Pushpapy
ActiveSummary
Pushpapy has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €17,926 and a net result of €68,322. Equity remains stable across the filed financial years (±0.3% per year). Its solvency ranks better than 33% of 1,110 sector peers (NACE 93, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €17,926
- Profit
- €68,322
Why 94raises riskEquity €17,926 (13.2% of total assets)lowers riskSector: Sports, amusement and recreation activities (NACE 93)Liquidity: current ratio 1.52, cash €44,988Size: total assets €135,738Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 93, micro): better than 36% on solvency, 61% on liquidity, 94% on profitability and 93% on growth.
The bankruptcy probability was computed on 27-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 3 days after the deadline; the sector median (NACE 93) for financial year 2024 is 1 day before the deadline, and 42% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2019 to 2025net €68,322 ▲1,032%
- Liquidity more than doubledcurrent ratio 1.52
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result has risen four years in a row; 2025 is 9.2 times 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 93, Sports, amusement and recreation activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 6,713 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95.8% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,713 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,419 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | €1,164 | €1,070 | €893 | €387 | €400 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | €100,000 | €0 | - | - | - | - |
| Gross operating margin9900 | €19,089 | €5,842 | €11,130 | €4,682 | €7,251 | €8,173 | €72,333 | ▲ 785% |
| Operating profit (loss)9901 | €15,661 | €2,954 | -€90,034 | €3,612 | €6,358 | €7,785 | €71,933 | ▲ 824% |
| Financial income75/76B | - | - | - | - | €2,475 | €1 | €0 | ▼ 100% |
| Recurring financial income75 | €374 | - | - | - | €2,475 | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €2,850 | €1,998 | €1,693 | €1,748 | €1,534 | ▼ 12.2% |
| Recurring financial charges65 | €945 | €1,684 | €2,850 | €1,998 | €1,693 | €1,748 | €1,534 | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | €15,090 | €1,271 | -€92,884 | €1,614 | €7,140 | €6,038 | €70,399 | ▲ 12× |
| Income taxes67/77 | €5,524 | €1,137 | -€313 | €545 | €372 | €0 | €2,077 | - |
| Profit (loss) for the period9904 | €9,567 | €133 | -€92,571 | €1,069 | €6,769 | €6,038 | €68,322 | ▲ 11× |
| Profit (loss) for the period to be appropriated9905 | €9,567 | €133 | -€92,571 | €1,069 | €6,769 | €6,038 | €68,322 | ▲ 11× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €135,898 | €133,655 | €38,398 | €42,663 | €46,801 | €65,491 | €135,738 | ▲ 107% |
| Fixed assets21/28 | €100,000 | €100,000 | €0 | - | - | - | - | - |
| Financial fixed assets28 | €100,000 | €100,000 | €0 | - | - | - | - | - |
| Current assets29/58 | €35,898 | €33,655 | €38,398 | €42,663 | €46,801 | €65,491 | €135,738 | ▲ 107% |
| Amounts receivable within one year40/41 | €17,152 | €1,763 | €24,750 | €30,250 | €24,200 | €33,857 | €90,750 | ▲ 168% |
| Trade receivables40 | - | - | €24,750 | €30,250 | €24,200 | €33,857 | €90,750 | ▲ 168% |
| Cash at bank and in hand54/58 | €16,540 | €28,710 | €12,559 | €8,925 | €22,601 | €31,633 | €44,988 | ▲ 42.2% |
| Deferred charges and accrued income490/1 | - | - | €1,089 | €3,488 | €0 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €135,898 | €133,655 | €38,398 | €42,663 | €46,801 | €65,491 | €135,738 | ▲ 107% |
| Equity10/15 | €28,167 | €28,300 | -€64,271 | -€63,203 | -€56,434 | -€50,396 | €17,926 | - |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €7,707 | €7,840 | -€84,731 | -€83,663 | -€76,894 | -€70,856 | -€2,534 | ▲ 96.4% |
| Amounts payable17/49 | €107,731 | €105,355 | €102,670 | €105,866 | €103,235 | €115,886 | €117,811 | ▲ 1.7% |
| Amounts payable after more than one year17 | €18,600 | €28,167 | €28,300 | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Financial debts170/4 | - | - | €28,300 | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Amounts payable within one year42/48 | €88,916 | €75,831 | €71,761 | €82,069 | €77,888 | €88,899 | €89,375 | ▲ 0.5% |
| Trade debts44 | €8,198 | €1,555 | €639 | €2,959 | €714 | €8,842 | €868 | ▼ 90.2% |
| Suppliers440/4 | - | - | €639 | €2,959 | €714 | €8,842 | €868 | ▼ 90.2% |
| Taxes, remuneration and social security45 | - | - | €6,115 | €7,586 | €5,324 | €5,294 | €13,395 | ▲ 153% |
| Taxes450/3 | - | - | €6,115 | €7,586 | €5,324 | €5,294 | €13,395 | ▲ 153% |
| Other amounts payable47/48 | - | - | €65,007 | €71,524 | €71,850 | €74,762 | €75,113 | ▲ 0.5% |
| Accrued charges and deferred income492/3 | - | - | €2,609 | €3,336 | €4,887 | €6,528 | €7,976 | ▲ 22.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,567 | €133 | -€92,571 | €1,069 | €6,769 | €6,038 | €68,322 | ▲ 11× |
| + Depreciation and write-downs630 | €2,419 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €11,986 | €133 | -€92,571 | €1,069 | €6,769 | €6,038 | €68,322 | ▲ 11× |
| Investment in fixed assets (approximation) | - | €0 | €100,000 | - | - | - | - | - |
| Change in cash | - | €12,170 | -€16,151 | -€3,634 | €13,676 | €9,032 | €13,354 | ▲ 47.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00372632 |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00352695 |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00326708 |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00304632 |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20424917 |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-40900203 |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-36600523 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MARTIN Maxime Ariane Pascal |
|
Owners and capital
Capital and shareholders
- MARTIN Maxime Ariane Pascal all shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 16-09-2024 Capital stated in the deed · 100 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
16-09
Gazette deed
Resignation: MARTIN Maxime Ariane Pascal (manager)Appointment: MARTIN Maxime Ariane Pascal (director) · Shareholding · Amendment of the articles13 facts ▸
- General meeting, 26-08-2024
- Other provision, “bureau, geen” (deed in Dutch)
- Shareholding, 100
- Director in office, MARTIN Maxime Ariane Pascal (director)
- Other provision, “agenda” (deed in Dutch)
- Other provision, “geldigheid van de algemene vergadering” (deed in Dutch)
- Amendment of the articles (3 times)
- Capital conversion
- Capital
- Director resignation, MARTIN Maxime Ariane Pascal (manager)
- Director appointment, MARTIN Maxime Ariane Pascal (director (not named in the articles))
- Other provision, “zaakvoerder”, director discharge (deed in Dutch)
- +1 further fact in this act
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24302F0034/00E002 | Flanders | 1,154 m² | 1 · 208 m² | 8.0 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Alle verrichtingen en activiteiten, met inbegrip van alle diensten en prestaties met betrekking tot het domein van de sport en in het…” (deed in Dutch)
14 activities (deed in Dutch)
- Alle verrichtingen en activiteiten, met inbegrip van alle diensten en prestaties met betrekking tot het domein van de sport en in het bijzonder de mechanische sporten;
- Het geven van advies omtrent de begeleiding van autorace teams en autoracepiloten, zowel op financieel, sportief, mechanisch, medisch als organisatorisch gebied;
- Management en begeleiding van autorace teams en autoracepiloten in het bijzonder, in elke categorie op zowel provinciaal, regionaal, nationaal als internationaal niveau;
- De uitoefening van de functie van teammanager, opleider en/of begeleider van autorace teams;
- Het actief werven van sponsors en investeerders voor autorace teams;
- Het verzorgen van professionele contacten met de organisatoren van autoraces, het verstrekken van advies en het verlenen van praktische bijstand omtrent de public relations van het autorace team, met inbegrip van het verzorgen van de contacten met de pers en de diverse communicatiemedia;
- De aankoop, verkoop, herstelling en onderhoud van alle voertuigen;
- Alle activiteiten met betrekking tot de promotie en publiciteit van de autosport;
- Het organiseren van evenementen in alle domeinen;
- Het verlenen van diensten in de meest ruime zin van het woord aan bedrijven en ondernemingen van alle aard, onder meer op het vlak van de administratie, consulting, het management, de bedrijfsorganisatie en de informatica;
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen; alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten, zoals de aan- en verkoop, de bouw, de verbouwing, de binnenhuisinrichting en decoratie, de huur en verhuur, de onroerende leasing, de ruil, de verkaveling, en in het algemeen alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het beheer of het productief maken van onroerende goederen of onroerende zakelijke rechten;
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een roerend vermogen; alle verrichtingen met betrekking tot roerende goederen en rechten, van welke aard ook, zoals de aan- en verkoop, de huur en verhuur, de ruil; in het bijzonder het beheer en de valorisatie van alle verhandelbare waardepapieren, aandelen, obligaties, staatsfondsen;
- Het verwerven en aanhouden van participaties, in eender welke vorm, in alle bestaande of op te richten vennootschappen of ondernemingen, het stimuleren, de planning en de coördinatie van de ontwikkeling van de vennootschappen en ondernemingen, waarin ze een participatie aanhoudt; het deelnemen aan hun beheer, bestuur, vereffening en toezicht alsmede het verlenen van technische, administratieve en financiële bijstand aan deze vennootschappen en ondernemingen. Zij mag bij wijze van inbreng in speciën of in natura, van fusie, inschrijving, deelneming, financiële tussenkomst of op een andere wijze, een aandeel nemen in alle bestaande of op te richten vennootschappen of bedrijven, in België of het buitenland, waarvan het maatschappelijk doel identiek, gelijkaardig of verwant is met het hare, of van aard is de uitoefening van haar maatschappelijk doel te bevorderen.
- De vennootschap kan zelf of als tussenpersoon alle hulpmiddelen verschaffen, bestuurdersfuncties waarnemen of laten waarnemen en diensten verlenen die direct of indirect verband houden met de voorgaande.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- PUSHPAPY
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Het Vlaamse Gewest, bij enkel besluit van het bestuursorgaan exploitatiezetels oprichten of opheffen wanneer en waar zij het nodig acht…” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “1, één of meer bestuurders” (deed in Dutch)“Vergoeding van de bestuurders, kosteloos” (deed in Dutch)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITRE V. ALGEMENE VERGADERING Artikel 14. Organisatie en bijeenroeping Ieder jaar wordt een gewone algemene vergadering van aandeelhouders…” (deed in Dutch)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Kan op elk moment worden ontbonden door beslissing van de algemene vergadering beslissende in de vormen vereist voor de statutenwijziging” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Bestuurder(s) in functie aangewezen als vereffenaar(s) indien geen andere vereffenaar zou zijn benoemd, recht om één of meerdere…” (deed in Dutch)