RE Panels 3
ActiveRE Panels 3 has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €81.44M and a net result of €11.78M. Equity is growing by ~4.4% per year across the filed fiscal years. Its solvency ranks better than 39% of 3126 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
84
/ 100
Excellent▲ +39 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability72▲+72
Solvency65▼-28
Growth78▲+26
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity tight (current ratio 1.19 against 2.96 in 2024), and 60.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Sector 70
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.6%
Return on assets
5.7%
Age of the figures
8 mo
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 7 filingsDeviation from the deadline
2025
29 d late
2024
13 d early
2023
26 d early
2022
27 d early
2021
18 d early
2020
31 d late
2019
81 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
06-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€11.78M
2024 · €-3.84M
2019: €-1.06M
2020: €-4.48M
2021: €9.65M
2022: €2.93M
2023: €4.94M
2024: €-3.84M
2019 → 2025
Working capital
€11.32M▼ 59.7%
2024 · €28.09M
2019: €32.91M
2020: €27.42M
2021: €39.93M
2022: €38.36M
2023: €39.75M
2024: €28.09M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€72.63M-€75.56M▲ 4.0%€80.50M▲ 6.5%€76.66M▼ 4.8%€81.44M▲ 6.2%
Operating result€-3.74M-€-497k▲ 86.7%€-1.26M▼ 153%€-1.11M▲ 11.4%€7.64M
Net result€9.65M-€2.93M▼ 69.6%€4.94M▲ 68.5%€-3.84M€11.78M
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €7.64M after a loss of €1.11M in 2024, the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €203.28M
Fixed assets
€131.28M▲ 15.2%
Current assets
€72.01M▲ 69.8%
Equity and liabilities €205.80M
Equity
€81.44M▲ 6.2%
Debt
€124.36M▲ 50.2%
The debt ratio rises from 51.9% to 60.4%: debt grows faster than equity.
Key figures and ratios
EBITDA
€10.71M▲
2024 · €-272k
Cash flow
€14.85M▲
2024 · €-3.00M
Solvency
39.6%▼
2024 · 48.1%
Current ratio
1.19▼
2024 · 2.96
Quick ratio
1.19▼
2024 · 2.96
Debt / equity
1.53▲
2024 · 1.08
ROE
14.5%▲
2024 · -5.0%
ROA
5.7%▲
2024 · -2.4%
Interest coverage
2.79▲
2024 · -0.06
Debt
€124.36M▲
2024 · €82.78M
Debt ≤ 1 year
€60.68M▲
2024 · €14.31M
Debt > 1 year
€63.00M▼
2024 · €67.60M
Income taxes
€295k▲
2024 · €6k
Staff costs
€1.35M▲
2024 · €978k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Total assets20/58€159.44M€205.80M▲
Fixed assets21/28€113.98M€131.28M▲
Formation expenses20€3.06M€2.52M▼
Intangible fixed assets21€4.40M€21.62M▲
Tangible fixed assets22/27€45k€93k▲
Financial fixed assets28€109.54M€109.56M=
Current assets29/58€42.39M€72.01M▲
Amounts receivable within one year40/41€4.53M€23.25M▲
Cash & bank54/58€2.75M€13.67M▲
Total equity & liabilities10/49€159.44M€205.80M▲
Equity10/15€76.66M€81.44M▲
Contributions / capital10/11€67.46M€67.46M=
Reserves13€6.75M€7.34M▲
Accumulated profits (losses)14€2.45M€6.64M▲
Amounts payable17/49€82.78M€124.36M▲
Amounts payable after one year17€67.60M€63.00M▼
Amounts payable within one year42/48€14.31M€60.68M▲
Trade debts payable within one year44€5.76M€48.48M▲
Income statement
Code20242025
Gross operating margin9900€712k€12.11M▲
Operating result9901€-1.11M€7.64M▲
Financial income75€1.88M€8.28M▲
Financial charges65€4.61M€3.84M▼
Result before taxes9903€-3.84M€12.07M▲
Income taxes67/77€6k€295k▲
Net result for the period9904€-3.84M€11.78M▲
Result to be appropriated9905€-3.84M€11.78M▲
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 29 days late
2025
31-12
Financial
Back to profitnet €11.78M
Net result €11.78M after one loss-making year.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-10
State Gazette act
Director changes
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
22-05
State Gazette act
Director changes
18-04
State Gazette act
Registered-office change
Tim CARNEWAL
2023
07-12
State Gazette act
Director changes
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
26-01
State Gazette act
Director changes
2022
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
23-06
State Gazette act
Director changes
2021
31-12
Financial
Back to profitnet €9.65M
Net result €9.65M after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 12.35
Current ratio from 3.63 to 12.35; short-term debt falls from €10.44M to €3.52M.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-4.48M
Net result drops to €-4.48M, the lowest in the series; recovery starts the following year.
20-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 81 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 directors, no change since 2024
Ricardo Sommer
CurrentDirector · since 18-10-2024
Simon Matthis Tabellion
CurrentDirector · since 07-12-2023
Kotecha Mihir
CurrentDirector · since 23-06-2022
Luc De Deygere
CurrentDirector · since 23-06-2022
18-10-2024
Ricardo Sommer: Appointed as Director
18-10-2024
Kotecha Mihir: Resigned as Director
07-12-2023
Simon Matthis Tabellion: Appointed as Director
12-08-2023
Ludger Laufenberg: Resigned as Director
23-06-2022
Kotecha Mihir: Appointed as Director
23-06-2022
Luc De Deygere: Appointed as Director
23-06-2022
Edmund Buckley: Resigned as Director
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2024
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue du Bois des Hospices(BL) 37522 TournaiGround area
1.0 ha
Building footprint
7,360 m²
Volume, LiDAR
65,715 m³
Parcel 57008D0179/00Y000, Wallonia · tallest building 13.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Rue du Bois des Hospices(BL) 3, 7522 Tournai
since 20242.358.627.155
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57008D0179/00Y000 | Wallonia | 1.0 ha | 1 · 7,360 m² | 13.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Comparable companies · same sector, comparable size
Similar companies · same sector, comparable size
WB NEWDEAL
BE 0828.175.706
Elsene · Eq €81.27M
Cube Cold Europe Belgium Bidco
BE 0781.898.786
Brussel · Eq €81.97M
DEFICOM GROUP
BE 0426.859.683
Brussel · Eq €80.79M
Rudolph
BE 0831.978.797
Lommel · Eq €84.10M
Next Level
BE 0805.045.461
Leuven · Eq €78.78M
Of 82,136 companies in sector 70200 we hold annual accounts for 51,754. 1,324 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-08-2019
Fiscal year end31-12
Activities, NACEBEL
64200Holdings
64210Activities of holding companies
70200Business and other management consultancy
70220Business consulting
82100Office administrative and support services
82110Office administrative, office support and other business support activities
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 25-07-2026. Scores and ratios are computed by Checked and are not a credit decision.