ACTIVE

PAC-MAN

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Financial year 2025 · closed on 31/12/2025

Net result

-463,6 k €

-231.1% YoY

Gross margin

1,4 M €

-55.0% YoY

Equity

7,3 M €

-6.0% YoY

Workforce

12,3 ETP

+16.0% YoY

What does PAC-MAN do?

PAC-MAN is a Public limited company incorporated in 1996. It employs on average 12,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.000.733

Incorporation

09/10/1996

Legal form

Public limited company

Contributed capital

74 368,06 €

Latest accounts

31/12/2025

Average workforce

12,3 ETP

Joint committees (4)

14904
200
302
314

Signals

Solid equityLow riskGood liquidityHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 21 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006		2002
Income statement
Gross margin	1,4 M €	-55.0%	3,2 M €		–		3,4 M €	-8.7%	3,7 M €	+4.6%	3,5 M €	+89.8%	1,9 M €	+21.5%	1,5 M €	+85.0%	825,7 k €	-17.6%	1 M €	+3.1%	971,7 k €	-17.9%	1,2 M €	+29.6%	912,7 k €	+35.4%	674,2 k €	+334%	155,5 k €	-15.8%	184,6 k €	-27.7%	255,4 k €	+36.3%	187,4 k €	-74.3%	728,2 k €	0.0%	728,2 k €	+332%	168,4 k €
EBITDA	-1 M €	-180%	1,3 M €	-50.6%	2,6 M €	+93.8%	1,3 M €	-58.8%	3,2 M €	+3.4%	3,1 M €	+141%	1,3 M €	+16.6%	1,1 M €	+253%	314,7 k €	-50.4%	634,3 k €	-4.2%	662 k €	-25.7%	891,4 k €	+325%	209,9 k €	+1.5%	206,8 k €	+1040%	18,1 k €	-75.7%	74,8 k €	-49.3%	147,6 k €	+138%	62,1 k €	-85.4%	424,5 k €	0.0%	424,5 k €	+626%	-80,7 k €
Operating result	-1,2 M €	-212%	1,1 M €	-55.2%	2,4 M €	+99.4%	1,2 M €	-59.9%	3 M €	+2.3%	2,9 M €	+161%	1,1 M €	+21.4%	916,1 k €	+565%	137,7 k €	-70.8%	471,1 k €	-6.9%	505,9 k €	-30.5%	727,5 k €	+1509%	45,2 k €	-59.1%	110,5 k €	+462%	-30,5 k €	-320%	13,9 k €	-19.2%	17,2 k €	+115%	-114,5 k €	-165%	175,8 k €	0.0%	175,8 k €	+141%	-424,9 k €
Net result	-463,6 k €	-231%	353,7 k €	-80.3%	1,8 M €	+48.4%	1,2 M €	-27.4%	1,7 M €	-6.9%	1,8 M €	+178%	644,6 k €	+43.9%	447,9 k €	+1278%	-38 k €	-112%	313,7 k €	+33.8%	234,5 k €	-59.1%	573,8 k €	+2525%	21,9 k €	-79.6%	107,1 k €	+465%	-29,3 k €	-263%	18 k €	-89.1%	165 k €	+236%	-121,1 k €	-217%	103,5 k €	0.0%	103,5 k €	+124%	-435,4 k €
Balance sheet
Equity	7,3 M €	-6.0%	7,8 M €	-8.1%	8,4 M €	+27.1%	6,6 M €	+22.3%	5,4 M €	+44.3%	3,8 M €	+90.6%	2 M €	+48.5%	1,3 M €	+50.8%	882,4 k €	-37.9%	1,4 M €	+28.3%	1,1 M €	+26.9%	872,2 k €	+192%	298,5 k €	+7.9%	276,6 k €	+63.2%	169,5 k €	+156%	-301,1 k €	+5.6%	-319,1 k €	+34.1%	-484,1 k €	-387%	168,5 k €	0.0%	168,5 k €	+166%	-255,2 k €
Total assets	9,3 M €	-18.4%	11,4 M €	+5.3%	10,9 M €	+17.2%	9,3 M €	+12.6%	8,2 M €	+48.5%	5,5 M €	+53.3%	3,6 M €	+52.6%	2,4 M €	+30.2%	1,8 M €	-24.5%	2,4 M €	+32.8%	1,8 M €	+17.8%	1,5 M €	-2.3%	1,6 M €	+52.1%	1 M €	+86.1%	556,5 k €	+79.2%	310,5 k €	-5.4%	328,2 k €	+17.4%	279,6 k €	-37.7%	448,6 k €	0.0%	448,6 k €	+55.1%	289,2 k €
Cash	683,3 k €	+236%	203,3 k €	-55.8%	460,1 k €	-39.5%	761 k €		–		–		304,4 k €	-27.8%	421,3 k €	+10.6%	380,9 k €	-54.5%	837,6 k €	+111%	397,8 k €	+57.5%	252,6 k €	+101%	125,8 k €	-10.2%	140,1 k €	+217%	44,2 k €	-30.4%	63,5 k €	+22.6%	51,8 k €	+50.2%	34,5 k €	+363%	7,4 k €	0.0%	7,4 k €	-66.3%	22,1 k €
Debts	2 M €	-44.5%	3,7 M €	+52.2%	2,4 M €	-7.6%	2,6 M €	+6.4%	2,5 M €	+107%	1,2 M €	-27.2%	1,6 M €	+57.9%	1 M €	+10.9%	936,3 k €	+15.8%	808,3 k €	+62.9%	496,3 k €	-21.9%	635,8 k €	-49.2%	1,3 M €	+64.9%	759 k €	+96.1%	386,9 k €	-36.7%	611,6 k €	-5.5%	647,2 k €	-15.2%	763,7 k €	+173%	280 k €	0.0%	280 k €	-48.6%	544,4 k €
Other
Workforce	12,3 ETP	+16.0%	10,6 ETP	-3.6%	11,0 ETP	0.0%	11,0 ETP	-4.3%	11,5 ETP	+5.5%	10,9 ETP	-3.5%	11,3 ETP	+32.9%	8,5 ETP	0.0%	8,5 ETP	-8.6%	9,3 ETP	+20.8%	7,7 ETP	-1.3%	7,8 ETP	-6.0%	8,3 ETP	+5.1%	7,9 ETP	+68.1%	4,7 ETP	+17.5%	4,0 ETP	0.0%	4,0 ETP	-16.7%	4,8 ETP	-66.7%	14,4 ETP	0.0%	14,4 ETP	+9.1%	13,2 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 · 2 active · 4 ended

Active mandates

Miranda Thonnon

Director

Active

Rudy De Backer

Managing director

Active

Ended mandates

Miranda Sylvia Thonnon

Bestuurder · since 24 janvier 2011 · until 24 janvier 2029

Ended

Rudy Karel De Backer

Bestuurder · since 09 octobre 1996 · until 24 janvier 2029

Ended

Miranda Thonnon

Director · until 24 janvier 2029

Ended

Rudy De Backer

Managing director · until 24 janvier 2029

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Full 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	13/07/2026	11/12/2025	14/10/2024	07/11/2023	19/08/2022	26/07/2021
General meeting	20/06/2026	12/11/2025	11/06/2024	13/06/2023	07/06/2022	08/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/06/2026	13/07/2026	Dutch	PDF
Abridged model	31/12/2024	12/11/2025	11/12/2025	Dutch	PDF
Full model	31/12/2023	11/06/2024	14/10/2024	Dutch	PDF
Abridged model	31/12/2022	13/06/2023	07/11/2023	Dutch	PDF
Abridged model	31/12/2021	07/06/2022	19/08/2022	Dutch	PDF
Abridged model	31/12/2020	08/06/2021	26/07/2021	Dutch	PDF
Abridged model	31/12/2019	09/06/2020	08/09/2020	Dutch	PDF
Abridged model	31/12/2018	11/06/2019	31/08/2019	Dutch	PDF
Abridged model	31/12/2017	12/06/2018	31/08/2018	Dutch	PDF
Abridged model	31/12/2016	13/06/2017	13/09/2017	Dutch	PDF
Abridged model	31/12/2015	14/06/2016	30/11/2016	Dutch	PDF
Abridged model	31/12/2014	15/06/2015	27/09/2015	Dutch	PDF
Abridged model	31/12/2013	16/06/2014	28/09/2014	Dutch	PDF
Abridged modelCorrection	31/12/2012	16/06/2013	07/11/2013	Dutch	PDF
Abridged model	31/12/2012	16/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	17/06/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	19/06/2011	29/08/2011	Dutch	PDF
Abridged model	31/12/2009	20/06/2010	25/08/2010	Dutch	PDF
Abridged model	31/12/2008	21/06/2009	28/08/2009	Dutch	PDF
Abridged model	31/12/2007	22/06/2008	29/08/2008	Dutch	PDF
Abridged model	31/12/2006	25/06/2007	28/08/2007	Dutch	PDF
Abridged modelCorrection	31/12/2002	25/06/2003	21/02/2008	Dutch	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 · 2 active · 4 ended

Active mandates

Miranda Thonnon

Director

Active

Rudy De Backer

Managing director

Active

Ended mandates

Miranda Sylvia Thonnon

Bestuurder · since 24 janvier 2011 · until 24 janvier 2029

Ended

Rudy Karel De Backer

Bestuurder · since 09 octobre 1996 · until 24 janvier 2029

Ended

Miranda Thonnon

Director · until 24 janvier 2029

Ended

Rudy De Backer

Managing director · until 24 janvier 2029

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office15/09/2026
ZETEL
PDF
Restructuring28/07/2026
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring11/06/2026
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates28/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates15/05/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares09/01/2018
KAPITAAL - AANDELEN
PDF
Other25/04/2013
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Capital / shares20/07/2011
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
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 2025-463,6 k €↓
2024
Annual accounts 2024353,7 k €↓
2023
Annual accounts 20231,8 M €↑
2022
Annual accounts 20221,2 M €↓
2021
Annual accounts 20211,7 M €↓
2020
Annual accounts 20201,8 M €↑
2019
Annual accounts 2019644,6 k €↑
2018
Annual accounts 2018447,9 k €↑
2017
Annual accounts 2017-38 k €↓
2016
Annual accounts 2016313,7 k €↑
2015
Annual accounts 2015234,5 k €↓
2014
Annual accounts 2014573,8 k €↑
2013
Annual accounts 201321,9 k €↓
2012
Annual accounts 2012107,1 k €↑
2011
Annual accounts 2011-29,3 k €↓
2010
Annual accounts 201018 k €↓
2009
Annual accounts 2009165 k €↑
2008
Annual accounts 2008-121,1 k €↓
2007
Annual accounts 2007103,5 k €↑
2006
Annual accounts 2006103,5 k €↑
2002
Annual accounts 2002-435,4 k €
09/10/1996
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

PAC-MAN

Overview

What does PAC-MAN do?

Trend over 21 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