PANEM ET CIRCENSES
ActivePANEM ET CIRCENSES has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11k and a net result of €6k. Equity is growing by ~48.1% per year across the filed fiscal years. Its solvency ranks better than 16% of 794 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
47
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability44▼-23
Solvency31▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.82 against 0.88 in 2024; short-term debt: 89.7% and cash: 9% of total assets), and 94.4% 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 · 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.6%
Return on assets
3.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 794 sector peers (2025).
NBB · sector comparisonPosition among 794 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-07-2026, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
42 d early
2023
2 d early
2022
4 d early
2021
30 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
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
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€11k▲ 127%
2024 · €5k
2018: €-199k
2019: €-145k
2020: €-121k
2021: €-82k
2022: €-44k
2023: €-30k
2024: €5k
2018 → 2025
Total assets
€205k▼ 26.8%
2024 · €280k
2018: €297k
2019: €308k
2020: €234k
2021: €266k
2022: €279k
2023: €263k
2024: €280k
2018 → 2025
Net result
€6k▼ 81.8%
2024 · €35k
2018: €-14k
2019: €55k
2020: €23k
2021: €40k
2022: €37k
2023: €14k
2024: €35k
2018 → 2025
Working capital
€-34k▼ 9.2%
2024 · €-31k
2018: €-247k
2019: €-195k
2020: €-185k
2021: €-143k
2022: €-99k
2023: €-81k
2024: €-31k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-82k-€-44k▲ 45.8%€-30k▲ 32.0%€5k€11k▲ 127%
Operating result€50k-€51k▲ 2.5%€29k▼ 43.1%€47k▲ 60.7%€13k▼ 72.7%
Net result€40k-€37k▼ 6.1%€14k▼ 62.1%€35k▲ 148%€6k▼ 81.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 73% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €205k
Fixed assets
€55k▼ 0.3%
Current assets
€151k▼ 33.2%
Equity and liabilities €205k
Equity
€11k▲ 127%
Debt
€194k▼ 29.6%
The debt ratio falls from 98.2% to 94.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32k▼
2024 · €66k
Cash flow
€26k▼
2024 · €55k
Solvency
5.6%▲
2024 · 1.8%
Current ratio
0.82▼
2024 · 0.88
Quick ratio
0.65▼
2024 · 0.76
Debt / equity
16.99▼
2024 · 54.78
ROE
56.0%▼
2024 · 699.1%
ROA
3.1%▼
2024 · 12.5%
Interest coverage
2.57▼
2024 · 3.86
Debt
€194k▼
2024 · €275k
Debt ≤ 1 year
€184k▼
2024 · €256k
Debt > 1 year
€4k▼
2024 · €11k
Staff costs
€618k▲
2024 · €569k
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€280k€205k▼
Fixed assets21/28€55k€55k▼
Intangible fixed assets21€2k€1k▼
Tangible fixed assets22/27€49k€50k▲
Plant, machinery and equipment23€39k€29k▼
Furniture and vehicles24€1k€16k▲
Other tangible fixed assets26€9k€5k▼
Financial fixed assets28€4k€4k=
Current assets29/58€225k€151k▼
Stocks and contracts in progress3€30k€31k▲
Stocks30/36€30k€31k▲
Amounts receivable within one year40/41€180k€97k▼
Trade receivables40€163k€21k▼
Other amounts receivable41€17k€76k▲
Cash at bank and in hand54/58€14k€18k▲
Deferred charges and accrued income490/1€1k€4k▲
Equity and liabilities
Total equity and liabilities10/49€280k€205k▼
Equity10/15€5k€11k▲
Contributions10/11€93k€93k=
Reserves13€7k€7k=
Distributable reserves133€7k€7k=
Profit (loss) carried forward14€-95k€-89k▲
Amounts payable17/49€275k€194k▼
Amounts payable after more than one year17€11k€4k▼
Financial debts170/4€8k€1k▼
Other amounts payable178/9€3k€3k=
Amounts payable within one year42/48€256k€184k▼
Current portion of amounts payable after more than one year42€7k€7k▲
Financial debts43€12k€13k▲
Credit institutions430/8€12k€13k▲
Trade debts44€52k€81k▲
Suppliers440/4€52k€81k▲
Taxes, remuneration and social security45€52k€83k▲
Taxes450/3€2k€12k▲
Remuneration and social security454/9€50k€71k▲
Other amounts payable47/48€134k-
Accrued charges and deferred income492/3€8k€6k▼
Income statement
Code20242025
Non-recurring operating income76A€3k€1k▼
Remuneration, social security and pensions62€569k€618k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€19k▼
Other operating charges640/8€1k€2k▲
Non-recurring operating charges66A€3k-
Gross operating margin9900€640k€651k▲
Operating profit (loss)9901€47k€13k▼
Financial income75/76B€6k€6k▲
Recurring financial income75€6k€6k▲
Financial charges65/66B€17k€12k▼
Recurring financial charges65€17k€12k▼
Profit (loss) for the period before taxes9903€35k€6k▼
Profit (loss) for the period9904€35k€6k▼
Profit (loss) for the period to be appropriated9905€35k€6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-95k€-89k▲
Profit (loss) brought forward from the previous period14P€-130k€-95k▲
Social balance
Average headcount (FTE)90878.912.7▲
The notes to these accounts (13 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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
31-12
Financial
Back to profitnet €55k
Net result €55k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 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, Leuven · 1 establishment unit since 1992
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.
Waversebaan 693001 LeuvenGround area
1,319 m²
Building footprint
34 m²
Volume, LiDAR
157 m³
Parcel 24434F0247/00K013, Flanders · tallest building 5.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ST-LAMBERTUS
since 19922.058.172.328
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24434F0247/00K013 | Flanders | 1,319 m² | 1 · 33 m² | 5.2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteLeuven2.058.172.328
Dual-learning approval
1 endedSimilar companies · same sector, comparable size
Tero Bakery
BE 0765.347.519
Waterloo · Eq €11k
Catberry
BE 0768.952.157
Gent · Eq €11k
LE SOLEIL LEVAIN
BE 0437.454.261
Nivelles · Eq €11k
VOLKS
BE 0628.830.709
Gent · Eq €11k
BIA FOOD
BE 0804.800.288
Brussel · Eq €11k
Of 4,228 companies in sector 10712 we hold annual accounts for 1,870. 997 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded03-07-1992
Fiscal year end31-12
Activities, NACEBEL
10712Artisanal bread and fresh pastry making
15812
Sources
Crossroads Bank for EnterprisesNational Bank · 33 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.