PANADAS FACTORY
ActiveThe computed 12-month bankruptcy probability of PANADAS FACTORY is 3.3% (moderate). The 2024 annual accounts show equity of €686k and a net result of €137k. Equity is growing by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 92% of 1763 sector peers (fiscal year 2024). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
70
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability87▲+18
Solvency100▲+13
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
3.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity ample (current ratio 3.81 against 2.81 in 2023; short-term debt: 19.2% and cash: 13.6% of total assets), and 25% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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 56
Relative position
BE, all sectors
reference
Sector 56
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 2024Solvency, return and age of the figures
Solvency
75%
Return on assets
15%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
68 d late
2022
91 d late
2021
31 d late
2020
24 d late
2019
31 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€137k▲ 2,608%
2023 · €5k
2018: €49k
2019: €54k
2020: €-2k
2021: €130k
2022: €74k
2023: €5k
2018 → 2024
Working capital
€494k▲ 23.7%
2023 · €399k
2018: €79k
2019: €114k
2020: €131k
2021: €356k
2022: €410k
2023: €399k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€339k-€470k▲ 38.3%€544k▲ 15.8%€549k▲ 0.9%€686k▲ 24.9%
Operating result€8k-€149k▲ 1,820%€92k▼ 38.3%€22k▼ 76.0%€198k▲ 799%
Net result€-2k-€130k€74k▼ 42.9%€5k▼ 93.2%€137k▲ 2,608%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 799% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €914k
Fixed assets
€244k▼ 9.3%
Current assets
€670k▲ 7.9%
Equity and liabilities €914k
Equity
€686k▲ 24.9%
Debt
€228k▼ 33.1%
The debt ratio falls from 38.3% to 25.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€260k▲
2023 · €116k
Cash flow
€199k▲
2023 · €99k
Solvency
75.0%▲
2023 · 61.7%
Current ratio
3.81▲
2023 · 2.81
Quick ratio
3.68▲
2023 · 2.71
Debt / equity
0.33▼
2023 · 0.62
ROE
20.0%▲
2023 · 0.9%
ROA
15.0%▲
2023 · 0.6%
Interest coverage
45.04▲
2023 · 14.84
Debt
€228k▼
2023 · €341k
Debt ≤ 1 year
€176k▼
2023 · €221k
Debt > 1 year
€52k▼
2023 · €119k
Income taxes
€55k▲
2023 · €9k
Staff costs
€344k▲
2023 · €252k
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 · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€889k€914k▲
Fixed assets21/28€269k€244k▼
Tangible fixed assets22/27€248k€223k▼
Land and buildings22-€9k
Plant, machinery and equipment23€186k€203k▲
Furniture and vehicles24€9k€11k▲
Assets under construction and advance payments27€53k€633▼
Financial fixed assets28€20k€20k=
Current assets29/58€621k€670k▲
Stocks and contracts in progress3€21k€23k▲
Stocks30/36€21k€23k▲
Amounts receivable within one year40/41€561k€521k▼
Trade receivables40€123k€93k▼
Other amounts receivable41€438k€428k▼
Cash at bank and in hand54/58€38k€124k▲
Deferred charges and accrued income490/1€1k€1k=
Equity and liabilities
Total equity and liabilities10/49€889k€914k▲
Equity10/15€549k€686k▲
Contributions10/11€19k€19k=
Capital10€19k-
Issued capital100€19k-
Outside capital11-€19k
Other1109/19-€19k
Reserves13€192k€192k=
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k-
Reserves not available under the articles1311-€2k
Distributable reserves133€190k€190k=
Profit (loss) carried forward14€338k€475k▲
Amounts payable17/49€341k€228k▼
Amounts payable after more than one year17€119k€52k▼
Financial debts170/4€119k€52k▼
Amounts payable within one year42/48€221k€176k▼
Current portion of amounts payable after more than one year42€109k€61k▼
Trade debts44€48k€23k▼
Suppliers440/4€48k€23k▼
Taxes, remuneration and social security45€64k€92k▲
Taxes450/3€27k€55k▲
Remuneration and social security454/9€37k€36k▼
Income statement
Code20232024
Remuneration, social security and pensions62€252k€344k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€94k€63k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€2k
Other operating charges640/8€60k€14k▼
Gross operating margin9900€428k€621k▲
Operating profit (loss)9901€22k€198k▲
Financial income75/76B€145€191▲
Recurring financial income75€145€191▲
Financial charges65/66B€8k€6k▼
Recurring financial charges65€8k€6k▼
Profit (loss) for the period before taxes9903€14k€192k▲
Income taxes67/77€9k€55k▲
Profit (loss) for the period9904€5k€137k▲
Profit (loss) for the period to be appropriated9905€5k€137k▲
Appropriation of the result
Profit (loss) to be appropriated9906€343k€475k▲
Profit (loss) brought forward from the previous period14P€338k€338k=
Transfer to equity691/2€5k-
To other reserves6921€5k-
Social balance
Average headcount (FTE)9087-7.2
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 61 days late
2024
31-12
Financial
Highest result since 2018net €137k ▲2608%
Operating result €198k, net result €137k, both a record.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 68 days late
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 91 days late
2022
31-12
Financial
Equity above €500kEq €544k ▲15.8%
2 profitable years in a row build equity to €544k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Back to profitnet €130k
Net result €130k after one loss-making year.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
31-12
Financial
Weakest financial yearnet €-2k ▼103%
Net result drops to €-2k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
2016
23-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Anderlecht · 2 establishment units since 2010
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.
Vaandelstraat 431070 AnderlechtGround area
271 m²
Building footprint
276 m²
Volume, LiDAR
2,259 m³
2 parcels, Brussels · tallest building 16.7 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
PANADAS FACTORY
since 20102.191.787.452
O'Buenos
since 20202.298.122.020
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21001A0845/00D004 | Brussels | 152 m² | 1 · 154 m² | 14.0 m · 2 fl. |
| 21444B0021/00A007 | Brussels | 119 m² | 1 · 122 m² | 16.7 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAnderlecht2.191.787.452
Similar companies · same sector, comparable size
JAKPAT
BE 0820.683.940
Evere · Eq €687k
ROWENS
BE 0651.808.821
Bredene · Eq €687k
BAVEV
BE 0735.823.687
Mol · Eq €687k
LA REGALADE
BE 0872.355.840
Arlon · Eq €684k
XIN SEN
BE 0472.229.850
Torhout · Eq €683k
Of 20,495 companies in sector 56111 we hold annual accounts for 11,458. 5,370 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded20-09-2010
Fiscal year end31-12
Activities, NACEBEL
10850Manufacture of food products
56101Full-service restaurants
56111Full-service restaurants
10312Manufacture of food products
10890Manufacture of food products
46389Wholesale of other food products
46391Wholesale trade
47110Non-specialised retail sale with food, beverages or tobacco predominating
47111Retail trade
56220Contract catering and other food service activities
56290Food and beverage service activities
Sources
Crossroads Bank for EnterprisesNational Bank · 14 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.