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 4 of the last 4 fiscal years.
-
Tight liquidity NBB
Cash and receivables cover 47 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
PANAMA-VDK from Brussel, company number BE0861704844, closed financial year 2025 with a result of € 21,765 after tax. For that financial year PANAMA-VDK recorded a gross margin of € 230,844 and equity of € -123,888. Compared with financial year 2024, the result moved from € 56,089 to € 21,765. The company is profitable. 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 July 31, 2026.
€ -123,888
▲ € 21,765 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 21,765
▼ 61% vs 2024
Profit after tax over the fiscal year.
€ 113,058
▼ 4% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -142,488.
People and assets in 2025
€ 190,567
▲ 6% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 520
▼ 12% vs 2024
Of which on lease € 520.
Debts at end 2025
€ 76,290
Loans from banks and other lenders, long and short.
€ 15,833
▼ 67% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 39,280
▼ 14% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 119,860 | € 182,173 | € 246,425 | € 230,844 | ▼ 6% |
| Profit after taxes | € 37,818 | € 8,857 | € 56,089 | € 21,765 | ▼ 61% |
| Equity | € -210,599 | € -201,742 | € -145,653 | € -123,888 | ▲ € 21,765 |
| Total debts | € 382,528 | € 373,374 | € 353,758 | € 315,101 | ▼ 11% |
| Cash | € 66,676 | € 55,682 | € 117,603 | € 113,058 | ▼ 4% |
| Retained profit | € -229,199 | € -220,342 | € -164,253 | € -142,488 | ▲ € 21,765 |
| Bank debt | € 76,290 | € 76,290 | € 76,290 | € 76,290 | |
| Balance sheet total | € 171,929 | € 171,632 | € 208,105 | € 191,213 | ▼ 8% |
Key figures of PANAMA-VDK, 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 PANAMA-VDK?
What happened at PANAMA-VDK in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 21,765 (▼ 61% vs 2024). Source: NBB ↗
- New establishment in Brussel. KBO
- New establishment in Brussel. KBO
- Start of the company according to the CBE. KBO
In short
From € 37,818 profit in 2022 to € 21,765 profit in 2025.
Best year ever: 2024, with € 56,089 profit.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Establishments
Establishment units
Physical locations of this company
Heuvelstraat 4
1000 Brussel
Boterstraat 23
1000 Brussel
Active since 1 May 2017
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0861.704.844
- VAT number
- BE 0861.704.844
- Registered office
- Heuvelstraat 4, 1000 Brussel
- Names & denominations
- PANAMA-VDK
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 18 November 2003
- Peppol
- Active · Active since 9 Dec 2025
- Activities · NACE
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