PANDA PLUS · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of PANDA PLUS is 3.6% (moderate). The 2024 annual accounts show equity of €32k and a net result of €9k. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 69% of 6722 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 4 annual accounts.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 21 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-10-2025, 84 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.

How we compute the deadline

The year end is derived from 4 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	23-10-2025	84 d late	2025-00547800
31-12-2023	31-07-2024	01-08-2024	1 d late	2024-00318620
31-12-2022	31-07-2023	24-07-2023	7 d early	2023-00262587
31-12-2021	31-07-2022	30-08-2022	30 d late	2022-20347199

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

3.6% Moderate

0%0,5%1,5%4%10%≥25%

Young company +Higher-failure-rate region +Higher-failure-rate sector +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€9k

Working capital€13k-44.2%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 23-10-2025 with the NBB · fiscal year 2024 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~6.4%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 47, Retail trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	41.5%	20.4%	better than 69% of 6722 sector peers
Net result	€9k	€4k	better than 61% of 6703 sector peers
Equity	€32k	€16k	better than 63% of 6737 sector peers
Gross operating margin	€10k	€24k	better than 36% of 6682 sector peers
Total assets	€78k	€94k	better than 44% of 6726 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P69

Improving position over 2021-2024 · n=2693-6722

Net result P61

Stable position over 2021-2024 · n=2684-6703

Equity P63

Stable position over 2021-2024 · n=2697-6737

Gross operating margin P36

Weakening position over 2021-2024 · n=2670-6682

Describes the position versus peers, not a forecast.

EBITDA

€10k

-46.7% 21-24

Net profit

€9k

- 21-24

Cash flow

€10k

-43.3% 21-24

Total assets

€78k

+190.3% 21-24

Equity

€32k

+41.0% 21-24

Working capital

€13k

-44.2% 21-24

Employees (FTE)

1

- 21-24

Staff costs

€34k

-40.5% 21-24

Show 10 other metrics

Income taxes

€358

-92.7% 21-24

Debt

€45k

+1074.0% 21-24

Debt ≤ 1y

€45k

+1074.0% 21-24

Current ratio

1.28

-81.5% 21-24

Quick ratio

1.28

-81.5% 21-24

Solvency

41.5%

-51.4% 21-24

Debt / equity

1.41

+732.8% 21-24

ROE

29.1%

- 21-24

ROA

12.1%

- 21-24

Interest coverage

80.91

+136.0% 21-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	-
EBITDA	€10k
Net profit	€9k
Cash flow	€10k
Staff costs	-
Income taxes	€358
Dividends	-
Total assets	€78k
Equity	€32k
Debt	€45k
of which ≤ 1y	€45k
of which > 1y	-
Working capital	€13k
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	1.28
Quick ratio	1.28
Working capital ratio	16.5%
Solvency	41.5%
Debt / equity	1.41
Long-term debt ratio	-
Interest coverage	80.91
Gross margin	-
Net margin	-
ROA	12.1%
ROE	29.1%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €20k · 25.1% Current assets €58k · 74.9%

Equity & liabilities

Equity €32k · 41.5% Debt €45k · 58.5%

Full annual accounts (21 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€78k
Fixed assets	21/28	€20k
Tangible fixed assets	22/27	€20k
Current assets	29/58	€58k
Amounts receivable within one year	40/41	€28k
Cash & bank	54/58	€30k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€78k
Equity	10/15	€32k
Contributions / capital	10/11	€20k
Reserves	13	€11k
Accumulated profits (losses)	14	€1k
Amounts payable	17/49	€45k
Amounts payable within one year	42/48	€45k
Trade debts payable within one year	44	€40k
Income statement
Gross operating margin	9900	€10k
Operating result	9901	€10k
Financial charges	65	€128
Result before taxes	9903	€10k
Income taxes	67/77	€358
Net result for the period	9904	€9k
Result to be appropriated	9905	€9k

This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

89 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Directors

Directors & mandates

3 directors

2 of this company's 2 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

Mashadi Yahya Ali Reza
Director
State Gazette act 24381441 (27-03-2024)

Current
25-03-2024 → present

Former directors (2)

Iraj MAMAGHANI
Director
State Gazette act 24381441 (27-03-2024)

Former
- → 25-03-2024
Nina MAMAGHANI
Director
State Gazette act 24381441 (27-03-2024)

Former
- → 25-03-2024

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Detailhandel in farmaceutische producten(47730)
Legal form	Private limited company(610)
Incorporation	26-02-2021
Status	Active
Postal code	1000

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

2 companies at this address See who is registered here

Establishment units

1 location

TODAYPHARMA

Eredienststraat 10, 1000 BrusselDetailhandel in farmaceutische producten

since 20212.326.680.008

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area313 m²

Buildings1

Building footprint212 m²

Volume (LiDAR)3,715 m³

Tallest building20.4 m · ±6 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)