PANATHENA
ActivePANATHENA has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.36M and a net result of €1.51M. Equity is growing by ~15.1% per year across the filed fiscal years. Its solvency ranks better than 93% of 255 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
100
/ 100
Excellent▲ +17 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency100=
Growth78=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €440k at 30 days acceptable
Liquidity ample (current ratio 14.14 against 30.21 in 2024), and 7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
93%
Return on assets
32.2%
Age of the figures
8 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 58
Relative position
BE, all sectors
reference
Sector 58
lower
← 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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
8 d early
2023
on the day
2022
31 d late
2021
4 d late
2020
2 d early
2019
49 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€4.36M▲ 52.9%
2024 · €2.85M
2018: €1.17M
2019: €1.46M
2020: €1.81M
2021: €1.78M
2022: €1.88M
2023: €2.10M
2024: €2.85M
2018 → 2025
Total assets
€4.69M▲ 58.8%
2024 · €2.95M
2018: €1.33M
2019: €1.67M
2020: €1.95M
2021: €1.97M
2022: €2.07M
2023: €2.33M
2024: €2.95M
2018 → 2025
Net result
€1.51M▲ 48.0%
2024 · €1.02M
2018: €265k
2019: €287k
2020: €350k
2021: €369k
2022: €313k
2023: €415k
2024: €1.02M
2018 → 2025
Working capital
€4.31M▲ 51.2%
2024 · €2.85M
2018: €1.13M
2019: €1.43M
2020: €1.80M
2021: €1.79M
2022: €1.89M
2023: €2.10M
2024: €2.85M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.78M-€1.88M▲ 5.5%€2.10M▲ 11.4%€2.85M▲ 36.0%€4.36M▲ 52.9%
Operating result€545k-€560k▲ 2.7%€559k=€1.42M▲ 154%€2.16M▲ 52.1%
Net result€369k-€313k▼ 15.2%€415k▲ 32.7%€1.02M▲ 146%€1.51M▲ 48.0%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 52% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.69M
Fixed assets
€49k▲ 1,342%
Current assets
€4.64M▲ 57.3%
Equity and liabilities €4.69M
Equity
€4.36M▲ 52.9%
Debt
€328k▲ 222%
The debt ratio rises from 3.4% to 7.0%: debt grows faster than equity.
Key figures and ratios
EBITDA
€2.17M▲
2024 · €1.42M
Cash flow
€1.51M▲
2024 · €1.02M
Solvency
93.0%▼
2024 · 96.6%
Current ratio
14.14▼
2024 · 30.21
Quick ratio
14.14▼
2024 · 30.21
Debt / equity
0.08▲
2024 · 0.04
ROE
34.6%▼
2024 · 35.8%
ROA
32.2%▼
2024 · 34.5%
Interest coverage
1326.42▲
2024 · -128.13
Debt
€328k▲
2024 · €102k
Debt ≤ 1 year
€328k▲
2024 · €98k
Income taxes
€711k▲
2024 · €470k
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€2.95M€4.69M▲
Fixed assets21/28€3k€49k▲
Tangible fixed assets22/27€3k€49k▲
Plant, machinery and equipment23€566€134▼
Furniture and vehicles24€3k€49k▲
Current assets29/58€2.95M€4.64M▲
Amounts receivable within one year40/41€242k€110k▼
Trade receivables40€211k€78k▼
Other amounts receivable41€31k€32k▲
Current investments50/53€943k€968k▲
Cash at bank and in hand54/58€1.76M€3.55M▲
Deferred charges and accrued income490/1€3k€9k▲
Equity and liabilities
Total equity and liabilities10/49€2.95M€4.69M▲
Equity10/15€2.85M€4.36M▲
Contributions10/11€88k€88k=
Reserves13€2.76M€4.27M▲
Non-distributable reserves130/1€9k€9k=
Reserves not available under the articles1311€9k€9k=
Distributable reserves133€2.75M€4.26M▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€102k€328k▲
Amounts payable within one year42/48€98k€328k▲
Trade debts44€54k€13k▼
Suppliers440/4€54k€13k▼
Taxes, remuneration and social security45€39k€304k▲
Taxes450/3€39k€304k▲
Other amounts payable47/48€5k€12k▲
Accrued charges and deferred income492/3€4k€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€890€5k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€3k
Other operating charges640/8€3k€54k▲
Gross operating margin9900€1.42M€2.22M▲
Operating profit (loss)9901€1.42M€2.16M▲
Financial income75/76B€57k€60k▲
Recurring financial income75€57k€60k▲
Financial charges65/66B€-11k€2k▲
Recurring financial charges65€-11k€2k▲
Profit (loss) for the period before taxes9903€1.49M€2.22M▲
Income taxes67/77€470k€711k▲
Profit (loss) for the period9904€1.02M€1.51M▲
Profit (loss) for the period to be appropriated9905€1.02M€1.51M▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.02M€1.51M▲
Transfer from equity791/2€265k€0▼
Transfer to equity691/2€1.02M€1.51M▲
To other reserves6921€1.02M€1.51M▲
Profit to be distributed694/7€265k€0▼
Return on contributions (dividend)694€265k€0▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €1.51M ▲48%
Operating result €2.16M, net result €1.51M, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 30.21
Current ratio from 10.33 to 30.21; short-term debt falls from €225k to €98k.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €2MEq €2.10M ▲11.4%
6 profitable years in a row build equity to €2.10M.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
04-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 4 days late
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 49 days late
2019
04-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 65 days late
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 9 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 60 days late
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, Buggenhout · 1 establishment unit since 2008
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.
Bosstraat 999255 BuggenhoutGround area
1,345 m²
Building footprint
185 m²
Volume, LiDAR
1,052 m³
Parcel 42004B0493/00M002, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PANATHENA
since 20082.168.547.539
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42004B0493/00M002 | Flanders | 1,345 m² | 1 · 185 m² | 8.1 m · 2 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.
Recognitions · licences · registrations
Legal Entity Identifier
894500MGNL1CXV12ER73
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Of 715 companies in sector 58190 we hold annual accounts for 213. 50 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded19-12-2007
Fiscal year end31-12
Activities, NACEBEL
58190Other publishing activities, excluding software publishing
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.