PANCO
ActivePANCO has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6k and a net result of €-6k. Equity is growing by ~34.8% per year across the filed fiscal years. Its solvency ranks better than 10% of 27268 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
20
/ 100
Critical▼ -23 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-100
Solvency2▼-1
Growth78=
Stability100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.45 against 0.4 in 2024), and 97.1% 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 43
Relative position
BE, all sectors
reference
Sector 43
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
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 2025Solvency, return and age of the figures
Solvency
2.9%
Return on assets
-3%
Age of the figures
11 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 27268 sector peers (2025).
NBB · sector comparisonPosition among 27268 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 01-04-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
21 d early
2023
33 d early
2022
2 d early
2021
60 d early
2020
49 d early
2019
74 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
11-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€6k▼ 51.0%
2024 · €12k
2018: €-53k
2019: €-69k
2020: €-45k
2021: €-33k
2022: €-34k
2023: €-9k
2024: €12k
2018 → 2025
Total assets
€194k▼ 14.8%
2024 · €228k
2018: €162k
2019: €149k
2020: €147k
2021: €157k
2022: €273k
2023: €266k
2024: €228k
2018 → 2025
Net result
€-6k
2024 · €20k
2018: €-63k
2019: €-16k
2020: €24k
2021: €12k
2022: €-2k
2023: €26k
2024: €20k
2018 → 2025
Working capital
€-99k▲ 9.9%
2024 · €-110k
2018: €-61k
2019: €-75k
2020: €-48k
2021: €-35k
2022: €-107k
2023: €-78k
2024: €-110k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-33k-€-34k▼ 4.6%€-9k▲ 75.0%€12k€6k▼ 51.0%
Operating result€12k-€543▼ 95.6%€28k▲ 5,037%€24k▼ 15.0%€-5k
Net result€12k-€-2k€26k€20k▼ 22.2%€-6k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €5k after €24k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €194k
Fixed assets
€112k▼ 27.9%
Current assets
€83k▲ 13.0%
Equity and liabilities €194k
Equity
€6k▼ 51.0%
Debt
€189k▼ 12.9%
The debt ratio rises from 94.9% to 97.1%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€40k▼
2024 · €56k
Cash flow
€39k▼
2024 · €52k
Solvency
2.9%▼
2024 · 5.1%
Current ratio
0.45▲
2024 · 0.40
Quick ratio
0.45▲
2024 · 0.40
Debt / equity
33.41▲
2024 · 18.79
ROE
-104.0%▼
2024 · 174.9%
ROA
-3.0%▼
2024 · 8.8%
Interest coverage
32.60▼
2024 · 33.72
Debt
€189k▼
2024 · €216k
Debt ≤ 1 year
€182k▼
2024 · €183k
Debt > 1 year
€7k▼
2024 · €33k
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€228k€194k▼
Fixed assets21/28€155k€112k▼
Tangible fixed assets22/27€146k€102k▼
Plant, machinery and equipment23€1k-
Furniture and vehicles24€145k€102k▼
Financial fixed assets28€9k€9k=
Current assets29/58€73k€83k▲
Amounts receivable within one year40/41€40k€49k▲
Trade receivables40€40k€45k▲
Other amounts receivable41€4€4k▲
Cash at bank and in hand54/58€31k€32k▲
Deferred charges and accrued income490/1€2k€2k▼
Equity and liabilities
Total equity and liabilities10/49€228k€194k▼
Equity10/15€12k€6k▼
Contributions10/11€19k€19k=
Profit (loss) carried forward14€-7k€-13k▼
Amounts payable17/49€216k€189k▼
Amounts payable after more than one year17€33k€7k▼
Financial debts170/4€33k€7k▼
Amounts payable within one year42/48€183k€182k▼
Current portion of amounts payable after more than one year42€26k€26k▲
Trade debts44€3k€9k▲
Suppliers440/4€3k€9k▲
Taxes, remuneration and social security45€8k€2k▼
Taxes450/3€6k€2k▼
Remuneration and social security454/9€2k-
Other amounts payable47/48€147k€145k▼
Accrued charges and deferred income492/3€252-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€32k€45k▲
Other operating charges640/8€15k€12k▼
Gross operating margin9900€71k€53k▼
Operating profit (loss)9901€24k€-5k▼
Financial income75/76B-€0
Recurring financial income75-€0
Financial charges65/66B€2k€1k▼
Recurring financial charges65€2k€1k▼
Profit (loss) for the period before taxes9903€22k€-6k▼
Income taxes67/77€2k-
Profit (loss) for the period9904€20k€-6k▼
Profit (loss) for the period to be appropriated9905€20k€-6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-7k€-13k▼
Profit (loss) brought forward from the previous period14P€-27k€-7k▲
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
Next filing, fiscal year 2026, expected by
2026
01-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
09-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Back to profitnet €26k
Net result €26k after one loss-making year.
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
01-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
12-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Back to profitnet €24k
Net result €24k after 2 loss-making years.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 74 days late
2019
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
21-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
27-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
no sitting director, last change in 2024
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
23-12-2024
Resigned as Director
Not every act has been read: a resignation may be missing here
3 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Kalmthout · 1 establishment unit since 2008
Ground area
8,765 m²
Building footprint
4,583 m²
Volume, LiDAR
26,931 m³
Parcel 11662E0514/00H002, Flanders · tallest building 6.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
PANCO
since 20082.173.347.752
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11662E0514/00H002 | Flanders | 8,765 m² | 1 · 4,583 m² | 6.7 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.
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Algemene Bouwwerken Calmeyn
BE 0790.977.788
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D.B. WORKS
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Of 15,441 companies in sector 43990 we hold annual accounts for 7,356. 2,952 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded15-09-2008
Fiscal year end30-09
Activities, NACEBEL
43990Other specialised construction activities
43999Specialised construction activities
77320Rental and leasing activities
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.