PSR
ActiveSummary
PSR has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €33.6m and a net result of €932,532. Equity remains stable across the filed fiscal years (±1.1% per year). Its solvency ranks better than 29% of 231 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability13▲+1
Solvency49▼-21
Growth60▲+25
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €220,000 at 30 days acceptable
Liquidity short (current ratio 0.96 against 0.85 in 2024; short-term debt: 75.7% and cash: 2.5% of total assets), and 76.4% of the assets are financed with debt.
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Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
23.6%
Return on assets
0.7%
Age of the figures
9 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
21 d early
2023
29 d early
2022
31 d early
2021
30 d early
2020
25 d early
2019
18 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 25 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 32% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
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
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by total assets in East Flanders, Waste collection and treatment sector#5 company by equity in East Flanders, Waste collection and treatment sector
Turnover
€2.2m▲ 272%
2024 · €595,053
EBIT margin
-43.5%▲ 140.8pp
2024 · -184.2%
Net result
€932,532
2024 · -€627,487
Working capital
-€3.8m▲ 36.3%
2024 · -€6.0m
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
Line20212022202320242025
Turnover€5.8m▲ 1,001%€6.0m▲ 3.1%€5.9m▼ 2.6%€595,053▼ 89.9%€2.2m▲ 272%
Operating result€2.3m▲ 23.7%€1.0m▼ 56.9%€939,759▼ 6.3%-€1.1m-€962,305▲ 12.2%
Net result€1.3m▼ 35.0%€2.0m▲ 60.6%€2.2m▲ 10.2%-€627,487€932,532
EBIT margin39.8%▼ 314.2pp16.6%▼ 23.1pp16.0%▼ 0.6pp-184.2%▼ 200.3pp-43.5%▲ 140.8pp
Equity€32.4m▲ 0.2%€33.2m▲ 2.6%€34.1m▲ 2.5%€33.4m▼ 1.8%€33.6m▲ 0.5%
Total assets€44.2m▲ 10.6%€43.0m▼ 2.8%€49.4m▲ 15.0%€74.9m▲ 51.5%€142.1m▲ 89.7%
Debt€10.9m▲ 60.4%€9.7m▼ 11.3%€15.4m▲ 59.0%€41.5m▲ 170%€108.1m▲ 161%
Working capital€19.1m▼ 8.5%€16.5m▼ 13.7%€18.2m▲ 10.5%-€6.0m-€3.8m▲ 36.3%
Staff (FTE)3.8=3.8=3.8=3.5▼ 7.9%3.5=
Why a figure moved sharply
- 2025 Turnover +272%, Total assets +90% on 2024. Cause not known from the registers.
- 2024 Turnover -90%, Total assets +52% on 2023. Cause not known from the registers.
- 2022 Net result +61% on 2021. Cause not known from the registers.
- 2021 Turnover +1,001% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €962,305 in 2025 against €1.1m in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €142.1m
Fixed assets
€38.4m ▼ 2.8%
Current assets
€103.7m ▲ 193%
Equity and liabilities €142.1m
Equity
€33.6m ▲ 0.5%
Provisions
€381,502 ▲ 1,694%
Debt
€108.1m ▲ 161%
Debt's share of the balance-sheet total rises from 55.4% to 76.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€940,283▲
2024 · -€1.1m
Cash flow
€954,554▲
2024 · -€618,785
Current ratio
0.96▲
2024 · 0.85
Quick ratio
0.85▲
2024 · 0.74
Debt to equity
3.22▲
2024 · 1.24
ROE
2.8%▲
2024 · -1.9%
ROA
0.7%▲
2024 · -0.8%
Interest coverage
-1.67▲
2024 · -2.59
Debt ≤ 1 year
€107.6m▲
2024 · €41.4m
Debt > 1 year
€565,046▲
2024 · €26,316
Income taxes
€10,611▲
2024 · -€11,572
Staff costs
€475,903▼
2024 · €587,553
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,972 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
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 3,972 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €10.0m | €8.5m | €12.3m | €8.4m | €4.2m | ▼ 50.0% |
| Turnover70 | €5.8m | €6.0m | €5.9m | €595,053 | €2.2m | ▲ 272% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €3.0m | €999,432 | €6.3m | €7.1m | €1.5m | ▼ 79.4% |
| Other operating income74 | €1.1m | €149,553 | €159,909 | €698,008 | €361,665 | ▼ 48.2% |
| Non-recurring operating income76A | - | €1.3m | - | - | €163,500 | - |
| Operating charges60/66A | €7.7m | €7.5m | €11.4m | €9.5m | €5.2m | ▼ 45.6% |
| Goods for resale, raw materials and consumables60 | €5.8m | €6.6m | €6.1m | €6.6m | €2.9m | ▼ 55.4% |
| Purchases600/8 | €3.5m | €3.2m | €6.1m | €9.0m | €5.1m | ▼ 43.7% |
| Change in stocks: decrease (increase)609 | €2.3m | €3.3m | €0 | -€2.5m | -€2.1m | ▲ 12.4% |
| Services and other goods61 | €640,404 | €755,019 | €4.0m | €2.2m | €1.0m | ▼ 54.9% |
| Remuneration, social security and pensions62 | €453,349 | €495,751 | €550,404 | €587,553 | €475,903 | ▼ 19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,038 | €5,726 | €5,726 | €8,701 | €22,022 | ▲ 153% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €675,991 | €42,418 | €255,806 | ▲ 503% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €53,770 | -€827,725 | - | - | €381,502 | - |
| Other operating charges640/8 | €791,404 | €108,540 | €33,239 | €59,495 | €91,508 | ▲ 53.8% |
| Operating charges capitalised as restructuring costs649 | - | - | - | €0 | €0 | - |
| Non-recurring operating charges66A | - | €356,250 | - | - | - | - |
| Operating profit (loss)9901 | €2.3m | €1.0m | €939,759 | -€1.1m | -€962,305 | ▲ 12.2% |
| Financial income75/76B | €206,776 | €1.2m | €1.7m | €957,557 | €2.5m | ▲ 163% |
| Recurring financial income75 | €206,776 | €206,780 | €849,478 | €957,557 | €2.5m | ▲ 163% |
| Income from current assets751 | €204,076 | €206,001 | €836,518 | €957,555 | €1.7m | ▲ 75.6% |
| Other financial income752/9 | €2,700 | €779 | €12,960 | €2 | €832,477 | ▲ 36,037,871% |
| Non-recurring financial income76B | - | €969,250 | €850,000 | - | - | - |
| Financial charges65/66B | €1.3m | €111,986 | €380,412 | €500,232 | €608,403 | ▲ 21.6% |
| Recurring financial charges65 | €71,802 | €111,986 | €380,412 | €500,232 | €608,403 | ▲ 21.6% |
| Debt charges650 | €67,326 | €104,707 | €346,736 | €419,286 | €562,483 | ▲ 34.2% |
| Other financial charges652/9 | €4,476 | €7,278 | €33,675 | €80,945 | €45,921 | ▼ 43.3% |
| Non-recurring financial charges66B | €1.2m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.3m | €2.1m | €2.3m | -€639,059 | €943,142 | ▲ 248% |
| Income taxes67/77 | €8,383 | €35,602 | €20,190 | -€11,572 | €10,611 | ▲ 192% |
| Taxes670/3 | €8,383 | €35,602 | €20,190 | €8,428 | €10,611 | ▲ 25.9% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €20,000 | - | - |
| Profit (loss) for the period9904 | €1.3m | €2.0m | €2.2m | -€627,487 | €932,532 | ▲ 249% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €2.0m | €2.2m | -€627,487 | €932,532 | ▲ 249% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €44.2m | €43.0m | €49.4m | €74.9m | €142.1m | ▲ 89.7% |
| Fixed assets21/28 | €14.2m | €16.8m | €15.9m | €39.5m | €38.4m | ▼ 2.8% |
| Intangible fixed assets21 | €356,250 | - | - | - | - | - |
| Tangible fixed assets22/27 | €19,987 | €14,261 | €8,535 | €57,806 | €102,389 | ▲ 77.1% |
| Plant, machinery and equipment23 | - | - | - | €2,377 | €3,953 | ▲ 66.3% |
| Furniture and vehicles24 | €19,987 | €14,261 | €8,535 | €55,428 | €98,437 | ▲ 77.6% |
| Financial fixed assets28 | €13.8m | €16.8m | €15.8m | €39.4m | €38.3m | ▼ 2.9% |
| Affiliated companies280/1 | €13.8m | €16.8m | €15.8m | €39.4m | €38.3m | ▼ 2.9% |
| Participating interests280 | €13.8m | €16.8m | €15.8m | €39.4m | €38.3m | ▼ 2.9% |
| Other financial fixed assets284/8 | - | €125 | €125 | €125 | €125 | = |
| Amounts receivable and cash guarantees285/8 | - | €125 | €125 | €125 | €125 | = |
| Current assets29/58 | €30.0m | €26.1m | €33.6m | €35.4m | €103.7m | ▲ 193% |
| Amounts receivable after more than one year29 | - | - | - | €15.2m | - | - |
| Other amounts receivable291 | - | - | - | €15.2m | - | - |
| Stocks and contracts in progress3 | €6.8m | €1.7m | €4.1m | €4.8m | €11.9m | ▲ 149% |
| Stocks30/36 | €6.8m | - | €0 | €2.5m | €2.7m | ▲ 10.0% |
| Property held for sale35 | €6.8m | - | €0 | €2.5m | €2.7m | ▲ 10.0% |
| Contracts in progress37 | - | €1.7m | €4.1m | €2.3m | €9.2m | ▲ 295% |
| Amounts receivable within one year40/41 | €19.6m | €21.0m | €29.2m | €15.3m | €88.2m | ▲ 475% |
| Trade receivables40 | €1.3m | €175,041 | €3.7m | €1.1m | €75,224 | ▼ 92.9% |
| Other amounts receivable41 | €18.3m | €20.8m | €25.5m | €14.3m | €88.1m | ▲ 517% |
| Cash at bank and in hand54/58 | €3.6m | €3.5m | €208,474 | €109,695 | €3.6m | ▲ 3,169% |
| Deferred charges and accrued income490/1 | €2,705 | €1,527 | €38,142 | €31,375 | €35,932 | ▲ 14.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €44.2m | €43.0m | €49.4m | €74.9m | €142.1m | ▲ 89.7% |
| Equity10/15 | €32.4m | €33.2m | €34.1m | €33.4m | €33.6m | ▲ 0.5% |
| Contributions10/11 | €30.0m | €30.0m | €30.0m | €30.0m | €30.0m | = |
| Capital10 | €30.0m | €30.0m | €30.0m | €30.0m | €30.0m | = |
| Issued capital100 | €30.0m | €30.0m | €30.0m | €30.0m | €30.0m | = |
| Reserves13 | €380,635 | €482,198 | €594,130 | €594,130 | €640,756 | ▲ 7.8% |
| Non-distributable reserves130/1 | €345,576 | €447,139 | €559,071 | €559,071 | €605,698 | ▲ 8.3% |
| Legal reserve130 | €345,576 | €447,139 | €559,071 | €559,071 | €605,698 | ▲ 8.3% |
| Distributable reserves133 | €35,058 | €35,058 | €35,058 | €35,058 | €35,058 | = |
| Profit (loss) carried forward14 | €2.0m | €2.7m | €3.5m | €2.8m | €3.0m | ▲ 4.8% |
| Provisions and deferred taxes16 | €934,225 | €106,500 | €21,260 | €21,260 | €381,502 | ▲ 1,694% |
| Provisions for liabilities and charges160/5 | €934,225 | €106,500 | €21,260 | €21,260 | €381,502 | ▲ 1,694% |
| Major repairs and maintenance162 | €106,500 | €106,500 | €21,260 | €21,260 | - | - |
| Environmental obligations163 | €827,725 | - | - | - | €381,502 | - |
| Amounts payable17/49 | €10.9m | €9.7m | €15.4m | €41.5m | €108.1m | ▲ 161% |
| Amounts payable after more than one year17 | - | - | €26,316 | €26,316 | €565,046 | ▲ 2,047% |
| Financial debts170/4 | - | - | - | - | €538,729 | - |
| Other loans174 | - | - | - | - | €538,729 | - |
| Trade debts175 | - | - | €26,316 | €26,316 | €26,316 | = |
| Suppliers1750 | - | - | €26,316 | €26,316 | €26,316 | = |
| Amounts payable within one year42/48 | €10.9m | €9.6m | €15.3m | €41.4m | €107.6m | ▲ 160% |
| Trade debts44 | €1.1m | €451,171 | €3.3m | €962,399 | €453,286 | ▼ 52.9% |
| Suppliers440/4 | €1.1m | €451,171 | €3.3m | €962,399 | €453,286 | ▼ 52.9% |
| Advances received on contracts in progress46 | - | - | - | - | €5.7m | - |
| Taxes, remuneration and social security45 | €250,598 | €136,646 | €129,353 | €97,522 | €83,827 | ▼ 14.0% |
| Taxes450/3 | €169,925 | €49,466 | €40,588 | €17,484 | €28,968 | ▲ 65.7% |
| Remuneration and social security454/9 | €80,674 | €87,180 | €88,765 | €80,038 | €54,860 | ▼ 31.5% |
| Other amounts payable47/48 | €9.5m | €9.0m | €11.9m | €40.4m | €101.3m | ▲ 151% |
| Accrued charges and deferred income492/3 | €39,502 | €26,359 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €2.0m | €2.2m | -€627,487 | €932,532 | ▲ 249% |
| + Depreciation and write-downs630 | €6,038 | €5,726 | €5,726 | €8,701 | €22,022 | ▲ 153% |
| Operating cash flow (approximation) | €1.3m | €2.0m | €2.2m | -€618,785 | €954,554 | ▲ 254% |
| Investment in fixed assets (approximation) | - | -€2.6m | €975,000 | -€23.7m | €1.1m | ▲ 105% |
| Change in cash | - | -€148,364 | -€3.2m | -€98,779 | €3.5m | ▲ 3,619% |
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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €932,532
Net result €932,532 after one loss-making year.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€627,487
Net result drops to -€627,487, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €2.2m ▲10.2%
Net result €2.2m, the highest in the series.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €1.9m
Net result €1.9m after 2 loss-making years.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 29 acts read
About the unread acts
We know of 29 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
29 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, Aalst · 1 establishment unit since 2001
Ground area
2.3 ha
Building footprint
1,846 m²
Volume, LiDAR
15,146 m³
Parcel 41029B0523/00S000, Flanders · tallest building 14.0 m, ±3 floors. Linked by address, not a title deed.
104
companies at this address
See who is registered here
1 establishment unit
Tragel 60, 9308 Aalst
since 20012.095.468.630
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029B0523/00S000 | Flanders | 2.3 ha | 1 · 1,845 m² | 14.0 m · 3 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.
Structure & network
Owners and holdings
18 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 18
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100%
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100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
99.99%
-
99.99%
Show 8 more holdings
-
99.99%
-
99.98%
-
99.98%
-
99.9%
-
50%
-
50%
-
50%
-
50%
According to the 2025 annual accounts of PSR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Care and welfare
3 services · 0 liveCentrum voor Kortverblijf PSR Brownfield Developers
PSR Brownfield Developers
Woonzorgcentrum PSR Brownfield Developers
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Identification & contact
Identification
Legal formPublic limited company
Founded23-11-2001
Fiscal year end31-12
Activities, NACEBEL 2025
38330Waste collection, recovery and disposal activities
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0476155776
Registered
29-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.