Panorama Operations

Active

Private limited companyfounded 2025active for 1 yearDorpsstraat 18, 3560 Lummen, BelgiumKBO/BCE: BE 1019.648.756

Summary

Panorama Operations has been active since 2025 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.4m and a net result of €1.3m. Its solvency ranks better than 79% of 5,007 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.9% (low).

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Panorama OperationsActiveChecked score 69/100

Risk analysis Report Compare

Activity

Retail sale of pharmaceutical products

NACE 47730

9th largest company by equity in Lummen, Wholesale and retail trade sector10 sites

Size

€25.0mturnover 2025

Staff: 21 FTE
Equity: €6.4m
Profit: €1.3m

Financial health

69 Healthy Checked score 2025

Bankruptcy probabilitywithin 12 months: 0.9%

Structure

Parent: Healis Holding · 100%

Healis HoldingDirector · permanent representative An De Mulder
Healis Hoiding BVDirector

Auditor: CALLENS VANDELANOTTEAccounts 1 day early

Why 69raises riskFounded in 2025Liquidity: current ratio 2.67, cash €158,501lowers riskProfit of €1.3m (financial year 2025)Equity €6.4m (65.6% of total assets)Show the evidence

Checked score

Score 2025

69 / 100

Healthy

Probability in this band: 0.55% to 1.5%

Financially better than 63% of its sector peers (NACE 47, small)

Every signal that counts is listed under Signals.

Financial strength

Strong

Solvency 91

equity 65.6% of total assets

Liquidity 37

short-term debt 33.8% · cash 1.6%

Profitability 74

return on assets 13.4%

Bankruptcy probability, 12 months

0.9% Low

0%0.5%1.5%4%10%≥ 25%

About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.4% (3,692 companies, NACE 47, small)

Last 24 months 03-2026: 2.2% 04-2026: 2.3%▲ +0.1 percentage points vs 03-2026 05-2026: 2.3%● unchanged vs 04-2026 06-2026: 2.8%▲ +0.5 percentage points vs 05-2026 07-2026: 2.8%● unchanged vs 06-2026highest value 08-2026: 0.9%▼ -1.9 percentage points vs 07-2026 09-2026: 0.9%● unchanged vs 08-2026 10-2026: 0.9%● unchanged vs 09-2026lowest value

Credit of up to €440,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record

Liquidity ample (current ratio 2.67, above the usual 1.5; short-term debt: 33.8% and cash: 1.6% of total assets), and 34.4% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 47, small): better than 84% on solvency, 40% on liquidity and 65% on profitability.

The bankruptcy probability was computed on 23-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.

lowers riskraises riskneutral

Founded in 2025

Companies of this age fail more often than older ones; how much that weighs depends on the rest of its profile.

KBO

Profit of €1.3m (financial year 2025)

NBB · annual accounts

Liquidity: current ratio 2.67, cash €158,501

NBB · annual accounts

Equity €6.4m (65.6% of total assets)

NBB · annual accounts

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.

NBB · 1 filing

Deviation from the deadline

2025

1 day early

← before the deadline after the deadline →

Searched, nothing found (1)

No strike-offs in the KBO publications

Searched since incorporation in 2025.

KBO publications · our coverage

30-07-2026 Annual accounts filedfinancial year 2025 · full…
07-07-2025 Resignations: S.I.M.C. NV, GALECINA BV and…Appointment: Healis Hoiding BV (director)…
03-06-2025 Capital & shares · Amendment of…Demerger · Shareholding · Accounting…

Key points

Positive: Among the best 5% on net resultsector median €40,191 · 5,007 companies €1.3m View
6 restructurings since 2025latest: branch transferred to APOTHEEK PANORAMA GENENBOS 6 View
Controlled by Healis Holding 100% View

By topic

Financials

Financial year: 2025
Turnover: €25.0m
Profit: €1.3m
Solvency: 65.6%

Go to Financials

Board & ownership

Board: 2 members
Parent: Healis Holding · 100%
Auditor: CALLENS VANDELANOTTE

Healis HoldingDirector
Healis Hoiding BVDirector

Go to Board & ownership

Network & group

Connected companies: 8
Mergers and asset contributions: 11

Go to Network & group

Timeline

Events: 14
Since: 2025

03-06-2025Restructuring · Miscellaneous
03-06-2025Restructuring · Miscellaneous
03-06-2025Restructuring · Miscellaneous

Go to Timeline

Company details

Sites: 10

Legal form: Private limited company
Activity: Retail sale of pharmaceutical productsNACE 47730
Founded: 05-02-2025
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 19

Who signs: Each director alone
Annual meeting: Fourth Friday of May at 20:00
Purpose: “De uitbating van één of meerdere apotheken,de groothandel,de aan- en verkoop;de bereiding…” (deed in Dutch)

Go to Articles of association

Key facts about Panorama Operations

What is the company number of Panorama Operations?: 1019.648.756. In Belgium the VAT number is the company number with BE in front: BE 1019.648.756.
Where is Panorama Operations based?: The registered office is at Dorpsstraat 18, 3560 Lummen.Company details
What does Panorama Operations do?: According to the KBO register, the main activity is retail sale of pharmaceutical products (NACE 47730).
What is the legal form of Panorama Operations?: Private limited company (BV).
When was Panorama Operations founded?: On 05-02-2025.
Is Panorama Operations still active?: Yes, Panorama Operations is an active enterprise in the KBO register.
How many employees does Panorama Operations have?: On average 21 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of Panorama Operations?: €25.0m in financial year 2025, according to the filed annual accounts.
Is Panorama Operations profitable?: In financial year 2025, Panorama Operations made a profit of €1.3m.
Where can I find the annual accounts of Panorama Operations?: Panorama Operations filed 1 annual account with the National Bank of Belgium, for financial year 2025.