PETERPANDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-12-2025 PDF all 36 filings
Turnover
≈ €230,000
Estimated: probably between €130,000 and €410,000
Total assets
€206,970▲ 3.6%
2024 · €199,852
Net result
€13,680▼ 13.1%
2024 · €15,736
Working capital
€129,485▲ 22.9%
2024 · €105,350
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,619
▼ 24.7%
2025
20192025
Net result
€13,680
▼ 13.1%
2025
middle half of the sector
20192025
Equity
€190,405
▲ 7.7%
2025
highest quarter of the sector
20192025
Total assets
€206,970
▲ 3.6%
2025
middle half of the sector
20192025
Debt
€16,566
▼ 28.4%
2025
20192025
Working capital
€129,485
▲ 22.9%
2025
highest quarter of the sector
20192025
Solvency
92.0%
▲ 3.6pp
2025
highest quarter of the sector
20192025
Current ratio
8.82
▲ 2.91
2025
highest quarter of the sector
20192025
Return on assets (ROA)
6.6%
▼ 1.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,033--€865€18,024€30,857▲ 71.2%€24,414▼ 20.9%€23,400▼ 4.2%€17,619▼ 24.7%
Net result€60--€2,069below the sector's middle half€29,461above the sector's middle half€19,226within the sector's middle half▼ 34.7%€16,180within the sector's middle half▼ 15.8%€15,736within the sector's middle half▼ 2.7%€13,680within the sector's middle half▼ 13.1%
Equity€112,184-€110,114within the sector's middle half▼ 1.8%€139,575above the sector's middle half▲ 26.8%€158,800above the sector's middle half▲ 13.8%€160,989above the sector's middle half▲ 1.4%€176,725above the sector's middle half▲ 9.8%€190,405above the sector's middle half▲ 7.7%
Total assets€141,138-€127,865within the sector's middle half▼ 9.4%€160,164within the sector's middle half▲ 25.3%€193,475within the sector's middle half▲ 20.8%€212,937within the sector's middle half▲ 10.1%€199,852within the sector's middle half▼ 6.1%€206,970within the sector's middle half▲ 3.6%
Debt€28,954-€17,750▼ 38.7%€20,589▲ 16.0%€34,674▲ 68.4%€51,949▲ 49.8%€23,127▼ 55.5%€16,566▼ 28.4%
Working capital€41,135-€52,377within the sector's middle half▲ 27.3%€86,430above the sector's middle half▲ 65.0%€83,619above the sector's middle half▼ 3.3%€83,189above the sector's middle half▼ 0.5%€105,350above the sector's middle half▲ 26.6%€129,485above the sector's middle half▲ 22.9%
Solvency79.5%-86.1%above the sector's middle half▲ 6.6pp87.1%above the sector's middle half▲ 1.0pp82.1%above the sector's middle half▼ 5.1pp75.6%above the sector's middle half▼ 6.5pp88.4%above the sector's middle half▲ 12.8pp92.0%above the sector's middle half▲ 3.6pp
Current ratio3.01-3.95above the sector's middle half▲ 0.945.30above the sector's middle half▲ 1.355.55above the sector's middle half▲ 0.252.90above the sector's middle half▼ 2.655.90above the sector's middle half▲ 3.008.82above the sector's middle half▲ 2.91
Return on assets (ROA)0.0%--1.6%below the sector's middle half▼ 1.7pp18.4%above the sector's middle half▲ 20.0pp9.9%within the sector's middle half▼ 8.5pp7.6%within the sector's middle half▼ 2.3pp7.9%within the sector's middle half▲ 0.3pp6.6%within the sector's middle half▼ 1.3pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 operating result for 2025 is 25% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €206,970
Fixed assets
€60,920 ▼ 16.6%
Current assets
€146,050 ▲ 15.1%
Equity and liabilities €206,970
Equity
€190,405 ▲ 7.7%
Debt
€16,566 ▼ 28.4%
Debt's share of the balance-sheet total falls from 11.6% to 8.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,710▼
2024 · €36,435
Cash flow
€26,771▼
2024 · €28,771
Quick ratio
8.30▲
2024 · 5.32
Debt to equity
0.09▼
2024 · 0.13
ROE
7.2%▼
2024 · 8.9%
Interest coverage
31.97▼
2024 · 42.40
Debt ≤ 1 year
€16,566▼
2024 · €21,490
Income taxes
€6,697▼
2024 · €7,787
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €53,881 | €7,854 | - | €999 |
| Depreciation and write-downs of the year | €16,038 | €13,294 | €13,034 | €13,091 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €200 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,403 | €21,844 | €5,314 | €16,038 | €13,294 | €13,034 | €13,091 | ▲ 0.4% |
| Other operating charges640/8 | - | - | - | €2,393 | €2,385 | €2,696 | €1,886 | ▼ 30.0% |
| Gross operating margin9900 | €25,867 | €22,779 | €26,155 | €49,288 | €40,093 | €39,131 | €32,596 | ▼ 16.7% |
| Operating profit (loss)9901 | €1,033 | -€865 | €18,024 | €30,857 | €24,414 | €23,400 | €17,619 | ▼ 24.7% |
| Financial income75/76B | - | - | - | €701 | €595 | €982 | €3,719 | ▲ 279% |
| Recurring financial income75 | €1,019 | €61 | €423 | €701 | €595 | €982 | €3,719 | ▲ 279% |
| Financial charges65/66B | - | - | - | €546 | €590 | €859 | €961 | ▲ 11.8% |
| Recurring financial charges65 | €681 | €358 | €575 | €546 | €590 | €859 | €961 | ▲ 11.8% |
| Profit (loss) for the period before taxes9903 | €1,372 | -€1,162 | €41,872 | €31,012 | €24,419 | €23,523 | €20,377 | ▼ 13.4% |
| Income taxes67/77 | €1,312 | €907 | €12,412 | €11,786 | €8,239 | €7,787 | €6,697 | ▼ 14.0% |
| Profit (loss) for the period9904 | €60 | -€2,069 | €29,461 | €19,226 | €16,180 | €15,736 | €13,680 | ▼ 13.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €5,220 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €60 | -€2,069 | €29,461 | €24,445 | €16,180 | €15,736 | €13,680 | ▼ 13.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €141,138 | €127,865 | €160,164 | €193,475 | €212,937 | €199,852 | €206,970 | ▲ 3.6% |
| Fixed assets21/28 | €79,581 | €57,737 | €53,644 | €91,487 | €86,047 | €73,012 | €60,920 | ▼ 16.6% |
| Tangible fixed assets22/27 | €79,514 | €57,670 | €53,644 | €91,487 | €86,047 | €73,012 | €60,920 | ▼ 16.6% |
| Land and buildings22 | - | - | - | €47,371 | €48,321 | €47,263 | €46,204 | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | - | €4,866 | €3,666 | €3,408 | ▼ 7.0% |
| Furniture and vehicles24 | - | - | - | €44,116 | €32,860 | €22,084 | €11,308 | ▼ 48.8% |
| Financial fixed assets28 | €67 | €67 | - | - | - | - | - | - |
| Current assets29/58 | €61,556 | €70,127 | €106,520 | €101,988 | €126,891 | €126,840 | €146,050 | ▲ 15.1% |
| Stocks and contracts in progress3 | €9,990 | €12,125 | €7,538 | €7,538 | €26,137 | €12,500 | €8,500 | ▼ 32.0% |
| Stocks30/36 | - | - | - | €7,538 | €26,137 | €12,500 | €8,500 | ▼ 32.0% |
| Amounts receivable within one year40/41 | €38,520 | €29,832 | €32,071 | €25,606 | €45,098 | €38,194 | €25,324 | ▼ 33.7% |
| Trade receivables40 | - | - | - | €4,536 | €14,831 | €11,832 | €12,001 | ▲ 1.4% |
| Other amounts receivable41 | - | - | - | €21,070 | €30,268 | €26,362 | €13,323 | ▼ 49.5% |
| Current investments50/53 | - | - | - | - | - | €55,000 | €95,000 | ▲ 72.7% |
| Cash at bank and in hand54/58 | €11,416 | €25,881 | €64,897 | €66,809 | €49,725 | €19,502 | €15,111 | ▼ 22.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,035 | €5,931 | €1,643 | €2,115 | ▲ 28.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €141,138 | €127,865 | €160,164 | €193,475 | €212,937 | €199,852 | €206,970 | ▲ 3.6% |
| Equity10/15 | €112,184 | €110,114 | €139,575 | €158,800 | €160,989 | €176,725 | €190,405 | ▲ 7.7% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €93,592 | €91,522 | €120,983 | €140,208 | €142,389 | €158,125 | €171,805 | ▲ 8.7% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | - | - | €138,349 | €140,529 | €158,125 | €171,805 | ▲ 8.7% |
| Amounts payable17/49 | €28,954 | €17,750 | €20,589 | €34,674 | €51,949 | €23,127 | €16,566 | ▼ 28.4% |
| Amounts payable after more than one year17 | €8,532 | - | - | €15,778 | €8,247 | €638 | - | - |
| Financial debts170/4 | - | - | - | €15,778 | €8,247 | €638 | - | - |
| Amounts payable within one year42/48 | €20,422 | €17,750 | €20,089 | €18,369 | €43,702 | €21,490 | €16,566 | ▼ 22.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,455 | €7,532 | €7,609 | €638 | ▼ 91.6% |
| Financial debts43 | - | - | - | €757 | €4,382 | €5,953 | €5,939 | ▼ 0.3% |
| Credit institutions430/8 | - | - | - | €757 | €4,382 | €5,953 | €5,939 | ▼ 0.3% |
| Trade debts44 | €5,186 | €6,940 | €6,154 | €3,372 | €14,870 | €4,742 | €8,606 | ▲ 81.5% |
| Suppliers440/4 | - | - | - | €3,372 | €14,870 | €4,742 | €8,606 | ▲ 81.5% |
| Taxes, remuneration and social security45 | - | - | - | €6,786 | €3,618 | €3,185 | €1,383 | ▼ 56.6% |
| Taxes450/3 | - | - | - | €6,786 | €3,618 | €3,185 | €1,383 | ▼ 56.6% |
| Other amounts payable47/48 | - | - | - | - | €13,300 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €527 | - | €1,000 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60 | -€2,069 | €29,461 | €19,226 | €16,180 | €15,736 | €13,680 | ▼ 13.1% |
| + Depreciation and write-downs630 | €22,403 | €21,844 | €5,314 | €16,038 | €13,294 | €13,034 | €13,091 | ▲ 0.4% |
| Operating cash flow (approximation) | €22,462 | €19,775 | €34,774 | €35,264 | €29,474 | €28,771 | €26,771 | ▼ 6.9% |
| Investment in fixed assets (approximation) | - | €0 | -€1,221 | -€53,881 | -€7,854 | €0 | -€999 | - |
| Change in cash | - | €14,465 | €39,016 | €1,912 | -€17,084 | -€30,222 | -€4,392 | ▲ 85.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as PETERPANDA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PETERPANDA itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 31,368 companies, not a prediction for PETERPANDA. 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.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 10-12-2025 | 2025-00579627 | |
| 30-06-2024 | micro format | 21-11-2024 | 2024-00602730 | |
| 30-06-2023 | micro format | 08-01-2024 | 2024-00545371 | |
| 30-06-2022 | micro format | 16-01-2023 | 2023-20558362 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02200464 | |
| 30-06-2020 | micro format | 02-02-2021 | 2021-04500210 | |
| 30-06-2019 | micro format | 19-11-2019 | 2019-73900094 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75300334 | |
| 30-06-2017 | abbreviated format | 27-12-2017 | 2017-73100357 | |
| 30-06-2016 | abbreviated format | 27-12-2016 | 2016-71600081 |