	33,759	32,770	32,782	32,178	26,641	24,152	29,270
Profit (loss) for the period before taxes`9903`	255	154,033	537,189	20,101	104,004	16,027	26,845	-939	-10,633	-4,168	-7,728	3,915	6,280	3,347	-4,082	200,695	15,635	50,208	23,579	10,570
Transfer from deferred taxes`780`	-	2,908	2,908	2,908	2,908	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	68	54,466	173,923	13,622	34,644	9,232	6,561	-	-	-	-	2	-	-3	2	3	-	-	18	225
Profit (loss) for the period`9904`	187	102,475	366,174	9,386	72,268	9,703	23,191	1,969	-7,726	-1,260	-4,831	6,810	9,177	6,247	-1,188	119,960	15,635	50,208	23,561	10,345
Transfer from tax-exempt reserves`789`	-	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,345	4,345	4,345	4,345	4,345	1,096	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	122,194	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	187	106,836	370,536	13,748	76,630	14,064	27,553	6,330	-3,364	3,102	-485	11,155	13,522	10,592	3,158	-1,138	15,635	50,208	23,561	10,345
Appropriation of the result
Profit (loss) to be appropriated`9906`	12,347	114,634	378,334	20,720	83,602	14,064	3,718	-23,835	-30,166	-26,802	-29,903	-29,418	-40,573	-54,096	-64,688	-67,846	-66,708	-82,343	-132,551	-156,113
Profit (loss) brought forward from the previous period`14P`	12,160	7,798	7,798	6,972	6,972	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	102,475	370,536	11,322	76,288	6,000	3,718	-	-	-	-	-	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	1,936	4,175	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	-	102,475	370,536	9,386	72,113	6,000	3,718	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	1,600	341	1,092	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	1,600	341	1,092	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 13 older financial years (1993-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 2 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 13-02-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	13-02-2026	2026-00039150	PDF
18-12-2025	full format	20-01-2026	2026-00011343	PDF
31-12-2024	full format	26-08-2025	2025-00415789	PDF
31-12-2023	full format	09-08-2024	2024-00340420	PDF
31-12-2022	full format	17-03-2023	2023-00041778	PDF
31-12-2021	full format	06-05-2022	2022-20023518	PDF
31-12-2020	full format	08-07-2021	2021-32600527	PDF
31-12-2019	full format	19-06-2020	2020-18300370	PDF
31-12-2018	full format	06-06-2019	2019-16400011	PDF
31-12-2017	full format	23-08-2018	2018-48600314	PDF
31-12-2016	full format	28-08-2017	2017-53100211	PDF
31-12-2015	full format	31-08-2016	2016-53400549	PDF
31-12-2014	full format	25-07-2015	2015-34000448	PDF
31-12-2013	full format	22-07-2014	2014-33400553	PDF
31-12-2012	full format	30-07-2013	2013-37900373	PDF
31-12-2011	full format	30-08-2012	2012-48200364	PDF
31-12-2010	full format	25-07-2011	2011-32800592	PDF
31-12-2009	full format	31-07-2010	2010-37400228	PDF
31-12-2008	full format	14-09-2009	2009-75800198	PDF
31-12-2007	full format	11-08-2008	2008-55100102	PDF
31-12-2006	full format	01-08-2007	2007-53000156	PDF
31-12-2005	full format	31-05-2006	2006-18103587	PDF
31-12-2004	full format	07-07-2005	2005-44102153	PDF
31-12-2003	full format	16-06-2004	2004-25601282	PDF
31-12-2002	full format	02-06-2003	2003-18000156	PDF
31-12-2001	full format	12-06-2002	2002-20000785	PDF
31-12-2000	full format	20-06-2001	2001-23703853	PDF
31-12-1999	full format	09-06-2000	2000-20004901	PDF
31-12-1998	full format	19-05-1999	1999-10403661	PDF
31-12-1997	full format	25-05-1998	1998-11000014	PDF
31-12-1996	full format	09-06-1997	1997-13004849	PDF
31-12-1995	full format	03-06-1996	1996-11503548	PDF
31-12-1994	full format	18-07-1995	1995-40401566	PDF
31-12-1993	full format	01-09-1994	1994-37904661	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	-	186,002	599,296	100,709	185,598	96,372	103,389	74,969	57,957	55,196	59,260	70,504	72,477	69,994	58,230	52,375	68,016	68,433	73,277	66,009
Cash flow	-	134,638	399,058	66,396	128,118	63,798	75,236	54,464	39,114	38,024	35,969	46,486	48,449	39,672	28,415	142,535	35,854	70,536	49,117	36,514
Investment in fixed assets (approximation)	-	21,672	15,561	48,133	5,812	325,611	19,040	46,329	22,891	1,994	2,766	2,643	74,973	31,146	103,585	245,866	0	145,452	0	-
Change in cash	68,499	-36,443	43,377	-61,238	52,891	10,325	852	-3,130	2,219	-4,159	4,259	2,318	-2,588	-325	-4,125	6,455	-2,769	2,700	226	-
Working capital	77,327	122,737	-10,307	-171,939	-141,992	-211,573	-170,213	-187,167	-176,423	-59,008	-51,937	-64,803	-50,970	24,742	-46,625	50,759	-44,591	-53,019	-114,802	-140,983
Solvency	95.7%	94.0%	81.6%	25.0%	22.8%	15.6%	20.1%	16.3%	15.9%	28.5%	27.2%	26.9%	25.2%	22.9%	24.3%	23.2%	13.9%	11.2%	4.7%	0.8%
Current ratio	23.18	24.62	0.89	0.11	0.33	0.08	0.08	0.06	0.04	0.16	0.26	0.12	0.05	1.38	0.09	1.85	0.03	0.07	0.02	0.02
Debt to equity	0.05	0.01	0.15	2.81	3.18	5.06	3.62	4.68	4.82	2.23	2.39	2.43	2.65	3.03	2.75	2.94	6.21	7.93	20.35	-
ROE	0.2%	14.5%	60.7%	4.0%	31.6%	6.2%	15.6%	1.6%	-6.3%	-0.5%	-2.1%	2.9%	4.0%	2.8%	-0.6%	55.9%	16.5%	63.5%	81.6%	194.5%
ROA	0.2%	13.7%	49.6%	1.0%	7.2%	1.0%	3.1%	0.3%	-1.0%	-0.2%	-0.6%	0.8%	1.0%	0.7%	-0.1%	13.0%	2.3%	7.1%	3.8%	1.6%
Interest coverage	-	over 100	20.36	4.27	7.21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

EBIT margin: not included in this filing.

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.

Investments

fixed assets acquired

Item	2025	18-12-2025	2024	2023	2022
Tangible fixed assets	-	-	€21,672	€15,561	€48,133
Depreciation and write-downs of the year	-	-	€32,164	€32,883	€57,010

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on PMGEST

The operating result for 2025 is 100% lower than in 2024 and the lowest since 2006. It is the second fall in a row.

Debt's share of the balance-sheet total rises from 0.7% to 4.3%. Equity and debt are lower.