Equity
€20.0m from €38.4m in 2006
Equity fell by 48% in 19 years.
PALM
Lifetime
20 annual accounts with figures on one time axis, 49 filings since 1977peak €62.4m (2007)
€52.7m▼ 13.0%
lowest -€27.8m (2007)
€1.7m▼ 25.7%
peak €38.4m (2006)
€20.0m▼ 35.3%
€5.0m▼ 44.3%
peak 240.8 FTE (2007)
148.1 FTE▼ 0.3%
Board14 names since 2015all names
3 directorsPetrus Johannes Franciscus Swinkels and 2 others
Owners3 names in the annual accounts
100%Swinkels Family Brewers NV and 1 other
Documentsfilings and deeds
18-06-202643 days before the deadline
2025financial year
Turnover from €60.6m to €52.7mResult from €2.3m to €1.7mDemerger: PALM splits off to SWINKELS BELGIUM 26-11Demerger: PALM splits off to SWINKELS BELGIUM 16-10Powers of attorney: Sven Stuer, Ellen Cools and 2 others 26-09Demerger proposal: SWINKELS BELGIUM splits off to PALM 21-08
Key points
from the 2025 annual accountsStaff
148.1 FTE from 240.8 in 2007
Between 2007 and 2025, 38% of the full-time equivalents disappeared.
Payment terms
41 days to suppliers
PALM pays its suppliers 4 days earlier than in 2024. Customers pay 86 days earlier.
Filings
49 annual accounts 52 filings since 1977
The last five annual accounts were filed 39 to 51 days before the end of the period.
Restructuring
2025
Branch transferred to SWINKELS BELGIUM. Contribution on 30-09-2025.
Position in the sector
€1.7m
Higher net result than 94% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
96
Excellent
Financially stronger than 71% of medium-sized companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025highest value
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026lowest value
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 2.82
lowers risk
Size: turnover €52.7m, 148.1 FTE, total assets €25.0m
Founded in 1942
Profit of €1.7m (financial year 2025)
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, medium-sized). It does better than 92% of them on solvency, 97% on liquidity, 77% on profitability and 16% 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 very low class on 30-06-2025, 0.1% 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, 1,579 companies had the same profile as PALM has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
3.2%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of PALM itself: 0.1% 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 1,579 companies, not a prediction for PALM. 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
Credit of up to €1,900,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.82 (2.99 in 2024), above the usual 1.5. Short-term debt is 20.1% of total assets. 20.2% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 18-06-2026, 43 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
43 days early
2024
51 days early
2023
50 days early
2022
39 days early
2021
47 days early
2020
39 days early
2019
36 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 44 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 14 June (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
- Swinkels Family Brewers NV 100%annual accounts 2025
- Royal Swinkels N.V. consolidatedLEI register
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0400724222
Demerger: PALM splits off to SWINKELS BELGIUM
Capital decrease to €2,211,745.97 · Capital after the decrease: €2,211,745.97 · Capital contribution: TWEEDE BESLUIT - definitieve inbrengwaarde Afgesplitste Activa en Passiva · General meeting of 31-10-2025 · Gazette deed
Demerger: PALM splits off to SWINKELS BELGIUM
Capital decrease of €1,642,208.80 to €2,331,791.20 · Capital from €3,974,000 to €2,331,791.20 · Gazette deed
Demerger proposal: SWINKELS BELGIUM splits off to PALM
Board meeting of 05-08-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PALM Londerzeel | €52.7m | 4.6% | 79.8% | 148.1 |
| COMPAGNIE BELGE DE BATIMENT Namur | €41.1m | 1.9% | 6.5% | 98.4 |
| ALCOVIL Meise | - | - | 85.8% | - |
| ANDRIMO Asse | - | - | 36.7% | - |
| Ville2 Shopping Vilvoorde | €11.2m | 26.3% | 72.3% | - |
| Miers Real Estate Asse | - | - | 79.0% | - |
| SOGEMAT Namur | - | - | 62.7% | - |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as PALM: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €19m and €74m, founded between 1923 and 1994.
Official details
Source: KBO- Status
- Active since 30-06-1942Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 2 others
- Establishment units
- 2.142.511.4528800 Roeselare, since 01-01-1945
- 2.039.828.3411840 Londerzeel, since 01-03-1969
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- €25.0m▼ 37.4%
- Employeeson 31-12-2025
- 92▼ 38.3%
- Filing
- Filed on 18-06-2026, 43 days before the end of the filing period
Insights on PALM
PALM has been active since 1942 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20.0m and a net result of €1.7m.
Equity grew by about 9.3% per year on average since 2018. In 2025 it fell by 35.3%. Its solvency ranks better than 80% of 5,810 sector peers (NACE 68, financial year 2025).
The computed 12-month bankruptcy probability is 0.1% (very low).
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 PALM
- What is the company number of PALM?
- The company number of PALM is 0400.724.222. The VAT number is the same number with BE in front: BE 0400.724.222.
- Where is PALM based?
- The registered office is at Steenhuffeldorp 3, 1840 Londerzeel.Company details
- What does PALM do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of PALM?
- PALM is a public limited company (NV).
- When was PALM founded?
- PALM was founded on 30-06-1942.
- Is PALM still active?
- Yes, PALM is an active enterprise in the KBO register.
- How many employees does PALM have?
- PALM had an average of 148.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of PALM?
- The turnover of PALM was €52.7m in financial year 2025, according to the filed annual accounts.
- Is PALM profitable?
- In financial year 2025, PALM made a profit of €1.7m.
- Where can I find the annual accounts of PALM?
- PALM filed 52 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PALM due?
- PALM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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