PRADO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-05-2026 PDF all 12 filings
Turnover
≈ €1.3m
Estimated: probably between €800,000 and €2.3m
EBIT margin
Not included in this filing
Net result
€183,648▲ 94.1%
2024 · €94,634
Working capital
€842,573▲ 35.9%
2024 · €620,220
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€219,493
▲ 116%
2025
20182025
Net result
€183,648
▲ 94.1%
2025
middle half of the sector
20182025
Equity
€2.0m
▲ 9.3%
2025
middle half of the sector
20182025
Total assets
€2.1m
▲ 2.3%
2025
middle half of the sector
20182025
Debt
€73,112
▼ 63.1%
2025
20182025
Working capital
€842,573
▲ 35.9%
2025
middle half of the sector
20182025
Solvency
96.5%
▲ 6.2pp
2025
highest quarter of the sector
20182025
Current ratio
12.53
▲ 8.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.7%
▲ 4.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.3
▼ 4.2%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m-€0.005m-€0.06m€0.2m€0.3m▲ 55.2%€0.6m▲ 87.7%€0.1m▼ 82.0%€0.2m▲ 116%
Net result-€0.06m-€0.02m-€0.04mbelow the sector's middle half€0.2mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 51.4%€0.6mwithin the sector's middle half▲ 84.6%€0.09mwithin the sector's middle half▼ 83.5%€0.2mwithin the sector's middle half▲ 94.1%
Equity€0.5m-€0.5m▼ 2.2%€0.4mwithin the sector's middle half▼ 27.0%€0.6mwithin the sector's middle half▲ 49.9%€0.9mwithin the sector's middle half▲ 53.2%€1.4mwithin the sector's middle half▲ 66.0%€1.9mwithin the sector's middle half▲ 30.9%€2.0mwithin the sector's middle half▲ 9.3%
Total assets€2.2m-€2.0m▼ 8.2%€1.4mbelow the sector's middle half▼ 31.0%€1.3mbelow the sector's middle half▼ 8.4%€1.3mbelow the sector's middle half▼ 2.0%€1.5mbelow the sector's middle half▲ 18.9%€2.1mwithin the sector's middle half▲ 37.3%€2.1mwithin the sector's middle half▲ 2.3%
Debt€1.7m-€1.5m▼ 10.0%€1.0m▼ 32.3%€0.7m▼ 29.5%€0.4m▼ 44.3%€0.08m▼ 80.5%€0.2m▲ 151%€0.07m▼ 63.1%
Working capital-€1.1m--€0.9m▲ 14.9%-€0.9mbelow the sector's middle half▲ 5.1%-€0.6mbelow the sector's middle half▲ 36.6%-€0.2mbelow the sector's middle half▲ 70.4%€0.5mwithin the sector's middle half€0.6mwithin the sector's middle half▲ 29.6%€0.8mwithin the sector's middle half▲ 35.9%
Solvency23.6%-25.1%▲ 1.5pp26.5%within the sector's middle half▲ 1.4pp43.4%within the sector's middle half▲ 16.9pp67.8%above the sector's middle half▲ 24.4pp94.7%above the sector's middle half▲ 26.9pp90.4%above the sector's middle half▼ 4.4pp96.5%above the sector's middle half▲ 6.2pp
Current ratio0.34-0.39▲ 0.050.15below the sector's middle half▼ 0.250.24below the sector's middle half▲ 0.090.59below the sector's middle half▲ 0.367.06above the sector's middle half▲ 6.464.13above the sector's middle half▼ 2.9212.53above the sector's middle half▲ 8.40
Return on assets (ROA)-2.9%-1.0%▲ 3.9pp-3.1%below the sector's middle half▼ 4.1pp16.0%above the sector's middle half▲ 19.1pp24.7%above the sector's middle half▲ 8.7pp38.4%above the sector's middle half▲ 13.7pp4.6%within the sector's middle half▼ 33.8pp8.7%above the sector's middle half▲ 4.1pp
Staff (FTE)8.9-8▼ 10.1%7.5within the sector's middle half▼ 6.3%4.7below the sector's middle half▼ 37.3%4.9below the sector's middle half▲ 4.3%3.9below the sector's middle half▼ 20.4%2.4below the sector's middle half▼ 38.5%2.3below the sector's middle half▼ 4.2%
above
within
below
The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). 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 116% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Net result -84% on 2023. Part of BELREY FIBRES received in a demerger, effective 22-05-2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.2m ▼ 4.0%
Current assets
€915,661 ▲ 11.9%
Equity and liabilities €2.1m
Equity
€2.0m ▲ 9.3%
Debt
€73,112 ▼ 63.1%
Debt's share of the balance-sheet total falls from 9.6% to 3.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€335,568▲
2024 · €211,632
Cash flow
€299,723▲
2024 · €204,531
Debt to equity
0.04▼
2024 · 0.11
ROE
9.1%▲
2024 · 5.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€73,088▼
2024 · €197,961
Income taxes
€58,255▲
2024 · €28,501
Staff costs
€90,542▼
2024 · €114,009
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 5 | 3 | 2 |
| full-time | 3 | 5 | 3 | 2 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 3 | 5 | 3 | 2 |
| Average over the year, in full-time equivalents | 4.7 | 4.9 | 3.9 | 2.3 |
| On a permanent contract | 3 | 5 | 3 | 2 |
| Joined | 0 | 4 | 0 | 1 |
| Left | 4 | 2 | 2 | 1 |
| Training hours | 4 | 4 | 4 | 28 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €1.0m | €1.0m | €1.0m | - | €1.0m |
| Carrying value of the mortgaged assets | €932,107 | €870,820 | €809,532 | - | €686,956 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €15,490 | - | €3.3m | €157,895 |
| Financial fixed assets | - | €0 | - | - | €0 |
| Depreciation and write-downs of the year | €134,483 | €107,631 | €82,629 | €109,897 | €116,075 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,720 | €0 | - | - | €110,000 | - |
| Remuneration, social security and pensions62 | - | - | - | €173,492 | €166,376 | €167,158 | €114,009 | €90,542 | ▼ 20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €341,916 | €260,289 | €202,939 | €134,483 | €107,631 | €82,629 | €109,897 | €116,075 | ▲ 5.6% |
| Other operating charges640/8 | - | - | - | €37,931 | €39,269 | €42,574 | €128,103 | €139,634 | ▲ 9.0% |
| Gross operating margin9900 | €751,806 | €515,454 | €465,943 | €540,326 | €615,017 | €858,732 | €453,743 | €565,745 | ▲ 24.7% |
| Operating profit (loss)9901 | -€12,048 | €4,519 | -€57,034 | €194,419 | €301,740 | €566,372 | €101,735 | €219,493 | ▲ 116% |
| Financial income75/76B | - | - | - | €19,895 | €14,802 | €14,430 | €22,217 | €22,777 | ▲ 2.5% |
| Recurring financial income75 | €37,212 | €32,744 | €27,044 | €19,895 | €14,802 | €14,430 | €22,217 | €22,777 | ▲ 2.5% |
| Financial charges65/66B | - | - | - | €8,846 | €5,392 | €1,445 | €817 | €367 | ▼ 55.0% |
| Recurring financial charges65 | €89,153 | €16,160 | €13,243 | €8,846 | €5,392 | €1,445 | €817 | €367 | ▼ 55.0% |
| Profit (loss) for the period before taxes9903 | -€63,990 | €21,103 | -€43,233 | €205,469 | €311,150 | €579,356 | €123,135 | €241,903 | ▲ 96.5% |
| Income taxes67/77 | €115 | €17 | €0 | - | - | €4,895 | €28,501 | €58,255 | ▲ 104% |
| Profit (loss) for the period9904 | -€64,105 | €21,086 | -€43,233 | €205,469 | €311,150 | €574,461 | €94,634 | €183,648 | ▲ 94.1% |
| Profit (loss) for the period to be appropriated9905 | -€64,105 | €21,086 | -€43,233 | €205,469 | €311,150 | €574,461 | €94,634 | €183,648 | ▲ 94.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.0m | €1.4m | €1.3m | €1.3m | €1.5m | €2.1m | €2.1m | ▲ 2.3% |
| Fixed assets21/28 | €1.7m | €1.4m | €1.3m | €1.1m | €1.0m | €0.9m | €1.2m | €1.2m | ▼ 4.0% |
| Tangible fixed assets22/27 | €1.6m | €1.4m | €1.2m | €1.1m | €1.0m | €0.9m | €1.2m | €1.2m | ▼ 4.2% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.8m | €1.0m | €1.0m | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.07m | ▼ 8.1% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.008m | €0.004m | €0.09m | €0.1m | ▲ 32.5% |
| Financial fixed assets28 | €0.001m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Current assets29/58 | €0.6m | €0.6m | €0.2m | €0.2m | €0.2m | €0.6m | €0.8m | €0.9m | ▲ 11.9% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.08m | €0.1m | €0.1m | €0.2m | €0.4m | €0.2m | ▼ 48.5% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.2m | €0.4m | €0.2m | ▼ 54.8% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.01m | €0.03m | ▲ 193% |
| Current investments50/53 | - | - | - | - | - | €0.3m | €0.3m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.08m | €0.04m | €0.1m | €0.08m | €0.07m | €0.7m | ▲ 871% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.03m | ▲ 210% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.0m | €1.4m | €1.3m | €1.3m | €1.5m | €2.1m | €2.1m | ▲ 2.3% |
| Equity10/15 | €0.5m | €0.5m | €0.4m | €0.6m | €0.9m | €1.4m | €1.9m | €2.0m | ▲ 9.3% |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | - | - | - | - | - | - | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.003m | €0.003m | = |
| Distributable reserves133 | - | - | - | - | - | - | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.7m | -€0.7m | -€0.7m | -€0.5m | -€0.2m | €0.3m | €0.7m | €0.9m | ▲ 27.0% |
| Investment grants15 | - | - | - | €0.1m | €0.08m | €0.07m | €0.06m | €0.05m | ▼ 18.3% |
| Amounts payable17/49 | €1.7m | €1.5m | €1.0m | €0.7m | €0.4m | €0.08m | €0.2m | €0.07m | ▼ 63.1% |
| Amounts payable within one year42/48 | €1.6m | €1.5m | €1.0m | €0.7m | €0.4m | €0.08m | €0.2m | €0.07m | ▼ 63.1% |
| Trade debts44 | €0.04m | €0.02m | €0.02m | €0.04m | €0.02m | €0.03m | €0.2m | €0.06m | ▼ 66.4% |
| Suppliers440/4 | - | - | - | €0.04m | €0.02m | €0.03m | €0.2m | €0.06m | ▼ 66.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.04m | €0.005m | €0.007m | ▲ 50.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.008m | €0.03m | €236 | €224 | ▼ 5.1% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.005m | €0.007m | ▲ 53.4% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.4m | €0.007m | €0.001m | €0.001m | ▲ 37.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.005m | €51 | €72 | €24 | ▼ 66.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€64,105 | €21,086 | -€43,233 | €205,469 | €311,150 | €574,461 | €94,634 | €183,648 | ▲ 94.1% |
| + Depreciation and write-downs630 | €341,916 | €260,289 | €202,939 | €134,483 | €107,631 | €82,629 | €109,897 | €116,075 | ▲ 5.6% |
| Operating cash flow (approximation) | €277,811 | €281,375 | €159,706 | €339,953 | €418,780 | €657,090 | €204,531 | €299,723 | ▲ 46.5% |
| Investment in fixed assets (approximation) | - | -€46,314 | -€16,985 | €1,280 | -€15,290 | €0 | -€406,725 | -€66,145 | ▲ 83.7% |
| Change in cash | - | -€5,735 | €48,186 | -€31,179 | €57,619 | -€23,005 | -€10,730 | €592,755 | - |
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, 34,693 companies had the same profile as PRADO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PRADO 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 34,693 companies, not a prediction for PRADO. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-05-2026 | 2026-00114845 | |
| 31-12-2024 | full format | 26-05-2025 | 2025-00115599 | |
| 31-12-2023 | full format | 06-05-2024 | 2024-00084095 | |
| 31-12-2022 | full format | 09-05-2023 | 2023-00084522 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20054632 | |
| 31-12-2020 | full format | 22-06-2021 | 2021-23000307 | |
| 31-12-2019 | abbreviated format | 13-07-2020 | 2020-30300492 | |
| 31-12-2018 | abbreviated format | 08-05-2019 | 2019-12600301 | |
| 30-09-2017 | full format | 03-04-2018 | 2018-08900445 | |
| 30-09-2016 | full format | 06-04-2017 | 2017-09100202 |