PANO PROJECTS
ActiveSummary
PANO PROJECTS has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €151k and a net result of €29k. Equity is growing by ~39.2% per year across the filed fiscal years. Its solvency ranks better than 45% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▼-19
Solvency75▼-25
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12k at 30 days acceptable
Liquidity ample (current ratio 2.79 against 4.48 in 2024; short-term debt: 13.9% and cash: 34.4% of total assets), but 50.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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
49.8%
Return on assets
9.6%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
30 d late
2024
6 d late
2023
90 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€151k▲ 23.8%
2024 · €122k
2023: €56klowest in 3 years
2024: €122k▲ +120% vs 2023
2025: €151k▲ +23.8% vs 2024highest in 3 years
2023 → 2025
Total assets
€304k▲ 93.3%
2024 · €157k
2023: €71klowest in 3 years
2024: €157k▲ +121% vs 2023
2025: €304k▲ +93.3% vs 2024highest in 3 years
2023 → 2025
Net result
€29k▼ 56.3%
2024 · €67k
2023: €53k
2024: €67k▲ +26.8% vs 2023highest in 3 years
2025: €29k▼ -56.3% vs 2024lowest in 3 years
2023 → 2025
Working capital
€76k▼ 37.7%
2024 · €122k
2023: €55klowest in 3 years
2024: €122k▲ +122% vs 2023highest in 3 years
2025: €76k▼ -37.7% vs 2024
2023 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€56k-€122k▲ 120%€151k▲ 23.8%
2023: €56klowest in 3 years
2024: €122k▲ +120% vs 2023
2025: €151k▲ +23.8% vs 2024highest in 3 years
Operating result€66k-€84k▲ 27.9%€40k▼ 52.8%
2023: €66k
2024: €84k▲ +27.9% vs 2023highest in 3 years
2025: €40k▼ -52.8% vs 2024lowest in 3 years
Net result€53k-€67k▲ 26.8%€29k▼ 56.3%
2023: €53k
2024: €67k▲ +26.8% vs 2023highest in 3 years
2025: €29k▼ -56.3% vs 2024lowest in 3 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 53% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €304k
Fixed assets
€186k ▲ 48,824%
Current assets
€118k ▼ 24.6%
Equity and liabilities €304k
Equity
€151k ▲ 23.8%
Debt
€153k ▲ 336%
Debt's share of the balance-sheet total rises from 22.2% to 50.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€63k▼
2024 · €85k
Cash flow
€53k▼
2024 · €67k
Current ratio
2.79▼
2024 · 4.48
Debt to equity
1.01▲
2024 · 0.29
ROE
19.2%▼
2024 · 54.5%
ROA
9.6%▼
2024 · 42.4%
Interest coverage
31.86▼
2024 · 802.44
Debt ≤ 1 year
€42k▲
2024 · €35k
Debt > 1 year
€110k
Income taxes
€9k▼
2024 · €18k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€157k€304k▲
Fixed assets21/28€380€186k▲
Tangible fixed assets22/27€380€186k▲
Land and buildings22-€174k
Plant, machinery and equipment23-€12k
Furniture and vehicles24€380€136▼
Current assets29/58€157k€118k▼
Amounts receivable within one year40/41€11k€12k▲
Trade receivables40€11k€12k▲
Other amounts receivable41€67€297▲
Cash at bank and in hand54/58€145k€105k▼
Deferred charges and accrued income490/1-€2k
Equity and liabilities
Total equity and liabilities10/49€157k€304k▲
Equity10/15€122k€151k▲
Contributions10/11€3k€3k=
Reserves13-€148k
Distributable reserves133-€148k
Profit (loss) carried forward14€119k-
Amounts payable17/49€35k€153k▲
Amounts payable after more than one year17-€110k
Financial debts170/4-€110k
Amounts payable within one year42/48€35k€42k▲
Current portion of amounts payable after more than one year42-€8k
Trade debts44€14k€18k▲
Suppliers440/4€14k€18k▲
Taxes, remuneration and social security45€20k€14k▼
Taxes450/3€20k€14k▼
Other amounts payable47/48€1k€3k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€243€23k▲
Other operating charges640/8€2k€1k▼
Gross operating margin9900€86k€64k▼
Operating profit (loss)9901€84k€40k▼
Financial income75/76B€0€0▼
Recurring financial income75€0€0▼
Financial charges65/66B€105€2k▲
Recurring financial charges65€105€2k▲
Profit (loss) for the period before taxes9903€84k€38k▼
Income taxes67/77€18k€9k▼
Profit (loss) for the period9904€67k€29k▼
Profit (loss) for the period to be appropriated9905€67k€29k▼
Appropriation of the result
Profit (loss) to be appropriated9906€119k€148k▲
Profit (loss) brought forward from the previous period14P€53k€119k▲
Transfer to equity691/2-€148k
To other reserves6921-€148k
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €107 | €243 | €23k | ▲ 9,548% |
| Other operating charges640/8 | €351 | €2k | €1k | ▼ 30.3% |
| Gross operating margin9900 | €66k | €86k | €64k | ▼ 25.3% |
| Operating profit (loss)9901 | €66k | €84k | €40k | ▼ 52.8% |
| Financial income75/76B | €0 | €0 | €0 | ▼ 60.0% |
| Recurring financial income75 | €0 | €0 | €0 | ▼ 60.0% |
| Financial charges65/66B | - | €105 | €2k | ▲ 1,784% |
| Recurring financial charges65 | - | €105 | €2k | ▲ 1,784% |
| Profit (loss) for the period before taxes9903 | €66k | €84k | €38k | ▼ 55.1% |
| Income taxes67/77 | €13k | €18k | €9k | ▼ 50.7% |
| Profit (loss) for the period9904 | €53k | €67k | €29k | ▼ 56.3% |
| Profit (loss) for the period to be appropriated9905 | €53k | €67k | €29k | ▼ 56.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €71k | €157k | €304k | ▲ 93.3% |
| Fixed assets21/28 | €623 | €380 | €186k | ▲ 48,824% |
| Tangible fixed assets22/27 | €623 | €380 | €186k | ▲ 48,824% |
| Land and buildings22 | - | - | €174k | - |
| Plant, machinery and equipment23 | - | - | €12k | - |
| Furniture and vehicles24 | €623 | €380 | €136 | ▼ 64.1% |
| Current assets29/58 | €70k | €157k | €118k | ▼ 24.6% |
| Amounts receivable within one year40/41 | €12k | €11k | €12k | ▲ 5.6% |
| Trade receivables40 | €11k | €11k | €12k | ▲ 3.6% |
| Other amounts receivable41 | €516 | €67 | €297 | ▲ 341% |
| Cash at bank and in hand54/58 | €56k | €145k | €105k | ▼ 28.0% |
| Deferred charges and accrued income490/1 | €3k | - | €2k | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €71k | €157k | €304k | ▲ 93.3% |
| Equity10/15 | €56k | €122k | €151k | ▲ 23.8% |
| Contributions10/11 | €3k | €3k | €3k | = |
| Reserves13 | - | - | €148k | - |
| Distributable reserves133 | - | - | €148k | - |
| Profit (loss) carried forward14 | €53k | €119k | - | - |
| Amounts payable17/49 | €16k | €35k | €153k | ▲ 336% |
| Amounts payable after more than one year17 | - | - | €110k | - |
| Financial debts170/4 | - | - | €110k | - |
| Amounts payable within one year42/48 | €16k | €35k | €42k | ▲ 21.0% |
| Current portion of amounts payable after more than one year42 | - | - | €8k | - |
| Trade debts44 | €1k | €14k | €18k | ▲ 22.9% |
| Suppliers440/4 | €1k | €14k | €18k | ▲ 22.9% |
| Taxes, remuneration and social security45 | €13k | €20k | €14k | ▼ 30.7% |
| Taxes450/3 | €13k | €20k | €14k | ▼ 30.7% |
| Other amounts payable47/48 | €1k | €1k | €3k | ▲ 176% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €53k | €67k | €29k | ▼ 56.3% |
| + Depreciation and write-downs630 | €107 | €243 | €23k | ▲ 9,548% |
| Operating cash flow (approximation) | €53k | €67k | €53k | ▼ 21.4% |
| Investment in fixed assets (approximation) | - | €0 | €-209k | - |
| Change in cash | - | €89k | €-41k | ▼ 146% |
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
Next filing, fiscal year 2026, expected by
2026
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 30 days late
2025
31-12
Financial
Weakest financial yearnet €29k ▼56.3%
Net result drops to €29k, the lowest in the series.
31-12
Financial
Equity above €150kEq €151k ▲23.8%
3 profitable years in a row build equity to €151k.
06-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 6 days late
2024
31-12
Financial
Highest result since 2023net €67k ▲26.8%
Operating result €84k, net result €67k, both a record.
31-12
Financial
Equity above €100kEq €122k ▲120%
2 profitable years in a row build equity to €122k.
29-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 90 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Puurs-Sint-Amands · 1 establishment unit since 2023
Ground area
1,026 m²
Building footprint
169 m²
Volume, LiDAR
982 m³
Parcel 12030D0680/00P000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Pano Projects
since 20232.341.263.561
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12030D0680/00P000 | Flanders | 1,026 m² | 1 · 169 m² | 8.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 40,794 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
Founded03-02-2023
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
70200Business and other management consultancy
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.