PANIMMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 21 filings
Turnover
≈ €14,000
Estimated: probably between €5,200 and €31,000
Total assets
€93,511▼ 5.4%
2024 · €98,855
Net result
-€580
2024 · €2,083
Working capital
€3,274▲ 14.7%
2024 · €2,855
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€357
2025
20182025
Net result
-€580
2025
middle half of the sector
20182025
Equity
€91,629
▼ 0.6%
2025
middle half of the sector
20182025
Total assets
€93,511
▼ 5.4%
2025
lowest quarter of the sector
20182025
Debt
€1,883
▼ 71.7%
2025
20182025
Working capital
€3,274
▲ 14.7%
2025
middle half of the sector
20182025
Solvency
98.0%
▲ 4.7pp
2025
highest quarter of the sector
20182025
Current ratio
2.74
▲ 1.31
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.6%
▼ 2.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€459-€272▼ 40.9%€363▲ 33.7%€637▲ 75.4%€608▼ 4.5%-€988€2,283-€357
Net result€319-€262▼ 18.1%€213within the sector's middle half▼ 18.4%€487within the sector's middle half▲ 128%€404within the sector's middle half▼ 17.0%-€1,188within the sector's middle half€2,083within the sector's middle half-€580within the sector's middle half
Equity€89,949-€90,210▲ 0.3%€90,424within the sector's middle half▲ 0.2%€90,910within the sector's middle half▲ 0.5%€91,314within the sector's middle half▲ 0.4%€90,126within the sector's middle half▼ 1.3%€92,209within the sector's middle half▲ 2.3%€91,629within the sector's middle half▼ 0.6%
Total assets€90,644-€90,859▲ 0.2%€91,072below the sector's middle half▲ 0.2%€91,918below the sector's middle half▲ 0.9%€92,696below the sector's middle half▲ 0.8%€90,774below the sector's middle half▼ 2.1%€98,855below the sector's middle half▲ 8.9%€93,511below the sector's middle half▼ 5.4%
Debt€695-€648▼ 6.8%€648=€1,008▲ 55.5%€1,382▲ 37.0%€648▼ 53.1%€6,646▲ 925%€1,883▼ 71.7%
Working capital€3,340-€3,602▲ 7.8%€3,815within the sector's middle half▲ 5.9%€4,302within the sector's middle half▲ 12.8%€4,706within the sector's middle half▲ 9.4%€3,518within the sector's middle half▼ 25.3%€2,855within the sector's middle half▼ 18.8%€3,274within the sector's middle half▲ 14.7%
Solvency99.2%-99.3%▲ 0.1pp99.3%above the sector's middle half=98.9%above the sector's middle half▼ 0.4pp98.5%above the sector's middle half▼ 0.4pp99.3%above the sector's middle half▲ 0.8pp93.3%above the sector's middle half▼ 6.0pp98.0%above the sector's middle half▲ 4.7pp
Current ratio5.80-6.56▲ 0.756.88above the sector's middle half▲ 0.335.27above the sector's middle half▼ 1.624.41above the sector's middle half▼ 0.866.43above the sector's middle half▲ 2.021.43within the sector's middle half▼ 5.002.74above the sector's middle half▲ 1.31
Return on assets (ROA)0.4%-0.3%▼ 0.1pp0.2%within the sector's middle half▼ 0.1pp0.5%within the sector's middle half▲ 0.3pp0.4%within the sector's middle half▼ 0.1pp-1.3%within the sector's middle half▼ 1.7pp2.1%within the sector's middle half▲ 3.4pp-0.6%within the sector's middle half▼ 2.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €357, after a profit of €2,283 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €93,511
Fixed assets
€88,354 ▼ 1.1%
Current assets
€5,157 ▼ 45.7%
Equity and liabilities €93,511
Equity
€91,629 ▼ 0.6%
Debt
€1,883 ▼ 71.7%
Debt's share of the balance-sheet total falls from 6.7% to 2.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€643▼
2024 · €2,537
Cash flow
€420▼
2024 · €2,337
Debt to equity
0.02▼
2024 · 0.07
ROE
-0.6%▼
2024 · 2.3%
Interest coverage
2.88▼
2024 · 12.71
Debt ≤ 1 year
€1,883▼
2024 · €6,646
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,000 | - |
| Depreciation and write-downs of the year | - | - | - | €254 | €1,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | €254 | €1,000 | ▲ 294% |
| Other operating charges640/8 | - | - | - | €449 | €450 | €513 | €118 | €3,255 | ▲ 28× |
| Gross operating margin9900 | €903 | €717 | €810 | €1,085 | €1,057 | -€475 | €2,655 | €3,898 | ▲ 46.8% |
| Operating profit (loss)9901 | €459 | €272 | €363 | €637 | €608 | -€988 | €2,283 | -€357 | - |
| Financial charges65/66B | - | - | - | €150 | €204 | €201 | €200 | €223 | ▲ 11.9% |
| Recurring financial charges65 | €140 | €10 | €150 | €150 | €204 | €201 | €200 | €223 | ▲ 11.9% |
| Profit (loss) for the period before taxes9903 | €319 | €262 | €213 | €487 | €404 | -€1,188 | €2,083 | -€580 | - |
| Profit (loss) for the period9904 | €319 | €262 | €213 | €487 | €404 | -€1,188 | €2,083 | -€580 | - |
| Profit (loss) for the period to be appropriated9905 | €319 | €262 | €213 | €487 | €404 | -€1,188 | €2,083 | -€580 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €90,644 | €90,859 | €91,072 | €91,918 | €92,696 | €90,774 | €98,855 | €93,511 | ▼ 5.4% |
| Fixed assets21/28 | €86,608 | €86,608 | €86,608 | €86,608 | €86,608 | €86,608 | €89,354 | €88,354 | ▼ 1.1% |
| Tangible fixed assets22/27 | €86,608 | €86,608 | €86,608 | €86,608 | €86,608 | €86,608 | €89,354 | €88,354 | ▼ 1.1% |
| Land and buildings22 | - | - | - | €86,608 | €86,608 | €86,608 | €86,608 | €86,608 | = |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €2,746 | €1,746 | ▼ 36.4% |
| Current assets29/58 | €4,036 | €4,250 | €4,464 | €5,310 | €6,087 | €4,166 | €9,501 | €5,157 | ▼ 45.7% |
| Amounts receivable within one year40/41 | €4,036 | €4,186 | €4,436 | €5,286 | €6,086 | €3,986 | €3,734 | €4,224 | ▲ 13.1% |
| Trade receivables40 | - | - | - | - | - | - | €3,625 | €4,224 | ▲ 16.5% |
| Other amounts receivable41 | - | - | - | €5,286 | €6,086 | €3,986 | €109 | - | - |
| Cash at bank and in hand54/58 | - | €64 | €28 | €24 | €2 | €180 | €5,767 | €933 | ▼ 83.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €90,644 | €90,859 | €91,072 | €91,918 | €92,696 | €90,774 | €98,855 | €93,511 | ▼ 5.4% |
| Equity10/15 | €89,949 | €90,210 | €90,424 | €90,910 | €91,314 | €90,126 | €92,209 | €91,629 | ▼ 0.6% |
| Contributions10/11 | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | = |
| Capital10 | - | - | - | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | = |
| Issued capital100 | - | - | - | €99,000 | €99,000 | €99,000 | €99,000 | €99,000 | = |
| Profit (loss) carried forward14 | -€9,051 | -€8,790 | -€8,576 | -€8,090 | -€7,686 | -€8,874 | -€6,791 | -€7,371 | ▼ 8.5% |
| Amounts payable17/49 | €695 | €648 | €648 | €1,008 | €1,382 | €648 | €6,646 | €1,883 | ▼ 71.7% |
| Amounts payable within one year42/48 | €695 | €648 | €648 | €1,008 | €1,382 | €648 | €6,646 | €1,883 | ▼ 71.7% |
| Trade debts44 | - | - | - | €360 | €733 | - | €4,018 | €208 | ▼ 94.8% |
| Suppliers440/4 | - | - | - | €360 | €733 | - | €4,018 | €208 | ▼ 94.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €557 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €557 | - |
| Other amounts payable47/48 | - | - | - | €648 | €648 | €648 | €2,628 | €1,117 | ▼ 57.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €319 | €262 | €213 | €487 | €404 | -€1,188 | €2,083 | -€580 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | €254 | €1,000 | ▲ 294% |
| Operating cash flow (approximation) | €319 | €262 | €213 | €487 | €404 | -€1,188 | €2,337 | €420 | ▼ 82.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€3,000 | €0 | - |
| Change in cash | - | - | -€37 | -€3 | -€23 | €179 | €5,587 | -€4,834 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as PANIMMO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PANIMMO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 12,322 companies, not a prediction for PANIMMO. 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.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00214846 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00444715 | |
| 31-12-2023 | micro format | 27-05-2024 | 2024-00097750 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00155548 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20306265 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-44100070 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-30900486 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58000556 | |
| 31-12-2017 | micro format | 18-06-2018 | 2018-19300432 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-30900188 |