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PANISTAR

Active
Public limited companyfounded 1992active for 34 yearsRue Sous Meuse 17, 5300 Andenne, BelgiumKBO/BCE: BE 0446.958.677
Summary

PANISTAR has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of €291,340. Equity is growing by about 10% per year across the filed financial years. Its solvency ranks better than 62% of 788 sector peers (NACE 10, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Overview

Activity
Manufacture of food products
NACE 10711Artisanal bread and fresh pastry making NACE 10712
7th fastest staff growth in Andenne1 site
Size
≈ €3.5mturnover 2025, estimated
Staff
24.7 FTE
Equity
€1.5m
Profit
€291,340
Turnover estimated from the gross margin
Financial health
88 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.2%
Structure
Parent
Leopold Van de Casserie · 100%
Board
4 members
2025 accounts 4 days early2 of 7 deeds summarised
Why 88raises riskSector: Manufacture of food products (NACE 10)lowers riskFounded in 1992Figures for financial year 2025 (filed 27-07-2026)Size: 24.7 FTE, total assets €3.1mShow the evidence

Checked score

Score 2025
88 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 48% of its sector peers (NACE 10, small)
Financial strength · tick = 2024
Strong
Solvency 73-11
equity 48.4% of total assets
Liquidity 38-25
short-term debt 43.5% · cash 7.2%
Profitability 80-8
return on assets 9.3%
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.5% (630 companies, NACE 10, small)
Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: < 0.1%▼ -0.1 percentage points vs 07-2025 09-2025: < 0.1%● unchanged vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025lowest value 11-2025: < 0.1%● unchanged vs 10-2025lowest value 12-2025: < 0.1%● unchanged vs 11-2025lowest value 01-2026: < 0.1%● unchanged vs 12-2025lowest value 02-2026: < 0.1%● unchanged vs 01-2026lowest value 03-2026: 0.1%▲ +0.1 percentage points vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.2%▲ +0.1 percentage points vs 07-2026highest value 09-2026: 0.2%● unchanged vs 08-2026highest value 10-2026: 0.2%● unchanged vs 09-2026highest value
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity ample (current ratio 1.71, compared with 2.16 in 2024, above the usual 1.5; short-term debt: 43.5% and cash: 7.2% of total assets), but 51.6% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, small): better than 65% on solvency, 39% on liquidity, 73% on profitability and 14% on growth.

The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

Credit check for your own amount and term

Show the recommended maximum and see how the verdict changes with amount, term and advance.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 1992
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Sector: Manufacture of food products (NACE 10)
KBO
lowers risk · Figures for financial year 2025 (filed 27-07-2026)
NBB · annual accounts
lowers risk · Size: 24.7 FTE, total assets €3.1m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
4 days early
2024
2 days early
2023
16 days early
2022
33 days early
2021
51 days early
2020
46 days early
2019
45 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 28 days before the deadline; the sector median (NACE 10) for financial year 2024 is 4 days before the deadline, and 38% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 16 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
30-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Annual accounts filedfinancial year 2024 · full…
  3. Annual accounts filedfinancial year 2023 · full…

Financials · financial year 2025, full format

Turnover
€5.2m▲ 15.1%
2022 · €4.5m
EBIT margin
18.2%▲ 7.5pp
2022 · 10.8%
Net result
€291,340▼ 44.0%
2024 · €520,343
Working capital
€967,287▼ 28.1%
2024 · €1.3m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result has fallen two years in a row; 2025 is 45% below 2024 and is the lowest result in the available series.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Turnover€5.2m 2023 Operating result€0.4m 2025 Net result€0.3m 2025

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 10, Manufacture of food products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€2.8m-€3.0m▲ 6.2%€3.1m▲ 3.4%€3.9m▲ 25.2%€4.5m▲ 17.7%€5.2m▲ 15.1%
Operating result€0.1m-€0.3m▲ 140%€0.6m▲ 100.0%€0.8m▲ 21.7%€0.5m▼ 37.6%€1.0m▲ 94.9%€0.7m▼ 26.4%€0.4m▼ 44.8%
Net result€0.1m-€0.3m▲ 166%€0.5mwithin the sector's middle half▲ 94.6%€0.6mwithin the sector's middle half▲ 24.1%€0.4mwithin the sector's middle half▼ 35.2%€0.7mwithin the sector's middle half▲ 68.0%€0.5mwithin the sector's middle half▼ 26.3%€0.3mwithin the sector's middle half▼ 44.0%
EBIT margin4.8%-10.8%▲ 6.0pp20.9%▲ 10.1pp20.3%▼ 0.6pp10.8%▼ 9.5pp18.2%▲ 7.5pp
Equity€0.9m-€1.0m▲ 10.5%€1.3mwithin the sector's middle half▲ 35.9%€1.7mwithin the sector's middle half▲ 29.1%€2.0mwithin the sector's middle half▲ 15.7%€2.0mwithin the sector's middle half▼ 2.4%€2.0mwithin the sector's middle half▲ 0.6%€1.5mwithin the sector's middle half▼ 22.5%
Total assets€1.6m-€1.9m▲ 21.0%€2.1mwithin the sector's middle half▲ 12.7%€2.7mwithin the sector's middle half▲ 28.9%€3.2mwithin the sector's middle half▲ 18.0%€3.9mwithin the sector's middle half▲ 19.9%€3.3mwithin the sector's middle half▼ 13.8%€3.1mwithin the sector's middle half▼ 6.0%
Debt€0.7m-€0.9m▲ 35.0%€0.8m▼ 12.5%€1.0m▲ 28.5%€1.2m▲ 21.9%€1.9m▲ 55.9%€1.4m▼ 28.4%€1.6m▲ 17.4%
Working capital€0.5m-€0.5m▲ 11.2%€0.9mwithin the sector's middle half▲ 72.3%€1.2mwithin the sector's middle half▲ 32.5%€1.5mwithin the sector's middle half▲ 21.9%€1.4mwithin the sector's middle half▼ 4.1%€1.3mwithin the sector's middle half▼ 6.8%€1.0mwithin the sector's middle half▼ 28.1%
Solvency57.1%-52.1%▼ 5.0pp62.9%above the sector's middle half▲ 10.7pp63.0%above the sector's middle half▲ 0.1pp61.8%above the sector's middle half▼ 1.2pp50.3%within the sector's middle half▼ 11.5pp58.7%above the sector's middle half▲ 8.4pp48.4%within the sector's middle half▼ 10.3pp
Current ratio2.29-1.80▼ 0.502.47above the sector's middle half▲ 0.682.35above the sector's middle half▼ 0.122.80above the sector's middle half▲ 0.441.89within the sector's middle half▼ 0.912.16above the sector's middle half▲ 0.271.71within the sector's middle half▼ 0.45
Return on assets (ROA)6.5%-14.2%▲ 7.8pp24.6%above the sector's middle half▲ 10.3pp23.6%above the sector's middle half▼ 0.9pp13.0%above the sector's middle half▼ 10.7pp18.2%above the sector's middle half▲ 5.2pp15.6%above the sector's middle half▼ 2.6pp9.3%above the sector's middle half▼ 6.3pp
Staff (FTE)15.2-15.1▼ 0.7%16.4within the sector's middle half▲ 8.6%19.6within the sector's middle half▲ 19.5%20.6within the sector's middle half▲ 5.1%17.9within the sector's middle half▼ 13.1%23.7within the sector's middle half▲ 32.4%24.7within the sector's middle half▲ 4.2%
above within below the middle half of NACE 10, Manufacture of food products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets €809,502 ▼ 3.6%
Current assets €2.3m ▼ 6.8%
Equity and liabilities €3.1m
Equity €1.5m ▼ 22.5%
Debt €1.6m ▲ 17.4%
Debt's share of the balance-sheet total rises from 41.3% to 51.6%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€593,659▼
2024 · €898,238
Cash flow
€497,710▼
2024 · €717,102
Quick ratio
1.40▼
2024 · 1.84
Debt to equity
1.07▲
2024 · 0.70
ROE
19.1%▼
2024 · 26.5%
Interest coverage
26.50▼
2024 · 32.54
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Debt > 1 year
€218,976▲
2024 · €211,453
Income taxes
€99,945▼
2024 · €175,672
Staff costs
€1.5m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 20,136 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95.0% are still going.

  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.2% went bankrupt
4.7% stopped otherwise
95.0% still going

For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 20,136 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 64 lines
Balance sheet Code20242025
Assets
Total assets20/58€3.3m€3.1m▼
Fixed assets21/28€0.8m€0.8m▼
Intangible fixed assets21-€0.003m
Tangible fixed assets22/27€0.8m€0.8m▼
Plant, machinery and equipment23€0.4m€0.4m▲
Furniture and vehicles24€0.04m€0.03m▼
Leasing and similar rights25€0.3m€0.3m▼
Other tangible fixed assets26€0.06m€0.06m▼
Assets under construction and advance payments27€0.07m€0▼
Financial fixed assets28€0.006m€0.006m=
Current assets29/58€2.5m€2.3m▼
Stocks and contracts in progress3€0.4m€0.4m▲
Stocks30/36€0.4m€0.4m▲
Amounts receivable within one year40/41€1.4m€1.7m▲
Trade receivables40€1.3m€1.4m▲
Other amounts receivable41€0.02m€0.3m▲
Current investments50/53€0-
Cash at bank and in hand54/58€0.8m€0.2m▼
Deferred charges and accrued income490/1€0.01m€0.01m▲
Equity and liabilities
Total equity and liabilities10/49€3.3m€3.1m▼
Equity10/15€2.0m€1.5m▼
Contributions10/11€0.1m€0.1m=
Capital10€0.1m€0.1m=
Issued capital100€0.1m€0.1m=
Reserves13€0.2m€0.2m=
Non-distributable reserves130/1€0.01m€0.01m=
Legal reserve130€0.01m€0.01m=
Distributable reserves133€0.2m€0.2m=
Profit (loss) carried forward14€1.6m€1.2m▼
Investment grants15€0.03m€0.02m▼
Amounts payable17/49€1.4m€1.6m▲
Amounts payable after more than one year17€0.2m€0.2m▲
Financial debts170/4€0.2m€0.2m▲
Amounts payable within one year42/48€1.2m€1.4m▲
Current portion of amounts payable after more than one year42€0.07m€0.1m▲
Financial debts43€0.001m€0▼
Credit institutions430/8€0.001m€0▼
Trade debts44€0.4m€0.3m▼
Suppliers440/4€0.4m€0.3m▼
Taxes, remuneration and social security45€0.2m€0.2m▼
Taxes450/3€0.03m€0.02m▼
Remuneration and social security454/9€0.2m€0.2m▼
Other amounts payable47/48€0.5m€0.7m▲
Accrued charges and deferred income492/3€0.01m€0.04m▲
Income statement Code20242025
Non-recurring operating income76A€0-
Remuneration, social security and pensions62€1.3m€1.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.2m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.001m€0▲
Other operating charges640/8€0.02m€0.002m▼
Gross operating margin9900€2.3m€2.1m▼
Operating profit (loss)9901€0.7m€0.4m▼
Financial income75/76B€0.02m€0.03m▲
Recurring financial income75€0.02m€0.03m▲
Financial charges65/66B€0.03m€0.02m▼
Recurring financial charges65€0.03m€0.02m▼
Profit (loss) for the period before taxes9903€0.7m€0.4m▼
Income taxes67/77€0.2m€0.1m▼
Profit (loss) for the period9904€0.5m€0.3m▼
Profit (loss) for the period to be appropriated9905€0.5m€0.3m▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.1m€1.9m▼
Profit (loss) brought forward from the previous period14P€1.6m€1.6m▲
Profit to be distributed694/7€0.5m€0.7m▲
Return on contributions (dividend)694€0.5m€0.7m▲
Social balance sheet
Average headcount (FTE)908723.724.7▲

The notes to these accounts (28 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
Turnover70€2.8m€3.0m€3.1m€3.9m€4.5m€5.2m---
Non-recurring operating income76A------€0--
Goods, raw materials, services and sundry goods60/61---€2.0m€2.9m€2.9m---
Remuneration, social security and pensions62---€0.8m€1.0m€1.1m€1.3m€1.5m▲ 9.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m▲ 4.9%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.004m€0-€0.001m€0-
Other operating charges640/8---€0.01m€0.01m€0.01m€0.02m€0.002m▼ 88.0%
Gross operating margin9900€1.0m€1.1m€1.5m€1.8m€1.7m€2.3m€2.3m€2.1m▼ 8.7%
Operating profit (loss)9901€0.1m€0.3m€0.6m€0.8m€0.5m€1.0m€0.7m€0.4m▼ 44.8%
Financial income75/76B---€0.01m€0.02m€0.02m€0.02m€0.03m▲ 19.2%
Recurring financial income75€0.004m€0.006m€0.01m€0.01m€0.02m€0.02m€0.02m€0.03m▲ 19.2%
Financial charges65/66B---€0.02m€0.02m€0.03m€0.03m€0.02m▼ 18.8%
Recurring financial charges65€0.02m€0.02m€0.02m€0.02m€0.02m€0.03m€0.03m€0.02m▼ 18.8%
Profit (loss) for the period before taxes9903€0.1m€0.3m€0.6m€0.8m€0.5m€0.9m€0.7m€0.4m▼ 43.8%
Income taxes67/77€0.02m€0.04m€0.1m€0.1m€0.06m€0.2m€0.2m€0.1m▼ 43.1%
Profit (loss) for the period9904€0.1m€0.3m€0.5m€0.6m€0.4m€0.7m€0.5m€0.3m▼ 44.0%
Profit (loss) for the period to be appropriated9905€0.1m€0.3m€0.5m€0.6m€0.4m€0.7m€0.5m€0.3m▼ 44.0%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€1.6m€1.9m€2.1m€2.7m€3.2m€3.9m€3.3m€3.1m▼ 6.0%
Fixed assets21/28€0.7m€0.7m€0.6m€0.6m€0.9m€0.8m€0.8m€0.8m▼ 3.6%
Intangible fixed assets21-------€0.003m-
Tangible fixed assets22/27€0.7m€0.7m€0.6m€0.6m€0.9m€0.8m€0.8m€0.8m▼ 3.9%
Plant, machinery and equipment23---€0.5m€0.4m€0.4m€0.4m€0.4m▲ 24.1%
Furniture and vehicles24---€0.04m€0.03m€0.02m€0.04m€0.03m▼ 16.7%
Leasing and similar rights25---€0.003m€0.4m€0.4m€0.3m€0.3m▼ 13.5%
Other tangible fixed assets26---€0.03m€0.02m€0.06m€0.06m€0.06m▼ 6.4%
Assets under construction and advance payments27------€0.07m€0▼ 100%
Financial fixed assets28€0.006m€0.006m€0.006m€0.006m€0.008m€0.008m€0.006m€0.006m=
Current assets29/58€0.9m€1.2m€1.6m€2.1m€2.3m€3.1m€2.5m€2.3m▼ 6.8%
Stocks and contracts in progress3€0.2m€0.2m€0.2m€0.3m€0.3m€0.3m€0.4m€0.4m▲ 14.3%
Stocks30/36---€0.3m€0.3m€0.3m€0.4m€0.4m▲ 14.3%
Amounts receivable within one year40/41€0.6m€0.9m€0.7m€1.7m€1.8m€1.4m€1.4m€1.7m▲ 22.7%
Trade receivables40---€1.1m€1.1m€1.3m€1.3m€1.4m▲ 4.6%
Other amounts receivable41---€0.6m€0.7m€0.06m€0.02m€0.3m▲ 17×
Current investments50/53-----€0.8m€0--
Cash at bank and in hand54/58€0.08m€0.2m€0.6m€0.2m€0.2m€0.6m€0.8m€0.2m▼ 70.2%
Deferred charges and accrued income490/1---€0.01m€0.02m€0.02m€0.01m€0.01m▲ 16.0%
Equity and liabilities
Total equity and liabilities10/49€1.6m€1.9m€2.1m€2.7m€3.2m€3.9m€3.3m€3.1m▼ 6.0%
Equity10/15€0.9m€1.0m€1.3m€1.7m€2.0m€2.0m€2.0m€1.5m▼ 22.5%
Contributions10/11€0.1m€0.1m€0.1m€0.1m€0.1m€0.1m€0.1m€0.1m=
Capital10---€0.1m€0.1m€0.1m€0.1m€0.1m=
Issued capital100---€0.1m€0.1m€0.1m€0.1m€0.1m=
Revaluation surpluses12---€0.03m€0.006m€0---
Reserves13€0.1m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m=
Non-distributable reserves130/1---€0.01m€0.01m€0.01m€0.01m€0.01m=
Legal reserve130---€0.01m€0.01m€0.01m€0.01m€0.01m=
Distributable reserves133---€0.2m€0.2m€0.2m€0.2m€0.2m=
Profit (loss) carried forward14€0.6m€0.6m€1.0m€1.4m€1.6m€1.6m€1.6m€1.2m▼ 26.8%
Investment grants15---€0.04m€0.04m€0.03m€0.03m€0.02m▼ 30.9%
Amounts payable17/49€0.7m€0.9m€0.8m€1.0m€1.2m€1.9m€1.4m€1.6m▲ 17.4%
Amounts payable after more than one year17€0.3m€0.2m€0.2m€0.09m€0.4m€0.3m€0.2m€0.2m▲ 3.6%
Financial debts170/4---€0.09m€0.4m€0.3m€0.2m€0.2m▲ 3.6%
Amounts payable within one year42/48€0.4m€0.7m€0.6m€0.9m€0.8m€1.6m€1.2m€1.4m▲ 17.8%
Current portion of amounts payable after more than one year42---€0.1m€0.2m€0.1m€0.07m€0.1m▲ 52.3%
Financial debts43---€0.001m€0.1m€0.002m€0.001m€0▼ 100%
Credit institutions430/8---€0.001m€0.1m€0.002m€0.001m€0▼ 100%
Trade debts44€0.2m€0.2m€0.2m€0.5m€0.3m€0.6m€0.4m€0.3m▼ 4.1%
Suppliers440/4---€0.5m€0.3m€0.6m€0.4m€0.3m▼ 4.1%
Taxes, remuneration and social security45---€0.1m€0.09m€0.1m€0.2m€0.2m▼ 17.7%
Taxes450/3---€0.01m€0.01m€0.02m€0.03m€0.02m▼ 26.0%
Remuneration and social security454/9---€0.09m€0.08m€0.1m€0.2m€0.2m▼ 16.3%
Other amounts payable47/48---€0.3m€0.2m€0.7m€0.5m€0.7m▲ 45.0%
Accrued charges and deferred income492/3---€0.01m€0.02m€0.02m€0.01m€0.04m▲ 274%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€100,954€268,594€522,754€648,912€420,287€706,278€520,343€291,340▼ 44.0%
+ Depreciation and write-downs630€155,163€155,003€157,388€155,163€179,099€204,021€196,759€206,369▲ 4.9%
Operating cash flow (approximation)€256,117€423,598€680,142€804,075€599,386€910,300€717,102€497,710▼ 30.6%
Investment in fixed assets (approximation)--€124,757-€53,751-€188,024-€477,987-€122,334-€220,362-€176,227▲ 20.0%
Change in cash-€86,228€433,882-€419,604€39,792€360,731€176,850-€534,894-

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 32 filings with the National Bank
Financial year Type Filed Reference
31-12-2025 full format 27-07-2026 2026-00336299
31-12-2024 full format 29-07-2025 2025-00324681
31-12-2023 full format 15-07-2024 2024-00263949
31-12-2022 full format 28-06-2023 2023-00175847
31-12-2021 full format 10-06-2022 2022-20055802
31-12-2020 full format 15-06-2021 2021-20300556
31-12-2019 full format 16-06-2020 2020-17500332
31-12-2018 full format 18-06-2019 2019-19500327
31-12-2017 full format 28-06-2018 2018-24300556
31-12-2016 full format 30-06-2017 2017-26100431

Show all 32 filings

Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.

Directors

Directors
4 directors, last change in 2023

Board 4

Espejo SRL
Director (not named in the articles) · since 27-09-2023 · Legal entity · permanent representative: DE SPIEGELEIRE Filip
Current
Estornudo SRL
Director · since 27-09-2023 · Legal entity · permanent representative: Wemer Nies
Current
ESTURNUDO
Director (not named in the articles) · Legal entity · permanent representative: Werner NIES
Current
GWALPE
Director (not named in the articles) · Legal entity · permanent representative: SNICK Kathia
Current

Permanent representatives 4

DE SPIEGELEIRE Filip
Permanent representative · since 27-09-2023 · for Espejo SRL
Current
Wemer Nies
Permanent representative · since 27-09-2023 · for Estornudo SRL
Current
SNICK Kathia
Permanent representative · for GWALPE
Current
Werner NIES
Permanent representative · for ESTURNUDO
Current
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ. See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
5 of this company's 7 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.

Mandate history

5 people since 2023, 4 in office
Show
  • Board
  • began earlier
Mandates per person, with start and end dates
Name Functions and periods
Espejo SRL
  • Director, from 27-09-2023 to date
Estornudo SRL
  • Director, from 27-09-2023 to date
ESTURNUDO
  • Director (not named in the articles), since before 19-02-2024
GWALPE
  • Director (not named in the articles), since before 19-02-2024
Verfin SRL
  • Director, until 27-09-2023
See the board, name and registered office on a given date →

Owners and capital

Owners

3 owners

Chain of control

  1. Boulangerie Bloch consolidates
  2. ESPEJO 100%
  3. Leopold Van de Casserie 100%
  4. PANISTAR

Highest known parent: Boulangerie Bloch. The sources do not say who stands above it.

Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.

Capital and shareholders

Capital over the years
  1. 19-02-2024 Capital stated in the deed · €95,439 · 595 shares

Group and network

Connections & network

4 current directors
Depth

The network starts from this company’s directors. Other companies they run appear here as nodes.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

History

On 23 March 1992, PANISTAR was incorporated.1 Turnover went from €2.8m in 2018 to €5.2m in 2023 and headcount from 15.2 full-time equivalents in 2018 to 24.7 in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018, 2023 and 2025

Acts, filings and financial milestones

Next filing, financial year 2026, expected by 31-07-2027
2026
27-07
NBB filing Annual accounts filed
financial year 2025 · full format
2025
29-07
NBB filing Annual accounts filed
financial year 2024 · full format
2024
15-07
NBB filing Annual accounts filed
financial year 2023 · full format
19-02
Gazette deed Reappointments: ESPEJO, GWALPE and ESTURNUDO
Permanent representatives: DE SPIEGELEIRE Filip, SNICK Kathia and Werner NIES · Amendment of the articles · Capital14 facts ▸
  • General meeting, 15-01-2024
  • Amendment of the articles (2 times)
  • Capital, €95,439
  • Power of attorney, Jonathan KABORÉ
  • Director reappointment, ESPEJO (director (not named in the articles))
  • Director reappointment, GWALPE (director (not named in the articles))
  • Director reappointment, ESTURNUDO (director (not named in the articles))
  • Permanent representative, DE SPIEGELEIRE Filip
  • Permanent representative, SNICK Kathia
  • Permanent representative, Werner NIES
  • Director discharge, ESPEJO
  • Director discharge, GWALPE
  • +2 further facts in this act
2023
31-12
Financial Highest result from 2018 to 2025net €706,278 ▲68%
Operating result €953,539, net result €706,278, both a record.
27-09
Gazette deed Resignation: Verfin SRL (director)
Permanent representatives: Michel Verstraete, Filip De Spiegeleire and Wemer Nies · Appointments: Espejo SRL (director) and Estornudo SRL (director) · Director discharge8 facts ▸
  • General meeting, “décisions écrites, actionnaire unique” (deed in French)
  • Director resignation, Verfin SRL (director)
  • Permanent representative, Michel Verstraete (representative)
  • Director discharge, Verfin SRL (director)
  • Director appointment, Espejo SRL (director)
  • Permanent representative, Filip De Spiegeleire (representative)
  • Director appointment, Estornudo SRL (director)
  • Permanent representative, Wemer Nies (representative)
28-06
NBB filing Annual accounts filed
financial year 2022 · full format
2022
31-12
Financial Equity above €2mequity €2.0m ▲15.7%
A profit in every financial year since 2018 builds equity to €2.0m.
10-06
NBB filing Annual accounts filed
financial year 2021 · full format
2021
15-06
NBB filing Annual accounts filed
financial year 2020 · full format
2020
31-12
Financial Equity above €1mequity €1.3m ▲35.9%
A profit in every financial year since 2018 builds equity to €1.3m.
16-06
NBB filing Annual accounts filed
financial year 2019 · full format
Show earlier events
2019
18-06
NBB filing Annual accounts filed
financial year 2018 · full format
2018
28-06
NBB filing Annual accounts filed
financial year 2017 · full format
2017
30-06
NBB filing Annual accounts filed
financial year 2016 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 32 annual accounts filed, the latest 10 are here; all 32 are under Financials.
2 of 7 deeds read
About the unread acts

Of the 7 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Register details

Identification
Legal formPublic limited company
Founded23-03-1992
Financial year end31-12
Activities, NACEBEL 2025
10711Manufacture of food products
10712Artisanal bread and fresh pastry making
E-invoicing
Reachable via Peppol
Peppol ID 0208:0446958677
Also 9925:BE0446958677
Registered 19-12-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Register as of 30 October 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.

Recognitions · licences · registrations

Food safety, FASFC

1 site
Andenneunit no. 2.057.172.832
2 permissions
Authorisation · Gekoelde opslag levensmiddelen · since 01-01-2006
Authorisation · Industriële bakkerij · since 01-01-2006

Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.

Sites & property

Location & real-estate footprint
Registered office, Andenne · 1 establishment unit since 2001
registered office establishment approximate The establishment unit on the map
Ground area
946 m²
Building footprint
42 m²
Parcel 92093A0355/00C000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue Sous Meuse 17, 5300 Andenne
Manufacture of food products
since 2001unit no. 2.057.172.832
1 parcel
Wallonia 1 (100%)
Cadastral parcel Region Area Buildings Height / floors
92093A0355/00C000 Wallonia 946 m² 1 · 42 m² -
How the parcels are linked
Good to know
The parcel matches the address exactly.

Articles of association

What the company does

PurposeThe activities the company may carry out under its articles.
“La fabrication, la préparation, la commercialisation et la mise au point de toutes pâtisseries, pains, croissants, pains au chocolat…” (deed in French)
7 activities (deed in French)
  1. La fabrication, la préparation, la commercialisation et la mise au point de toutes pâtisseries, pains, croissants, pains au chocolat, viennoiseries, biscuits, chocolats, crèmes glacées et autres.
  2. La société peut acheter et vendre, importer et exporter soit plus généralement assurer le négoce de tous les aliments nécessaires à son activité.
  3. La société peut effectuer toutes opérations relativement à l’achat, la vente, la location, l’exploitation, la gestion, l’administration de toutes boulangeries, pâtisseries, croissanteries et de tous points d’exploitation ou de fabrication qu’elle aura acquis ou qu’elle aura créés et dont l’objet sera analogue ou connexe au sien ou de nature à favoriser le développement de son objet social.
  4. La société pourra prendre la direction, le contrôle en sa qualité d’administrateur, liquidateur ou autrement, de sociétés affiliées ou filiales, et leur prodiguer des avis.
  5. La société peut par voie d’apport en espèces ou en nature, de fusion, de souscription, de participation, d’intervention financière ou autrement, prendre des participations dans d’autres sociétés ou entreprises existantes ou à créer, que ce soit en Belgique ou à l’étranger, dont l’objet social serait semblable ou analogue au sien ou de nature à favoriser son objet social.
  6. Elle peut également consentir tous prêts ou garantir tous prêts consentis par des tiers à des sociétés affiliées.
  7. La société pourra d’une façon générale accomplir toutes opérations commerciales, industrielles, financières, mobilières ou immobilières se rapportant directement ou indirectement à son objet social ou qui serait de nature à en faciliter entièrement ou partiellement son développement ou sa réalisation.

The full purpose is in the deed

DurationHow long the company exists; usually unlimited, so until it is dissolved.
Unlimited
Name clauseThe name the company operates under according to its articles.
PANISTAR
Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
One provision in the deed

deed of 19-02-2024

Who represents it, and how

Board ruleHow the board is made up, meets and takes decisions.
“Six ans, nombre de membres minimum requis par la loi” (deed in French)

deed of 19-02-2024

Capital, shares and profit

Kind of sharesWhich classes of shares exist and what rights each class carries.
“Tout actionnaire peut prendre connaissance, registre des actions nominatives tenu au siège” (deed in French)
Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
“Actions, disposition contraire dans les conditions d’émission ou dans un pacte d’actionnaires” (deed in French)

deed of 19-02-2024

Meetings and financial year

Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
First Wednesday of June at 18:00

deed of 19-02-2024

Oversight and winding up

Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
“Organe d’administration en fonction agit comme collège de liquidateurs, 34” (deed in French)
“35, toutes opérations prévues par loi” (deed in French)

deed of 19-02-2024

Other provisionsOther rules from the articles that fall under none of the themes above.

Other provision: “Appels de fonds, totalité du montant représenté par leurs actions” (deed in French)
Other provision: “Nominatifs, Nature des autres titres” (deed in French)
Other provision: “Indivisibilité des actions, sauf disposition spéciale contraire dans les présents statuts, ou dans le testament ou la convention qui a créé…” (deed in French)
Other provision: “Lieu indiqué dans la convocation et à défaut au siège social, Convocation du conseil d’administration” (deed in French)
Other provision: “Proposition rejetée en cas de partage, mandat à un collègue pour réunion déterminée et y voter en ses lieu et place” (deed in French)
Other provision: “Procès-verbaux conseil d'administration, décisions constatées dans procès-verbaux” (deed in French)
Other provision: “Tous actes nécessaires ou utiles à réalisation objet, pouvoirs conseil d'administration” (deed in French)
Other provision: “Gestion journalière, un ou plusieurs directeurs” (deed in French)
Other provision: “Rémunération administrateurs, assemblée générale” (deed in French)
Other provision: “Contrôle société-nomination commissaires, un ou plusieurs commissaires” (deed in French)
Other provision: “Admission assemblée générale, remplir conditions pour admission et exercice vote” (deed in French)
Other provision: “Représentation assemblée générale, formalités admission accomplies” (deed in French)
Other provision: “Vote par correspondance, tout actionnaire” (deed in French)
Other provision: “Composition bureau assemblée générale, président conseil d'administration” (deed in French)
Other provision: “Ne peut délibérer sur points non à ordre du jour, délibération assemblée générale” (deed in French)
Other provision: “Toutes décisions relevant pouvoir assemblée générale, assemblée générale par procédure écrite” (deed in French)
Other provision: “Assemblée générale électronique, répondu au cours assemblée si formalités admission satisfaites” (deed in French)
Other provision: “Droit de vote, 29” (deed in French)
Other provision: “Assemblée annuelle à majorité sur proposition conseil d’administration, affectation bénéfices” (deed in French)
Other provision: “Avant fin exercice social de fixation dividende, paiement dividendes et acomptes” (deed in French)
Liquidation distribution: “36, après paiement dettes charges frais ou consignation montants” (deed in French)
Other provision: “Litiges, 37” (deed in French)
Other provision: “Compensées en cas de concours, compensation” (deed in French)
Other provision: “Application Code sociétés et associations, 40” (deed in French)
3 more provisions in the deed, see the deed of 19-02-2024

deed of 19-02-2024