PANDOX ROYALE

Active

Public limited companyfounded 200224 yrs activeWaterloolaan 38, 1000 Brussel, BelgiumKBO/BCE: BE 0476.704.322

PANDOX ROYALE has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-1.17M) and a net result of €-617k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 4809 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).

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Checked score

Score 2024

44 / 100

Weak

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Negative equity caps the score. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability25▼-7

Solvency21▼-2

Growth39▼-17

Track record100

Bankruptcy probability, 12 months

0.5% Very low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

short-term debt: 0.2% of total assets, and equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 68

Relative position

BE, all sectors

reference

Sector 68

lower

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

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 2024

Solvency, return and age of the figures

Solvency

-3.7%

Return on assets

-1.9%

Age of the figures

21 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Negative equity

The 2024 annual accounts show negative equity and a net loss.

NBB · annual accounts 2024

Equity per financial year

18192021222324

2018 to 2024 · latest year €-1.17M

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 05-06-2025, 56 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

56 d early

2023

37 d early

2022

45 d early

2021

62 d early

2020

53 d early

2019

45 d early

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€3.02M▼ 5.9%

2018 · €3.21M

2018: €3.21M

2018 → 2019

EBIT margin

66.3%▲ 32.2pp

2018 · 34.1%

2018: 34.1%

2018 → 2019

Net result

€-617k

2023 · €263k

2018: €22k 2019: €1.68M 2020: €336k 2021: €-1.42M 2022: €382k 2023: €263k

2018 → 2024

Working capital

€22.74M▼ 0.8%

2023 · €22.93M

2018: €19.56M 2019: €21.20M 2020: €21.65M 2021: €19.34M 2022: €-10.99M 2023: €22.93M

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€230k-€-1.19M€-813k▲ 31.9%€-550k▲ 32.3%€-1.17M▼ 112%

Operating result€709k-€-1.02M€779k€1.54M▲ 97.2%€1.50M▼ 2.4%

Net result€336k-€-1.42M€382k€263k▼ 31.3%€-617k

Result per fiscal year

Operating resultNet result

The operating result falls in 2024; 2024 is 2% below 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €31.82M

28.3%

71.7%

Fixed assets €9.02M▼ 3.9%

Current assets €22.80M▼ 1.5%

Key figures and ratios

2024 value · change against 2023

EBITDA

€2.61M▼

2023 · €2.66M

Cash flow

€490k▼

2023 · €1.39M

Solvency

-3.7%▼

2023 · -1.7%

Debt / equity

-28.25▲

2023 · -60.11

ROA

-1.9%▼

2023 · 0.8%

Interest coverage

1.10▼

2023 · 1.48

Debt

€32.99M▼

2023 · €33.08M

Debt ≤ 1 year

€59k▼

2023 · €209k

Debt > 1 year

€32.66M=

2023 · €32.66M

Income taxes

€360k▲

2023 · €95k

A ratio outside any meaningful range has been withheld (balance sheet total €31.82M, equity €-1.17M).

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 · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€32.53M€31.82M▼

Fixed assets21/28€9.39M€9.02M▼

Intangible fixed assets21€37k€23k▼

Tangible fixed assets22/27€9.34M€8.98M▼

Land and buildings22€6.55M€6.20M▼

Plant, machinery and equipment23€1.25M€1.49M▲

Furniture and vehicles24€1.42M€943k▼

Assets under construction and advance payments27€110k€349k▲

Financial fixed assets28€18k€18k=

Current assets29/58€23.14M€22.80M▼

Amounts receivable within one year40/41€17.60M€17.66M▲

Trade receivables40€282k€317k▲

Other amounts receivable41€17.32M€17.34M▲

Deferred charges and accrued income490/1€5.54M€5.15M▼

Equity and liabilities

Total equity and liabilities10/49€32.53M€31.82M▼

Equity10/15€-550k€-1.17M▼

Contributions10/11€2.81M€2.81M=

Capital10€2.81M€2.81M=

Issued capital100€2.81M€2.81M=

Profit (loss) carried forward14€-3.37M€-3.98M▼

Investment grants15€1k€976▼

Amounts payable17/49€33.08M€32.99M▼

Amounts payable after more than one year17€32.66M€32.66M=

Financial debts170/4€32.66M€32.66M=

Amounts payable within one year42/48€209k€59k▼

Financial debts43€159k-

Other loans439€159k-

Trade debts44€11k€10k▼

Suppliers440/4€11k€10k▼

Taxes, remuneration and social security45-€10k

Taxes450/3-€10k

Other amounts payable47/48€40k€40k=

Accrued charges and deferred income492/3€216k€274k▲

Income statement Code20232024

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.13M€1.11M▼

Other operating charges640/8€338k€354k▲

Gross operating margin9900€3.00M€2.96M▼

Operating profit (loss)9901€1.54M€1.50M▼

Financial income75/76B€843k€639k▼

Recurring financial income75€843k€639k▼

Financial charges65/66B€2.02M€2.40M▲

Recurring financial charges65€1.79M€2.38M▲

Non-recurring financial charges66B€227k€19k▼

Profit (loss) for the period before taxes9903€358k€-256k▼

Income taxes67/77€95k€360k▲

Profit (loss) for the period9904€263k€-617k▼

Profit (loss) for the period to be appropriated9905€263k€-617k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-3.37M€-3.98M▼

Profit (loss) brought forward from the previous period14P€-3.63M€-3.37M▲

The notes to these accounts (22 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 17Financial 7Filings 10

2025

05-06

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Liquidity triplescurrent ratio 384.28

Current ratio from 110.52 to 384.28; short-term debt falls from €209k to €59k.

24-06

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

31-12

Financial Liquidity times 164current ratio 110.52

Current ratio from 0.67 to 110.52; short-term debt falls from €33.73M to €209k.

16-06

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Back to profitnet €382k

Net result €382k after one loss-making year.

30-05

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

31-12

Financial Weakest financial yearnet €-1.42M ▼522%

Net result drops to €-1.42M, the lowest in the series; recovery starts the following year.

08-06

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

31-12

Financial Equity above €200kEq €230k

3 profitable years in a row build equity to €230k.

16-06

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

31-12

Financial Highest result since 2018net €1.68M ▲7682%

Operating result €2.00M, net result €1.68M, both a record.

31-12

Financial Liquidity times 9current ratio 224.69

Current ratio from 26.27 to 224.69; short-term debt falls from €774k to €95k.

13-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

19-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

09-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 9 days late

2016

27-07

NBB filing Annual accounts filed

fiscal year 2015 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

26 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, Brussel · 1 establishment unit since 2002

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Waterloolaan 381000 Brussel

Ground area

3,920 m²

Building footprint

3,750 m²

Volume, LiDAR

135,994 m³