PANQUIN CONSTRUCT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-06-2026 PDF all 8 filings
Amounts without an identifiable currency are taken as euros.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €8,371, larger than the loss of €5,598 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €50,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | €80.8m | €74.0m | €74.0m | €74.0m |
| Carrying value of the mortgaged assets | - | €4.6m | €13.4m | €27.5m | €51.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,500 | - | - | €4,660 | €4,765 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Comparable companies
These companies have the same main activity as PANQUIN CONSTRUCT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €7.2m and €8.8m, founded between 2016 and 2018.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| PANQUIN CONSTRUCT Waregem | 2017 | €8.1m | -€6.4m | - | -€3.3m | - | 2025 |
| Enjoy Your Stay Koksijde | 2017 | €8.8m | €1.8m | €1.3m | €0.6m | - | 2025 |
| Lighthouse Corner Development Nieuwpoort | 2017 | €7.8m | €0.7m | €0.5m | -€0.2m | - | 2025 |
| SASW Nieuwpoort | 2018 | €8.2m | €2.5m | -€0.03m | €0.6m | - | 2025 |
| Gent Real Estate Roeselare | 2018 | €7.4m | €7.2m | €0.009m | -€0.1m | - | 2025 |
| DE STEENOVEN Roeselare | 2016 | €7.2m | €1.1m | €1.8m | €0.006m | 14.6 | 2025 |
| TILLINVEST Deinze | 2017 | €7.7m | €1.2m | -€0.02m | -€0.2m | 0 | 2025 |
They were chosen from the 7,757 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 252 companies had the same profile as PANQUIN CONSTRUCT has now. Two years later, 7.1% had gone bankrupt and 85.3% were still going.
- Medium-sized
- negative equity
- a loss of 10% of the balance sheet or more
- without age
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PANQUIN CONSTRUCT itself is lower: 0.3% within 12 months. It rests on far more data about PANQUIN CONSTRUCT than the profile alone.
Test of the method
The method was tested on the 497,445 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 252 companies, not a prediction for PANQUIN CONSTRUCT. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.4m | - | - | €14.0m | €23.4m | ▲ 67.1% |
| Turnover70 | €0.06m | - | - | - | - | - | - | - | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.4m | - | - | €13.7m | €23.3m | ▲ 70.6% |
| Other operating income74 | - | - | - | €0 | - | - | €0.4m | €0.1m | ▼ 60.8% |
| Operating charges60/66A | - | - | - | €0.4m | - | - | €14.0m | €23.4m | ▲ 67.1% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €8.3m | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.4m | - | - | €13.6m | €23.3m | ▲ 70.6% |
| Purchases600/8 | - | - | - | €0.4m | - | - | €13.6m | €23.3m | ▲ 70.6% |
| Services and other goods61 | - | - | - | €0.003m | - | - | €0.4m | €0.2m | ▼ 59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.0% |
| Gross operating margin9900 | - | - | - | - | -€0.004m | -€0.006m | - | - | - |
| Operating profit (loss)9901 | -€0.004m | -€0.006m | -€0.005m | €0.02m | -€0.005m | -€0.008m | -€0.006m | -€0.008m | ▼ 49.5% |
| Financial income75/76B | - | - | - | €0.003m | €0.01m | €0.01m | €0.2m | €0.6m | ▲ 190% |
| Recurring financial income75 | €0.004m | €88 | €0.007m | €0.003m | €0.01m | €0.01m | €0.2m | €0.6m | ▲ 190% |
| Income from current assets751 | - | - | - | €0.003m | - | - | €0.2m | €0.6m | ▲ 189% |
| Other financial income752/9 | - | - | - | €10 | - | - | €0 | €0.002m | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.004m | €0.001m | €4.0m | €3.8m | ▼ 4.4% |
| Recurring financial charges65 | €89 | €169 | €175 | €0.02m | €0.004m | €0.001m | €4.0m | €3.8m | ▼ 4.4% |
| Debt charges650 | €0 | - | - | €0.02m | - | - | €10 | €0 | ▼ 100% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | - | €4.0m | €3.8m | ▼ 4.4% |
| Other financial charges652/9 | - | - | - | €253 | - | - | €0.001m | €0.001m | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €259 | -€0.006m | €0.002m | -€0.001m | €0.001m | €0.006m | -€3.8m | -€3.2m | ▲ 15.3% |
| Income taxes67/77 | €0 | - | - | - | - | €469 | €0.05m | €0.2m | ▲ 210% |
| Taxes670/3 | - | - | - | - | - | - | €0.05m | €0.2m | ▲ 210% |
| Profit (loss) for the period9904 | €259 | -€0.006m | €0.002m | -€0.001m | €0.001m | €0.005m | -€3.8m | -€3.3m | ▲ 12.2% |
| Profit (loss) for the period to be appropriated9905 | €259 | -€0.006m | €0.002m | -€0.001m | €0.001m | €0.005m | -€3.8m | -€3.3m | ▲ 12.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.2m | €2.1m | €2.6m | €3.5m | €7.9m | €14.7m | €8.1m | ▼ 45.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €1.1m | €1.2m | €2.1m | €2.6m | €3.5m | €7.9m | €14.7m | €8.1m | ▼ 45.2% |
| Stocks and contracts in progress3 | €0.2m | €0.4m | €1.6m | €2.1m | €1.5m | €0 | €0 | €0 | - |
| Stocks30/36 | - | - | - | €2.1m | €1.5m | €0 | - | - | - |
| Property held for sale35 | - | - | - | €2.1m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.07m | €0.06m | €0.2m | €0.05m | €0.3m | €0.7m | €3.6m | €4.9m | ▲ 35.8% |
| Trade receivables40 | - | - | - | €0.006m | €0.04m | €0.3m | €3.6m | €3.2m | ▼ 12.3% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.2m | €0.4m | €0.002m | €1.7m | ▲ 790× |
| Cash at bank and in hand54/58 | €0.8m | €0.7m | €0.01m | €0.05m | €0.08m | €5.6m | €9.5m | €0.3m | ▼ 96.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €1.6m | €1.6m | €1.6m | €2.8m | ▲ 72.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €2.1m | €2.6m | €3.5m | €7.9m | €14.7m | €8.1m | ▼ 45.2% |
| Equity10/15 | €0.2m | €0.2m | €0.7m | €0.7m | €0.7m | €0.7m | -€3.1m | -€6.4m | ▼ 108% |
| Contributions10/11 | €0.2m | €0.2m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €13 | €13 | €13 | €13 | €13 | €88 | €88 | €88 | = |
| Non-distributable reserves130/1 | - | - | - | €13 | €13 | €88 | €88 | €88 | = |
| Legal reserve130 | - | - | - | €13 | €13 | €88 | €88 | €88 | = |
| Profit (loss) carried forward14 | €246 | -€0.006m | -€0.004m | -€0.005m | -€0.004m | €0.001m | -€3.8m | -€7.1m | ▼ 87.8% |
| Amounts payable17/49 | €0.9m | €1.0m | €1.4m | €1.9m | €2.7m | €7.2m | €17.8m | €14.5m | ▼ 18.7% |
| Amounts payable after more than one year17 | €0.8m | €0.8m | €1.0m | €1.2m | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €1.2m | €0 | - | - | - | - |
| Other loans174 | - | - | - | €1.2m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.06m | €0.09m | €0.3m | €0.4m | €2.7m | €6.9m | €17.3m | €13.8m | ▼ 20.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €3.0m | €3.0m | €3.0m | ▼ 0.2% |
| Financial debts43 | - | - | - | €0.01m | €0 | - | €0.003m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.01m | €0 | - | €0.003m | €0 | ▼ 100% |
| Trade debts44 | €0.06m | €0.08m | €0.2m | €0.2m | €1.0m | €1.9m | €4.8m | €5.5m | ▲ 14.1% |
| Suppliers440/4 | - | - | - | €0.2m | €1.0m | €1.9m | €4.8m | €5.5m | ▲ 14.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €1.9m | €9.1m | €5.0m | ▼ 44.9% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.1m | €0.4m | €0.3m | ▼ 30.6% |
| Taxes450/3 | - | - | - | - | - | €0.1m | €0.4m | €0.3m | ▼ 30.6% |
| Other amounts payable47/48 | - | - | - | €0.3m | €1.7m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.09m | €0.3m | €0.5m | €0.7m | ▲ 42.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €259 | -€0.006m | €0.002m | -€0.001m | €0.001m | €0.005m | -€3.8m | -€3.3m | ▲ 12.2% |
| + Depreciation and write-downs630 | €0.003m | €0 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €0.003m | -€0.006m | €0.002m | -€0.001m | €0.001m | €0.005m | -€3.8m | -€3.3m | ▲ 12.2% |
| Change in cash | - | -€0.1m | -€0.7m | €0.04m | €0.03m | €5.5m | €3.9m | -€9.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-06-2026 | 2026-00135745 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00466296 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00119515 | |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00126637 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20060494 | |
| 31-12-2020 | full format | 01-07-2021 | 2021-31700283 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-30400115 | |
| 31-12-2018 | full format | 06-06-2019 | 2019-16700203 |