ACTIVE

PANO

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Financial year 2025 · closed on 30/09/2025

Net result

72,3 k €

+155.6% YoY

Gross margin

147,6 k €

+83.8% YoY

Equity

520,3 k €

+9.6% YoY

What does PANO do?

PANO is a Private limited company incorporated in 1985. Its main activity is: Wholesale of other household goods. Its registered office is in Niel.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0426.891.852

Incorporation

05/03/1985

Legal form

Private limited company

Registered office

Matenstraat 210
2845 Niel · FlandreSee on map

Contributed capital

24 789,35 €

Latest accounts

30/09/2025

Activities (NACE)

46496Wholesale of other household goods· main 46496Wholesale of other household goods 51476Air transport

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ 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
Gross margin	147,6 k €	+83.8%	80,3 k €	-73.1%	298,5 k €	+434%	55,9 k €	+33.5%	41,8 k €	-22.0%	53,6 k €	-31.9%	78,7 k €	-7.6%	85,2 k €	+2.0%	83,5 k €	-29.3%	118,2 k €	+1.1%	116,9 k €	+56.0%	74,9 k €	-6.7%	80,3 k €	+79.3%	44,8 k €	-4.6%	47 k €	+38.5%	33,9 k €	+32.0%	25,7 k €	+4.9%	24,5 k €	-26.2%	33,2 k €	-2.1%	33,9 k €
EBITDA	145,4 k €	+99.1%	73 k €	-74.8%	289,4 k €	+442%	53,4 k €	+35.4%	39,5 k €	-23.8%	51,8 k €	-24.1%	68,3 k €	-10.4%	76,2 k €	+2.2%	74,6 k €	-33.0%	111,3 k €	-4.2%	116,2 k €	+56.5%	74,3 k €	-6.9%	79,8 k €	+80.5%	44,2 k €	+2.7%	43 k €	+33.3%	32,3 k €	+33.3%	24,2 k €	+16.6%	20,8 k €	-34.4%	31,7 k €	-2.0%	32,3 k €
Operating result	139 k €	+108%	67 k €	-74.6%	264,1 k €	+994%	24,1 k €	+9.8%	22 k €	-48.5%	42,7 k €	-22.0%	54,7 k €	-14.4%	63,9 k €	-6.5%	68,4 k €	-31.9%	100,4 k €	-0.2%	100,6 k €	+72.8%	58,2 k €	-4.6%	61 k €	+118%	28 k €	+24.9%	22,4 k €	+18.1%	19 k €	+90.7%	9,9 k €	+550%	1,5 k €	-90.0%	15,2 k €	-6.1%	16,2 k €
Net result	72,3 k €	+156%	28,3 k €	-83.3%	169,3 k €	+2170%	7,5 k €	+214%	2,4 k €	-79.8%	11,8 k €	-35.6%	18,3 k €	-52.3%	38,3 k €	+40.1%	27,3 k €	-51.3%	56,2 k €	+371%	11,9 k €	-68.0%	37,3 k €	+4.7%	35,6 k €	+156%	13,9 k €	+451%	2,5 k €	+183%	-3 k €	-251%	2 k €	+1444%	130 €	-98.4%	8,2 k €	+12.9%	7,3 k €
Balance sheet
Equity	520,3 k €	+9.6%	474,8 k €	+6.3%	446,5 k €	+47.7%	302,2 k €	+2.5%	294,8 k €	+0.8%	292,4 k €	+4.2%	280,6 k €	+7.0%	262,3 k €	+17.1%	224 k €	+13.9%	196,7 k €	+40.0%	140,5 k €	+9.3%	128,6 k €	+15.5%	111,3 k €	+16.3%	95,7 k €	+11.5%	85,8 k €	-1.7%	87,3 k €	-3.3%	90,3 k €	+2.3%	88,3 k €	+0.1%	88,2 k €	+10.3%	80 k €
Total assets	673,2 k €	+10.6%	608,9 k €	-4.8%	639,5 k €	+22.3%	523,1 k €	+13.1%	462,4 k €	-59.2%	1,1 M €	+76.6%	641,2 k €	+0.5%	637,7 k €	+4.8%	608,6 k €	+22.6%	496,5 k €	+39.5%	355,8 k €	-13.1%	409,5 k €	+9.1%	375,5 k €	-14.1%	437,1 k €	+7.2%	407,9 k €	-2.5%	418,4 k €	+57.0%	266,4 k €	+10.0%	242,2 k €	+28.4%	188,7 k €	-17.7%	229,3 k €
Cash	166,9 k €	-35.8%	260,1 k €	-12.3%	296,5 k €	+285%	77 k €	-1.9%	78,5 k €	-27.0%	107,5 k €	+60.8%	66,9 k €	+51.0%	44,3 k €	-39.1%	72,8 k €	+29.3%	56,3 k €	+45.1%	38,8 k €	-38.2%	62,8 k €	-27.0%	85,9 k €	+35.7%	63,3 k €	+68.8%	37,5 k €	-53.9%	81,3 k €	+224%	25,1 k €	+1866%	1,3 k €	-90.0%	12,7 k €	+43.5%	8,8 k €
Debts	153 k €	+14.1%	134,1 k €	-30.5%	193 k €	-12.6%	220,9 k €	+31.8%	167,6 k €	-80.0%	839,9 k €	+133%	360,6 k €	-3.9%	375,4 k €	-2.4%	384,6 k €	+39.9%	275 k €	+27.7%	215,3 k €	-23.4%	280,9 k €	+6.3%	264,2 k €	-20.7%	333,3 k €	+3.5%	322,1 k €	-2.7%	331,1 k €	+88.0%	176,1 k €	+14.4%	153,9 k €	+53.2%	100,5 k €	-32.7%	149,4 k €
Other
Workforce	–		–		–		–		–		–		–		1,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 2 ended

Active mandates

Kurt Maes

Director · since 01 octobre 1999

Active

Patrick De Smet

Director · since 30 septembre 1999

Active

Ended mandates

Kurt Maes

Mandate

Ended

Patrick De Smet

Mandate

Ended

At this address

Other companies at this address

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DE WULLEBEEK● Active	0704.838.622
RIGGIN● Active	0457.424.383
Transpico● Active	0404.801.388
TRANSPICO GROEP● Active	0567.743.473
TRANSPICO INDUMOVE INTERNATIONAL● Active	0435.278.689
Vereniging van Mede-eigenaars van het gebouw KMO Kapittel lot 2 Matenstraat 210 te Niel● Active	0674.997.066

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/04/2026	01/04/2025	27/03/2024	13/04/2023	11/04/2022	09/04/2021
General meeting	16/03/2026	17/03/2025	18/03/2024	20/03/2023	21/03/2022	15/03/2021
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

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	16/03/2026	15/04/2026	Dutch	PDF
Abridged model	30/09/2024	17/03/2025	01/04/2025	Dutch	PDF
Abridged model	30/09/2023	18/03/2024	27/03/2024	Dutch	PDF
Abridged model	30/09/2022	20/03/2023	13/04/2023	Dutch	PDF
Abridged model	30/09/2021	21/03/2022	11/04/2022	Dutch	PDF
Abridged model	30/09/2020	15/03/2021	09/04/2021	Dutch	PDF
Micro model	30/09/2019	28/02/2020	31/03/2020	Dutch	PDF
Abridged model	30/09/2018	26/02/2019	30/03/2019	Dutch	PDF
Micro model	30/09/2017	28/02/2018	30/03/2018	Dutch	PDF
Abridged model	30/09/2016	28/02/2017	31/03/2017	Dutch	PDF
Abridged model	30/09/2015	29/02/2016	31/03/2016	Dutch	PDF
Abridged model	30/09/2014	31/03/2015	30/04/2015	Dutch	PDF
Abridged model	30/09/2013	30/03/2014	30/04/2014	Dutch	PDF
Abridged model	30/09/2012	30/03/2013	29/04/2013	Dutch	PDF
Abridged model	30/09/2011	24/03/2012	28/04/2012	Dutch	PDF
Abridged model	30/09/2010	28/03/2011	25/04/2011	Dutch	PDF
Abridged model	30/09/2009	29/03/2010	29/04/2010	Dutch	PDF
Abridged model	30/09/2008	26/03/2009	30/04/2009	Dutch	PDF
Abridged model	30/09/2007	27/03/2008	30/04/2008	Dutch	PDF
Abridged model	30/09/2006	31/03/2007	03/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 30/09/2025 · 2 active · 2 ended

Active mandates

Kurt Maes

Director · since 01 octobre 1999

Active

Patrick De Smet

Director · since 30 septembre 1999

Active

Ended mandates

Kurt Maes

Mandate

Ended

Patrick De Smet

Mandate

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/10/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Registered office04/06/2010
MAATSCHAPPELIJKE ZETEL
PDF
Mandates28/03/2003
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 202572,3 k €↑
2024
Annual accounts 202428,3 k €↓
2023
Annual accounts 2023169,3 k €↑
2022
Annual accounts 20227,5 k €↑
2021
Annual accounts 20212,4 k €↓
2020
Annual accounts 202011,8 k €↓
2019
Annual accounts 201918,3 k €↓
2018
Annual accounts 201838,3 k €↑
2017
Annual accounts 201727,3 k €↓
2016
Annual accounts 201656,2 k €↑
2015
Annual accounts 201511,9 k €↓
2014
Annual accounts 201437,3 k €↑
2013
Annual accounts 201335,6 k €↑
2012
Annual accounts 201213,9 k €↑
2011
Annual accounts 20112,5 k €↑
2010
Annual accounts 2010-3 k €↓
2009
Annual accounts 20092 k €↑
2008
Annual accounts 2008130 €↓
2007
Annual accounts 20078,2 k €↑
2006
Annual accounts 20067,3 k €
05/03/1985
IncorporationPrivate 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

PANO

Overview

What does PANO 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