PANELCONSTRUCT
Annual accounts 2025
abbreviated format, filed on 31-08-2026, 31 days late€808,718
▲ 10.1%
€6,149
▼ 96.9%
€28,993
▼ 86.1%
€1,825
▼ 98.9%
-12.0%
▼ 2.7 percentage points
1.02
▲ 0.08
The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.3m. Estimated: probably between €1.8m and €3.0m.
In the rankings
#7 company by total assets in Manhay, Construction sector
Money flows
no detail for 2025Balance sheet
balance sheet total €694,420 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-12.0%
Lower than 95% of 9,967 companies in 2025.
1.02
Higher than 19% of 9,830 companies in 2025.
-3.0%
Higher than 14% of 9,899 companies in 2025.
PANELCONSTRUCT
Middle half of the sector
80% of the sector
Abbreviated accounts in specialised construction (NACE 43)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: top quarter
Staff
€65,128
Staff costs divided by the average number of full-time equivalents.
people who joined
people who left
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
694,420 | 670,852 | 422,851 | 491,965 | 710,137 | 654,791 | 510,699 | 498,597 | 315,407 | 231,141 | 25,796 | 1,642 | 11,134 | 23,185 | |
21/28 |
70,180 | 41,244 | 21,375 | 19,635 | 30,889 | 51,221 | 60,703 | 66,546 | 37,498 | 28,693 | 3,470 | - | 1,271 | 5,869 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | 752 | 5,255 | |
22/27 |
68,220 | 39,284 | 20,475 | 19,035 | 30,289 | 51,221 | 60,703 | 66,546 | 37,498 | 28,693 | 3,470 | - | 19 | 114 | |
23 |
29,681 | 23,810 | 12,320 | 9,639 | 14,422 | 21,334 | 14,560 | 21,342 | 18,059 | 21,397 | 2,187 | - | - | - | |
24 |
20,989 | 12,653 | 5,010 | 9,396 | 15,867 | 29,887 | 46,142 | 45,204 | 19,440 | 7,295 | 1,283 | - | 19 | 114 | |
26 |
12,051 | 2,821 | 3,145 | - | - | - | - | - | - | - | - | - | - | - | |
27 |
5,500 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
28 |
1,960 | 1,960 | 900 | 600 | 600 | - | - | - | - | - | - | - | 500 | 500 | |
29/58 |
624,240 | 629,609 | 401,476 | 472,330 | 679,248 | 603,571 | 449,996 | 432,051 | 277,908 | 202,449 | 22,326 | 1,642 | 9,864 | 17,316 | |
3 |
136,412 | 106,218 | 110,043 | 72,133 | 57,598 | 7,825 | 5,436 | 1,575 | 1,250 | 1,250 | 1,250 | - | 7,448 | 12,046 | |
30/36 |
136,412 | 106,218 | 110,043 | 72,133 | 57,598 | 7,825 | 5,436 | 1,575 | 1,250 | 1,250 | 1,250 | - | 7,448 | 12,046 | |
40/41 |
339,675 | 485,252 | 267,435 | 348,419 | 572,745 | 536,572 | 433,804 | 397,395 | 242,527 | 188,023 | 17,550 | - | 236 | 1,392 | |
40 |
275,268 | 407,250 | 250,663 | 308,465 | 320,180 | 360,148 | 322,692 | 250,031 | 216,770 | 174,328 | 12,742 | - | 231 | 1,379 | |
41 |
64,407 | 78,001 | 16,772 | 39,955 | 252,565 | 176,423 | 111,113 | 147,364 | 25,757 | 13,695 | 4,809 | - | 5 | 12 | |
54/58 |
130,744 | 25,183 | 11,591 | 41,239 | 45,861 | 51,389 | 4,944 | 28,358 | 33,692 | 12,919 | 2,573 | 1,572 | 2,096 | 3,878 | |
490/1 |
17,409 | 12,957 | 12,407 | 10,539 | 3,043 | 7,784 | 5,812 | 4,723 | 439 | 257 | 952 | 70 | 84 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
694,420 | 670,852 | 422,851 | 491,965 | 710,137 | 654,791 | 510,699 | 498,597 | 315,407 | 231,141 | 25,796 | 1,642 | 11,134 | 23,185 | |
10/15 |
-83,453 | -62,357 | -211,856 | -262,674 | -100,793 | -278,296 | 32,055 | 22,284 | 19,036 | 13,484 | -5,454 | -10,333 | -6,938 | -8,978 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 620 | 620 | 620 | - | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 620 | 620 | 620 | - | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | |
14 |
-97,713 | -76,617 | -226,116 | -276,934 | -115,053 | -292,556 | 17,795 | 8,024 | 4,776 | -776 | -18,474 | -23,353 | -19,958 | -21,378 | |
17/49 |
777,874 | 733,210 | 634,707 | 754,639 | 810,930 | 933,088 | 478,643 | 476,313 | 296,370 | 217,657 | 31,250 | 11,974 | 18,072 | 32,162 | |
17 |
43,671 | - | - | - | 3,134 | 12,571 | 23,227 | 14,855 | - | - | - | - | 9,629 | 15,797 | |
170/4 |
- | - | - | - | 3,134 | 12,571 | 23,227 | 14,855 | - | - | - | - | 9,629 | 15,797 | |
178/9 |
43,671 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
613,326 | 668,940 | 634,707 | 538,074 | 801,569 | 920,517 | 455,416 | 461,458 | 296,370 | 217,657 | 31,136 | 11,947 | 8,377 | 16,350 | |
42 |
- | - | - | 3,134 | 9,437 | 10,657 | 10,493 | 5,227 | - | - | - | - | 6,168 | 5,830 | |
43 |
250,000 | - | - | - | - | - | - | - | - | - | 871 | - | - | - | |
430/8 |
250,000 | - | - | - | - | - | - | - | - | - | 871 | - | - | - | |
44 |
136,491 | 276,873 | 186,424 | 178,926 | 455,443 | 673,392 | 344,729 | 419,076 | 261,020 | 199,828 | 23,551 | 84 | 192 | 578 | |
440/4 |
136,491 | 276,873 | 186,424 | 178,926 | 455,443 | 673,392 | 344,729 | 419,076 | 261,020 | 199,828 | 23,551 | 84 | 192 | 578 | |
45 |
226,835 | 172,623 | 208,795 | 65,466 | 260,361 | 182,440 | 77,766 | 35,155 | 20,504 | 17,829 | 6,715 | 1,070 | 62 | 252 | |
450/3 |
13,841 | 30,187 | 18,453 | 12,365 | 8,394 | 18,205 | 22,125 | 12,932 | 6,264 | 4,182 | 500 | 1,070 | 62 | 252 | |
454/9 |
212,994 | 142,436 | 190,342 | 53,101 | 251,967 | 164,236 | 55,640 | 22,224 | 14,241 | 13,647 | 6,215 | - | - | - | |
47/48 |
- | 219,444 | 239,489 | 290,548 | 76,328 | 54,028 | 22,429 | 2,000 | 14,846 | - | - | 10,793 | 1,955 | 9,690 | |
492/3 |
120,877 | 64,270 | - | 216,566 | 6,227 | - | - | - | - | - | 114 | 27 | 66 | 15 | |
| Income statement | |||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 25,293 | |
76A |
- | - | - | - | - | - | 2,584 | - | - | - | - | - | - | - | |
9900 |
808,718 | 734,503 | 700,789 | 481,823 | 748,099 | 187,703 | 421,552 | 365,831 | 165,999 | 173,549 | 41,902 | -781 | 8,458 | -4,848 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 34,388 | |
62 |
735,951 | 510,509 | 591,367 | 589,845 | 524,802 | 445,253 | 337,222 | 325,268 | 141,467 | 140,986 | 33,709 | - | - | - | |
630 |
22,845 | 10,526 | 12,170 | 14,440 | 21,563 | 30,610 | 32,037 | 29,464 | 15,323 | 8,350 | 1,505 | 752 | 4,598 | 8,430 | |
631/4 |
- | 2,250 | - | - | - | - | - | - | - | - | - | - | - | - | |
640/8 |
43,774 | 9,124 | 26,627 | 14,076 | 14,904 | 14,269 | 22,282 | 1,343 | 450 | 377 | 568 | 666 | 595 | 1,519 | |
66A |
- | 4,216 | 500 | 11,033 | 142 | - | 1,591 | - | - | - | - | - | - | 3,968 | |
9901 |
6,149 | 197,879 | 70,125 | -147,571 | 186,688 | -302,429 | 28,421 | 9,757 | 8,759 | 23,836 | 6,121 | -2,199 | 3,265 | -14,797 | |
75/76B |
13 | 5,678 | 154 | 348 | 127 | 123 | 525 | 69 | 918 | 375 | - | 5 | 10 | 51 | |
75 |
13 | 5,678 | 154 | 348 | 127 | 123 | 525 | 69 | 918 | 375 | - | 5 | 10 | 51 | |
65/66B |
20,192 | 51,604 | 18,687 | 13,896 | 8,677 | 7,911 | 11,619 | 2,157 | 876 | 3,077 | 1,242 | 1,200 | 1,235 | 2,663 | |
65 |
20,192 | 51,604 | 18,687 | 13,896 | 8,677 | 7,911 | 11,619 | 2,157 | 876 | 3,077 | 1,242 | 1,200 | 1,235 | 2,663 | |
9903 |
-14,030 | 151,952 | 51,593 | -161,119 | 178,138 | -310,218 | 17,327 | 7,669 | 8,801 | 21,135 | 4,878 | -3,394 | 2,040 | -21,378 | |
67/77 |
6,989 | 2,454 | 774 | 762 | 634 | 134 | 7,555 | 4,421 | 3,249 | 2,196 | - | 1 | 1 | - | |
9904 |
-21,019 | 149,499 | 50,818 | -161,881 | 177,503 | -310,352 | 9,771 | 3,248 | 5,552 | 18,938 | 4,878 | -3,395 | 2,040 | -21,378 | |
9905 |
-21,019 | 149,499 | 50,818 | -161,881 | 177,503 | -310,352 | 9,771 | 3,248 | 5,552 | 18,938 | 4,878 | -3,395 | 2,040 | -21,378 | |
| Appropriation of the result | |||||||||||||||
9906 |
-97,713 | -76,617 | -226,116 | -276,934 | -115,053 | -292,556 | 17,795 | 8,024 | 4,776 | 464 | -18,474 | -23,353 | -19,338 | -21,378 | |
14P |
-76,694 | -226,116 | -276,934 | -115,053 | -292,556 | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | 1,240 | - | - | 620 | - | |
6920 |
- | - | - | - | - | - | - | - | - | 1,240 | - | - | 620 | - | |
| Social balance sheet | |||||||||||||||
9087 |
11.3 | 8.1 | 9.6 | 11 | 10.4 | 10.3 | 7.2 | 8.3 | 3.7 | 4 | 2 | - | - | - | |
Hours worked1013 |
18,196 | 11,068 | 15,954 | 10,656 | 16,100 | 14,626 | 12,742 | 14,416 | 6,812 | 7,128 | 1,464 | - | - | - | |
| 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 31-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00469733.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00469733 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00331570 | |
| 31-12-2023 | full format | 05-08-2024 | 2024-00329350 | |
| 31-12-2022 | full format | 29-09-2023 | 2023-00460747 | |
| 31-12-2021 | full format | 31-07-2022 | 2022-20252988 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-56300057 | |
| 31-12-2019 | full format | 29-01-2021 | 2021-02400439 | |
| 31-12-2018 | micro format | 27-12-2019 | 2019-77500143 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60000475 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-50800124 | |
| 31-12-2015 | full format | 24-11-2016 | 2016-68300432 | |
| 31-12-2014 | full format | 28-08-2015 | 2015-48700335 | |
| 31-12-2013 | full format | 29-08-2014 | 2014-49800367 | |
| 31-12-2012 | full format | 31-07-2013 | 2013-37000173 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28,993 | 208,404 | 82,295 | -133,131 | 208,251 | -271,819 | 60,458 | 39,220 | 24,082 | 32,186 | 7,625 | -1,447 | 7,864 | -6,367 | ||
| 1,825 | 160,024 | 62,988 | -147,441 | 199,067 | -279,742 | 41,808 | 32,711 | 20,875 | 27,288 | 6,383 | -2,643 | 6,638 | -12,947 | ||
| 51,781 | 31,516 | 21,429 | 3,187 | 1,231 | 21,128 | 38,094 | 58,511 | 24,129 | 33,573 | 4,975 | -519 | 0 | 14,299 | ||
| 105,562 | 13,592 | -29,649 | -4,622 | -5,528 | 46,445 | -23,414 | -5,334 | 20,773 | 10,346 | 1,001 | -523 | -1,783 | - | ||
| 10,914 | -39,331 | -233,231 | -65,744 | -122,321 | -316,946 | -5,420 | -29,407 | -18,462 | -15,209 | -8,811 | -10,305 | 1,487 | 966 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | -58.5% | ||
| -12.0% | -9.3% | -50.1% | -53.4% | -14.2% | -42.5% | 6.3% | 4.5% | 6.0% | 5.8% | -21.1% | - | -62.3% | -38.7% | ||
| 1.02 | 0.94 | 0.63 | 0.88 | 0.85 | 0.66 | 0.99 | 0.94 | 0.94 | 0.93 | 0.72 | - | 1.18 | 1.06 | ||
| 0.80 | 0.78 | 0.46 | 0.74 | 0.78 | 0.65 | 0.98 | 0.93 | 0.93 | 0.92 | 0.68 | - | 0.29 | 0.32 | ||
| - | - | - | - | - | - | 14.93 | 21.37 | 15.57 | 16.14 | - | - | - | - | ||
| - | - | - | - | - | - | 30.5% | 14.6% | 29.2% | 140.5% | - | - | - | - | ||
| -3.0% | 22.3% | 12.0% | -32.9% | 25.0% | -47.4% | 1.9% | 0.7% | 1.8% | 8.2% | 18.9% | - | 18.3% | -92.2% | ||
| 1.44 | 4.04 | 4.40 | -9.58 | 24.00 | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 20 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 6 days |
EBIT margin: not included in this filing.
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.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 10 | 8 | 11 | 9 |
| full-time | 11 | 8 | 8 | 11 | 9 |
| part-time | 2 | 2 | - | - | - |
| in full-time equivalents | 11.9 | 9.2 | 8 | 11 | 9 |
| 11.3 | 8.1 | 9.6 | 11 | 10.4 | |
| On a permanent contract | 10 | 9 | 8 | 9 | 8 |
| Joined | - | 4 | 0 | 4 | 9 |
| Left | - | 2 | 3 | 2 | 8 |
| Training hours | - | - | 176 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €51,781 | €30,456 | €21,129 | €3,187 | €631 |
| Financial fixed assets | - | €1,060 | €300 | - | €600 |
| €22,845 | €10,526 | €12,170 | €14,440 | €21,563 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on PANELCONSTRUCT
The operating result for 2025 is 97% lower than in 2024 and the lowest since 2022.
Equity is negative. Debt (€777,874) exceeds the balance-sheet total (€694,420).