Pwiic
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 9 filings
Turnover
≈ €240,000
Estimated: probably between €130,000 and €460,000
Total assets
€86,714▼ 22.8%
2024 · €112,280
Net result
-€33,901▲ 11.5%
2024 · -€38,321
Working capital
€45,895▼ 29.2%
2024 · €64,852
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€33,148
▲ 12.2%
2025
20182025
Net result
-€33,901
▲ 11.5%
2025
lowest quarter of the sector
20182025
Equity
€58,986
▼ 36.5%
2025
middle half of the sector
20182025
Total assets
€86,714
▼ 22.8%
2025
middle half of the sector
20182025
Debt
€27,728
▲ 42.8%
2025
20182025
Working capital
€45,895
▼ 29.2%
2025
middle half of the sector
20182025
Solvency
68.0%
▼ 14.7pp
2025
middle half of the sector
20182025
Current ratio
2.66
▼ 1.68
2025
middle half of the sector
20182025
Return on assets (ROA)
-39.1%
▼ 5.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€24,831--€36,320▼ 46.3%-€80,032▼ 120%-€196,677▼ 146%-€26,939▲ 86.3%€35,567-€37,765-€33,148▲ 12.2%
Net result-€24,914--€36,594▼ 46.9%-€80,379below the sector's middle half▼ 120%-€194,578below the sector's middle half▼ 142%-€23,232below the sector's middle half▲ 88.1%€40,668above the sector's middle half-€38,321below the sector's middle half-€33,901below the sector's middle half▲ 11.5%
Equity€104,524-€68,104▼ 34.8%€207,675above the sector's middle half▲ 205%€113,422within the sector's middle half▼ 45.4%€90,340within the sector's middle half▼ 20.4%€131,058within the sector's middle half▲ 45.1%€92,862within the sector's middle half▼ 29.1%€58,986within the sector's middle half▼ 36.5%
Total assets€118,332-€106,990▼ 9.6%€279,491within the sector's middle half▲ 161%€192,026within the sector's middle half▼ 31.3%€113,486within the sector's middle half▼ 40.9%€144,881within the sector's middle half▲ 27.7%€112,280within the sector's middle half▼ 22.5%€86,714within the sector's middle half▼ 22.8%
Debt€13,808-€38,886▲ 182%€71,816▲ 84.7%€78,604▲ 9.5%€23,146▼ 70.6%€13,823▼ 40.3%€19,417▲ 40.5%€27,728▲ 42.8%
Working capital-€12,781--€34,427▼ 169%€119,985above the sector's middle half€40,651within the sector's middle half▼ 66.1%€32,489within the sector's middle half▼ 20.1%€88,128within the sector's middle half▲ 171%€64,852within the sector's middle half▼ 26.4%€45,895within the sector's middle half▼ 29.2%
Solvency88.3%-63.7%▼ 24.7pp74.3%above the sector's middle half▲ 10.6pp59.1%within the sector's middle half▼ 15.2pp79.6%above the sector's middle half▲ 20.5pp90.5%above the sector's middle half▲ 10.9pp82.7%above the sector's middle half▼ 7.8pp68.0%within the sector's middle half▼ 14.7pp
Current ratio0.07-0.11▲ 0.042.67within the sector's middle half▲ 2.561.52within the sector's middle half▼ 1.152.40within the sector's middle half▲ 0.897.38above the sector's middle half▲ 4.974.34above the sector's middle half▼ 3.042.66within the sector's middle half▼ 1.68
Return on assets (ROA)-21.1%--34.2%▼ 13.1pp-28.8%below the sector's middle half▲ 5.4pp-101.3%below the sector's middle half▼ 72.6pp-20.5%below the sector's middle half▲ 80.9pp28.1%above the sector's middle half▲ 48.5pp-34.1%below the sector's middle half▼ 62.2pp-39.1%below the sector's middle half▼ 5.0pp
Staff (FTE)0.2below the sector's middle half2.5▲ 13×1▼ 60.0%1=1=1=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €33,148, smaller than the loss of €37,765 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,714
Fixed assets
€13,090 ▼ 53.3%
Current assets
€73,623 ▼ 12.6%
Equity and liabilities €86,714
Equity
€58,986 ▼ 36.5%
Debt
€27,728 ▲ 42.8%
Debt's share of the balance-sheet total rises from 17.3% to 32.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€18,228▲
2024 · -€22,845
Cash flow
-€18,981▲
2024 · -€23,401
Debt to equity
0.47▲
2024 · 0.21
ROE
-57.5%▼
2024 · -41.3%
Interest coverage
-24.19▲
2024 · -40.69
Debt ≤ 1 year
€27,728▲
2024 · €19,417
Staff costs
€55,036▲
2024 · €53,735
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 1 | 1 | 1 | 1 |
| full-time | 1 | - | - | - | - |
| part-time | 2 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.2 | 0.6 | 0.6 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 2.5 | 0.7 | 0.6 | 0.8 | 0.8 |
| On a permanent contract | 3 | 1 | 1 | 1 | 1 |
| Joined | 3 | 0 | - | - | - |
| Left | 2 | 2 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €131,960 | €39,538 | €37,100 | €53,735 | €55,036 | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,053 | €15,053 | €15,053 | €14,920 | €14,920 | €14,920 | €14,920 | €14,920 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €206 | - | - | - |
| Other operating charges640/8 | - | - | - | €939 | €1,029 | €611 | €640 | €510 | ▼ 20.3% |
| Gross operating margin9900 | -€9,377 | -€20,865 | -€57,035 | -€48,859 | €28,548 | €88,403 | €31,530 | €37,318 | ▲ 18.4% |
| Operating profit (loss)9901 | -€24,831 | -€36,320 | -€80,032 | -€196,677 | -€26,939 | €35,567 | -€37,765 | -€33,148 | ▲ 12.2% |
| Financial income75/76B | - | - | - | €2,967 | €4,299 | €5,794 | €6 | - | - |
| Recurring financial income75 | - | €242 | €1,402 | €2,967 | €4,299 | €5,794 | €6 | - | - |
| Financial charges65/66B | - | - | - | €869 | €592 | €693 | €561 | €753 | ▲ 34.2% |
| Recurring financial charges65 | €86 | €516 | €1,749 | €869 | €592 | €693 | €561 | €753 | ▲ 34.2% |
| Profit (loss) for the period before taxes9903 | -€24,914 | -€36,594 | -€80,379 | -€194,578 | -€23,232 | €40,668 | -€38,321 | -€33,901 | ▲ 11.5% |
| Profit (loss) for the period9904 | -€24,914 | -€36,594 | -€80,379 | -€194,578 | -€23,232 | €40,668 | -€38,321 | -€33,901 | ▲ 11.5% |
| Profit (loss) for the period to be appropriated9905 | -€24,914 | -€36,594 | -€80,379 | -€194,578 | -€23,232 | €40,668 | -€38,321 | -€33,901 | ▲ 11.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €118,332 | €106,990 | €279,491 | €192,026 | €113,486 | €144,881 | €112,280 | €86,714 | ▼ 22.8% |
| Fixed assets21/28 | €117,305 | €102,532 | €87,690 | €72,770 | €57,850 | €42,930 | €28,010 | €13,090 | ▼ 53.3% |
| Intangible fixed assets21 | €116,873 | €101,953 | €87,033 | €72,113 | €57,193 | €42,273 | €27,353 | €12,433 | ▼ 54.5% |
| Tangible fixed assets22/27 | €267 | €133 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €165 | €445 | €657 | €657 | €657 | €657 | €657 | €657 | = |
| Current assets29/58 | €1,027 | €4,458 | €191,801 | €119,255 | €55,635 | €101,951 | €84,269 | €73,623 | ▼ 12.6% |
| Amounts receivable within one year40/41 | €621 | €339 | €17,080 | €20,099 | €20,049 | €33,474 | €21,044 | €37,760 | ▲ 79.4% |
| Trade receivables40 | - | - | - | €12,064 | €6,382 | €15,264 | €5,310 | €22,026 | ▲ 315% |
| Other amounts receivable41 | - | - | - | €8,034 | €13,667 | €18,210 | €15,734 | €15,734 | = |
| Cash at bank and in hand54/58 | €406 | €4,120 | €174,721 | €99,157 | €35,586 | €68,262 | €57,040 | €32,627 | ▼ 42.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €215 | €6,185 | €3,236 | ▼ 47.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €118,332 | €106,990 | €279,491 | €192,026 | €113,486 | €144,881 | €112,280 | €86,714 | ▼ 22.8% |
| Equity10/15 | €104,524 | €68,104 | €207,675 | €113,422 | €90,340 | €131,058 | €92,862 | €58,986 | ▼ 36.5% |
| Contributions10/11 | €153,725 | €153,900 | - | €474,175 | €474,325 | €474,375 | €474,500 | €474,525 | = |
| Profit (loss) carried forward14 | -€49,201 | -€85,796 | -€166,175 | -€360,753 | -€383,985 | -€343,317 | -€381,638 | -€415,539 | ▼ 8.9% |
| Amounts payable17/49 | €13,808 | €38,886 | €71,816 | €78,604 | €23,146 | €13,823 | €19,417 | €27,728 | ▲ 42.8% |
| Amounts payable within one year42/48 | €13,808 | €38,886 | €71,816 | €78,604 | €23,146 | €13,823 | €19,417 | €27,728 | ▲ 42.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,000 | €6,875 | - | - | - | - |
| Financial debts43 | - | - | - | €18 | - | €8 | €25 | - | - |
| Credit institutions430/8 | - | - | - | €18 | - | €8 | €25 | - | - |
| Trade debts44 | €358 | €1,130 | €4,601 | €15,374 | €4,387 | €4,709 | €6,168 | €9,836 | ▲ 59.5% |
| Suppliers440/4 | - | - | - | €15,374 | €4,387 | €4,709 | €6,168 | €9,836 | ▲ 59.5% |
| Taxes, remuneration and social security45 | - | - | - | €24,061 | €8,860 | €9,006 | €13,155 | €17,785 | ▲ 35.2% |
| Taxes450/3 | - | - | - | €1,002 | €3,462 | €3,600 | €6,012 | €6,345 | ▲ 5.5% |
| Remuneration and social security454/9 | - | - | - | €23,058 | €5,397 | €5,406 | €7,142 | €11,439 | ▲ 60.2% |
| Other amounts payable47/48 | - | - | - | €24,151 | €3,024 | €100 | €69 | €107 | ▲ 54.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,914 | -€36,594 | -€80,379 | -€194,578 | -€23,232 | €40,668 | -€38,321 | -€33,901 | ▲ 11.5% |
| + Depreciation and write-downs630 | €15,053 | €15,053 | €15,053 | €14,920 | €14,920 | €14,920 | €14,920 | €14,920 | = |
| Operating cash flow (approximation) | -€9,861 | -€21,541 | -€65,326 | -€179,658 | -€8,312 | €55,588 | -€23,401 | -€18,981 | ▲ 18.9% |
| Investment in fixed assets (approximation) | - | -€280 | -€212 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €3,714 | €170,602 | -€75,565 | -€63,571 | €32,675 | -€11,222 | -€24,412 | ▼ 118% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,591 companies had the same profile as Pwiic has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Pwiic itself is lower: 0.5% within 12 months. It rests on far more data about Pwiic than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,591 companies, not a prediction for Pwiic. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00255908 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00223010 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00158855 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00203574 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20353274 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-44100391 | |
| 31-12-2019 | micro format | 02-06-2020 | 2020-14200133 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-18600356 | |
| 31-12-2017 | micro format | 07-06-2018 | 2018-17300525 |