PACARBEL
ActiveSummary
PACARBEL has been active since 1930 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.67M and a net result of €-67k. Equity is shrinking by ~9.8% per year across the filed fiscal years. Its solvency ranks better than 61% of 74 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▼-38
Solvency82▼-5
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95k at 30 days acceptable
Liquidity ample (current ratio 2.3 against 2.59 in 2024; short-term debt: 41.9% and cash: 9.8% of total assets), and 42.5% of the assets are financed with debt.
Credit check 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Manufacture of paper and paper products (NACE 17)
about 49% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
57.5%
Return on assets
-2.3%
Age of the figures
9 mo
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 11-07-2026, 20 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
20 d early
2024
41 d early
2023
26 d early
2022
45 d early
2021
44 d early
2020
43 d early
2019
30 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-67k
2024 · €91k
2018: €128k
2019: €43k▼ -66.7% vs 2018
2021: €49k
2022: €91k▲ +87.0% vs 2021
2023: €398k▲ +338% vs 2022highest value
2024: €91k▼ -77.0% vs 2023
2025: €-67k▼ -173% vs 2024lowest value
2018 → 2025
Working capital
€1.58M▼ 16.3%
2024 · €1.88M
2018: €2.56Mhighest value
2019: €2.22M▼ -13.0% vs 2018
2021: €1.72M
2022: €1.73M▲ +0.8% vs 2021
2023: €1.94M▲ +11.9% vs 2022
2024: €1.88M▼ -2.8% vs 2023
2025: €1.58M▼ -16.3% vs 2024lowest value
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.70M-€1.74M▲ 2.2%€1.93M▲ 11.3%€1.94M▲ 0.1%€1.67M▼ 13.8%
2021: €1.70M
2022: €1.74M▲ +2.2% vs 2021
2023: €1.93M▲ +11.3% vs 2022
2024: €1.94M▲ +0.1% vs 2023highest in 5 years
2025: €1.67M▼ -13.8% vs 2024lowest in 5 years
Operating result€7k-€66k▲ 784%€571k▲ 763%€126k▼ 77.9%€-87k
2021: €7k
2022: €66k▲ +784% vs 2021
2023: €571k▲ +763% vs 2022highest in 5 years
2024: €126k▼ -77.9% vs 2023
2025: €-87k▼ -169% vs 2024lowest in 5 years
Net result€49k-€91k▲ 87.0%€398k▲ 338%€91k▼ 77.0%€-67k
2021: €49k
2022: €91k▲ +87.0% vs 2021
2023: €398k▲ +338% vs 2022highest in 5 years
2024: €91k▼ -77.0% vs 2023
2025: €-67k▼ -173% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €87k after €126k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.90M
Fixed assets
€112k ▲ 70.6%
Current assets
€2.79M ▼ 8.9%
Equity and liabilities €2.90M
Equity
€1.67M ▼ 13.8%
Debt
€1.23M ▲ 3.4%
Debt's share of the balance-sheet total rises from 38.1% to 42.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-63k▼
2024 · €143k
Cash flow
€-43k▼
2024 · €108k
Current ratio
2.30▼
2024 · 2.59
Quick ratio
0.99▼
2024 · 1.07
Debt to equity
0.74▲
2024 · 0.62
ROE
-4.0%▼
2024 · 4.7%
ROA
-2.3%▼
2024 · 2.9%
Interest coverage
-2.11▼
2024 · 3.74
Debt ≤ 1 year
€1.22M▲
2024 · €1.18M
Debt > 1 year
€19k▲
2024 · €13k
Income taxes
€380▼
2024 · €51k
Staff costs
€1.73M▼
2024 · €1.80M
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 · 2025 against 2024 · 65 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.13M€2.90M▼
Fixed assets21/28€66k€112k▲
Intangible fixed assets21€880€21k▲
Tangible fixed assets22/27€64k€90k▲
Plant, machinery and equipment23€37k€69k▲
Furniture and vehicles24€8k€6k▼
Other tangible fixed assets26€18k€14k▼
Financial fixed assets28€1k€1k=
Current assets29/58€3.06M€2.79M▼
Stocks and contracts in progress3€1.80M€1.59M▼
Stocks30/36€1.80M€1.59M▼
Amounts receivable within one year40/41€1.05M€903k▼
Trade receivables40€975k€828k▼
Other amounts receivable41€77k€76k▼
Cash at bank and in hand54/58€197k€284k▲
Deferred charges and accrued income490/1€20k€13k▼
Equity and liabilities
Total equity and liabilities10/49€3.13M€2.90M▼
Equity10/15€1.94M€1.67M▼
Contributions10/11€147k€147k=
Capital10€147k€147k=
Issued capital100€147k€147k=
Reserves13€1.79M€1.52M▼
Non-distributable reserves130/1€15k€15k=
Legal reserve130€15k€15k=
Tax-exempt reserves132€635k€635k=
Distributable reserves133€1.14M€872k▼
Profit (loss) carried forward14€370€435▲
Investment grants15€219-
Amounts payable17/49€1.19M€1.23M▲
Amounts payable after more than one year17€13k€19k▲
Financial debts170/4€13k€19k▲
Amounts payable within one year42/48€1.18M€1.22M▲
Current portion of amounts payable after more than one year42€139k€140k▲
Financial debts43€63k€40k▼
Credit institutions430/8€63k€40k▼
Trade debts44€524k€517k▼
Suppliers440/4€524k€517k▼
Taxes, remuneration and social security45€184k€193k▲
Taxes450/3€1k€2k▲
Remuneration and social security454/9€183k€192k▲
Other amounts payable47/48€270k€324k▲
Income statement
Code20242025
Remuneration, social security and pensions62€1.80M€1.73M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17k€24k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€4k€-64k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-4k-
Other operating charges640/8€9k€13k▲
Non-recurring operating charges66A€8k-
Gross operating margin9900€1.96M€1.62M▼
Operating profit (loss)9901€126k€-87k▼
Financial income75/76B€55k€50k▼
Recurring financial income75€55k€50k▼
Financial charges65/66B€38k€30k▼
Recurring financial charges65€38k€30k▼
Profit (loss) for the period before taxes9903€143k€-67k▼
Income taxes67/77€51k€380▼
Profit (loss) for the period9904€91k€-67k▼
Profit (loss) for the period to be appropriated9905€91k€-67k▼
Appropriation of the result
Profit (loss) to be appropriated9906€92k€-67k▼
Profit (loss) brought forward from the previous period14P€884€370▼
Transfer from equity791/2-€267k
Transfer to equity691/2€2k-
To other reserves6921€2k-
Profit to be distributed694/7€90k€200k▲
Return on contributions (dividend)694€90k€200k▲
Social balance
Average headcount (FTE)908733.633.4▼
The notes to these accounts (20 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3k | €1k | - | - | - |
| Remuneration, social security and pensions62 | €1.49M | €1.86M | €1.76M | €1.80M | €1.73M | ▼ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67k | €50k | €32k | €17k | €24k | ▲ 43.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €8k | €5k | €4k | €-64k | ▼ 1,888% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €34k | €-4k | - | - |
| Other operating charges640/8 | €19k | €11k | €27k | €9k | €13k | ▲ 42.8% |
| Non-recurring operating charges66A | €281 | - | - | €8k | - | - |
| Gross operating margin9900 | €1.59M | €2.00M | €2.43M | €1.96M | €1.62M | ▼ 17.5% |
| Operating profit (loss)9901 | €7k | €66k | €571k | €126k | €-87k | ▼ 169% |
| Financial income75/76B | €86k | €83k | €45k | €55k | €50k | ▼ 8.6% |
| Recurring financial income75 | €86k | €83k | €45k | €55k | €50k | ▼ 8.6% |
| Financial charges65/66B | €45k | €58k | €60k | €38k | €30k | ▼ 22.5% |
| Recurring financial charges65 | €45k | €58k | €60k | €38k | €30k | ▼ 22.5% |
| Profit (loss) for the period before taxes9903 | €49k | €92k | €556k | €143k | €-67k | ▼ 147% |
| Income taxes67/77 | €204 | €760 | €158k | €51k | €380 | ▼ 99.3% |
| Profit (loss) for the period9904 | €49k | €91k | €398k | €91k | €-67k | ▼ 173% |
| Profit (loss) for the period to be appropriated9905 | €49k | €91k | €398k | €91k | €-67k | ▼ 173% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.61M | €3.57M | €3.96M | €3.13M | €2.90M | ▼ 7.2% |
| Fixed assets21/28 | €100k | €49k | €52k | €66k | €112k | ▲ 70.6% |
| Intangible fixed assets21 | €37k | €19k | €3k | €880 | €21k | ▲ 2,321% |
| Tangible fixed assets22/27 | €60k | €29k | €49k | €64k | €90k | ▲ 40.8% |
| Plant, machinery and equipment23 | €59k | €29k | €48k | €37k | €69k | ▲ 86.2% |
| Furniture and vehicles24 | €2k | €839 | €447 | €8k | €6k | ▼ 23.1% |
| Other tangible fixed assets26 | - | - | - | €18k | €14k | ▼ 22.6% |
| Financial fixed assets28 | €3k | €273 | €473 | €1k | €1k | = |
| Current assets29/58 | €3.51M | €3.53M | €3.91M | €3.06M | €2.79M | ▼ 8.9% |
| Stocks and contracts in progress3 | €1.73M | €2.00M | €1.83M | €1.80M | €1.59M | ▼ 11.4% |
| Stocks30/36 | €1.73M | €2.00M | €1.83M | €1.80M | €1.59M | ▼ 11.4% |
| Amounts receivable within one year40/41 | €997k | €1.24M | €1.08M | €1.05M | €903k | ▼ 14.1% |
| Trade receivables40 | €898k | €1.15M | €974k | €975k | €828k | ▼ 15.1% |
| Other amounts receivable41 | €98k | €86k | €102k | €77k | €76k | ▼ 1.5% |
| Cash at bank and in hand54/58 | €769k | €229k | €998k | €197k | €284k | ▲ 44.3% |
| Deferred charges and accrued income490/1 | €15k | €64k | €8k | €20k | €13k | ▼ 33.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.61M | €3.57M | €3.96M | €3.13M | €2.90M | ▼ 7.2% |
| Equity10/15 | €1.70M | €1.74M | €1.93M | €1.94M | €1.67M | ▼ 13.8% |
| Contributions10/11 | €147k | €147k | €147k | €147k | €147k | = |
| Capital10 | €147k | €147k | €147k | €147k | €147k | = |
| Issued capital100 | €147k | €147k | €147k | €147k | €147k | = |
| Reserves13 | €1.55M | €1.59M | €1.79M | €1.79M | €1.52M | ▼ 14.9% |
| Non-distributable reserves130/1 | €15k | €15k | €15k | €15k | €15k | = |
| Legal reserve130 | €15k | €15k | €15k | €15k | €15k | = |
| Tax-exempt reserves132 | €635k | €635k | €635k | €635k | €635k | = |
| Distributable reserves133 | €899k | €939k | €1.14M | €1.14M | €872k | ▼ 23.4% |
| Profit (loss) carried forward14 | €39 | €958 | €884 | €370 | €435 | ▲ 17.4% |
| Investment grants15 | €5k | €2k | €526 | €219 | - | - |
| Provisions and deferred taxes16 | - | - | €34k | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | €34k | - | - | - |
| Other liabilities and charges164/5 | - | - | €34k | - | - | - |
| Amounts payable17/49 | €1.91M | €1.84M | €1.99M | €1.19M | €1.23M | ▲ 3.4% |
| Amounts payable after more than one year17 | €116k | €40k | €18k | €13k | €19k | ▲ 48.3% |
| Financial debts170/4 | €116k | €40k | €18k | €13k | €19k | ▲ 48.3% |
| Amounts payable within one year42/48 | €1.79M | €1.80M | €1.97M | €1.18M | €1.22M | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | €83k | €76k | €62k | €139k | €140k | ▲ 0.8% |
| Financial debts43 | €786k | €688k | €688k | €63k | €40k | ▼ 36.2% |
| Credit institutions430/8 | €786k | €688k | €688k | €63k | €40k | ▼ 36.2% |
| Trade debts44 | €571k | €713k | €693k | €524k | €517k | ▼ 1.4% |
| Suppliers440/4 | €571k | €713k | €693k | €524k | €517k | ▼ 1.4% |
| Taxes, remuneration and social security45 | €154k | €177k | €275k | €184k | €193k | ▲ 5.1% |
| Taxes450/3 | €6k | €965 | €138k | €1k | €2k | ▲ 27.9% |
| Remuneration and social security454/9 | €148k | €176k | €138k | €183k | €192k | ▲ 5.0% |
| Other amounts payable47/48 | €200k | €142k | €252k | €270k | €324k | ▲ 20.0% |
| Accrued charges and deferred income492/3 | - | €1k | €1k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49k | €91k | €398k | €91k | €-67k | ▼ 173% |
| + Depreciation and write-downs630 | €67k | €50k | €32k | €17k | €24k | ▲ 43.5% |
| Operating cash flow (approximation) | €116k | €141k | €430k | €108k | €-43k | ▼ 140% |
| Investment in fixed assets (approximation) | - | €1k | €-36k | €-31k | €-71k | ▼ 131% |
| Change in cash | - | €-541k | €769k | €-801k | €87k | ▲ 111% |
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
04-08
State Gazette act
Reappointments: CEPHICO (director) and SOPAM (director)Appointment: CEPHICO (managing director) · Permanent representatives: Philippe CLOSON and Cédric MAERTENS6 facts ▸
State Gazette act
Reappointments: CEPHICO (director) and SOPAM (director)
Appointment: CEPHICO (managing director) · Permanent representatives: Philippe CLOSON and Cédric MAERTENS6 facts ▸
- General meeting, 10/06/2026
- Director reappointment, CEPHICO (director)
- Director appointment, CEPHICO (managing director)
- Permanent representative, Philippe CLOSON
- Director reappointment, SOPAM (director)
- Permanent representative, Cédric MAERTENS
11-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-67k
Net result drops to €-67k, the lowest in the series.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €398k ▲338%
Operating result €571k, net result €398k, both a record.
16-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
14-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
CEPHICO
CurrentManaging director · since 04-08-2026 · Legal entity · perm. rep.: Philippe CLOSON
SOPAM
CurrentDirector · Legal entity · perm. rep.: Cédric MAERTENS
04-08-2026
CEPHICO: Appointed as Managing director
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Verviers · 1 establishment unit since 1930
Ground area
2.4 ha
Building footprint
3,730 m²
Parcel 63059A0333/00X000, Wallonia. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Avenue André Ernst 24, 4800 Verviers
since 19302.003.631.505
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63059A0333/00X000 | Wallonia | 2.4 ha | 1 · 3,730 m² | - |
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.
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Of 26 companies in sector 17220 we hold annual accounts for 17. 10 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
Founded03-05-1930
Fiscal year end31-12
Activities, NACEBEL 2025
17220Manufacture of paper and paper products
Contact
E-mail
pclo@pacarbel.be
Phone
087-32.13.13
Fax
087-31.65.40
Scores and ratios are computed by Checked and are not a credit decision.