ACTIVE

PALM

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

1,7 M €

-25.7% YoY

Revenue

52,7 M €

-13.0% YoY

Equity

20 M €

-35.3% YoY

Workforce

148,1 ETP

-0.3% YoY

What does PALM do?

PALM is a Public limited company incorporated in 1942. Its main activity is: Manufacture of beer. Its registered office is in Londerzeel. It employs on average 148,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0400.724.222

Incorporation

30/06/1942

Legal form

Public limited company

Registered office

Steenhuffeldorp 3
1840 Londerzeel · FlandreSee on map

Contributed capital

2 211 745,97 €

Latest accounts

31/12/2025

Average workforce

148,1 ETP

Activities (NACE)

11050Manufacture of beer· main 11050Manufacture of beer 15960Manufacture of leather and related products 68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate 11050Manufacture of beer+3

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	52,7 M €	-13.0%	60,6 M €	+0.2%	60,4 M €	+8.2%	55,8 M €	+10.6%	50,5 M €	+18.1%	42,8 M €	-26.4%	58,1 M €	+0.9%	57,6 M €	+6.7%	53,9 M €	+5.2%	51,3 M €	+3.8%	49,4 M €	-6.0%	52,5 M €	-0.5%	52,8 M €	-5.9%	56,1 M €	-0.7%	56,5 M €	+8.4%	52,1 M €	-8.6%	57 M €	-6.0%	60,7 M €	-2.7%	62,4 M €	+3.0%	60,6 M €
EBITDA	4,4 M €	-11.1%	4,9 M €	-34.2%	7,5 M €	-55.4%	16,8 M €	+229%	5,1 M €	-12.9%	5,9 M €	-14.7%	6,9 M €	+28.6%	5,3 M €	-11.7%	6,1 M €	+59.4%	3,8 M €	-28.9%	5,3 M €	+80.7%	3 M €	-15.8%	3,5 M €	+104%	1,7 M €	-65.9%	5 M €	-11.6%	5,7 M €	+20.1%	4,7 M €	-4.8%	5 M €	-19.7%	6,2 M €	-35.6%	9,6 M €
Operating result	2,4 M €	-14.7%	2,9 M €	-49.4%	5,7 M €	-59.7%	14 M €	+740%	1,7 M €	+4.0%	1,6 M €	-30.1%	2,3 M €	+79.4%	1,3 M €	-40.0%	2,1 M €	+601%	-426,2 k €	-139%	1,1 M €	+184%	-1,3 M €	-229%	-391,9 k €	+86.3%	-2,9 M €	-485%	740,2 k €	-34.4%	1,1 M €	+593%	-228,7 k €	+73.7%	-870,5 k €	-245%	602,3 k €	-83.4%	3,6 M €
Net result	1,7 M €	-25.7%	2,3 M €	-42.7%	4 M €	-61.0%	10,2 M €	+830%	1,1 M €	-16.0%	1,3 M €	+0.7%	1,3 M €	+108%	623,2 k €	-54.6%	1,4 M €	+332%	-590,7 k €	-224%	475,5 k €	+140%	-1,2 M €	-133%	-504,7 k €	+80.1%	-2,5 M €	-493%	-428,5 k €	-176%	565,8 k €	-60.7%	1,4 M €	+7.8%	1,3 M €	+105%	-27,8 M €	-2485%	1,2 M €
Balance sheet
Equity	20 M €	-35.3%	30,9 M €	+8.0%	28,6 M €	+16.1%	24,6 M €	+70.7%	14,4 M €	+8.2%	13,3 M €	+10.9%	12 M €	+12.1%	10,7 M €	+6.2%	10,1 M €	+15.7%	8,7 M €	-8.8%	9,6 M €	+5.2%	9,1 M €	-11.4%	10,3 M €	-4.9%	10,8 M €	-19.2%	13,4 M €	-3.2%	13,8 M €	+4.1%	13,3 M €	+12.0%	11,8 M €	+12.5%	10,5 M €	-72.6%	38,4 M €
Total assets	25 M €	-37.4%	40 M €	-5.5%	42,3 M €	-9.3%	46,6 M €	+29.0%	36,1 M €	+8.6%	33,3 M €	-13.9%	38,7 M €	-5.6%	41 M €	-2.0%	41,8 M €	+6.4%	39,3 M €	-6.6%	42,1 M €	-3.5%	43,6 M €	-17.8%	53,1 M €	+13.1%	46,9 M €	+9.5%	42,9 M €	+5.0%	40,8 M €	-5.1%	43 M €	-11.3%	48,5 M €	-50.7%	98,4 M €	-26.1%	133,2 M €
Cash	–		5,1 k €	-94.4%	91,5 k €	+1819%	4,8 k €	-86.2%	34,6 k €	+669%	4,5 k €	-72.3%	16,3 k €	-22.9%	21,1 k €	-85.1%	141,9 k €	-90.1%	1,4 M €	-21.3%	1,8 M €	+162%	698,5 k €	-9.5%	771,5 k €	+5.2%	733,1 k €	-47.1%	1,4 M €	+49.4%	926,8 k €	-37.8%	1,5 M €	+437%	277,7 k €	-50.2%	558,1 k €	-45.6%	1 M €
Debts	5 M €	-43.9%	9 M €	-32.8%	13,3 M €	-38.5%	21,7 M €	+1.4%	21,4 M €	+9.3%	19,6 M €	-25.3%	26,2 M €	-11.9%	29,7 M €	-5.5%	31,5 M €	+3.9%	30,3 M €	-5.2%	31,9 M €	-6.2%	34 M €	-18.3%	41,6 M €	+18.4%	35,1 M €	+26.8%	27,7 M €	+10.5%	25,1 M €	-9.1%	27,6 M €	-21.3%	35,1 M €	-59.3%	86,2 M €	-7.0%	92,8 M €
Other
Workforce	148,1 ETP	-0.3%	148,6 ETP	-1.6%	151,0 ETP	-6.8%	162,0 ETP	-2.6%	166,3 ETP	-5.5%	175,9 ETP	-4.8%	184,8 ETP	-0.9%	186,5 ETP	+0.7%	185,2 ETP	+0.2%	184,8 ETP	-1.8%	188,2 ETP	-7.1%	202,5 ETP	-9.1%	222,7 ETP	-4.3%	232,7 ETP	+2.4%	227,3 ETP	+4.2%	218,1 ETP	-7.3%	235,3 ETP	-1.5%	239,0 ETP	-0.7%	240,8 ETP	+1.3%	237,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 36 ended

Active mandates

Gijsbertus Franciscus Maria Swinkels

Director · since 27 mars 2025 · until 28 mai 2031

Active

Petrus Johannes Franciscus Swinkels

Director · since 27 mars 2025 · until 28 mai 2031

Active

Sven Stuer

Director · since 27 mars 2025 · until 28 mai 2031

Active

Ended mandates

Peter-Jan Joost Marie Swinkels

Director · since 29 mai 2024 · until 27 mars 2025

Ended

Mark Rutten

Director · since 13 mars 2024 · until 27 mars 2025

Ended

Mark Rutten

Director · since 13 mars 2024 · until 29 mai 2030

Ended

Geert Van Iwaarden

Director · since 04 janvier 2021 · until 01 janvier 2024

Ended

At this address

Other companies at this address

Company	CBE no.
De Vlier● Liquidation	0423.260.191
STONEHILL● Active	0668.422.941
SWINKELS BELGIUM● Active	1020.341.614
Swinkels Belgium Group● Active	1022.735.237

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/06/2026	10/06/2025	11/06/2024	21/11/2023	14/06/2022	22/06/2021
General meeting	03/06/2026	28/05/2025	29/05/2024	31/05/2023	25/05/2022	26/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	03/06/2026	18/06/2026	Dutch	PDF
Full model	31/12/2024	28/05/2025	10/06/2025	Dutch	PDF
Full model	31/12/2023	29/05/2024	11/06/2024	Dutch	PDF
Full modelCorrection	31/12/2022	31/05/2023	21/11/2023	Dutch	PDF
Full model	31/12/2022	31/05/2023	22/06/2023	Dutch	PDF
Full model	31/12/2021	25/05/2022	14/06/2022	Dutch	PDF
Full model	31/12/2020	26/05/2021	22/06/2021	Dutch	PDF
Full model	31/12/2019	27/05/2020	25/06/2020	Dutch	PDF
Full model	31/12/2018	29/05/2019	25/06/2019	Dutch	PDF
Full model	31/12/2017	30/05/2018	14/06/2018	Dutch	PDF
Full model	31/12/2016	31/05/2017	26/06/2017	Dutch	PDF
Full model	31/12/2015	25/05/2016	09/06/2016	Dutch	PDF
Full model	31/12/2014	27/05/2015	01/07/2015	Dutch	PDF
Full model	31/12/2013	28/05/2014	24/06/2014	Dutch	PDF
Full model	31/12/2012	29/05/2013	23/07/2013	Dutch	PDF
Full model	31/12/2011	30/05/2012	15/06/2012	Dutch	PDF
Full model	31/12/2010	25/05/2011	23/06/2011	Dutch	PDF
Full model	31/12/2009	26/05/2010	18/06/2010	Dutch	PDF
Full model	31/12/2008	27/05/2009	11/06/2009	Dutch	PDF
Full model	31/12/2007	28/05/2008	18/06/2008	Dutch	PDF
Full model	31/12/2006	30/05/2007	04/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 36 ended

Active mandates

Gijsbertus Franciscus Maria Swinkels

Director · since 27 mars 2025 · until 28 mai 2031

Active

Petrus Johannes Franciscus Swinkels

Director · since 27 mars 2025 · until 28 mai 2031

Active

Sven Stuer

Director · since 27 mars 2025 · until 28 mai 2031

Active

Ended mandates

Peter-Jan Joost Marie Swinkels

Director · since 29 mai 2024 · until 27 mars 2025

Ended

Mark Rutten

Director · since 13 mars 2024 · until 27 mars 2025

Ended

Mark Rutten

Director · since 13 mars 2024 · until 29 mai 2030

Ended

Geert Van Iwaarden

Director · since 04 janvier 2021 · until 01 janvier 2024

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring26/11/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring16/10/2025
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates26/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring21/08/2025
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Mandates25/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/08/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/06/2024
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20251,7 M €↓
31/10/2025
reduction_capital
01/10/2025
nominationSven Stuer — General Manager
01/10/2025
nominationEllen Cools — HR-Medewerker
01/10/2025
nominationHannelore Maes — HR-Medewerker
01/10/2025
nominationGlenn De Ridder — Legal Counsel
01/10/2025
reduction_capital
01/10/2025
split
30/09/2025
apport
29/09/2025
nominationDidier DELANOYE — commissaris
28/05/2025
nominationDidier Delanoye — commissaris
27/03/2025
nominationPetrus Johannes Franciscus Swinkels — bestuurder
27/03/2025
nominationGijsbertus Franciscus Maria Swinkels — bestuurder
27/03/2025
nominationSven Stuer — bestuurder
2024
Annual accounts 20242,3 M €↓
29/05/2024
reconductionPeter-Jan Joost Marie Swinkels — bestuurder
29/05/2024
reconductionSven Stuer — dagelijks bestuurder
13/03/2024
nominationMark Piet-Jan Rutten — bestuurder
2023
Annual accounts 20234 M €↓
2022
Annual accounts 202210,2 M €↑
25/05/2022
nominationPricewaterhouseCoopers Belgium BV — commissaris
25/05/2022
nominationDidier Delanoye — commissaris
01/01/2022
nominationSven Stuer — General Manager
01/01/2022
nominationGodelieve Baeyens — Financieel Manager
01/01/2022
nominationMark van Oppens — Sales Manager Horeca Contracting
01/01/2022
nominationBert Poukens — Human Resources Manager
2021
Annual accounts 20211,1 M €↓
2020
Annual accounts 20201,3 M €↑
2019
Annual accounts 20191,3 M €↑
2018
Annual accounts 2018623,2 k €↓
2017
Annual accounts 20171,4 M €↑
2016
Annual accounts 2016-590,7 k €↓
2015
Annual accounts 2015475,5 k €↑
2014
Annual accounts 2014-1,2 M €↓
2014
Name changePALM
2013
Annual accounts 2013-504,7 k €↑
2012
Annual accounts 2012-2,5 M €↓
2011
Annual accounts 2011-428,5 k €↓
2010
Annual accounts 2010565,8 k €↓
2009
Annual accounts 20091,4 M €↑
2008
Annual accounts 20081,3 M €↑
2007
Annual accounts 2007-27,8 M €↓
2006
Annual accounts 20061,2 M €
2006
Name changepalm breweries
30/06/1942
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PALM

Overview

What does PALM do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline