Summary
PUPPIS is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €3.3m and a net result of €74,866. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 35% of 2445 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
65 d early
2023
79 d early
2022
26 d early
2021
99 d early
2020
44 d early
2019
1 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 45 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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. Usually files around 16 June (3 of the last 4 filed years within 33 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€3.3m▲ 2.3%
2024 · €3.2m
Net result
€74,866▼ 22.2%
2024 · €96,202
Total assets
€7.6m▼ 0.9%
2024 · €7.7m
Solvency
43.2%▲ 1.4pp
2024 · 41.8%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Line20212022202320242025
Operating result€158,458▼ 33.7%€145,463▼ 8.2%€455,596▲ 213%€202,470▼ 55.6%€177,712▼ 12.2%
Net result€77,823within the sector's middle half▼ 51.3%€7,427within the sector's middle half▼ 90.5%€342,589above the sector's middle half▲ 4,512%€96,202within the sector's middle half▼ 71.9%€74,866within the sector's middle half▼ 22.2%
Equity€2.9mabove the sector's middle half▲ 2.7%€2.9mabove the sector's middle half▲ 0.3%€3.3mabove the sector's middle half▲ 11.7%€3.2mabove the sector's middle half▼ 1.7%€3.3mwithin the sector's middle half▲ 2.3%
Total assets€6.5mabove the sector's middle half▲ 1.2%€8.4mabove the sector's middle half▲ 29.4%€7.7mabove the sector's middle half▼ 7.8%€7.7mabove the sector's middle half▼ 0.4%€7.6mwithin the sector's middle half▼ 0.9%
Debt€3.6m▲ 0.1%€5.5m▲ 53.4%€4.5m▼ 18.3%€4.5m▲ 0.5%€4.3m▼ 3.3%
Working capital€989,713above the sector's middle half▲ 14.5%€365,186above the sector's middle half▼ 63.1%€283,349within the sector's middle half▼ 22.4%€250,359within the sector's middle half▼ 11.6%€639,296within the sector's middle half▲ 155%
Solvency45.1%within the sector's middle half▲ 0.7pp34.9%within the sector's middle half▼ 10.2pp42.3%within the sector's middle half▲ 7.4pp41.8%within the sector's middle half▼ 0.5pp43.2%within the sector's middle half▲ 1.4pp
Current ratio71.98above the sector's middle half▲ 50.321.29within the sector's middle half▼ 70.691.42within the sector's middle half▲ 0.131.43within the sector's middle half▲ 0.015.42above the sector's middle half▲ 3.99
Return on assets (ROA)1.2%within the sector's middle half▼ 1.3pp0.1%below the sector's middle half▼ 1.1pp4.4%within the sector's middle half▲ 4.3pp1.2%within the sector's middle half▼ 3.2pp1.0%within the sector's middle half▼ 0.3pp
Staff (FTE)1within the sector's middle half1within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2023 Net result +4,512% on 2022. The previous fiscal year ran 15 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 12% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.6m
Fixed assets
€6.9m ▼ 0.3%
Current assets
€784,039 ▼ 5.7%
Equity and liabilities €7.6m
Equity
€3.3m ▲ 2.3%
Debt
€4.3m ▼ 3.3%
Debt's share of the balance-sheet total falls from 58.2% to 56.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
2.3%▼
2024 · 3.0%
Debt ≤ 1 year
€144,743▼
2024 · €581,488
Debt > 1 year
€4.1m▲
2024 · €3.8m
Income taxes
€22,052▼
2024 · €26,651
Staff costs
€68,569▲
2024 · €66,617
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €65,163 | €66,617 | €68,569 | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,620 | €11,321 | €1,066 | €12,876 | €23,099 | ▲ 79.4% |
| Other operating charges640/8 | - | €2,688 | €1,840 | €1,874 | €1,656 | ▼ 11.6% |
| Gross operating margin9900 | €177,592 | €159,472 | €523,665 | €283,837 | €271,037 | ▼ 4.5% |
| Operating profit (loss)9901 | €158,458 | €145,463 | €455,596 | €202,470 | €177,712 | ▼ 12.2% |
| Financial income75/76B | - | €14,739 | €27,267 | €44,203 | €43,199 | ▼ 2.3% |
| Recurring financial income75 | €22,517 | €14,739 | €27,267 | €44,203 | €43,199 | ▼ 2.3% |
| Financial charges65/66B | - | €152,502 | €127,882 | €123,820 | €123,993 | ▲ 0.1% |
| Recurring financial charges65 | €102,927 | €152,502 | €127,882 | €123,820 | €123,993 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €78,047 | €7,700 | €354,982 | €122,853 | €96,918 | ▼ 21.1% |
| Income taxes67/77 | €224 | €273 | €12,392 | €26,651 | €22,052 | ▼ 17.3% |
| Profit (loss) for the period9904 | €77,823 | €7,427 | €342,589 | €96,202 | €74,866 | ▼ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €77,823 | €7,427 | €342,589 | €96,202 | €74,866 | ▼ 22.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.5m | €8.4m | €7.7m | €7.7m | €7.6m | ▼ 0.9% |
| Fixed assets21/28 | €5.5m | €6.8m | €6.8m | €6.9m | €6.9m | ▼ 0.3% |
| Tangible fixed assets22/27 | €10,471 | €4,481 | €8,940 | €100,705 | €77,605 | ▼ 22.9% |
| Furniture and vehicles24 | - | €4,481 | €8,940 | €100,705 | €77,605 | ▼ 22.9% |
| Financial fixed assets28 | €5.5m | €6.8m | €6.8m | €6.8m | €6.8m | = |
| Current assets29/58 | €1.0m | €1.6m | €959,751 | €831,847 | €784,039 | ▼ 5.7% |
| Amounts receivable within one year40/41 | €727,144 | €1.5m | €891,648 | €796,286 | €760,283 | ▼ 4.5% |
| Trade receivables40 | - | €133,000 | €72,760 | €2,429 | €3,872 | ▲ 59.4% |
| Other amounts receivable41 | - | €1.4m | €818,887 | €793,858 | €756,411 | ▼ 4.7% |
| Cash at bank and in hand54/58 | €252,290 | €63,177 | €34,781 | €23,179 | €14,269 | ▼ 38.4% |
| Deferred charges and accrued income490/1 | - | €29,485 | €33,323 | €12,381 | €9,487 | ▼ 23.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.5m | €8.4m | €7.7m | €7.7m | €7.6m | ▼ 0.9% |
| Equity10/15 | €2.9m | €2.9m | €3.3m | €3.2m | €3.3m | ▲ 2.3% |
| Contributions10/11 | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Capital10 | - | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Issued capital100 | - | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Reserves13 | €199,660 | €206,799 | €549,388 | €495,103 | €569,969 | ▲ 15.1% |
| Non-distributable reserves130/1 | - | €51,658 | €68,787 | €73,598 | €77,341 | ▲ 5.1% |
| Legal reserve130 | - | €51,658 | €68,787 | €73,598 | €77,341 | ▲ 5.1% |
| Distributable reserves133 | - | €155,141 | €480,600 | €421,506 | €492,628 | ▲ 16.9% |
| Profit (loss) carried forward14 | -€289 | €0 | - | €0 | €0 | - |
| Amounts payable17/49 | €3.6m | €5.5m | €4.5m | €4.5m | €4.3m | ▼ 3.3% |
| Amounts payable after more than one year17 | €3.4m | €4.1m | €3.7m | €3.8m | €4.1m | ▲ 7.5% |
| Financial debts170/4 | - | €3.9m | €3.7m | €3.8m | €4.1m | ▲ 7.5% |
| Other amounts payable178/9 | - | €190,000 | €0 | - | - | - |
| Amounts payable within one year42/48 | €13,944 | €1.3m | €676,403 | €581,488 | €144,743 | ▼ 75.1% |
| Current portion of amounts payable after more than one year42 | - | €85,756 | €276,441 | €110,938 | €112,556 | ▲ 1.5% |
| Financial debts43 | - | €1.1m | €0 | - | - | - |
| Credit institutions430/8 | - | €1.1m | €0 | - | - | - |
| Trade debts44 | €12,719 | €1,868 | €5,982 | €2,970 | €16,762 | ▲ 464% |
| Suppliers440/4 | - | €1,868 | €5,982 | €2,970 | €16,762 | ▲ 464% |
| Taxes, remuneration and social security45 | - | €3,773 | €15,544 | €21,792 | €15,426 | ▼ 29.2% |
| Taxes450/3 | - | €773 | €4,323 | €9,737 | €3,143 | ▼ 67.7% |
| Remuneration and social security454/9 | - | €3,000 | €11,222 | €12,055 | €12,283 | ▲ 1.9% |
| Other amounts payable47/48 | - | €63,750 | €378,434 | €445,787 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €133,559 | €113,352 | €109,927 | €117,931 | ▲ 7.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77,823 | €7,427 | €342,589 | €96,202 | €74,866 | ▼ 22.2% |
| + Depreciation and write-downs630 | €17,620 | €11,321 | €1,066 | €12,876 | €23,099 | ▲ 79.4% |
| Operating cash flow (approximation) | €95,443 | €18,749 | €343,656 | €109,078 | €97,965 | ▼ 10.2% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€5,525 | -€109,711 | €0 | ▲ 100% |
| Change in cash | - | -€189,112 | -€28,396 | -€11,602 | -€8,911 | ▲ 23.2% |
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
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
22-01
State Gazette act
Merger · Accounting effect
Permanent representative
22-01
State Gazette act
Merger · Accounting effect
Permanent representative · No new shares
2025
31-12
Financial
Liquidity quadruplescurrent ratio 5.42
Current ratio from 1.43 to 5.42; short-term debt falls from €581,488 to €144,743.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
13-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €342,589 ▲4,512%
Operating result €455,596, net result €342,589, both a record.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
21-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Liquidity triplescurrent ratio 71.98
Current ratio from 21.66 to 71.98; short-term debt falls from €41,818 to €13,944.
17-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Back to profitnet €159,875
Net result €159,875 after one loss-making year.
Show earlier events
30-09
Financial
Liquidity times 12current ratio 21.66
Current ratio from 1.83 to 21.66; short-term debt falls from €366,849 to €41,818.
29-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet -€329,759
Net result drops to -€329,759, the lowest in the series; recovery starts the following year.
23-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
18-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Roeselare · 1 establishment unit since 2004
Ground area
9,205 m²
Building footprint
2,427 m²
Volume, LiDAR
18,599 m³
Parcel 36017A1287/00F000, Flanders · tallest building 14.5 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
PUPPIS
since 20042.139.215.135
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36017A1287/00F000 | Flanders | 9,205 m² | 1 · 2,427 m² | 14.4 m · 2 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
2 holdings · 2 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
20%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
DESPIEGELAERE INVEST 100%1 subsidiary
- FERNAND DE SPIEGELAERE 95.32%
According to the 2025 annual accounts of PUPPIS 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 117 EUR awarded · 117 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 117 EUR | 117 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 9,439 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
Founded14-07-2004
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0866337286
Also
9925:BE0866337286
Registered
26-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.