Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 38 % of short-term debt in 2025; threshold 65 %.
-
Busy address KBO
73 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
PANQUIN CONSTRUCT from Waregem, company number BE0685861957, closed financial year 2025 with a result of € -3.3 million after tax. Compared with financial year 2024, the result moved from € -3.8 million to € -3.3 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 2, 2026.
€ -6.4 million
▼ € 3.3 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -3.3 million
▲ 12 % less loss than in 2024
Profit after tax over the fiscal year.
€ 335,332
▼ 96% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -7.1 million.
Debts at end 2025
€ 3 million
Loans from banks and other lenders, long and short.
€ 5.5 million
▲ 14% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 86 days on average.
€ 283,416
▼ 31% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -3,815 | € -6,433 | - | - | |
| Profit after taxes | € 1,223 | € 5,480 | € -3,803,222 | € -3,338,342 | ▲ € 464,879 |
| Equity | € 716,041 | € 721,521 | € -3,081,700 | € -6,420,043 | ▼ € 3.3 million |
| Total debts | € 2,740,719 | € 7,190,149 | € 17,804,300 | € 14,481,108 | ▼ 19% |
| Cash | € 81,129 | € 5,591,427 | € 9,478,449 | € 335,332 | ▼ 96% |
| Retained profit | € -3,959 | € 1,521 | € -3,801,700 | € -7,140,043 | ▼ € 3.3 million |
| Bank debt | € 0 | € 3,025,172 | € 3,027,717 | € 3,020,349 | |
| Balance sheet total | € 3,456,760 | € 7,911,670 | € 14,722,600 | € 8,061,065 | ▼ 45% |
Key figures of PANQUIN CONSTRUCT, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to PANQUIN CONSTRUCT?
What happened at PANQUIN CONSTRUCT in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Feya Smets stepped down as director. NBB
- Davy Demuynck stepped down as director. NBB
- Participatiemaatschappij Vlaanderen NV stepped down as director. NBB
- Julien De Wilde stepped down as director. NBB
- ION Service Provider NV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 3.3 million. Source: NBB ↗
- Davy Demuynck became a director. NBB
- Feya Smets became a director. NBB
In short
From € 1,223 profit in 2022 to € 3.3 million loss in 2025.
Paid € 210,602 in corporate taxes since 2022.
Best year ever: 2023, with € 5,480 profit.
Pays suppliers within 86 days on average.
Management
The stake of Premier Development Fund, Participatiemaatschappij Vlaanderen comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PANQUIN CONSTRUCTThe shares are held by Premier Development Fund (66.7%) and Participatiemaatschappij Vlaanderen (33.3%).
Directors
According to the 2025 annual accounts
Participatiemaatschappij Vlaanderen NV
Director · represented by Bertrand Van Regemortel
Also active at: VLAAMSE INSTELLING VOOR TECHNOLOGISCH ONDERZOEK, Arts Gebroeders immobilière, BEDRIJVENCENTRUM VILVOORDE, BIOTECH FONDS VLAANDEREN, MAISON DE LA RADIO FLAGEY, HERTECANT FLANGES, Site-Ontwikkeling Vlaanderen, SUSTAINABLE ENERGY VENTURES +136 more
since 2022 · until 2027
Feya Smets
Director
Also active at: Stedelijk Leven Innovatief Maken Turnhout, PANQUIN LAND, HOF van LORREINEN, PIONIER LAND, PIONIER CONSTRUCT, TURNHOUT KANTOREN CONSTRUCT, TURNHOUT KANTOREN LAND, Tech Lane Parkgebouw +1 more
since 2023 · until 2029
Davy Demuynck
Director
Also active at: NATIONALE IMMOBILIENVENNOOTSCHAP VAN HET BOUWBEDRIJF, DECAT Energy Technics, RODEKRUISPLEIN, COBOS, IMMOCOBEL, DE NIEUWE KORTRIJKSE ZILVERSMEDERIJ, ESPOSITO, RIKOTAL +133 more
since 2025 · until 2029
Julien De Wilde
Director
Also active at: Kinderdagverblijf Sint-Jozef, Premier Development Fund, PDF INVEST, PDF LAND, PDF CONSTRUCT, PARKZICHT CONSTRUCT, 3SAG, PANQUIN LAND +4 more
since 2022 · until 2027
Director · represented by Kristof Vanfleteren
Also active at: Premier Development Fund, PDF INVEST, PDF LAND, PDF CONSTRUCT, VINEA, NOVA MONS CONSTRUCTION, VASTGOED INVESTERINGS ASSOCIATIE, DGR Offices +5 more
since 2022 · until 2027
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Vredestraat 53
8790 Waregem
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 73 companies are registered at this address.
All companies at this address →Van Eyck Residentie
€ 159,675 gross margin · 2025
RODEKRUISPLEIN same network
€ 45,360 gross margin · 2025
COBOS same network
DE NIEUWE KORTRIJKSE ZILVERSMEDERIJ same network
€ 325,000 revenue · 2025
SRB-invest
€ 2.1 million gross margin · 2022
+68 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0685.861.957
- VAT number
- BE 0685.861.957
- Registered office
- Vredestraat 53, 8790 Waregem
- Names & denominations
- PANQUIN CONSTRUCT · PQC
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 12 December 2017
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Ontwikkeling van residentiële bouwprojecten
Overige zakelijke dienstverlening, neg