PANELCONSTRUCT
ActiveSummary
PANELCONSTRUCT has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-83k) and a net result of €-21k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability27▼-53
Solvency13▼-3
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.02 against 0.94 in 2024; short-term debt: 88.3% and cash: 18.8% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-12%
Return on assets
-3%
Age of the figures
9 mo
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 · 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 €-83k
neutral · Filed after the deadline
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. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
1 d early
2023
5 d late
2022
60 d late
2021
on the day
2020
30 d late
2019
182 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-21k
2024 · €149k
2018: €3k
2019: €10k▲ +201% vs 2018
2020: €-310k▼ -3276% vs 2019lowest in 8 years
2021: €178k▲ +157% vs 2020highest in 8 years
2022: €-162k▼ -191% vs 2021
2023: €51k▲ +131% vs 2022
2024: €149k▲ +194% vs 2023
2025: €-21k▼ -114% vs 2024
2018 → 2025
Working capital
€11k
2024 · €-39k
2018: €-29k
2019: €-5k▲ +81.6% vs 2018
2020: €-317k▼ -5748% vs 2019lowest in 8 years
2021: €-122k▲ +61.4% vs 2020
2022: €-66k▲ +46.3% vs 2021
2023: €-233k▼ -255% vs 2022
2024: €-39k▲ +83.1% vs 2023
2025: €11k▲ +128% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-101k-€-263k▼ 161%€-212k▲ 19.3%€-62k▲ 70.6%€-83k▼ 33.8%
2021: €-101k
2022: €-263k▼ -161% vs 2021lowest in 5 years
2023: €-212k▲ +19.3% vs 2022
2024: €-62k▲ +70.6% vs 2023highest in 5 years
2025: €-83k▼ -33.8% vs 2024
Operating result€187k-€-148k€70k€198k▲ 182%€6k▼ 96.9%
2021: €187k
2022: €-148k▼ -179% vs 2021lowest in 5 years
2023: €70k▲ +148% vs 2022
2024: €198k▲ +182% vs 2023highest in 5 years
2025: €6k▼ -96.9% vs 2024
Net result€178k-€-162k€51k€149k▲ 194%€-21k
2021: €178khighest in 5 years
2022: €-162k▼ -191% vs 2021lowest in 5 years
2023: €51k▲ +131% vs 2022
2024: €149k▲ +194% vs 2023
2025: €-21k▼ -114% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 97% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €694k
Fixed assets
€70k ▲ 70.2%
Current assets
€624k ▼ 0.9%
Key figures and ratios
EBITDA
€29k▼
2024 · €208k
Cash flow
€2k▼
2024 · €160k
Solvency
-12.0%▼
2024 · -9.3%
Current ratio
1.02▲
2024 · 0.94
Quick ratio
0.80▲
2024 · 0.78
Debt to equity
-9.32▲
2024 · -11.76
ROA
-3.0%▼
2024 · 22.3%
Interest coverage
1.44▼
2024 · 4.04
Debt
€778k▲
2024 · €733k
Debt ≤ 1 year
€613k▼
2024 · €669k
Debt > 1 year
€44k
Income taxes
€7k▲
2024 · €2k
Staff costs
€736k▲
2024 · €511k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €525k | €590k | €591k | €511k | €736k | ▲ 44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22k | €14k | €12k | €11k | €23k | ▲ 117% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2k | - | - |
| Other operating charges640/8 | €15k | €14k | €27k | €9k | €44k | ▲ 380% |
| Non-recurring operating charges66A | €142 | €11k | €500 | €4k | - | - |
| Gross operating margin9900 | €748k | €482k | €701k | €735k | €809k | ▲ 10.1% |
| Operating profit (loss)9901 | €187k | €-148k | €70k | €198k | €6k | ▼ 96.9% |
| Financial income75/76B | €127 | €348 | €154 | €6k | €13 | ▼ 99.8% |
| Recurring financial income75 | €127 | €348 | €154 | €6k | €13 | ▼ 99.8% |
| Financial charges65/66B | €9k | €14k | €19k | €52k | €20k | ▼ 60.9% |
| Recurring financial charges65 | €9k | €14k | €19k | €52k | €20k | ▼ 60.9% |
| Profit (loss) for the period before taxes9903 | €178k | €-161k | €52k | €152k | €-14k | ▼ 109% |
| Income taxes67/77 | €634 | €762 | €774 | €2k | €7k | ▲ 185% |
| Profit (loss) for the period9904 | €178k | €-162k | €51k | €149k | €-21k | ▼ 114% |
| Profit (loss) for the period to be appropriated9905 | €178k | €-162k | €51k | €149k | €-21k | ▼ 114% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €710k | €492k | €423k | €671k | €694k | ▲ 3.5% |
| Fixed assets21/28 | €31k | €20k | €21k | €41k | €70k | ▲ 70.2% |
| Tangible fixed assets22/27 | €30k | €19k | €20k | €39k | €68k | ▲ 73.7% |
| Plant, machinery and equipment23 | €14k | €10k | €12k | €24k | €30k | ▲ 24.7% |
| Furniture and vehicles24 | €16k | €9k | €5k | €13k | €21k | ▲ 65.9% |
| Other tangible fixed assets26 | - | - | €3k | €3k | €12k | ▲ 327% |
| Assets under construction and advance payments27 | - | - | - | - | €6k | - |
| Financial fixed assets28 | €600 | €600 | €900 | €2k | €2k | = |
| Current assets29/58 | €679k | €472k | €401k | €630k | €624k | ▼ 0.9% |
| Stocks and contracts in progress3 | €58k | €72k | €110k | €106k | €136k | ▲ 28.4% |
| Stocks30/36 | €58k | €72k | €110k | €106k | €136k | ▲ 28.4% |
| Amounts receivable within one year40/41 | €573k | €348k | €267k | €485k | €340k | ▼ 30.0% |
| Trade receivables40 | €320k | €308k | €251k | €407k | €275k | ▼ 32.4% |
| Other amounts receivable41 | €253k | €40k | €17k | €78k | €64k | ▼ 17.4% |
| Cash at bank and in hand54/58 | €46k | €41k | €12k | €25k | €131k | ▲ 419% |
| Deferred charges and accrued income490/1 | €3k | €11k | €12k | €13k | €17k | ▲ 34.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €710k | €492k | €423k | €671k | €694k | ▲ 3.5% |
| Equity10/15 | €-101k | €-263k | €-212k | €-62k | €-83k | ▼ 33.8% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €-115k | €-277k | €-226k | €-77k | €-98k | ▼ 27.5% |
| Amounts payable17/49 | €811k | €755k | €635k | €733k | €778k | ▲ 6.1% |
| Amounts payable after more than one year17 | €3k | - | - | - | €44k | - |
| Financial debts170/4 | €3k | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | €44k | - |
| Amounts payable within one year42/48 | €802k | €538k | €635k | €669k | €613k | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | €9k | €3k | - | - | - | - |
| Financial debts43 | - | - | - | - | €250k | - |
| Credit institutions430/8 | - | - | - | - | €250k | - |
| Trade debts44 | €455k | €179k | €186k | €277k | €136k | ▼ 50.7% |
| Suppliers440/4 | €455k | €179k | €186k | €277k | €136k | ▼ 50.7% |
| Taxes, remuneration and social security45 | €260k | €65k | €209k | €173k | €227k | ▲ 31.4% |
| Taxes450/3 | €8k | €12k | €18k | €30k | €14k | ▼ 54.1% |
| Remuneration and social security454/9 | €252k | €53k | €190k | €142k | €213k | ▲ 49.5% |
| Other amounts payable47/48 | €76k | €291k | €239k | €219k | - | - |
| Accrued charges and deferred income492/3 | €6k | €217k | - | €64k | €121k | ▲ 88.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €178k | €-162k | €51k | €149k | €-21k | ▼ 114% |
| + Depreciation and write-downs630 | €22k | €14k | €12k | €11k | €23k | ▲ 117% |
| Operating cash flow (approximation) | €199k | €-147k | €63k | €160k | €2k | ▼ 98.9% |
| Investment in fixed assets (approximation) | - | €-3k | €-14k | €-30k | €-52k | ▼ 70.4% |
| Change in cash | - | €-5k | €-30k | €14k | €106k | ▲ 677% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 5 days late
2023
31-12
Financial
Back to profitnet €51k
Net result €51k after one loss-making year.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 60 days late
2022
31-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €178k
Net result €178k after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 182 days late
2020
31-12
Financial
Weakest financial yearnet €-310k
Net result drops to €-310k, the lowest in the series; recovery starts the following year.
2019
27-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 149 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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, Manhay · 1 establishment unit since 2011
Ground area
4,733 m²
Building footprint
1,455 m²
Parcel 83051A0868/00D000, Wallonia. Linked by address, not a title deed.
1 establishment unit
PANELCONSTRUCT
since 20112.197.189.560
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 83051A0868/00D000 | Wallonia | 4,733 m² | 1 · 1,455 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
1 categoryPANELCONSTRUCT SRL41267
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Of 20,028 companies in sector 43320 we hold annual accounts for 9,133. 6,884 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-03-2011
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
43320Joinery installation
47251Retail sale of wines and spirits
Scores and ratios are computed by Checked and are not a credit decision.