ACTIVE

PANEC

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Financial year 2025 · closed on 31/12/2025

Net result

189,5 k €

+10.0% YoY

Gross margin

255,8 k €

+10.6% YoY

Equity

898,7 k €

+7.3% YoY

What does PANEC do?

PANEC is a Public limited company incorporated in 1995. Its main activity is: Activities of holding companies. Its registered office is in Brugge.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.320.473

Incorporation

30/05/1995

Legal form

Public limited company

Registered office

Colettijnenstraat 4
8000 Brugge · FlandreSee on map

Contributed capital

75 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDA

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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	255,8 k €	+10.6%	231,2 k €	+15.1%	200,9 k €	+5.4%	190,7 k €	-2.7%	195,9 k €	+20.9%	162,1 k €	+1.0%	160,6 k €	+24.9%	128,5 k €	-4.4%	134,5 k €	+3.4%	130 k €	+1.1%	128,6 k €	+8.4%	118,7 k €	+23.3%	96,2 k €	+40.3%	68,6 k €	-37.0%	109 k €	-10.5%	121,8 k €	+1.8%	119,7 k €	+6.5%	112,4 k €	-0.2%	112,6 k €	+9.8%	102,6 k €
EBITDA	252,3 k €	+10.7%	227,9 k €	+15.3%	197,7 k €	+5.3%	187,7 k €	-2.8%	193 k €	+21.2%	159,3 k €	+0.9%	157,8 k €	+25.5%	125,7 k €	-4.6%	131,8 k €	+3.5%	127,4 k €	+1.1%	126 k €	+8.5%	116 k €	+23.9%	93,6 k €	+41.9%	66 k €	-38.0%	106,5 k €	-10.8%	119,4 k €	+1.9%	117,2 k €	+6.6%	110 k €	-0.3%	110,3 k €	+10.0%	100,2 k €
Operating result	239,9 k €	+11.3%	215,5 k €	+16.2%	185,5 k €	+4.9%	176,9 k €	-2.9%	182,2 k €	+22.8%	148,4 k €	+1.0%	146,9 k €	+27.9%	114,9 k €	-5.0%	120,9 k €	+3.8%	116,5 k €	+1.2%	115,1 k €	+11.7%	103 k €	+24.5%	82,8 k €	+50.1%	55,1 k €	-42.3%	95,6 k €	-11.9%	108,5 k €	+2.1%	106,3 k €	+7.3%	99,1 k €	-0.3%	99,4 k €	+14.6%	86,7 k €
Net result	189,5 k €	+10.0%	172,3 k €	+16.8%	147,5 k €	+5.1%	140,3 k €	+3.5%	135,5 k €	+18.8%	114,1 k €	+8.3%	105,3 k €	+19.6%	88 k €	-2.8%	90,6 k €	+9.1%	83 k €	+5.3%	78,8 k €	-1.3%	79,9 k €	+29.1%	61,9 k €	+56.8%	39,5 k €	-37.2%	62,8 k €	-9.8%	69,6 k €	+3.5%	67,3 k €	+7.8%	62,4 k €	-0.4%	62,6 k €	+25.8%	49,8 k €
Balance sheet
Equity	898,7 k €	+7.3%	837,4 k €	+13.1%	740,1 k €	+7.4%	689 k €	+7.0%	643,7 k €	+19.6%	538,2 k €	+13.0%	476,1 k €	+12.6%	422,9 k €	-30.9%	612,3 k €	+6.7%	573,7 k €	+5.7%	542,7 k €	+6.0%	511,9 k €	+104%	251,5 k €	-47.6%	480,1 k €	+2.0%	470,7 k €	+8.7%	432,9 k €	+11.5%	388,2 k €	+12.2%	346 k €	+12.1%	308,6 k €	+13.9%	271 k €
Total assets	1,4 M €	-0.1%	1,4 M €	+7.6%	1,3 M €	+0.4%	1,3 M €	+8.1%	1,2 M €	-0.5%	1,2 M €	-1.1%	1,2 M €	+9.1%	1,1 M €	-0.8%	1,1 M €	+2.8%	1,1 M €	+12.3%	970,1 k €	-1.1%	981,1 k €	+44.6%	678,3 k €	-1.4%	687,9 k €	-2.0%	701,7 k €	-1.1%	709,4 k €	-1.5%	720,3 k €	-1.4%	730,7 k €	+19.1%	613,8 k €	-1.7%	624,7 k €
Cash	2,4 k €	+7.4%	2,2 k €	+5.2%	2,1 k €	+289%	535,9 €	+51.4%	353,8 €	+181%	126,1 €	-63.1%	341,4 €	+151%	136,2 €	+107%	65,8 €	-98.6%	4,6 k €	+827%	495,8 €	-9.9%	550,4 €	-70.8%	1,9 k €	+161%	723,3 €	-79.8%	3,6 k €	+964%	337,5 €	-35.5%	523,1 €	+472%	91,5 €	+3.1%	88,7 €	-36.3%	139,3 €
Debts	493,2 k €	-11.3%	555,9 k €	+0.3%	554,2 k €	-7.6%	599,6 k €	+9.5%	547,4 k €	-16.8%	657,8 k €	-10.3%	733 k €	+7.2%	683,9 k €	+35.8%	503,6 k €	-2.3%	515,6 k €	+20.6%	427,4 k €	-8.9%	469,3 k €	+9.9%	426,8 k €	+105%	207,7 k €	-10.1%	231 k €	-15.0%	271,7 k €	-16.6%	325,8 k €	-13.2%	375,2 k €	+23.0%	305,2 k €	-13.7%	353,7 k €

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 · 1 active · 10 ended

Active mandates

PATRICIA ANECA

Managing director · until 05 juin 2031

Active

Ended mandates

BART VAN DEN BERGHE

Director

Ended

PATRICIA ANECA

Managing director · until 31 mai 2017

Ended

PATRICIA ANECA

Managing director · until 01 juin 2019

Ended

PATRICIA ANECA

Managing director · until 05 juin 2025

Ended

At this address

Other companies at this address

Company	CBE no.
DRY CEUNINGHEN● Active	0884.336.231

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	12/08/2026	05/08/2025	14/08/2024	23/08/2023	31/08/2022	26/07/2021
General meeting	06/06/2026	07/06/2025	01/06/2024	03/06/2023	25/06/2022	26/06/2021
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
Micro model	31/12/2025	06/06/2026	12/08/2026	Dutch	PDF
Micro model	31/12/2024	07/06/2025	05/08/2025	Dutch	PDF
Micro model	31/12/2023	01/06/2024	14/08/2024	Dutch	PDF
Micro model	31/12/2022	03/06/2023	23/08/2023	Dutch	PDF
Micro model	31/12/2021	25/06/2022	31/08/2022	Dutch	PDF
Micro model	31/12/2020	26/06/2021	26/07/2021	Dutch	PDF
Micro modelCorrection	31/12/2019	30/06/2020	16/09/2020	Dutch	PDF
Micro model	31/12/2019	30/06/2020	31/07/2020	Dutch	PDF
Micro model	31/12/2018	22/06/2019	09/08/2019	Dutch	PDF
Micro model	31/12/2017	23/06/2018	13/08/2018	Dutch	PDF
Abridged model	31/12/2016	24/06/2017	23/07/2017	Dutch	PDF
Abridged model	31/12/2015	04/06/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2014	06/06/2015	31/08/2015	Dutch	PDF
Abridged model	31/12/2013	07/06/2014	29/08/2014	Dutch	PDF
Abridged model	31/12/2012	01/06/2013	27/08/2013	Dutch	PDF
Abridged model	31/12/2011	02/06/2012	27/08/2012	Dutch	PDF
Abridged model	31/12/2010	04/06/2011	20/07/2011	Dutch	PDF
Abridged model	31/12/2009	05/06/2010	07/07/2010	Dutch	PDF
Abridged model	31/12/2008	06/06/2009	29/07/2009	Dutch	PDF
Abridged model	31/12/2007	07/06/2008	24/07/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	16/07/2007	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 · 1 active · 10 ended

Active mandates

PATRICIA ANECA

Managing director · until 05 juin 2031

Active

Ended mandates

BART VAN DEN BERGHE

Director

Ended

PATRICIA ANECA

Managing director · until 31 mai 2017

Ended

PATRICIA ANECA

Managing director · until 01 juin 2019

Ended

PATRICIA ANECA

Managing director · until 05 juin 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Registered office06/12/2018
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares05/03/2018
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates21/12/2015
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares18/03/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates29/08/2007
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares23/02/2004
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
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 2025189,5 k €↑
2024
Annual accounts 2024172,3 k €↑
2023
Annual accounts 2023147,5 k €↑
2022
Annual accounts 2022140,3 k €↑
2021
Annual accounts 2021135,5 k €↑
2020
Annual accounts 2020114,1 k €↑
2019
Annual accounts 2019105,3 k €↑
2018
Annual accounts 201888 k €↓
2017
Annual accounts 201790,6 k €↑
2016
Annual accounts 201683 k €↑
2015
Annual accounts 201578,8 k €↓
2014
Annual accounts 201479,9 k €↑
2013
Annual accounts 201361,9 k €↑
2012
Annual accounts 201239,5 k €↓
2011
Annual accounts 201162,8 k €↓
2010
Annual accounts 201069,6 k €↑
2009
Annual accounts 200967,3 k €↑
2008
Annual accounts 200862,4 k €↓
2007
Annual accounts 200762,6 k €↑
2006
Annual accounts 200649,8 k €
30/05/1995
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

PANEC

Overview

What does PANEC 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