Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 33 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 11 to 8.3.
Financials
Financial year 2025
PUPPY from Wavre, company number BE0427769505, closed financial year 2025 with a result of € -609,780 after tax. For that financial year PUPPY recorded a gross margin of € -72,320 and equity of € 67,639. Compared with financial year 2024, the result moved from € -1.2 million to € -609,780. The company made a loss. The buffer shrank hard: equity is 90 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 9, 2026.
€ 67,639
▼ 90% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -609,780
▲ 47 % less loss than in 2024
Profit after tax over the fiscal year.
€ 152,682
▼ 10% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -347,981.
People and assets in 2025
8.3
▼ 2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 411,639
▼ 28% vs 2024
€ 49,600 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 57,184
▼ 49% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.1 million
▲ 36% vs 2024
Loans from banks and other lenders, long and short.
€ 411,957
▲ 53% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 55,075
▼ 43% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 487,608 | € 213,968 | € -431,976 | € -72,320 | ▲ € 359,656 |
| Profit after taxes | € 26,234 | € -734,429 | € -1,157,042 | € -609,780 | ▲ € 547,262 |
| Equity | € 2,568,891 | € 1,834,462 | € 677,419 | € 67,639 | ▼ 90% |
| Total debts | € 1,174,869 | € 1,285,140 | € 1,196,229 | € 1,575,305 | ▲ 32% |
| Cash | € 491,845 | € 150,700 | € 169,404 | € 152,682 | ▼ 10% |
| Retained profit | € 2,153,270 | € 1,418,842 | € 261,799 | € -347,981 | ▼ € 609,780 |
| Dividend | € 20,000 | € 0 | € 0 | € 0 | |
| Bank debt | € 727,263 | € 670,587 | € 813,492 | € 1,105,887 | ▲ 36% |
| Balance sheet total | € 3,743,760 | € 3,119,602 | € 1,873,648 | € 1,642,944 | ▼ 12% |
| Employees (FTE) | 9.8 | 11 | 10.3 | 8.3 | ▼ 2 |
Key figures of PUPPY, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to PUPPY?
What happened at PUPPY in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Nicolas TYTGAT stepped down as director. NBB
- Véronique CULLIFORD stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 609,780. Source: NBB ↗
- Nicolas TYTGAT became a director. NBB
- Véronique CULLIFORD became a director. NBB
- New establishment in Wavre. KBO
- Start of the company according to the CBE. KBO
In short
From € 26,234 profit in 2022 to € 609,780 loss in 2025.
Paid € 3,258 in corporate taxes since 2022.
Best year ever: 2022, with € 26,234 profit.
On average € 19,500 of value added per employee in 2023.
Management
The stake of PUPPY EXPLOITATION comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PUPPYThe shares are held by PUPPY EXPLOITATION (100%).
Directors
According to the 2025 annual accounts
Nicolas TYTGAT
Director
Also active at: Manya, COGETRA, PUPPY IMMO, IMPS IMMO, PUPPY EXPLOITATION, NTCS, G-ACCESS
since 2023 · until 2027
Véronique CULLIFORD
Managing director
Also active at: INTERNATIONAL MERCHANDISING, PROMOTION AND SERVICES, Manya, COGETRA, PEYO PRODUCTIONS, PUPPY IMMO, IMPS IMMO, PUPPY EXPLOITATION, LAFIG BELGIUM +1 more
since 2021 · until 2027
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Avenue Nobel 1
1300 Wavre
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
MICROSOFT-CORP-MSN-AS-BLOCK - Microsoft Corporation, US
Domain
Domain
puppy.eu
Registrar
MyOwn srl
Website info
Features
Security
Details
- Company number
- 0427.769.505
- VAT number
- BE 0427.769.505
- Registered office
- Avenue Nobel 1, 1300 Wavre
- Names & denominations
- PUPPY
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 September 1985
- Peppol
- Active · Active since 10 Dec 2025
- Contact
- puppy.eu
- Activities · NACE
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