PANELCO
ActivePANELCO has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €177k and a net result of €-33k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 93% of 9167 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
62
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency100=
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10k at 30 days acceptable
Liquidity ample (current ratio 13.2 against 20.37 in 2024; short-term debt: 5% and cash: 1.2% of total assets), and 6.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
raises risk · 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 2025Solvency, return and age of the figures
Solvency
93.3%
Return on assets
-17.4%
Age of the figures
15 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-33k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-01-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
18 d early
2023
26 d early
2022
46 d early
2021
1 d late
2020
124 d early
2019
115 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close20-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€177k▼ 15.7%
2024 · €210k
2019: €205k
2020: €219k
2021: €233k
2022: €241k
2023: €252k
2024: €210k
2019 → 2025
Total assets
€189k▼ 14.7%
2024 · €222k
2019: €518k
2020: €570k
2021: €628k
2022: €556k
2023: €715k
2024: €222k
2019 → 2025
Net result
€-33k▲ 21.8%
2024 · €-42k
2019: €11k
2020: €13k
2021: €14k
2022: €9k
2023: €10k
2024: €-42k
2019 → 2025
Working capital
€116k▼ 11.2%
2024 · €130k
2019: €233k
2020: €239k
2021: €260k
2022: €315k
2023: €231k
2024: €130k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€233k-€241k▲ 3.7%€252k▲ 4.3%€210k▼ 16.7%€177k▼ 15.7%
Operating result€21k-€15k▼ 28.7%€16k▲ 6.6%€-40k€-87k▼ 118%
Net result€14k-€9k▼ 39.7%€10k▲ 22.0%€-42k€-33k▲ 21.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €87k in 2025 against €40k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €189k
Fixed assets
€64k▼ 24.5%
Current assets
€125k▼ 8.6%
Equity and liabilities €189k
Equity
€177k▼ 15.7%
Debt
€13k▲ 2.8%
The debt ratio rises from 5.5% to 6.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-66k▼
2024 · €-25k
Cash flow
€-12k▲
2024 · €-27k
Solvency
93.3%▼
2024 · 94.5%
Current ratio
13.20▼
2024 · 20.37
Quick ratio
13.20▼
2024 · 20.37
Debt / equity
0.07▲
2024 · 0.06
ROE
-18.6%▲
2024 · -20.1%
ROA
-17.4%▲
2024 · -19.0%
Interest coverage
-17.89▼
2024 · -5.70
Debt
€13k▲
2024 · €12k
Debt ≤ 1 year
€9k▲
2024 · €7k
Debt > 1 year
€1k=
2024 · €1k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€222k€189k▼
Fixed assets21/28€85k€64k▼
Tangible fixed assets22/27€85k€64k▼
Land and buildings22€34k€26k▼
Furniture and vehicles24€51k€39k▼
Current assets29/58€137k€125k▼
Amounts receivable within one year40/41€129k€115k▼
Trade receivables40€71k€17k▼
Other amounts receivable41€59k€98k▲
Cash at bank and in hand54/58€4k€2k▼
Deferred charges and accrued income490/1€4k€8k▲
Equity and liabilities
Total equity and liabilities10/49€222k€189k▼
Equity10/15€210k€177k▼
Contributions10/11€69k€69k=
Reserves13€183k€183k=
Distributable reserves133€183k€183k=
Profit (loss) carried forward14€-42k€-75k▼
Amounts payable17/49€12k€13k▲
Amounts payable after more than one year17€1k€1k=
Other amounts payable178/9€1k€1k=
Amounts payable within one year42/48€7k€9k▲
Financial debts43€126-
Credit institutions430/8€126-
Trade debts44€7k€9k▲
Suppliers440/4€7k€9k▲
Accrued charges and deferred income492/3€5k€2k▼
Income statement
Code20242025
Non-recurring operating income76A€138k-
Remuneration, social security and pensions62€48k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€15k€21k▲
Other operating charges640/8€237€944▲
Non-recurring operating charges66A€254-
Gross operating margin9900€24k€-65k▼
Operating profit (loss)9901€-40k€-87k▼
Financial income75/76B€4k€58k▲
Recurring financial income75€4k€58k▲
Financial charges65/66B€4k€4k▼
Recurring financial charges65€4k€4k▼
Profit (loss) for the period before taxes9903€-40k€-33k▲
Income taxes67/77€2k-
Profit (loss) for the period9904€-42k€-33k▲
Profit (loss) for the period to be appropriated9905€-42k€-33k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-42k€-75k▼
Profit (loss) brought forward from the previous period14P-€-42k
Social balance
Average headcount (FTE)90870.6-
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
13-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Weakest financial yearnet €-42k ▼503%
Net result drops to €-42k, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 13current ratio 20.37
Current ratio from 1.56 to 20.37; short-term debt falls from €409k to €7k.
05-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
16-12
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
01-02
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 1 day late
2021
30-06
Financial
Highest result since 2019net €14k ▲7.2%
Net result €14k, the highest in the series.
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
02-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Avelgem · 1 establishment unit since 2003
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.
Sint-Amandswijk 778581 AvelgemGround area
2,209 m²
Building footprint
908 m²
Volume, LiDAR
5,702 m³
Parcel 34020B0291/00F000, Flanders · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Panelco BV
since 20032.122.924.182
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34020B0291/00F000 | Flanders | 2,209 m² | 1 · 908 m² | 7.6 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 1,926 EUR awarded · 1,684 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 1,797 EUR | 1,555 EUR |
| 2022 | 1 | 129 EUR | 129 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
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BE 0837.048.533
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DIARELTA
BE 0427.877.886
Machelen (Brab.) · Eq €177k
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B-ONE
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Maaket
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Gent · Eq €177k
Of 12,023 companies in sector 68203 we hold annual accounts for 5,986. 4,203 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded14-02-2001
Fiscal year end30-06
Activities, NACEBEL
68203Renting and operating of own or leased non-residential real estate, excluding land
68201Renting and operating of own or leased residential real estate, excluding social housing
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 24 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.