Ppak
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-10-2025 PDF all 10 filings
Turnover
€3.4m▲ 1.4%
2024 · €3.4m
EBIT margin
7.2%▲ 2.4pp
2024 · 4.8%
Net result
€118,249▲ 69.5%
2024 · €69,760
Working capital
€699,517▲ 45.4%
2024 · €481,140
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€3.4m
▲ 1.4%
2025
20192025
Operating result
€245,291
▲ 50.7%
2025
20192025
Net result
€118,249
▲ 69.5%
2025
middle half of the sector
20192025
EBIT margin
7.2%
▲ 2.4pp
2025
20192025
Equity
€617,882
▲ 21.5%
2025
middle half of the sector
20192025
Total assets
€2.3m
▼ 6.3%
2025
highest quarter of the sector
20192025
Debt
€1.6m
▼ 13.7%
2025
20192025
Working capital
€699,517
▲ 45.4%
2025
middle half of the sector
20192025
Solvency
27.3%
▲ 6.2pp
2025
middle half of the sector
20192025
Current ratio
1.54
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
5.2%
▲ 2.3pp
2025
middle half of the sector
20192025
Staff (FTE)
2.3
▲ 53.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.2m€1.9m▲ 55.7%€2.5m▲ 28.1%€3.4m▲ 38.7%€3.4m▼ 2.2%€3.4m▲ 1.4%
Operating result€0.03m-€0.1m▲ 324%€0.07m▼ 41.8%€0.2m▲ 150%€0.3m▲ 94.0%€0.2m▼ 51.2%€0.2m▲ 50.7%
Net result€0.009m-€0.08mabove the sector's middle half▲ 832%€0.04mwithin the sector's middle half▼ 54.5%€0.09mwithin the sector's middle half▲ 142%€0.2mabove the sector's middle half▲ 142%€0.07mwithin the sector's middle half▼ 68.2%€0.1mwithin the sector's middle half▲ 69.5%
EBIT margin9.5%3.6%▼ 6.0pp6.9%▲ 3.4pp9.7%▲ 2.8pp4.8%▼ 4.9pp7.2%▲ 2.4pp
Equity€0.06m-€0.1mwithin the sector's middle half▲ 74.6%€0.1mwithin the sector's middle half▲ 33.5%€0.2mwithin the sector's middle half▲ 46.3%€0.4mwithin the sector's middle half▲ 100%€0.5mwithin the sector's middle half▲ 15.9%€0.6mwithin the sector's middle half▲ 21.5%
Total assets€0.6m-€1.1mabove the sector's middle half▲ 78.6%€1.2mwithin the sector's middle half▲ 15.7%€1.4mwithin the sector's middle half▲ 15.7%€1.8mwithin the sector's middle half▲ 22.7%€2.4mwithin the sector's middle half▲ 36.7%€2.3mabove the sector's middle half▼ 6.3%
Debt€0.5m-€1.0m▲ 79.1%€1.1m▲ 13.6%€1.2m▲ 11.5%€1.3m▲ 8.8%€1.9m▲ 43.6%€1.6m▼ 13.7%
Working capital€0.3m-€0.4mabove the sector's middle half▲ 11.6%€0.4mwithin the sector's middle half▼ 0.4%€0.4mwithin the sector's middle half▲ 3.7%€0.5mwithin the sector's middle half▲ 22.5%€0.5mwithin the sector's middle half▲ 5.0%€0.7mwithin the sector's middle half▲ 45.4%
Solvency10.7%-10.4%within the sector's middle half▼ 0.2pp12.0%below the sector's middle half▲ 1.6pp15.2%below the sector's middle half▲ 3.2pp24.8%within the sector's middle half▲ 9.6pp21.0%below the sector's middle half▼ 3.8pp27.3%within the sector's middle half▲ 6.2pp
Current ratio2.18-1.51within the sector's middle half▼ 0.671.44within the sector's middle half▼ 0.071.37within the sector's middle half▼ 0.071.42within the sector's middle half▲ 0.051.30within the sector's middle half▼ 0.121.54within the sector's middle half▲ 0.25
Return on assets (ROA)1.5%-7.7%within the sector's middle half▲ 6.2pp3.0%within the sector's middle half▼ 4.6pp6.3%within the sector's middle half▲ 3.3pp12.4%above the sector's middle half▲ 6.1pp2.9%within the sector's middle half▼ 9.5pp5.2%within the sector's middle half▲ 2.3pp
Staff (FTE)1below the sector's middle half1below the sector's middle half=1.1within the sector's middle half▲ 10.0%1.5within the sector's middle half▲ 36.4%2.3within the sector's middle half▲ 53.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 51% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2021 Turnover +56% on 2020. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€272,796 ▼ 11.7%
Current assets
€2.0m ▼ 5.5%
Equity and liabilities €2.3m
Equity
€617,882 ▲ 21.5%
Debt
€1.6m ▼ 13.7%
Debt's share of the balance-sheet total falls from 79.0% to 72.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€295,847▲
2024 · €206,066
Cash flow
€168,805▲
2024 · €113,105
Quick ratio
1.30▲
2024 · 1.05
Debt to equity
2.67▼
2024 · 3.76
ROE
19.1%▲
2024 · 13.7%
Interest coverage
4.39▲
2024 · 4.19
Debt ≤ 1 year
€1.3m▼
2024 · €1.6m
Debt > 1 year
€232,777▼
2024 · €277,643
Income taxes
€62,517▲
2024 · €45,532
Customer credit
92 days▼
2024 · 108 days
Supplier credit
118 days▼
2024 · 149 days
Staff costs
€104,679▲
2024 · €60,975
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 2 | 3 |
| full-time | - | 2 | 2 | 3 |
| in full-time equivalents | - | 2 | 2 | 3 |
| Average over the year, in full-time equivalents | 1 | 1.1 | 1.5 | 2.3 |
| On a permanent contract | - | 1 | 1 | 2 |
| Joined | - | 1 | 1 | 1 |
| Left | - | 0 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €12,911 | €182,406 | €145,907 | €14,497 |
| Depreciation and write-downs of the year | €13,212 | €25,142 | €43,345 | €50,556 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €1.2m | €1.9m | €2.5m | €3.4m | €3.4m | €3.4m | ▲ 1.4% |
| Non-recurring operating income76A | - | - | - | - | €0.07m | €0.01m | €0.02m | ▲ 75.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2.2m | €3.0m | €3.0m | €3.0m | ▼ 1.1% |
| Remuneration, social security and pensions62 | - | - | - | €0.04m | €0.05m | €0.06m | €0.1m | ▲ 71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.002m | €0.008m | €0.01m | €0.03m | €0.04m | €0.05m | ▲ 16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.004m | €0.01m | - | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.03m | €0.02m | €0.03m | ▲ 76.4% |
| Non-recurring operating charges66A | - | - | - | - | €0.05m | €0.08m | €0.03m | ▼ 60.9% |
| Gross operating margin9900 | €0.04m | €0.2m | €0.1m | €0.3m | €0.5m | €0.4m | €0.5m | ▲ 24.4% |
| Operating profit (loss)9901 | €0.03m | €0.1m | €0.07m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 50.7% |
| Financial income75/76B | - | - | - | €0.003m | €0.007m | €0.002m | €0.003m | ▲ 62.2% |
| Recurring financial income75 | €0.002m | - | €115 | €0.003m | €0.007m | €0.002m | €0.003m | ▲ 62.2% |
| Financial charges65/66B | - | - | - | €0.03m | €0.05m | €0.05m | €0.07m | ▲ 37.0% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.01m | €0.03m | €0.05m | €0.05m | €0.07m | ▲ 37.0% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.1m | €0.06m | €0.1m | €0.3m | €0.1m | €0.2m | ▲ 56.8% |
| Income taxes67/77 | €0.005m | €0.02m | €0.02m | €0.05m | €0.07m | €0.05m | €0.06m | ▲ 37.3% |
| Profit (loss) for the period9904 | €0.009m | €0.08m | €0.04m | €0.09m | €0.2m | €0.07m | €0.1m | ▲ 69.5% |
| Profit (loss) for the period to be appropriated9905 | €0.009m | €0.08m | €0.04m | €0.09m | €0.2m | €0.07m | €0.1m | ▲ 69.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.6m | €1.1m | €1.2m | €1.4m | €1.8m | €2.4m | €2.3m | ▼ 6.3% |
| Fixed assets21/28 | €0.002m | €0.003m | €0.06m | €0.05m | €0.2m | €0.3m | €0.3m | ▼ 11.7% |
| Tangible fixed assets22/27 | €0.002m | €0.002m | €0.04m | €0.04m | €0.2m | €0.3m | €0.3m | ▼ 12.1% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.005m | €0.003m | €0.009m | ▲ 213% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.02m | €0.005m | ▼ 68.4% |
| Other tangible fixed assets26 | - | - | - | - | €0.2m | €0.3m | €0.2m | ▼ 11.3% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €0.6m | €1.1m | €1.2m | €1.4m | €1.6m | €2.1m | €2.0m | ▼ 5.5% |
| Stocks and contracts in progress3 | €0.3m | €0.5m | €0.5m | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 23.4% |
| Stocks30/36 | - | - | - | €0.6m | €0.5m | €0.4m | €0.3m | ▼ 23.4% |
| Amounts receivable within one year40/41 | €0.2m | €0.5m | €0.6m | €0.5m | €0.8m | €1.1m | €1.0m | ▼ 6.7% |
| Trade receivables40 | - | - | - | €0.5m | €0.8m | €1.0m | €0.9m | ▼ 14.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.009m | €0.1m | €0.2m | ▲ 71.8% |
| Cash at bank and in hand54/58 | €0.01m | €0.1m | €0.04m | €0.2m | €0.3m | €0.6m | €0.6m | ▲ 8.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.01m | €0.02m | €0.02m | ▼ 2.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.6m | €1.1m | €1.2m | €1.4m | €1.8m | €2.4m | €2.3m | ▼ 6.3% |
| Equity10/15 | €0.06m | €0.1m | €0.1m | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 21.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.05m | €0.09m | €0.1m | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 22.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.4m | €0.5m | €0.6m | ▲ 22.3% |
| Amounts payable17/49 | €0.5m | €1.0m | €1.1m | €1.2m | €1.3m | €1.9m | €1.6m | ▼ 13.7% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 16.2% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 16.2% |
| Amounts payable within one year42/48 | €0.3m | €0.7m | €0.8m | €1.0m | €1.1m | €1.6m | €1.3m | ▼ 20.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.04m | €0.05m | €0.04m | ▼ 9.7% |
| Financial debts43 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 1.6% |
| Credit institutions430/8 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 1.6% |
| Trade debts44 | €0.2m | €0.4m | €0.6m | €0.4m | €0.6m | €1.2m | €1.0m | ▼ 22.1% |
| Suppliers440/4 | - | - | - | €0.4m | €0.6m | €1.2m | €1.0m | ▼ 22.1% |
| Advances received on contracts in progress46 | - | - | - | - | €0.004m | €0.004m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 2.5% |
| Taxes450/3 | - | - | - | €0.2m | €0.09m | €0.08m | €0.08m | ▼ 9.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.006m | €0.01m | €0.02m | ▲ 93.2% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0.07m | €0.09m | €0.04m | ▼ 61.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.008m | €0.004m | €0.1m | ▲ 32× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,859 | €82,553 | €37,601 | €90,854 | €219,568 | €69,760 | €118,249 | ▲ 69.5% |
| + Depreciation and write-downs630 | €1,211 | €1,716 | €7,947 | €13,212 | €25,142 | €43,345 | €50,556 | ▲ 16.6% |
| Operating cash flow (approximation) | €10,070 | €84,269 | €45,547 | €104,066 | €244,710 | €113,105 | €168,805 | ▲ 49.2% |
| Investment in fixed assets (approximation) | - | -€2,046 | -€60,506 | -€12,911 | -€182,406 | -€139,935 | -€14,497 | ▲ 89.6% |
| Change in cash | - | €85,584 | -€57,087 | €197,293 | €43,887 | €311,921 | €50,884 | ▼ 83.7% |
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, 5,053 companies had the same profile as Ppak has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Ppak itself: 0.4% 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 5,053 companies, not a prediction for Ppak. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00559851 | |
| 31-03-2024 | abbreviated format | 28-10-2024 | 2024-00523764 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00506157 | |
| 31-03-2022 | abbreviated format | 02-11-2022 | 2022-20483758 | |
| 31-03-2021 | abbreviated format | 29-10-2021 | 2021-74800132 | |
| 31-03-2020 | micro format | 16-11-2020 | 2020-70900122 | |
| 31-03-2019 | micro format | 29-10-2019 | 2019-72000138 | |
| 31-03-2018 | micro format | 29-10-2018 | 2018-70500143 | |
| 31-03-2017 | micro format | 28-10-2017 | 2017-69200473 | |
| 31-03-2016 | abbreviated format | 24-11-2016 | 2016-68700522 |