PAN GROUP
Active2 interim measuresSummary
The file of PAN GROUP contains 2 interim measures and 1 administrative flag, as published in the Belgian State Gazette. For PAN GROUP, at least two filing cycles of the annual accounts are missing. The computed 12-month bankruptcy probability is ≥ 25% (high). The 2023 annual accounts show equity of €122,558 and a net result of €11,728. Equity is growing by ~113% per year across the filed fiscal years. Its solvency ranks better than 45% of 8997 sector peers (fiscal year 2023).
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Bankruptcy probability: High
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability73▼-27
Solvency61▼-5
Growth78=
Track record72
Bankruptcy probability, 12 months
≥ 25%
High
0%0.5%1.5%4%10%≥ 25%
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Signals
Nine signals. The signal on the left, the evidence on the right.
+raises risk
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Solvency, return and age of the figures
Solvency
36%
Return on assets
3.4%
Age of the figures
33 mo
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 4 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline29-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 30-07-2025, 364 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
364 d late
2022
493 d late
2021
57 d late
2020
178 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 273 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
History
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Financials · fiscal year 2023, micro schema
Equity
€122,558▲ 10.6%
2022 · €110,830
Total assets
€340,107▲ 25.2%
2022 · €271,628
Net result
€11,728▼ 86.3%
2022 · €85,692
Working capital
€41,895▲ 198%
2022 · €14,081
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2020202120222023
Operating result€4,438-€14,120▲ 218%€111,900▲ 692%€16,800▼ 85.0%
Net result€3,279within the sector's middle half-€11,015within the sector's middle half▲ 236%€85,692above the sector's middle half▲ 678%€11,728within the sector's middle half▼ 86.3%
Equity€14,122below the sector's middle half-€25,138within the sector's middle half▲ 78.0%€110,830above the sector's middle half▲ 341%€122,558above the sector's middle half▲ 10.6%
Total assets€38,212below the sector's middle half-€190,819within the sector's middle half▲ 399%€271,628within the sector's middle half▲ 42.3%€340,107above the sector's middle half▲ 25.2%
Debt€24,090-€165,681▲ 588%€160,799▼ 2.9%€217,549▲ 35.3%
Working capital-€17,375below the sector's middle half--€129,850below the sector's middle half▼ 647%€14,081within the sector's middle half€41,895within the sector's middle half▲ 198%
Solvency37.0%within the sector's middle half-13.2%below the sector's middle half▼ 23.8pp40.8%within the sector's middle half▲ 27.6pp36.0%within the sector's middle half▼ 4.8pp
Current ratio0.28below the sector's middle half-0.22below the sector's middle half▼ 0.061.12within the sector's middle half▲ 0.911.24within the sector's middle half▲ 0.11
Return on assets (ROA)8.6%within the sector's middle half-5.8%within the sector's middle half▼ 2.8pp31.5%above the sector's middle half▲ 25.8pp3.4%within the sector's middle half▼ 28.1pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2023; 2023 is 85% below 2022.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €340,107
Fixed assets
€121,501 ▼ 15.3%
Current assets
€218,606 ▲ 70.5%
Equity and liabilities €340,107
Equity
€122,558 ▲ 10.6%
Debt
€217,549 ▲ 35.3%
Debt's share of the balance-sheet total rises from 59.2% to 64.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€42,613▼
2022 · €136,600
Cash flow
€37,542▼
2022 · €110,392
Debt to equity
1.78▲
2022 · 1.45
ROE
9.6%▼
2022 · 77.3%
Interest coverage
31.47▼
2022 · 114.26
Debt ≤ 1 year
€176,711▲
2022 · €114,127
Debt > 1 year
€40,838▼
2022 · €46,672
Income taxes
€3,717▼
2022 · €25,013
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,941 | €13,407 | €24,700 | €25,814 | ▲ 4.5% |
| Other operating charges640/8 | - | €759 | €4,185 | €4,682 | ▲ 11.9% |
| Gross operating margin9900 | €14,566 | €28,286 | €140,784 | €47,295 | ▼ 66.4% |
| Operating profit (loss)9901 | €4,438 | €14,120 | €111,900 | €16,800 | ▼ 85.0% |
| Financial income75/76B | - | - | €1 | - | - |
| Recurring financial income75 | - | - | €1 | - | - |
| Financial charges65/66B | - | €283 | €1,196 | €1,354 | ▲ 13.3% |
| Recurring financial charges65 | €91 | €283 | €1,196 | €1,354 | ▲ 13.3% |
| Profit (loss) for the period before taxes9903 | €4,346 | €13,838 | €110,705 | €15,445 | ▼ 86.0% |
| Income taxes67/77 | €1,067 | €2,822 | €25,013 | €3,717 | ▼ 85.1% |
| Profit (loss) for the period9904 | €3,279 | €11,015 | €85,692 | €11,728 | ▼ 86.3% |
| Profit (loss) for the period to be appropriated9905 | €3,279 | €11,015 | €85,692 | €11,728 | ▼ 86.3% |
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €38,212 | €190,819 | €271,628 | €340,107 | ▲ 25.2% |
| Fixed assets21/28 | €31,497 | €154,988 | €143,420 | €121,501 | ▼ 15.3% |
| Tangible fixed assets22/27 | €31,497 | €154,988 | €143,420 | €121,501 | ▼ 15.3% |
| Land and buildings22 | - | €88,910 | €84,354 | €79,799 | ▼ 5.4% |
| Plant, machinery and equipment23 | - | €7,860 | €7,037 | €3,653 | ▼ 48.1% |
| Furniture and vehicles24 | - | €58,218 | €52,029 | €38,049 | ▼ 26.9% |
| Current assets29/58 | €6,715 | €35,831 | €128,208 | €218,606 | ▲ 70.5% |
| Amounts receivable within one year40/41 | €4,991 | €32,725 | €91,989 | €200,695 | ▲ 118% |
| Trade receivables40 | - | €1,598 | €85,208 | €179,134 | ▲ 110% |
| Other amounts receivable41 | - | €31,127 | €6,781 | €21,561 | ▲ 218% |
| Cash at bank and in hand54/58 | €1,154 | €1,366 | €35,523 | €15,983 | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | €1,740 | €695 | €1,928 | ▲ 177% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €38,212 | €190,819 | €271,628 | €340,107 | ▲ 25.2% |
| Equity10/15 | €14,122 | €25,138 | €110,830 | €122,558 | ▲ 10.6% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €7,922 | €18,938 | €104,630 | €116,358 | ▲ 11.2% |
| Amounts payable17/49 | €24,090 | €165,681 | €160,799 | €217,549 | ▲ 35.3% |
| Amounts payable after more than one year17 | - | - | €46,672 | €40,838 | ▼ 12.5% |
| Financial debts170/4 | - | - | €46,672 | €40,838 | ▼ 12.5% |
| Amounts payable within one year42/48 | €24,090 | €165,681 | €114,127 | €176,711 | ▲ 54.8% |
| Current portion of amounts payable after more than one year42 | - | - | €6,237 | €6,317 | ▲ 1.3% |
| Trade debts44 | €167 | €100,526 | €47,259 | €62,299 | ▲ 31.8% |
| Suppliers440/4 | - | €100,526 | €47,259 | €62,299 | ▲ 31.8% |
| Taxes, remuneration and social security45 | - | €4,719 | €28,437 | €28,332 | ▼ 0.4% |
| Taxes450/3 | - | €4,719 | €27,437 | €28,332 | ▲ 3.3% |
| Remuneration and social security454/9 | - | - | €1,000 | - | - |
| Other amounts payable47/48 | - | €60,436 | €32,194 | €79,764 | ▲ 148% |
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,279 | €11,015 | €85,692 | €11,728 | ▼ 86.3% |
| + Depreciation and write-downs630 | €5,941 | €13,407 | €24,700 | €25,814 | ▲ 4.5% |
| Operating cash flow (approximation) | €9,220 | €24,422 | €110,392 | €37,542 | ▼ 66.0% |
| Investment in fixed assets (approximation) | - | -€136,897 | -€13,133 | -€3,894 | ▲ 70.3% |
| Change in cash | - | €212 | €34,157 | -€19,541 | ▼ 157% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
07-09
KBO administration
Address struck
event 24-08-2026
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 364 days late
13-06
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · Lauri MONSECOUR · event 02-06-2025
21-02
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · LAURI MONSECOUR
2024
05-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 493 days late
2022
31-12
Financial
Highest result since 2020net €85,692 ▲678%
Operating result €111,900, net result €85,692, both a record.
31-12
Financial
Liquidity times 5current ratio 1.12
Current ratio from 0.22 to 1.12; short-term debt falls from €165,681 to €114,127.
31-12
Financial
Equity above €100,000Eq €110,830 ▲341%
3 profitable years in a row build equity to €110,830.
26-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 57 days late
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 178 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ninove · 1 establishment unit since 2019
Ground area
2,322 m²
Building footprint
1,146 m²
Volume, LiDAR
6,750 m³
2 parcels, Flanders · tallest building 11.1 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
PAN GROUP
since 20192.290.226.319
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41048A0221/00T000 | Flanders | 2,118 m² | 1 · 1,037 m² | 11.1 m · 2 fl. |
| 41048A0345/00N004 | Flanders | 204 m² | 1 · 109 m² | 10.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Interim administrator | Lauri MONSECOUR | 02-06-2025 → present |
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Of 29,785 companies in sector 41001 we hold annual accounts for 16,058. 12,945 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded29-04-2019
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0725798738
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.