PUBLIGANDA
Open bankruptcyA bankruptcy procedure is open for PUBLIGANDA according to publications in the Belgian State Gazette; curator: MATTHIAS GESQUIERE.
Summary
The 2024 annual accounts show negative equity (-€918,558) and a net result of -€145,255.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Ghent, Ghent division
- Declared bankrupt
- 18 November 2025
- Official Gazette
- 24-11-2025 (pdf) ↗search the document for 2025/148319
Deadlines
- Provisional date payments stopped
- 18 November 2025A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 9 December 2025Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 18 December 2025art. XX.104 and XX.155 CEL
- First verification report
- passed on 23 December 2025Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- 18 November 2026Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Matthias GesquiereMaaltemeers 84, 9051 1 Gent (Sint-Denijs-Westrem)m.gesquiere@portelio.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 -€918,558
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-07-2025, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
27 d early
2023
15 d early
2022
55 d early
2021
45 d early
2020
4 d early
2019
53 d late
← 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 16 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Advertising agencies sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, abbreviated schema
Turnover
€3.2m▲ 35.2%
2020 · €2.4m
EBIT margin
-13.8%▲ 20.2pp
2020 · -34.0%
Net result
-€145,255▲ 70.1%
2023 · -€485,944
Working capital
-€1.5m▼ 67.4%
2023 · -€872,859
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€2.4m▼ 71.7%€3.2m▲ 35.2%
Operating result-€812,030▼ 261%-€444,839▲ 45.2%€124,206-€453,616-€710,344▼ 56.6%
Net result-€856,429below the sector's middle half-€492,495below the sector's middle half▲ 42.5%€86,437within the sector's middle half-€485,944below the sector's middle half-€145,255below the sector's middle half▲ 70.1%
EBIT margin-34.0%▼ 31.3pp-13.8%▲ 20.2pp
Equity-€781,302below the sector's middle half-€573,797below the sector's middle half▲ 26.6%-€287,359below the sector's middle half▲ 49.9%-€773,303below the sector's middle half▼ 169%-€918,558below the sector's middle half▼ 18.8%
Total assets€2.3mabove the sector's middle half▼ 29.4%€3.0mabove the sector's middle half▲ 32.8%€2.9mabove the sector's middle half▼ 6.0%€2.9mabove the sector's middle half▲ 1.4%€3.2mabove the sector's middle half▲ 11.7%
Debt€3.1m▼ 3.1%€3.6m▲ 17.7%€3.1m▼ 13.0%€3.7m▲ 16.7%€4.2m▲ 13.2%
Working capital-€1.9m▼ 60.0%-€1.8m▲ 5.4%-€234,377▲ 87.2%-€872,859▼ 272%-€1.5m▼ 67.4%
Solvency-34.1%below the sector's middle half▼ 36.4pp-18.9%below the sector's middle half▲ 15.2pp-10.0%below the sector's middle half▲ 8.8pp-26.7%below the sector's middle half▼ 16.6pp-28.4%below the sector's middle half▼ 1.7pp
Staff (FTE)35.8above the sector's middle half▼ 6.8%26.8above the sector's middle half▼ 25.1%24.6above the sector's middle half▼ 8.2%27.9above the sector's middle half▲ 13.4%23.9above the sector's middle half▼ 14.3%
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €710,344 in 2024 against €453,616 in 2023; the loss grows.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.2m
Fixed assets
€1.3m ▼ 4.2%
Current assets
€1.8m ▲ 32.2%
Key figures and ratios
EBITDA
-€493,764▼
2023 · -€311,833
Cash flow
€71,326▲
2023 · -€344,160
Current ratio
0.56▼
2023 · 0.61
Quick ratio
0.35▼
2023 · 0.46
Debt to equity
-4.53▲
2023 · -4.75
ROA
-4.5%▲
2023 · -16.8%
Interest coverage
-17.80▼
2023 · -12.23
Debt ≤ 1 year
€3.3m▲
2023 · €2.3m
Debt > 1 year
€26,277▼
2023 · €1.4m
Income taxes
€884▼
2023 · €6,832
Staff costs
€1.6m▲
2023 · €1.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.4m | - | - | - | - |
| Turnover70 | €2.4m | €3.2m | - | - | - | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | €30,984 | - | - | - | - |
| Other operating income74 | - | €156,667 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €12,373 | €17,500 | ▲ 41.4% |
| Operating charges60/66A | - | €3.9m | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €1.4m | - | - | - | - |
| Purchases600/8 | - | €1.3m | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | €11,584 | - | - | - | - |
| Services and other goods61 | - | €1.3m | - | - | - | - |
| Remuneration, social security and pensions62 | - | €922,244 | €1.1m | €1.5m | €1.6m | ▲ 6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €282,064 | €241,475 | €161,621 | €141,783 | €216,581 | ▲ 52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €30,955 | - | - |
| Other operating charges640/8 | - | €26,410 | €44,164 | €22,832 | €25,296 | ▲ 10.8% |
| Non-recurring operating charges66A | - | €1,490 | €6,960 | - | - | - |
| Gross operating margin9900 | - | - | €1.5m | €1.2m | €1.1m | ▼ 9.6% |
| Operating profit (loss)9901 | -€812,030 | -€444,839 | €124,206 | -€453,616 | -€710,344 | ▼ 56.6% |
| Financial income75/76B | - | €15,016 | €436 | €5 | €593,850 | ▲ 12,661,952% |
| Recurring financial income75 | €515 | €15,016 | €436 | €5 | €875 | ▲ 18,559% |
| Other financial income752/9 | - | €15,016 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €592,975 | - |
| Financial charges65/66B | - | €61,949 | €37,661 | €25,500 | €27,876 | ▲ 9.3% |
| Recurring financial charges65 | €43,688 | €61,949 | €37,661 | €25,500 | €27,742 | ▲ 8.8% |
| Debt charges650 | €29,205 | €40,478 | - | - | - | - |
| Other financial charges652/9 | - | €21,471 | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | - | €135 | - |
| Profit (loss) for the period before taxes9903 | -€855,203 | -€491,771 | €86,981 | -€479,112 | -€144,371 | ▲ 69.9% |
| Income taxes67/77 | €1,226 | €723 | €543 | €6,832 | €884 | ▼ 87.1% |
| Taxes670/3 | - | €723 | - | - | - | - |
| Profit (loss) for the period9904 | -€856,429 | -€492,495 | €86,437 | -€485,944 | -€145,255 | ▲ 70.1% |
| Profit (loss) for the period to be appropriated9905 | -€856,429 | -€492,495 | €86,437 | -€485,944 | -€145,255 | ▲ 70.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €3.0m | €2.9m | €2.9m | €3.2m | ▲ 11.7% |
| Formation expenses20 | €3,756 | €2,504 | €1,348 | €137,025 | €88,331 | ▼ 35.5% |
| Fixed assets21/28 | €1.3m | €1.3m | €1.3m | €1.4m | €1.3m | ▼ 4.2% |
| Intangible fixed assets21 | €25,996 | €12,485 | €5,059 | €76,839 | €87,097 | ▲ 13.3% |
| Tangible fixed assets22/27 | €1.3m | €1.1m | €1.1m | €1.1m | €951,804 | ▼ 9.8% |
| Plant, machinery and equipment23 | - | €35,787 | €106,058 | €92,298 | €108,944 | ▲ 18.0% |
| Furniture and vehicles24 | - | €8,196 | €44,356 | €96,758 | €56,141 | ▼ 42.0% |
| Leasing and similar rights25 | - | €34,801 | - | - | - | - |
| Other tangible fixed assets26 | - | €982,325 | €922,284 | €865,941 | €786,719 | ▼ 9.1% |
| Financial fixed assets28 | €16,224 | €245,338 | €245,338 | €245,338 | €280,338 | ▲ 14.3% |
| Other financial fixed assets284/8 | - | €245,338 | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €245,338 | - | - | - | - |
| Current assets29/58 | €964,646 | €1.7m | €1.5m | €1.4m | €1.8m | ▲ 32.2% |
| Stocks and contracts in progress3 | €51,497 | €387,397 | €305,246 | €350,487 | €671,110 | ▲ 91.5% |
| Stocks30/36 | - | €39,914 | €86,964 | €90,624 | €62,032 | ▼ 31.6% |
| Raw materials and consumables30/31 | - | €39,914 | - | - | - | - |
| Contracts in progress37 | - | €347,483 | €218,283 | €259,863 | €609,078 | ▲ 134% |
| Amounts receivable within one year40/41 | €409,194 | €1.1m | €733,578 | €644,144 | €607,213 | ▼ 5.7% |
| Trade receivables40 | - | €1.1m | €733,578 | €634,878 | €606,510 | ▼ 4.5% |
| Other amounts receivable41 | - | - | - | €9,266 | €703 | ▼ 92.4% |
| Cash at bank and in hand54/58 | €55,313 | €100,577 | €340,738 | €169,166 | €361,289 | ▲ 114% |
| Deferred charges and accrued income490/1 | - | €89,652 | €156,164 | €222,155 | €192,425 | ▼ 13.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €3.0m | €2.9m | €2.9m | €3.2m | ▲ 11.7% |
| Equity10/15 | -€781,302 | -€573,797 | -€287,359 | -€773,303 | -€918,558 | ▼ 18.8% |
| Contributions10/11 | €75,000 | €775,000 | €975,000 | €975,000 | €975,000 | = |
| Capital10 | - | €775,000 | €975,000 | €975,000 | €975,000 | = |
| Issued capital100 | - | €775,000 | €975,000 | €975,000 | €975,000 | = |
| Reserves13 | €48,370 | €48,370 | €48,370 | €48,370 | €48,370 | = |
| Non-distributable reserves130/1 | - | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Legal reserve130 | - | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Tax-exempt reserves132 | - | €40,870 | €40,870 | €40,870 | €40,870 | = |
| Profit (loss) carried forward14 | -€904,672 | -€1.4m | -€1.3m | -€1.8m | -€1.9m | ▼ 8.1% |
| Amounts payable17/49 | €3.1m | €3.6m | €3.1m | €3.7m | €4.2m | ▲ 13.2% |
| Amounts payable after more than one year17 | €169,595 | €61,714 | €1.4m | €1.4m | €26,277 | ▼ 98.1% |
| Financial debts170/4 | - | €61,714 | €49,927 | €82,525 | €26,277 | ▼ 68.2% |
| Credit institutions173 | - | €61,714 | - | - | - | - |
| Other amounts payable178/9 | - | - | €1.3m | €1.3m | - | - |
| Amounts payable within one year42/48 | €2.9m | €3.6m | €1.8m | €2.3m | €3.3m | ▲ 45.8% |
| Current portion of amounts payable after more than one year42 | - | €140,902 | €85,014 | €66,588 | €56,248 | ▼ 15.5% |
| Financial debts43 | - | €19,437 | €4,613 | - | - | - |
| Credit institutions430/8 | - | €19,437 | €4,613 | - | - | - |
| Trade debts44 | €1.1m | €561,488 | €863,962 | €1.1m | €1.4m | ▲ 30.7% |
| Suppliers440/4 | - | €561,488 | €863,962 | €1.1m | €1.4m | ▲ 30.7% |
| Advances received on contracts in progress46 | - | €491,088 | €318,274 | €576,877 | €956,701 | ▲ 65.8% |
| Taxes, remuneration and social security45 | - | €668,957 | €252,740 | €219,810 | €498,330 | ▲ 127% |
| Taxes450/3 | - | €244,363 | €122,504 | €39,566 | €297,288 | ▲ 651% |
| Remuneration and social security454/9 | - | €424,594 | €130,236 | €180,244 | €201,042 | ▲ 11.5% |
| Other amounts payable47/48 | - | €1.7m | €245,500 | €290,100 | €337,000 | ▲ 16.2% |
| Accrued charges and deferred income492/3 | - | - | - | €4,620 | €838,470 | ▲ 18,049% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€856,429 | -€492,495 | €86,437 | -€485,944 | -€145,255 | ▲ 70.1% |
| + Depreciation and write-downs630 | €282,064 | €241,475 | €161,621 | €141,783 | €216,581 | ▲ 52.8% |
| Operating cash flow (approximation) | -€574,365 | -€251,020 | €248,059 | -€344,160 | €71,326 | ▲ 121% |
| Investment in fixed assets (approximation) | - | -€237,552 | -€165,782 | -€195,863 | -€158,646 | ▲ 19.0% |
| Change in cash | - | €45,264 | €240,162 | -€171,573 | €192,123 | ▲ 212% |
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
24-11
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Gent · event 18-11-2025
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €86,437
Net result €86,437 after 2 loss-making years.
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€856,429
Net result drops to -€856,429, the lowest in the series.
22-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 53 days late
2019
31-12
Financial
Back to profitnet €1,525
Net result €1,525 after one loss-making year.
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
09-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 19 acts read
About the unread acts
We know of 19 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
19 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, Deinze · 1 establishment unit since 1967
Ground area
2.8 ha
Building footprint
1.4 ha
Volume, LiDAR
114,603 m³
2 parcels, Flanders · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Ottergemsesteenweg-Zuid 717, 9000 Gent
since 19672.001.365.366
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44808H0602/00G004 | Flanders | 1.7 ha | 1 · 8,661 m² | 10.0 m · 3 fl. |
| 44054A0099/00H000 | Flanders | 1.1 ha | 1 · 5,418 m² | 12.1 m · 3 fl. |
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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | MATTHIAS GESQUIERE MAALTEMEERS 84, 9051 1
GENT (SINT-DENIJS-WESTREM) |
18-11-2025 → present |
Public money · subsidies and aid
Flemish government
2022 to 2023 · 4 entries · 59,682 EUR awarded · 59,682 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 6,113 EUR | 6,113 EUR |
| 2022 | 3 | 53,569 EUR | 53,569 EUR |
European Union, budget
2024 · 5 entries| Year | Entries | awarded |
|---|---|---|
| 2024 | 5 | 0 EUR |
Projects
2022 203 03 SC RFS REA/2022/AGRI/203/03 UNDER FRAMEWORK CONTRACT REA/2021/OP/0002 LOT 3 TO PROVIDE SERVICES FOR A PROMOTION CAMPAIGN IN INDIA
2022 203 05 SC UNDER FWC REA/2021/OP/0002 LOT 3 TO TO PROVIDE SERVICES FOR A PROMOTION CAMPAIGN IN USA
2023 203 01 SC ON FWC REA/2021/OP/0002 LOT 3 EXPO 2025 OSAKA (GOPA)
Recognitions · licences · registrations
Dual-learning approval
14 live approvals · 8 endedBinnen- en buitenschrijnwerk duaal (so)
Binnenschrijnwerk en interieur duaal (so)
Decor- en standenbouwer duaal (so)
Industrieel verpakker duaal (so)
Interieurbouwer duaal (so)
Logistiek assistent magazijn (vwo)
Show 8 more
Logistiek assistent magazijn duaal (so)
Logistiek duaal (so)
Machinaal houtbewerker duaal (so)
Magazijnmedewerker (vwo)
Magazijnmedewerker duaal (so)
Medewerker hout duaal (so)
Operator CNC-gestuurde houtbewerkingsmachines duaal (so)
Paletten- en krattenmaker duaal (so)
Show 8 ended approvals
Binnenschrijnwerker (so)
Decor- & standenbouwer (so)
Interieurbouwer (so)
Machinaal houtbewerker (so)
Magazijnmedewerker (so)
Werkplaatsbinnenschrijnwerker hout (so)
Medewerker schilder- en behangwerken duaal (so)
Schilder (so)
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Of 9,864 companies in sector 73110 we hold annual accounts for 3,752. 3,035 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
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.