Pandect
ActiveSummary
Pandect has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1,100 and a net result of €104,455. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 15,732 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, micro format
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
≈ €290,000
Estimated: probably between €230,000 and €430,000
Total assets
€893,424▲ 225%
2024 · €274,722
Net result
€104,455▲ 106%
2024 · €50,823
Working capital
-€65,301▼ 24.8%
2024 · -€52,340
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 131% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€153,497
2025
Net result€104,455
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€893,424
2025
Equity€1,100
2025
Debt€892,324
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€65,301
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)11.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency0.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.41
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 69, Legal and accounting activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€49,792-€40,013▼ 19.6%€65,597▲ 63.9%€43,023▼ 34.4%€56,469▲ 31.3%€66,552▲ 17.9%€153,497▲ 131%
Net result€39,513-€31,722within the sector's middle half▼ 19.7%€52,156within the sector's middle half▲ 64.4%€37,677within the sector's middle half▼ 27.8%€42,665within the sector's middle half▲ 13.2%€50,823within the sector's middle half▲ 19.1%€104,455above the sector's middle half▲ 106%
Equity€37,919-€69,842within the sector's middle half▲ 84.2%€130,997within the sector's middle half▲ 87.6%€10,112below the sector's middle half▼ 92.3%€10,000below the sector's middle half▼ 1.1%€10,323below the sector's middle half▲ 3.2%€1,100below the sector's middle half▼ 89.3%
Total assets€52,762-€78,119below the sector's middle half▲ 48.1%€143,378within the sector's middle half▲ 83.5%€305,934within the sector's middle half▲ 113%€338,535within the sector's middle half▲ 10.7%€274,722within the sector's middle half▼ 18.8%€893,424above the sector's middle half▲ 225%
Debt€14,843-€8,277▼ 44.2%€12,382▲ 49.6%€295,822▲ 24×€328,535▲ 11.1%€264,399▼ 19.5%€892,324▲ 237%
Working capital€34,796-€57,784within the sector's middle half▲ 66.1%€56,590within the sector's middle half▼ 2.1%€26,150within the sector's middle half▼ 53.8%€6,014below the sector's middle half▼ 77.0%-€52,340below the sector's middle half-€65,301below the sector's middle half▼ 24.8%
Solvency71.9%-89.4%above the sector's middle half▲ 17.5pp91.4%above the sector's middle half▲ 2.0pp3.3%below the sector's middle half▼ 88.1pp3.0%below the sector's middle half▼ 0.4pp3.8%below the sector's middle half▲ 0.8pp0.1%below the sector's middle half▼ 3.6pp
Current ratio3.34-7.98above the sector's middle half▲ 4.645.57above the sector's middle half▼ 2.413.26within the sector's middle half▼ 2.311.09below the sector's middle half▼ 2.170.29below the sector's middle half▼ 0.800.41below the sector's middle half▲ 0.11
Return on assets (ROA)74.9%-40.6%above the sector's middle half▼ 34.3pp36.4%above the sector's middle half▼ 4.2pp12.3%within the sector's middle half▼ 24.1pp12.6%within the sector's middle half▲ 0.3pp18.5%within the sector's middle half▲ 5.9pp11.7%within the sector's middle half▼ 6.8pp
above
within
below
the middle half of NACE 69, Legal and accounting activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €893,424
Fixed assets
€848,878 ▲ 235%
Current assets
€44,547 ▲ 107%
Equity and liabilities €893,424
Equity
€1,100 ▼ 89.3%
Debt
€892,324 ▲ 237%
Debt's share of the balance-sheet total rises from 96.2% to 99.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€163,575▲
2024 · €80,544
Cash flow
€114,533▲
2024 · €64,814
Interest coverage
12.37▼
2024 · 30.10
Debt ≤ 1 year
€109,848▲
2024 · €73,829
Debt > 1 year
€782,476▲
2024 · €190,571
Income taxes
€35,839▲
2024 · €13,056
A ratio outside any meaningful range has been withheld (balance sheet total €893,424, equity €1,100).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €576 | €2,994 | €6,941 | €6,153 | €13,020 | €13,991 | €10,078 | ▼ 28.0% |
| Other operating charges640/8 | - | - | €653 | €2,241 | €1,379 | €1,805 | €844 | ▼ 53.3% |
| Gross operating margin9900 | €50,369 | €43,261 | €73,190 | €51,416 | €70,868 | €82,348 | €164,419 | ▲ 99.7% |
| Operating profit (loss)9901 | €49,792 | €40,013 | €65,597 | €43,023 | €56,469 | €66,552 | €153,497 | ▲ 131% |
| Financial income75/76B | - | - | €4 | €0 | €9 | €2 | €17 | ▲ 641% |
| Recurring financial income75 | €0 | €0 | €4 | €0 | €9 | €2 | €17 | ▲ 641% |
| Financial charges65/66B | - | - | €120 | €4,977 | €2,813 | €2,676 | €13,221 | ▲ 394% |
| Recurring financial charges65 | €25 | €60 | €120 | €4,977 | €2,813 | €2,676 | €13,221 | ▲ 394% |
| Profit (loss) for the period before taxes9903 | €49,767 | €39,953 | €65,481 | €38,046 | €53,665 | €63,879 | €140,294 | ▲ 120% |
| Income taxes67/77 | €10,254 | €8,230 | €13,325 | €369 | €11,000 | €13,056 | €35,839 | ▲ 175% |
| Profit (loss) for the period9904 | €39,513 | €31,722 | €52,156 | €37,677 | €42,665 | €50,823 | €104,455 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €39,513 | €31,722 | €52,156 | €37,677 | €42,665 | €50,823 | €104,455 | ▲ 106% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,762 | €78,119 | €143,378 | €305,934 | €338,535 | €274,722 | €893,424 | ▲ 225% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €3,124 | €12,058 | €74,407 | €268,236 | €267,225 | €253,234 | €848,878 | ▲ 235% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €3,124 | €12,058 | €74,407 | €268,236 | €267,225 | €253,234 | €196,543 | ▼ 22.4% |
| Land and buildings22 | - | - | €62,172 | €106,971 | €263,668 | €252,917 | €189,796 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | €12,235 | €7,259 | €3,557 | €317 | €6,747 | ▲ 21× |
| Assets under construction and advance payments27 | - | - | - | €154,005 | €0 | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | €652,335 | - |
| Current assets29/58 | €49,638 | €66,061 | €68,971 | €37,698 | €71,310 | €21,488 | €44,547 | ▲ 107% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,334 | €17,808 | €14,864 | €26,843 | €23,370 | €15,848 | €4,977 | ▼ 68.6% |
| Trade receivables40 | - | - | €14,864 | €12,883 | €19,370 | €14,032 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €0 | €13,960 | €4,000 | €1,816 | €4,977 | ▲ 174% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €34,304 | €48,252 | €54,108 | €10,855 | €47,940 | €5,433 | €39,274 | ▲ 623% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €208 | €296 | ▲ 42.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,762 | €78,119 | €143,378 | €305,934 | €338,535 | €274,722 | €893,424 | ▲ 225% |
| Equity10/15 | €37,919 | €69,842 | €130,997 | €10,112 | €10,000 | €10,323 | €1,100 | ▼ 89.3% |
| Contributions10/11 | €0 | - | €10,000 | €10,000 | €10,000 | €10,000 | €1,100 | ▼ 89.0% |
| Reserves13 | €37,918 | €68,841 | €120,997 | €112 | €0 | €323 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | €120,997 | €112 | €0 | €323 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €14,843 | €8,277 | €12,382 | €295,822 | €328,535 | €264,399 | €892,324 | ▲ 237% |
| Amounts payable after more than one year17 | - | - | - | €282,059 | €263,239 | €190,571 | €782,476 | ▲ 311% |
| Financial debts170/4 | - | - | - | €282,059 | €263,239 | €190,571 | €782,476 | ▲ 311% |
| Amounts payable within one year42/48 | €14,843 | €8,277 | €12,382 | €11,548 | €65,296 | €73,829 | €109,848 | ▲ 48.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,348 | €15,413 | €15,668 | €86,344 | ▲ 451% |
| Trade debts44 | €354 | €2,592 | €602 | €2,650 | €2,168 | €1,814 | €325 | ▼ 82.1% |
| Suppliers440/4 | - | - | €602 | €2,650 | €2,168 | €1,814 | €325 | ▼ 82.1% |
| Taxes, remuneration and social security45 | - | - | €3,726 | €0 | €4,331 | €1,967 | €15,189 | ▲ 672% |
| Taxes450/3 | - | - | €3,726 | €0 | €4,331 | €1,967 | €15,189 | ▲ 672% |
| Other amounts payable47/48 | - | - | €8,054 | €2,551 | €43,384 | €54,379 | €7,990 | ▼ 85.3% |
| Accrued charges and deferred income492/3 | - | - | - | €2,214 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,513 | €31,722 | €52,156 | €37,677 | €42,665 | €50,823 | €104,455 | ▲ 106% |
| + Depreciation and write-downs630 | €576 | €2,994 | €6,941 | €6,153 | €13,020 | €13,991 | €10,078 | ▼ 28.0% |
| Operating cash flow (approximation) | €40,090 | €34,716 | €59,097 | €43,830 | €55,685 | €64,814 | €114,533 | ▲ 76.7% |
| Investment in fixed assets (approximation) | - | -€11,928 | -€69,290 | -€199,981 | -€12,009 | €0 | -€605,722 | - |
| Change in cash | - | €13,948 | €5,855 | -€43,252 | €37,085 | -€42,508 | €33,841 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 23-04-2026 | 2026-00086470 |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00122580 |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00096002 |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00244028 |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20066728 |
| 31-12-2020 | micro format | 31-05-2021 | 2021-15800011 |
| 31-12-2019 | micro format | 15-06-2020 | 2020-16500550 |
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Of the 2,757 active companies whose main activity is other legal services (NACE 69109), figures are known for 1,262. 162 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2024 · 1 entry · €255 awarded · €255 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.