DE PANDER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 4 filings
Turnover
≈ €960,000
Estimated: probably between €670,000 and €1.5m
Total assets
€206,037▼ 12.3%
2024 · €234,833
Net result
€12,029
2024 · -€50,430
Working capital
€85,772▼ 24.9%
2024 · €114,229
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€15,896
2025
20222025
Net result
€12,029
2025
middle half of the sector
20222025
Equity
€116,296
▲ 11.5%
2025
middle half of the sector
20222025
Total assets
€206,037
▼ 12.3%
2025
middle half of the sector
20222025
Debt
€89,741
▼ 31.3%
2025
20222025
Working capital
€85,772
▼ 24.9%
2025
middle half of the sector
20222025
Solvency
56.4%
▲ 12.0pp
2025
middle half of the sector
20222025
Current ratio
3.12
▼ 0.38
2025
highest quarter of the sector
20222025
Return on assets (ROA)
5.8%
▲ 27.3pp
2025
middle half of the sector
20222025
Staff (FTE)
2
=
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€157,711-€32,628▼ 79.3%-€46,790€15,896
Net result€124,661above the sector's middle half-€28,036above the sector's middle half▼ 77.5%-€50,430below the sector's middle half€12,029within the sector's middle half
Equity€126,661above the sector's middle half-€154,697above the sector's middle half▲ 22.1%€104,267within the sector's middle half▼ 32.6%€116,296within the sector's middle half▲ 11.5%
Total assets€296,978within the sector's middle half-€254,355within the sector's middle half▼ 14.4%€234,833within the sector's middle half▼ 7.7%€206,037within the sector's middle half▼ 12.3%
Debt€170,317-€99,659▼ 41.5%€130,567▲ 31.0%€89,741▼ 31.3%
Working capital€195,033above the sector's middle half-€148,844above the sector's middle half▼ 23.7%€114,229above the sector's middle half▼ 23.3%€85,772within the sector's middle half▼ 24.9%
Solvency42.6%within the sector's middle half-60.8%within the sector's middle half▲ 18.2pp44.4%within the sector's middle half▼ 16.4pp56.4%within the sector's middle half▲ 12.0pp
Current ratio5.13above the sector's middle half-3.48above the sector's middle half▼ 1.653.50above the sector's middle half▲ 0.023.12above the sector's middle half▼ 0.38
Return on assets (ROA)42.0%above the sector's middle half-11.0%within the sector's middle half▼ 31.0pp-21.5%below the sector's middle half▼ 32.5pp5.8%within the sector's middle half▲ 27.3pp
Staff (FTE)2-2=2=2=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €15,896, after a loss of €46,790 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €206,037
Fixed assets
€79,728 ▲ 6.4%
Current assets
€126,309 ▼ 21.0%
Equity and liabilities €206,037
Equity
€116,296 ▲ 11.5%
Debt
€89,741 ▼ 31.3%
Debt's share of the balance-sheet total falls from 55.6% to 43.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,148▲
2024 · -€32,584
Cash flow
€34,281▲
2024 · -€36,224
Quick ratio
1.13▼
2024 · 1.64
Debt to equity
0.77▼
2024 · 1.25
ROE
10.3%▲
2024 · -48.4%
Interest coverage
12.23▲
2024 · -16.61
Debt ≤ 1 year
€40,537▼
2024 · €45,681
Debt > 1 year
€49,205▼
2024 · €84,886
Income taxes
€758▼
2024 · €2,514
Staff costs
€51,108▲
2024 · €48,046
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| part-time | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.5 | 1.8 | 1.4 | 1.4 |
| Average over the year, in full-time equivalents | 1.5 | 1.8 | 1.4 | 1.4 |
| On a permanent contract | 2 | 2 | 2 | 2 |
| Joined | 2 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €60,767 | - | €43,610 | €25,557 |
| Financial fixed assets | - | - | - | €1,500 |
| Depreciation and write-downs of the year | €6,032 | €9,215 | €14,207 | €22,252 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €96,169 | €51,401 | €48,046 | €51,108 | ▲ 6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,032 | €9,215 | €14,207 | €22,252 | ▲ 56.6% |
| Other operating charges640/8 | €4,630 | €1,158 | €1,478 | €1,242 | ▼ 15.9% |
| Gross operating margin9900 | €264,541 | €94,403 | €16,940 | €90,498 | ▲ 434% |
| Operating profit (loss)9901 | €157,711 | €32,628 | -€46,790 | €15,896 | - |
| Financial income75/76B | €21 | €269 | €835 | €9 | ▼ 98.9% |
| Recurring financial income75 | €21 | €269 | €835 | €9 | ▼ 98.9% |
| Financial charges65/66B | €489 | €612 | €1,962 | €3,119 | ▲ 59.0% |
| Recurring financial charges65 | €489 | €612 | €1,962 | €3,119 | ▲ 59.0% |
| Profit (loss) for the period before taxes9903 | €157,243 | €32,286 | -€47,917 | €12,787 | - |
| Income taxes67/77 | €32,582 | €4,250 | €2,514 | €758 | ▼ 69.9% |
| Profit (loss) for the period9904 | €124,661 | €28,036 | -€50,430 | €12,029 | - |
| Profit (loss) for the period to be appropriated9905 | €124,661 | €28,036 | -€50,430 | €12,029 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €296,978 | €254,355 | €234,833 | €206,037 | ▼ 12.3% |
| Fixed assets21/28 | €54,735 | €45,520 | €74,923 | €79,728 | ▲ 6.4% |
| Tangible fixed assets22/27 | €54,735 | €45,520 | €74,923 | €78,228 | ▲ 4.4% |
| Plant, machinery and equipment23 | €42,626 | €36,238 | €68,468 | €74,600 | ▲ 9.0% |
| Furniture and vehicles24 | €12,109 | €9,282 | €6,455 | €3,628 | ▼ 43.8% |
| Financial fixed assets28 | - | - | - | €1,500 | - |
| Current assets29/58 | €242,243 | €208,836 | €159,910 | €126,309 | ▼ 21.0% |
| Stocks and contracts in progress3 | €80,133 | €82,078 | €85,126 | €80,671 | ▼ 5.2% |
| Stocks30/36 | €80,133 | €82,078 | €85,126 | €80,671 | ▼ 5.2% |
| Amounts receivable within one year40/41 | €4,058 | €10,557 | €9,219 | €3,111 | ▼ 66.3% |
| Other amounts receivable41 | €4,058 | €10,557 | €9,219 | €3,111 | ▼ 66.3% |
| Cash at bank and in hand54/58 | €140,255 | €114,067 | €65,565 | €42,527 | ▼ 35.1% |
| Deferred charges and accrued income490/1 | €17,797 | €2,133 | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €296,978 | €254,355 | €234,833 | €206,037 | ▼ 12.3% |
| Equity10/15 | €126,661 | €154,697 | €104,267 | €116,296 | ▲ 11.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €124,500 | €152,000 | €102,000 | €114,250 | ▲ 12.0% |
| Distributable reserves133 | €124,500 | €152,000 | €102,000 | €114,250 | ▲ 12.0% |
| Profit (loss) carried forward14 | €161 | €697 | €267 | €46 | ▼ 82.9% |
| Amounts payable17/49 | €170,317 | €99,659 | €130,567 | €89,741 | ▼ 31.3% |
| Amounts payable after more than one year17 | €123,107 | €39,667 | €84,886 | €49,205 | ▼ 42.0% |
| Financial debts170/4 | €123,107 | €39,667 | €84,886 | €49,205 | ▼ 42.0% |
| Amounts payable within one year42/48 | €47,210 | €59,992 | €45,681 | €40,537 | ▼ 11.3% |
| Current portion of amounts payable after more than one year42 | €7,312 | €7,440 | €11,132 | €5,681 | ▼ 49.0% |
| Trade debts44 | €10,804 | €39,632 | €27,317 | €20,087 | ▼ 26.5% |
| Suppliers440/4 | €10,804 | €39,632 | €27,317 | €20,087 | ▼ 26.5% |
| Taxes, remuneration and social security45 | €27,582 | €10,405 | €7,127 | €12,559 | ▲ 76.2% |
| Taxes450/3 | €27,582 | €10,405 | €643 | €2,134 | ▲ 232% |
| Remuneration and social security454/9 | - | - | €6,484 | €10,425 | ▲ 60.8% |
| Other amounts payable47/48 | €1,513 | €2,515 | €106 | €2,210 | ▲ 21× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124,661 | €28,036 | -€50,430 | €12,029 | - |
| + Depreciation and write-downs630 | €6,032 | €9,215 | €14,207 | €22,252 | ▲ 56.6% |
| Operating cash flow (approximation) | €130,693 | €37,251 | -€36,224 | €34,281 | - |
| Investment in fixed assets (approximation) | - | €0 | -€43,610 | -€27,057 | ▲ 38.0% |
| Change in cash | - | -€26,188 | -€48,503 | -€23,038 | ▲ 52.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as DE PANDER has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DE PANDER itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for DE PANDER. 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.