PAGS
ActiveSummary
The computed 12-month bankruptcy probability of PAGS is 1.7% (moderate). The 2025 annual accounts show negative equity (€-204k) and a net result of €-216k. Equity is shrinking by ~97.3% per year across the filed fiscal years. Its solvency ranks better than 9% of 480 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
34
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency0▼-28
Growth32▼-20
Track record94
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.82 against 2.15 in 2024; short-term debt: 15.3% and cash: 25.6% of total assets), but equity is negative.
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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 63
Relative position
BE, all sectors
reference
Sector 63
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-44.1%
Return on assets
-46.8%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year €-204k
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 08-07-2026, 23 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
23 d early
2024
12 d late
2023
29 d late
2022
29 d late
2021
24 d late
← 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-216k▼ 15.1%
2024 · €-188k
2021: €-62k
2022: €-196k
2023: €-162k
2024: €-188k
2021 → 2025
Working capital
€58k▼ 2.5%
2024 · €60k
2021: €15k
2022: €670k
2023: €-7k
2024: €60k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-12k-€763k€200k▼ 73.7%€12k▼ 93.8%€-204k
Operating result€-61k-€-191k▼ 212%€-162k▲ 15.3%€-172k▼ 6.4%€-190k▼ 10.3%
Net result€-62k-€-196k▼ 218%€-162k▲ 17.1%€-188k▼ 15.9%€-216k▼ 15.1%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €190k in 2025 against €172k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €448k
Fixed assets
€319k ▲ 7.6%
Current assets
€129k ▲ 15.9%
Key figures and ratios
EBITDA
€-92k▲
2024 · €-100k
Cash flow
€-118k▼
2024 · €-116k
Solvency
-44.1%▼
2024 · 2.9%
Current ratio
1.82▼
2024 · 2.15
Debt to equity
-3.27▼
2024 · 33.54
ROA
-46.8%▼
2024 · -43.6%
Interest coverage
-3.33▲
2024 · -6.36
Debt
€666k▲
2024 · €418k
Debt ≤ 1 year
€71k▲
2024 · €52k
Debt > 1 year
€518k▲
2024 · €336k
Income taxes
€-172▼
2024 · €28
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 · 36 lines
Balance sheet
Code20242025
Assets
Total assets20/58€431k€462k▲
Formation expenses20€23k€14k▼
Fixed assets21/28€297k€319k▲
Intangible fixed assets21€297k€319k▲
Current assets29/58€111k€129k▲
Amounts receivable within one year40/41€3k€10k▲
Trade receivables40€630€8k▲
Other amounts receivable41€2k€2k▲
Cash at bank and in hand54/58€109k€118k▲
Equity and liabilities
Total equity and liabilities10/49€431k€462k▲
Equity10/15€12k€-204k▼
Contributions10/11€620k€620k=
Profit (loss) carried forward14€-607k€-824k▼
Amounts payable17/49€418k€666k▲
Amounts payable after more than one year17€336k€518k▲
Financial debts170/4€336k€518k▲
Amounts payable within one year42/48€52k€71k▲
Current portion of amounts payable after more than one year42€29k€44k▲
Trade debts44€20k€24k▲
Suppliers440/4€20k€24k▲
Other amounts payable47/48€2k€2k=
Accrued charges and deferred income492/3€31k€78k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€72k€98k▲
Other operating charges640/8€968€652▼
Gross operating margin9900€-99k€-91k▲
Operating profit (loss)9901€-172k€-190k▼
Financial income75/76B€117€1k▲
Recurring financial income75€117€1k▲
Financial charges65/66B€16k€28k▲
Recurring financial charges65€16k€28k▲
Profit (loss) for the period before taxes9903€-188k€-217k▼
Income taxes67/77€28€-172▼
Profit (loss) for the period9904€-188k€-216k▼
Profit (loss) for the period to be appropriated9905€-188k€-216k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-607k€-824k▼
Profit (loss) brought forward from the previous period14P€-419k€-607k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-09
State Gazette act
Resignation: E-Health Venture NV (director)Permanent representative: Marius Declerck · Appointment: Reynald Jacobs (director) · Power of attorney5 facts ▸
State Gazette act
Resignation: E-Health Venture NV (director)
Permanent representative: Marius Declerck · Appointment: Reynald Jacobs (director) · Power of attorney5 facts ▸
- General meeting, 22-05-2026
- Director resignation, E-Health Venture NV (director)
- Permanent representative, Marius Declerck
- Director appointment, Reynald Jacobs (director)
- Power of attorney, Feliciea Jibson
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-216k
Net result drops to €-216k, the lowest in the series.
12-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 12 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 2.15
Current ratio from 0.96 to 2.15; short-term debt falls from €173k to €52k.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
31-12
Financial
Liquidity times 5current ratio 7.30
Current ratio from 1.41 to 7.30.
31-12
Financial
Equity above €500kEq €763k
Equity rises from €-12k to €763k.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 24 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 director, no change since 2026
Reynald JACOBS
CurrentDirector · since 22-05-2026
22-05-2026
Reynald JACOBS: Appointed as Director
31-05-2024
E-HEALTH VENTURE: Resigned as Director
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2021
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.
Researchdreef 101070 AnderlechtGround area
2,007 m²
Building footprint
599 m²
Volume, LiDAR
11,918 m³
Parcel 21307F0170/00E000, Brussels · tallest building 23.4 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Researchdreef 10, 1070 Anderlecht
since 20212.315.836.002
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307F0170/00E000 | Brussels | 2,007 m² | 1 · 599 m² | 23.4 m · 7 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.
Structure & network
Connections & network
11 connected companiesLinked via shared directors
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
Show 7 more companies with a shared director
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
via Reynald JACOBS · Director
former→
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Of 2,725 companies in sector 63100 we hold annual accounts for 1,271. 640 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 formPrivate limited company
Founded19-01-2021
Fiscal year end31-12
Activities, NACEBEL 2025
63100Computing infrastructure, data processing, hosting and related activities
47400Retail sale of information and communication equipment
58290Other software publishing
72200Scientific research and development
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.