ACTIVE

IPPAS INVEST

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Financial year 2025 · closed on 30/09/2025

Net result

-2,6 M €

+99.2% YoY

Revenue

61,3 k €

-99.9% YoY

Equity

26,4 M €

+115.5% YoY

Workforce

0,0 ETP

-100.0% YoY

What does IPPAS INVEST do?

IPPAS INVEST is a Public limited company incorporated in 1980. Its main activity is: Manufacture of paper and paperboard. Its registered office is in Lanaken.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0420.732.352

Incorporation

01/02/1980

Legal form

Public limited company

Registered office

Montaigneweg 2
3620 Lanaken · FlandreSee on map

Contributed capital

181 324 556,89 €

Latest accounts

30/09/2025

Average workforce

0,0 ETP

Activities (NACE)

17120Manufacture of paper and paperboard· main 17120Manufacture of paper and paperboard 21121Manufacture of basic pharmaceutical products 17250Manufacture of articles of paper and paperboard 17290Manufacture of other articles of paper and paperboard

Joint committees (2)

Signals

Healthy social debts

View the BCE/KBO Public Search record →

Health score

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Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 12 financial years

	2025		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013
Income statement
Revenue	61,3 k €	-99.9%	84,8 M €	-43.1%	148,9 M €	+140%	62 M €	-0.4%	62,3 M €	-54.6%	137,3 M €	-4.7%	144,1 M €	+7.2%	134,4 M €	-5.6%	142,3 M €	+7.1%	132,9 M €	+42.3%	93,3 M €	-14.6%	109,3 M €
EBITDA	-1,9 M €	+98.4%	-118,6 M €	-530%	27,6 M €	+38.6%	19,9 M €	+9.6%	18,1 M €	+24940%	-73,1 k €	-100%	20,9 M €	+15.4%	18,2 M €	-13.9%	21,1 M €	+71.7%	12,3 M €	+321%	-5,5 M €	-50.1%	-3,7 M €
Operating result	-1,9 M €	+98.5%	-122,3 M €	-729%	19,4 M €	+36.7%	14,2 M €	+22.8%	11,6 M €	+168%	-17 M €	-524%	4 M €	+20.6%	3,3 M €	+35.3%	2,5 M €	+132%	-7,6 M €	+29.6%	-10,8 M €	-61.4%	-6,7 M €
Net result	-2,6 M €	+99.2%	-321,4 M €	-1814%	18,7 M €	+136%	-51,5 M €	-556%	11,3 M €	+157%	-19,6 M €	-5253%	-366,9 k €	+45.7%	-676,3 k €	+76.0%	-2,8 M €	+79.0%	-13,4 M €	+25.4%	-18 M €	-188%	20,4 M €
Balance sheet
Equity	26,4 M €	+115%	-170,8 M €	-212%	151,8 M €	+11.9%	135,7 M €	-28.5%	189,7 M €	+6.3%	178,5 M €	-9.9%	198,1 M €	+1.8%	194,7 M €	-0.6%	195,8 M €	-1.1%	198 M €	-5.6%	209,7 M €	-7.9%	227,7 M €
Total assets	148,1 M €	+6.3%	139,2 M €	-72.9%	513,6 M €	+12.0%	458,5 M €	-20.0%	572,8 M €	+4.7%	546,9 M €	+2.5%	533,6 M €	-28.6%	747,4 M €	-7.9%	811,1 M €	-2.6%	832,6 M €	-5.5%	880,7 M €	+17.7%	748,1 M €
Cash	201 k €	+635%	27,3 k €	+4553%	587,6 €		–		–		–		–		158,6 €	-92.1%	2 k €	+19.9%	1,7 k €	-97.2%	58,9 k €	-48.1%	113,6 k €
Debts	121,6 M €	-34.3%	185,1 M €	-46.7%	347,4 M €	+10.5%	314,5 M €	-16.0%	374,4 M €	+4.4%	358,7 M €	+9.5%	327,5 M €	-38.9%	535,9 M €	-10.4%	598,1 M €	-3.3%	618,6 M €	-5.1%	651,6 M €	+28.4%	507,3 M €
Other
Workforce	0,0 ETP	-100%	614,2 ETP	+9.9%	559,1 ETP	+4.3%	536,3 ETP	-0.3%	537,7 ETP	+5.2%	511,0 ETP	+5.9%	482,7 ETP	-0.6%	485,5 ETP	-3.5%	503,2 ETP	-5.2%	531,0 ETP	-3.2%	548,6 ETP	-3.9%	571,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 1 active · 18 ended

Active mandates

UTB INVESTMENTS

Director · since 25 octobre 2024 · 0890.180.876

Represented by Dirk Uittenbogert

Active

Ended mandates

Eikelenboom Marco

Managing director · since 31 mars 2021 · until 01 février 2027

Ended

Stephen Blyth

Director · since 03 février 2020 · until 03 février 2026

Ended

Stephen Blyth

Director · since 03 février 2020 · until 02 mars 2026

Ended

Steffen Wurdinger

Director · since 01 février 2017 · until 01 février 2023

Ended

At this address

Other companies at this address

Company	CBE no.
IPPAS INDUSTRIAL ACQUISITIONS● Active	0426.966.779
sappi belgium● Active	0894.189.550

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	m121-f-p	m121-f-p
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/04/2026	18/04/2025	26/03/2024	08/02/2023	10/05/2022	09/09/2021
General meeting	29/04/2026	28/03/2025	22/03/2024	01/02/2023	01/03/2022	01/03/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

39 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	30/09/2025	29/04/2026	30/04/2026	Dutch	PDF
Full model	30/09/2024	28/03/2025	18/04/2025	Dutch	PDF
Full model	30/09/2023	22/03/2024	26/03/2024	Dutch	PDF
m121-f-p	30/09/2023	01/03/2024	14/03/2024	German	PDF
Full model	30/09/2022	01/02/2023	08/02/2023	Dutch	PDF
m121-f-p	30/09/2022	01/03/2023	28/03/2023	German	PDF
Full model	30/09/2021	01/02/2022	08/02/2022	Dutch	PDF
m121-f-p	30/09/2021	01/03/2022	10/05/2022	German	PDF
Full model	30/09/2020	01/02/2021	05/02/2021	Dutch	PDF
m121-f-p	30/09/2020	01/03/2021	09/09/2021	German	PDF
Full model	30/09/2019	03/02/2020	10/02/2020	Dutch	PDF
m121-f-p	30/09/2019	03/03/2020	24/09/2020	German	PDF
Full model	30/09/2018	01/02/2019	05/02/2019	Dutch	PDF
m121-f-p	30/09/2018	08/03/2019	05/07/2019	German	PDF
Full model	30/09/2017	01/02/2018	13/03/2018	Dutch	PDF
m121-f-p	30/09/2017	07/03/2018	24/04/2018	German	PDF
Full model	30/09/2016	01/02/2017	03/02/2017	Dutch	PDF
m121-f-p	30/09/2016	22/02/2017	10/03/2017	German	PDF
Full model	30/09/2015	01/02/2016	16/02/2016	Dutch	PDF
m121-f-p	30/09/2015	16/02/2016	17/03/2016	German	PDF
Full model	30/09/2014	02/02/2015	31/03/2015	Dutch	PDF
m121-f-p	30/09/2014	21/01/2015	01/04/2015	German	PDF
Full model	30/09/2013	03/02/2014	26/03/2014	Dutch	PDF
m121-f-p	30/09/2013	03/03/2014	05/05/2014	German	PDF

View all 39 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

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 30/09/2025 · 1 active · 18 ended

Active mandates

UTB INVESTMENTS

Director · since 25 octobre 2024 · 0890.180.876

Represented by Dirk Uittenbogert

Active

Ended mandates

Eikelenboom Marco

Managing director · since 31 mars 2021 · until 01 février 2027

Ended

Stephen Blyth

Director · since 03 février 2020 · until 03 février 2026

Ended

Stephen Blyth

Director · since 03 février 2020 · until 02 mars 2026

Ended

Steffen Wurdinger

Director · since 01 février 2017 · until 01 février 2023

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares02/09/2026
KAPITAAL, AANDELEN
PDF
Mandates13/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/11/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares07/11/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates12/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other12/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates19/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/02/2023
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

2025
Annual accounts 2025-2,6 M €↑
28/03/2025
nominationKadija Amkhaou, Bedrijfsrevisor — commissaris
2025
Name changeIPPAS Invest
25/10/2024
nominationUTB INVESTMENTS NV — enige bestuurder
24/10/2024
augmentation_capital
01/02/2024
nominationTheodoor Vanheusden — dagelijks bestuur
2023
Annual accounts 2023-321,4 M €↓
01/02/2023
nominationKPMG Bedrijfsrevisoren BV/SRL — commissaris
01/02/2023
reconductionS. Wurdinger — bestuurder
2022
Annual accounts 202218,7 M €↑
01/08/2022
nominationMisa Bursac — dagelijks bestuur
2022
Name changeSappi Lanaken NV
2021
Annual accounts 2021-51,5 M €↓
2020
Annual accounts 202011,3 M €↑
2019
Annual accounts 2019-19,6 M €↓
2018
Annual accounts 2018-366,9 k €↑
2017
Annual accounts 2017-676,3 k €↑
2016
Annual accounts 2016-2,8 M €↑
2015
Annual accounts 2015-13,4 M €↑
2014
Annual accounts 2014-18 M €↓
25/09/2014
demissionEric Raedts — volmacht
2013
Annual accounts 201320,4 M €
01/02/1980
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

IPPAS INVEST

Overview

What does IPPAS INVEST do?

Trend over 12 financial years

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