PANAMA
ActiveSummary
PANAMA has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €688,230. Equity is growing by ~22% per year across the filed fiscal years. Its solvency ranks better than 28% of 942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
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Signals
This company filed its last 7 accounts on average 11 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, full schema
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 82, Office administrative, office support and other business support activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Peer companies
Historical observationOf the 378 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 378 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €13.1m | €18.2m | €21.6m | €23.9m | €26.9m | ▲ 12.3% |
| Turnover70 | €12.8m | €17.9m | €21.3m | €23.6m | €26.5m | ▲ 12.2% |
| Other operating income74 | €300,431 | €295,582 | €251,592 | €280,703 | €323,652 | ▲ 15.3% |
| Non-recurring operating income76A | €41,388 | €6,517 | €9,212 | €8,819 | €13,886 | ▲ 57.5% |
| Operating charges60/66A | €12.8m | €17.8m | €20.7m | €23.1m | €25.6m | ▲ 10.8% |
| Goods for resale, raw materials and consumables60 | €5.7m | €9.5m | €11.1m | €11.3m | €13.1m | ▲ 16.3% |
| Purchases600/8 | €5.8m | €9.5m | €11.2m | €11.3m | €13.0m | ▲ 14.8% |
| Change in stocks: decrease (increase)609 | -€95,361 | -€6,770 | -€24,598 | -€14,776 | €143,593 | ▲ 1,072% |
| Services and other goods61 | €4.7m | €5.3m | €5.9m | €7.2m | €6.8m | ▼ 5.7% |
| Remuneration, social security and pensions62 | €2.1m | €2.8m | €3.3m | €3.8m | €5.1m | ▲ 31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €166,487 | €196,178 | €252,702 | €289,512 | €350,315 | ▲ 21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€14,522 | -€21,729 | €15,142 | €0 | €700 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €0 | - | - | €203,481 | -€142,437 | ▼ 170% |
| Other operating charges640/8 | €40,343 | €71,116 | €51,721 | €248,556 | €48,075 | ▼ 80.7% |
| Non-recurring operating charges66A | €3,737 | €13,475 | €1,400 | €2,247 | €320,401 | ▲ 14,162% |
| Operating profit (loss)9901 | €307,964 | €395,700 | €908,303 | €839,313 | €1.3m | ▲ 54.9% |
| Financial income75/76B | €1,641 | €12,774 | €99,921 | €10,704 | €8,362 | ▼ 21.9% |
| Recurring financial income75 | €1,641 | €12,774 | €99,921 | €10,704 | €8,362 | ▼ 21.9% |
| Income from financial fixed assets750 | - | - | €74 | €129 | €0 | ▼ 100% |
| Income from current assets751 | - | €8,000 | €7,572 | €7,734 | €7,850 | ▲ 1.5% |
| Other financial income752/9 | €1,641 | €4,774 | €92,276 | €2,841 | €512 | ▼ 82.0% |
| Financial charges65/66B | €58,144 | €75,829 | €257,561 | €290,096 | €232,997 | ▼ 19.7% |
| Recurring financial charges65 | €58,144 | €75,829 | €257,561 | €290,096 | €232,997 | ▼ 19.7% |
| Debt charges650 | €34,116 | €52,989 | €87,793 | €151,930 | €74,231 | ▼ 51.1% |
| Other financial charges652/9 | €24,028 | €22,839 | €169,768 | €138,167 | €158,766 | ▲ 14.9% |
| Profit (loss) for the period before taxes9903 | €251,462 | €332,646 | €750,664 | €559,921 | €1.1m | ▲ 92.0% |
| Income taxes67/77 | €113,325 | €158,065 | €295,789 | €256,848 | €386,877 | ▲ 50.6% |
| Taxes670/3 | €113,325 | €158,065 | €295,789 | €256,848 | €386,877 | ▲ 50.6% |
| Tax adjustments and reversals of tax provisions77 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €138,137 | €174,580 | €454,875 | €303,073 | €688,230 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | €138,137 | €174,580 | €454,875 | €303,073 | €688,230 | ▲ 127% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.9m | €9.1m | €10.0m | €8.2m | €9.0m | ▲ 9.5% |
| Fixed assets21/28 | €1.5m | €1.6m | €1.7m | €1.6m | €2.0m | ▲ 23.8% |
| Intangible fixed assets21 | €30,845 | €106,976 | €258,661 | €216,610 | €250,242 | ▲ 15.5% |
| Tangible fixed assets22/27 | €1.4m | €1.5m | €1.4m | €1.4m | €1.8m | ▲ 25.8% |
| Land and buildings22 | €1.3m | €1.2m | €1.1m | €1.1m | €980,904 | ▼ 6.8% |
| Plant, machinery and equipment23 | €20,722 | €117,320 | €112,706 | €88,623 | €146,073 | ▲ 64.8% |
| Furniture and vehicles24 | €119,712 | €90,260 | €100,392 | €140,298 | €271,271 | ▲ 93.4% |
| Other tangible fixed assets26 | - | €51,248 | €109,235 | €110,658 | €353,293 | ▲ 219% |
| Financial fixed assets28 | €17,125 | €25,325 | €27,642 | €35,297 | €33,457 | ▼ 5.2% |
| Other financial fixed assets284/8 | €17,125 | €25,325 | €27,642 | €35,297 | €33,457 | ▼ 5.2% |
| Amounts receivable and cash guarantees285/8 | €17,125 | €25,325 | €27,642 | €35,297 | €33,457 | ▼ 5.2% |
| Current assets29/58 | €7.5m | €7.5m | €8.3m | €6.6m | €6.9m | ▲ 6.0% |
| Amounts receivable after more than one year29 | €579,832 | €407,832 | €529,832 | €537,403 | €545,137 | ▲ 1.4% |
| Other amounts receivable291 | €579,832 | €407,832 | €529,832 | €537,403 | €545,137 | ▲ 1.4% |
| Stocks and contracts in progress3 | €205,498 | €212,267 | €221,723 | €236,498 | €92,906 | ▼ 60.7% |
| Stocks30/36 | €205,498 | €212,267 | €221,723 | €236,498 | €92,906 | ▼ 60.7% |
| Goods purchased for resale34 | €205,498 | €212,267 | €221,723 | €236,498 | €92,906 | ▼ 60.7% |
| Amounts receivable within one year40/41 | €5.1m | €5.1m | €5.8m | €4.5m | €5.1m | ▲ 14.9% |
| Trade receivables40 | €4.7m | €5.0m | €5.3m | €4.1m | €4.3m | ▲ 4.9% |
| Other amounts receivable41 | €348,451 | €131,952 | €493,139 | €344,769 | €808,221 | ▲ 134% |
| Cash at bank and in hand54/58 | €1.5m | €1.7m | €1.5m | €1.2m | €887,696 | ▼ 24.4% |
| Deferred charges and accrued income490/1 | €101,604 | €75,766 | €199,494 | €132,090 | €278,572 | ▲ 111% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.9m | €9.1m | €10.0m | €8.2m | €9.0m | ▲ 9.5% |
| Equity10/15 | €774,914 | €449,494 | €904,369 | €1.2m | €1.9m | ▲ 57.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €2,459 | €2,459 | €2,459 | €2,459 | €2,459 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | €600 | €600 | €600 | €600 | €600 | = |
| Profit (loss) carried forward14 | €753,863 | €428,443 | €883,318 | €1.2m | €1.9m | ▲ 58.0% |
| Provisions and deferred taxes16 | - | - | - | €203,481 | €61,044 | ▼ 70.0% |
| Provisions for liabilities and charges160/5 | - | - | - | €203,481 | €61,044 | ▼ 70.0% |
| Other liabilities and charges164/5 | - | - | - | €203,481 | €61,044 | ▼ 70.0% |
| Amounts payable17/49 | €8.1m | €8.6m | €9.1m | €6.8m | €7.0m | ▲ 3.5% |
| Amounts payable after more than one year17 | €1.1m | €981,726 | €1.3m | €1.1m | €938,930 | ▼ 17.0% |
| Financial debts170/4 | €1.1m | €981,726 | €1.3m | €1.1m | €938,930 | ▼ 17.0% |
| Credit institutions173 | €1.1m | €981,726 | €1.3m | €1.1m | €938,930 | ▼ 17.0% |
| Amounts payable within one year42/48 | €7.1m | €7.7m | €7.8m | €5.7m | €6.1m | ▲ 7.5% |
| Current portion of amounts payable after more than one year42 | €141,303 | €101,701 | €197,803 | €197,434 | €205,881 | ▲ 4.3% |
| Financial debts43 | €3.4m | €4.0m | €3.7m | €401,120 | €635,081 | ▲ 58.3% |
| Credit institutions430/8 | €3.4m | €4.0m | €3.7m | €401,120 | €635,081 | ▲ 58.3% |
| Trade debts44 | €2.3m | €2.3m | €2.4m | €2.4m | €2.9m | ▲ 21.3% |
| Suppliers440/4 | €2.3m | €2.3m | €2.4m | €2.4m | €2.9m | ▲ 21.3% |
| Advances received on contracts in progress46 | €757,877 | €618,001 | €844,168 | €1.6m | €1.3m | ▼ 21.4% |
| Taxes, remuneration and social security45 | €515,826 | €666,714 | €724,003 | €1.0m | €1.1m | ▲ 2.4% |
| Taxes450/3 | €260,416 | €335,265 | €326,968 | €565,254 | €481,739 | ▼ 14.8% |
| Remuneration and social security454/9 | €255,410 | €331,449 | €397,035 | €474,158 | €582,399 | ▲ 22.8% |
| Other amounts payable47/48 | €595 | €122 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | €0 | - | €1,145 | €2,114 | €5,610 | ▲ 165% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €138,137 | €174,580 | €454,875 | €303,073 | €688,230 | ▲ 127% |
| + Depreciation and write-downs630 | €166,487 | €196,178 | €252,702 | €289,512 | €350,315 | ▲ 21.0% |
| Operating cash flow (approximation) | €304,623 | €370,758 | €707,577 | €592,586 | €1.0m | ▲ 75.3% |
| Investment in fixed assets (approximation) | - | -€327,536 | -€398,843 | -€200,995 | -€741,800 | ▼ 269% |
| Change in cash | - | €207,774 | -€208,206 | -€340,830 | -€286,370 | ▲ 16.0% |
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
09-09
State Gazette act
Reappointment: BV VGD Bedrijfsrevisoren (statutory auditor)Permanent representative: Jurgen Lelie · Power of attorney6 facts ▸
- General meeting, 17-07-2026
- Auditor reappointment, BV VGD Bedrijfsrevisoren (statutory auditor)
- Permanent representative, Jurgen Lelie (permanent representative)
- Power of attorney, Catherine Wailly
- Power of attorney, Bram Busselot
- Power of attorney
Show earlier events
About the unread acts
Of the 12 Belgian State Gazette acts we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
Statutory auditor 1
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46384D0699/00H000indicative | Flanders | 1.1 ha | 1 · 6,477 m² | 0.1 m |
Linked by address, not proof of ownership
Mandate history
- Statutory auditor
| Name | Functions and periods |
|---|---|
| VGD Bedrijfsrevisoren |
|
Structure & network
Owners and holdings
2 ownersChain of control
- Panama Group
- PANAMA
Highest known parent: Panama Group. The sources do not say who stands above it.
Owners 2
- Panama Groupparent77.47%
- Sourceaccounts OUTLOUD 202510%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 3,991 EUR awarded · 3,991 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,040 EUR | 3,139 EUR |
| 2024 | 1 | 2,099 EUR | 0 EUR |
| 2023 | 1 | 852 EUR | 852 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteSimilar companies · same sector, comparable size
Identification & contact
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.