PRAGMA
ActiveSummary
PRAGMA has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€117,756) and a net result of -€26,704. Equity is shrinking by ~61.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 1740 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.36 against 0.37 in 2023; short-term debt: 268.6% and cash: 8.5% of total assets), and equity is negative.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-168.6%
Return on assets
-38.2%
Age of the figures
21 mo
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 · 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 -€117,756
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
28 d late
2022
21 d late
2021
11 d early
2020
24 d late
2019
39 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 9 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€26,704▲ 13.0%
2023 · -€30,712
Working capital
-€120,040▼ 27.3%
2023 · -€94,299
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€6,538-€20,275▼ 210%-€24,920▼ 22.9%-€29,675▼ 19.1%-€26,224▲ 11.6%
Net result-€7,355-€20,472▼ 178%-€25,114▼ 22.7%-€30,712▼ 22.3%-€26,704▲ 13.0%
Equity-€13,454▼ 96.4%-€34,626▼ 157%-€59,741▼ 72.5%-€91,052▼ 52.4%-€117,756▼ 29.3%
Total assets€59,489▼ 35.3%€45,991▼ 22.7%€147,059▲ 220%€58,058▼ 60.5%€69,828▲ 20.3%
Debt€72,943▼ 26.2%€80,617▲ 10.5%€206,799▲ 157%€149,110▼ 27.9%€187,584▲ 25.8%
Working capital-€17,099▼ 150%-€36,745▼ 115%€49,450-€94,299-€120,040▼ 27.3%
Staff (FTE)000
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €26,224 in 2024 against €29,675 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €69,828
Fixed assets
€2,284 ▼ 29.7%
Current assets
€67,544 ▲ 23.2%
Key figures and ratios
EBITDA
-€25,261▲
2023 · -€28,490
Cash flow
-€25,741▲
2023 · -€29,526
Solvency
-168.6%▼
2023 · -156.8%
Current ratio
0.36▼
2023 · 0.37
Debt to equity
-1.59▲
2023 · -1.64
ROA
-38.2%▲
2023 · -52.9%
Interest coverage
-52.60▼
2023 · -23.67
Debt ≤ 1 year
€187,584▲
2023 · €149,110
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,943 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.1%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,943 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €934 | €1,526 | €1,526 | €1,185 | €963 | ▼ 18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€15,000 | €0 | €1,667 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €12,109 | €76 | €101 | €97 | ▼ 3.7% |
| Gross operating margin9900 | €15,553 | -€21,640 | -€23,318 | -€26,722 | -€25,164 | ▲ 5.8% |
| Operating profit (loss)9901 | -€6,538 | -€20,275 | -€24,920 | -€29,675 | -€26,224 | ▲ 11.6% |
| Financial income75/76B | - | €0 | €0 | €167 | €0 | ▼ 100% |
| Recurring financial income75 | €15 | €0 | €0 | €167 | €0 | ▼ 100% |
| Financial charges65/66B | - | €196 | €194 | €1,203 | €480 | ▼ 60.1% |
| Recurring financial charges65 | €832 | €196 | €194 | €1,203 | €480 | ▼ 60.1% |
| Profit (loss) for the period before taxes9903 | -€7,355 | -€20,472 | -€25,114 | -€30,712 | -€26,704 | ▲ 13.0% |
| Profit (loss) for the period9904 | -€7,355 | -€20,472 | -€25,114 | -€30,712 | -€26,704 | ▲ 13.0% |
| Profit (loss) for the period to be appropriated9905 | -€7,355 | -€20,472 | -€25,114 | -€30,712 | -€26,704 | ▲ 13.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €59,489 | €45,991 | €147,059 | €58,058 | €69,828 | ▲ 20.3% |
| Fixed assets21/28 | €3,645 | €2,119 | €592 | €3,247 | €2,284 | ▼ 29.7% |
| Tangible fixed assets22/27 | €3,645 | €2,119 | €592 | €3,247 | €2,284 | ▼ 29.7% |
| Furniture and vehicles24 | - | €2,119 | €592 | €3,247 | €2,284 | ▼ 29.7% |
| Current assets29/58 | €55,844 | €43,872 | €146,466 | €54,812 | €67,544 | ▲ 23.2% |
| Amounts receivable within one year40/41 | €45,148 | €33,957 | €130,049 | €52,049 | €61,574 | ▲ 18.3% |
| Trade receivables40 | - | €27,715 | €123,087 | €44,298 | €52,824 | ▲ 19.2% |
| Other amounts receivable41 | - | €6,243 | €6,962 | €7,751 | €8,750 | ▲ 12.9% |
| Cash at bank and in hand54/58 | €10,696 | €9,915 | €16,417 | €2,763 | €5,970 | ▲ 116% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €59,489 | €45,991 | €147,059 | €58,058 | €69,828 | ▲ 20.3% |
| Equity10/15 | -€13,454 | -€34,626 | -€59,741 | -€91,052 | -€117,756 | ▼ 29.3% |
| Contributions10/11 | €28,900 | €28,200 | €28,200 | €27,600 | €27,600 | = |
| Capital10 | - | €28,200 | €28,200 | €27,600 | €27,600 | = |
| Issued capital100 | - | €28,200 | €28,200 | €27,600 | €27,600 | = |
| Profit (loss) carried forward14 | -€42,354 | -€62,826 | -€87,941 | -€118,652 | -€145,356 | ▼ 22.5% |
| Amounts payable17/49 | €72,943 | €80,617 | €206,799 | €149,110 | €187,584 | ▲ 25.8% |
| Amounts payable within one year42/48 | €72,943 | €80,617 | €97,017 | €149,110 | €187,584 | ▲ 25.8% |
| Trade debts44 | €72,943 | €58,617 | €75,017 | €103,825 | €141,799 | ▲ 36.6% |
| Suppliers440/4 | - | €58,617 | €75,017 | €103,825 | €141,799 | ▲ 36.6% |
| Other amounts payable47/48 | - | €22,000 | €22,000 | €45,285 | €45,785 | ▲ 1.1% |
| Accrued charges and deferred income492/3 | - | - | €109,782 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,355 | -€20,472 | -€25,114 | -€30,712 | -€26,704 | ▲ 13.0% |
| + Depreciation and write-downs630 | €934 | €1,526 | €1,526 | €1,185 | €963 | ▼ 18.8% |
| Operating cash flow (approximation) | -€6,421 | -€18,945 | -€23,588 | -€29,526 | -€25,741 | ▲ 12.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,840 | €0 | ▲ 100% |
| Change in cash | - | -€781 | €6,502 | -€13,654 | €3,207 | ▲ 123% |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Weakest financial yearnet -€30,712
Net result drops to -€30,712, the lowest in the series; recovery starts the following year.
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 21 days late
2022
31-12
Financial
Liquidity triplescurrent ratio 1.51
Current ratio from 0.54 to 1.51.
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
22-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €6,617
Net result €6,617 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 24 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2013
Ground area
555 m²
Building footprint
555 m²
Volume, LiDAR
16,417 m³
Parcel 21009A0965/00V002, Brussels · tallest building 32.8 m, ±10 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
PRAGMA
since 20132.226.697.851
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21009A0965/00V002 | Brussels | 555 m² | 1 · 555 m² | 32.8 m · 10 fl. |
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.
Similar companies · same sector and region
21CC
BE 0743.676.729
Elsene
A.K. LEGAL SERVICES
BE 0899.677.176
Elsene
ACQUIS
BE 0739.590.158
Elsene
AF LEGAL
BE 0476.769.747
Elsene
AKD
BE 0463.349.796
Elsene
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 2,771 companies in sector 69109 we hold annual accounts for 1,208. See the whole sector
Identification & contact
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid
Founded23-12-2013
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0543549002
Also
9925:BE0543549002
Registered
19-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.