PANISA
ActiveSummary
The computed 12-month bankruptcy probability of PANISA is 3.5% (moderate). For PANISA, at least two filing cycles of the annual accounts are missing. The 2022 annual accounts show equity of €18,847 and a net result of €4,177. Equity is shrinking by ~12.9% per year across the filed fiscal years. Its solvency ranks better than 94% of 30864 sector peers (fiscal year 2022). The company has been active since 1986 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
No current score
Figures too old
The available figures for FY 2022 are too old to assess current financial health.
Filing: At least two filing cycles are missing
Axes, FY 2022 · tick = 2021
Profitability87▲+87
Solvency100▲+16
Growth38▲+6
Track record92
Bankruptcy probability, 12 months
3.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
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 2022Solvency, return and age of the figures
Solvency
88.6%
Return on assets
19.6%
Age of the figures
45 mo
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 →
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 · Two or more financial years not filed
Since the financial year that closed on 31-12-2023, 3 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2023 close31-07-2024 deadline28-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 09-12-2023, 131 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
131 d late
2021
252 d late
2020
30 d late
2019
48 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 115 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
History
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Financials · fiscal year 2022, micro schema
Turnover
€45,451▼ 34.6%
2021 · €69,541
EBIT margin
11.6%▲ 19.1pp
2021 · -7.5%
Net result
€4,177
2021 · -€8,723
Working capital
€17,315▲ 40.4%
2021 · €12,332
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20182019202020212022
Turnover€69,541€45,451▼ 34.6%
Operating result-€6,963-€434-€3,364-€5,219▼ 55.1%€5,260
Net result-€8,623--€1,734▲ 79.9%-€5,430below the sector's middle half▼ 213%-€8,723below the sector's middle half▼ 60.6%€4,177within the sector's middle half
EBIT margin-7.5%11.6%▲ 19.1pp
Equity€30,558-€28,824▼ 5.7%€23,394within the sector's middle half▼ 18.8%€14,671below the sector's middle half▼ 37.3%€18,847below the sector's middle half▲ 28.5%
Total assets€58,149-€37,874▼ 34.9%€31,318below the sector's middle half▼ 17.3%€24,885below the sector's middle half▼ 20.5%€21,275below the sector's middle half▼ 14.5%
Debt€26,818-€8,276▼ 69.1%€7,150▼ 13.6%€9,441▲ 32.0%€1,655▼ 82.5%
Working capital€29,019-€27,286▼ 6.0%€21,856within the sector's middle half▼ 19.9%€12,332within the sector's middle half▼ 43.6%€17,315within the sector's middle half▲ 40.4%
Solvency52.6%-76.1%▲ 23.6pp74.7%above the sector's middle half▼ 1.4pp59.0%within the sector's middle half▼ 15.7pp88.6%above the sector's middle half▲ 29.6pp
Current ratio2.08-4.30▲ 2.214.06above the sector's middle half▼ 0.242.31within the sector's middle half▼ 1.7511.46above the sector's middle half▲ 9.16
Return on assets (ROA)-14.8%--4.6%▲ 10.3pp-17.3%below the sector's middle half▼ 12.8pp-35.1%below the sector's middle half▼ 17.7pp19.6%above the sector's middle half▲ 54.7pp
Staff (FTE)1.4
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2022: €5,260 after a loss of €5,219 in 2021, the highest result in the available series.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €21,275
Fixed assets
€2,305 ▼ 25.9%
Current assets
€18,970 ▼ 12.9%
Equity and liabilities €21,275
Equity
€18,847 ▲ 28.5%
Provisions
€773 =
Debt
€1,655 ▼ 82.5%
Debt's share of the balance-sheet total falls from 37.9% to 7.8%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.09▼
2021 · 0.64
ROE
22.2%▲
2021 · -59.5%
Debt ≤ 1 year
€1,655▼
2021 · €9,441
Staff costs
€15,460▼
2021 · €27,118
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €69,541 | €45,451 | ▼ 34.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €44,487 | €26,533 | ▼ 40.4% |
| Remuneration, social security and pensions62 | €44,559 | - | - | €27,118 | €15,460 | ▼ 43.0% |
| Other operating charges640/8 | €1,814 | - | - | €3,155 | €538 | ▼ 82.9% |
| Gross operating margin9900 | €39,410 | €54,247 | €23,115 | €25,054 | €21,258 | ▼ 15.2% |
| Operating profit (loss)9901 | -€6,963 | €434 | -€3,364 | -€5,219 | €5,260 | ▲ 201% |
| Financial charges65/66B | €1,660 | - | - | €3,504 | €1,083 | ▼ 69.1% |
| Recurring financial charges65 | €1,660 | €2,168 | €2,066 | €3,504 | €276 | ▼ 92.1% |
| Non-recurring financial charges66B | - | - | - | - | €807 | - |
| Profit (loss) for the period before taxes9903 | -€8,623 | -€1,734 | -€5,430 | -€8,723 | €4,177 | ▲ 148% |
| Profit (loss) for the period9904 | -€8,623 | -€1,734 | -€5,430 | -€8,723 | €4,177 | ▲ 148% |
| Profit (loss) for the period to be appropriated9905 | -€8,623 | -€1,734 | -€5,430 | -€8,723 | €4,177 | ▲ 148% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €58,149 | €37,874 | €31,318 | €24,885 | €21,275 | ▼ 14.5% |
| Fixed assets21/28 | €2,312 | €2,312 | €2,312 | €3,112 | €2,305 | ▼ 25.9% |
| Tangible fixed assets22/27 | €7 | €7 | €7 | €807 | - | - |
| Plant, machinery and equipment23 | €7 | - | - | €807 | - | - |
| Financial fixed assets28 | €2,305 | €2,305 | €2,305 | €2,305 | €2,305 | = |
| Current assets29/58 | €55,837 | €35,562 | €29,006 | €21,773 | €18,970 | ▼ 12.9% |
| Stocks and contracts in progress3 | €1,307 | €1,307 | €1,307 | €1,307 | - | - |
| Stocks30/36 | €1,307 | - | - | €1,307 | - | - |
| Amounts receivable within one year40/41 | €53,806 | €28,336 | €26,578 | €19,235 | €17,306 | ▼ 10.0% |
| Other amounts receivable41 | €53,806 | - | - | €19,235 | €17,306 | ▼ 10.0% |
| Cash at bank and in hand54/58 | €724 | €5,918 | €1,120 | €1,231 | €1,664 | ▲ 35.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €58,149 | €37,874 | €31,318 | €24,885 | €21,275 | ▼ 14.5% |
| Equity10/15 | €30,558 | €28,824 | €23,394 | €14,671 | €18,847 | ▲ 28.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | €18,592 | - | - | €18,592 | €18,592 | = |
| Issued capital100 | €18,592 | - | - | €18,592 | €18,592 | = |
| Reserves13 | €2,700 | €2,700 | €2,700 | €2,700 | €2,700 | = |
| Non-distributable reserves130/1 | €1,859 | - | - | €1,859 | €1,859 | = |
| Legal reserve130 | €1,859 | - | - | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €841 | €841 | = |
| Distributable reserves133 | €841 | - | - | - | - | - |
| Profit (loss) carried forward14 | €9,266 | €7,532 | €2,102 | -€6,621 | -€2,445 | ▲ 63.1% |
| Provisions and deferred taxes16 | €773 | €773 | €773 | €773 | €773 | = |
| Provisions for liabilities and charges160/5 | €773 | - | - | €773 | €773 | = |
| Pensions and similar obligations160 | - | - | - | €773 | €773 | = |
| Other liabilities and charges164/5 | €773 | - | - | - | - | - |
| Amounts payable17/49 | €26,818 | €8,276 | €7,150 | €9,441 | €1,655 | ▼ 82.5% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Other amounts payable178/9 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €26,818 | €8,276 | €7,150 | €9,441 | €1,655 | ▼ 82.5% |
| Current portion of amounts payable after more than one year42 | €1,497 | - | - | - | - | - |
| Financial debts43 | €4,045 | - | - | €1,437 | - | - |
| Credit institutions430/8 | €4,045 | - | - | €1,437 | - | - |
| Trade debts44 | €0 | €2,424 | €2,138 | €5,775 | - | - |
| Suppliers440/4 | €0 | - | - | €5,775 | - | - |
| Taxes, remuneration and social security45 | €21,276 | - | - | €2,229 | €1,655 | ▼ 25.8% |
| Taxes450/3 | €1,813 | - | - | €1,080 | - | - |
| Remuneration and social security454/9 | €19,463 | - | - | €1,149 | €1,655 | ▲ 44.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,623 | -€1,734 | -€5,430 | -€8,723 | €4,177 | ▲ 148% |
| Operating cash flow (approximation) | -€8,623 | -€1,734 | -€5,430 | -€8,723 | €4,177 | ▲ 148% |
| Investment in fixed assets (approximation) | - | -€0 | €0 | -€800 | €807 | ▲ 201% |
| Change in cash | - | €5,194 | -€4,798 | €111 | €433 | ▲ 291% |
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
2025
13-06
KBO administration
Address struck
2023
09-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 131 days late
09-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 252 days late
09-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 1348 days late
2022
31-12
Financial
Back to profitnet €4,177
Net result €4,177 after 4 loss-making years.
31-12
Financial
Liquidity times 5current ratio 11.46
Current ratio from 2.31 to 11.46; short-term debt falls from €9,441 to €1,655.
2021
31-12
Financial
Weakest financial yearnet -€8,723
Net result drops to -€8,723, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 48 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 4.30
Current ratio from 2.08 to 4.30; short-term debt falls from €26,818 to €8,276.
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
23-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 23 days late
Show earlier events
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
2015
31-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 31 days late
2014
19-08
NBB filing
Annual accounts filed
fiscal year 2013 · full schema · 19 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Brussel · 1 establishment unit since 1986
Ground area
721 m²
Building footprint
534 m²
Volume, LiDAR
11,536 m³
2 parcels, Brussels, Wallonia · tallest building 27.7 m, ±8 floors. Linked by address, not a title deed.
471
companies at this address
See who is registered here
1 establishment unit
PANIS
since 19862.037.019.893
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21808H1778/00D000 | Brussels | 670 m² | 1 · 488 m² | 27.7 m · 8 fl. |
| 52061B0493/00Z000 | Wallonia | 51 m² | 1 · 46 m² | 10.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,141 companies in sector 43910 we hold annual accounts for 5,493. 3,847 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
Founded05-05-1986
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
E-invoicing
Not found in the Peppol register
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.