ACTIVE

INTERWAFFLES

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

-490,6 k €

+69.9% YoY

Revenue

60,7 M €

+6.3% YoY

Equity

6,8 M €

-6.7% YoY

Workforce

255,1 ETP

+3.3% YoY

What does INTERWAFFLES do?

INTERWAFFLES is a Public limited company incorporated in 1989. Its main activity is: Manufacture of bread; manufacture of fresh pastry goods and cakes. Its registered office is in Courcelles. It employs on average 255,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0439.312.406

Incorporation

27/12/1989

Legal form

Public limited company

Registered office

Rue de Liège(CO) 39
6180 Courcelles · WallonieSee on map

Contributed capital

250 000,00 €

Latest accounts

31/12/2025

Average workforce

255,1 ETP

Activities (NACE)

10711Manufacture of bread; manufacture of fresh pastry goods and cakes· main 10711Manufacture of bread; manufacture of fresh pastry goods and cakes 15811Manufacture of leather and related products 10712Manufacture of bread; manufacture of fresh pastry goods and cakes 10712Manufacture of bread; manufacture of fresh pastry goods and cakes 15812Manufacture of leather and related products+3

Joint committees (2)

Signals

Positive 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	60,7 M €	+6.3%	57,1 M €	+9.8%	52 M €	+35.3%	38,5 M €	+3.6%	37,1 M €	+4.5%	35,5 M €	+7.5%	33 M €	+6.9%	30,9 M €	+12.8%	27,4 M €	+20.7%	22,7 M €	+32.1%	17,2 M €	+17.7%	14,6 M €	+5.3%	13,9 M €	+9.9%	12,6 M €	+4.6%	12,1 M €	+22.0%	9,9 M €	-2.2%	10,1 M €	-7.7%	11 M €	+17.6%	9,3 M €	-12.3%	10,6 M €
EBITDA	3,7 M €	+34.1%	2,8 M €	-22.7%	3,6 M €	+131%	1,5 M €	+587%	224,8 k €	-82.8%	1,3 M €	-20.9%	1,7 M €	+28.4%	1,3 M €	+10.3%	1,2 M €	-46.2%	2,2 M €	-5.1%	2,3 M €	+19.9%	1,9 M €	+30.0%	1,5 M €	-36.5%	2,3 M €	-21.2%	2,9 M €	+25.3%	2,3 M €	-19.4%	2,9 M €	-5.2%	3,1 M €	+70.8%	1,8 M €	-7.9%	1,9 M €
Operating result	-48,6 k €	+95.2%	-1 M €	-389%	350,6 k €	-38.1%	566,7 k €	+213%	-501,5 k €	-414%	159,7 k €	-66.8%	481,2 k €	+61.0%	298,8 k €	+546%	46,3 k €	-95.9%	1,1 M €	-26.0%	1,5 M €	+27.6%	1,2 M €	+71.6%	697 k €	-47.5%	1,3 M €	-17.2%	1,6 M €	+4057%	-40,6 k €	-112%	344,7 k €	-34.9%	529,8 k €	+174%	-715,7 k €	-25.3%	-571 k €
Net result	-490,6 k €	+69.9%	-1,6 M €	-2917%	-54 k €	-110%	554,6 k €	+226%	-441,2 k €	-263%	270,4 k €	-53.8%	585,2 k €	+44.8%	404,3 k €	+140%	168,6 k €	-86.5%	1,3 M €	-23.3%	1,6 M €	+25.3%	1,3 M €	+63.6%	796,2 k €	-36.3%	1,2 M €	-28.7%	1,8 M €	+782%	198,8 k €	-59.3%	488,6 k €	+2.3%	477,8 k €	+160%	-798 k €	-148%	-321,9 k €
Balance sheet
Equity	6,8 M €	-6.7%	7,3 M €	-18.2%	9 M €	-36.0%	14 M €	+4.1%	13,5 M €	-3.2%	13,9 M €	+1.6%	13,7 M €	+4.1%	13,2 M €	+2.8%	12,8 M €	+0.9%	12,7 M €	+10.5%	11,5 M €	+16.0%	9,9 M €	+14.4%	8,7 M €	+9.3%	7,9 M €	+16.9%	6,8 M €	+31.3%	5,2 M €	-1.6%	5,2 M €	+3.8%	5,1 M €	+3.1%	4,9 M €	-18.9%	6 M €
Total assets	36,7 M €	-1.7%	37,3 M €	-5.4%	39,5 M €	-1.3%	40 M €	+66.8%	24 M €	+6.7%	22,5 M €	+0.2%	22,4 M €	+0.7%	22,3 M €	+7.4%	20,7 M €	+11.9%	18,5 M €	+13.8%	16,3 M €	+21.8%	13,4 M €	+13.9%	11,7 M €	-4.4%	12,3 M €	+14.1%	10,8 M €	+6.4%	10,1 M €	-7.9%	11 M €	-22.4%	14,1 M €	-6.6%	15,1 M €	-11.3%	17,1 M €
Cash	–		971,8 €	0.0%	971,8 €	0.0%	971,8 €	-100.0%	4 M €	-46.7%	7,5 M €	+44.5%	5,2 M €	+35.8%	3,8 M €	+15.5%	3,3 M €	-50.3%	6,7 M €	+24.4%	5,4 M €	+12.1%	4,8 M €	+1.0%	4,7 M €	+62.5%	2,9 M €	+34.0%	2,2 M €	+173278%	1,3 k €	+231%	378,1 €	-72.1%	1,4 k €	+73.6%	780,5 €	-35.2%	1,2 k €
Debts	29,8 M €	-0.5%	30 M €	-1.6%	30,5 M €	+17.4%	26 M €	+147%	10,5 M €	+22.8%	8,6 M €	-1.9%	8,7 M €	-4.1%	9,1 M €	+15.2%	7,9 M €	+35.7%	5,8 M €	+22.1%	4,8 M €	+39.6%	3,4 M €	+13.0%	3 M €	-29.8%	4,3 M €	+9.5%	3,9 M €	-19.9%	4,9 M €	-13.5%	5,7 M €	-37.1%	9 M €	-11.4%	10,2 M €	-6.3%	10,9 M €
Other
Workforce	255,1 ETP	+3.3%	247,0 ETP	+6.7%	231,4 ETP	+6.2%	217,8 ETP	+5.0%	207,4 ETP	+10.9%	187,0 ETP	+9.1%	171,4 ETP	+8.9%	157,4 ETP	+9.7%	143,5 ETP	+24.7%	115,1 ETP	+28.5%	89,6 ETP	+0.8%	88,9 ETP	+3.0%	86,3 ETP	-1.1%	87,3 ETP	+3.6%	84,3 ETP	-3.8%	87,6 ETP	-3.3%	90,6 ETP	-3.4%	93,8 ETP	-8.3%	102,3 ETP	-1.5%	103,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 23 ended

Active mandates

Saskia De Paepe

Managing director · since 01 octobre 2024 · until 03 mai 2030

Active

Ignace Heyman

Director · since 05 mai 2023 · until 04 mai 2029

Active

Pieter Grymonpré

Director · since 05 mai 2023 · until 04 mai 2029

Active

Ended mandates

Johannes Van de Par

Managing director · since 03 mai 2024 · until 30 septembre 2024

Ended

Johannes Van de Par

Managing director · since 05 mai 2023 · until 03 mai 2024

Ended

Jan Boone

Managing director · since 04 mai 2018 · until 05 mai 2023

Ended

Jan Boone

Managing director · since 04 mai 2018 · until 03 mai 2024

Ended

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	18/05/2026	26/05/2025	30/05/2024	22/05/2023	23/05/2022	26/05/2021
General meeting	04/05/2026	02/05/2025	03/05/2024	05/05/2023	06/05/2022	07/05/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/05/2026	18/05/2026	French	PDF
Full model	31/12/2024	02/05/2025	26/05/2025	French	PDF
Full model	31/12/2023	03/05/2024	30/05/2024	French	PDF
Full model	31/12/2022	05/05/2023	22/05/2023	French	PDF
Full model	31/12/2021	06/05/2022	23/05/2022	French	PDF
Full model	31/12/2020	07/05/2021	26/05/2021	French	PDF
Full model	31/12/2019	04/05/2020	15/05/2020	French	PDF
Full model	31/12/2018	03/05/2019	13/05/2019	French	PDF
Full model	31/12/2017	04/05/2018	28/05/2018	French	PDF
Full model	31/12/2016	05/05/2017	30/05/2017	French	PDF
Full modelCorrection	31/12/2015	06/05/2016	17/06/2016	French	PDF
Full model	31/12/2015	06/05/2016	20/05/2016	French	PDF
Full model	31/12/2014	04/05/2015	19/05/2015	French	PDF
Full model	31/12/2013	02/05/2014	19/05/2014	French	PDF
Full model	31/12/2012	03/05/2013	29/05/2013	French	PDF
Full modelCorrection	31/12/2011	04/05/2012	03/01/2013	French	PDF
Full model	31/12/2011	04/05/2012	31/07/2012	French	PDF
Full model	31/12/2010	06/05/2011	20/05/2011	French	PDF
Full model	31/12/2009	07/05/2010	17/05/2010	French	PDF
Full model	31/12/2008	04/05/2009	12/05/2009	French	PDF
Full model	31/12/2007	13/06/2008	19/06/2008	French	PDF
Full model	31/12/2006	04/05/2007	10/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 23 ended

Active mandates

Saskia De Paepe

Managing director · since 01 octobre 2024 · until 03 mai 2030

Active

Ignace Heyman

Director · since 05 mai 2023 · until 04 mai 2029

Active

Pieter Grymonpré

Director · since 05 mai 2023 · until 04 mai 2029

Active

Ended mandates

Johannes Van de Par

Managing director · since 03 mai 2024 · until 30 septembre 2024

Ended

Johannes Van de Par

Managing director · since 05 mai 2023 · until 03 mai 2024

Ended

Jan Boone

Managing director · since 04 mai 2018 · until 05 mai 2023

Ended

Jan Boone

Managing director · since 04 mai 2018 · until 03 mai 2024

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates26/06/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates24/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates22/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates27/05/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates13/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates24/11/2022
DEMISSIONS, NOMINATIONS
PDF
Other20/01/2022
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates05/10/2021
DEMISSIONS, NOMINATIONS
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 2025-490,6 k €↑
2024
Annual accounts 2024-1,6 M €↓
2023
Annual accounts 2023-54 k €↓
2022
Annual accounts 2022554,6 k €↑
2021
Annual accounts 2021-441,2 k €↓
2020
Annual accounts 2020270,4 k €↓
2019
Annual accounts 2019585,2 k €↑
2018
Annual accounts 2018404,3 k €↑
2017
Annual accounts 2017168,6 k €↓
2016
Annual accounts 20161,3 M €↓
2015
Annual accounts 20151,6 M €↑
2014
Annual accounts 20141,3 M €↑
2013
Annual accounts 2013796,2 k €↓
2012
Annual accounts 20121,2 M €↓
2011
Annual accounts 20111,8 M €↑
2010
Annual accounts 2010198,8 k €↓
2009
Annual accounts 2009488,6 k €↑
2008
Annual accounts 2008477,8 k €↑
2007
Annual accounts 2007-798 k €↓
2006
Annual accounts 2006-321,9 k €
27/12/1989
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

INTERWAFFLES

Overview

What does INTERWAFFLES do?

Trend over 20 financial years

Indicative valuation

Board of directors

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