ACTIVE

PANISTAR

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Financial year 2025 · closed on 31/12/2025

Net result

291,3 k €

-44.0% YoY

Gross margin

2,1 M €

-8.7% YoY

Equity

1,5 M €

-22.5% YoY

Workforce

24,7 ETP

+4.2% YoY

What does PANISTAR do?

PANISTAR is a Public limited company incorporated in 1992. Its registered office is in Andenne. It employs on average 24,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0446.958.677

Incorporation

23/03/1992

Legal form

Public limited company

Registered office

Rue Sous Meuse 17 box A
5300 Andenne · WallonieSee on map

Contributed capital

95 439,01 €

Latest accounts

31/12/2025

Average workforce

24,7 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	2,1 M €	-8.7%	2,3 M €	+0.3%	2,3 M €	+32.9%	1,7 M €	-5.1%	1,8 M €	+19.5%	1,5 M €	+34.1%	1,1 M €	+14.9%	968,6 k €	+4.2%	929,9 k €	-4.0%	968,6 k €	+22.0%	794,1 k €	-4.7%	833,5 k €	+24.1%	671,7 k €	-1.5%	681,9 k €	+12.3%	607,4 k €	-15.0%	714,5 k €	-11.3%	805,8 k €	-16.3%	963,1 k €	+20.1%	802,2 k €
EBITDA	593,7 k €	-33.9%	897,6 k €	-22.5%	1,2 M €	+72.1%	672,4 k €	-28.4%	938,6 k €	+17.2%	801,1 k €	+67.8%	477,3 k €	+64.7%	289,9 k €	-23.3%	378,1 k €	+28.1%	295,2 k €	+54.2%	191,4 k €	-2.2%	195,6 k €	+105%	95,3 k €	-25.8%	128,4 k €	+148%	51,8 k €	-55.0%	115,1 k €	+89.3%	60,8 k €	-47.9%	116,6 k €	+235%	-86,1 k €
Operating result	387,3 k €	-44.8%	701,5 k €	-26.4%	953,5 k €	+94.9%	489,1 k €	-37.6%	783,4 k €	+21.7%	643,7 k €	+100.0%	321,9 k €	+140%	134,1 k €	-42.6%	233,8 k €	+4.9%	222,8 k €	+185%	78,2 k €	-26.1%	105,8 k €	+403%	21 k €	-60.2%	52,8 k €	+233%	-39,6 k €	-459%	11 k €	+108%	-133 k €	-22.5%	-108,6 k €	+65.6%	-316,1 k €
Net result	291,3 k €	-44.0%	520,3 k €	-26.3%	706,3 k €	+68.0%	420,3 k €	-35.2%	648,9 k €	+24.1%	522,8 k €	+94.6%	268,6 k €	+166%	101 k €	-52.1%	211 k €	+3.3%	204,2 k €	+220%	63,7 k €	-18.9%	78,6 k €	+79.6%	43,7 k €	+46.2%	29,9 k €	+144%	-68,6 k €	-640%	-9,3 k €	+94.6%	-173,2 k €	-13.9%	-152 k €	+56.9%	-352,5 k €
Balance sheet
Equity	1,5 M €	-22.5%	2 M €	+0.6%	2 M €	-2.4%	2 M €	+15.7%	1,7 M €	+29.1%	1,3 M €	+35.9%	984,9 k €	+10.5%	891,3 k €	+11.6%	798,8 k €	+36.2%	586,4 k €	+50.8%	388,9 k €	+21.4%	320,5 k €	+32.5%	241,9 k €	+1710%	-15 k €	+66.6%	-44,9 k €	-290%	23,7 k €	-43.7%	42 k €	-83.3%	251,4 k €	-29.8%	358,1 k €
Total assets	3,1 M €	-6.0%	3,3 M €	-13.8%	3,9 M €	+19.9%	3,2 M €	+18.0%	2,7 M €	+28.9%	2,1 M €	+12.7%	1,9 M €	+21.0%	1,6 M €	+9.3%	1,4 M €	+7.9%	1,3 M €	+14.1%	1,2 M €	+11.8%	1 M €	+4.0%	997 k €	+30.2%	765,5 k €	-9.6%	846,8 k €	-23.4%	1,1 M €	-3.2%	1,1 M €	-21.4%	1,5 M €	-24.7%	1,9 M €
Cash	227,5 k €	-70.2%	762,4 k €	+30.2%	585,6 k €	+160%	224,9 k €	+21.5%	185,1 k €	-69.4%	604,7 k €	+254%	170,8 k €	+102%	84,6 k €	-51.8%	175,5 k €	+47.1%	119,3 k €	+91.1%	62,4 k €	+49.7%	41,7 k €	-34.3%	63,5 k €	+801%	7,1 k €	-60.4%	17,8 k €	-65.5%	51,6 k €	+44.7%	35,7 k €	-24.7%	47,4 k €	+121%	21,4 k €
Debts	1,6 M €	+15.6%	1,4 M €	-28.2%	1,9 M €	+56.8%	1,2 M €	+21.5%	1 M €	+28.2%	783,1 k €	-12.8%	898,4 k €	+35.6%	662,4 k €	+5.3%	628,8 k €	-4.1%	655,9 k €	-14.9%	770,8 k €	+9.6%	703,2 k €	-6.8%	754,6 k €	-2.9%	776,7 k €	-12.6%	888,7 k €	-17.9%	1,1 M €	-1.7%	1,1 M €	-8.3%	1,2 M €	-23.7%	1,6 M €
Other
Workforce	24,7 ETP	+4.2%	23,7 ETP	+32.4%	17,9 ETP	-13.1%	20,6 ETP	+5.1%	19,6 ETP	+19.5%	16,4 ETP	+8.6%	15,1 ETP	-0.7%	15,2 ETP	-0.7%	15,3 ETP	+11.7%	13,7 ETP	-4.9%	14,4 ETP	-2.7%	14,8 ETP	-2.0%	15,1 ETP	-4.4%	15,8 ETP	-2.5%	16,2 ETP	-6.9%	17,4 ETP	-10.3%	19,4 ETP	-15.3%	22,9 ETP	+3.2%	22,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 22 ended

Active mandates

ESPEJO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0656.535.590

Represented by Filip De Spiegeleire

Active

ESTORNUDO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0736.409.053

Represented by Werner Nies

Active

GWALPE

Director · since 15 janvier 2024 · until 06 juin 2029 · 0427.147.814

Represented by Kathia Snick

Active

Ended mandates

ESPEJO

Director · since 15 janvier 2024 · until 05 juin 2030 · 0656.535.590

Represented by Filip DE SPIEGELEIRE

Ended

ESPEJO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0656.535.590

Represented by FILIP DE SPIEGELEIRE

Ended

ESTORNUDO

Director · since 15 janvier 2024 · until 05 juin 2030 · 0736.409.053

Represented by Werner NIES

Ended

ESTORNUDO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0736.409.053

Represented by WERNER NIES

Ended

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	01/01/2025	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	27/07/2026	29/07/2025	15/07/2024	28/06/2023	10/06/2022	15/06/2021
General meeting	30/06/2026	30/06/2025	05/06/2024	07/06/2023	01/06/2022	02/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	27/07/2026	French	PDF
Abridged model	31/12/2024	30/06/2025	29/07/2025	French	PDF
Abridged model	31/12/2023	05/06/2024	15/07/2024	French	PDF
Abridged model	31/12/2022	07/06/2023	28/06/2023	French	PDF
Abridged model	31/12/2021	01/06/2022	10/06/2022	French	PDF
Abridged model	31/12/2020	02/06/2021	15/06/2021	French	PDF
Abridged model	31/12/2019	03/06/2020	16/06/2020	French	PDF
Abridged model	31/12/2018	05/06/2019	18/06/2019	French	PDF
Abridged model	31/12/2017	06/06/2018	28/06/2018	French	PDF
Abridged model	31/12/2016	07/06/2017	30/06/2017	French	PDF
Abridged model	31/12/2015	01/06/2016	13/06/2016	French	PDF
Abridged model	31/12/2014	03/06/2015	24/06/2015	French	PDF
Abridged model	31/12/2013	13/05/2014	28/05/2014	French	PDF
Abridged model	31/12/2012	25/05/2013	28/05/2013	French	PDF
Abridged model	31/12/2011	26/05/2012	19/06/2012	French	PDF
Abridged modelCorrection	31/12/2010	28/05/2011	18/07/2011	French	PDF
Abridged model	31/12/2010	28/05/2011	10/06/2011	French	PDF
Abridged model	31/12/2009	29/05/2010	31/05/2010	French	PDF
Abridged model	31/12/2008	30/05/2009	09/06/2009	French	PDF
Abridged model	31/12/2007	31/05/2008	03/06/2008	French	PDF
Abridged model	31/12/2006	26/05/2007	17/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 22 ended

Active mandates

ESPEJO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0656.535.590

Represented by Filip De Spiegeleire

Active

ESTORNUDO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0736.409.053

Represented by Werner Nies

Active

GWALPE

Director · since 15 janvier 2024 · until 06 juin 2029 · 0427.147.814

Represented by Kathia Snick

Active

Ended mandates

ESPEJO

Director · since 15 janvier 2024 · until 05 juin 2030 · 0656.535.590

Represented by Filip DE SPIEGELEIRE

Ended

ESPEJO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0656.535.590

Represented by FILIP DE SPIEGELEIRE

Ended

ESTORNUDO

Director · since 15 janvier 2024 · until 05 juin 2030 · 0736.409.053

Represented by Werner NIES

Ended

ESTORNUDO

Director · since 15 janvier 2024 · until 06 juin 2029 · 0736.409.053

Represented by WERNER NIES

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/02/2024
DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates27/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates31/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates31/08/2020
DEMISSIONS, NOMINATIONS
PDF
Registered office10/09/2019
SIEGE SOCIAL - DIVERS
PDF
Mandates09/07/2014
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Mandates28/06/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates08/07/2009
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 2025291,3 k €↓
2024
Annual accounts 2024520,3 k €↓
2023
Annual accounts 2023706,3 k €↑
2022
Annual accounts 2022420,3 k €↓
2021
Annual accounts 2021648,9 k €↑
2020
Annual accounts 2020522,8 k €↑
2019
Annual accounts 2019268,6 k €↑
2018
Annual accounts 2018101 k €↓
2017
Annual accounts 2017211 k €↑
2016
Annual accounts 2016204,2 k €↑
2015
Annual accounts 201563,7 k €↓
2014
Annual accounts 201478,6 k €↑
2013
Annual accounts 201343,7 k €↑
2012
Annual accounts 201229,9 k €↑
2011
Annual accounts 2011-68,6 k €↓
2010
Annual accounts 2010-9,3 k €↑
2009
Annual accounts 2009-173,2 k €↓
2008
Annual accounts 2008-152 k €↑
2007
Annual accounts 2007-352,5 k €
23/03/1992
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

PANISTAR

Overview

What does PANISTAR do?

Trend over 19 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