ACTIVE

PANEREX

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Financial year 2025 · closed on 31/12/2025

Net result

-82,1 k €

-17.7% YoY

Gross margin

2,4 M €

-5.2% YoY

Equity

472,3 k €

-20.9% YoY

Workforce

49,6 ETP

-1.4% YoY

What does PANEREX do?

PANEREX is a Private limited company incorporated in 1997. Its main activity is: Manufacture of bread; manufacture of fresh pastry goods and cakes. Its registered office is in Maasmechelen. It employs on average 49,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0460.135.633

Incorporation

05/03/1997

Legal form

Private limited company

Registered office

Terhillslaan(E) 4
3630 Maasmechelen · FlandreSee on map

Contributed capital

102 000,00 €

Latest accounts

31/12/2025

Average workforce

49,6 ETP

Activities (NACE)

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

Joint committees (3)

Signals

Positive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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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	2,4 M €	-5.2%	2,6 M €	-2.9%	2,7 M €	+10.2%	2,4 M €	+13.4%	2,1 M €	+13.9%	1,9 M €	+11.3%	1,7 M €	+29.7%	1,3 M €	+41.3%	913,3 k €	+6.1%	860,5 k €	+7.2%	802,4 k €	+19.5%	671,6 k €	+12.9%	594,7 k €	-7.2%	641,1 k €	+14.1%	561,9 k €	+16.7%	481,3 k €	+22.6%	392,7 k €	-6.9%	421,9 k €	+12.1%	376,4 k €
EBITDA	398 k €	-37.4%	636,2 k €	+0.6%	632,2 k €	-1.6%	642,6 k €	-8.8%	704,3 k €	-9.4%	777,5 k €	+17.9%	659,7 k €	+29.8%	508,4 k €	+62.6%	312,6 k €	-0.7%	314,9 k €	+22.4%	257,3 k €	-3.7%	267,1 k €	+48.4%	180 k €	-21.3%	228,9 k €	-14.8%	268,6 k €	+44.1%	186,4 k €	+53.9%	121,1 k €	-40.6%	203,8 k €	-5.5%	215,7 k €
Operating result	-28 k €	+18.4%	-34,3 k €	+20.3%	-43,1 k €	-844%	-4,6 k €	-104%	109,8 k €	-50.7%	222,7 k €	+100%	111,3 k €	+255%	-71,6 k €	-144%	160,9 k €	-18.9%	198,5 k €	+44.9%	136,9 k €	-10.0%	152,1 k €	+137%	64,3 k €	-17.8%	78,1 k €	-45.6%	143,5 k €	+805%	15,9 k €	+138%	-42,2 k €	-167%	62,6 k €	-20.8%	79 k €
Net result	-82,1 k €	-17.7%	-69,8 k €	+35.2%	-107,7 k €	-42.5%	-75,6 k €	-299%	37,9 k €	-66.9%	114,8 k €	+2330%	4,7 k €	+104%	-128,2 k €	-210%	116,9 k €	-37.1%	185,8 k €	+153%	73,5 k €	+71.6%	42,8 k €	+36.2%	31,4 k €	-34.5%	48 k €	-18.8%	59,2 k €	+341%	-24,6 k €	+70.7%	-83,9 k €	-474%	22,4 k €	-48.1%	43,2 k €
Balance sheet
Equity	472,3 k €	-20.9%	597 k €	-14.8%	700,4 k €	-14.2%	816,6 k €	-13.1%	940,1 k €	-1.0%	950 k €	+7.6%	883,2 k €	-7.3%	953,1 k €	+14.9%	829,3 k €	+16.4%	712,5 k €	+35.3%	526,7 k €	+46.8%	358,7 k €	+13.6%	315,9 k €	+11.1%	284,4 k €	+20.3%	236,4 k €	+33.4%	177,2 k €	-12.2%	201,8 k €	-29.4%	285,7 k €	+75.0%	163,3 k €
Total assets	3,2 M €	-12.2%	3,6 M €	-17.0%	4,4 M €	-6.1%	4,7 M €	-3.6%	4,8 M €	-2.3%	5 M €	-4.2%	5,2 M €	-20.3%	6,5 M €	+114%	3 M €	+132%	1,3 M €	+14.5%	1,1 M €	+5.4%	1,1 M €	-20.9%	1,4 M €	-4.0%	1,4 M €	+16.8%	1,2 M €	-4.8%	1,3 M €	+0.1%	1,3 M €	+23.4%	1 M €	+17.6%	884,3 k €
Cash	131,4 k €	-8.0%	142,8 k €	-61.5%	371,4 k €	+270%	100,5 k €	-35.5%	155,8 k €	-46.4%	290,5 k €	+487%	49,5 k €	-86.8%	375,6 k €	+3.8%	362 k €	+100%	180,8 k €	+77.5%	101,9 k €	+635%	13,9 k €	-38.6%	22,6 k €	-29.9%	32,2 k €	+36.4%	23,6 k €	+205%	7,7 k €	-28.1%	10,8 k €	-86.6%	80 k €	+117%	36,9 k €
Debts	2,7 M €	-10.8%	3 M €	-17.6%	3,7 M €	-4.5%	3,8 M €	-0.9%	3,9 M €	-2.7%	4 M €	-6.8%	4,3 M €	-19.0%	5,3 M €	+152%	2,1 M €	+329%	488,6 k €	-20.7%	616,2 k €	-15.0%	725 k €	-31.3%	1,1 M €	-7.8%	1,1 M €	+16.0%	986,4 k €	-10.9%	1,1 M €	+2.4%	1,1 M €	+43.4%	753,8 k €	+4.5%	721 k €
Other
Workforce	49,6 ETP	-1.4%	50,3 ETP	-11.1%	56,6 ETP	-2.6%	58,1 ETP	+26.3%	46,0 ETP	+20.4%	38,2 ETP	+5.8%	36,1 ETP	+48.0%	24,4 ETP	+25.8%	19,4 ETP	+5.4%	18,4 ETP	+7.6%	17,1 ETP	+30.5%	13,1 ETP	-1.5%	13,3 ETP	+5.6%	12,6 ETP	+31.3%	9,6 ETP	-2.0%	9,8 ETP	+2.1%	9,6 ETP	+21.5%	7,9 ETP	+19.7%	6,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 21 ended

Active mandates

Adriaan Fastré

Director

Active

Annick Verschelde

Director

Active

Evelien Thewis

Director

Active

Mauro Gucciardi

Director

Active

Philip Fastré

Director

Active

Ended mandates

Evelien Thewis

Director · since 23 décembre 2023

Ended

Mauro Gucciardi

Director · since 23 décembre 2023

Ended

Adriaan Fastré

Director · since 19 mai 2011

Ended

Adriaan Fastré

Manager · since 19 mai 2011

Ended

At this address

Other companies at this address

Company	CBE no.
Panerex Group● Active	1026.615.237
PANEREX HOLDING● Active	0790.631.756
PANEREX REAL ESTATE● Active	0790.630.469

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	22/06/2026	25/04/2025	30/07/2024	24/07/2023	25/04/2022	20/09/2021
General meeting	26/05/2026	26/03/2025	28/06/2024	30/06/2023	30/03/2022	31/08/2021
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

23 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/05/2026	22/06/2026	Dutch	PDF
Abridged model	31/12/2024	26/03/2025	25/04/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	24/07/2023	Dutch	PDF
Abridged model	31/12/2021	30/03/2022	25/04/2022	Dutch	PDF
Abridged model	31/12/2020	31/08/2021	20/09/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	30/10/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	01/08/2019	Dutch	PDF
Abridged model	31/12/2017	28/03/2018	31/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	31/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/03/2016	03/08/2016	Dutch	PDF
Abridged model	31/12/2014	25/03/2015	07/05/2015	Dutch	PDF
Abridged model	31/12/2013	26/03/2014	24/07/2014	Dutch	PDF
Abridged model	31/12/2012	27/03/2013	22/08/2013	Dutch	PDF
Abridged model	31/12/2011	28/03/2012	23/08/2012	Dutch	PDF
Abridged model	31/12/2010	31/05/2011	23/06/2011	Dutch	PDF
Abridged model	31/12/2009	31/03/2010	23/06/2010	Dutch	PDF
Abridged modelCorrection	31/12/2008	25/03/2009	08/01/2010	Dutch	PDF
Abridged modelCorrection	31/12/2008	25/03/2009	18/06/2009	Dutch	PDF
Abridged model	31/12/2008	25/03/2009	27/04/2009	Dutch	PDF
Abridged modelCorrection	31/12/2007	26/02/2008	08/01/2010	Dutch	PDF
Abridged model	31/12/2007	26/02/2008	04/03/2008	Dutch	PDF
Abridged model	31/12/2006	28/03/2007	04/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 5 active · 21 ended

Active mandates

Adriaan Fastré

Director

Active

Annick Verschelde

Director

Active

Evelien Thewis

Director

Active

Mauro Gucciardi

Director

Active

Philip Fastré

Director

Active

Ended mandates

Evelien Thewis

Director · since 23 décembre 2023

Ended

Mauro Gucciardi

Director · since 23 décembre 2023

Ended

Adriaan Fastré

Director · since 19 mai 2011

Ended

Adriaan Fastré

Manager · since 19 mai 2011

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates28/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/05/2018
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares14/01/2016
KAPITAAL - AANDELEN
PDF
Registered office31/05/2011
MAATSCHAPPELIJKE ZETEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates27/01/2009
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares27/01/2009
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates28/03/2003
ONTSLAGEN - BENOEMINGEN - BENAMING - KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - WIJZIGING RECHTSVORM
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 2025-82,1 k €↓
2024
Annual accounts 2024-69,8 k €↑
2023
Annual accounts 2023-107,7 k €↓
2022
Annual accounts 2022-75,6 k €↓
2021
Annual accounts 202137,9 k €↓
2020
Annual accounts 2020114,8 k €↑
2019
Annual accounts 20194,7 k €↑
2018
Annual accounts 2018-128,2 k €↓
2017
Annual accounts 2017116,9 k €↓
2016
Annual accounts 2016185,8 k €↑
2015
Annual accounts 201573,5 k €↑
2014
Annual accounts 201442,8 k €↑
2013
Annual accounts 201331,4 k €↓
2012
Annual accounts 201248 k €↓
2011
Annual accounts 201159,2 k €↑
2010
Annual accounts 2010-24,6 k €↑
2009
Annual accounts 2009-83,9 k €↓
2008
Annual accounts 200822,4 k €↓
2007
Annual accounts 200743,2 k €
05/03/1997
IncorporationPrivate 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

PANEREX

Overview

What does PANEREX 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