PV CYCLE
ActiveSummary
PV CYCLE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €9.61M and a net result of €1.02M. Equity is growing by ~13.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 272 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2024
95
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability81▼-7
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €900k at 30 days acceptable
Liquidity ample (current ratio 11.72 against 8.04 in 2023; short-term debt: 8.3% and cash: 40.1% of total assets), and 10% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
90%
Return on assets
9.6%
Age of the figures
21 mo
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
Sector 38
higher
← fewer bankruptcies
more bankruptcies →
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 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
33 d early
2022
6 d early
2021
32 d early
2020
37 d early
2019
31 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.02M▼ 32.9%
2023 · €1.53M
2018: €634k
2019: €531k
2020: €248k
2021: €297k
2022: €1.48M
2023: €1.53M
2018 → 2024
Working capital
€9.53M▲ 13.9%
2023 · €8.37M
2018: €4.45M
2019: €5.01M
2020: €4.95M
2021: €5.12M
2022: €6.69M
2023: €8.37M
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€5.29M-€5.58M▲ 5.6%€7.06M▲ 26.4%€8.58M▲ 21.6%€9.61M▲ 11.9%
Operating result€279k-€714k▲ 156%€1.67M▲ 134%€1.30M▼ 22.3%€847k▼ 34.6%
Net result€248k-€297k▲ 19.9%€1.48M▲ 397%€1.53M▲ 3.4%€1.02M▼ 32.9%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 35% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €10.67M
Fixed assets
€250k ▼ 27.0%
Current assets
€10.42M ▲ 9.0%
Equity and liabilities €10.67M
Equity
€9.61M ▲ 11.9%
Debt
€1.07M ▼ 19.2%
Debt's share of the balance-sheet total falls from 13.3% to 10.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€991k▼
2023 · €1.43M
Cash flow
€1.17M▼
2023 · €1.66M
Current ratio
11.72▲
2023 · 8.04
Debt to equity
0.11▼
2023 · 0.15
ROE
10.7%▼
2023 · 17.8%
ROA
9.6%▼
2023 · 15.4%
Interest coverage
23.99▲
2023 · 17.56
Debt ≤ 1 year
€890k▼
2023 · €1.19M
Staff costs
€490k▼
2023 · €498k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 44 lines
Balance sheet
Code20232024
Assets
Total assets20/58€9.90M€10.67M▲
Fixed assets21/28€343k€250k▼
Intangible fixed assets21€241k€105k▼
Tangible fixed assets22/27€964€44k▲
Furniture and vehicles24€964€44k▲
Financial fixed assets28€100k€101k▲
Current assets29/58€9.56M€10.42M▲
Amounts receivable after more than one year29-€495k
Other amounts receivable291-€495k
Amounts receivable within one year40/41€2.87M€2.58M▼
Trade receivables40€2.85M€2.56M▼
Other amounts receivable41€28k€23k▼
Current investments50/53€1.96M€3.05M▲
Cash at bank and in hand54/58€4.70M€4.28M▼
Deferred charges and accrued income490/1€23k€20k▼
Equity and liabilities
Total equity and liabilities10/49€9.90M€10.67M▲
Equity10/15€8.58M€9.61M▲
Reserves13€7.06M€8.58M▲
Profit (loss) carried forward14€1.53M€1.02M▼
Amounts payable17/49€1.32M€1.07M▼
Amounts payable within one year42/48€1.19M€890k▼
Trade debts44€1.07M€805k▼
Suppliers440/4€1.07M€805k▼
Taxes, remuneration and social security45€102k€62k▼
Taxes450/3€43k€16k▼
Remuneration and social security454/9€59k€46k▼
Accrued charges and deferred income492/3€128k€175k▲
Income statement
Code20232024
Remuneration, social security and pensions62€498k€490k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€137k€144k▲
Other operating charges640/8€161k€206k▲
Gross operating margin9900€2.09M€1.69M▼
Operating profit (loss)9901€1.30M€847k▼
Financial income75/76B€313k€219k▼
Recurring financial income75€136k€199k▲
Non-recurring financial income76B€177k€20k▼
Financial charges65/66B€82k€41k▼
Recurring financial charges65€82k€41k▼
Profit (loss) for the period before taxes9903€1.53M€1.02M▼
Profit (loss) for the period9904€1.53M€1.02M▼
Profit (loss) for the period to be appropriated9905€1.53M€1.02M▼
Appropriation of the result
Profit (loss) to be appropriated9906€3.00M€2.55M▼
Profit (loss) brought forward from the previous period14P€1.48M€1.53M▲
To contributions691€1.48M€1.53M▲
Social balance
Average headcount (FTE)90875.54.9▼
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
11-08
State Gazette act
Appointment: CVBA Baker Tilly Belgium Bedrijfsrevisoren (statutory auditor)2 facts ▸
State Gazette act
Appointment: CVBA Baker Tilly Belgium Bedrijfsrevisoren (statutory auditor)
2 facts ▸
- General meeting, 19/06/2026
- Auditor appointment, CVBA Baker Tilly Belgium Bedrijfsrevisoren
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €1.53M ▲3.4%
Net result €1.53M, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 8.04
Current ratio from 3.71 to 8.04; short-term debt falls from €2.47M to €1.19M.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €248k ▼53.4%
Net result drops to €248k, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €5MEq €5.04M ▲11.8%
2 profitable years in a row build equity to €5.04M.
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Show earlier events
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
29-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Sint-Lambrechts-Woluwe · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Brand Whitlocklaan 1141200 Sint-Lambrechts-WoluweGround area
891 m²
Building footprint
543 m²
Volume, LiDAR
11,117 m³
Parcel 21673D0145/00G006, Brussels · tallest building 29.4 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
PV CYCLE ivzw / aisbl
since 20082.171.568.593
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21673D0145/00G006 | Brussels | 891 m² | 1 · 543 m² | 29.4 m · 8 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Baker Tilly Belgium Bedrijfsrevisoren CVBACurrent Auditor · represented by Stijn De Coen | 11-08-2026 → present |
Public money · subsidies and aid
European research
2 projects · 311,750 EUR EU contributionProgrammes
Horizon 2020
Seventh Framework Programme
Projects
Circular business models for the solar power industry
Cradle to cradle sustainable pv modules
Recognitions · licences · registrations
Legal Entity Identifier
875500ZJ6FMX8P9EQZ75
Similar companies · same sector, comparable size
GIELEN RECYCLAGE
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MOBIREC
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S'JONGERS OUDE METALEN
BE 0425.641.047
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LAVANO
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Of 977 companies in sector 38210 we hold annual accounts for 585. 269 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formInt'l non-profit association
Founded24-10-2007
Fiscal year end31-12
Activities, NACEBEL 2025
38210Materials recovery from waste
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesWebsite:www.pvcycle.org
Phone:028807250