Summary
Panelflex is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.6m and a net result of €169,074. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 37% of 2473 sector peers (fiscal year 2025). The company has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals.
Overview
What they do
Activities of holding companies
NACE 64210Insulation installation NACE 43230NACE 43291
#7 oldest company in Kuurne, Finance and insurance sector1 site
How big
€5.6mtotal assets 2025
- Staff
- 15 FTE
- Equity
- €2.6m
- Profit
- €169,074
Financially healthy?
Financial institution: outside the modelProbability: sector outside the model
Who decides
- Parent
- VILESK · 100%
Accounts filed 31 d late0 of 13 deeds read
SignalsA punctual record breaksShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
55 d early
2023
35 d early
2022
40 d early
2021
14 d early
2020
3 d early
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
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. Usually files around 27 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · full…
- Annual accounts filedfiscal year 2024 · abbreviated…
- Annual accounts filedfiscal year 2023 · abbreviated…
Financials
Fiscal year 2025Total assets €5.6mProfit €169,074Solvency 45.8%Liquidity 1.36
Total assets
€5.6m▼ 4.5%
2018 - 2025
Net result
€169,074▲ 17.6%
2018 - 2025
Equity
€2.6m▲ 4.5%
2018 - 2025
Staff (FTE)
15▼ 3.8%
2018 - 2025
Financials · fiscal year 2025, full schema
In the rankings
#7 oldest company in Kuurne, Finance and insurance sector
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.3m▲ 157%€0.1m▼ 60.4%€0.2m▲ 24.5%€0.2m▲ 9.2%€0.2m▲ 9.7%
Net result€0.3mabove the sector's middle half▲ 102%€0.2mwithin the sector's middle half▼ 46.6%€0.1mwithin the sector's middle half▼ 26.3%€0.1mwithin the sector's middle half▲ 21.7%€0.2mwithin the sector's middle half▲ 17.6%
Equity€3.0mabove the sector's middle half▼ 0.8%€3.0mabove the sector's middle half▼ 2.3%€2.9mabove the sector's middle half▼ 0.4%€2.4mabove the sector's middle half▼ 17.2%€2.6mwithin the sector's middle half▲ 4.5%
Total assets€6.4mabove the sector's middle half▼ 1.8%€6.6mabove the sector's middle half▲ 2.3%€6.3mabove the sector's middle half▼ 4.5%€5.8mabove the sector's middle half▼ 7.2%€5.6mwithin the sector's middle half▼ 4.5%
Debt€2.9m▼ 0.5%€3.2m▲ 11.0%€3.0m▼ 7.5%€3.1m▲ 3.1%€2.8m▼ 10.9%
Working capital€0.9mabove the sector's middle half▼ 4.9%€0.9mabove the sector's middle half▼ 4.6%€0.9mabove the sector's middle half▲ 4.6%€0.5mabove the sector's middle half▼ 49.1%€0.6mwithin the sector's middle half▲ 30.7%
Solvency47.1%within the sector's middle half▲ 0.5pp45.0%within the sector's middle half▼ 2.1pp46.9%within the sector's middle half▲ 1.9pp41.9%within the sector's middle half▼ 5.1pp45.8%within the sector's middle half▲ 3.9pp
Current ratio1.62within the sector's middle half▼ 0.161.45within the sector's middle half▼ 0.171.53within the sector's middle half▲ 0.081.24within the sector's middle half▼ 0.291.36within the sector's middle half▲ 0.12
Return on assets (ROA)4.7%within the sector's middle half▲ 2.4pp2.4%within the sector's middle half▼ 2.2pp1.9%within the sector's middle half▼ 0.6pp2.5%within the sector's middle half▲ 0.6pp3.0%within the sector's middle half▲ 0.6pp
Staff (FTE)14.4above the sector's middle half▼ 4.6%16.3above the sector's middle half▲ 13.2%13.6above the sector's middle half▼ 16.6%15.6above the sector's middle half▲ 14.7%15above the sector's middle half▼ 3.8%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result and balance sheet
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 10% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.6m
Fixed assets
€3.3m ▼ 3.9%
Current assets
€2.3m ▼ 5.3%
Equity and liabilities €5.6m
Equity
€2.6m ▲ 4.5%
Provisions
€263,296 ▼ 10.8%
Debt
€2.8m ▼ 10.9%
Debt's share of the balance-sheet total falls from 53.1% to 49.5%. Equity is higher and debt is lower.
Key figures and ratios
Key figures and ratios
ROE
6.6%▲
2024 · 5.9%
Debt ≤ 1 year
€1.7m▼
2024 · €1.9m
Debt > 1 year
€1.0m▼
2024 · €1.1m
Income taxes
€121,256▲
2024 · €40,211
Staff costs
€987,898▲
2024 · €970,149
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0.001m | €0.001m | €0.01m | €0.01m | €0.001m | ▼ 93.8% |
| Remuneration, social security and pensions62 | €0.8m | €0.9m | €0.8m | €1.0m | €1.0m | ▲ 1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.03m | -€0.007m | -€0.002m | -€0.02m | €0 | ▲ 100% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€0.001m | €0 | - | - |
| Other operating charges640/8 | €0.02m | €0.01m | €0.02m | €0.01m | €0.02m | ▲ 96.0% |
| Non-recurring operating charges66A | €0.05m | €0.01m | €0.008m | €0.002m | €0 | ▼ 100% |
| Gross operating margin9900 | €1.6m | €1.4m | €1.3m | €1.5m | €1.5m | ▲ 1.3% |
| Operating profit (loss)9901 | €0.3m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 9.7% |
| Financial income75/76B | €0.04m | €0.08m | €0.001m | €0.007m | €0.2m | ▲ 2,101% |
| Recurring financial income75 | €0.04m | €0.08m | €0.001m | €0.007m | €0.006m | ▼ 13.4% |
| Non-recurring financial income76B | - | - | - | - | €0.2m | - |
| Financial charges65/66B | €0.07m | €0.05m | €0.05m | €0.04m | €0.09m | ▲ 139% |
| Recurring financial charges65 | €0.06m | €0.05m | €0.05m | €0.04m | €0.09m | ▲ 139% |
| Non-recurring financial charges66B | €0.002m | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.2m | €0.1m | €0.1m | €0.3m | ▲ 77.5% |
| Transfer from deferred taxes780 | €0.04m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 17.0% |
| Income taxes67/77 | €0.04m | €0.04m | €0.04m | €0.04m | €0.1m | ▲ 202% |
| Profit (loss) for the period9904 | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 17.6% |
| Transfer from tax-exempt reserves789 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 17.0% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 2.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.4m | €6.6m | €6.3m | €5.8m | €5.6m | ▼ 4.5% |
| Fixed assets21/28 | €4.1m | €3.8m | €3.7m | €3.4m | €3.3m | ▼ 3.9% |
| Intangible fixed assets21 | €0.1m | €0.09m | €0.05m | €0.01m | €0.004m | ▼ 59.4% |
| Tangible fixed assets22/27 | €3.9m | €3.7m | €3.6m | €3.4m | €3.3m | ▼ 3.7% |
| Land and buildings22 | €3.7m | €3.5m | €3.4m | €3.2m | €3.0m | ▼ 5.8% |
| Plant, machinery and equipment23 | €0.1m | €0.08m | €0.05m | €0.04m | €0.03m | ▼ 32.9% |
| Furniture and vehicles24 | €0.09m | €0.09m | €0.2m | €0.2m | €0.2m | ▲ 0.6% |
| Leasing and similar rights25 | €0 | - | - | - | €0.07m | - |
| Current assets29/58 | €2.4m | €2.8m | €2.6m | €2.4m | €2.3m | ▼ 5.3% |
| Stocks and contracts in progress3 | €0.7m | €0.9m | €0.7m | €0.7m | €0.5m | ▼ 27.8% |
| Stocks30/36 | €0.7m | €0.9m | €0.7m | €0.6m | €0.5m | ▼ 24.2% |
| Contracts in progress37 | €0.05m | €0 | €0.03m | €0.06m | €0.02m | ▼ 64.5% |
| Amounts receivable within one year40/41 | €1.1m | €1.3m | €1.2m | €1.2m | €0.9m | ▼ 23.5% |
| Trade receivables40 | €1.0m | €1.2m | €1.2m | €1.2m | €0.9m | ▼ 27.5% |
| Other amounts receivable41 | €0.03m | €0.1m | €0.04m | €0.03m | €0.07m | ▲ 127% |
| Current investments50/53 | €0 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.6m | €0.5m | €0.8m | ▲ 61.4% |
| Deferred charges and accrued income490/1 | €0.003m | €0.02m | €0.02m | €0.01m | €0.07m | ▲ 471% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.4m | €6.6m | €6.3m | €5.8m | €5.6m | ▼ 4.5% |
| Equity10/15 | €3.0m | €3.0m | €2.9m | €2.4m | €2.6m | ▲ 4.5% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | ▼ 65.8% |
| Capital10 | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | ▼ 65.8% |
| Issued capital100 | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | ▼ 65.8% |
| Reserves13 | €2.8m | €2.8m | €2.8m | €2.3m | €2.5m | ▲ 10.1% |
| Non-distributable reserves130/1 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | €1.3m | €1.1m | €1.0m | €0.9m | €0.8m | ▼ 10.6% |
| Distributable reserves133 | €1.6m | €1.6m | €1.7m | €1.3m | €1.7m | ▲ 24.1% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 10.8% |
| Provisions for liabilities and charges160/5 | €0.07m | €0.001m | €0 | - | - | - |
| Other liabilities and charges164/5 | €0.07m | €0.001m | €0 | - | - | - |
| Deferred taxes168 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 10.8% |
| Amounts payable17/49 | €2.9m | €3.2m | €3.0m | €3.1m | €2.8m | ▼ 10.9% |
| Amounts payable after more than one year17 | €1.5m | €1.3m | €1.3m | €1.1m | €1.0m | ▼ 9.6% |
| Financial debts170/4 | €1.5m | €1.3m | €1.3m | €1.1m | €1.0m | ▼ 9.6% |
| Amounts payable within one year42/48 | €1.5m | €1.9m | €1.7m | €1.9m | €1.7m | ▼ 13.8% |
| Current portion of amounts payable after more than one year42 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.4% |
| Financial debts43 | €0.3m | €0.2m | €0.1m | €0.1m | €0.05m | ▼ 61.9% |
| Credit institutions430/8 | €0.3m | €0.2m | €0.1m | €0.1m | €0.05m | ▼ 61.9% |
| Trade debts44 | €0.4m | €0.9m | €0.5m | €0.3m | €0.4m | ▲ 9.8% |
| Suppliers440/4 | €0.4m | €0.9m | €0.5m | €0.3m | €0.4m | ▲ 9.8% |
| Advances received on contracts in progress46 | €0.07m | €0.3m | €0.3m | €0.1m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 66.7% |
| Taxes450/3 | €0.01m | €0.02m | €0.02m | €0.003m | €0.08m | ▲ 2,201% |
| Remuneration and social security454/9 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.7% |
| Other amounts payable47/48 | €0.3m | €0.2m | €0.4m | €1.1m | €0.8m | ▼ 20.0% |
| Accrued charges and deferred income492/3 | €0.001m | €0.003m | €0.004m | €0.007m | €0.05m | ▲ 618% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €300,341 | €160,375 | €118,200 | €143,804 | €169,074 | ▲ 17.6% |
| + Depreciation and write-downs630 | €368,083 | €338,104 | €316,197 | €327,503 | €286,937 | ▼ 12.4% |
| Operating cash flow (approximation) | €668,424 | €498,478 | €434,398 | €471,308 | €456,012 | ▼ 3.2% |
| Investment in fixed assets (approximation) | - | -€64,284 | -€196,189 | -€71,745 | -€154,233 | ▼ 115% |
| Change in cash | - | -€49,684 | €162,391 | -€164,121 | €296,389 | ▲ 281% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 24,721 companies in this sector we hold annual accounts for 19,804. 10,210 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Board & ownership
Parent VILESK · 100%
Directors
Directors
No directors read yet: 0 of 13 Gazette acts processed. See the function holders in the CBE →
Structure & network
Owners and holdings
1 ownerChain of control
- VILESK
- Panelflex
Highest known parent: VILESK. The sources do not say who stands above it.
Owners 1
- VILESKparentSourceaccounts VILESK 2024100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No directors read yet: 0 of 13 Gazette acts processed.
Timeline
11 eventsLatest 31-08-2026Next filing 31-07-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €118,200 ▼26.3%
Net result drops to €118,200, the lowest in the series; recovery starts the following year.
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
17-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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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Support & recognitions
1 funding sourceFlanders €7,435
Flemish government
€7,435
awarded · 2022 - 2025
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €7,435 awarded · €6,181 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | €0 | €41 |
| 2024 | 1 | €3,230 | €2,188 |
| 2023 | 1 | €0 | €1,690 |
| 2022 | 1 | €4,205 | €2,262 |
Company details
Public limited company · founded 02-04-1992Year ends 31-12Peppol reachable1 site
Register details
Identification
Legal formPublic limited company
Founded02-04-1992
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
64210Activities of holding companies
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
68204Real estate activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0447094774
Also
9925:BE0447094774
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Kuurne · 1 establishment unit since 1992
Ground area
6,326 m²
Building footprint
4,694 m²
Volume, LiDAR
33,531 m³
Parcel 34023A0474/00L000, Flanders · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Panelflex
since 1992unit no. 2.057.413.055
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34023A0474/00L000 | Flanders | 6,326 m² | 1 · 4,694 m² | 10.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidies
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