Papengoed
ActivePapengoed has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €86k and a net result of €-8k. Equity is shrinking by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 74% of 9183 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
61
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability12▼-75
Solvency88▲+7
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity short (current ratio 0.88 against 0.87 in 2024; short-term debt: 21.7% and cash: 6.6% of total assets), and 36.8% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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 · 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
63.2%
Return on assets
-5.8%
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 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
28 d late
2023
22 d early
2022
42 d early
2021
41 d early
2020
23 d early
2019
18 d early
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€86k▼ 8.4%
2024 · €94k
2018: €101k
2019: €122k
2020: €146k
2021: €114k
2022: €127k
2023: €111k
2024: €94k
2018 → 2025
Total assets
€136k▼ 18.8%
2024 · €167k
2018: €179k
2019: €167k
2020: €156k
2021: €194k
2022: €174k
2023: €160k
2024: €167k
2018 → 2025
Net result
€-8k
2024 · €24k
2018: €20k
2019: €22k
2020: €24k
2021: €9k
2022: €13k
2023: €5k
2024: €24k
2018 → 2025
Working capital
€-4k▲ 52.8%
2024 · €-7k
2018: €-42k
2019: €-16k
2020: €17k
2021: €-10k
2022: €9k
2023: €5k
2024: €-7k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€114k-€127k▲ 11.0%€111k▼ 12.7%€94k▼ 15.5%€86k▼ 8.4%
Operating result€13k-€19k▲ 51.0%€8k▼ 59.6%€36k▲ 369%€-8k
Net result€9k-€13k▲ 40.2%€5k▼ 59.1%€24k▲ 377%€-8k
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8k after €36k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136k
Fixed assets
€110k▼ 4.9%
Current assets
€26k▼ 49.9%
Equity and liabilities €136k
Equity
€86k▼ 8.4%
Debt
€50k▼ 32.1%
The debt ratio falls from 44.0% to 36.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-2k▼
2024 · €42k
Cash flow
€-2k▼
2024 · €30k
Solvency
63.2%▲
2024 · 56.0%
Current ratio
0.88▲
2024 · 0.87
Quick ratio
0.88▲
2024 · 0.87
Debt / equity
0.58▼
2024 · 0.79
ROE
-9.2%▼
2024 · 26.1%
ROA
-5.8%▼
2024 · 14.6%
Interest coverage
-10.65▼
2024 · 224.64
Debt
€50k▼
2024 · €74k
Debt ≤ 1 year
€29k▼
2024 · €59k
Debt > 1 year
€9k▲
2024 · €9k
Income taxes
€0▼
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€167k€136k▼
Fixed assets21/28€116k€110k▼
Tangible fixed assets22/27€116k€110k▼
Land and buildings22€116k€110k▼
Current assets29/58€52k€26k▼
Amounts receivable within one year40/41€5k€0▼
Other amounts receivable41€5k€0▼
Cash at bank and in hand54/58€36k€9k▼
Deferred charges and accrued income490/1€11k€17k▲
Equity and liabilities
Total equity and liabilities10/49€167k€136k▼
Equity10/15€94k€86k▼
Contributions10/11€19k€19k=
Outside capital11-€19k
Other1109/19-€19k
Reserves13€75k€75k=
Distributable reserves133€75k€75k=
Profit (loss) carried forward14€0€-8k▼
Amounts payable17/49€74k€50k▼
Amounts payable after more than one year17€9k€9k▲
Other amounts payable178/9€9k€9k▲
Amounts payable within one year42/48€59k€29k▼
Trade debts44€7k€4k▼
Suppliers440/4€7k€4k▼
Taxes, remuneration and social security45€7k€0▼
Taxes450/3€7k€0▼
Other amounts payable47/48€45k€25k▼
Accrued charges and deferred income492/3€6k€12k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€6k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€6k€6k=
Other operating charges640/8€9k€10k▲
Gross operating margin9900€57k€13k▼
Operating profit (loss)9901€36k€-8k▼
Financial income75/76B€29€85▲
Recurring financial income75€29€85▲
Financial charges65/66B€186€194▲
Recurring financial charges65€186€194▲
Profit (loss) for the period before taxes9903€36k€-8k▼
Income taxes67/77€12k€0▼
Profit (loss) for the period9904€24k€-8k▼
Profit (loss) for the period to be appropriated9905€24k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€24k€-8k▼
Transfer from equity791/2€42k€0▼
Transfer to equity691/2€24k€0▼
To other reserves6921€24k€0▼
Profit to be distributed694/7€42k€0▼
Return on contributions (dividend)694€42k€0▼
The notes to these accounts (3 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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-8k ▼132%
Net result drops to €-8k, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Highest result since 2018net €24k ▲377%
Operating result €36k, net result €24k, both a record.
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity times 5current ratio 3.04
Current ratio from 0.61 to 3.04; short-term debt falls from €41k to €8k.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
20-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waasmunster · 1 establishment unit since 1983
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.
Vinkenlaan 349250 WaasmunsterGround area
2,756 m²
Building footprint
118 m²
Volume, LiDAR
812 m³
Parcel 42023A0956/00S000, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vinkenlaan 34, 9250 Waasmunster
since 19832.024.275.281
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42023A0956/00S000 | Flanders | 2,756 m² | 1 · 118 m² | 9.9 m · 2 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.
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LEEUWERIKENVELD
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BOXSECURISE
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Zengoh
BE 0820.952.966
Halen · Eq €86k
B4W
BE 0787.204.884
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LIBOU
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Of 12,023 companies in sector 68203 we hold annual accounts for 5,986. 3,643 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded27-12-1983
Fiscal year end31-12
Activities, NACEBEL
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 41 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.