PNDB
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 14 filings
Turnover
€69,416
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€4.6m▲ 97.6%
2024 · €2.3m
Working capital
€53.3m▲ 7.5%
2024 · €49.5m
In the rankings
#2 company by equity in Sint-Gillis, Professional and technical services sector#3 company by total assets in Sint-Gillis, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€209,659
▲ 33.9%
2025
20182025
Net result
€4.6m
▲ 97.6%
2025
highest quarter of the sector
20182025
Equity
€55.5m
▲ 8.9%
2025
highest quarter of the sector
20182025
Total assets
€55.8m
▲ 6.4%
2025
highest quarter of the sector
20182025
Debt
€298,748
▼ 80.1%
2025
20182025
Working capital
€53.3m
▲ 7.5%
2025
highest quarter of the sector
20182025
Solvency
99.5%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
8.3%
▲ 3.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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
Turnover€0.07m
Operating result-€0.1m--€0.2m▼ 28.6%-€0.09m▲ 53.5%-€0.1m▼ 46.0%-€0.1m▼ 5.5%-€0.2m▼ 16.7%-€0.3m▼ 102%-€0.2m▲ 33.9%
Net result-€2.9m-€6.7m-€1.1mbelow the sector's middle half€0.8mabove the sector's middle half-€0.7mbelow the sector's middle half€2.2mabove the sector's middle half€2.3mabove the sector's middle half▲ 6.0%€4.6mabove the sector's middle half▲ 97.6%
Equity€86.9m-€47.4m▼ 45.5%€46.3mabove the sector's middle half▼ 2.4%€47.1mabove the sector's middle half▲ 1.8%€46.4mabove the sector's middle half▼ 1.4%€48.6mabove the sector's middle half▲ 4.7%€50.9mabove the sector's middle half▲ 4.8%€55.5mabove the sector's middle half▲ 8.9%
Total assets€92.1m-€48.1m▼ 47.8%€46.9mabove the sector's middle half▼ 2.4%€47.7mabove the sector's middle half▲ 1.7%€47.6mabove the sector's middle half▼ 0.3%€50.3mabove the sector's middle half▲ 5.7%€52.4mabove the sector's middle half▲ 4.2%€55.8mabove the sector's middle half▲ 6.4%
Debt€5.3m-€0.7m▼ 86.5%€0.7m▼ 6.1%€0.7m▼ 2.3%€1.2m▲ 84.0%€1.7m▲ 42.6%€1.5m▼ 12.3%€0.3m▼ 80.1%
Working capital€86.5m-€45.7m▼ 47.2%€44.3mabove the sector's middle half▼ 2.9%€45.0mabove the sector's middle half▲ 1.5%€43.8mabove the sector's middle half▼ 2.6%€48.0mabove the sector's middle half▲ 9.5%€49.5mabove the sector's middle half▲ 3.3%€53.3mabove the sector's middle half▲ 7.5%
Solvency94.3%-98.5%▲ 4.2pp98.6%above the sector's middle half▲ 0.1pp98.6%above the sector's middle half▲ 0.1pp97.5%above the sector's middle half▼ 1.2pp96.6%above the sector's middle half▼ 0.9pp97.1%above the sector's middle half▲ 0.5pp99.5%above the sector's middle half▲ 2.3pp
Current ratio34.82-68.07▲ 33.2567.33above the sector's middle half▼ 0.7474.16above the sector's middle half▲ 6.8339.42above the sector's middle half▼ 34.7429.90above the sector's middle half▼ 9.5234.40above the sector's middle half▲ 4.50
Return on assets (ROA)-3.2%-14.0%▲ 17.2pp-2.4%below the sector's middle half▼ 16.4pp1.7%within the sector's middle half▲ 4.1pp-1.4%below the sector's middle half▼ 3.1pp4.4%within the sector's middle half▲ 5.8pp4.4%within the sector's middle half▲ 0.1pp8.3%within the sector's middle half▲ 3.8pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €209,659, smaller than the loss of €317,375 in 2024.
Large changes and their cause
- 2025 Net result +98% on 2024. The accounts now follow the abbreviated format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €55.8m
Fixed assets
€2.2m ▲ 58.6%
Current assets
€53.6m ▲ 5.0%
Equity and liabilities €55.8m
Equity
€55.5m ▲ 8.9%
Debt
€298,748 ▼ 80.1%
Debt's share of the balance-sheet total falls from 2.9% to 0.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€184,799▼
2024 · -€160,435
Cash flow
€4.6m▲
2024 · €2.5m
Debt to equity
0.01▼
2024 · 0.03
ROE
8.3%▲
2024 · 4.6%
Interest coverage
0.13▼
2024 · 2.04
Debt ≤ 1 year
€287,124▼
2024 · €1.5m
Income taxes
€242,951▼
2024 · €624,849
A ratio outside any meaningful range has been withheld (balance sheet total €55.8m, equity €55.5m).
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 | - | - | - | €865,418 | €242,767 |
| Financial fixed assets | €232,000 | €650,800 | - | - | €609,283 |
| Depreciation and write-downs of the year | €29,404 | €29,404 | €23,684 | €156,940 | €24,860 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €0.07m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.05m | €0.03m | €0.03m | €0.03m | €0.02m | €0.2m | €0.02m | ▼ 84.2% |
| Other operating charges640/8 | - | €0.04m | - | €0.08m | €0.07m | €0.07m | €0.08m | €0.08m | ▼ 3.1% |
| Gross operating margin9900 | -€0.08m | -€0.1m | -€0.05m | -€0.02m | -€0.03m | -€0.07m | -€0.08m | -€0.1m | ▼ 35.6% |
| Operating profit (loss)9901 | -€0.1m | -€0.2m | -€0.09m | -€0.1m | -€0.1m | -€0.2m | -€0.3m | -€0.2m | ▲ 33.9% |
| Financial income75/76B | - | €4.9m | - | €2.4m | €2.6m | €1.4m | €3.2m | €3.7m | ▲ 15.4% |
| Recurring financial income75 | €5.4m | €4.7m | €1.6m | €2.4m | €2.6m | €1.3m | €3.2m | €3.7m | ▲ 15.4% |
| Non-recurring financial income76B | - | €0.1m | - | - | - | €0.09m | €0 | - | - |
| Financial charges65/66B | - | -€3.2m | - | €0.9m | €2.7m | -€1.1m | -€0.08m | -€1.4m | ▼ 1,645% |
| Recurring financial charges65 | €7.0m | -€3.2m | €1.9m | €0.9m | €2.6m | -€1.1m | -€0.08m | -€1.4m | ▼ 1,645% |
| Non-recurring financial charges66B | - | - | - | - | €0.09m | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€1.8m | €7.8m | -€0.3m | €1.3m | -€0.2m | €2.4m | €3.0m | €4.8m | ▲ 64.0% |
| Income taxes67/77 | €1.1m | €1.1m | €0.8m | €0.5m | €0.4m | €0.2m | €0.6m | €0.2m | ▼ 61.1% |
| Profit (loss) for the period9904 | -€2.9m | €6.7m | -€1.1m | €0.8m | -€0.7m | €2.2m | €2.3m | €4.6m | ▲ 97.6% |
| Profit (loss) for the period to be appropriated9905 | -€2.9m | €6.7m | -€1.1m | €0.8m | -€0.7m | €2.2m | €2.3m | €4.6m | ▲ 97.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €92.1m | €48.1m | €46.9m | €47.7m | €47.6m | €50.3m | €52.4m | €55.8m | ▲ 6.4% |
| Fixed assets21/28 | €3.1m | €1.7m | €1.9m | €2.1m | €2.7m | €0.7m | €1.4m | €2.2m | ▲ 58.6% |
| Tangible fixed assets22/27 | €1.3m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €1.2m | €1.4m | ▲ 17.7% |
| Land and buildings22 | - | €0.6m | - | €0.6m | €0.5m | €0.5m | €1.2m | €1.4m | ▲ 17.7% |
| Furniture and vehicles24 | - | - | - | - | €0.01m | €0.009m | - | - | - |
| Financial fixed assets28 | €1.8m | €1.1m | €1.3m | €1.6m | €2.1m | €0.2m | €0.2m | €0.8m | ▲ 334% |
| Current assets29/58 | €89.0m | €46.3m | €45.0m | €45.6m | €44.9m | €49.6m | €51.0m | €53.6m | ▲ 5.0% |
| Amounts receivable within one year40/41 | €0.05m | €0.04m | €0.3m | €0.3m | €0.7m | €0.9m | €0.7m | €0.8m | ▲ 17.5% |
| Trade receivables40 | - | €0.03m | - | €0.04m | €0.05m | €0.03m | €0.03m | €0.03m | ▼ 0.8% |
| Other amounts receivable41 | - | €0.01m | - | €0.3m | €0.6m | €0.8m | €0.7m | €0.8m | ▲ 18.2% |
| Current investments50/53 | €80.0m | €39.6m | €43.2m | €42.6m | €43.7m | €47.7m | €48.0m | €46.6m | ▼ 3.0% |
| Cash at bank and in hand54/58 | €7.1m | €6.6m | €1.1m | €2.4m | €0.3m | €0.6m | €1.7m | €6.1m | ▲ 248% |
| Deferred charges and accrued income490/1 | - | €0.07m | - | €0.3m | €0.3m | €0.4m | €0.5m | €0.001m | ▼ 99.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €92.1m | €48.1m | €46.9m | €47.7m | €47.6m | €50.3m | €52.4m | €55.8m | ▲ 6.4% |
| Equity10/15 | €86.9m | €47.4m | €46.3m | €47.1m | €46.4m | €48.6m | €50.9m | €55.5m | ▲ 8.9% |
| Contributions10/11 | €0.1m | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Contributions outside capital11 | - | €1.0m | - | - | - | - | - | - | - |
| Reserves13 | €87.9m | €44.0m | €44.0m | €44.0m | €44.0m | €44.0m | €46.3m | €54.5m | ▲ 17.7% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | €44.0m | - | €44.0m | €44.0m | €44.0m | €46.3m | €54.5m | ▲ 17.7% |
| Profit (loss) carried forward14 | -€2.9m | €2.4m | €1.3m | €2.1m | €1.4m | €3.6m | €3.6m | €0 | ▼ 100% |
| Amounts payable17/49 | €5.3m | €0.7m | €0.7m | €0.7m | €1.2m | €1.7m | €1.5m | €0.3m | ▼ 80.1% |
| Amounts payable within one year42/48 | €2.6m | €0.7m | €0.7m | €0.6m | €1.1m | €1.7m | €1.5m | €0.3m | ▼ 80.6% |
| Financial debts43 | - | - | - | €0.4m | €0.8m | €1.6m | €1.1m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.4m | €0.8m | €1.6m | €1.1m | €0 | ▼ 100% |
| Trade debts44 | €0.04m | €0.04m | €0.003m | €0.009m | €0.08m | €0.04m | €0.04m | €0.04m | ▼ 10.0% |
| Suppliers440/4 | - | €0.04m | - | €0.009m | €0.08m | €0.04m | €0.04m | €0.04m | ▼ 10.0% |
| Taxes, remuneration and social security45 | - | €0.6m | - | €0.2m | €0.2m | €0.003m | €0.2m | €0.2m | ▼ 3.2% |
| Taxes450/3 | - | €0.6m | - | €0.2m | €0.2m | €0.003m | €0.2m | €0.2m | ▼ 3.2% |
| Other amounts payable47/48 | - | €0.03m | - | - | - | - | €0.1m | €0.05m | ▼ 66.7% |
| Accrued charges and deferred income492/3 | - | €0.03m | - | €0.04m | €0.06m | €0.05m | €0.02m | €0.01m | ▼ 41.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2.9m | €6.7m | -€1.1m | €0.8m | -€0.7m | €2.2m | €2.3m | €4.6m | ▲ 97.6% |
| + Depreciation and write-downs630 | €0.06m | €0.05m | €0.03m | €0.03m | €0.03m | €0.02m | €0.2m | €0.02m | ▼ 84.2% |
| Operating cash flow (approximation) | -€2.9m | €6.8m | -€1.1m | €0.9m | -€0.6m | €2.2m | €2.5m | €4.6m | ▲ 86.1% |
| Investment in fixed assets (approximation) | - | €1.3m | -€0.2m | -€0.2m | -€0.6m | €1.9m | -€0.9m | -€0.9m | ▲ 1.5% |
| Change in cash | - | -€0.4m | -€5.5m | €1.3m | -€2.1m | €0.3m | €1.1m | €4.3m | ▲ 281% |
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, 449 companies had the same profile as PNDB has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Large
- solvency 30% or more
- a profit of 5% of the balance sheet or more
- without age
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of PNDB itself: 0.1% 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 449 companies, not a prediction for PNDB. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00201483 | |
| 31-12-2024 | full format | 26-09-2025 | 2025-00504207 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00303089 | |
| 31-12-2022 | full format | 23-10-2023 | 2023-00490092 | |
| 31-12-2021 | full format | 27-10-2022 | 2022-20473773 | |
| 31-12-2020 | full format | 04-11-2021 | 2021-76500425 | |
| 31-12-2019 | full format | 01-12-2020 | 2020-74100583 | |
| 31-12-2018 | full format | 08-08-2019 | 2019-45300022 | |
| 31-12-2017 | full format | 27-09-2018 | 2018-66500503 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-53300519 |