PANADEM
ActiveSummary
The computed 12-month bankruptcy probability of PANADEM is 1.7% (moderate). The 2024 annual accounts show equity of €48k and a net result of €20k. Equity is growing by ~5.7% per year across the filed fiscal years. Its solvency ranks better than 42% of 26043 sector peers (fiscal year 2024). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability81▼-4
Solvency48▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity tight (current ratio 1.34 against 1.41 in 2023; short-term debt: 56% and cash: 10.3% of total assets), and 76.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+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
Retail trade (NACE 47)
about 45% 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 2024Solvency, return and age of the figures
Solvency
23.1%
Return on assets
9.7%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-06-2025, 31 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
31 d early
2023
27 d early
2022
27 d early
2021
26 d early
2020
30 d early
2019
37 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€48k▲ 0.7%
2023 · €48k
2018: €40k
2019: €32k▼ -20.8% vs 2018
2020: €39k▲ +23.5% vs 2019
2021: €31k▼ -19.7% vs 2020lowest in 7 years
2022: €44k▲ +41.3% vs 2021
2023: €48k▲ +8.0% vs 2022
2024: €48k▲ +0.7% vs 2023highest in 7 years
2018 → 2024
Total assets
€209k▼ 20.7%
2023 · €263k
2018: €381k
2019: €383k▲ +0.5% vs 2018highest in 7 years
2020: €353k▼ -7.7% vs 2019
2021: €318k▼ -10.0% vs 2020
2022: €296k▼ -7.0% vs 2021
2023: €263k▼ -11.1% vs 2022
2024: €209k▼ -20.7% vs 2023lowest in 7 years
2018 → 2024
Net result
€20k▼ 39.5%
2023 · €34k
2018: €12k
2019: €674▼ -94.2% vs 2018lowest in 7 years
2020: €7k▲ +1003% vs 2019
2021: €14k▲ +91.0% vs 2020
2022: €15k▲ +8.4% vs 2021
2023: €34k▲ +118% vs 2022highest in 7 years
2024: €20k▼ -39.5% vs 2023
2018 → 2024
Working capital
€40k▼ 27.7%
2023 · €55k
2018: €35k
2019: €31k▼ -11.2% vs 2018lowest in 7 years
2020: €55k▲ +77.5% vs 2019
2021: €60k▲ +10.5% vs 2020
2022: €68k▲ +13.1% vs 2021highest in 7 years
2023: €55k▼ -19.9% vs 2022
2024: €40k▼ -27.7% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€39k-€31k▼ 19.7%€44k▲ 41.3%€48k▲ 8.0%€48k▲ 0.7%
2020: €39k
2021: €31k▼ -19.7% vs 2020lowest in 5 years
2022: €44k▲ +41.3% vs 2021
2023: €48k▲ +8.0% vs 2022
2024: €48k▲ +0.7% vs 2023highest in 5 years
Operating result€14k-€22k▲ 55.8%€25k▲ 12.1%€47k▲ 89.2%€25k▼ 47.0%
2020: €14klowest in 5 years
2021: €22k▲ +55.8% vs 2020
2022: €25k▲ +12.1% vs 2021
2023: €47k▲ +89.2% vs 2022highest in 5 years
2024: €25k▼ -47.0% vs 2023
Net result€7k-€14k▲ 91.0%€15k▲ 8.4%€34k▲ 118%€20k▼ 39.5%
2020: €7klowest in 5 years
2021: €14k▲ +91.0% vs 2020
2022: €15k▲ +8.4% vs 2021
2023: €34k▲ +118% vs 2022highest in 5 years
2024: €20k▼ -39.5% vs 2023
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 2024; 2024 is 47% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €209k
Fixed assets
€52k ▼ 31.2%
Current assets
€156k ▼ 16.4%
Equity and liabilities €209k
Equity
€48k ▲ 0.7%
Debt
€160k ▼ 25.4%
Debt's share of the balance-sheet total falls from 81.8% to 76.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50k▼
2023 · €82k
Cash flow
€46k▼
2023 · €68k
Current ratio
1.34▼
2023 · 1.41
Quick ratio
0.91▼
2023 · 0.98
Debt to equity
3.32▼
2023 · 4.49
ROE
42.1%▼
2023 · 70.0%
ROA
9.7%▼
2023 · 12.8%
Interest coverage
22.60▼
2023 · 27.25
Debt ≤ 1 year
€117k▼
2023 · €132k
Debt > 1 year
€44k▼
2023 · €80k
Income taxes
€6k▼
2023 · €14k
Staff costs
€36k▲
2023 · €30k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 52 lines
Balance sheet
Code20232024
Assets
Total assets20/58€263k€209k▼
Fixed assets21/28€76k€52k▼
Intangible fixed assets21€69k€46k▼
Tangible fixed assets22/27€7k€6k▼
Plant, machinery and equipment23€7k€6k▼
Furniture and vehicles24€313-
Current assets29/58€187k€156k▼
Stocks and contracts in progress3€57k€50k▼
Stocks30/36€57k€50k▼
Amounts receivable within one year40/41€84k€85k▲
Trade receivables40€25k€33k▲
Other amounts receivable41€60k€52k▼
Cash at bank and in hand54/58€44k€21k▼
Deferred charges and accrued income490/1€1k€300▼
Equity and liabilities
Total equity and liabilities10/49€263k€209k▼
Equity10/15€48k€48k▲
Contributions10/11€40k€40k=
Reserves13€4k€4k=
Non-distributable reserves130/1€4k€4k=
Reserves not available under the articles1311€4k€4k=
Profit (loss) carried forward14€4k€4k▲
Amounts payable17/49€215k€160k▼
Amounts payable after more than one year17€80k€44k▼
Financial debts170/4€80k€44k▼
Amounts payable within one year42/48€132k€117k▼
Current portion of amounts payable after more than one year42€45k€37k▼
Financial debts43€2k€2k▲
Credit institutions430/8€2k€2k▲
Trade debts44€44k€42k▼
Suppliers440/4€44k€42k▼
Taxes, remuneration and social security45€11k€16k▲
Taxes450/3€7k€9k▲
Remuneration and social security454/9€4k€7k▲
Other amounts payable47/48€30k€20k▼
Accrued charges and deferred income492/3€3k-
Income statement
Code20232024
Remuneration, social security and pensions62€30k€36k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€35k€25k▼
Other operating charges640/8€0€1▲
Gross operating margin9900€112k€86k▼
Operating profit (loss)9901€47k€25k▼
Financial income75/76B€3k€3k▼
Recurring financial income75€3k€3k▼
Financial charges65/66B€3k€2k▼
Recurring financial charges65€3k€2k▼
Profit (loss) for the period before taxes9903€48k€26k▼
Income taxes67/77€14k€6k▼
Profit (loss) for the period9904€34k€20k▼
Profit (loss) for the period to be appropriated9905€34k€20k▼
Appropriation of the result
Profit (loss) to be appropriated9906€34k€24k▼
Profit (loss) brought forward from the previous period14P€383€4k▲
Profit to be distributed694/7€30k€20k▼
Return on contributions (dividend)694€30k€20k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €29k | €32k | €30k | €36k | ▲ 18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €59k | €59k | €35k | €35k | €25k | ▼ 27.5% |
| Other operating charges640/8 | - | €0 | - | €0 | €1 | ▲ 3,100% |
| Gross operating margin9900 | €101k | €111k | €92k | €112k | €86k | ▼ 23.4% |
| Operating profit (loss)9901 | €14k | €22k | €25k | €47k | €25k | ▼ 47.0% |
| Financial income75/76B | - | €2k | €4k | €3k | €3k | ▼ 0.5% |
| Recurring financial income75 | €2k | €2k | €4k | €3k | €3k | ▼ 0.5% |
| Financial charges65/66B | - | €4k | €7k | €3k | €2k | ▼ 26.1% |
| Recurring financial charges65 | €5k | €4k | €7k | €3k | €2k | ▼ 26.1% |
| Profit (loss) for the period before taxes9903 | €11k | €20k | €21k | €48k | €26k | ▼ 45.1% |
| Income taxes67/77 | €4k | €5k | €6k | €14k | €6k | ▼ 58.7% |
| Profit (loss) for the period9904 | €7k | €14k | €15k | €34k | €20k | ▼ 39.5% |
| Profit (loss) for the period to be appropriated9905 | €7k | €14k | €15k | €34k | €20k | ▼ 39.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €353k | €318k | €296k | €263k | €209k | ▼ 20.7% |
| Fixed assets21/28 | €194k | €139k | €104k | €76k | €52k | ▼ 31.2% |
| Intangible fixed assets21 | €138k | €115k | €92k | €69k | €46k | ▼ 33.2% |
| Tangible fixed assets22/27 | €56k | €24k | €12k | €7k | €6k | ▼ 10.8% |
| Plant, machinery and equipment23 | - | €2k | €1k | €7k | €6k | ▼ 6.6% |
| Furniture and vehicles24 | - | €2k | €1k | €313 | - | - |
| Leasing and similar rights25 | - | €20k | €10k | - | - | - |
| Current assets29/58 | €160k | €179k | €192k | €187k | €156k | ▼ 16.4% |
| Stocks and contracts in progress3 | €66k | €66k | €50k | €57k | €50k | ▼ 13.3% |
| Stocks30/36 | - | €66k | €50k | €57k | €50k | ▼ 13.3% |
| Amounts receivable within one year40/41 | €53k | €59k | €91k | €84k | €85k | ▲ 0.6% |
| Trade receivables40 | - | €22k | €25k | €25k | €33k | ▲ 34.1% |
| Other amounts receivable41 | - | €37k | €66k | €60k | €52k | ▼ 13.4% |
| Cash at bank and in hand54/58 | €38k | €51k | €50k | €44k | €21k | ▼ 51.6% |
| Deferred charges and accrued income490/1 | - | €4k | €300 | €1k | €300 | ▼ 70.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €353k | €318k | €296k | €263k | €209k | ▼ 20.7% |
| Equity10/15 | €39k | €31k | €44k | €48k | €48k | ▲ 0.7% |
| Contributions10/11 | - | €12k | €40k | €40k | €40k | = |
| Reserves13 | €19k | €19k | €4k | €4k | €4k | = |
| Non-distributable reserves130/1 | - | €4k | €4k | €4k | €4k | = |
| Reserves not available under the articles1311 | - | €4k | €4k | €4k | €4k | = |
| Distributable reserves133 | - | €15k | - | - | - | - |
| Profit (loss) carried forward14 | €8k | - | €383 | €4k | €4k | ▲ 8.0% |
| Amounts payable17/49 | €314k | €287k | €251k | €215k | €160k | ▼ 25.4% |
| Amounts payable after more than one year17 | €209k | €168k | €125k | €80k | €44k | ▼ 45.6% |
| Financial debts170/4 | - | €168k | €125k | €80k | €44k | ▼ 45.6% |
| Amounts payable within one year42/48 | €105k | €119k | €124k | €132k | €117k | ▼ 11.7% |
| Current portion of amounts payable after more than one year42 | - | €42k | €42k | €45k | €37k | ▼ 18.9% |
| Financial debts43 | - | - | - | €2k | €2k | ▲ 0.1% |
| Credit institutions430/8 | - | - | - | €2k | €2k | ▲ 0.1% |
| Trade debts44 | €51k | €44k | €45k | €44k | €42k | ▼ 4.6% |
| Suppliers440/4 | - | €44k | €45k | €44k | €42k | ▼ 4.6% |
| Taxes, remuneration and social security45 | - | €11k | €6k | €11k | €16k | ▲ 45.1% |
| Taxes450/3 | - | €5k | €1k | €7k | €9k | ▲ 22.5% |
| Remuneration and social security454/9 | - | €6k | €4k | €4k | €7k | ▲ 86.4% |
| Other amounts payable47/48 | - | €22k | €30k | €30k | €20k | ▼ 33.3% |
| Accrued charges and deferred income492/3 | - | - | €3k | €3k | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7k | €14k | €15k | €34k | €20k | ▼ 39.5% |
| + Depreciation and write-downs630 | €59k | €59k | €35k | €35k | €25k | ▼ 27.5% |
| Operating cash flow (approximation) | €66k | €73k | €50k | €68k | €46k | ▼ 33.4% |
| Investment in fixed assets (approximation) | - | €-4k | €0 | €-7k | €-2k | ▲ 77.9% |
| Change in cash | - | €13k | €-227 | €-6k | €-23k | ▼ 270% |
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
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €34k ▲118%
Operating result €47k, net result €34k, both a record.
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €674 ▼94.2%
Net result drops to €674, the lowest in the series; recovery starts the following year.
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
13-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 13 days late
Financial 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, Sint-Pieters-Woluwe · 1 establishment unit since 2017
Ground area
255 m²
Building footprint
180 m²
Volume, LiDAR
2,520 m³
Parcel 21682C0052/00X002, Brussels · tallest building 18.5 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PANADEM
since 20172.262.091.171
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21682C0052/00X002 | Brussels | 255 m² | 1 · 180 m² | 18.5 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
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
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APOTHEEK LORMANS-NELISSEN
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,861. 2,718 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)
Founded19-12-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
Scores and ratios are computed by Checked and are not a credit decision.