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RE Panels 3

Active Risk: not assessed
Public limited companyfounded 2019active for 7 yearsRue du Bois des Hospices(BL) 3, 7522 Tournai, BelgiumKBO/BCE: BE 0732.813.521

Financials · financial year 2025, full format

2025 annual accounts filed 29 days after the deadline Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00450812.

Annual accounts 2025 filed on 29-08-2026 at the NBB all 7 filings

Amounts without an identifiable currency are taken as euros.

Turnover
≈ €23.0m
Estimated: probably between €16.0m and €29.0m
EBIT margin
Not included in this filing
Net result
€11.8m
2024 · -€3.8m
Working capital
€11.3m▼ 59.7%
2024 · €28.1m
Trend over the years

2021 to 2025, 5 financial years 2019 to 2025, 7 financial years

The operating result for 2025 is a profit of €7.6m, after a loss of €1.1m in 2024. It is the highest result since 2021.

Operating result€7.6m 2025 Net result€11.8m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

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

The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result-€0.1m--€0.8m▼ 547%-€3.7m▼ 390%-€0.5m▲ 86.7%-€1.3m▼ 153%-€1.1m▲ 11.4%€7.6m
Net result-€1.1m--€3.4mbelow the sector's middle half▼ 222%€9.6mabove the sector's middle half€2.9mabove the sector's middle half▼ 69.6%€4.9mabove the sector's middle half▲ 68.5%-€3.8mbelow the sector's middle half€11.8mabove the sector's middle half
Equity€66.4m-€63.0mabove the sector's middle half▼ 5.1%€72.6mabove the sector's middle half▲ 15.3%€75.6mabove the sector's middle half▲ 4.0%€80.5mabove the sector's middle half▲ 6.5%€76.7mabove the sector's middle half▼ 4.8%€81.4mabove the sector's middle half▲ 6.2%
Total assets€153.4m-€153.0mabove the sector's middle half▼ 0.3%€157.7mabove the sector's middle half▲ 3.1%€156.0mabove the sector's middle half▼ 1.0%€158.0mabove the sector's middle half▲ 1.3%€159.4mabove the sector's middle half▲ 0.9%€205.8mabove the sector's middle half▲ 29.1%
Debt€87.0m-€90.0m▲ 3.4%€85.0m▼ 5.5%€80.5m▼ 5.4%€77.5m▼ 3.7%€82.8m▲ 6.8%€124.4m▲ 50.2%
Working capital€32.9m-€27.4mabove the sector's middle half▼ 16.7%€39.9mabove the sector's middle half▲ 45.6%€38.4mabove the sector's middle half▼ 3.9%€39.8mabove the sector's middle half▲ 3.6%€28.1mabove the sector's middle half▼ 29.3%€11.3mabove the sector's middle half▼ 59.7%
Solvency43.3%-41.2%within the sector's middle half▼ 2.1pp46.1%within the sector's middle half▲ 4.9pp48.4%within the sector's middle half▲ 2.4pp50.9%within the sector's middle half▲ 2.5pp48.1%within the sector's middle half▼ 2.9pp39.6%within the sector's middle half▼ 8.5pp
Current ratio7.98-3.63above the sector's middle half▼ 4.3512.35above the sector's middle half▲ 8.7210.77above the sector's middle half▼ 1.589.45above the sector's middle half▼ 1.322.96within the sector's middle half▼ 6.491.19within the sector's middle half▼ 1.78
Return on assets (ROA)-0.7%--2.2%below the sector's middle half▼ 1.5pp6.1%within the sector's middle half▲ 8.4pp1.9%within the sector's middle half▼ 4.2pp3.1%within the sector's middle half▲ 1.2pp-2.4%below the sector's middle half▼ 5.5pp5.7%within the sector's middle half▲ 8.1pp
Staff (FTE)1.1below the sector's middle half3.2within the sector's middle half▲ 191%1.9within the sector's middle half▼ 40.6%1.8within the sector's middle half▼ 5.3%2.7within the sector's middle half▲ 50.0%3.6within the sector's middle half▲ 33.3%
above within below The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €203.3m
Fixed assets €131.3m ▲ 15.2%
Current assets €72.0m ▲ 69.8%
Equity and liabilities €205.8m
Equity €81.4m ▲ 6.2%
Debt €124.4m ▲ 50.2%
Debt's share of the balance-sheet total rises from 51.9% to 60.4%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
ROE
14.5%▲
2024 · -5.0%
Debt ≤ 1 year
€60.7m▲
2024 · €14.3m
Debt > 1 year
€63.0m▼
2024 · €67.6m
Income taxes
€295,365▲
2024 · €5,831
Staff costs
€1.3m▲
2024 · €978,306
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date51234
full-time21234
part-time3----
in full-time equivalents3.21234
Average over the year, in full-time equivalents3.21.91.82.73.6
On a permanent contract31233
Joined41121
Left35010

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets-€79.4m€75.8m€71.7m€67.6m
Debts guaranteed by Belgian public bodies€85.0m----
Pledge on other assets, amount secured€83.5m€79.0m€75.8m€71.7m€67.6m
Carrying value of the other pledged assets€23.1m€29.6m€21.6m€23.0m€21.3m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets-€57,987€2,177€29,844€65,453
Intangible fixed assets--€445,133€4.3m€19.7m
Financial fixed assets-€6,100€4,900-€23,326
Depreciation and write-downs of the year€734,245€548,742€620,255€841,298€3.1m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Comparable companies

These companies have the same main activity as RE Panels 3: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €51m and €394m, founded between 2016 and 2021.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
RE Panels 3 Tournai2019€205.8m€81.4m€12.1m-€11.8m3.62025
EQIRIS Antwerpen2018€51.4m€11.9m€5.3m-€9.3m2.72025
Circet Benelux Antwerpen2016€174.4m€165.3m-€4.4m€20.7m5.72025
CONDOR BIDCO Brussel2021€178.2m€124.9m-€0.7m-€6.3m1.72025
MEANDER BEHEER Hoogstraten2016€183.5m€182.9m-€0.3m€0.01m1.62025
AtlasInvest Upstream Brussel2018€394.4m€393.4m-€0.3m€0.1m1.82025
ATAVUS Jabbeke2021€104.8m€93.0m-€2.4m€0.6m5.32025

They were chosen from the 54,697 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 59 lines

Source: Annual accounts 2025 at the NBB, filed on 29-08-2026.

Balance sheet Code20242025
Assets
Total assets20/58€159.4m€205.8m▲
Formation expenses20€3.1m€2.5m▼
Fixed assets21/28€114.0m€131.3m▲
Intangible fixed assets21€4.4m€21.6m▲
Tangible fixed assets22/27€0.04m€0.09m▲
Furniture and vehicles24€0.04m€0.09m▲
Financial fixed assets28€109.5m€109.6m=
Current assets29/58€42.4m€72.0m▲
Amounts receivable after more than one year29€35.0m€35.0m=
Other amounts receivable291€35.0m€35.0m=
Amounts receivable within one year40/41€4.5m€23.2m▲
Trade receivables40€4.2m€17.1m▲
Other amounts receivable41€0.3m€6.1m▲
Cash at bank and in hand54/58€2.7m€13.7m▲
Deferred charges and accrued income490/1€0.1m€0.09m▼
Equity and liabilities
Total equity and liabilities10/49€159.4m€205.8m▲
Equity10/15€76.7m€81.4m▲
Contributions10/11€67.5m€67.5m=
Capital10€67.5m€67.5m=
Issued capital100€67.5m€67.5m=
Reserves13€6.7m€7.3m▲
Non-distributable reserves130/1€6.7m€7.3m▲
Legal reserve130€6.7m€7.3m▲
Profit (loss) carried forward14€2.5m€6.6m▲
Amounts payable17/49€82.8m€124.4m▲
Amounts payable after more than one year17€67.6m€63.0m▼
Financial debts170/4€67.6m€63.0m▼
Amounts payable within one year42/48€14.3m€60.7m▲
Current portion of amounts payable after more than one year42€4.1m€4.6m▲
Financial debts43€0.007m€0.005m▼
Credit institutions430/8€0.007m€0.005m▼
Trade debts44€5.8m€48.5m▲
Suppliers440/4€5.8m€48.5m▲
Taxes, remuneration and social security45€0.1m€0.5m▲
Taxes450/3€0.09m€0.4m▲
Remuneration and social security454/9€0.04m€0.1m▲
Other amounts payable47/48€4.3m€7.1m▲
Accrued charges and deferred income492/3€0.9m€0.7m▼
Income statement Code20242025
Remuneration, social security and pensions62€1.0m€1.3m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.8m€3.1m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.05m
Other operating charges640/8€0.006m€0.002m▼
Gross operating margin9900€0.7m€12.1m▲
Operating profit (loss)9901-€1.1m€7.6m▲
Financial income75/76B€1.9m€8.3m▲
Recurring financial income75€1.9m€8.3m▲
Financial charges65/66B€4.6m€3.8m▼
Recurring financial charges65€4.6m€3.8m▼
Profit (loss) for the period before taxes9903-€3.8m€12.1m▲
Income taxes67/77€0.006m€0.3m▲
Profit (loss) for the period9904-€3.8m€11.8m▲
Profit (loss) for the period to be appropriated9905-€3.8m€11.8m▲
Appropriation of the result
Profit (loss) to be appropriated9906€2.5m€14.2m▲
Profit (loss) brought forward from the previous period14P€6.3m€2.5m▼
Transfer to equity691/2-€0.6m
To the legal reserve6920-€0.6m
Profit to be distributed694/7-€7.0m
Return on contributions (dividend)694-€7.0m
Social balance sheet
Average headcount (FTE)90872.73.6▲

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line2019202020212022202320242025Change
Remuneration, social security and pensions62--€0.4m€0.1m€0.4m€1.0m€1.3m▲ 37.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.6m€0.7m€0.5m€0.6m€0.8m€3.1m▲ 266%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4------€0.05m-
Other operating charges640/8--€0.001m€0.001m€0.001m€0.006m€0.002m▼ 70.1%
Non-recurring operating charges66A--€2.5m-----
Gross operating margin9900€0.02m-€0.1m-€0.1m€0.2m-€0.2m€0.7m€12.1m▲ 17×
Operating profit (loss)9901-€0.1m-€0.8m-€3.7m-€0.5m-€1.3m-€1.1m€7.6m-
Financial income75/76B--€18.2m€6.4m€9.7m€1.9m€8.3m▲ 340%
Recurring financial income75€0.6m€2.4m€18.2m€6.4m€9.7m€1.9m€8.3m▲ 340%
Financial charges65/66B--€4.8m€2.9m€3.5m€4.6m€3.8m▼ 16.6%
Recurring financial charges65€1.5m€5.1m€4.8m€2.9m€3.5m€4.6m€3.8m▼ 16.6%
Profit (loss) for the period before taxes9903-€1.1m-€3.4m€9.6m€2.9m€4.9m-€3.8m€12.1m-
Income taxes67/77--€27€0.001m€291€0.006m€0.3m▲ 51×
Profit (loss) for the period9904-€1.1m-€3.4m€9.6m€2.9m€4.9m-€3.8m€11.8m-
Profit (loss) for the period to be appropriated9905-€1.1m-€3.4m€9.6m€2.9m€4.9m-€3.8m€11.8m-
Line2019202020212022202320242025Change
Assets
Total assets20/58€153.4m€153.0m€157.7m€156.0m€158.0m€159.4m€205.8m▲ 29.1%
Formation expenses20€6.2m€5.6m€4.7m€4.2m€3.6m€3.1m€2.5m▼ 17.9%
Fixed assets21/28€109.5m€109.5m€109.5m€109.6m€110.0m€114.0m€131.3m▲ 15.2%
Intangible fixed assets21----€0.4m€4.4m€21.6m▲ 392%
Tangible fixed assets22/27---€0.06m€0.02m€0.04m€0.09m▲ 110%
Furniture and vehicles24---€0.06m€0.02m€0.04m€0.09m▲ 110%
Financial fixed assets28€109.5m€109.5m€109.5m€109.5m€109.5m€109.5m€109.6m=
Current assets29/58€37.6m€37.9m€43.4m€42.3m€44.5m€42.4m€72.0m▲ 69.8%
Amounts receivable after more than one year29--€35.0m€35.0m€35.0m€35.0m€35.0m=
Other amounts receivable291--€35.0m€35.0m€35.0m€35.0m€35.0m=
Amounts receivable within one year40/41€36.4m€2.7m€8.3m€7.1m€8.5m€4.5m€23.2m▲ 414%
Trade receivables40--€1.4m€1.7m€2.2m€4.2m€17.1m▲ 309%
Other amounts receivable41--€6.8m€5.5m€6.3m€0.3m€6.1m▲ 18×
Cash at bank and in hand54/58€1.2m€0.1m€0.2m€0.1m€0.2m€2.7m€13.7m▲ 398%
Deferred charges and accrued income490/1--€0.003m€0.004m€0.8m€0.1m€0.09m▼ 26.7%
Equity and liabilities
Total equity and liabilities10/49€153.4m€153.0m€157.7m€156.0m€158.0m€159.4m€205.8m▲ 29.1%
Equity10/15€66.4m€63.0m€72.6m€75.6m€80.5m€76.7m€81.4m▲ 6.2%
Contributions10/11€67.5m€67.5m€67.5m€67.5m€67.5m€67.5m€67.5m=
Capital10--€67.5m€67.5m€67.5m€67.5m€67.5m=
Issued capital100--€67.5m€67.5m€67.5m€67.5m€67.5m=
Reserves13--€5.2m€6.7m€6.7m€6.7m€7.3m▲ 8.7%
Non-distributable reserves130/1--€5.2m€6.7m€6.7m€6.7m€7.3m▲ 8.7%
Legal reserve130--€5.2m€6.7m€6.7m€6.7m€7.3m▲ 8.7%
Profit (loss) carried forward14-€1.1m-€4.5m-€1.4m€6.3m€2.5m€6.6m▲ 171%
Amounts payable17/49€87.0m€90.0m€85.0m€80.5m€77.5m€82.8m€124.4m▲ 50.2%
Amounts payable after more than one year17€82.3m€79.6m€80.9m€75.8m€71.7m€67.6m€63.0m▼ 6.8%
Financial debts170/4--€80.9m€75.8m€71.7m€67.6m€63.0m▼ 6.8%
Amounts payable within one year42/48€4.7m€10.4m€3.5m€3.9m€4.7m€14.3m€60.7m▲ 324%
Current portion of amounts payable after more than one year42--€2.6m€3.6m€4.1m€4.1m€4.6m▲ 12.2%
Financial debts43----€0.001m€0.007m€0.005m▼ 36.8%
Credit institutions430/8----€0.001m€0.007m€0.005m▼ 36.8%
Trade debts44€2.0m€2.9m€0.5m€0.3m€0.5m€5.8m€48.5m▲ 741%
Suppliers440/4--€0.5m€0.3m€0.5m€5.8m€48.5m▲ 741%
Taxes, remuneration and social security45--€0.09m€0.003m€0.05m€0.1m€0.5m▲ 257%
Taxes450/3---€0.001m€0.02m€0.09m€0.4m▲ 278%
Remuneration and social security454/9--€0.09m€0.003m€0.03m€0.04m€0.1m▲ 211%
Other amounts payable47/48--€0.4m--€4.3m€7.1m▲ 65.5%
Accrued charges and deferred income492/3--€0.6m€0.8m€1.1m€0.9m€0.7m▼ 22.5%
Line2019202020212022202320242025Change
Profit (loss) for the period9904-€1.1m-€3.4m€9.6m€2.9m€4.9m-€3.8m€11.8m-
+ Depreciation and write-downs630€0.1m€0.6m€0.7m€0.5m€0.6m€0.8m€3.1m▲ 266%
Operating cash flow (approximation)-€0.9m-€2.8m€10.4m€3.5m€5.6m-€3.0m€14.9m-
Investment in fixed assets (approximation)--€0.6m-€0.7m-€0.6m-€1.0m-€4.9m-€20.4m▼ 320%
Change in cash--€1.1m€0.07m-€0.05m€0.07m€2.5m€10.9m▲ 329%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (7)
Financial year Type Filed Reference Document
31-12-2025 full format 29-08-2026 2026-00450812 NBB
31-12-2024 full format 18-07-2025 2025-00284538 PDF
31-12-2023 full format 05-07-2024 2024-00222840 PDF
31-12-2022 full format 04-07-2023 2023-00210398 PDF
31-12-2021 full format 13-07-2022 2022-20190912 PDF
31-12-2020 full format 31-08-2021 2021-63600581 PDF
31-12-2019 micro format 20-10-2020 2020-62100188 PDF

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