PANACHE
ActivePANACHE has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €400k and a net result of €70k. Equity is growing by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 76% of 10206 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
91
/ 100
Excellent▲ +15 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability88▲+44
Solvency99▲+6
Growth78=
Stability100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 2.08 against 1.79 in 2024), and 36.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.8%
Return on assets
11.2%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 28-02-2025 was due by 30-09-2025 and was filed on 01-08-2025, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
67 d early
2023
59 d early
2022
121 d early
2021
90 d early
2020
154 d early
2019
70 d early
← before the deadline
after the deadline →
Financials · fiscal year 2025, abbreviated schema
Equity
€400k▲ 17.2%
2024 · €342k
2019: €121k
2020: €133k
2021: €202k
2022: €291k
2023: €312k
2024: €342k
2019 → 2025
Total assets
€628k▲ 2.3%
2024 · €613k
2019: €435k
2020: €460k
2021: €636k
2022: €559k
2023: €560k
2024: €613k
2019 → 2025
Net result
€70k▲ 136%
2024 · €30k
2019: €-14k
2020: €72k
2021: €139k
2022: €89k
2023: €39k
2024: €30k
2019 → 2025
Working capital
€243k▲ 25.8%
2024 · €193k
2019: €71k
2020: €51k
2021: €110k
2022: €202k
2023: €213k
2024: €193k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€202k-€291k▲ 44.2%€312k▲ 7.2%€342k▲ 9.6%€400k▲ 17.2%
Operating result€165k-€131k▼ 20.4%€53k▼ 59.4%€41k▼ 23.1%€97k▲ 138%
Net result€139k-€89k▼ 35.8%€39k▼ 56.1%€30k▼ 23.8%€70k▲ 136%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 138% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €628k
Fixed assets
€159k▼ 9.1%
Current assets
€468k▲ 6.9%
Equity and liabilities €628k
Equity
€400k▲ 17.2%
Debt
€227k▼ 16.4%
The debt ratio falls from 44.3% to 36.2%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€156k▲
2024 · €95k
Cash flow
€128k▲
2024 · €84k
Solvency
63.8%▲
2024 · 55.7%
Current ratio
2.08▲
2024 · 1.79
Quick ratio
0.27▼
2024 · 0.28
Debt / equity
0.57▼
2024 · 0.80
ROE
17.5%▲
2024 · 8.7%
ROA
11.2%▲
2024 · 4.9%
Interest coverage
29.28▲
2024 · 14.63
Debt
€227k▼
2024 · €272k
Debt ≤ 1 year
€225k▼
2024 · €245k
Debt > 1 year
€2k▼
2024 · €27k
Income taxes
€34k▲
2024 · €15k
Staff costs
€71k▼
2024 · €73k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€613k€628k▲
Fixed assets21/28€175k€159k▼
Intangible fixed assets21-€14k
Tangible fixed assets22/27€175k€145k▼
Plant, machinery and equipment23€115k€106k▼
Furniture and vehicles24€12k€8k▼
Other tangible fixed assets26€48k€32k▼
Current assets29/58€438k€468k▲
Stocks and contracts in progress3€370k€409k▲
Stocks30/36€370k€409k▲
Amounts receivable within one year40/41€19k€39k▲
Trade receivables40€147€5k▲
Other amounts receivable41€18k€34k▲
Cash at bank and in hand54/58€42k€11k▼
Deferred charges and accrued income490/1€7k€9k▲
Equity and liabilities
Total equity and liabilities10/49€613k€628k▲
Equity10/15€342k€400k▲
Contributions10/11€25k€25k=
Reserves13€317k€375k▲
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€317k€375k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€272k€227k▼
Amounts payable after more than one year17€27k€2k▼
Financial debts170/4€27k€2k▼
Amounts payable within one year42/48€245k€225k▼
Current portion of amounts payable after more than one year42€24k€25k▲
Financial debts43€545€2k▲
Credit institutions430/8€545€2k▲
Trade debts44€137k€36k▼
Suppliers440/4€137k€36k▼
Taxes, remuneration and social security45€8k€22k▲
Taxes450/3€805€15k▲
Remuneration and social security454/9€7k€6k▼
Other amounts payable47/48€76k€141k▲
Income statement
Code20242025
Remuneration, social security and pensions62€73k€71k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€54k€58k▲
Other operating charges640/8€2k€2k▲
Gross operating margin9900€170k€229k▲
Operating profit (loss)9901€41k€97k▲
Financial income75/76B€10k€13k▲
Recurring financial income75€10k€13k▲
Financial charges65/66B€6k€5k▼
Recurring financial charges65€6k€5k▼
Profit (loss) for the period before taxes9903€44k€105k▲
Income taxes67/77€15k€34k▲
Profit (loss) for the period9904€30k€70k▲
Profit (loss) for the period to be appropriated9905€30k€70k▲
Appropriation of the result
Profit (loss) to be appropriated9906€30k€70k▲
Transfer from equity791/2€0€12k▲
Transfer to equity691/2€30k€70k▲
To other reserves6921€30k€70k▲
Profit to be distributed694/7€0€12k▲
Return on contributions (dividend)694€0€12k▲
Social balance
Average headcount (FTE)90872.22.2=
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
01-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
02-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
28-02
Financial
Highest result since 2019net €139k ▲93.9%
Operating result €165k, net result €139k, both a record.
28-02
Financial
Equity above €200kEq €202k ▲51.9%
2 profitable years in a row build equity to €202k.
2020
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
29-02
Financial
Back to profitnet €72k
Net result €72k after one loss-making year.
2019
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
10-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Koksijde · 1 establishment unit since 2006
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Strandlaan(Kok) 3058670 KoksijdeGround area
625 m²
Building footprint
333 m²
Volume, LiDAR
3,928 m³
Parcel 38343A0184/00G000, Flanders · tallest building 22.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Panache
since 20062.151.368.542
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38343A0184/00G000 | Flanders | 625 m² | 1 · 333 m² | 22.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
AMICRACK
BE 0448.052.502
Anderlecht · Eq €401k
SELF - ELEC
BE 0477.420.835
Marche-en-Famenne · Eq €399k
TWILIGHT ZONE
BE 0474.034.347
Herentals · Eq €399k
BCM BERNARDI
BE 0426.045.378
Antwerpen · Eq €397k
COLORSENSE
BE 0869.919.952
Hasselt · Eq €404k
Of 763 companies in sector 47552 we hold annual accounts for 444. 347 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-12-2005
Fiscal year end28-02
Activities, NACEBEL
47552Retail sale of lighting equipment
47553Retail trade
47592Retail trade
47593Retail trade
52442
Sources
Crossroads Bank for EnterprisesNational Bank · 19 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.