Equity
€29,396 from €111,677 in 2007
Equity fell by 74% in 18 years.
POLYPANEL BELGIQUE
Lifetime
19 annual accounts with figures on one time axispeak €308,942 (2024)
€162,193▼ 47.5%
lowest -€55,495 (2012)
-€25,104▼ €66,486
peak €111,677 (2007)
€29,396▼ 46.1%
€222,887▼ 45.5%
peak 4.4 FTE (2017)
2.7 FTE▼ 35.7%
Board2 names since 2025
2 directorsFA IMMO SA and 1 other
Owners
60%FA IMMO
Documentsfilings and deeds
31-07-2026on the last day
2025abbreviated format
Gross margin from €308,942 to €162,193Loss of €25,104Staff from 4.2 FTE to 2.7 FTEChange of role: FA IMMO SA, from manager to director 31-12Equity from €54,500 to €29,396Debts from €409,137 to €222,887
Key points
from the 2025 annual accountsResult
-€25,104 -€25,104
From profit to loss in 2025, after a profit of €41,382 in 2024.
Debts
€222,887 88% of the balance sheet
Suppliers 28%Taxes and wages 64%Other 8%
Of this, €220,258 falls due within a year.
Investments
€36,672 2.1 × depreciation
Green is investment, beige is depreciation. Machinery stands 26.4% higher than in 2024.
Staff
2 employees on 31-12-2025
In 2025, 2 people joined and 2 left.
Filings
19 annual accounts since 2007
Seven of the last ten came late. The 2019 accounts came latest: 182 days after the end of the period.
Checked score
32
Weak
Financially stronger than 13% of micro companies in wood and cork (NACE 16)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
7.4% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 1,032 companies (NACE 16, micro).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 10.0%highest value
01-2025: 10.0%● unchanged vs 12-2024highest value
02-2025: 10.0%● unchanged vs 01-2025highest value
03-2025: 10.0%● unchanged vs 02-2025highest value
04-2025: 10.0%● unchanged vs 03-2025highest value
05-2025: 10.0%● unchanged vs 04-2025highest value
06-2025: 10.0%● unchanged vs 05-2025highest value
07-2025: 10.0%● unchanged vs 06-2025highest value
08-2025: 10.0%● unchanged vs 07-2025highest value
09-2025: 10.0%● unchanged vs 08-2025highest value
10-2025: 10.0%● unchanged vs 09-2025highest value
11-2025: 10.0%● unchanged vs 10-2025highest value
12-2025: 10.0%● unchanged vs 11-2025highest value
01-2026: 10.0%● unchanged vs 12-2025highest value
02-2026: 10.0%● unchanged vs 01-2026highest value
03-2026: 10.0%● unchanged vs 02-2026highest value
04-2026: 10.0%● unchanged vs 03-2026highest value
05-2026: 10.0%● unchanged vs 04-2026highest value
06-2026: 10.0%● unchanged vs 05-2026highest value
07-2026: 10.0%● unchanged vs 06-2026highest value
08-2026: 10.0%● unchanged vs 07-2026highest value
09-2026: 10.0%● unchanged vs 08-2026highest value
10-2026: 7.4%▼ -2.6 percentage points vs 09-2026lowest value
11-2026: 7.4%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Judicial reorganisation on record (2 publications, latest 21-09-2023)
Loss of €25,104 (financial year 2025)
Equity €29,396 (11.7% of total assets)
Sector: Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
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 16, micro). It does better than 21% of them on solvency, 4% on liquidity, 16% on profitability and 10% on growth.
The bankruptcy probability was computed on 08-11-2026 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 elevated class on 30-06-2025, 6.3% 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, 2,450 companies had the same profile as POLYPANEL BELGIQUE has now. Each dot stands for 7 companies, two years later.
93.2%
were still trading
5.0%
stopped another way
1.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of POLYPANEL BELGIQUE itself is higher: 7.4% within 12 months. It rests on far more data about POLYPANEL BELGIQUE than the profile alone.
Test of the method
The method was tested on the 497,447 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 2,450 companies, not a prediction for POLYPANEL BELGIQUE. 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 €500 on 30-day terms, only on tighter conditions: judicial reorganisation (WER Book XX) on file
Liquidity is insufficient, with a current ratio of 0.83 (1.01 in 2024), below 1. Short-term debt is 87.3% and cash 0.9% of total assets. 88.3% 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
Six signals.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 337 sector peers (2025).
NBB · sector comparisonPosition among 337 sector peers
Solvency
better than 16%
← weakest
strongest →
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
29 days late
2022
31 days late
2021
on the day
2020
30 days late
2019
182 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 39 days after the deadline. In the sector (NACE 16), the median for financial year 2024 was 3 days before the deadline, and 37% 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 31 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Change of role: FA IMMO SA, from manager to director
Appointment: Arnaud HARDENNE (sole director) · Director discharge: FA IMMO SA · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0880936677
Plan homologation
Enterprise Court of Liège · judgment of 15-09-2023 · Judicial reorganisation
Judicial reorganisation opened
Enterprise Court of Liège · collective agreement · judgment of 31-03-2023 · Judicial reorganisation
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| POLYPANEL BELGIQUE Manhay | €0.3m | €162,193 | 11.7% | 2.7 |
| TREIZE Uccle | €1.0m | €127,796 | 67.0% | 2.8 |
| Forma Belgium Wevelgem | €0.4m | €186,720 | 83.9% | 3 |
| KOPELINO Beernem | €1.2m | €340,218 | 69.9% | 2.8 |
| PHONOTECH Thimister-Clermont | €1.3m | €469,387 | -19.5% | 4.1 |
| KOMPAKT Olen | €0.7m | €602,846 | 59.3% | 7.3 |
| HARIPAN Wielsbeke | €0.6m | €102,383 | 97.2% | 2 |
These companies have the same main activity as POLYPANEL BELGIQUE: manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16210). They are comparable in size and age: total assets between €447,000 and €1.3m, founded between 1968 and 2018.
Official details
Source: KBO- Status
- Active since 26-04-2006Normal situation
- Activity
- Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materialsNACE 16210and 1 other
- Establishment unit
- 2.153.285.8756960 Manhay, since 23-05-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 14-10-2025
Annual accounts 2025
- ≈ €410,000estimated
- €252,283▼ 45.6%
- Employeeson 31-12-2025
- 2=
- Filing
- Filed on 31-07-2026, on the last day of the filing period
Insights on POLYPANEL BELGIQUE
POLYPANEL BELGIQUE files the abbreviated format. That format states no turnover. The gross margin rose from €36,289 in 2007 to €162,193 in 2025.
FA IMMO holds 60% of the shares.
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 POLYPANEL BELGIQUE
- What is the company number of POLYPANEL BELGIQUE?
- The company number of POLYPANEL BELGIQUE is 0880.936.677. The VAT number is the same number with BE in front: BE 0880.936.677.
- Where is POLYPANEL BELGIQUE based?
- The registered office is at Rue des Boussines, Vaux-Chavanne 46, 6960 Manhay.Company details
- What does POLYPANEL BELGIQUE do?
- According to the KBO register, the main activity is manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16210).
- What is the legal form of POLYPANEL BELGIQUE?
- POLYPANEL BELGIQUE is a private limited company (BV).
- When was POLYPANEL BELGIQUE founded?
- POLYPANEL BELGIQUE was founded on 26-04-2006.
- Is POLYPANEL BELGIQUE still active?
- Yes, POLYPANEL BELGIQUE is an active enterprise in the KBO register.
- How many employees does POLYPANEL BELGIQUE have?
- POLYPANEL BELGIQUE had an average of 2.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of POLYPANEL BELGIQUE?
- The turnover in financial year 2025 is ≈ €410,000. This figure is estimated from the gross margin of €162,193 and 1,647 comparable companies of the same size. It probably lies between €250,000 and €770,000. It is a rough estimate.
- Is POLYPANEL BELGIQUE profitable?
- In financial year 2025, POLYPANEL BELGIQUE made a loss of €25,104.
- Where can I find the annual accounts of POLYPANEL BELGIQUE?
- POLYPANEL BELGIQUE filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of POLYPANEL BELGIQUE due?
- POLYPANEL BELGIQUE must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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