PN SYSTEMS
Open bankruptcyAre you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Walloon Brabant
- Declared bankrupt
- 12 February 2026
- Supervising judge
- Jean Pierre Riquet
- Official Gazette
- 18-02-2026 (pdf) ↗search the document for 2026/107030
Deadlines
- Appeal or third-party opposition until
- passed on 5 March 2026Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 14 March 2026art. XX.104 and XX.155 CEL
- First verification report
- passed on 26 March 2026Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- 12 February 2027Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Thomas VulhoppRue De Clairvaux 40, 1348 Louvain-La-Neuvethomas.vulhopp@walk.law
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€132,343
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-08-2025, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2024
31 d late
2023
85 d late
2022
121 d late
2021
121 d late
2020
90 d late
2019
92 d late
2018
30 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 81 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?Process a list How is the Joinery installation sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Equity
-€132,343▼ 368%
2023 · -€28,286
Total assets
€64,012▼ 34.6%
2023 · €97,816
Net result
-€112,906▼ 276%
2023 · -€30,009
Working capital
-€137,993▼ 206%
2023 · -€45,031
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€11,466-€36,336€23,607-€28,983-€111,410▼ 284%
Net result€11,132within the sector's middle half-€37,210below the sector's middle half€18,973within the sector's middle half-€30,009below the sector's middle half-€112,906below the sector's middle half▼ 276%
Equity€19,959within the sector's middle half▲ 126%-€17,250below the sector's middle half€1,723below the sector's middle half-€28,286below the sector's middle half-€132,343below the sector's middle half▼ 368%
Total assets€53,996below the sector's middle half▲ 50.0%€48,994below the sector's middle half▼ 9.3%€74,384within the sector's middle half▲ 51.8%€97,816within the sector's middle half▲ 31.5%€64,012below the sector's middle half▼ 34.6%
Debt€34,036▲ 25.3%€66,244▲ 94.6%€72,661▲ 9.7%€126,102▲ 73.5%€196,355▲ 55.7%
Working capital€13,715within the sector's middle half▲ 926%-€23,235below the sector's middle half-€4,491below the sector's middle half▲ 80.7%-€45,031below the sector's middle half▼ 903%-€137,993below the sector's middle half▼ 206%
Solvency37.0%within the sector's middle half▲ 12.4pp-35.2%below the sector's middle half▼ 72.2pp2.3%below the sector's middle half▲ 37.5pp-28.9%below the sector's middle half▼ 31.2pp-206.7%below the sector's middle half▼ 177.8pp
Current ratio1.40within the sector's middle half▲ 0.350.65below the sector's middle half▼ 0.750.94below the sector's middle half▲ 0.290.58below the sector's middle half▼ 0.360.21below the sector's middle half▼ 0.37
Return on assets (ROA)20.6%above the sector's middle half▲ 76.8pp-75.9%below the sector's middle half▼ 96.6pp25.5%above the sector's middle half▲ 101.5pp-30.7%below the sector's middle half▼ 56.2pp-176.4%below the sector's middle half▼ 145.7pp
Staff (FTE)2.3within the sector's middle half▲ 15.0%3.9▲ 69.6%3▼ 23.1%2.8▼ 6.7%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €111,410 in 2024 against €28,983 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €64,012
Fixed assets
€28,069 ▼ 23.6%
Current assets
€35,943 ▼ 41.1%
Equity and liabilities
Equity-€132,343
Debt€196,355
Equity is negative: debt (€196,355) exceeds the balance-sheet total (€64,012).
Key figures and ratios
EBITDA
-€102,735▼
2023 · -€21,081
Cash flow
-€104,231▼
2023 · -€22,108
Interest coverage
-99.33▼
2023 · -32.41
Debt ≤ 1 year
€173,936▲
2023 · €106,102
Debt > 1 year
€20,000=
2023 · €20,000
Income taxes
€485
Staff costs
€188,816▲
2023 · €130,852
No debt to equity: equity is negative, so debt divided by equity means nothing.
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 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €201,220 | €162,304 | €130,852 | €188,816 | ▲ 44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €530 | €837 | €1,031 | €7,902 | €8,676 | ▲ 9.8% |
| Other operating charges640/8 | - | €348 | €1,558 | €384 | €647 | ▲ 68.4% |
| Gross operating margin9900 | €108,104 | €166,068 | €188,501 | €110,156 | €86,729 | ▼ 21.3% |
| Operating profit (loss)9901 | €11,466 | -€36,336 | €23,607 | -€28,983 | -€111,410 | ▼ 284% |
| Financial income75/76B | - | - | - | - | €24 | - |
| Recurring financial income75 | €6 | - | - | - | €24 | - |
| Financial charges65/66B | - | €873 | €4,634 | €1,027 | €1,034 | ▲ 0.7% |
| Recurring financial charges65 | €339 | €873 | €3,580 | €650 | €1,034 | ▲ 59.0% |
| Non-recurring financial charges66B | - | - | €1,053 | €376 | - | - |
| Profit (loss) for the period before taxes9903 | €11,132 | -€37,210 | €18,973 | -€30,009 | -€112,421 | ▼ 275% |
| Income taxes67/77 | - | - | - | - | €485 | - |
| Profit (loss) for the period9904 | €11,132 | -€37,210 | €18,973 | -€30,009 | -€112,906 | ▼ 276% |
| Profit (loss) for the period to be appropriated9905 | €11,132 | -€37,210 | €18,973 | -€30,009 | -€112,906 | ▼ 276% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €53,996 | €48,994 | €74,384 | €97,816 | €64,012 | ▼ 34.6% |
| Fixed assets21/28 | €6,244 | €6,154 | €6,215 | €36,745 | €28,069 | ▼ 23.6% |
| Tangible fixed assets22/27 | €2,844 | €2,754 | €2,815 | €33,345 | €24,669 | ▼ 26.0% |
| Plant, machinery and equipment23 | - | €780 | €1,362 | €2,099 | €1,135 | ▼ 45.9% |
| Furniture and vehicles24 | - | €1,974 | €1,452 | €31,246 | €23,534 | ▼ 24.7% |
| Financial fixed assets28 | €3,400 | €3,400 | €3,400 | €3,400 | €3,400 | = |
| Current assets29/58 | €47,752 | €42,840 | €68,170 | €61,072 | €35,943 | ▼ 41.1% |
| Amounts receivable within one year40/41 | €22,612 | €33,095 | €49,132 | €39,281 | €30,603 | ▼ 22.1% |
| Trade receivables40 | - | €33,091 | €49,129 | €39,280 | €30,567 | ▼ 22.2% |
| Other amounts receivable41 | - | €4 | €3 | €1 | €37 | ▲ 2,800% |
| Cash at bank and in hand54/58 | €23,644 | €9,499 | €16,712 | €18,596 | €4,095 | ▼ 78.0% |
| Deferred charges and accrued income490/1 | - | €246 | €2,326 | €3,195 | €1,246 | ▼ 61.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €53,996 | €48,994 | €74,384 | €97,816 | €64,012 | ▼ 34.6% |
| Equity10/15 | €19,959 | -€17,250 | €1,723 | -€28,286 | -€132,343 | ▼ 368% |
| Contributions10/11 | - | €9,750 | €9,750 | €9,750 | €18,600 | ▲ 90.8% |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €8,349 | -€28,860 | -€9,887 | -€39,896 | -€152,803 | ▼ 283% |
| Amounts payable17/49 | €34,036 | €66,244 | €72,661 | €126,102 | €196,355 | ▲ 55.7% |
| Amounts payable after more than one year17 | - | - | - | €20,000 | €20,000 | = |
| Financial debts170/4 | - | - | - | €20,000 | €20,000 | = |
| Amounts payable within one year42/48 | €34,036 | €66,075 | €72,661 | €106,102 | €173,936 | ▲ 63.9% |
| Trade debts44 | €8,661 | €10,639 | €33,353 | €45,094 | €104,235 | ▲ 131% |
| Suppliers440/4 | - | €10,639 | €33,353 | €45,094 | €104,235 | ▲ 131% |
| Taxes, remuneration and social security45 | - | €31,646 | €11,924 | €16,123 | €29,042 | ▲ 80.1% |
| Taxes450/3 | - | €31,646 | €11,924 | €16,123 | €29,042 | ▲ 80.1% |
| Other amounts payable47/48 | - | €23,790 | €27,383 | €44,886 | €40,660 | ▼ 9.4% |
| Accrued charges and deferred income492/3 | - | €169 | - | - | €2,419 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,132 | -€37,210 | €18,973 | -€30,009 | -€112,906 | ▼ 276% |
| + Depreciation and write-downs630 | €530 | €837 | €1,031 | €7,902 | €8,676 | ▲ 9.8% |
| Operating cash flow (approximation) | €11,662 | -€36,373 | €20,005 | -€22,108 | -€104,231 | ▼ 371% |
| Investment in fixed assets (approximation) | - | -€747 | -€1,092 | -€38,432 | €0 | ▲ 100% |
| Change in cash | - | -€14,145 | €7,212 | €1,884 | -€14,501 | ▼ 870% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
18-02
Bankruptcy
Opening
Tribunal de l’entreprise du Brabant wallon · event 12-02-2026
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Weakest financial yearnet -€112,906
Net result drops to -€112,906, the lowest in the series.
24-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 85 days late
2023
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 121 days late
2022
31-12
Financial
Back to profitnet €18,973
Net result €18,973 after one loss-making year.
29-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 121 days late
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 90 days late
2020
31-12
Financial
Back to profitnet €11,132
Net result €11,132 after one loss-making year.
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 92 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Braine-le-Château · 1 establishment unit since 2016
Ground area
1.3 ha
Building footprint
2,885 m²
Parcel 25015E0403/00W000, Wallonia. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Rue de Tubize 139, 1440 Braine-le-Château
since 20162.260.989.529
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25015E0403/00W000 | Wallonia | 1.3 ha | 1 · 2,885 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | THOMAS VULHOPP Rue De Clairvaux 40, 1348 Louvain-La-Neuve |
12-02-2026 → present |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 20,017 companies in this sector we hold annual accounts for 9,142. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded07-12-2016
Fiscal year end31-12
Abbreviation FR
PNS
Activities, NACEBEL 2025
25401Forging of metal
43320Joinery installation
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.