Equity
€5.3m ▲ 10.6%
Pantarein Water has made a profit in every financial year since 2015.
Pantarein Water
Lifetime
11 annual accounts with figures on one time axispeak €3.3m (2021)
-not published
peak €1.7m (2024)
€1.3m▼ 22.7%
peak €5.3m (2025)
€5.3m▲ 10.6%
€11.3m▲ 23.6%
peak 43.9 FTE (2025)
43.9 FTE▲ 6.3%
Board6 names since 2015
2 directorsWater Invest and 1 other
Owners2 names in the annual accounts
consolidatesPantarein Holding
Documentsfilings and deeds
23-07-20268 days before the deadline
2025financial year
Amendment of the articles · Legal-form change 02-092 directors appointed, 2 resignations 14-07Debts from €9.1m to €11.3m1 establishment registeredInvestments €2.7mCash from €2.3m to €1.5m
Key points
from the 2025 annual accountsInvestments
€9.8m 7.4 × depreciation
Green is investment, beige is depreciation.
Payment terms
62 days to suppliers
Pantarein Water pays its suppliers 22 days earlier than in 2024. Customers pay 14 days later.
Liquidity
2.45 was 1.55 in 2024
Short-term debts fell from €4.7m to €3.6m.
Filings
11 annual accounts since 2015
Two of the last ten came late. The 2019 accounts came latest: 4 days after the end of the period.
Public support
€1.9m awarded from 2022 to 2025
Flemish support, mostly Onderzoeksproject.
Checked score
92
Excellent
Financially stronger than 58% of small companies in civil engineering (NACE 42)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 301 companies (NACE 42, small).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.2%▼ -0.2 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.1%▼ -0.1 percentage points vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Size: turnover €17.3m, 43.9 FTE, total assets €17.0m
Profit of €1.3m (financial year 2025)
Liquidity: current ratio 2.45, cash €1.5m
Founded in 2015
Calculation
The band follows from the bankruptcy probability. 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 42, small). It does better than 37% of them on solvency, 70% on liquidity, 77% on profitability and 49% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 17,811 companies had the same profile as Pantarein Water has now. Each dot stands for 45 companies, two years later.
96.5%
were still trading
3.2%
stopped another way
0.3%
went bankrupt
That fits the bankruptcy probability of Pantarein Water itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,448 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 17,811 companies, not a prediction for Pantarein Water. 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.
Credit verdict
Credit of up to €480,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.45 (1.55 in 2024), above the usual 1.5. Short-term debt is 21.3% and cash 9.1% of total assets. However, 68.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 days early
2024
23 days early
2023
16 days early
2022
27 days early
2021
27 days early
2020
29 days early
2019
4 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 18 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- KORYS INVESTMENTS 51%equity €1.13bn (2026) · 31-03-2026 annual accounts of KORYS INVESTMENTS
- Pantarein 19.89%equity €2.0m (2025) · annual accounts 2024
Recent changes
Appointment: VCLJ Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Frank Huybrechts · General meeting of 05-03-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0635938532
Amendment of the articles · Legal-form change
General meeting of 20-08-2025 · Gazette deed
2 directors appointed, 2 resignations
Resignations: Pantarein Holding BV and Wim Mariën · Permanent representatives: Piet De Langhe and Hilde Van der Straeten · Appointments: Water Invest BV and Korys Management NV · General meeting of 18-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Pantarein Water Mechelen | €17.3m | 10.8% | 31.2% | 43.9 |
| ALONCO AANNEMINGEN Beveren-Kruibeke-Zwijndrecht | - | - | 34.1% | 32.4 |
| VAN RAAK LOUIS Ravels | €13.8m | 9.1% | 25.7% | 30.7 |
| AANNEMINGEN M. EN J. BRAET Nieuwpoort | €19.4m | 10.0% | 40.4% | 50.7 |
| ACOTEC Aalst | €9.2m | 2.1% | 45.1% | 23.5 |
| CONSORTIUM ANTWERP PORT (OMAN) Beveren-Kruibeke-Zwijndrecht | - | - | 77.5% | - |
| BACKX Brecht | - | - | 36.6% | 20.8 |
Grey: the largest companies of the sector (civil engineering (NACE 42)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Pantarein Water: civil engineering (NACE 42919). They are comparable in size and age: total assets between €2.6m and €16m, founded between 1989 and 2011.
Official details
Source: KBO- Status
- Active since 01-09-2015Normal situation
- Registered office
- 10 active companies are registered at this addressSource: KBO register, as of 11 November 2026.
- Activity
- Civil engineeringNACE 42919and 4 others
- Joint committees
- 100Auxiliary committee for blue-collar workers
- 200Auxiliary committee for white-collar workers · annual accounts 2022
- Establishment units
- 2.245.163.0872800 Mechelen, since 01-09-2015
- 2.372.114.2142800 Mechelen, since 01-01-2025
- Financial year end
- 31 December
- Peppol
- Reachable since 10-12-2025
Annual accounts 2025
- €17.0m▲ 21.1%
- Employeeson 31-12-2025
- 50▲ 16.3%
- Filing
- Filed on 23-07-2026, 8 days before the end of the filing period
Companies linked to Pantarein Water
Parent and group
Insights on Pantarein Water
Pantarein Water has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.3m and a net result of €1.3m.
Equity has been growing by about 22% per year since 2018. Its solvency ranks better than 36% of 378 sector peers (NACE 42, financial year 2025).
The computed 12-month bankruptcy probability is 0.1% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Pantarein Water
- What is the company number of Pantarein Water?
- The company number of Pantarein Water is 0635.938.532. The VAT number is the same number with BE in front: BE 0635.938.532.
- Where is Pantarein Water based?
- The registered office is at Egide Walschaertsstraat 22, 2800 Mechelen.Company details
- What does Pantarein Water do?
- According to the KBO register, the main activity is civil engineering (NACE 42919).
- What is the legal form of Pantarein Water?
- Pantarein Water is a private limited company (BV).
- When was Pantarein Water founded?
- Pantarein Water was founded on 01-09-2015.
- Is Pantarein Water still active?
- Yes, Pantarein Water is an active enterprise in the KBO register.
- How many employees does Pantarein Water have?
- Pantarein Water had an average of 43.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Pantarein Water fall under?
- In its 2022 annual accounts, Pantarein Water states joint committees 100 (Auxiliary committee for blue-collar workers) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Pantarein Water?
- The turnover of Pantarein Water was €17.3m in financial year 2025, according to the filed annual accounts.
- Is Pantarein Water profitable?
- In financial year 2025, Pantarein Water made a profit of €1.3m.
- Where can I find the annual accounts of Pantarein Water?
- Pantarein Water filed 11 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Pantarein Water due?
- Pantarein Water must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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