Target: Lotus Bakeries NV Audit domain: Economic Research date: 23 October 2026 Evidence period: Historical records through October 2026
Supply Chain & Sourcing Relationships
Direct Israeli supplier relationships
No public evidence identified of a direct procurement contract between Lotus Bakeries and Israeli agricultural aggregators or exporters, including Mehadrin, Hadiklaim, Galilee Export or Agrexco successors.
No public evidence identified of Israeli-origin dates, avocados, citrus, fresh herbs, potatoes or other agricultural produce being purchased as ingredients by Lotus Bakeries.
Israeli distribution - Diplomat Group
Diplomat Group’s Israeli corporate website lists Lotus Biscoff among the brands distributed through its Israeli operation, alongside other international consumer-products brands.1
Diplomat’s Israeli confectionery category separately identifies Lotus as a represented brand, independently confirming the brand’s inclusion in its Israeli commercial portfolio.2
Diplomat’s wider corporate brand catalogue also lists Lotus Biscoff, documenting the relationship at group level.3
In August 2026, Ynetnews reported that Lotus products are imported to Israel by Diplomat and described Israel as one of the stronger markets for the brand by consumption per capita outside Belgium.4
These records establish an Israeli commercial distribution relationship involving the Lotus brand, with both distributor-origin and independent reporting available in 2026.1, 4
Importer of record - product-specific evidence
On 24 July 2025, a report reproducing an Israeli Ministry of Health product warning identified a recall involving Lotus Biscoff-flavoured ice-cream bars, with a stated manufacture date of 10 April 2025.5
The notice named Lotus Bakeries Belgium as manufacturer, Premium Marketing Amos Dairy Ltd as importer and B.M.D. Dealer as marketer, identifying separate roles in the supply and distribution chain for that specific product.5
The identified importer was a named third party; the available notice does not establish that it was wholly owned or controlled by Lotus Bakeries.5
No public evidence identified of a Lotus Bakeries wholly owned Israeli subsidiary acting as importer of record.
Third-party and indirect distribution
Diplomat’s Israeli brand catalogue provides direct evidence of Biscoff distribution through an Israeli commercial intermediary.1
A separate Israeli importer and marketer were identified in the July 2025 ice-cream recall, demonstrating that the Israeli market has also involved product-specific distribution arrangements beyond the distributor named in general brand reporting.5
Other relevant group distribution arrangements
On 13 June 2024, Mondelēz International and Lotus Bakeries announced an agreement for Mondelēz to manufacture, market, distribute and sell Lotus Biscoff cookies in India, alongside co-branded chocolate development involving Cadbury and Milka in selected European markets.6
The Mondelēz agreement explicitly identifies India and European chocolate markets; the cited announcement does not identify an Israeli distribution mandate under that agreement.6
In March 2025, Froneri announced a strategic agreement with Lotus Bakeries and Mondelēz involving Lotus Biscoff ice cream, extending the partners’ existing commercial relationships.7
Contemporary retail-industry reporting stated that the Froneri arrangement would initially cover selected European countries from 2026, with potential subsequent international expansion.8
Seasonal procurement
No public evidence identified of recurring seasonal Israeli procurement, including December–April sourcing windows.
Settlement-specific supply chains
No public evidence identified of a named Lotus Bakeries supplier, importer or distributor contract specifically serving settlements in the occupied West Bank, including East Jerusalem, or the occupied Golan Heights.
No public evidence identified of specific Lotus Bakeries products sourced from settlement agriculture.
Product Origin, Labeling & Regulatory Compliance
Documented product origins
The July 2025 Israeli ice-cream recall identified Lotus Bakeries Belgium as the manufacturer of the relevant Lotus Biscoff-branded product.5
The June 2024 Mondelēz agreement separately provided for Biscoff manufacturing in India, establishing a documented manufacturing arrangement outside Belgium for that specific geographic market.6
Settlement-origin products
No public evidence identified of Lotus Bakeries products confirmed to originate from Israeli settlements in the West Bank, East Jerusalem or Golan Heights.
No public evidence identified of a Lotus Bakeries product with a disputed country-of-origin declaration relating to settlement production.
Labelling compliance and enforcement
The July 2025 Israeli recall concerned a food-safety issue involving reported Listeria contamination, rather than a settlement-origin or country-of-origin labelling violation.5
No public evidence identified of DEFRA, UK customs, Belgian customs, Israeli regulatory or other enforcement findings against Lotus Bakeries concerning mislabelling of settlement-origin goods.
Corporate policies
Lotus Bakeries’ UK entities published a modern-slavery statement dated 8 June 2026 describing their group structure, supply-chain responsibilities and approach to preventing slavery and human trafficking.9
No public evidence identified of a specific Lotus Bakeries policy publicly excluding goods originating from Israeli settlements.
No public evidence identified of a specific corporate policy covering the labelling of products produced in occupied Palestinian territory.
Investment, Capital & Financial Exposure
Direct investment and acquisitions
Lotus Bakeries’ publicly described portfolio includes brands such as Biscoff, nākd, TREK, BEAR, Kiddylicious and Peter’s Yard, reflecting its international food manufacturing and consumer-brand operations.9
The group reported approximately EUR 1.355 billion in revenue in 2025, demonstrating the scale of the wider multinational business within which its Israeli distribution arrangements sit.9
Acquired Israeli operating companies - controlling interests
No public evidence identified of a named Israeli operating company acquired by Lotus Bakeries or held as a controlling subsidiary.
No public evidence identified of an Israeli manufacturer, consumer brand, technology company or infrastructure company majority-owned by Lotus Bakeries.
Accordingly, no verified Israeli acquisition price, acquisition date, ownership percentage, Israeli manufacturing facility, employee count or defence-related relationship can be attributed to a controlled Israeli subsidiary.
Israeli facilities and real assets
No public evidence identified of direct Lotus Bakeries investment in an Israeli factory, warehouse, data centre, logistics centre or real-estate development.
No public evidence identified of direct capital investment by Lotus Bakeries in the occupied Palestinian territories.
Research, development and innovation
No public evidence identified of a Lotus Bakeries-owned R&D centre, innovation laboratory, accelerator programme or research facility in Israel.
No public evidence identified of an Israeli government innovation grant or Preferred Technology Enterprise designation awarded to Lotus Bakeries.
Ownership and beneficial capital
The Belgian Financial Services and Markets Authority identifies Lotus Bakeries as an issuer associated with Belgian company number 0401.030.860 and LEI 5493004C0K34IFI67I03, supervised under the applicable European transparency framework.10
The company’s 2026 UK modern-slavery statement identifies the Boone and Stevens families as its majority shareholders and describes the company as listed on Euronext Brussels.9
The available corporate ownership evidence identifies Belgian family control; no verified Israeli controlling shareholder was identified.9, 10
Group subsidiaries and related legal entities
The Kiddylicious global website identifies Lotus Bakeries International und Schweiz AG as a Swiss company and subsidiary of Belgian Lotus Bakeries NV.11
The Kiddylicious UK website identifies Lotus Bakeries Corporate NV as a Belgian subsidiary of Lotus Bakeries NV.12
UK Companies House records identify Lotus Bakeries UK Limited as company number 05594818 and provide its statutory filing history.13
The group’s June 2026 UK statement names Lotus Bakeries UK Ltd, Natural Balance Foods Ltd, Urban Fresh Foods Ltd, The Kids Food Company Ltd and Peter’s Yard Wholesale Ltd among the UK subsidiaries covered.9
Controlling principals and family investments
The available market-reference information identifies Jan Boone as CEO and Jan Vander Stichele as chairman, alongside directors including Anton Stevens and members of the Boone family.14
No public evidence identified of a material personal or family-office investment in an Israeli company by Jan Boone, Jan Vander Stichele, Anton Stevens or another identified controlling principal.
No public evidence identified of a controlling principal’s documented investment in an Israeli defence company or settlement business.
Portfolio holdings and state financing
No public evidence identified of Lotus Bakeries holding Israeli sovereign debt, Israel Bonds or Israel-focused investment funds.
No public evidence identified of Lotus Bakeries underwriting Israeli government bonds, financing Israeli defence manufacturers or providing dedicated lending to settlement enterprises.
No public evidence identified of a relevant Israeli insurance-underwriting arrangement.
Distinction between commercial and ownership relationships
The 2024 Mondelēz agreement establishes contractual cooperation involving manufacture, marketing and distribution of Biscoff-branded goods in defined markets; the announcement does not describe an acquisition of Mondelēz or a transfer of corporate control.6
The 2025 Froneri arrangement similarly establishes a commercial brand partnership rather than ownership of Froneri by Lotus Bakeries.7
Operational Presence & Market Activity
Israeli market access
Diplomat Israel lists Lotus Biscoff in its active brand portfolio and provides an Israeli headquarters address at 4 Hermon Street, Airport City, Israel.1
Diplomat’s separate Israeli confectionery listing identifies Lotus among the relevant consumer brands handled by the business.2
Independent reporting in August 2026 identified Diplomat as the importer and characterised Israel as a strong market for Lotus cookies on a per-capita consumption basis.4
Physical premises
The Israeli physical address documented by Diplomat belongs to the distributor’s business operation and does not independently establish a Lotus Bakeries-owned Israeli office.1
No public evidence identified of an office, factory, warehouse or retail premises directly operated by Lotus Bakeries NV in Israel.
No public evidence identified of a Lotus Bakeries-owned site in a West Bank or Golan Heights settlement.
Workforce
The group’s June 2026 statutory statement reported approximately 4,150 employees worldwide for financial year 2025.9
No public evidence identified of a separately disclosed Lotus Bakeries workforce located in Israel.
Tax and regulatory status
The Belgian FSMA records Lotus Bakeries under Belgian company number 0401.030.860 and its relevant securities-market identification details.10
No public evidence identified of an Israeli corporate-income-tax registration, Israeli tax residency or Preferred Technology Enterprise status held by Lotus Bakeries NV.
No public evidence identified of a Lotus Bakeries-owned Israeli entity receiving an Israeli investment incentive.
Market positioning
The August 2026 Ynetnews article described Israel as a significant per-capita Biscoff consumption market and reported that Israel had been among the early markets selected for Biscoff spread introduction.4
This evidence establishes an independently reported historical product-launch role and contemporary consumer-market significance; it does not provide a disclosed Israeli revenue figure.4
No public evidence identified of a separate Israeli geographic reporting segment in the reviewed public disclosures.
Product-specific regulatory activity
A July 2025 food recall identified a Lotus-branded ice-cream product in Israeli distribution channels and named the importer and marketer involved.5
The 2025 event provides dated confirmation of commercial activity after 19 July 2024 and after the November 2024 ICC arrest-warrant decisions.5
Settlement distribution
No public evidence identified of a named Lotus Bakeries settlement retailer, settlement warehouse or settlement-specific distribution agreement.
No public evidence identified of a Lotus Bakeries contract with the Israeli Ministry of Defence, Israel Defense Forces or a military procurement body.
No public evidence identified of reservist salary-support arrangements attributable to a Lotus Bakeries-owned Israeli operation.
Corporate Structure & Foundational Ties
Founding and incorporation
Lotus Bakeries’ statutory UK statement records that the company was founded in 1932 by Jan Boone and developed from its original Biscoff biscuit business into an international snacking group.9
The same disclosure identifies Belgium as the corporate headquarters and the Boone and Stevens families as the majority shareholders.9
Registered domicile
Belgian regulatory records identify Lotus Bakeries as a Belgian corporate issuer with company number 0401.030.860.10
Independent financial-market reference information places the company at Gentstraat 1, 9971 Lembeke, Belgium.14
Israeli-Nexus Floor - incorporation, management, taxation and control
The reviewed statutory and regulatory records establish Belgian corporate registration and headquarters, with majority share ownership attributed to the Boone and Stevens families.9, 10
No public evidence identified of Israeli incorporation, an Israeli principal place of management, Israeli tax residency or an Israeli controlling shareholder.
Board and governance
Independent market-reference records identify Jan Boone as CEO, Jan Vander Stichele as chairman, and Anton Stevens, Benedikte Boone, Emanuel Boone and other directors within the company’s governance structure.14
No public evidence identified of an Israeli state-appointed director on the Lotus Bakeries board.
No public evidence identified of a board member’s verified directorship in an Israeli defence manufacturer attributable to Lotus Bakeries governance.
Government participation and structural rights
No public evidence identified of Israeli government equity ownership, golden shares, government appointment rights or charter restrictions linking Lotus Bakeries’ corporate purpose to Israeli state policy.
No public evidence identified of designation of Lotus Bakeries as Israeli critical national infrastructure.
Group corporate structure
Lotus Bakeries International und Schweiz AG is identified as a Swiss subsidiary of Belgian Lotus Bakeries NV in the Kiddylicious global website’s legal disclosures.11
Lotus Bakeries Corporate NV is separately identified as a Belgian subsidiary in the Kiddylicious UK website’s legal disclosures.12
The 2026 UK statutory statement documents five named British subsidiaries operating under the Lotus Bakeries group.9
Regulatory transparency
UK Companies House records show that Lotus Bakeries UK Limited filed accounts for the financial year ending 31 December 2025 on 24 June 2026.13
The same public filing history records a registered-office change to St Albans, Hertfordshire, during March 2026.13
Institutional settlement-related databases
The United Nations Human Rights Council’s September 2026 discussions included an update on the business-enterprise database associated with specified settlement-related activities and the procedures for reassessing listed enterprises.15
No public evidence identified in the accessible materials that Lotus Bakeries, its identified subsidiaries or its named controlling principals were included in that database.
No public evidence identified of Lotus Bakeries being named in a verified company-specific finding by Who Profits or AFSC Investigate.
Profit Repatriation & Economic Contribution
Global group revenue
The June 2026 UK corporate disclosure reports that Lotus Bakeries generated approximately EUR 1.355 billion in 2025 revenue and employed approximately 4,150 people.9
Independent food-industry reporting recorded approximately EUR 1.23 billion in 2024 group revenue and capital investment exceeding EUR 120 million in that year, primarily associated with production-capacity expansion.16
Israeli-market revenue
August 2026 Israeli reporting characterised the country as a particularly strong consumer market for Lotus cookies relative to population and identified Diplomat as importer.4
No public evidence identified of a separately disclosed annual Israeli revenue amount, country-level operating profit or royalty figure for Lotus Bakeries.
Commercial flows
The Diplomat distribution relationship demonstrates that Lotus Biscoff products enter the Israeli consumer-products distribution market through an Israeli intermediary.1, 4
The July 2025 product recall separately identifies a Belgian manufacturer and Israeli importer and marketer for a Lotus-branded ice-cream product, establishing a specific cross-border supply arrangement.5
Profit repatriation
No public evidence identified of the amount of profit remitted from Israeli distribution activities to Lotus Bakeries NV or another group company.
No public evidence identified of an Israeli subsidiary paying dividends to the Belgian parent.
No public evidence identified of group profits being systematically repatriated into Israel through an Israeli-domiciled controlling shareholder.
Royalties and licensing
The June 2024 partnership agreement provides for Mondelēz to manufacture and commercialise Lotus Biscoff products in India and to participate in co-branded chocolate development.6
The March 2025 Froneri arrangement provides for expansion of Lotus Biscoff-branded ice cream through a separate commercial partnership.7
No public evidence identified of Israel-specific royalty payments arising from either agreement.
Economic significance within Israel
August 2026 reporting identified Lotus cookies as a prominent imported consumer product and described strong Israeli consumption relative to population.4
Diplomat’s Israeli catalogue confirms that Lotus forms part of an established local consumer-goods distribution portfolio.1
No public evidence identified of an Israeli government designation identifying Lotus Bakeries as a strategically essential national employer, infrastructure provider or industrial manufacturer.
Fiscal contribution
No public evidence identified of Israeli corporation-tax payments, locally attributable VAT remittances or other fiscal contributions specifically quantified for Lotus Bakeries.
No public evidence identified of an Israeli subsidiary’s separately disclosed payroll or employment-tax contributions.
Settlement-specific economic contribution
No public evidence identified of settlement-specific Lotus Bakeries sales, distribution revenues, franchise fees, property income, royalty flows or taxes.
No public evidence identified of settlement-based manufacturing or raw-material procurement attributable to Lotus Bakeries.
Footnotes
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Diplomat Group, Israel - Brands, corporate distributor catalogue, accessed 23 October 2026. https://www.diplomat-global.com/israel/the-brands/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7
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Diplomat Group, Israel - Confectionery, corporate category listing, accessed 23 October 2026. https://www.diplomat-global.com/israel/brand_category/confectionery-israel/ ↩ ↩2
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Diplomat Group - Global Brands, corporate brand catalogue, accessed 23 October 2026. https://www.diplomat-global.com/the-brands/ ↩
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Ynetnews, “How Biscoff became a global obsession and sent Lotus Bakeries shares soaring,” August 2026. https://www.ynetnews.com/food/article/bkdku2oime ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8
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Shemesh, “2 Food Warnings from Health Ministry,” 24 July 2025. https://www.shemesh.co.il/highlights/2-food-warnings-from-health-ministry ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9
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Mondelēz International and Lotus Bakeries, “Mondelēz International and Lotus Bakeries Join Forces to Expand the Biscoff Brand in India and Create Co-Branded Chocolate Innovations in Key Markets,” 13 June 2024, joint company-issued press release hosted by Lotus Bakeries. https://www.lotusbakeries.com/sites/default/files/documents-en/pressrelease_lotusbakeries_partnership_with_mondelez_international_eng.pdf ↩ ↩2 ↩3 ↩4 ↩5
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Froneri, “FRONERI expands ice cream partnership with MONDELĒZ INTERNATIONAL and LOTUS BAKERIES,” March 2025. https://www.froneri.com/articles/froneri-expands-ice-cream-partnership-with-mondelez/ ↩ ↩2 ↩3
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RetailDetail, “Lotus Bakeries moves into ice cream with Mondelez,” 13 March 2025. https://www.retaildetail.eu/news/food/lotus-bakeries-moves-into-ice-cream-with-mondelez/ ↩
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TREK / Lotus Bakeries UK entities, “Slavery and Human Trafficking Statement,” 8 June 2026, covering financial year 2025. https://www.trekbars.com/gb/modern-slavery-statement ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12
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Belgian Financial Services and Markets Authority, “LOTUS BAKERIES,” issuer register, accessed 23 October 2026. https://www.fsma.be/en/issuer/lotus-bakeries ↩ ↩2 ↩3 ↩4 ↩5
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Kiddylicious, global website, “Terms of use,” corporate legal identification and Swiss subsidiary disclosures, accessed 23 October 2026. https://www.kiddylicious.com/en/terms-use ↩ ↩2
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Kiddylicious, UK website, “Terms of use,” Belgian corporate subsidiary disclosures, accessed 23 October 2026. https://www.kiddylicious.com/gb/terms-use ↩ ↩2
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UK Companies House, “LOTUS BAKERIES UK LIMITED - Filing history,” company 05594818, accessed 23 October 2026. https://find-and-update.company-information.service.gov.uk/company/05594818/filing-history ↩ ↩2 ↩3
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Het Financieele Dagblad, “Lotus Bakeries NV - Company information,” management, financial and company-reference information, accessed 23 October 2026. https://beurs.fd.nl/noteringen/956610894/lotus-bakeries-nv/algemeen ↩ ↩2 ↩3
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United Nations, “31st Meeting - 63rd Session of Human Rights Council,” 29 September 2026, automatically generated transcript; contextual source only, not an official meeting record. https://transcripts.un.org/en/hrc/63/31 ↩
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Baking & Biscuit, “Lotus Bakeries reports outstanding 2024 sales,” 12 February 2025. https://bakingbiscuit.com/lotus-bakeries-reports-outstanding-2024-sales/ ↩