ACTIVE

PENNEMAN

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Financial year 2025 · closed on 30/09/2025

Net result

599,8 k €

-6.5% YoY

Gross margin

1,1 M €

-4.7% YoY

Equity

3,7 M €

+19.1% YoY

Workforce

3,8 ETP

+81.0% YoY

What does PENNEMAN do?

PENNEMAN is a Private limited company incorporated in 2008. Its main activity is: Wholesale of dairy products, eggs and edible oils and fats. Its registered office is in Stekene. It employs on average 3,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0895.780.251

Incorporation

18/02/2008

Legal form

Private limited company

Registered office

Nieuwstraat(STE) 119
9190 Stekene · FlandreSee on map

Contributed capital

727 552,00 €

Latest accounts

30/09/2025

Average workforce

3,8 ETP

Activities (NACE)

46331Wholesale of dairy products, eggs and edible oils and fats· main 46331Wholesale of dairy products, eggs and edible oils and fats

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Gross margin	1,1 M €	-4.7%	1,1 M €	+69.6%	650 k €	+16.2%	559,6 k €	+5.8%	529,2 k €	-4.0%	551,1 k €	+65.7%	332,5 k €	+25.4%	265,1 k €	-9.3%	292,3 k €	-1.8%	297,6 k €	+27.7%	233 k €	+24.1%	187,8 k €	-38.8%	306,6 k €	+60.7%	190,9 k €	+32.4%	144,1 k €
EBITDA	915,7 k €	-8.6%	1 M €	+81.4%	552,3 k €	+16.5%	474,1 k €	+5.9%	447,9 k €	+7.3%	417,2 k €	+55.2%	268,8 k €	+36.8%	196,6 k €	-9.5%	217,1 k €	-13.4%	250,8 k €	+25.1%	200,4 k €	+31.0%	153 k €	-44.4%	275,1 k €	+71.2%	160,7 k €	+26.7%	126,8 k €
Operating result	836,4 k €	-7.4%	903,7 k €	+100%	451,4 k €	+24.6%	362,1 k €	+12.8%	320,9 k €	+11.6%	287,5 k €	+86.0%	154,5 k €	+258%	43,1 k €	+22.8%	35,1 k €	-82.1%	196,6 k €	+47.8%	133 k €	+194%	45,2 k €	-76.1%	189,3 k €	+143%	77,9 k €	+14.5%	68 k €
Net result	599,8 k €	-6.5%	641,8 k €	+105%	312,9 k €	+20.8%	259 k €	+20.2%	215,5 k €	+21.4%	177,5 k €	+104%	86,9 k €	+164%	33 k €	-14.8%	38,7 k €	-74.4%	151 k €	+42.9%	105,6 k €	+118%	48,4 k €	-64.9%	138,2 k €	+105%	67,2 k €	+29.2%	52 k €
Balance sheet
Equity	3,7 M €	+19.1%	3,1 M €	+25.8%	2,5 M €	+14.4%	2,2 M €	+40.1%	1,6 M €	-2.0%	1,6 M €	+12.6%	1,4 M €	+6.6%	1,3 M €	+2.6%	1,3 M €	+3.1%	1,3 M €	+11.0%	1,1 M €	+10.3%	1 M €	+5.0%	973 k €	+16.6%	834,8 k €	+7.9%	773,6 k €
Total assets	4,2 M €	+11.7%	3,7 M €	+32.2%	2,8 M €	+8.6%	2,6 M €	+8.5%	2,4 M €	+8.7%	2,2 M €	+5.3%	2,1 M €	+3.7%	2 M €	+5.3%	1,9 M €	+36.1%	1,4 M €	+8.2%	1,3 M €	-4.2%	1,4 M €	+17.0%	1,2 M €	+20.4%	967,9 k €	+8.1%	895,2 k €
Cash	483,3 k €	+84.0%	262,7 k €	-22.6%	339,4 k €	-39.0%	556,3 k €	-34.6%	850,2 k €	+48.8%	571,2 k €	+28.6%	444 k €	+14.9%	386,6 k €	-9.1%	425,1 k €	-7.3%	458,7 k €	+36.1%	337 k €	+16.7%	288,9 k €	-9.8%	320,4 k €	+142%	132,1 k €	+120%	60,1 k €
Debts	452,4 k €	-26.1%	611,9 k €	+79.5%	340,9 k €	-20.4%	428,6 k €	-48.8%	836,7 k €	+36.4%	613,5 k €	-11.1%	690,1 k €	-1.6%	701,3 k €	+10.7%	633,5 k €	+290%	162,4 k €	-8.9%	178,2 k €	-47.8%	341,1 k €	+77.7%	191,9 k €	+44.2%	133,1 k €	+9.6%	121,4 k €
Other
Workforce	3,8 ETP	+81.0%	2,1 ETP	-4.5%	2,2 ETP	+4.8%	2,1 ETP	-25.0%	2,8 ETP	+27.3%	2,2 ETP	+10.0%	2,0 ETP	-4.8%	2,1 ETP	0.0%	2,1 ETP	+90.9%	1,1 ETP	+57.1%	0,7 ETP	0.0%	0,7 ETP	+16.7%	0,6 ETP	-14.3%	0,7 ETP	+133%	0,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 4 ended

Active mandates

Frederik Penneman

Director · since 01 janvier 2009

Active

Marie Louise Raes

Director · since 01 janvier 2009

Active

Ended mandates

Frederik Penneman

Director

Ended

Frederik Penneman

Manager

Ended

Marie-Louise Raes

Director

Ended

Marie-Louise Raes

Manager

Ended

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	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	03/04/2026	26/03/2025	03/04/2024	29/03/2023	17/03/2022	16/04/2021
General meeting	05/03/2026	06/03/2025	07/03/2024	02/03/2023	03/03/2022	24/03/2021
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

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	05/03/2026	03/04/2026	Dutch	PDF
Abridged model	30/09/2024	06/03/2025	26/03/2025	Dutch	PDF
Abridged model	30/09/2023	07/03/2024	03/04/2024	Dutch	PDF
Abridged model	30/09/2022	02/03/2023	29/03/2023	Dutch	PDF
Abridged model	30/09/2021	03/03/2022	17/03/2022	Dutch	PDF
Abridged model	30/09/2020	24/03/2021	16/04/2021	Dutch	PDF
Abridged model	30/09/2019	05/03/2020	27/03/2020	Dutch	PDF
Abridged model	30/09/2018	07/03/2019	10/04/2019	Dutch	PDF
Abridged model	30/09/2017	01/03/2018	19/03/2018	Dutch	PDF
Abridged model	30/09/2016	02/03/2017	30/03/2017	Dutch	PDF
Abridged model	30/09/2015	03/03/2016	25/03/2016	Dutch	PDF
Abridged model	30/09/2014	05/03/2015	30/03/2015	Dutch	PDF
Abridged model	30/09/2013	06/03/2014	24/03/2014	Dutch	PDF
Abridged model	30/09/2012	31/03/2013	14/05/2013	Dutch	PDF
Abridged model	30/09/2011	31/03/2012	24/04/2012	Dutch	PDF
Abridged model	30/09/2010	03/03/2011	31/03/2011	Dutch	PDF
Abridged model	30/09/2009	30/03/2010	30/04/2010	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 30/09/2025 · 2 active · 4 ended

Active mandates

Frederik Penneman

Director · since 01 janvier 2009

Active

Marie Louise Raes

Director · since 01 janvier 2009

Active

Ended mandates

Frederik Penneman

Director

Ended

Frederik Penneman

Manager

Ended

Marie-Louise Raes

Director

Ended

Marie-Louise Raes

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/09/2019
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares02/10/2014
KAPITAAL - AANDELEN
PDF
Capital / shares22/09/2009
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates09/09/2009
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2009
ONTSLAGEN - BENOEMINGEN
PDF
Other27/02/2008
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025599,8 k €↓
2024
Annual accounts 2024641,8 k €↑
2023
Annual accounts 2023312,9 k €↑
2022
Annual accounts 2022259 k €↑
2019
Annual accounts 2019215,5 k €↑
2018
Annual accounts 2018177,5 k €↑
2017
Annual accounts 201786,9 k €↑
2016
Annual accounts 201633 k €↓
2015
Annual accounts 201538,7 k €↓
2014
Annual accounts 2014151 k €↑
2013
Annual accounts 2013105,6 k €↑
2012
Annual accounts 201248,4 k €↓
2011
Annual accounts 2011138,2 k €↑
2010
Annual accounts 201067,2 k €↑
2009
Annual accounts 200952 k €
18/02/2008
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

PENNEMAN

Overview

What does PENNEMAN do?

Trend over 15 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