Pyck Wouter
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-05-2026 PDF all 26 filings
Turnover
≈ €1.4m
Estimated: probably between €880,000 and €1.9m
Total assets
€1.1m▲ 11.6%
2024 · €976,911
Net result
€129,447▼ 54.8%
2024 · €286,249
Working capital
€390,744▼ 5.8%
2024 · €414,622
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€190,718
▼ 40.8%
2025
20182025
Net result
€129,447
▼ 54.8%
2025
highest quarter of the sector
20182025
Equity
€702,447
▲ 15.5%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▲ 11.6%
2025
middle half of the sector
20182025
Debt
€341,839
▲ 6.7%
2025
20182025
Working capital
€390,744
▼ 5.8%
2025
middle half of the sector
20182025
Solvency
64.4%
▲ 2.2pp
2025
middle half of the sector
20182025
Current ratio
4.27
▼ 1.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.9%
▼ 17.4pp
2025
middle half of the sector
20182025
Staff (FTE)
3.9
▼ 27.8%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.05m▼ 33.9%€0.03m▼ 29.1%€0.05m▲ 35.3%€0.03m▼ 26.3%€0.06m▲ 72.6%€0.3m▲ 442%€0.2m▼ 40.8%
Net result€0.06m-€0.04m▼ 41.4%€0.02mwithin the sector's middle half▼ 30.2%€0.03mwithin the sector's middle half▲ 39.0%€0.02mwithin the sector's middle half▼ 33.1%€0.04mwithin the sector's middle half▲ 59.4%€0.3mabove the sector's middle half▲ 691%€0.1mabove the sector's middle half▼ 54.8%
Equity€0.4m-€0.4m▲ 9.9%€0.4mwithin the sector's middle half▲ 6.3%€0.4mwithin the sector's middle half▼ 10.7%€0.3mwithin the sector's middle half▼ 6.5%€0.4mwithin the sector's middle half▲ 8.3%€0.6mwithin the sector's middle half▲ 62.4%€0.7mabove the sector's middle half▲ 15.5%
Total assets€0.4m-€0.4m▲ 2.0%€0.5mwithin the sector's middle half▲ 9.5%€0.4mbelow the sector's middle half▼ 12.7%€0.7mwithin the sector's middle half▲ 74.2%€0.7mwithin the sector's middle half▼ 2.2%€1.0mwithin the sector's middle half▲ 44.2%€1.1mwithin the sector's middle half▲ 11.6%
Debt€0.05m-€0.03m▼ 50.1%€0.04m▲ 56.8%€0.03m▼ 32.9%€0.3m▲ 12×€0.3m▼ 12.6%€0.3m▲ 5.7%€0.3m▲ 6.7%
Working capital€0.2m-€0.2m▲ 34.7%€0.3mwithin the sector's middle half▲ 20.6%€0.3mwithin the sector's middle half▼ 9.7%€0.2mwithin the sector's middle half▼ 39.5%€0.1mwithin the sector's middle half▼ 19.3%€0.4mwithin the sector's middle half▲ 215%€0.4mwithin the sector's middle half▼ 5.8%
Solvency86.9%-93.6%▲ 6.7pp90.9%above the sector's middle half▼ 2.8pp93.0%above the sector's middle half▲ 2.1pp49.9%within the sector's middle half▼ 43.1pp55.3%within the sector's middle half▲ 5.4pp62.2%within the sector's middle half▲ 7.0pp64.4%within the sector's middle half▲ 2.2pp
Current ratio4.63-10.33▲ 5.708.17above the sector's middle half▼ 2.1511.40above the sector's middle half▲ 3.222.49within the sector's middle half▼ 8.902.79within the sector's middle half▲ 0.305.78above the sector's middle half▲ 2.994.27above the sector's middle half▼ 1.50
Return on assets (ROA)14.7%-8.4%▼ 6.3pp5.4%within the sector's middle half▼ 3.1pp8.5%within the sector's middle half▲ 3.2pp3.3%within the sector's middle half▼ 5.3pp5.3%within the sector's middle half▲ 2.1pp29.3%above the sector's middle half▲ 24.0pp11.9%within the sector's middle half▼ 17.4pp
Staff (FTE)8.2-6.7▼ 18.3%7.6within the sector's middle half▲ 13.4%7.1within the sector's middle half▼ 6.6%6.9within the sector's middle half▼ 2.8%6within the sector's middle half▼ 13.0%5.4within the sector's middle half▼ 10.0%3.9within the sector's middle half▼ 27.8%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 41% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.1m
Fixed assets
€580,577 ▲ 22.1%
Current assets
€510,090 ▲ 1.7%
Equity and liabilities €1.1m
Equity
€702,447 ▲ 15.5%
Provisions
€46,380 ▼ 4.1%
Debt
€341,839 ▲ 6.7%
Debt's share of the balance-sheet total falls from 32.8% to 31.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€252,804▼
2024 · €364,531
Cash flow
€191,533▼
2024 · €328,400
Quick ratio
3.97▼
2024 · 5.17
Debt to equity
0.49▼
2024 · 0.53
ROE
18.4%▼
2024 · 47.1%
Interest coverage
31.92▼
2024 · 47.17
Debt ≤ 1 year
€119,345▲
2024 · €86,782
Debt > 1 year
€222,494▼
2024 · €233,740
Income taxes
€59,284▲
2024 · €40,931
Staff costs
€202,233▼
2024 · €292,944
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 | 8 | 8 | 6 | 7 | 3 |
| full-time | 6 | 6 | 4 | 4 | 2 |
| part-time | 2 | 2 | 2 | 3 | 1 |
| in full-time equivalents | 7 | 7 | 5 | 5.8 | 2.2 |
| Average over the year, in full-time equivalents | 7.1 | 6.9 | 5 | 5.4 | 3.9 |
| On a permanent contract | 7 | 5 | 4 | 6 | 2 |
| Joined | 2 | 2 | 0 | 2 | 1 |
| Left | 2 | 2 | 2 | 1 | 5 |
| Training hours | 64 | 76 | 72 | 76 | 15 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €260,000 |
| Mortgages, amount registered | - | - | - | - | €260,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €372,763 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,449 | €344,899 | €91,178 | €114,183 | €167,106 |
| Financial fixed assets | - | - | - | - | €50 |
| Depreciation and write-downs of the year | €30,488 | €26,830 | €35,590 | €42,151 | €62,086 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €11,584 awarded · €11,316 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1,301 | €1,268 |
| 2024 | 1 | €1,250 | €1,015 |
| 2023 | 2 | €1,844 | €2,161 |
| 2022 | 3 | €7,189 | €6,872 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €400 | €12,500 | €400 | €246,017 | €1,200 | ▼ 99.5% |
| Remuneration, social security and pensions62 | - | - | - | €318,120 | €288,993 | €269,862 | €292,944 | €202,233 | ▼ 31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,851 | €50,643 | €43,751 | €30,488 | €26,830 | €35,590 | €42,151 | €62,086 | ▲ 47.3% |
| Other operating charges640/8 | - | - | - | €5,004 | €7,247 | €6,610 | €12,377 | €4,424 | ▼ 64.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,478 | - | - | - |
| Gross operating margin9900 | €504,289 | €395,611 | €350,302 | €400,337 | €357,526 | €373,024 | €669,852 | €459,462 | ▼ 31.4% |
| Operating profit (loss)9901 | €73,670 | €48,725 | €34,544 | €46,724 | €34,456 | €59,484 | €322,380 | €190,718 | ▼ 40.8% |
| Financial income75/76B | - | - | - | €41 | €377 | €407 | €8,307 | €3,934 | ▼ 52.6% |
| Recurring financial income75 | €466 | €964 | €214 | €41 | €377 | €407 | €8,307 | €3,934 | ▼ 52.6% |
| Financial charges65/66B | - | - | - | €436 | €1,817 | €6,907 | €7,728 | €7,919 | ▲ 2.5% |
| Recurring financial charges65 | €277 | €311 | €270 | €436 | €1,817 | €6,907 | €7,728 | €7,919 | ▲ 2.5% |
| Profit (loss) for the period before taxes9903 | €73,858 | €49,377 | €34,487 | €46,330 | €33,017 | €52,985 | €322,959 | €186,733 | ▼ 42.2% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €4,221 | €1,997 | ▼ 52.7% |
| Income taxes67/77 | €14,070 | €14,366 | €10,054 | €12,364 | €10,305 | €16,783 | €40,931 | €59,284 | ▲ 44.8% |
| Profit (loss) for the period9904 | €59,789 | €35,011 | €24,434 | €33,966 | €22,712 | €36,202 | €286,249 | €129,447 | ▼ 54.8% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €12,664 | €5,992 | ▼ 52.7% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €210,396 | - | - |
| Profit (loss) for the period to be appropriated9905 | €59,789 | €35,011 | €24,434 | €33,966 | €22,712 | €36,202 | €88,517 | €135,439 | ▲ 53.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.5m | €0.4m | €0.7m | €0.7m | €1.0m | €1.1m | ▲ 11.6% |
| Fixed assets21/28 | €0.2m | €0.1m | €0.1m | €0.1m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 22.1% |
| Intangible fixed assets21 | €0.003m | €0.002m | €0.001m | €0.001m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.1m | €0.1m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 22.1% |
| Land and buildings22 | - | - | - | €0.08m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 11.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.03m | €0.08m | €0.07m | ▼ 14.0% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.007m | €0.02m | €0.05m | €0.1m | ▲ 136% |
| Leasing and similar rights25 | - | - | - | €0.006m | €0.005m | €0.004m | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | €0.004m | €0.01m | €0.02m | ▲ 40.8% |
| Financial fixed assets28 | €270 | €270 | €270 | €270 | €270 | €270 | €270 | €320 | ▲ 18.5% |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.5m | €0.5m | ▲ 1.7% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.03m | €0.05m | €0.09m | €0.07m | €0.05m | €0.04m | ▼ 30.9% |
| Stocks30/36 | - | - | - | €0.04m | €0.09m | €0.07m | €0.05m | €0.04m | ▼ 30.9% |
| Contracts in progress37 | - | - | - | €0.007m | €0.002m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.07m | €0.09m | €0.1m | €0.05m | €0.02m | €0.06m | €0.07m | €0.04m | ▼ 39.0% |
| Trade receivables40 | - | - | - | €0.03m | €0.004m | €0.05m | €0.05m | €0.03m | ▼ 43.8% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.02m | €0.006m | €0.02m | €0.01m | ▼ 26.7% |
| Current investments50/53 | - | - | - | - | - | - | €0.3m | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.08m | €0.09m | €0.4m | ▲ 358% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.002m | €0.002m | €0.009m | €0.005m | ▼ 44.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.5m | €0.4m | €0.7m | €0.7m | €1.0m | €1.1m | ▲ 11.6% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 15.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 16.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.1m | €0.1m | ▼ 4.1% |
| Distributable reserves133 | - | - | - | €0.4m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 22.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.05m | €0.05m | ▼ 4.1% |
| Deferred taxes168 | - | - | - | - | - | - | €0.05m | €0.05m | ▼ 4.1% |
| Amounts payable17/49 | €0.05m | €0.03m | €0.04m | €0.03m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 6.7% |
| Amounts payable after more than one year17 | €0.002m | - | - | €0.002m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.8% |
| Financial debts170/4 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.0% |
| Other amounts payable178/9 | - | - | - | €0.002m | €0.003m | €0.01m | €0.02m | €0.02m | ▼ 2.7% |
| Amounts payable within one year42/48 | €0.05m | €0.03m | €0.04m | €0.03m | €0.1m | €0.07m | €0.09m | €0.1m | ▲ 37.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.02m | €0.03m | €0.04m | €0.06m | ▲ 42.2% |
| Trade debts44 | €0.04m | €0.02m | €0.008m | €0.02m | €0.08m | €0.04m | €0.03m | €0.03m | ▼ 2.8% |
| Suppliers440/4 | - | - | - | €0.02m | €0.08m | €0.04m | €0.03m | €0.03m | ▼ 2.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.002m | €0.01m | €0.03m | ▲ 142% |
| Taxes450/3 | - | - | - | - | - | €71 | €0.01m | €0.02m | ▲ 103% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.008m | ▲ 332% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €59,789 | €35,011 | €24,434 | €33,966 | €22,712 | €36,202 | €286,249 | €129,447 | ▼ 54.8% |
| + Depreciation and write-downs630 | €56,851 | €50,643 | €43,751 | €30,488 | €26,830 | €35,590 | €42,151 | €62,086 | ▲ 47.3% |
| Operating cash flow (approximation) | €116,639 | €85,655 | €68,185 | €64,455 | €49,542 | €71,793 | €328,400 | €191,533 | ▼ 41.7% |
| Investment in fixed assets (approximation) | - | -€19,191 | -€17,054 | -€17,449 | -€344,899 | -€87,700 | -€45,650 | -€167,156 | ▼ 266% |
| Change in cash | - | €5,466 | €31,875 | €11,904 | -€36,978 | -€78,558 | €13,248 | €334,760 | ▲ 25× |
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, 31,368 companies had the same profile as Pyck Wouter has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pyck Wouter itself: < 0.1% within 12 months.
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 31,368 companies, not a prediction for Pyck Wouter. 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.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-05-2026 | 2026-00128032 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00138051 | |
| 31-12-2023 | abbreviated format | 04-06-2024 | 2024-00113832 | |
| 31-12-2022 | abbreviated format | 26-05-2023 | 2023-00096497 | |
| 31-12-2021 | abbreviated format | 08-06-2022 | 2022-20054367 | |
| 31-12-2020 | abbreviated format | 09-06-2021 | 2021-18900508 | |
| 31-12-2019 | abbreviated format | 06-07-2020 | 2020-27200372 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-23300161 | |
| 31-12-2017 | abbreviated format | 04-06-2018 | 2018-15900341 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-18400525 |