ACTIVE

VPK Group

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

Activities (NACE)

17210Manufacture of corrugated paper and paperboard and of containers of paper and paperboard· main 64200Activities of holding companies 64210Activities of holding companies 65231Reinsurance

Joint committees (2)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 40 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
EBITDA	15,6 M €	+45.9%	10,7 M €	+22.4%	8,7 M €	-34.3%	13,3 M €	+12.7%	11,8 M €
Operating result	14 M €	+52.9%	9,2 M €	+26.1%	7,3 M €	-41.3%	12,4 M €	+15.3%	10,7 M €
Net result	86,3 M €	-12.4%	98,6 M €	+19.6%	82,4 M €	+43.5%	57,5 M €	+8.0%	53,2 M €
Balance sheet
Equity	719,4 M €	+11.0%	648,3 M €	+17.2%	553,2 M €	+10.9%	499 M €	+6.9%	466,6 M €
Total assets	956,3 M €	+17.2%	815,6 M €	+1.9%	800,6 M €	+19.1%	672,5 M €	+2.2%	658,1 M €
Cash	–		200,3 k €		–		32,7 €	-99.3%	4,7 k €
Debts	236,9 M €	+41.8%	167,1 M €	-32.4%	247,3 M €	+42.6%	173,5 M €	-9.4%	191,5 M €
Other
Workforce	76,0 ETP	+8.0%	70,4 ETP	+14.7%	61,4 ETP	+5.7%	58,1 ETP	-12.9%	66,7 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 · 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

Other companies at this address

Oude baan (OUD) 120 9200 Dendermonde

Company	CBE 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

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/06/2026	11/06/2025	19/06/2024	13/06/2023	10/06/2022	23/06/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 40 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	19/06/2026	Dutch	PDF
Full model	31/12/2024	06/06/2025	11/06/2025	Dutch	PDF
Consolidated accounts	31/12/2024	06/06/2025	11/06/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	19/06/2024	Dutch	PDF
Consolidated accounts	31/12/2023	07/06/2024	18/06/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	13/06/2023	Dutch	PDF
Consolidated accounts	31/12/2022	02/06/2023	05/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	10/06/2022	Dutch	PDF
Consolidated accounts	31/12/2021	03/06/2022	10/06/2022	Dutch	PDF
Full model	31/12/2020	04/06/2021	23/06/2021	Dutch	PDF
Consolidated accounts	31/12/2020	04/06/2021	23/06/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	22/07/2020	Dutch	PDF
Consolidated accounts	31/12/2019	26/06/2020	23/07/2020	Dutch	PDF
Full model	31/12/2018	07/06/2019	11/06/2019	Dutch	PDF
Consolidated accounts	31/12/2018	01/01/9999	30/07/2019	Dutch	PDF
Full model	31/12/2017	01/06/2018	19/06/2018	Dutch	PDF
Consolidated accounts	31/12/2017	01/06/2018	06/07/2018	Dutch	PDF
Full model	31/12/2016	02/06/2017	01/09/2017	Dutch	PDF
Consolidated accounts	31/12/2016	02/06/2017	26/06/2017	Dutch	PDF
Full model	31/12/2015	03/06/2016	24/06/2016	Dutch	PDF
Consolidated accounts	31/12/2015	03/06/2016	12/07/2016	Dutch	PDF
Full model	31/12/2014	05/06/2015	15/06/2015	Dutch	PDF
Consolidated accounts	31/12/2014	05/06/2015	10/06/2015	Dutch	PDF
Full model	31/12/2013	06/06/2014	13/06/2014	Dutch	PDF
Consolidated accounts	31/12/2013	06/06/2014	18/09/2014	Dutch	PDF
Full model	31/12/2012	07/06/2013	12/06/2013	Dutch	PDF
Consolidated accounts	31/12/2012	07/06/2013	03/07/2013	Dutch	PDF
Full model	31/12/2011	01/06/2012	13/06/2012	Dutch	PDF
Consolidated accounts	31/12/2011	01/06/2012	06/06/2012	Dutch	PDF
Full model	31/12/2010	29/04/2011	17/05/2011	Dutch	PDF
Consolidated accounts	31/12/2010	29/04/2011	10/05/2011	Dutch	PDF
Full model	31/12/2009	30/04/2010	21/05/2010	Dutch	PDF
Consolidated accountsCorrection	31/12/2009	30/04/2010	14/12/2010	Dutch	PDF
Consolidated accounts	31/12/2009	30/04/2010	23/06/2010	Dutch	PDF
Full model	31/12/2008	24/04/2009	15/12/2009	Dutch	PDF
Consolidated accounts	31/12/2008	24/04/2009	29/04/2009	Dutch	PDF
Full model	31/12/2007	25/04/2008	22/05/2008	Dutch	PDF
Consolidated accounts	31/12/2007	01/01/9999	22/05/2008	Dutch	PDF
Full model	31/12/2006	25/05/2007	15/06/2007	Dutch	PDF
Consolidated accounts	31/12/2006	25/05/2007	20/06/2007	Dutch	PDF

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 · 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

Ownership and network

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Try for free

Belgian Official Gazette publications

Source · Belgian Official Gazette

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

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

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Timeline

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

VPK Group

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline