Panamas
ActiveSummary
Panamas has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €133,873 and a net result of €10,509. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 69% of 31942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-14
Solvency98▲+12
Growth52=
Track record94
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 4.34 against 2.77 in 2024; short-term debt: 18.6% and cash: 27.2% of total assets), and 26.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
73.5%
Return on assets
5.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 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 · 3 filingsDeviation from the deadline
2025
26 d late
2024
31 d late
2023
61 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 39 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (3 of the last 3 filed years within 31 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money How does this company compare with its sector?Sector benchmark
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€133,873▲ 8.5%
2024 · €123,364
Total assets
€182,169▼ 9.8%
2024 · €201,971
Net result
€10,509▼ 69.5%
2024 · €34,416
Working capital
€112,943▲ 16.4%
2024 · €97,012
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Line202320242025
Operating result€112,073-€39,874▼ 64.4%€16,791▼ 57.9%
Net result€86,948above the sector's middle half-€34,416within the sector's middle half▼ 60.4%€10,509within the sector's middle half▼ 69.5%
Equity€88,948within the sector's middle half-€123,364within the sector's middle half▲ 38.7%€133,873within the sector's middle half▲ 8.5%
Total assets€178,649within the sector's middle half-€201,971within the sector's middle half▲ 13.1%€182,169within the sector's middle half▼ 9.8%
Debt€89,701-€78,608▼ 12.4%€48,296▼ 38.6%
Working capital€71,988within the sector's middle half-€97,012within the sector's middle half▲ 34.8%€112,943within the sector's middle half▲ 16.4%
Solvency49.8%within the sector's middle half-61.1%within the sector's middle half▲ 11.3pp73.5%within the sector's middle half▲ 12.4pp
Current ratio2.26within the sector's middle half-2.77within the sector's middle half▲ 0.514.34within the sector's middle half▲ 1.57
Return on assets (ROA)48.7%above the sector's middle half-17.0%within the sector's middle half▼ 31.6pp5.8%within the sector's middle half▼ 11.3pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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 has fallen two years in a row; 2025 is 58% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €182,169
Fixed assets
€35,420 ▼ 29.2%
Current assets
€146,749 ▼ 3.4%
Equity and liabilities €182,169
Equity
€133,873 ▲ 8.5%
Debt
€48,296 ▼ 38.6%
Debt's share of the balance-sheet total falls from 38.9% to 26.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,461▼
2024 · €53,359
Cash flow
€25,179▼
2024 · €47,900
Debt to equity
0.36▼
2024 · 0.64
ROE
7.8%▼
2024 · 27.9%
Interest coverage
8.61▼
2024 · 31.27
Debt ≤ 1 year
€33,806▼
2024 · €54,905
Debt > 1 year
€14,490▼
2024 · €23,702
Income taxes
€5,532▼
2024 · €10,245
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 39,276 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 39,276 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.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,341 | €13,485 | €14,671 | ▲ 8.8% |
| Other operating charges640/8 | €505 | €787 | €580 | ▼ 26.3% |
| Gross operating margin9900 | €118,919 | €54,145 | €32,041 | ▼ 40.8% |
| Operating profit (loss)9901 | €112,073 | €39,874 | €16,791 | ▼ 57.9% |
| Financial income75/76B | €371 | €6,492 | €2,905 | ▼ 55.3% |
| Recurring financial income75 | €371 | €6,492 | €2,905 | ▼ 55.3% |
| Financial charges65/66B | €1,041 | €1,706 | €3,654 | ▲ 114% |
| Recurring financial charges65 | €1,041 | €1,706 | €3,654 | ▲ 114% |
| Profit (loss) for the period before taxes9903 | €111,403 | €44,660 | €16,041 | ▼ 64.1% |
| Income taxes67/77 | €24,454 | €10,245 | €5,532 | ▼ 46.0% |
| Profit (loss) for the period9904 | €86,948 | €34,416 | €10,509 | ▼ 69.5% |
| Profit (loss) for the period to be appropriated9905 | €86,948 | €34,416 | €10,509 | ▼ 69.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €178,649 | €201,971 | €182,169 | ▼ 9.8% |
| Fixed assets21/28 | €49,532 | €50,054 | €35,420 | ▼ 29.2% |
| Tangible fixed assets22/27 | €49,532 | €50,054 | €35,420 | ▼ 29.2% |
| Furniture and vehicles24 | €49,532 | €50,054 | €35,420 | ▼ 29.2% |
| Current assets29/58 | €129,117 | €151,917 | €146,749 | ▼ 3.4% |
| Amounts receivable within one year40/41 | €49,325 | €67,159 | €85,152 | ▲ 26.8% |
| Trade receivables40 | €23,700 | €11,050 | €9,484 | ▼ 14.2% |
| Other amounts receivable41 | €25,625 | €56,109 | €75,669 | ▲ 34.9% |
| Current investments50/53 | €15,000 | €19,086 | €10,586 | ▼ 44.5% |
| Cash at bank and in hand54/58 | €64,116 | €64,688 | €49,540 | ▼ 23.4% |
| Deferred charges and accrued income490/1 | €676 | €985 | €1,472 | ▲ 49.4% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €178,649 | €201,971 | €182,169 | ▼ 9.8% |
| Equity10/15 | €88,948 | €123,364 | €133,873 | ▲ 8.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €86,948 | €121,364 | €131,873 | ▲ 8.7% |
| Amounts payable17/49 | €89,701 | €78,608 | €48,296 | ▼ 38.6% |
| Amounts payable after more than one year17 | €32,572 | €23,702 | €14,490 | ▼ 38.9% |
| Financial debts170/4 | €32,572 | €23,702 | €14,490 | ▼ 38.9% |
| Amounts payable within one year42/48 | €57,129 | €54,905 | €33,806 | ▼ 38.4% |
| Current portion of amounts payable after more than one year42 | €8,539 | €8,869 | €9,212 | ▲ 3.9% |
| Financial debts43 | €44 | €79 | €520 | ▲ 561% |
| Credit institutions430/8 | €44 | €79 | €520 | ▲ 561% |
| Trade debts44 | €756 | €3,417 | €2,862 | ▼ 16.2% |
| Suppliers440/4 | €756 | €3,417 | €2,862 | ▼ 16.2% |
| Advances received on contracts in progress46 | €14,520 | €0 | - | - |
| Taxes, remuneration and social security45 | €33,270 | €42,541 | €21,213 | ▼ 50.1% |
| Taxes450/3 | €33,270 | €42,541 | €21,213 | ▼ 50.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,948 | €34,416 | €10,509 | ▼ 69.5% |
| + Depreciation and write-downs630 | €6,341 | €13,485 | €14,671 | ▲ 8.8% |
| Operating cash flow (approximation) | €93,289 | €47,900 | €25,179 | ▼ 47.4% |
| Investment in fixed assets (approximation) | - | -€14,007 | -€36 | ▲ 99.7% |
| Change in cash | - | €571 | -€15,148 | ▼ 2,751% |
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
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
31-12
Financial
Weakest financial yearnet €10,509 ▼69.5%
Net result drops to €10,509, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Equity above €100,000Eq €123,364 ▲38.7%
2 profitable years in a row build equity to €123,364.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Antwerpen · 1 establishment unit since 2022
Ground area
285 m²
Building footprint
161 m²
Volume, LiDAR
999 m³
2 parcels, Flanders · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Panamas
since 20222.341.029.375
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11313B0917/00N004 | Flanders | 145 m² | 1 · 76 m² | 10.1 m · 2 fl. |
| 11313B0909/00K004indicative | Flanders | 140 m² | 1 · 85 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 270 EUR awarded · 270 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 270 EUR | 270 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
699400OVRJA3GJMTE921
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 40,904 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
Founded19-11-2022
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0793759512
Also
9925:BE0793759512
Registered
24-09-2025
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.