Equity
-€83,453
Debts exceed assets in financial year 2025.
PANELCONSTRUCT
Lifetime
14 annual accounts with figures on one time axispeak €808,718 (2025)
€808,718▲ 10.1%
lowest -€310,352 (2020)
-€21,019▼ €170,518
peak €32,055 (2019)
-€83,453▼ €21,096
€777,874▲ 6.1%
peak 11.3 FTE (2025)
11.3 FTE▲ 39.5%
Board1 name since 2015
1 directorFA IMMO SA
Owners
100%FA IMMO
Documentsfilings and deeds
31-08-202631 days late
2025abbreviated format
Loss of €21,019Staff from 8.1 FTE to 11.3 FTEChange of role: FA IMMO SA, from manager to director 31-12Equity from -€62,357 to -€83,453Investments €51,781Cash from €25,183 to €130,744
Key points
from the 2025 annual accountsResult
-€21,019 -€21,019
From profit to loss in 2025, after a profit of €149,499 in 2024.
Debts
€777,874 112% of the balance sheet
Financial debts 32%Suppliers 18%Taxes and wages 29%Other 21%
Of this, €613,326 falls due within a year.
Investments
€51,781 2.3 × depreciation
Green is investment, beige is depreciation. Machinery stands 24.7% higher than in 2024.
Filings
14 annual accounts since 2012
Eight of the last ten came late. The 2019 accounts came latest: 182 days after the end of the period.
Position in the sector
-12.0%
Lower solvency than 95% of companies in specialised construction. Sector median 44.0% · 9,967 companies.
Checked score
51
Fair
Financially stronger than 9% of small companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.0% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 2,647 companies (NACE 43, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.7%highest value
01-2025: 3.7%● unchanged vs 12-2024highest value
02-2025: 3.7%● unchanged vs 01-2025highest value
03-2025: 3.6%▼ -0.1 percentage points vs 02-2025
04-2025: 3.6%● unchanged vs 03-2025
05-2025: 3.5%▼ -0.1 percentage points vs 04-2025
06-2025: 3.4%▼ -0.1 percentage points vs 05-2025
07-2025: 3.7%▲ +0.3 percentage points vs 06-2025
08-2025: 3.2%▼ -0.5 percentage points vs 07-2025
09-2025: 3.2%● unchanged vs 08-2025
10-2025: 3.2%● unchanged vs 09-2025
11-2025: 3.2%● unchanged vs 10-2025
12-2025: 3.2%● unchanged vs 11-2025
01-2026: 3.2%● unchanged vs 12-2025
02-2026: 3.2%● unchanged vs 01-2026
03-2026: 3.1%▼ -0.1 percentage points vs 02-2026
04-2026: 3.1%● unchanged vs 03-2026
05-2026: 3.1%● unchanged vs 04-2026
06-2026: 2.8%▼ -0.3 percentage points vs 05-2026
07-2026: 2.9%▲ +0.1 percentage points vs 06-2026
08-2026: 3.7%▲ +0.8 percentage points vs 07-2026
09-2026: 2.0%▼ -1.7 percentage points vs 08-2026lowest value
10-2026: 2.0%● unchanged vs 09-2026
11-2026: 2.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€83,453
Sector: Specialised construction activities (NACE 43)
lowers risk
Liquidity: current ratio 1.02, cash €130,744
Founded in 2011
Calculation
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 43, small). It does better than 2% of them on solvency, 16% on liquidity, 11% on profitability and 8% on growth.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 1,216 companies had the same profile as PANELCONSTRUCT has now. Each dot stands for 4 companies, two years later.
95.6%
were still trading
2.6%
stopped another way
1.1%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PANELCONSTRUCT itself is higher: 2.0% within 12 months. It rests on far more data about PANELCONSTRUCT than the profile alone.
Test of the method
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 1,216 companies, not a prediction for PANELCONSTRUCT. 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.
Credit verdict
No credit on open account
Liquidity is tight, with a current ratio of 1.02 (0.94 in 2024), below the usual 1.5. Short-term debt is 88.3% and cash 18.8% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€83,453
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
31 days late
2024
1 day early
2023
5 days late
2022
60 days late
2021
on the day
2020
30 days late
2019
182 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 44 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Change of role: FA IMMO SA, from manager to director
Legal-form conversion: to private limited company · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0834189607
Permanent representative: Arnaud HARDENNE
FA IMMO holds 100% of the shares · General meeting of 25-03-2019 · Gazette deed
Incorporation
published on 14-03-2011 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PANELCONSTRUCT Manhay | €694,420 | €808,718 | -12.0% | 11.3 |
| MENUISERIE LAURENT Vielsalm | €641,482 | €681,304 | 18.4% | 9.1 |
| ART ET CHENE GILLES AZION Stavelot | €875,700 | €775,392 | 27.7% | 10.7 |
| BELITOUR Tournai | €651,514 | €732,060 | 22.0% | 8.8 |
| BOLSTER Ternat | €938,847 | €962,327 | 46.7% | 11 |
| Fedrigo Interieur Concept Genk | €731,952 | €565,840 | 3.4% | 12.6 |
| MENUISERIE VANTIGHEM BRUNO & SIMON Tournai | €743,098 | €608,622 | 3.9% | 9.6 |
These companies have the same main activity as PANELCONSTRUCT: joinery installation (NACE 43320). They are comparable in size and age: total assets between €641,000 and €939,000, founded between 2010 and 2015.
Official details
Source: KBO- Status
- Active since 02-03-2011Normal situation
- Activity
- Joinery installationNACE 43320and 2 others
- Establishment unit
- 2.197.189.5606960 Manhay, since 01-03-2011
- Financial year end
- 31 December
- Peppol
- Reachable since 14-10-2025
Annual accounts 2025
- ≈ €2.3mestimated
- €694,420▲ 3.5%
- Employeeson 31-12-2025
- 13▲ 30.0%
- Filing
- Filed on 31-08-2026
Insights on PANELCONSTRUCT
PANELCONSTRUCT files the abbreviated format. That format states no turnover. The gross margin rose from -€4,848 in 2012 to €808,718 in 2025.
FA IMMO holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about PANELCONSTRUCT
- What is the company number of PANELCONSTRUCT?
- The company number of PANELCONSTRUCT is 0834.189.607. The VAT number is the same number with BE in front: BE 0834.189.607.
- Where is PANELCONSTRUCT based?
- The registered office is at Rue des Boussines, Vaux-Chavanne 46, 6960 Manhay.Company details
- What does PANELCONSTRUCT do?
- According to the KBO register, the main activity is joinery installation (NACE 43320).
- What is the legal form of PANELCONSTRUCT?
- PANELCONSTRUCT is a private limited company (BV).
- When was PANELCONSTRUCT founded?
- PANELCONSTRUCT was founded on 02-03-2011.
- Is PANELCONSTRUCT still active?
- Yes, PANELCONSTRUCT is an active enterprise in the KBO register.
- How many employees does PANELCONSTRUCT have?
- PANELCONSTRUCT had an average of 11.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of PANELCONSTRUCT?
- The turnover in financial year 2025 is ≈ €2.3m. This figure is estimated from the gross margin of €808,718 and 39 comparable companies (NACE 433). It probably lies between €1.8m and €3.0m.
- Is PANELCONSTRUCT profitable?
- In financial year 2025, PANELCONSTRUCT made a loss of €21,019.
- Where can I find the annual accounts of PANELCONSTRUCT?
- PANELCONSTRUCT filed 14 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PANELCONSTRUCT due?
- PANELCONSTRUCT must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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