ACTIVE

IPPAS INVEST

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Financial year 2025 · Closed on 30/09/2025

Net result-2,6 M €+99,2 %over 1 year
Revenue61,3 k €-99,9 %over 1 year
Equity26,4 M €+115,5 %over 1 year
Workforce0,0 ETP-100,0 %over 1 year

Identity

Source · BCE/KBO

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
Joint committees (2)
  • 129
  • 221
Signals
Healthy social debts

Financials

Source · NBB, 39 filings

Trend over 12 financial years

20252023202220212020
Income statement
Revenue61,3 k €84,8 M €148,9 M €62 M €62,3 M €
EBITDA-1,9 M €-118,6 M €27,6 M €19,9 M €18,1 M €
Operating result-1,9 M €-122,3 M €19,4 M €14,2 M €11,6 M €
Net result-2,6 M €-321,4 M €18,7 M €-51,5 M €11,3 M €
Balance sheet
Equity26,4 M €-170,8 M €151,8 M €135,7 M €189,7 M €
Total assets148,1 M €139,2 M €513,6 M €458,5 M €572,8 M €
Cash201 k €27,3 k €587,6 €––
Debts121,6 M €185,1 M €347,4 M €314,5 M €374,4 M €
Other
Workforce0,0 ETP614,2 ETP559,1 ETP536,3 ETP537,7 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€
See the valuation

Board of directors

Source · NBB, accounts to 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

Other companies at this address

Montaigneweg 2 3620 Lanaken
CompanyCBE no.
IPPAS INDUSTRIAL ACQUISITIONS● Active
0426.966.779
sappi belgium● Active
0894.189.550

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelConsolidated accountsConsolidated accounts
Start of the financial year01/10/202401/10/202301/10/202201/10/202101/10/202001/10/2019
Closing of the financial year30/09/202530/09/202430/09/202330/09/202230/09/202130/09/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date30/04/202618/04/202526/03/202408/02/202310/05/202209/09/2021
General meeting29/04/202628/03/202522/03/202401/02/202301/03/202201/03/2021
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, 39 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model30/09/202529/04/202630/04/2026DutchPDF
Full model30/09/202428/03/202518/04/2025DutchPDF
Full model30/09/202322/03/202426/03/2024DutchPDF
Consolidated accounts30/09/202301/03/202414/03/2024GermanPDF
Full model30/09/202201/02/202308/02/2023DutchPDF
Consolidated accounts30/09/202201/03/202328/03/2023GermanPDF
Full model30/09/202101/02/202208/02/2022DutchPDF
Consolidated accounts30/09/202101/03/202210/05/2022GermanPDF
Full model30/09/202001/02/202105/02/2021DutchPDF
Consolidated accounts30/09/202001/03/202109/09/2021GermanPDF
Full model30/09/201903/02/202010/02/2020DutchPDF
Consolidated accounts30/09/201903/03/202024/09/2020GermanPDF
Full model30/09/201801/02/201905/02/2019DutchPDF
Consolidated accounts30/09/201808/03/201905/07/2019GermanPDF
Full model30/09/201701/02/201813/03/2018DutchPDF
Consolidated accounts30/09/201707/03/201824/04/2018GermanPDF
Full model30/09/201601/02/201703/02/2017DutchPDF
Consolidated accounts30/09/201622/02/201710/03/2017GermanPDF
Full model30/09/201501/02/201616/02/2016DutchPDF
Consolidated accounts30/09/201516/02/201617/03/2016GermanPDF
Full model30/09/201402/02/201531/03/2015DutchPDF
Consolidated accounts30/09/201421/01/201501/04/2015GermanPDF
Full model30/09/201303/02/201426/03/2014DutchPDF
Consolidated accounts30/09/201303/03/201405/05/2014GermanPDF

View all 39 filings

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.

Board of directors

Source · NBB, accounts to 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

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • 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

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 2025-2,6 M €↑
  2. 28/03/2025
    nominationKadija Amkhaou, Bedrijfsrevisor — commissaris
  3. 2025
    Name changeIPPAS Invest
  4. 25/10/2024
    nominationUTB INVESTMENTS NV — enige bestuurder
  5. 24/10/2024
    augmentation_capital
  6. 01/02/2024
    nominationTheodoor Vanheusden — dagelijks bestuur
  7. 2023
    Annual accounts 2023-321,4 M €↓
  8. 01/02/2023
    nominationKPMG Bedrijfsrevisoren BV/SRL — commissaris
  9. 01/02/2023
    reconductionS. Wurdinger — bestuurder
  10. 2022
    Annual accounts 202218,7 M €↑
  11. 01/08/2022
    nominationMisa Bursac — dagelijks bestuur
  12. 2022
    Name changeSappi Lanaken NV
  13. 2021
    Annual accounts 2021-51,5 M €↓
  14. 2020
    Annual accounts 202011,3 M €↑
  15. 2019
    Annual accounts 2019-19,6 M €↓
  16. 2018
    Annual accounts 2018-366,9 k €↑
  17. 2017
    Annual accounts 2017-676,3 k €↑
  18. 2016
    Annual accounts 2016-2,8 M €↑
  19. 2015
    Annual accounts 2015-13,4 M €↑
  20. 2014
    Annual accounts 2014-18 M €↓
  21. 25/09/2014
    demissionEric Raedts — volmacht
  22. 2013
    Annual accounts 201320,4 M €
  23. 01/02/1980
    IncorporationPublic limited company