PANCO
ActiveFrom the official registers: KBO 17 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
The annual accounts of PANCO for financial year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €5,645 and a net result of -€5,870. Equity has been growing by about 38% per year since 2019. Its solvency ranks better than 10% of 34,902 sector peers (NACE 43, financial year 2025). The company has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Overview
Official details
KBO- Status
- Active since 15-09-2008 Normal situation
- Registered office
- 13 active companies are registered at this address 1 started in the 12 months before. Source: KBO register, as of 1 November 2026.
- Activity
- Other specialised construction activities NACE 43990and 1 other
- Establishment unit
- 2.173.347.752 2920 Kalmthout, since 15-09-2008
- Financial year end
- 30 September
- Peppol
- Reachable
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €52,634
- ▼ 25.7%
- Turnover
- ≈ €270,000
- estimated
- Loss
- €5,870
- Equity
- €5,645
- ▼ 51.0%
- Total assets
- €194,209
- ▼ 14.8%
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearEquity €5,645 (2.9% of total assets)Sector: Specialised construction activities (NACE 43)lowers riskSize: total assets €194,209Founded in 2008Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 10% of them on solvency, 12% on liquidity, 31% on profitability and 9% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 17 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 01-04-2026 PDF all 17 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a loss of €4,634, after a profit of €23,698 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as PANCO: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €167,000 and €224,000, founded between 2006 and 2010.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| PANCO Kalmthout | 2008 | €194,209 | €5,645 | €52,634 | -€5,870 | 2025 |
| NIJCONTEC Essen | 2010 | €166,806 | €136,252 | €60,836 | €39,573 | 2025 |
| HUFKENS Westerlo | 2006 | €174,026 | €162,176 | €63,527 | €32,966 | 2025 |
| CONSTRUCTION JOMONT Ukkel | 2007 | €182,117 | €123,425 | €54,624 | €24,397 | 2025 |
| BELGOTRA Sint-Jans-Molenbeek | 2007 | €210,176 | €87,240 | €47,985 | -€20,834 | 2025 |
| BATY-HAUS Koekelberg | 2009 | €181,097 | €133,859 | €45,716 | €7,388 | 2025 |
| DALL'ELITE Mouscron | 2009 | €224,366 | €130,451 | €52,836 | €15,942 | 2025 |
They were chosen from the 7,010 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,037 companies had the same profile as PANCO has now. Two years later, 2.9% had gone bankrupt and 93.8% were still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PANCO itself is lower: 0.5% within 12 months. It rests on far more data about PANCO than the profile alone.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,037 companies, not a prediction for PANCO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Subsidies and aid
Flemish government
2025 · 1 entry · €360 awarded · €360 paid| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €6,250 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,092 | €2,092 | €1,785 | €2,649 | €30,820 | €32,123 | €44,934 | ▲ 39.9% |
| Other operating charges640/8 | - | - | - | €4,177 | €7,303 | €15,049 | €12,334 | ▼ 18.0% |
| Gross operating margin9900 | -€12,597 | €26,583 | €14,500 | €7,368 | €65,996 | €70,869 | €52,634 | ▼ 25.7% |
| Operating profit (loss)9901 | -€15,548 | €24,151 | €12,336 | €543 | €27,873 | €23,698 | -€4,634 | - |
| Financial income75/76B | - | - | - | €134 | €121 | - | €0 | - |
| Recurring financial income75 | €3 | €302 | €32 | €134 | €121 | - | €0 | - |
| Financial charges65/66B | - | - | - | €2,189 | €2,122 | €1,655 | €1,236 | ▼ 25.3% |
| Recurring financial charges65 | €549 | €389 | €406 | €2,189 | €2,122 | €1,655 | €1,236 | ▼ 25.3% |
| Profit (loss) for the period before taxes9903 | -€16,094 | €24,064 | €11,962 | -€1,513 | €25,873 | €22,042 | -€5,870 | - |
| Income taxes67/77 | - | - | - | - | - | €1,903 | - | - |
| Profit (loss) for the period9904 | -€16,094 | €24,064 | €11,962 | -€1,513 | €25,873 | €20,139 | -€5,870 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,094 | €24,064 | €11,962 | -€1,513 | €25,873 | €20,139 | -€5,870 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €149,385 | €147,455 | €156,946 | €272,633 | €266,403 | €227,911 | €194,209 | ▼ 14.8% |
| Fixed assets21/28 | €5,538 | €3,446 | €2,296 | €155,968 | €127,548 | €154,740 | €111,526 | ▼ 27.9% |
| Tangible fixed assets22/27 | €5,538 | €3,446 | €2,296 | €146,793 | €118,373 | €145,565 | €102,351 | ▼ 29.7% |
| Plant, machinery and equipment23 | - | - | - | €2,490 | €2,931 | €1,034 | - | - |
| Furniture and vehicles24 | - | - | - | €144,303 | €115,443 | €144,532 | €102,351 | ▼ 29.2% |
| Financial fixed assets28 | - | - | - | €9,175 | €9,175 | €9,175 | €9,175 | = |
| Current assets29/58 | €143,847 | €144,009 | €154,650 | €116,664 | €138,855 | €73,171 | €82,683 | ▲ 13.0% |
| Stocks and contracts in progress3 | €85,000 | €90,500 | €51,500 | €51,500 | €5,500 | - | - | - |
| Stocks30/36 | - | - | - | €51,500 | €5,500 | - | - | - |
| Amounts receivable within one year40/41 | €33,682 | €32,352 | €35,130 | €26,031 | €48,116 | €39,971 | €48,663 | ▲ 21.7% |
| Trade receivables40 | - | - | - | €25,678 | €48,107 | €39,968 | €44,658 | ▲ 11.7% |
| Other amounts receivable41 | - | - | - | €353 | €9 | €4 | €4,005 | ▲ 1,059× |
| Cash at bank and in hand54/58 | €24,871 | €21,157 | €68,020 | €39,134 | €85,239 | €30,726 | €32,316 | ▲ 5.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,473 | €1,703 | ▼ 31.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €149,385 | €147,455 | €156,946 | €272,633 | €266,403 | €227,911 | €194,209 | ▼ 14.8% |
| Equity10/15 | -€69,010 | -€44,946 | -€32,984 | -€34,497 | -€8,624 | €11,515 | €5,645 | ▼ 51.0% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€87,610 | -€63,546 | -€51,584 | -€53,097 | -€27,224 | -€7,085 | -€12,955 | ▼ 82.9% |
| Amounts payable17/49 | €218,395 | €192,401 | €189,930 | €307,129 | €275,027 | €216,396 | €188,564 | ▼ 12.9% |
| Amounts payable after more than one year17 | - | - | - | €83,899 | €58,495 | €32,727 | €6,592 | ▼ 79.9% |
| Financial debts170/4 | - | - | - | €83,899 | €58,495 | €32,727 | €6,592 | ▼ 79.9% |
| Amounts payable within one year42/48 | €218,395 | €192,401 | €189,930 | €223,230 | €216,532 | €183,417 | €181,972 | ▼ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €25,047 | €25,405 | €25,767 | €26,135 | ▲ 1.4% |
| Trade debts44 | €4,223 | €900 | €4,167 | €4,899 | €575 | €2,843 | €8,822 | ▲ 210% |
| Suppliers440/4 | - | - | - | €4,899 | €575 | €2,843 | €8,822 | ▲ 210% |
| Taxes, remuneration and social security45 | - | - | - | €4,687 | €6,884 | €7,950 | €2,314 | ▼ 70.9% |
| Taxes450/3 | - | - | - | €1,970 | €4,467 | €5,683 | €2,314 | ▼ 59.3% |
| Remuneration and social security454/9 | - | - | - | €2,717 | €2,417 | €2,267 | - | - |
| Other amounts payable47/48 | - | - | - | €188,597 | €183,669 | €146,857 | €144,702 | ▼ 1.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €252 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,094 | €24,064 | €11,962 | -€1,513 | €25,873 | €20,139 | -€5,870 | - |
| + Depreciation and write-downs630 | €2,092 | €2,092 | €1,785 | €2,649 | €30,820 | €32,123 | €44,934 | ▲ 39.9% |
| Operating cash flow (approximation) | -€14,003 | €26,156 | €13,747 | €1,136 | €56,693 | €52,261 | €39,064 | ▼ 25.3% |
| Investment in fixed assets (approximation) | - | -€0 | -€636 | -€156,320 | -€2,400 | -€59,315 | -€1,721 | ▲ 97.1% |
| Change in cash | - | -€3,713 | €46,863 | -€28,886 | €46,105 | -€54,513 | €1,590 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 01-04-2026 | 2026-00070309 | |
| 30-09-2024 | micro format | 09-04-2025 | 2025-00066644 | |
| 30-09-2023 | micro format | 28-03-2024 | 2024-00056280 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00078668 | |
| 30-09-2021 | micro format | 01-03-2022 | 2022-07000188 | |
| 30-09-2020 | micro format | 12-03-2021 | 2021-07600401 | |
| 30-09-2019 | micro format | 13-07-2020 | 2020-30300522 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08700171 | |
| 30-09-2017 | micro format | 21-11-2017 | 2017-70000355 | |
| 30-09-2016 | abbreviated format | 27-03-2017 | 2017-07400112 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Pannier Christophe |
|
| PANNIER Victor |
|
Network & group
PANCO shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of PANCO. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
31-01
Gazette deed
Resignation: PANNIER Victor (director)Director discharge3 points ▸
- General meeting, 23-12-2024
- Director resignation, PANNIER Victor (director)
- Director discharge, PANNIER Victor
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0806.514.715
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11662E0514/00H002 | Flanders | 8,765 m² | 1 · 4,583 m² | 6.7 m · 2 |