Equity
€11,414 from €103,203 in 2009
Equity fell by 89% in 16 years.
PANEM ET CIRCENSES
Lifetime
20 annual accounts with figures on one time axis, 33 filings since 1993peak €651,192 (2025)
€651,192▲ 1.8%
lowest -€168,321 (2017)
€6,386▼ 81.8%
peak €103,203 (2009)
€11,414▲ 127%
€193,954▼ 29.6%
peak 12.7 FTE (2025)
12.7 FTE▲ 42.7%
Board1 name since 2021
1 directorBAKRAYCO
Owners
99.97%BAKRAYCO
Documentsfilings and deeds
24-07-20267 days before the deadline
2025abbreviated format
Result from €35,146 to €6,386Staff from 8.9 FTE to 12.7 FTEEquity from €5,028 to €11,414Debts from €275,424 to €193,954Cash from €13,795 to €18,398
Key points
from the 2025 annual accountsTurnover
≈ €1.5m estimated
The abbreviated format states no turnover.
Debts
€193,954 94% of the balance sheet
Financial debts 7%Suppliers 42%Taxes and wages 43%Other 8%
Of this, €184,210 falls due within a year.
Staff
23 employees on 31-12-2025
In 2025, 61 people joined and 58 left.
Filings
33 annual accounts since 1993
Four of the last ten came late. The 2017 accounts came latest: 31 days after the end of the period.
Position in the sector
€11,414
Less equity than 85% of companies in food products. Sector median €255,513 · 1,013 companies.
Checked score
62
Healthy
Financially stronger than 33% of small companies in food products (NACE 10)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
1.6% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 632 companies (NACE 10, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.3%
01-2025: 2.3%● unchanged vs 12-2024
02-2025: 2.3%● unchanged vs 01-2025
03-2025: 2.3%● unchanged vs 02-2025
04-2025: 2.4%▲ +0.1 percentage points vs 03-2025
05-2025: 2.4%● unchanged vs 04-2025highest value
06-2025: 2.3%▼ -0.1 percentage points vs 05-2025
07-2025: 1.7%▼ -0.6 percentage points vs 06-2025
08-2025: 1.7%● unchanged vs 07-2025
09-2025: 1.7%● unchanged vs 08-2025
10-2025: 1.7%● unchanged vs 09-2025
11-2025: 1.7%● unchanged vs 10-2025
12-2025: 1.7%● unchanged vs 11-2025
01-2026: 1.7%● unchanged vs 12-2025
02-2026: 1.7%● unchanged vs 01-2026
03-2026: 1.7%● unchanged vs 02-2026
04-2026: 1.7%● unchanged vs 03-2026
05-2026: 1.7%● unchanged vs 04-2026
06-2026: 1.7%● unchanged vs 05-2026
07-2026: 1.8%▲ +0.1 percentage points vs 06-2026
08-2026: 1.6%▼ -0.2 percentage points vs 07-2026lowest value
09-2026: 1.6%● unchanged vs 08-2026lowest value
10-2026: 1.6%● unchanged vs 09-2026lowest value
11-2026: 1.6%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Sector: Manufacture of food products (NACE 10)
Equity €11,414 (5.6% of total assets)
Size: 12.7 FTE, total assets €205,368
lowers risk
Founded in 1992
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 10, small). It does better than 11% of them on solvency, 6% on liquidity, 20% on profitability and 96% on growth.
The bankruptcy probability was computed on 07-11-2026 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, 1,217 companies had the same profile as PANEM ET CIRCENSES has now. Each dot stands for 4 companies, two years later.
95.9%
were still trading
2.5%
stopped another way
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PANEM ET CIRCENSES itself: 1.6% within 12 months.
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 1,217 companies, not a prediction for PANEM ET CIRCENSES. 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
Credit of up to €500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.82 (0.88 in 2024), below 1. Short-term debt is 89.7% and cash 9% of total assets. 94.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 1013 sector peers (2025).
NBB · sector comparisonPosition among 1013 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 days early
2024
42 days early
2023
2 days early
2022
4 days early
2021
30 days late
2020
31 days late
2019
31 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 5 days after the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% 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 27 July (4 of the last 5 accounts filed within 34 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- BAKRAYCO 99.97%score 90equity €130,946 (2025) · 2025 annual accounts of BAKRAYCO
- Ward Laeremans 0.03%annual accounts 2019
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0447745367
1 director resigning, 1 reappointment
Resignation: BAKRAYCO · Reappointment: BAKRAYCO (director) · Permanent representative: LAEREMANS Ward · General meeting of 08-02-2024 · Gazette deed
First establishment
ST-LAMBERTUS, Waversebaan 69, Leuven
Incorporation
published on 17-07-1992 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PANEM ET CIRCENSES Leuven | €205,368 | €651,192 | 5.6% | 12.7 |
| LES DOUCEURS DE SAIVE Blegny | €162,387 | €559,276 | -83.5% | 14.2 |
| DHOLLANDER Wommelgem | €258,861 | €511,874 | 19.9% | 12.8 |
| Pâtisserie Serge Beloeil | €281,332 | €708,172 | 31.9% | 12.5 |
| ROGGE Oudenaarde | €385,222 | €748,266 | 45.8% | 13.4 |
| NORMANDIE Namur | €390,677 | €771,822 | 24.3% | 14.3 |
| PATISSERIE LANSSENS Lokeren | €299,940 | €413,536 | 55.7% | 9 |
These companies have the same main activity as PANEM ET CIRCENSES: artisanal bread and fresh pastry making (NACE 10712). They are comparable in size and age: total assets between €162,000 and €391,000, founded between 1976 and 1994.
Official details
Source: KBO- Status
- Active since 03-07-1992Normal situation
- Activity
- Artisanal bread and fresh pastry makingNACE 10712
- Joint committees
- 201Independent retail
- 118Food industry · annual accounts 2022
- Establishment unit
- 2.058.172.3283001 Leuven, since 08-07-1992
- Financial year end
- 31 December
- Peppol
- Reachable since 20-10-2025
Annual accounts 2025
- €205,368▼ 26.8%
- Employeeson 31-12-2025
- 23▼ 8.0%
- Filing
- Filed on 24-07-2026, 7 days before the end of the filing period
Insights on PANEM ET CIRCENSES
PANEM ET CIRCENSES files the abbreviated format. That format states no turnover. The gross margin rose from €272,727 in 2006 to €651,192 in 2025.
The balance sheet grew most from 2015 to 2017 through fixed assets, financed with long-term debt.
BAKRAYCO 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 PANEM ET CIRCENSES
- What is the company number of PANEM ET CIRCENSES?
- The company number of PANEM ET CIRCENSES is 0447.745.367. The VAT number is the same number with BE in front: BE 0447.745.367.
- Where is PANEM ET CIRCENSES based?
- The registered office is at Waversebaan 69, 3001 Leuven.Company details
- What does PANEM ET CIRCENSES do?
- According to the KBO register, the main activity is artisanal bread and fresh pastry making (NACE 10712).
- What is the legal form of PANEM ET CIRCENSES?
- PANEM ET CIRCENSES is a private limited company (BV).
- When was PANEM ET CIRCENSES founded?
- PANEM ET CIRCENSES was founded on 03-07-1992.
- Is PANEM ET CIRCENSES still active?
- Yes, PANEM ET CIRCENSES is an active enterprise in the KBO register.
- How many employees does PANEM ET CIRCENSES have?
- PANEM ET CIRCENSES had an average of 12.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does PANEM ET CIRCENSES fall under?
- In its 2022 annual accounts, PANEM ET CIRCENSES states joint committees 201 (Independent retail) and 118 (Food industry).
- What is the turnover of PANEM ET CIRCENSES?
- The turnover in financial year 2025 is ≈ €1.5m. This figure is estimated from the gross margin of €651,192 and 2,275 comparable companies of the same size. It probably lies between €920,000 and €2.6m. It is a rough estimate.
- Is PANEM ET CIRCENSES profitable?
- In financial year 2025, PANEM ET CIRCENSES made a profit of €6,386.
- Where can I find the annual accounts of PANEM ET CIRCENSES?
- PANEM ET CIRCENSES filed 33 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PANEM ET CIRCENSES due?
- PANEM ET CIRCENSES must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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