PANDO
ActiveSummary
PANDO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €806k and a net result of €631. Equity is growing by ~17.2% per year across the filed fiscal years. Its solvency ranks better than 46% of 279 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-1
Solvency55▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.26 in 2024; short-term debt: 48.6% and cash: 5% of total assets), and 70.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
29.5%
Return on assets
0%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
21 d late
2024
22 d late
2023
29 d late
2022
30 d late
2021
30 d late
2020
31 d late
2019
21 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€631▼ 97.5%
2024 · €25k
2018: €38k
2019: €131k▲ +248% vs 2018
2020: €206k▲ +57.1% vs 2019
2021: €209k▲ +1.6% vs 2020highest in 8 years
2022: €202k▼ -3.5% vs 2021
2023: €102k▼ -49.6% vs 2022
2024: €25k▼ -75.1% vs 2023
2025: €631▼ -97.5% vs 2024lowest in 8 years
2018 → 2025
Working capital
€289k▼ 32.4%
2024 · €429k
2018: €86k
2019: €118k▲ +36.7% vs 2018
2020: €-19k▼ -116% vs 2019lowest in 8 years
2021: €182k▲ +1080% vs 2020
2022: €372k▲ +104% vs 2021
2023: €449k▲ +20.9% vs 2022highest in 8 years
2024: €429k▼ -4.6% vs 2023
2025: €289k▼ -32.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€677k-€869k▲ 28.2%€949k▲ 9.2%€937k▼ 1.3%€806k▼ 13.9%
2021: €677klowest in 5 years
2022: €869k▲ +28.2% vs 2021
2023: €949k▲ +9.2% vs 2022highest in 5 years
2024: €937k▼ -1.3% vs 2023
2025: €806k▼ -13.9% vs 2024
Operating result€300k-€317k▲ 5.6%€178k▼ 43.8%€60k▼ 66.6%€19k▼ 68.1%
2021: €300k
2022: €317k▲ +5.6% vs 2021highest in 5 years
2023: €178k▼ -43.8% vs 2022
2024: €60k▼ -66.6% vs 2023
2025: €19k▼ -68.1% vs 2024lowest in 5 years
Net result€209k-€202k▼ 3.5%€102k▼ 49.6%€25k▼ 75.1%€631▼ 97.5%
2021: €209khighest in 5 years
2022: €202k▼ -3.5% vs 2021
2023: €102k▼ -49.6% vs 2022
2024: €25k▼ -75.1% vs 2023
2025: €631▼ -97.5% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 68% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.73M
Fixed assets
€1.11M ▼ 14.2%
Current assets
€1.62M ▼ 20.9%
Equity and liabilities €2.73M
Equity
€806k ▼ 13.9%
Debt
€1.93M ▼ 20.0%
Debt's share of the balance-sheet total falls from 72.0% to 70.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€204k▼
2024 · €245k
Cash flow
€185k▼
2024 · €211k
Current ratio
1.22▼
2024 · 1.26
Debt to equity
2.39▼
2024 · 2.57
ROE
0.1%▼
2024 · 2.7%
ROA
0.0%▼
2024 · 0.8%
Interest coverage
9.31▲
2024 · 8.45
Debt ≤ 1 year
€1.33M▼
2024 · €1.62M
Debt > 1 year
€593k▼
2024 · €786k
Income taxes
€1k▼
2024 · €13k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.35M€2.73M▼
Fixed assets21/28€1.30M€1.11M▼
Tangible fixed assets22/27€1.30M€1.11M▼
Land and buildings22€383k€366k▼
Plant, machinery and equipment23€911k€745k▼
Furniture and vehicles24€4k€3k▼
Financial fixed assets28€900€900=
Current assets29/58€2.05M€1.62M▼
Amounts receivable after more than one year29€405k€399k▼
Other amounts receivable291€405k€399k▼
Amounts receivable within one year40/41€1.27M€880k▼
Trade receivables40€428k€484k▲
Other amounts receivable41€841k€397k▼
Current investments50/53€250k€200k▼
Cash at bank and in hand54/58€119k€138k▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€3.35M€2.73M▼
Equity10/15€937k€806k▼
Contributions10/11€60k€60k=
Reserves13€877k€746k▼
Distributable reserves133€877k€746k▼
Profit (loss) carried forward14€0€631▲
Amounts payable17/49€2.41M€1.93M▼
Amounts payable after more than one year17€786k€593k▼
Financial debts170/4€786k€593k▼
Amounts payable within one year42/48€1.62M€1.33M▼
Current portion of amounts payable after more than one year42€208k€207k▼
Trade debts44€1.34M€1.03M▼
Suppliers440/4€1.34M€1.03M▼
Taxes, remuneration and social security45€2k€9k▲
Taxes450/3€2k€9k▲
Other amounts payable47/48€65k€84k▲
Accrued charges and deferred income492/3€5k€4k▼
Income statement
Code20242025
Non-recurring operating income76A-€33k
Remuneration, social security and pensions62€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€186k€185k▼
Other operating charges640/8€407k€658k▲
Gross operating margin9900€652k€861k▲
Operating profit (loss)9901€60k€19k▼
Financial income75/76B€7k€5k▼
Recurring financial income75€7k€5k▼
Financial charges65/66B€29k€22k▼
Recurring financial charges65€29k€22k▼
Profit (loss) for the period before taxes9903€38k€2k▼
Income taxes67/77€13k€1k▼
Profit (loss) for the period9904€25k€631▼
Profit (loss) for the period to be appropriated9905€25k€631▼
Appropriation of the result
Profit (loss) to be appropriated9906€25k€631▼
Transfer from equity791/2€38k€131k▲
Transfer to equity691/2€25k€0▼
To other reserves6921€25k€0▼
Profit to be distributed694/7€38k€131k▲
Return on contributions (dividend)694€38k€131k▲
Social balance
Average headcount (FTE)90870.00.0=
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €215 | €0 | - | - | €33k | - |
| Remuneration, social security and pensions62 | €46k | €0 | €297 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €185k | €199k | €207k | €186k | €185k | ▼ 0.6% |
| Other operating charges640/8 | €473k | €436k | €332k | €407k | €658k | ▲ 61.7% |
| Gross operating margin9900 | €1.00M | €953k | €717k | €652k | €861k | ▲ 32.1% |
| Operating profit (loss)9901 | €300k | €317k | €178k | €60k | €19k | ▼ 68.1% |
| Financial income75/76B | €12k | €4k | €5k | €7k | €5k | ▼ 36.8% |
| Recurring financial income75 | €12k | €4k | €5k | €7k | €5k | ▼ 36.8% |
| Financial charges65/66B | €32k | €45k | €33k | €29k | €22k | ▼ 24.7% |
| Recurring financial charges65 | €32k | €45k | €33k | €29k | €22k | ▼ 24.7% |
| Profit (loss) for the period before taxes9903 | €281k | €277k | €150k | €38k | €2k | ▼ 95.2% |
| Income taxes67/77 | €72k | €75k | €49k | €13k | €1k | ▼ 90.5% |
| Profit (loss) for the period9904 | €209k | €202k | €102k | €25k | €631 | ▼ 97.5% |
| Profit (loss) for the period to be appropriated9905 | €209k | €202k | €102k | €25k | €631 | ▼ 97.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.27M | €3.56M | €3.37M | €3.35M | €2.73M | ▼ 18.3% |
| Fixed assets21/28 | €1.65M | €1.68M | €1.48M | €1.30M | €1.11M | ▼ 14.2% |
| Tangible fixed assets22/27 | €1.64M | €1.68M | €1.48M | €1.30M | €1.11M | ▼ 14.2% |
| Land and buildings22 | €442k | €421k | €401k | €383k | €366k | ▼ 4.5% |
| Plant, machinery and equipment23 | €1.17M | €1.24M | €1.08M | €911k | €745k | ▼ 18.2% |
| Furniture and vehicles24 | €37k | €19k | €6k | €4k | €3k | ▼ 40.9% |
| Financial fixed assets28 | €950 | €950 | €900 | €900 | €900 | = |
| Current assets29/58 | €1.63M | €1.88M | €1.88M | €2.05M | €1.62M | ▼ 20.9% |
| Amounts receivable after more than one year29 | €464k | €436k | €417k | €405k | €399k | ▼ 1.6% |
| Other amounts receivable291 | €464k | €436k | €417k | €405k | €399k | ▼ 1.6% |
| Amounts receivable within one year40/41 | €1.12M | €1.11M | €1.38M | €1.27M | €880k | ▼ 30.7% |
| Trade receivables40 | €320k | €220k | €390k | €428k | €484k | ▲ 12.9% |
| Other amounts receivable41 | €804k | €888k | €995k | €841k | €397k | ▼ 52.9% |
| Current investments50/53 | - | - | - | €250k | €200k | ▼ 20.0% |
| Cash at bank and in hand54/58 | €35k | €327k | €78k | €119k | €138k | ▲ 16.0% |
| Deferred charges and accrued income490/1 | €2k | €6k | €2k | €2k | €1k | ▼ 40.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.27M | €3.56M | €3.37M | €3.35M | €2.73M | ▼ 18.3% |
| Equity10/15 | €677k | €869k | €949k | €937k | €806k | ▼ 13.9% |
| Contributions10/11 | €60k | €60k | €60k | €60k | €60k | = |
| Reserves13 | €617k | €809k | €889k | €877k | €746k | ▼ 14.9% |
| Non-distributable reserves130/1 | €6k | €6k | €0 | - | - | - |
| Reserves not available under the articles1311 | €6k | €6k | €0 | - | - | - |
| Distributable reserves133 | €611k | €802k | €889k | €877k | €746k | ▼ 14.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €631 | - |
| Amounts payable17/49 | €2.59M | €2.69M | €2.42M | €2.41M | €1.93M | ▼ 20.0% |
| Amounts payable after more than one year17 | €1.15M | €1.18M | €980k | €786k | €593k | ▼ 24.5% |
| Financial debts170/4 | €1.15M | €1.18M | €980k | €786k | €593k | ▼ 24.5% |
| Amounts payable within one year42/48 | €1.44M | €1.51M | €1.43M | €1.62M | €1.33M | ▼ 17.8% |
| Current portion of amounts payable after more than one year42 | €227k | €226k | €217k | €208k | €207k | ▼ 0.5% |
| Financial debts43 | €15k | €13k | €0 | - | - | - |
| Credit institutions430/8 | €15k | €13k | €0 | - | - | - |
| Trade debts44 | €890k | €1.00M | €1.16M | €1.34M | €1.03M | ▼ 23.4% |
| Suppliers440/4 | €890k | €1.00M | €1.16M | €1.34M | €1.03M | ▼ 23.4% |
| Taxes, remuneration and social security45 | €50k | €43k | €43k | €2k | €9k | ▲ 308% |
| Taxes450/3 | €45k | €43k | €43k | €2k | €9k | ▲ 308% |
| Remuneration and social security454/9 | €5k | €0 | - | - | - | - |
| Other amounts payable47/48 | €262k | €221k | €18k | €65k | €84k | ▲ 30.6% |
| Accrued charges and deferred income492/3 | €5k | €5k | €5k | €5k | €4k | ▼ 15.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €209k | €202k | €102k | €25k | €631 | ▼ 97.5% |
| + Depreciation and write-downs630 | €185k | €199k | €207k | €186k | €185k | ▼ 0.6% |
| Operating cash flow (approximation) | €394k | €401k | €309k | €211k | €185k | ▼ 12.3% |
| Investment in fixed assets (approximation) | - | €-239k | €-7k | €0 | €0 | - |
| Change in cash | - | €292k | €-249k | €41k | €19k | ▼ 53.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 21 days late
2025
31-12
Financial
Weakest financial yearnet €631 ▼97.5%
Net result drops to €631, the lowest in the series.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 22 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €209k ▲1.6%
Net result €209k, the highest in the series.
31-12
Financial
Equity above €500kEq €677k ▲36.6%
4 profitable years in a row build equity to €677k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 21 days late
2019
31-12
Financial
Equity above €200kEq €296k ▲71.2%
2 profitable years in a row build equity to €296k.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Pieters-Woluwe · 5 establishment units since 2012
Ground area
3.3 ha
Building footprint
5,893 m²
Volume, LiDAR
43,599 m³
6 parcels, Brussels, Wallonia · tallest building 26.8 m, ±8 floors. Linked by address, not a title deed.
82
companies at this address
See who is registered here
5 establishment units
Pando
since 20122.206.753.463
Pando Consult
since 20122.206.758.215
PANDO sprl
since 20122.210.602.680
PANDO BLANKEDELLE
since 20132.218.583.901
PANDO SOUVERAIN
since 20132.218.584.097
6 parcels
Wallonia
1
(16.7%)
Brussels
5
(83.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21332B0461/00V000 | Brussels | 1.0 ha | 1 · 291 m² | 19.7 m · 4 fl. |
| 21332E0009/00H002 | Brussels | 8,978 m² | 1 · 1,124 m² | 8.8 m · 1 fl. |
| 21302A0022/00T002 | Brussels | 7,606 m² | 1 · 3,294 m² | 8.6 m · 2 fl. |
| 25040A0012/00G021 | Wallonia | 3,154 m² | 1 · 139 m² | 9.1 m · 2 fl. |
| 21682C0149/00M002 | Brussels | 2,170 m² | 1 · 758 m² | 18.8 m · 5 fl. |
| 21673D0141/00V013 | Brussels | 472 m² | 1 · 286 m² | 26.8 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
6 of 6 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 814 companies in sector 35110 we hold annual accounts for 630. 437 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
Scores and ratios are computed by Checked and are not a credit decision.