Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 20 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 56.6 to 49.6.
Financials
Financial year 2025
PANEREX from Maasmechelen, company number BE0460135633, closed financial year 2025 with a result of € -82,145 after tax. For that financial year PANEREX recorded a gross margin of € 2.4 million and equity of € 472,333. Compared with financial year 2024, the result moved from € -69,786 to € -82,145. The company made a loss. The company holds a healthy buffer. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 22, 2026.
€ 472,333
▼ 21% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -82,145
▼ 18 % more loss than in 2024
Profit after tax over the fiscal year.
€ 131,444
▼ 8% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 128,722.
People and assets in 2025
49.6
▼ 0.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2 million
▲ 6% vs 2024
€ 40,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1.9 million
▼ 12% vs 2024
Of which on lease € 1.9 million.
Debts at end 2025
€ 2.2 million
▼ 15% vs 2024
€ 452,258 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 116,856
▲ 9% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 349,238
▲ 14% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 2,406,051 | € 2,650,723 | € 2,573,485 | € 2,440,701 | ▼ 5% |
| Profit after taxes | € -75,629 | € -107,747 | € -69,786 | € -82,145 | ▼ € 12,359 |
| Equity | € 816,577 | € 700,419 | € 597,003 | € 472,333 | ▼ 21% |
| Total debts | € 3,849,950 | € 3,680,665 | € 3,038,931 | € 2,720,043 | ▼ 10% |
| Cash | € 100,493 | € 371,385 | € 142,798 | € 131,444 | ▼ 8% |
| Land & buildings | € 451,330 | € 416,563 | € 381,796 | € 347,029 | ▼ 9% |
| Retained profit | € 388,400 | € 280,653 | € 210,867 | € 128,722 | ▼ 39% |
| Bank debt | € 3,383,121 | € 3,236,624 | € 2,608,031 | € 2,228,322 | ▼ 15% |
| Balance sheet total | € 4,666,527 | € 4,381,084 | € 3,635,934 | € 3,192,376 | ▼ 12% |
| Employees (FTE) | 58.1 | 56.6 | 50.3 | 49.6 | ▼ 0.7 |
Key figures of PANEREX, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to PANEREX?
What happened at PANEREX in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New establishment in Maasmechelen. KBO
- New annual accounts for financial year 2025: loss of € 82,145. Source: NBB ↗
- New establishment in Peer. KBO
- New establishment in Maasmechelen. KBO
- New establishment in Diepenbeek. KBO
- New establishment in Maasmechelen. KBO
- New establishment in Maasmechelen. KBO
- Start of the company according to the CBE. KBO
In short
From € 75,629 loss in 2022 to € 82,145 loss in 2025.
Paid € 7,911 in corporate taxes since 2022.
On average € 49,200 of value added per employee in 2025.
Management
The stake of PANEREX HOLDING comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PANEREXBehind PANEREX are Philip Fastré, Annick Verschelde, Mauro Gucciardi, Adriaan Fastré and Evelien Thewis. The shares are held by PANEREX HOLDING (100%).
Directors
According to the 2025 annual accounts
Mauro Gucciardi
Director
Evelien Thewis
Director
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Terhillslaan(E) 4
3630 Maasmechelen
Thomasboslaan(M) 4
3630 Maasmechelen
Active since 28 March 1997
Rijksweg(L) 400
3630 Maasmechelen
Active since 31 August 1998
Sint-Servatiusstraat 94
3590 Diepenbeek
Active since 3 February 2018
Noordervest 48 box B
3990 Peer
Active since 1 July 2021
Terhillslaan(E) 2
3630 Maasmechelen
Active since 19 August 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Rackspace Email
Hosting
CLOUDFLARENET - Cloudflare, Inc., US
Domain
Domain
panerex.com
Registered
2003-03-20
Registrar
Key-Systems GmbH
Expires
2026-03-20
Website info
Features
Security
Details
- Company number
- 0460.135.633
- VAT number
- BE 0460.135.633
- Registered office
- Terhillslaan(E) 4, 3630 Maasmechelen
- Names & denominations
- PANEREX
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 5 March 1997
- Peppol
- Active · Active since 21 Oct 2026
- Contact
- panerex.com
- Activities · NACE
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