Equity
-€1.2m
Debts exceed assets in financial year 2025.
Panorama View
Lifetime
18 annual accounts with figures on one time axispeak €168,627 (2023)
-€38,580▼ €56,574
lowest -€626,462 (2018)
-€299,666▼ €202,274
peak €121,251 (2011)
-€1.2m▼ €299,666
€1.4m▲ 5.2%
peak 0 FTE (2023)
0 FTE
Board7 names since 2021
2 directorsErik De Bruyn and 1 other
Owners4 names in the annual accounts
99.99%CORDEEL GROUP and 1 other
Documentsfilings and deeds
16-07-202615 days before the deadline
2025financial year
Gross margin from €17,994 to -€38,580Loss of €299,666Reappointment: VCLJ Bedrijfsrevisoren (statutory auditor) 25-02Equity from -€853,453 to -€1.2mCash from €78,825 to €14,708
Key points
from the 2025 annual accountsResult
-€299,666 ▼ 208%
The result fell in 2025: different schema filed.
Debts
€1.4m 522% of the balance sheet
After one year 0%Within one year 100%
Of this, €1.4m falls due within a year.
Filings
18 annual accounts since 2008
The 2021 accounts came 8 days late. The other nine of the last ten were filed on time.
At the same address
29 companies
Position in the sector
-421.8%
Lower solvency than 95% of companies in real estate. Sector median 38.2% · 5,810 companies.
Checked score
53
Fair
Financially stronger than 8% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
1.3% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%lowest value
01-2025: 0.3%● unchanged vs 12-2024lowest value
02-2025: 0.4%▲ +0.1 percentage points vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.8%▲ +0.4 percentage points vs 06-2025
08-2025: 0.8%● unchanged vs 07-2025
09-2025: 0.8%● unchanged vs 08-2025
10-2025: 0.8%● unchanged vs 09-2025
11-2025: 0.8%● unchanged vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.8%● unchanged vs 12-2025
02-2026: 0.8%● unchanged vs 01-2026
03-2026: 0.8%● unchanged vs 02-2026
04-2026: 0.8%● unchanged vs 03-2026
05-2026: 0.8%● unchanged vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.8%● unchanged vs 06-2026
08-2026: 1.3%▲ +0.5 percentage points vs 07-2026highest value
09-2026: 1.3%● unchanged vs 08-2026highest value
10-2026: 1.3%● unchanged vs 09-2026highest value
11-2026: 1.3%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Loss of €299,666, the second in a row (financial year 2025)
Negative equity -€1.2m
lowers risk
Size: total assets €273,353
Legal form: public limited company
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 5% of them on solvency, 9% on liquidity, 4% on profitability and 15% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,907 companies had the same profile as Panorama View has now. Each dot stands for 18 companies, two years later.
85.4%
were still trading
8.1%
stopped another way
5.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Panorama View itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for Panorama View. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.19 (0.37 in 2024), below 1. Short-term debt is 520.6% and cash 5.4% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€1.2m
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 days early
2024
38 days early
2023
22 days early
2022
3 days early
2021
8 days late
2020
1 day early
2019
24 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 14 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 16 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- CORDEEL GROUP 99.99%equity €123.3m (2025) · 2025 annual accounts of CORDEEL GROUP
- Cordeel Zetel Temsescore 69equity €133,337 (2025) · annual accounts 2024
Recent changes
Reappointment: VCLJ Bedrijfsrevisoren (statutory auditor)
Permanent representative: Frank Huybrechts · General meeting of 06-12-2024 · Gazette deed
1 director appointed, 1 resignation
Resignation: FOCUS 4 U (day-to-day manager) · Permanent representatives: Van Hoorebeke Frédéric and Weemaes Bert · Appointment: Bert Weemaes · General meeting of 31-05-2024 · Gazette deed
Permanent representative: Frank Huybrechts
Reappointment: VCLJ Bedrijfsrevisoren (statutory auditor) · General meeting of 19-01-2024 · Gazette deed
1 director appointed, 1 resignation
Resignation: Nova LaGa BV · Permanent representative: Laurence Gacoin · Appointment: Erik De Bruyn · General meeting of 21-12-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Panorama View Temse | €273,353 | -€38,580 | -421.8% | 0 |
| KOTS & MAISONS Tournai | €281,390 | €961 | 99.6% | 0 |
| MILHO Torhout | €192,389 | -€15,597 | 100.0% | 0 |
| I-TEX Torhout | €312,486 | -€1,427 | 39.1% | 0 |
| FIDES PROJECTS Antwerp | €234,332 | -€8,151 | -56.0% | 0 |
| LPC+ Hamont-Achel | €161,909 | -€34,763 | 93.2% | 0 |
| BOUWINVEST Heusden-Zolder | €445,642 | -€90,985 | 57.4% | 0 |
These companies have the same main activity as Panorama View: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €162,000 and €446,000, founded between 2001 and 2011.
Official details
Source: KBO- Status
- Active since 18-12-2006Normal situation
- Registered office
- 30 active companies are registered at this addressSource: KBO register, as of 10 November 2026.
- Activity
- Development of residential building projectsNACE 68121
- Establishment unit
- 2.159.084.8919000 Ghent, since 16-01-2007
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €273,353▼ 45.6%
- Filing
- Filed on 16-07-2026, 15 days before the end of the filing period
Companies linked to Panorama View
Parent and group
Insights on Panorama View
Panorama View has existed since 2006. The gross margin fell from €168,627 in 2023 to €17,994 in 2024.
Solvency fell in 2025 from -169.8% to -421.8% because of the loss.
CORDEEL GROUP holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Panorama View
- What is the company number of Panorama View?
- The company number of Panorama View is 0885.737.187. The VAT number is the same number with BE in front: BE 0885.737.187.
- Where is Panorama View based?
- The registered office is at Frank Van Dyckelaan 15, 9140 Temse.Company details
- What does Panorama View do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of Panorama View?
- Panorama View is a public limited company (NV).
- When was Panorama View founded?
- Panorama View was founded on 18-12-2006.
- Is Panorama View still active?
- Yes, Panorama View is an active enterprise in the KBO register.
- What is the turnover of Panorama View?
- The annual accounts for financial year 2025 state no turnover. In financial year 2023 turnover was €2.8m.Financials
- Is Panorama View profitable?
- In financial year 2025, Panorama View made a loss of €299,666.
- Where can I find the annual accounts of Panorama View?
- Panorama View filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Panorama View due?
- Panorama View must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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