PANDO
ActiveSummary
PANDO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €806,357 and a net result of €631. Equity is growing by ~17.2% per year across the filed fiscal years. Its solvency ranks better than 46% of 279 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-1
Solvency55▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.26 in 2024; short-term debt: 48.6% and cash: 5% of total assets), and 70.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
29.5%
Return on assets
0%
Age of the figures
9 mo
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 · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 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.
NBB · 10 filingsDeviation from the deadline
2025
21 d late
2024
22 d late
2023
29 d late
2022
30 d late
2021
30 d late
2020
31 d late
2019
21 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 26 days after the deadline; the sector median for financial year 2024 is 23 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€631▼ 97.5%
2024 · €25,329
Working capital
€289,462▼ 32.4%
2024 · €428,513
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€300,459▲ 30.4%€317,329▲ 5.6%€178,361▼ 43.8%€59,658▼ 66.6%€19,050▼ 68.1%
Net result€208,906within the sector's middle half▲ 1.6%€201,607within the sector's middle half▼ 3.5%€101,588within the sector's middle half▼ 49.6%€25,329within the sector's middle half▼ 75.1%€631within the sector's middle half▼ 97.5%
Equity€677,244within the sector's middle half▲ 36.6%€868,550within the sector's middle half▲ 28.2%€948,874within the sector's middle half▲ 9.2%€936,621within the sector's middle half▼ 1.3%€806,357within the sector's middle half▼ 13.9%
Total assets€3.3mwithin the sector's middle half▼ 4.7%€3.6mwithin the sector's middle half▲ 8.9%€3.4mwithin the sector's middle half▼ 5.5%€3.3mwithin the sector's middle half▼ 0.7%€2.7mwithin the sector's middle half▼ 18.3%
Debt€2.6m▼ 11.7%€2.7m▲ 3.8%€2.4m▼ 10.2%€2.4m▼ 0.4%€1.9m▼ 20.0%
Working capital€182,437within the sector's middle half€371,567within the sector's middle half▲ 104%€449,059within the sector's middle half▲ 20.9%€428,513within the sector's middle half▼ 4.6%€289,462within the sector's middle half▼ 32.4%
Solvency20.7%within the sector's middle half▲ 6.3pp24.4%within the sector's middle half▲ 3.7pp28.2%within the sector's middle half▲ 3.8pp28.0%within the sector's middle half▼ 0.2pp29.5%within the sector's middle half▲ 1.5pp
Current ratio1.13within the sector's middle half▲ 0.141.25within the sector's middle half▲ 0.121.31within the sector's middle half▲ 0.071.26within the sector's middle half▼ 0.051.22within the sector's middle half▼ 0.05
Return on assets (ROA)6.4%above the sector's middle half▲ 0.4pp5.7%within the sector's middle half▼ 0.7pp3.0%within the sector's middle half▼ 2.6pp0.8%within the sector's middle half▼ 2.3pp0.0%within the sector's middle half▼ 0.7pp
Staff (FTE)0.6below the sector's middle half▼ 40.0%0below the sector's middle half▼ 100%0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 68% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€1.1m ▼ 14.2%
Current assets
€1.6m ▼ 20.9%
Equity and liabilities €2.7m
Equity
€806,357 ▼ 13.9%
Debt
€1.9m ▼ 20.0%
Debt's share of the balance-sheet total falls from 72.0% to 70.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€203,615▼
2024 · €245,405
Cash flow
€185,197▼
2024 · €211,076
Debt to equity
2.39▼
2024 · 2.57
ROE
0.1%▼
2024 · 2.7%
Interest coverage
9.31▲
2024 · 8.45
Debt ≤ 1 year
€1.3m▼
2024 · €1.6m
Debt > 1 year
€593,055▼
2024 · €785,592
Income taxes
€1,199▼
2024 · €12,649
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,105 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €215 | €0 | - | - | €33,090 | - |
| Remuneration, social security and pensions62 | €45,720 | €0 | €297 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €184,704 | €199,313 | €207,201 | €185,747 | €184,566 | ▼ 0.6% |
| Other operating charges640/8 | €473,307 | €436,022 | €331,506 | €406,814 | €657,797 | ▲ 61.7% |
| Gross operating margin9900 | €1.0m | €952,664 | €717,365 | €652,219 | €861,412 | ▲ 32.1% |
| Operating profit (loss)9901 | €300,459 | €317,329 | €178,361 | €59,658 | €19,050 | ▼ 68.1% |
| Financial income75/76B | €12,139 | €3,922 | €5,010 | €7,353 | €4,643 | ▼ 36.8% |
| Recurring financial income75 | €12,139 | €3,922 | €5,010 | €7,353 | €4,643 | ▼ 36.8% |
| Financial charges65/66B | €32,067 | €44,653 | €33,171 | €29,032 | €21,863 | ▼ 24.7% |
| Recurring financial charges65 | €32,067 | €44,653 | €33,171 | €29,032 | €21,863 | ▼ 24.7% |
| Profit (loss) for the period before taxes9903 | €280,531 | €276,598 | €150,200 | €37,978 | €1,830 | ▼ 95.2% |
| Income taxes67/77 | €71,625 | €74,991 | €48,612 | €12,649 | €1,199 | ▼ 90.5% |
| Profit (loss) for the period9904 | €208,906 | €201,607 | €101,588 | €25,329 | €631 | ▼ 97.5% |
| Profit (loss) for the period to be appropriated9905 | €208,906 | €201,607 | €101,588 | €25,329 | €631 | ▼ 97.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.3m | €3.6m | €3.4m | €3.3m | €2.7m | ▼ 18.3% |
| Fixed assets21/28 | €1.6m | €1.7m | €1.5m | €1.3m | €1.1m | ▼ 14.2% |
| Tangible fixed assets22/27 | €1.6m | €1.7m | €1.5m | €1.3m | €1.1m | ▼ 14.2% |
| Land and buildings22 | €441,603 | €420,846 | €401,346 | €383,029 | €365,819 | ▼ 4.5% |
| Plant, machinery and equipment23 | €1.2m | €1.2m | €1.1m | €910,628 | €745,092 | ▼ 18.2% |
| Furniture and vehicles24 | €37,070 | €18,559 | €6,317 | €4,449 | €2,628 | ▼ 40.9% |
| Financial fixed assets28 | €950 | €950 | €900 | €900 | €900 | = |
| Current assets29/58 | €1.6m | €1.9m | €1.9m | €2.0m | €1.6m | ▼ 20.9% |
| Amounts receivable after more than one year29 | €464,071 | €436,247 | €417,390 | €405,476 | €399,132 | ▼ 1.6% |
| Other amounts receivable291 | €464,071 | €436,247 | €417,390 | €405,476 | €399,132 | ▼ 1.6% |
| Amounts receivable within one year40/41 | €1.1m | €1.1m | €1.4m | €1.3m | €880,283 | ▼ 30.7% |
| Trade receivables40 | €320,490 | €220,124 | €389,741 | €428,482 | €483,658 | ▲ 12.9% |
| Other amounts receivable41 | €803,833 | €888,141 | €995,175 | €841,251 | €396,625 | ▼ 52.9% |
| Current investments50/53 | - | - | - | €250,000 | €200,000 | ▼ 20.0% |
| Cash at bank and in hand54/58 | €35,134 | €326,738 | €77,998 | €118,783 | €137,759 | ▲ 16.0% |
| Deferred charges and accrued income490/1 | €2,370 | €6,350 | €2,490 | €2,198 | €1,306 | ▼ 40.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.3m | €3.6m | €3.4m | €3.3m | €2.7m | ▼ 18.3% |
| Equity10/15 | €677,244 | €868,550 | €948,874 | €936,621 | €806,357 | ▼ 13.9% |
| Contributions10/11 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Reserves13 | €617,244 | €808,550 | €888,874 | €876,621 | €745,726 | ▼ 14.9% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €0 | - | - | - |
| Reserves not available under the articles1311 | €6,200 | €6,200 | €0 | - | - | - |
| Distributable reserves133 | €611,044 | €802,350 | €888,874 | €876,621 | €745,726 | ▼ 14.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €631 | - |
| Amounts payable17/49 | €2.6m | €2.7m | €2.4m | €2.4m | €1.9m | ▼ 20.0% |
| Amounts payable after more than one year17 | €1.1m | €1.2m | €979,515 | €785,592 | €593,055 | ▼ 24.5% |
| Financial debts170/4 | €1.1m | €1.2m | €979,515 | €785,592 | €593,055 | ▼ 24.5% |
| Amounts payable within one year42/48 | €1.4m | €1.5m | €1.4m | €1.6m | €1.3m | ▼ 17.8% |
| Current portion of amounts payable after more than one year42 | €227,223 | €225,952 | €217,098 | €208,016 | €206,898 | ▼ 0.5% |
| Financial debts43 | €14,651 | €13,403 | €0 | - | - | - |
| Credit institutions430/8 | €14,651 | €13,403 | €0 | - | - | - |
| Trade debts44 | €890,402 | €1.0m | €1.2m | €1.3m | €1.0m | ▼ 23.4% |
| Suppliers440/4 | €890,402 | €1.0m | €1.2m | €1.3m | €1.0m | ▼ 23.4% |
| Taxes, remuneration and social security45 | €49,522 | €42,902 | €42,804 | €2,213 | €9,034 | ▲ 308% |
| Taxes450/3 | €44,702 | €42,902 | €42,804 | €2,213 | €9,034 | ▲ 308% |
| Remuneration and social security454/9 | €4,820 | €0 | - | - | - | - |
| Other amounts payable47/48 | €261,662 | €221,080 | €17,807 | €64,669 | €84,468 | ▲ 30.6% |
| Accrued charges and deferred income492/3 | €4,937 | €4,955 | €5,423 | €5,305 | €4,489 | ▼ 15.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €208,906 | €201,607 | €101,588 | €25,329 | €631 | ▼ 97.5% |
| + Depreciation and write-downs630 | €184,704 | €199,313 | €207,201 | €185,747 | €184,566 | ▼ 0.6% |
| Operating cash flow (approximation) | €393,610 | €400,920 | €308,789 | €211,076 | €185,197 | ▼ 12.3% |
| Investment in fixed assets (approximation) | - | -€238,710 | -€7,231 | €0 | €0 | - |
| Change in cash | - | €291,605 | -€248,740 | €40,784 | €18,976 | ▼ 53.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 21 days late
2025
31-12
Financial
Weakest financial yearnet €631 ▼97.5%
Net result drops to €631, the lowest in the series.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 22 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €208,906 ▲1.6%
Net result €208,906, the highest in the series.
31-12
Financial
Equity above €500,000Eq €677,244 ▲36.6%
4 profitable years in a row build equity to €677,244.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 21 days late
2019
31-12
Financial
Equity above €200,000Eq €295,575 ▲71.2%
2 profitable years in a row build equity to €295,575.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
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
3 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, Sint-Pieters-Woluwe · 5 establishment units since 2012
Ground area
3.3 ha
Building footprint
5,893 m²
Volume, LiDAR
43,599 m³
6 parcels, Brussels, Wallonia · tallest building 26.8 m, ±8 floors. Linked by address, not a title deed.
82
companies at this address
See who is registered here
5 establishment units
Pando
since 20122.206.753.463
Pando Consult
since 20122.206.758.215
PANDO sprl
since 20122.210.602.680
PANDO BLANKEDELLE
since 20132.218.583.901
PANDO SOUVERAIN
since 20132.218.584.097
6 parcels
Wallonia
1
(16.7%)
Brussels
5
(83.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21332B0461/00V000 | Brussels | 1.0 ha | 1 · 291 m² | 19.7 m · 4 fl. |
| 21332E0009/00H002 | Brussels | 8,978 m² | 1 · 1,124 m² | 8.8 m · 1 fl. |
| 21302A0022/00T002 | Brussels | 7,606 m² | 1 · 3,294 m² | 8.6 m · 2 fl. |
| 25040A0012/00G021 | Wallonia | 3,154 m² | 1 · 139 m² | 9.1 m · 2 fl. |
| 21682C0149/00M002 | Brussels | 2,170 m² | 1 · 758 m² | 18.8 m · 5 fl. |
| 21673D0141/00V013 | Brussels | 472 m² | 1 · 286 m² | 26.8 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
6 of 6 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 814 companies in sector 35110 we hold annual accounts for 632. 436 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843371052
Registered
09-01-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.