ACTIVE

EPCO

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Financial year 2025 · closed on 31/12/2025

Net result

8,4 M €

+17.9% YoY

Revenue

48,1 M €

-17.3% YoY

Equity

56,7 M €

+2.5% YoY

Workforce

56,4 ETP

+1.4% YoY

What does EPCO do?

EPCO is a Public limited company incorporated in 2016. Its main activity is: Manufacture of doors and windows of metal. Its registered office is in Tournai. It employs on average 56,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0656.915.969

Incorporation

23/06/2016

Legal form

Public limited company

Registered office

Rue du Bois des Hospices(BL) 3
7522 Tournai · WallonieSee on map

Contributed capital

45 876 847,85 €

Latest accounts

31/12/2025

Average workforce

56,4 ETP

Activities (NACE)

25120Manufacture of doors and windows of metal· main 25120Manufacture of doors and windows of metal

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 10 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016
Income statement
Revenue	48,1 M €	-17.3%	58,1 M €	-0.3%	58,3 M €	-16.6%	70 M €	+13.2%	61,8 M €	+5872%	1 M €	+9.0%	949,7 k €	+123%	426,3 k €	+48.7%	286,6 k €	+707%	35,5 k €
EBITDA	18,7 M €	+48.2%	12,6 M €	+2.2%	12,4 M €	+4.8%	11,8 M €	-19.8%	14,7 M €	+54441405%	-27 €	-100%	53,8 k €	+203%	-52,2 k €	-774%	7,8 k €	+140%	-19,5 k €
Operating result	12 M €	+104%	5,9 M €	+5.7%	5,6 M €	+10.3%	5 M €	-36.2%	7,9 M €	+2407%	-342,1 k €	-86.2%	-183,7 k €	+14.0%	-213,8 k €	-71.9%	-124,3 k €	-389%	-25,5 k €
Net result	8,4 M €	+17.9%	7,1 M €	+45.2%	4,9 M €	+39.9%	3,5 M €	-40.2%	5,9 M €	-57.8%	13,9 M €	+712%	-2,3 M €	-87.8%	-1,2 M €	-189%	1,4 M €	-77.0%	5,9 M €
Balance sheet
Equity	56,7 M €	+2.5%	55,4 M €	+14.7%	48,3 M €	+0.7%	47,9 M €	-8.8%	52,5 M €	+1.0%	52 M €	+4.8%	49,7 M €	-1.8%	50,5 M €	-2.3%	51,8 M €	+2.7%	50,4 M €
Total assets	112,7 M €	+9.3%	103 M €	+0.8%	102,2 M €	+1.0%	101,2 M €	-3.7%	105 M €	-0.2%	105,2 M €	+5.9%	99,3 M €	+1.0%	98,4 M €	+19.0%	82,6 M €	+0.8%	82 M €
Cash	5,7 M €	-68.7%	18,1 M €	+40.4%	12,9 M €	+16.9%	11 M €	+57.8%	7 M €	+6467%	106,1 k €	+183%	37,5 k €	+96.4%	19,1 k €	+28.4%	14,9 k €	-82.2%	83,4 k €
Debts	55,9 M €	+17.3%	47,7 M €	-11.6%	53,9 M €	+1.3%	53,2 M €	+1.5%	52,4 M €	-1.3%	53,1 M €	+7.0%	49,7 M €	+4.6%	47,5 M €	+54.6%	30,7 M €	-1.7%	31,2 M €
Other
Workforce	56,4 ETP	+1.4%	55,6 ETP	+5.7%	52,6 ETP	+7.8%	48,8 ETP	+3.2%	47,3 ETP	+4630%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 16 ended

Active mandates

Nicolas LOUVEAUX

Administrateur · since 26 mai 2026 · until 02 juin 2031

Active

François GLASSET

Administrateur · since 24 août 2021 · until 07 juin 2027

Active

Luc DE DEYGERE

Administrateur · since 24 août 2021 · until 07 juin 2027

Active

Massimo CASSINARI

Administrateur · since 24 août 2021 · until 26 mai 2026

Active

Ended mandates

Massimo CASSINARI

Administrateur · since 24 août 2021 · until 07 juin 2027

Ended

Edmund BUCKLEY

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

Ludger LAUFENBERG

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

Philip WAIHERL

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

At this address

Other companies at this address

Company	CBE no.
RE Panels 3● Active	0732.813.521
unité RE PANELS● Active	0747.963.931

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	29/08/2026	18/07/2025	08/07/2024	04/07/2023	13/07/2022	21/07/2021
General meeting	08/07/2026	15/07/2025	21/06/2024	26/06/2023	30/06/2022	28/06/2021
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

12 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/07/2026	29/08/2026	French	PDF
Full model	31/12/2024	15/07/2025	18/07/2025	French	PDF
Full model	31/12/2023	21/06/2024	08/07/2024	French	PDF
Full model	31/12/2022	26/06/2023	04/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	13/07/2022	French	PDF
Full model	31/12/2020	28/06/2021	21/07/2021	French	PDF
Full model	31/12/2019	10/09/2020	07/10/2020	French	PDF
Consolidated accounts	31/12/2019	05/07/2021	13/07/2021	French	PDF
Full model	31/12/2018	11/06/2019	18/08/2019	French	PDF
Consolidated accounts	31/12/2018	15/01/2021	20/01/2021	French	PDF
Full model	31/12/2017	13/06/2018	25/06/2018	French	PDF
Full model	31/12/2016	13/06/2017	17/08/2017	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 4 active · 16 ended

Active mandates

Nicolas LOUVEAUX

Administrateur · since 26 mai 2026 · until 02 juin 2031

Active

François GLASSET

Administrateur · since 24 août 2021 · until 07 juin 2027

Active

Luc DE DEYGERE

Administrateur · since 24 août 2021 · until 07 juin 2027

Active

Massimo CASSINARI

Administrateur · since 24 août 2021 · until 26 mai 2026

Active

Ended mandates

Massimo CASSINARI

Administrateur · since 24 août 2021 · until 07 juin 2027

Ended

Edmund BUCKLEY

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

Ludger LAUFENBERG

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

Philip WAIHERL

Director · since 06 septembre 2019 · until 07 juin 2025

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates04/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates10/11/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates29/09/2021
DEMISSIONS, NOMINATIONS
PDF
Restructuring20/08/2021
DENOMINATION - CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Registered office06/08/2021
SIEGE SOCIAL
PDF
Restructuring16/06/2021
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates03/01/2020
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 20258,4 M €↑
2024
Annual accounts 20247,1 M €↑
2023
Annual accounts 20234,9 M €↑
05/06/2023
nominationDELOITTE REVISEURS D'ENTREPRISES — commissaire
2022
Annual accounts 20223,5 M €↓
03/06/2022
nominationDELOITTE REVISEURS D'ENTREPRISES — commissaire
2022
Name changeEPCO
2021
Annual accounts 20215,9 M €↓
2021
Name changeEPCO (anciennement dénommée RE PANELS)
2020
Annual accounts 202013,9 M €↑
2019
Annual accounts 2019-2,3 M €↓
2018
Annual accounts 2018-1,2 M €↓
2017
Annual accounts 20171,4 M €↓
2016
Annual accounts 20165,9 M €
23/06/2016
IncorporationPublic limited company
2016
Name changeRE Panels

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

EPCO

Overview

What does EPCO do?

Trend over 10 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