PP
ActiveSummary
PP has been active since 1966 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €195k and a net result of €148k. Equity is shrinking by ~7.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 26% of 918 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▼-6
Solvency40▲+15
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12k at 30 days acceptable
Liquidity short (current ratio 0.16 against 0.0 in 2024; short-term debt: 81.8% and cash: 13.1% of total assets), and 85.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
14.8%
Return on assets
11.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
27 d late
2023
21 d late
2022
13 d early
2021
29 d late
2020
26 d late
2019
11 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€195k
2024 · €-3k
2018: €-66k
2019: €-104k▼ -56.8% vs 2018
2020: €-155k▼ -48.6% vs 2019
2021: €-180k▼ -16.1% vs 2020
2022: €-207k▼ -15.2% vs 2021
2023: €-215k▼ -3.6% vs 2022lowest in 8 years
2024: €-3k▲ +98.7% vs 2023
2025: €195k▲ +7272% vs 2024highest in 8 years
2018 → 2025
Total assets
€1.32M▲ 0.3%
2024 · €1.32M
2018: €766klowest in 8 years
2019: €935k▲ +22.1% vs 2018
2020: €1.10M▲ +17.1% vs 2019
2021: €1.16M▲ +5.6% vs 2020
2022: €1.19M▲ +2.6% vs 2021
2023: €1.14M▼ -3.6% vs 2022
2024: €1.32M▲ +15.2% vs 2023
2025: €1.32M▲ +0.3% vs 2024highest in 8 years
2018 → 2025
Net result
€148k▼ 30.3%
2024 · €212k
2018: €-22k
2019: €-38k▼ -74.1% vs 2018
2020: €-51k▼ -34.1% vs 2019lowest in 8 years
2021: €-25k▲ +50.8% vs 2020
2022: €-27k▼ -9.7% vs 2021
2023: €-7k▲ +72.6% vs 2022
2024: €212k▲ +2930% vs 2023highest in 8 years
2025: €148k▼ -30.3% vs 2024
2018 → 2025
Working capital
€-906k▲ 18.8%
2024 · €-1.12M
2018: €-813k
2019: €-811k▲ +0.2% vs 2018highest in 8 years
2020: €-891k▼ -9.8% vs 2019
2021: €-1.02M▼ -14.4% vs 2020
2022: €-1.12M▼ -9.7% vs 2021lowest in 8 years
2023: €-1.11M▲ +0.3% vs 2022
2024: €-1.12M● -0.0% vs 2023
2025: €-906k▲ +18.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-180k-€-207k▼ 15.2%€-215k▼ 3.6%€-3k▲ 98.7%€195k
2021: €-180k
2022: €-207k▼ -15.2% vs 2021
2023: €-215k▼ -3.6% vs 2022lowest in 5 years
2024: €-3k▲ +98.7% vs 2023
2025: €195k▲ +7272% vs 2024highest in 5 years
Operating result€-17k-€-21k▼ 19.0%€-2k▲ 91.2%€217k€226k▲ 3.8%
2021: €-17k
2022: €-21k▼ -19.0% vs 2021lowest in 5 years
2023: €-2k▲ +91.2% vs 2022
2024: €217k▲ +12099% vs 2023
2025: €226k▲ +3.8% vs 2024highest in 5 years
Net result€-25k-€-27k▼ 9.7%€-7k▲ 72.6%€212k€148k▼ 30.3%
2021: €-25k
2022: €-27k▼ -9.7% vs 2021lowest in 5 years
2023: €-7k▲ +72.6% vs 2022
2024: €212k▲ +2930% vs 2023highest in 5 years
2025: €148k▼ -30.3% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.32M
Fixed assets
€1.15M ▼ 12.8%
Current assets
€176k ▲ 3,855%
Equity and liabilities €1.32M
Equity
€195k
Debt
€1.13M
Debt finances 85.2% of the balance-sheet total.
Key figures and ratios
EBITDA
€255k▼
2024 · €260k
Cash flow
€177k▼
2024 · €255k
Current ratio
0.16▲
2024 · 0.00
Debt to equity
5.78
ROE
75.8%
ROA
11.2%▼
2024 · 16.1%
Interest coverage
11.77▼
2024 · 48.72
Debt ≤ 1 year
€1.08M▼
2024 · €1.12M
Debt > 1 year
€45k▼
2024 · €201k
Income taxes
€56k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.32M€1.32M▲
Fixed assets21/28€1.31M€1.15M▼
Intangible fixed assets21€0-
Tangible fixed assets22/27€1.31M€1.15M▼
Land and buildings22€1.31M€1.15M▼
Plant, machinery and equipment23€2k€0▼
Furniture and vehicles24€420€0▼
Current assets29/58€4k€176k▲
Amounts receivable within one year40/41€987€2k▲
Trade receivables40€0€942▲
Other amounts receivable41€987€979▼
Cash at bank and in hand54/58€2k€173k▲
Deferred charges and accrued income490/1€2k€987▼
Equity and liabilities
Total equity and liabilities10/49€1.32M€1.32M▲
Equity10/15€-3k€195k▲
Contributions10/11€150k€150k=
Capital10€150k€150k=
Issued capital100€150k€150k=
Revaluation surpluses12-€50k
Reserves13€694€694=
Non-distributable reserves130/1€694€694=
Legal reserve130€694€694=
Profit (loss) carried forward14€-153k€-6k▲
Amounts payable17/49€1.32M€1.13M▼
Amounts payable after more than one year17€201k€45k▼
Financial debts170/4€201k€45k▼
Amounts payable within one year42/48€1.12M€1.08M▼
Current portion of amounts payable after more than one year42€36k€0▼
Trade debts44€6k€4k▼
Suppliers440/4€6k€4k▼
Taxes, remuneration and social security45€0€56k▲
Taxes450/3€0€56k▲
Other amounts payable47/48€1.08M€1.02M▼
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Non-recurring operating income76A€0€308k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€43k€29k▼
Other operating charges640/8€9k€71k▲
Non-recurring operating charges66A€149k€0▼
Gross operating margin9900€418k€326k▼
Operating profit (loss)9901€217k€226k▲
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€5k€22k▲
Recurring financial charges65€5k€22k▲
Profit (loss) for the period before taxes9903€212k€204k▼
Income taxes67/77-€56k
Profit (loss) for the period9904€212k€148k▼
Profit (loss) for the period to be appropriated9905€212k€148k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-153k€-6k▲
Profit (loss) brought forward from the previous period14P€-365k€-153k▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4k | €0 | €308k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47k | €53k | €51k | €43k | €29k | ▼ 32.0% |
| Other operating charges640/8 | €7k | €8k | €9k | €9k | €71k | ▲ 702% |
| Non-recurring operating charges66A | - | - | - | €149k | €0 | ▼ 100% |
| Gross operating margin9900 | €37k | €40k | €58k | €418k | €326k | ▼ 22.1% |
| Operating profit (loss)9901 | €-17k | €-21k | €-2k | €217k | €226k | ▲ 3.8% |
| Financial income75/76B | - | €0 | €485 | €0 | - | - |
| Recurring financial income75 | - | €0 | €485 | €0 | - | - |
| Financial charges65/66B | €8k | €7k | €6k | €5k | €22k | ▲ 305% |
| Recurring financial charges65 | €8k | €7k | €6k | €5k | €22k | ▲ 305% |
| Profit (loss) for the period before taxes9903 | €-25k | €-27k | €-7k | €212k | €204k | ▼ 3.8% |
| Income taxes67/77 | - | - | - | - | €56k | - |
| Profit (loss) for the period9904 | €-25k | €-27k | €-7k | €212k | €148k | ▼ 30.3% |
| Profit (loss) for the period to be appropriated9905 | €-25k | €-27k | €-7k | €212k | €148k | ▼ 30.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.16M | €1.19M | €1.14M | €1.32M | €1.32M | ▲ 0.3% |
| Fixed assets21/28 | €1.15M | €1.18M | €1.14M | €1.31M | €1.15M | ▼ 12.8% |
| Intangible fixed assets21 | €149k | €149k | €149k | €0 | - | - |
| Tangible fixed assets22/27 | €999k | €1.04M | €989k | €1.31M | €1.15M | ▼ 12.8% |
| Land and buildings22 | €988k | €1.03M | €984k | €1.31M | €1.15M | ▼ 12.6% |
| Plant, machinery and equipment23 | €9k | €6k | €4k | €2k | €0 | ▼ 100% |
| Furniture and vehicles24 | €2k | €2k | €980 | €420 | €0 | ▼ 100% |
| Current assets29/58 | €8k | €2k | €6k | €4k | €176k | ▲ 3,855% |
| Amounts receivable within one year40/41 | €323 | €293 | €4k | €987 | €2k | ▲ 94.6% |
| Trade receivables40 | €323 | €12 | €4k | €0 | €942 | - |
| Other amounts receivable41 | €0 | €281 | €0 | €987 | €979 | ▼ 0.8% |
| Cash at bank and in hand54/58 | €8k | €1k | €0 | €2k | €173k | ▲ 9,305% |
| Deferred charges and accrued income490/1 | - | €750 | €2k | €2k | €987 | ▼ 39.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.16M | €1.19M | €1.14M | €1.32M | €1.32M | ▲ 0.3% |
| Equity10/15 | €-180k | €-207k | €-215k | €-3k | €195k | ▲ 7,272% |
| Contributions10/11 | €150k | €150k | €150k | €150k | €150k | = |
| Capital10 | €150k | €150k | €150k | €150k | €150k | = |
| Issued capital100 | €150k | €150k | €150k | €150k | €150k | = |
| Revaluation surpluses12 | - | - | - | - | €50k | - |
| Reserves13 | €694 | €694 | €694 | €694 | €694 | = |
| Non-distributable reserves130/1 | €694 | €694 | €694 | €694 | €694 | = |
| Legal reserve130 | €694 | €694 | €694 | €694 | €694 | = |
| Distributable reserves133 | €0 | - | - | - | - | - |
| Profit (loss) carried forward14 | €-331k | €-358k | €-365k | €-153k | €-6k | ▲ 96.3% |
| Amounts payable17/49 | €1.34M | €1.39M | €1.36M | €1.32M | €1.13M | ▼ 14.7% |
| Amounts payable after more than one year17 | €309k | €273k | €237k | €201k | €45k | ▼ 77.6% |
| Financial debts170/4 | €309k | €273k | €237k | €201k | €45k | ▼ 77.6% |
| Amounts payable within one year42/48 | €1.03M | €1.12M | €1.12M | €1.12M | €1.08M | ▼ 3.4% |
| Current portion of amounts payable after more than one year42 | €35k | €35k | €36k | €36k | €0 | ▼ 100% |
| Financial debts43 | €0 | - | - | - | - | - |
| Credit institutions430/8 | €0 | - | - | - | - | - |
| Trade debts44 | €485 | €7k | €6k | €6k | €4k | ▼ 28.3% |
| Suppliers440/4 | €485 | €7k | €6k | €6k | €4k | ▼ 28.3% |
| Taxes, remuneration and social security45 | €2k | €2k | €1k | €0 | €56k | - |
| Taxes450/3 | €2k | €2k | €1k | €0 | €56k | - |
| Other amounts payable47/48 | €990k | €1.08M | €1.08M | €1.08M | €1.02M | ▼ 5.2% |
| Accrued charges and deferred income492/3 | - | - | €296 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-25k | €-27k | €-7k | €212k | €148k | ▼ 30.3% |
| + Depreciation and write-downs630 | €47k | €53k | €51k | €43k | €29k | ▼ 32.0% |
| Operating cash flow (approximation) | €22k | €26k | €44k | €255k | €177k | ▼ 30.6% |
| Investment in fixed assets (approximation) | - | €-90k | €-5k | €-218k | €139k | ▲ 164% |
| Change in cash | - | €-7k | €-1k | €2k | €171k | ▲ 9,205% |
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
Next filing, fiscal year 2026, expected by
2026
17-08
State Gazette act
Appointment: Dooreman Van Thillo Debora Godelieve (managing director)Capital increase · Share issue · Capital13 facts ▸
State Gazette act
Appointment: Dooreman Van Thillo Debora Godelieve (managing director)
Capital increase · Share issue · Capital13 facts ▸
- General meeting, 06-08-2026
- Capital increase, €450.000
- Share issue, 642, EUR
- Capital, €600.000
- Power of attorney, Certifisc
- Share allotment, 571, vergoeding voor inbreng in natura
- Share allotment, 71, vergoeding voor inbreng in natura
- Share placement, volledig en onvoorwaardelijk geplaatst
- Share register, ingeschreven in het (elektronisch) aandelenregister door het bestuursorgaan
- Contribution, rekening-courantvordering, 400000
- Contribution, rekening-courantvordering, 50000
- Auditor report, verslag over de inbreng in natura en de uitgifte van aandelen
- +1 further facts in this act
31-07
State Gazette act
Reappointment: Seger Delmulle (director)Power of attorney3 facts ▸
State Gazette act
Reappointment: Seger Delmulle (director)
Power of attorney3 facts ▸
- General meeting, 01/07/2026
- Director reappointment, Seger Delmulle (director)
- Power of attorney, Certifisc BV
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €150kEq €195k
2 profitable years in a row build equity to €195k.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
31-12
Financial
Back to profitnet €212k
Net result €212k after 6 loss-making years.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 21 days late
2023
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
31-12
Financial
Weakest financial yearnet €-51k
Net result drops to €-51k, the lowest in the series; recovery starts the following year.
20-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2025
Seger Delmulle
CurrentDirector · since 17-11-2025
17-11-2025
Mandate renewed as Director
Not every act has been read: a resignation may be missing here
6 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Wortegem-Petegem · 1 establishment unit since 1966
Ground area
1,707 m²
Building footprint
1,072 m²
Volume, LiDAR
7,673 m³
2 parcels, Flanders · tallest building 14.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Henri Lebbestraat 1, 8790 Waregem
since 19662.000.356.170
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45039C0147/00L002 | Flanders | 1,353 m² | 1 · 951 m² | 13.8 m · 3 fl. |
| 34040C1370/00Y000 | Flanders | 354 m² | 1 · 122 m² | 14.9 m |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Capital and shareholders
Shareholders according to the acts
After the capital increase
act of 17-08-2026 ↗
- Delmulle Seger 400,000 EUR in kind
- Grond en Bouwcentrum (BE 0405.418.725) 50,000 EUR in kind
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 17-08-2026 Capital increase of 450,000 EUR · to 600,000 EUR
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Of 303 companies in sector 77223 we hold annual accounts for 138. 104 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded18-06-1966
Fiscal year end31-12
Activities, NACEBEL 2025
77223Rental and leasing activities
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
1 convocationOrdinary general meeting
Verslag raad van bestuur. Goedkeuring jaarrekening per 31/12/2012. Bestemming resultaat. Kwijting bestuurders.