ACTIVE

VPK Group

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Financial year 2025 · closed on 31/12/2025
Net result
86,3 M €
-12.4% YoY
Equity
719,4 M €
+11.0% YoY
Workforce
76,0 ETP
+8.0% YoY

What does VPK Group do?

VPK Group is a Public limited company incorporated in 1935. Its main activity is: Manufacture of corrugated paper and paperboard and of containers of paper and paperboard. Its registered office is in Dendermonde. It employs on average 76,0 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0400.313.852
Incorporation
25/12/1935
Legal form
Public limited company
Registered office
Oude baan (OUD) 120
9200 Dendermonde · FlandreSee on map
Contributed capital
564 920 425,95 €
Latest accounts
31/12/2025
Average workforce
76,0 ETP
Activities (NACE)
17210Manufacture of corrugated paper and paperboard and of containers of paper and paperboard· main64200Activities of holding companies64210Activities of holding companies65231Reinsurance
Joint committees (2)
  • 129
  • 221
Signals
ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 20 financial years

20252024202320222021202020192018201720162015201420132012201120102009200820072006
Income statement
EBITDA15,6 M €10,7 M €8,7 M €13,3 M €11,8 M €9,4 M €7,5 M €9,6 M €8,2 M €6,9 M €7,3 M €4,9 M €5,9 M €3,3 M €4,3 M €4,4 M €3,9 M €1 M €2,2 M €1,8 M €
Operating result14 M €9,2 M €7,3 M €12,4 M €10,7 M €8,3 M €6,5 M €8,8 M €7,5 M €6,5 M €6,7 M €4,4 M €5,2 M €2,8 M €4 M €4,1 M €3,6 M €796,3 k €2 M €1,6 M €
Net result86,3 M €98,6 M €82,4 M €57,5 M €53,2 M €55,4 M €87 M €34 M €27,1 M €140,8 M €11,3 M €2,4 M €13,2 M €6,1 M €53,5 M €13,4 M €67,7 M €31,2 M €12,9 M €5,2 M €
Balance sheet
Equity719,4 M €648,3 M €553,2 M €499 M €466,6 M €437,2 M €401,9 M €314,9 M €296 M €284 M €158,4 M €172,3 M €212,1 M €208,7 M €211,4 M €165,9 M €159,8 M €98,7 M €67,5 M €60,3 M €
Total assets956,3 M €815,6 M €800,6 M €672,5 M €658,1 M €614,3 M €517,6 M €497,4 M €473,4 M €492,8 M €374,3 M €354,8 M €354,5 M €343,9 M €337,5 M €260 M €257,6 M €186,5 M €165,7 M €136,2 M €
Cash–200,3 k €–32,7 €4,7 k €–10,1 €4,3 k €73,7 €––5,4 k €18,7 k €29,7 k €15,5 k €61,3 k €60,2 k €49,7 k €29,8 k €36,1 k €
Debts236,9 M €167,1 M €247,3 M €173,5 M €191,5 M €177 M €115,5 M €182,5 M €177,3 M €208,6 M €215,8 M €182,5 M €142,3 M €135,2 M €126 M €94 M €97,6 M €87,3 M €97,8 M €75,8 M €
Other
Workforce76,0 ETP70,4 ETP61,4 ETP58,1 ETP66,7 ETP71,0 ETP67,9 ETP61,2 ETP56,1 ETP52,5 ETP51,5 ETP46,2 ETP44,1 ETP45,1 ETP46,0 ETP43,3 ETP48,6 ETP50,3 ETP47,7 ETP45,4 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 53 ended

Active mandates

Carl Verstraelen

Chairman of the board of directors · since 10 décembre 2025 · until 05 juin 2026

Active
Dirk Meeus

Director · since 06 juin 2025 · until 01 juin 2029

Active
Manon Macharis

Director · since 06 juin 2025 · until 01 juin 2029

Active
SEQUOIA INDUSTRIES

Director · since 06 juin 2025 · until 04 juin 2027 · 1017.506.046

Represented by Jean-Paul Macharis

Active
Wolfgang de Limburg Stirum

Director · since 07 juin 2024 · until 02 juin 2028

Active
ZENDEN

Director · since 07 juin 2024 · until 02 juin 2028 · 0728.600.553

Represented by Denis Zenner

Active
Carla Sinanian

Director · since 02 juin 2023 · until 04 juin 2027

Active
HOVECO MANAGEMENT

Director · since 02 juin 2023 · until 04 juin 2027 · 0832.583.167

Represented by Veronique Hoflack

Active
Pierre Macharis

Managing director · since 02 juin 2023 · until 04 juin 2027

Active

Ended mandates

PERKAMENT

Director · since 01 mai 2020 · until 05 juin 2026 · 0465.122.225

Represented by Jean-Paul Macharis

Ended
DIMACOR

Chairman of the board of directors · since 07 juin 2019 · until 06 juin 2025 · 0861.039.108

Represented by Carl Verstraelen

Ended
DIMACOR

Chairman of the board of directors · since 07 juin 2019 · until 06 juin 2025 · 0861.039.108

Represented by Carl Verstraelen

Ended
Dirk Meeus

Director · since 07 juin 2019 · until 06 mai 2025

Ended
At this address

Other companies at this address

CompanyCBE no.
ECOFORMER● Active
0440.269.637
Elounda● Active
0726.363.714
IMMOWELL● Active
0431.101.850
Kastano● Active
0751.616.970
KEMASAN● Active
0705.937.195
PERKAMENT● Active
0465.122.225
Sociaal Fonds VPK● Active
0442.227.651
UNIFIN● Active
0465.100.647
UNI-PAR● Active
0465.120.641
VPK● Active
1013.441.647
VPK PACKAGING● Active
0454.520.026
VPK Paper● Active
0454.519.927
VPK SERVICES● Active
0464.538.245
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date19/06/202611/06/202519/06/202413/06/202310/06/202223/06/2021
General meeting05/06/202606/06/202507/06/202402/06/202303/06/202204/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

40 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202505/06/202619/06/2026DutchPDF
Full model31/12/202406/06/202511/06/2025DutchPDF
Consolidated accounts31/12/202406/06/202511/06/2025DutchPDF
Full model31/12/202307/06/202419/06/2024DutchPDF
Consolidated accounts31/12/202307/06/202418/06/2024DutchPDF
Full model31/12/202202/06/202313/06/2023DutchPDF
Consolidated accounts31/12/202202/06/202305/06/2023DutchPDF
Full model31/12/202103/06/202210/06/2022DutchPDF
Consolidated accounts31/12/202103/06/202210/06/2022DutchPDF
Full model31/12/202004/06/202123/06/2021DutchPDF
Consolidated accounts31/12/202004/06/202123/06/2021DutchPDF
Full model31/12/201926/06/202022/07/2020DutchPDF
Consolidated accounts31/12/201926/06/202023/07/2020DutchPDF
Full model31/12/201807/06/201911/06/2019DutchPDF
Consolidated accounts31/12/201801/01/999930/07/2019DutchPDF
Full model31/12/201701/06/201819/06/2018DutchPDF
Consolidated accounts31/12/201701/06/201806/07/2018DutchPDF
Full model31/12/201602/06/201701/09/2017DutchPDF
Consolidated accounts31/12/201602/06/201726/06/2017DutchPDF
Full model31/12/201503/06/201624/06/2016DutchPDF
Consolidated accounts31/12/201503/06/201612/07/2016DutchPDF
Full model31/12/201405/06/201515/06/2015DutchPDF
Consolidated accounts31/12/201405/06/201510/06/2015DutchPDF
Full model31/12/201306/06/201413/06/2014DutchPDF

View all 40 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 31/12/2025 · 9 active · 53 ended

Active mandates

Carl Verstraelen

Chairman of the board of directors · since 10 décembre 2025 · until 05 juin 2026

Active
Dirk Meeus

Director · since 06 juin 2025 · until 01 juin 2029

Active
Manon Macharis

Director · since 06 juin 2025 · until 01 juin 2029

Active
SEQUOIA INDUSTRIES

Director · since 06 juin 2025 · until 04 juin 2027 · 1017.506.046

Represented by Jean-Paul Macharis

Active
Wolfgang de Limburg Stirum

Director · since 07 juin 2024 · until 02 juin 2028

Active
ZENDEN

Director · since 07 juin 2024 · until 02 juin 2028 · 0728.600.553

Represented by Denis Zenner

Active
Carla Sinanian

Director · since 02 juin 2023 · until 04 juin 2027

Active
HOVECO MANAGEMENT

Director · since 02 juin 2023 · until 04 juin 2027 · 0832.583.167

Represented by Veronique Hoflack

Active
Pierre Macharis

Managing director · since 02 juin 2023 · until 04 juin 2027

Active

Ended mandates

PERKAMENT

Director · since 01 mai 2020 · until 05 juin 2026 · 0465.122.225

Represented by Jean-Paul Macharis

Ended
DIMACOR

Chairman of the board of directors · since 07 juin 2019 · until 06 juin 2025 · 0861.039.108

Represented by Carl Verstraelen

Ended
DIMACOR

Chairman of the board of directors · since 07 juin 2019 · until 06 juin 2025 · 0861.039.108

Represented by Carl Verstraelen

Ended
Dirk Meeus

Director · since 07 juin 2019 · until 06 mai 2025

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates20/07/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates02/03/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates29/01/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates24/07/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates20/05/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Restructuring21/01/2025
    KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    PDF
  • Restructuring14/11/2024
    RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
    PDF
  • Mandates05/07/2024
    ONTSLAGEN - BENOEMINGEN
    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

Timeline

  1. 01/01/2026
    nominationTracily BV — aanvullend lid van het Executief Comité
  2. 2025
    Annual accounts 202586,3 M €↓
  3. 10/12/2025
    nominationCarl Verstraelen — bestuurder
  4. 06/06/2025
    reconductionDimacor BV — bestuurder
  5. 06/06/2025
    reconductionDirk Meeus — bestuurder
  6. 06/06/2025
    nominationSequoia Industries BV — bestuurder
  7. 06/06/2025
    nominationManon Macharis — bestuurder
  8. 01/04/2025
    nominationPatrick Leclercq — aanvullend lid van het Executief Comité
  9. 2024
    Annual accounts 202498,6 M €↑
  10. 17/12/2024
    augmentation_capital
  11. 17/12/2024
    reduction_capital
  12. 07/06/2024
    reconductionWolfgang de Limburg Stirum — bestuurder
  13. 07/06/2024
    nominationDenis Zenner — bestuurder
  14. 07/05/2024
    nominationMACHARIS Pierre — lid Executief Comité
  15. 07/05/2024
    nominationPEETERS Erik — vertegenwoordiger van FinCoPro (lid Executief Comité)
  16. 07/05/2024
    nominationNAESSENS Wim — vertegenwoordiger van 3 Advice (lid Executief Comité)
  17. 07/05/2024
    nominationZENNER Denis — vertegenwoordiger van Zenden (lid Executief Comité)
  18. 2023
    Annual accounts 202382,4 M €↑
  19. 02/06/2023
    reconductionPierre Macharis — bestuurder
  20. 02/06/2023
    nominationCarla Sinanian — bestuurder
  21. 02/06/2023
    nominationHoveco Management BV — bestuurder
  22. 02/06/2023
    reconductionKPMG Bedrijfsrevisoren BV — commissaris
  23. 02/06/2023
    nominationPierre Macharis — gedelegeerd bestuurder
  24. 2022
    Annual accounts 202257,5 M €↑
  25. 2021
    Annual accounts 202153,2 M €↓
  26. 2020
    Annual accounts 202055,4 M €↓
  27. 2019
    Annual accounts 201987 M €↑
  28. 2019
    Name changeVPK Group
  29. 2018
    Annual accounts 201834 M €↑
  30. 2017
    Annual accounts 201727,1 M €↓
  31. 2016
    Annual accounts 2016140,8 M €↑
  32. 2015
    Annual accounts 201511,3 M €↑
  33. 2014
    Annual accounts 20142,4 M €↓
  34. 2013
    Annual accounts 201313,2 M €↑
  35. 2012
    Annual accounts 20126,1 M €↓
  36. 2011
    Annual accounts 201153,5 M €↑
  37. 2010
    Annual accounts 201013,4 M €↓
  38. 2009
    Annual accounts 200967,7 M €↑
  39. 2008
    Annual accounts 200831,2 M €↑
  40. 2007
    Annual accounts 200712,9 M €↑
  41. 2006
    Annual accounts 20065,2 M €
  42. 2006
    Name changeVPK Packaging Group
  43. 25/12/1935
    IncorporationPublic limited company