PANE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 8 filings
Turnover
≈ €590,000
Estimated: probably between €490,000 and €730,000
Total assets
€1.2m▼ 6.8%
2024 · €1.3m
Net result
€16,093▼ 77.4%
2024 · €71,240
Working capital
€21,137▼ 32.8%
2024 · €31,461
In the rankings
#8 company by total assets in Beveren-Kruibeke-Zwijndrecht, Accommodation and food service sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€32,743
▼ 65.8%
2025
20182025
Net result
€16,093
▼ 77.4%
2025
middle half of the sector
20182025
Equity
€164,864
▲ 10.8%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▼ 6.8%
2025
highest quarter of the sector
20182025
Debt
€1.1m
▼ 9.1%
2025
20182025
Working capital
€21,137
▼ 32.8%
2025
middle half of the sector
20182025
Solvency
13.5%
▲ 2.1pp
2025
middle half of the sector
20182025
Current ratio
1.16
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
1.3%
▼ 4.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1.4
▲ 40.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.08m-€0.001m▼ 98.3%-€0.03m-€0.01m▲ 61.7%€0.04m€0.07m▲ 74.6%€0.1m▲ 39.6%€0.03m▼ 65.8%
Net result€0.05m--€0.001m-€0.04mbelow the sector's middle half▼ 2,348%-€0.02mbelow the sector's middle half▲ 39.7%€0.02mabove the sector's middle half€0.05mabove the sector's middle half▲ 101%€0.07mabove the sector's middle half▲ 54.0%€0.02mwithin the sector's middle half▼ 77.4%
Equity€0.07m-€0.07m▼ 2.2%€0.03mwithin the sector's middle half▼ 54.6%€0.008mwithin the sector's middle half▼ 72.6%€0.03mwithin the sector's middle half▲ 282%€0.08mwithin the sector's middle half▲ 148%€0.1mabove the sector's middle half▲ 91.9%€0.2mabove the sector's middle half▲ 10.8%
Total assets€0.2m-€0.1m▼ 21.0%€0.06mwithin the sector's middle half▼ 54.0%€1.0mabove the sector's middle half▲ 16×€1.4mabove the sector's middle half▲ 37.7%€1.3mabove the sector's middle half▼ 5.3%€1.3mabove the sector's middle half▼ 2.6%€1.2mabove the sector's middle half▼ 6.8%
Debt€0.1m-€0.08m▼ 32.4%€0.03m▼ 53.5%€1.0m▲ 29×€1.4m▲ 35.8%€1.3m▼ 8.7%€1.2m▼ 8.4%€1.1m▼ 9.1%
Working capital€0.07m-€0.05m▼ 17.2%€0.009mwithin the sector's middle half▼ 83.1%-€0.04mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 65.1%-€0.03mwithin the sector's middle half▲ 47.6%€0.03mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 32.8%
Solvency37.7%-46.7%▲ 9.0pp46.1%within the sector's middle half▼ 0.6pp0.8%within the sector's middle half▼ 45.3pp2.2%within the sector's middle half▲ 1.4pp5.8%within the sector's middle half▲ 3.6pp11.3%within the sector's middle half▲ 5.6pp13.5%within the sector's middle half▲ 2.1pp
Current ratio2.06-2.41▲ 0.351.57within the sector's middle half▼ 0.830.59within the sector's middle half▼ 0.990.69within the sector's middle half▲ 0.100.81within the sector's middle half▲ 0.131.21within the sector's middle half▲ 0.401.16within the sector's middle half▼ 0.05
Return on assets (ROA)27.3%--1.0%▼ 28.3pp-55.4%below the sector's middle half▼ 54.4pp-2.1%within the sector's middle half▲ 53.3pp1.6%within the sector's middle half▲ 3.7pp3.4%within the sector's middle half▲ 1.8pp5.4%within the sector's middle half▲ 2.0pp1.3%within the sector's middle half▼ 4.1pp
Staff (FTE)3.3-2.3▼ 30.3%0.4below the sector's middle half▼ 82.6%1.51▼ 33.3%1=1.4▲ 40.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 operating result for 2025 is 66% lower than in 2024.
Turnover and EBIT margin are 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 €1.2m
Fixed assets
€1.1m ▼ 5.7%
Current assets
€153,119 ▼ 13.9%
Equity and liabilities €1.2m
Equity
€164,864 ▲ 10.8%
Debt
€1.1m ▼ 9.1%
Debt's share of the balance-sheet total falls from 88.7% to 86.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€129,681▼
2024 · €187,192
Cash flow
€113,031▼
2024 · €162,803
Quick ratio
1.02▼
2024 · 1.09
Debt to equity
6.41▼
2024 · 7.82
ROE
9.8%▼
2024 · 47.9%
Interest coverage
8.76▼
2024 · 11.17
Debt ≤ 1 year
€131,982▼
2024 · €146,426
Debt > 1 year
€924,654▼
2024 · €1.0m
Income taxes
€1,996▼
2024 · €7,653
Staff costs
€72,143▲
2024 · €54,516
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | - | 0 | 0 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1.5 |
| Average over the year, in full-time equivalents | 1.5 | 1 | 1 | 1.4 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | 2 | - | - | 1 |
| Left | 1 | - | - | 0 |
| Training hours | - | - | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €50,000 | €50,000 | €50,000 |
| Mortgage mandates | - | - | €550,000 | €550,000 | €550,000 |
| Carrying value of the mortgaged assets | - | - | €918,683 | €881,335 | €850,403 |
| Guarantees given for others' debts | - | - | €550,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €817,241 | €385,872 | €7,424 | €10,797 | €32,157 |
| Intangible fixed assets | €166,100 | €976 | - | - | - |
| Financial fixed assets | - | €10 | €150 | - | €0 |
| Depreciation and write-downs of the year | €1,057 | €73,759 | €89,319 | €91,563 | €96,938 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | -€253 | €66,921 | €51,905 | €54,516 | €72,143 | ▲ 32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,978 | €9,188 | €9,086 | €1,057 | €73,759 | €89,319 | €91,563 | €96,938 | ▲ 5.9% |
| Other operating charges640/8 | - | - | - | €2,897 | €1,791 | €7,330 | €4,697 | €4,096 | ▼ 12.8% |
| Non-recurring operating charges66A | - | - | - | €31,989 | - | - | - | - | - |
| Gross operating margin9900 | €157,444 | €80,028 | -€6,074 | €22,566 | €181,684 | €217,039 | €246,405 | €205,919 | ▼ 16.4% |
| Operating profit (loss)9901 | €76,098 | €1,300 | -€34,284 | -€13,124 | €39,214 | €68,486 | €95,630 | €32,743 | ▼ 65.8% |
| Financial income75/76B | - | - | - | €650 | €268 | €47 | €18 | €155 | ▲ 746% |
| Recurring financial income75 | €399 | €14 | €374 | €650 | €268 | €47 | €18 | €155 | ▲ 746% |
| Financial charges65/66B | - | - | - | €8,744 | €15,852 | €19,119 | €16,755 | €14,810 | ▼ 11.6% |
| Recurring financial charges65 | €2,782 | €1,796 | €1,630 | €8,744 | €15,852 | €19,119 | €16,755 | €14,810 | ▼ 11.6% |
| Profit (loss) for the period before taxes9903 | €73,715 | -€483 | -€35,540 | -€21,218 | €23,630 | €49,414 | €78,893 | €18,089 | ▼ 77.1% |
| Income taxes67/77 | €25,075 | €985 | €381 | €443 | €557 | €3,148 | €7,653 | €1,996 | ▼ 73.9% |
| Profit (loss) for the period9904 | €48,640 | -€1,467 | -€35,920 | -€21,661 | €23,072 | €46,266 | €71,240 | €16,093 | ▼ 77.4% |
| Profit (loss) for the period to be appropriated9905 | €48,640 | -€1,467 | -€35,920 | -€21,661 | €23,072 | €46,266 | €71,240 | €16,093 | ▼ 77.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.1m | €0.06m | €1.0m | €1.4m | €1.3m | €1.3m | €1.2m | ▼ 6.8% |
| Fixed assets21/28 | €0.05m | €0.05m | €0.04m | €1.0m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 5.7% |
| Intangible fixed assets21 | €0.04m | €0.03m | €0.03m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 14.0% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.01m | €0.8m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 4.7% |
| Land and buildings22 | - | - | - | €0.7m | €1.0m | €0.9m | €0.9m | €0.9m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €0.08m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 20.3% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.005m | €0.004m | €0.01m | €0.02m | ▲ 68.2% |
| Financial fixed assets28 | €30 | €30 | €30 | €30 | €40 | €190 | €190 | €40 | ▼ 78.9% |
| Current assets29/58 | €0.1m | €0.09m | €0.03m | €0.05m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 13.9% |
| Stocks and contracts in progress3 | - | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | = |
| Stocks30/36 | - | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | = |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.008m | €0.01m | €0.09m | €0.003m | €0.003m | €0.02m | ▲ 495% |
| Trade receivables40 | - | - | - | €0.006m | €0.08m | €0.002m | €0.002m | €0.002m | ▼ 9.7% |
| Other amounts receivable41 | - | - | - | €0.008m | €0.004m | €0.001m | €0.001m | €0.02m | ▲ 17× |
| Cash at bank and in hand54/58 | €0.09m | €0.05m | €0.01m | €0.03m | €0.02m | €0.1m | €0.2m | €0.1m | ▼ 27.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €420 | €0.003m | €0.005m | €0.005m | ▼ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.1m | €0.06m | €1.0m | €1.4m | €1.3m | €1.3m | €1.2m | ▼ 6.8% |
| Equity10/15 | €0.07m | €0.07m | €0.03m | €0.008m | €0.03m | €0.08m | €0.1m | €0.2m | ▲ 10.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Contributions outside capital11 | - | - | - | - | €0.02m | - | - | - | - |
| Other1109/19 | - | - | - | - | €0.02m | - | - | - | - |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.06m | €0.1m | €0.1m | ▲ 12.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.06m | €0.1m | €0.1m | ▲ 12.5% |
| Profit (loss) carried forward14 | €0.02m | €0.02m | -€0.02m | -€0.04m | -€0.02m | €0 | - | - | - |
| Amounts payable17/49 | €0.1m | €0.08m | €0.03m | €1.0m | €1.4m | €1.3m | €1.2m | €1.1m | ▼ 9.1% |
| Amounts payable after more than one year17 | €0.03m | €0.02m | €0.02m | €0.9m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 9.1% |
| Financial debts170/4 | - | - | - | €0.8m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 12.3% |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 1.1% |
| Amounts payable within one year42/48 | €0.06m | €0.04m | €0.02m | €0.08m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 9.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.09m | €0.09m | €0.09m | €0.09m | ▲ 1.4% |
| Trade debts44 | €0.008m | €0.01m | €0.003m | €0.01m | €0.08m | €0.06m | €0.04m | €0.03m | ▼ 39.3% |
| Suppliers440/4 | - | - | - | €0.01m | €0.08m | €0.06m | €0.04m | €0.03m | ▼ 39.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.01m | €0.009m | €0.02m | €0.02m | ▲ 2.7% |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | €0.003m | €0.01m | €0.009m | ▼ 14.7% |
| Remuneration and social security454/9 | - | - | - | - | €0.009m | €0.006m | €0.004m | €0.006m | ▲ 47.0% |
| Other amounts payable47/48 | - | - | - | €67 | €109 | €0 | €474 | €0.001m | ▲ 174% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,640 | -€1,467 | -€35,920 | -€21,661 | €23,072 | €46,266 | €71,240 | €16,093 | ▼ 77.4% |
| + Depreciation and write-downs630 | €12,978 | €9,188 | €9,086 | €1,057 | €73,759 | €89,319 | €91,563 | €96,938 | ▲ 5.9% |
| Operating cash flow (approximation) | €61,618 | €7,721 | -€26,834 | -€20,603 | €96,831 | €135,585 | €162,803 | €113,031 | ▼ 30.6% |
| Investment in fixed assets (approximation) | - | -€6,397 | -€1,034 | -€945,163 | -€386,859 | -€7,574 | -€10,797 | -€32,007 | ▼ 196% |
| Change in cash | - | -€39,801 | -€38,662 | €19,497 | -€17,518 | €85,351 | €50,436 | -€41,917 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,274 companies had the same profile as PANE has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PANE itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,446 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 3,274 companies, not a prediction for PANE. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00373726 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00215994 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00153484 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00244873 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20448731 | |
| 31-12-2020 | micro format | 06-08-2021 | 2021-46800184 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57500019 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-52200197 |