Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Busy address KBO
97 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
PEC Belgium Ghent from Etterbeek, company number BE0770491685, closed financial year 2025 with a result of € -1.8 million after tax. For that financial year PEC Belgium Ghent recorded a gross margin of € 7.7 million and equity of € 56.2 million. Compared with financial year 2024, the result moved from € -1.7 million to € -1.8 million. The company made a loss. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on August 6, 2026.
€ 56.2 million
▲ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.8 million
▼ 9 % more loss than in 2024
Profit after tax over the fiscal year.
€ 314,104
▼ 72% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -7 million.
Debts at end 2025
€ 103.5 million
▲ 5% vs 2024
Loans from banks and other lenders, long and short.
€ 844,226
▼ 30% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 416,049
▲ 21% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 3,421,397 | € 5,978,229 | € 6,892,154 | € 7,681,329 | ▲ 11% |
| Profit after taxes | € -1,144,768 | € -2,068,627 | € -1,650,045 | € -1,798,997 | ▼ € 148,951 |
| Equity | € 53,006,523 | € 54,736,896 | € 53,086,851 | € 56,208,342 | ▲ 6% |
| Total debts | € 101,135,892 | € 106,927,421 | € 103,208,228 | € 107,300,075 | ▲ 4% |
| Cash | € 363,402 | € 1,090,095 | € 1,124,913 | € 314,104 | ▼ 72% |
| Land & buildings | € 151,227,170 | € 156,909,668 | € 151,349,862 | € 159,152,995 | ▲ 5% |
| Retained profit | € -1,482,054 | € -3,550,681 | € -5,200,726 | € -6,999,723 | ▼ € 1.8 million |
| Bank debt | € 97,560,479 | € 102,815,479 | € 98,815,479 | € 103,453,528 | ▲ 5% |
| Balance sheet total | € 154,142,415 | € 161,664,317 | € 156,295,079 | € 163,508,418 | ▲ 5% |
Key figures of PEC Belgium Ghent, 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 PEC Belgium Ghent?
What happened at PEC Belgium Ghent in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Wail Kodoud stepped down as director. NBB
- Victoria Liénart van Lidth de Jeude stepped down as director. NBB
- ARDEF SRL stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1.8 million. filed late Source: NBB ↗
- PiVaPo SRL stepped down as director. NBB
- Victoria Liénart van Lidth de Jeude became a director. NBB
- Wail Kodoud became a director. NBB
- ARDEF SRL became a director. NBB
In short
From € 1.1 million loss in 2022 to € 1.8 million loss in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by PEC HOLDINGS SARL (100%).
Directors
According to the 2025 annual accounts
Director · represented by Arthur De Four
Also active at: CBRE Investment Management Belgium, REI Belgium Fonsny, Europe Logistics Partners Mechelen, Europe Logistics Partners Liège I, REI BELGIUM PUURS, BAMBUS, Europe Logistics Partners Willebroek II, Shopping Rive Gauche +12 more
since 2022 · until 2028
Wail Kodoud
Director
Also active at: Shopping Rive Gauche, IGIS Brederode Brussels, PEC Belgium Olen, Shopping Center Médiacité, REI BELGIUM EVERE, Europe Logistics Partners Eindhout I
since 2024 · until 2030
Director · represented by Piet Van Poppel
Also active at: CBRE Investment Management Belgium, REI Belgium Fonsny, IMMO SIM, Europe Logistics Partners Liège I, REI BELGIUM PUURS, Jelo Invest, BAMBUS, Europe Logistics Partners Willebroek II +13 more
since 2021 · until 2025
Victoria Liénart van Lidth de Jeude
Director
Also active at: Résidence Rive Gauche, PEC Belgium Olen
since 2025 · until 2030
Shareholders
PEC HOLDINGS SARL
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Belliardstraat 40 box 6
1040 Etterbeek
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 97 companies are registered at this address.
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What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0770.491.685
- VAT number
- BE 0770.491.685
- Registered office
- Belliardstraat 40 bus 6, 1040 Etterbeek
- Names & denominations
- PEC Belgium Ghent
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 29 June 2021
- Peppol
- Active · Active since 4 Dec 2025
- Activities · NACE
Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen