ACTIVE

Panelflex

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Financial year 2025 · closed on 31/12/2025

Net result

169,1 k €

+17.6% YoY

Gross margin

1,5 M €

+1.3% YoY

Equity

2,6 M €

+4.5% YoY

Workforce

15,0 ETP

-3.8% YoY

What does Panelflex do?

Panelflex is a Public limited company incorporated in 1992. Its registered office is in Kuurne. It employs on average 15,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0447.094.774

Incorporation

02/04/1992

Legal form

Public limited company

Registered office

Noordlaan 5
8520 Kuurne · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Average workforce

15,0 ETP

Joint committees (6)

111
11100
124
200
209
20900

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,5 M €	+1.3%	1,5 M €	+12.7%	1,3 M €	-8.4%	1,4 M €	-10.0%	1,6 M €	+25.7%	1,3 M €	-61.6%	3,3 M €	+320%	781,8 k €	+11.7%	700 k €	+148%	282,1 k €	+32.4%	213,1 k €	-37.9%	343 k €	-2.2%	350,7 k €	+72.5%	203,4 k €	+494%	34,3 k €	+12.3%	30,5 k €	+4.7%	29,1 k €	-2.6%	29,9 k €	+5.5%	28,4 k €
EBITDA	480,9 k €	-1.6%	488,8 k €	+2.8%	475,7 k €	+3.1%	461,5 k €	-36.2%	723,3 k €	+58.1%	457,5 k €	-82.3%	2,6 M €	+504%	427,6 k €	+6.0%	403,4 k €	+263%	111,2 k €	-44.3%	199,6 k €	-39.3%	328,7 k €	-2.7%	337,8 k €	+77.0%	190,9 k €	+772%	21,9 k €	+24.7%	17,5 k €	+6.0%	16,6 k €	-6.3%	17,7 k €	+1.4%	17,4 k €
Operating result	194 k €	+9.7%	176,8 k €	+9.2%	162 k €	+24.5%	130,1 k €	-60.4%	328,6 k €	+121%	148,6 k €	-93.7%	2,4 M €	+1028%	210,6 k €	+46.7%	143,5 k €	+2936%	4,7 k €	-97.2%	170,2 k €	-44.1%	304,3 k €	-2.9%	313,4 k €	+88.2%	166,5 k €	+6780%	-2,5 k €	+63.5%	-6,8 k €	+12.7%	-7,8 k €	-16.6%	-6,7 k €	+3.5%	-7 k €
Net result	169,1 k €	+17.6%	143,8 k €	+21.7%	118,2 k €	-26.3%	160,4 k €	-46.6%	300,3 k €	+149%	120,8 k €	-92.8%	1,7 M €	+772%	193,6 k €	+106%	94,1 k €	+10069%	925,6 €	-99.9%	778,9 k €	+433%	146,1 k €	+2.8%	142,1 k €	-66.8%	428,5 k €	+6649%	6,3 k €	+243%	1,9 k €	-60.4%	4,7 k €	-66.3%	13,9 k €	+12.7%	12,3 k €
Balance sheet
Equity	2,6 M €	+4.5%	2,4 M €	-17.2%	2,9 M €	-0.4%	3 M €	-2.3%	3 M €	+4.2%	2,9 M €	-7.5%	3,1 M €	+94.6%	1,6 M €	+4.8%	1,5 M €	+6.5%	1,4 M €	+0.1%	1,4 M €	+117%	668,3 k €	+28.0%	522,2 k €	+37.4%	380,1 k €	-45.8%	701,6 k €	+0.9%	695,3 k €	+0.3%	693,4 k €	-20.2%	868,7 k €	+1.6%	854,8 k €
Total assets	5,6 M €	-4.5%	5,8 M €	-7.2%	6,3 M €	-4.5%	6,6 M €	+2.3%	6,4 M €	+3.5%	6,2 M €	-6.5%	6,6 M €	+52.3%	4,4 M €	+23.8%	3,5 M €	+32.1%	2,7 M €	+26.0%	2,1 M €	-39.1%	3,5 M €	-1.8%	3,5 M €	+0.5%	3,5 M €	+162%	1,3 M €	-7.0%	1,4 M €	+13.4%	1,3 M €	-16.0%	1,5 M €	-5.0%	1,6 M €
Cash	779,2 k €	+61.4%	482,8 k €	-25.4%	646,9 k €	+33.5%	484,5 k €	-9.3%	534,2 k €	-57.0%	1,2 M €	-56.3%	2,8 M €	+892%	286,2 k €	+363%	61,8 k €	-28.2%	86,1 k €	-88.6%	752,9 k €	+8846%	8,4 k €	+267%	2,3 k €	-92.7%	31,3 k €	+436%	5,9 k €	+0.2%	5,8 k €	+21.9%	4,8 k €	+57.7%	3 k €	+2.4%	3 k €
Debts	2,7 M €	-12.3%	3,1 M €	+3.0%	3 M €	-7.5%	3,2 M €	+10.9%	2,9 M €	+9.6%	2,7 M €	-2.0%	2,7 M €	+6.2%	2,6 M €	+47.4%	1,7 M €	+80.7%	961,5 k €	+191%	330,2 k €	-87.7%	2,7 M €	-5.8%	2,8 M €	-3.0%	2,9 M €	+635%	398,7 k €	-12.7%	456,8 k €	-14.1%	531,7 k €	-6.0%	565,4 k €	-9.3%	623,2 k €
Other
Workforce	15,0 ETP	-3.8%	15,6 ETP	+14.7%	13,6 ETP	-16.6%	16,3 ETP	+13.2%	14,4 ETP	+5.1%	13,7 ETP	+19.1%	11,5 ETP	+105%	5,6 ETP	+12.0%	5,0 ETP	+72.4%	2,9 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 · 33 ended

Active mandates

Klaas Buyck

Director · since 22 juillet 2025 · until 15 juin 2029

Active

Sarah Bonte

Director · since 25 mai 2023 · until 15 juin 2029

Active

VILESK

Director · since 25 mai 2023 · until 22 juillet 2025 · 0890.981.127

Represented by Buyck Klaas

Active

Ended mandates

Sarah Bonte

Managing director · since 25 mai 2023

Ended

VILESK

Chairman of the board of directors · since 25 mai 2023 · 0890.981.127

Represented by Buyck KLAAS

Ended

VILESK

Director · since 25 mai 2023 · until 15 mai 2029 · 0890.981.127

Represented by Buyck KLAAS

Ended

Sarah Bonte

Director · since 16 juin 2017 · until 16 juin 2023

Ended

At this address

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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	31/08/2026	06/06/2025	26/06/2024	21/06/2023	17/07/2022	28/07/2021
General meeting	19/06/2026	23/05/2025	21/06/2024	25/05/2023	17/06/2022	18/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	23/05/2025	06/06/2025	Dutch	PDF
Abridged model	31/12/2023	21/06/2024	26/06/2024	Dutch	PDF
Abridged model	31/12/2022	25/05/2023	21/06/2023	Dutch	PDF
Abridged model	31/12/2021	17/06/2022	17/07/2022	Dutch	PDF
Abridged model	31/12/2020	18/06/2021	28/07/2021	Dutch	PDF
Abridged model	31/12/2019	19/06/2020	31/08/2020	Dutch	PDF
Abridged model	31/12/2018	21/06/2019	30/07/2019	Dutch	PDF
Abridged model	31/12/2017	15/06/2018	25/07/2018	Dutch	PDF
Abridged model	31/12/2016	16/06/2017	18/07/2017	Dutch	PDF
Abridged model	31/12/2015	17/06/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2014	19/06/2015	31/07/2015	Dutch	PDF
Abridged model	31/12/2013	20/06/2014	30/08/2014	Dutch	PDF
Abridged model	31/12/2012	21/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	15/06/2012	31/08/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	29/07/2011	Dutch	PDF
Abridged model	31/12/2009	18/06/2010	28/06/2010	Dutch	PDF
Abridged model	31/12/2008	19/06/2009	21/06/2009	Dutch	PDF
Abridged model	31/12/2007	20/06/2008	28/06/2008	Dutch	PDF
Abridged model	31/12/2006	15/06/2007	02/07/2007	Dutch	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 · 33 ended

Active mandates

Klaas Buyck

Director · since 22 juillet 2025 · until 15 juin 2029

Active

Sarah Bonte

Director · since 25 mai 2023 · until 15 juin 2029

Active

VILESK

Director · since 25 mai 2023 · until 22 juillet 2025 · 0890.981.127

Represented by Buyck Klaas

Active

Ended mandates

Sarah Bonte

Managing director · since 25 mai 2023

Ended

VILESK

Chairman of the board of directors · since 25 mai 2023 · 0890.981.127

Represented by Buyck KLAAS

Ended

VILESK

Director · since 25 mai 2023 · until 15 mai 2029 · 0890.981.127

Represented by Buyck KLAAS

Ended

Sarah Bonte

Director · since 16 juin 2017 · until 16 juin 2023

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring13/08/2025
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring13/06/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates04/03/2024
ONTSLAGEN - BENOEMINGEN
PDF
Registered office08/09/2020
MAATSCHAPPELIJKE ZETEL
PDF
Other19/11/2019
BENAMING
PDF
Registered office06/10/2017
MAATSCHAPPELIJKE ZETEL
PDF
Mandates17/08/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/05/2016
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 2025169,1 k €↑
2024
Annual accounts 2024143,8 k €↑
2023
Annual accounts 2023118,2 k €↓
2022
Annual accounts 2022160,4 k €↓
2021
Annual accounts 2021300,3 k €↑
2019
Annual accounts 2019120,8 k €↓
2019
Name changePANELFLEX
2018
Annual accounts 20181,7 M €↑
2017
Annual accounts 2017193,6 k €↑
2016
Annual accounts 201694,1 k €↑
2015
Annual accounts 2015925,6 €↓
2014
Annual accounts 2014778,9 k €↑
2014
Name changeDUQUAINE CONSTRUCT
2013
Annual accounts 2013146,1 k €↑
2012
Annual accounts 2012142,1 k €↓
2011
Annual accounts 2011428,5 k €↑
2010
Annual accounts 20106,3 k €↑
2009
Annual accounts 20091,9 k €↓
2008
Annual accounts 20084,7 k €↓
2007
Annual accounts 200713,9 k €↑
2006
Annual accounts 200612,3 k €
2006
Name changeRANA
02/04/1992
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

Panelflex

Overview

What does Panelflex do?

Trend over 19 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