ACTIVE

VPK Group

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Financial year 2025 · Closed on 31/12/2025

Net result86,3 M €-12,4 %over 1 year
Equity719,4 M €+11,0 %over 1 year
Workforce76,0 ETP+8,0 %over 1 year

Identity

Source · BCE/KBO

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
Joint committees (2)
  • 129
  • 221
Signals
ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 40 filings

Trend over 20 financial years

20252024202320222021
Income statement
EBITDA15,6 M €10,7 M €8,7 M €13,3 M €11,8 M €
Operating result14 M €9,2 M €7,3 M €12,4 M €10,7 M €
Net result86,3 M €98,6 M €82,4 M €57,5 M €53,2 M €
Balance sheet
Equity719,4 M €648,3 M €553,2 M €499 M €466,6 M €
Total assets956,3 M €815,6 M €800,6 M €672,5 M €658,1 M €
Cash–200,3 k €–32,7 €4,7 k €
Debts236,9 M €167,1 M €247,3 M €173,5 M €191,5 M €
Other
Workforce76,0 ETP70,4 ETP61,4 ETP58,1 ETP66,7 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

9 active · 13 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Carl Verstraelen
Chairman of the board of directors10/12/2025 → 05/06/2026
Dirk Meeus
Director27/05/2005 → 01/06/2029
Manon Macharis
Director06/06/2025 → 01/06/2029
SEQUOIA INDUSTRIES1017.506.046Represented by Jean-Paul Macharis
Director06/06/2025 → 04/06/2027
Wolfgang de Limburg Stirum
Director01/06/2018 → 02/06/2028
ZENDEN0728.600.553Represented by Denis Zenner
Director07/06/2024 → 02/06/2028
Carla Sinanian
Director02/06/2023 → 04/06/2027
HOVECO MANAGEMENT0832.583.167Represented by Veronique Hoflack
Director02/06/2023 → 04/06/2027
Pierre Macharis
Managing director27/05/2005 → 04/06/2027

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
PERKAMENT0465.122.225Represented by Jean-Paul Macharis
Director01/05/2020 → 2024 accounts
DIMACOR0861.039.108Represented by Carl Verstraelen
Chairman of the board of directors07/06/2019 → 2024 accounts
LSIM0865.250.985Represented by Wolfgang de Limburg Stirum
Director01/06/2018 → 2018 accounts

Other companies at this address

Oude baan (OUD) 120 9200 Dendermonde
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

Full financial information

Source · NBB
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 40 filings
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

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.

Board of directors

Source · NBB, accounts to 31/12/2025

9 active · 13 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Carl Verstraelen
Chairman of the board of directors10/12/2025 → 05/06/2026
Dirk Meeus
Director27/05/2005 → 01/06/2029
Manon Macharis
Director06/06/2025 → 01/06/2029
SEQUOIA INDUSTRIES1017.506.046Represented by Jean-Paul Macharis
Director06/06/2025 → 04/06/2027
Wolfgang de Limburg Stirum
Director01/06/2018 → 02/06/2028
ZENDEN0728.600.553Represented by Denis Zenner
Director07/06/2024 → 02/06/2028
Carla Sinanian
Director02/06/2023 → 04/06/2027
HOVECO MANAGEMENT0832.583.167Represented by Veronique Hoflack
Director02/06/2023 → 04/06/2027
Pierre Macharis
Managing director27/05/2005 → 04/06/2027

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
PERKAMENT0465.122.225Represented by Jean-Paul Macharis
Director01/05/2020 → 2024 accounts
DIMACOR0861.039.108Represented by Carl Verstraelen
Chairman of the board of directors07/06/2019 → 2024 accounts
LSIM0865.250.985Represented by Wolfgang de Limburg Stirum
Director01/06/2018 → 2018 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates20/07/2026
    Einde mandaat bestuurder en herbenoeming commissaris
    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

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts
Year
Identity
Incorporation1935
Name
Registered office
Annual accounts
Filings20 filings
Mandates
Carl Verstraelen
SEQUOIA INDUSTRIES
Manon Macharis
Dirk Meeus
ZENDEN
Wolfgang de Limburg Stirum
HOVECO MANAGEMENT
Carla Sinanian
Pierre Macharis
PERKAMENT
DIMACOR
LSIM
1966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029
VPK GroupVPK Packaging Group
Oude baan (OUD) 120, 9200 Dendermonde
Director
Director
Director
Director
Director
Director
Director
Managing director
Director
Chairman of the board of directorsDirector
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
Oude baan (OUD) 120, 9200 DendermondeCurrent
accounts 2021 → 2025
Accounts 2025 · 2026-00189965

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
VPK GroupCurrent
accounts 2019 → 2025
Accounts 2025 · 2026-00189965
VPK Packaging Group
accounts 2006 → 2018
Accounts 2018 · 2019-17500548

Events

  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. 25/12/1935
    IncorporationPublic limited company