Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Lower solvency than 85% of companies in food and beverage service. Sector median 29.5% · 17,158 companies.
The dashed line is the sector median: 1.8% across 23,791 companies (NACE 56, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 56, micro). It does better than 9% of them on solvency, 2% on liquidity and 8% on profitability.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,322 companies had the same profile as PANE has now. Each dot stands for 4 companies, two years later.
That fits the bankruptcy probability of PANE itself: 5.1% within 12 months.
The method was tested on the 497,447 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 1,322 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.
Liquidity is insufficient, with a current ratio of 0.05, below 1. Short-term debt is 148.9% and cash 0.4% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| PANE Zoersel | - | - | -48.9% | - |
| OMNIFLEX Antwerp | €17,362 | - | -88.0% | - |
| OERSAP Antwerp | - | - | 6.1% | - |
| SCJ Vanescote Ham-sur-Heure-Nalinnes | €80,177 | -1.4% | 12.5% | - |
| Brasserie Drop OFF Zaventem | - | - | 99.3% | - |
| LTAC Namur | - | - | -206.7% | - |
| OLD GYUMRI Asse | - | - | -238.7% | - |
These companies have the same main activity as PANE: full-service restaurants (NACE 56111). They are comparable in size and age: total assets between €15,400 and €18,800, founded between 2024 and 2025.
The computed 12-month bankruptcy probability of PANE is 5.1% (elevated). The 2025 annual accounts show negative equity (-€7,936) and a net result of -€8,936.
Its solvency ranks better than 14% of 17,158 sector peers (NACE 56, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 14% of 17,158 companies in 2025.
Lower than 95% of 16,582 companies in 2025.
Higher than 7% of 16,665 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 |
|---|---|---|
| Balance sheet: assets | ||
20/58 |
16,236 | |
21/28 |
14,960 | |
21 |
1,424 | |
22/27 |
13,536 | |
24 |
13,536 | |
29/58 |
1,277 | |
40/41 |
1,215 | |
41 |
1,215 | |
54/58 |
62 | |
| Balance sheet: equity and liabilities | ||
10/49 |
16,236 | |
10/15 |
-7,936 | |
10/11 |
1,000 | |
14 |
-8,936 | |
17/49 |
24,172 | |
42/48 |
24,172 | |
44 |
2,172 | |
440/4 |
2,172 | |
47/48 |
22,000 | |
| Income statement | ||
9900 |
-1,192 | |
60/61 |
1,192 | |
630 |
5,997 | |
640/8 |
1,674 | |
9901 |
-8,863 | |
65/66B |
72 | |
65 |
72 | |
9903 |
-8,936 | |
9904 |
-8,936 | |
9905 |
-8,936 | |
| Appropriation of the result | ||
9906 |
-8,936 | |
| Document | ||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00177794 |
| Line | Trend | 2025 |
|---|---|---|
| -2,866 | ||
| -2,938 | ||
| 20,957 | ||
| -22,895 | ||
| -48.9% | ||
| 0.05 | ||
| -55.0% | ||
| -39.64 | ||
| 665 days |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 |
|---|---|
| Tangible fixed assets | €18,785 |
| Intangible fixed assets | €2,172 |
| €5,997 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Equity is negative. Debt (€24,172) exceeds the balance-sheet total (€16,236).
PANE has no parent and no holdings in its annual accounts. KUZU, Vehbi is the only director. PANE shares no director with another company.
| Bakkerij 53
registered office since 18-01-2022 · founded in 2020 · accounts filed late |
turnover €659,370 (2024) 0743.786.397 |
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| VERONA registered office Kapellei 260, 2980 Zoersel | 20-12-2024 | 2.368.458.797 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11017A0124/00P000 | 1,982 m² | 1 · 289 m² | 8.7 m · 1 |
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