IPPAS INVEST
0420.732.352 · rovalta.com · 27/09/2026
ACTIVE
IPPAS INVEST
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
Overview
Identity
Source · BCE/KBOIPPAS 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)
Joint committees (2)
- 129
- 221
Signals
Healthy social debts
Financials
Source · NBB, 39 filingsTrend over 12 financial years
| 2025 | 2023 | 2022 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | 61,3 k € | -99.9% | 84,8 M € | -43.1% | 148,9 M € | +140% | 62 M € | -0.4% | 62,3 M € |
| EBITDA | -1,9 M € | +98.4% | -118,6 M € | -530% | 27,6 M € | +38.6% | 19,9 M € | +9.6% | 18,1 M € |
| Operating result | -1,9 M € | +98.5% | -122,3 M € | -729% | 19,4 M € | +36.7% | 14,2 M € | +22.8% | 11,6 M € |
| Net result | -2,6 M € | +99.2% | -321,4 M € | -1814% | 18,7 M € | +136% | -51,5 M € | -556% | 11,3 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 € |
| 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 € |
| Cash | 201 k € | +635% | 27,3 k € | +4553% | 587,6 € | – | – | ||
| Debts | 121,6 M € | -34.3% | 185,1 M € | -46.7% | 347,4 M € | +10.5% | 314,5 M € | -16.0% | 374,4 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 |
Valuation
Indicative valuation
As an indication, this company is worth
between 25 M€ and 50 M€
See the valuationBoard of directors
Source · NBB, accounts to 30/09/20251 active · 18 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
| Director | since 25/10/2024 | 000 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Eikelenboom Marco | Managing director | 31/03/2021 → 01/02/2027 | 00 |
Stephen Blyth | Director | 03/02/2020 → 03/02/2026 | 000 |
Stephen Blyth | Director | 03/02/2020 → 02/03/2026 | 000 |
Steffen Wurdinger | Director | 01/02/2017 → 01/02/2023 | 00 |
Other companies at this address
Montaigneweg 2 3620 Lanaken| Company | CBE no. |
|---|---|
IPPAS INDUSTRIAL ACQUISITIONS● Active | 0426.966.779 |
sappi belgium● Active | 0894.189.550 |
Financials
Full financial information
Source · NBB| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Full model | Full model | Full model | Full model | Consolidated accounts | Consolidated accounts |
| 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 |
Financial ratios
Source · NBBLooking for more information about this company?
Try for freeAnnual accounts filings
Source · NBB, 39 filings| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 30/09/2025 | 29/04/2026 | 30/04/2026 | Dutch | |
| Full model | 30/09/2024 | 28/03/2025 | 18/04/2025 | Dutch | |
| Full model | 30/09/2023 | 22/03/2024 | 26/03/2024 | Dutch | |
| Consolidated accounts | 30/09/2023 | 01/03/2024 | 14/03/2024 | German | |
| Full model | 30/09/2022 | 01/02/2023 | 08/02/2023 | Dutch | |
| Consolidated accounts | 30/09/2022 | 01/03/2023 | 28/03/2023 | German | |
| Full model | 30/09/2021 | 01/02/2022 | 08/02/2022 | Dutch | |
| Consolidated accounts | 30/09/2021 | 01/03/2022 | 10/05/2022 | German | |
| Full model | 30/09/2020 | 01/02/2021 | 05/02/2021 | Dutch | |
| Consolidated accounts | 30/09/2020 | 01/03/2021 | 09/09/2021 | German | |
| Full model | 30/09/2019 | 03/02/2020 | 10/02/2020 | Dutch | |
| Consolidated accounts | 30/09/2019 | 03/03/2020 | 24/09/2020 | German | |
| Full model | 30/09/2018 | 01/02/2019 | 05/02/2019 | Dutch | |
| Consolidated accounts | 30/09/2018 | 08/03/2019 | 05/07/2019 | German | |
| Full model | 30/09/2017 | 01/02/2018 | 13/03/2018 | Dutch | |
| Consolidated accounts | 30/09/2017 | 07/03/2018 | 24/04/2018 | German | |
| Full model | 30/09/2016 | 01/02/2017 | 03/02/2017 | Dutch | |
| Consolidated accounts | 30/09/2016 | 22/02/2017 | 10/03/2017 | German | |
| Full model | 30/09/2015 | 01/02/2016 | 16/02/2016 | Dutch | |
| Consolidated accounts | 30/09/2015 | 16/02/2016 | 17/03/2016 | German | |
| Full model | 30/09/2014 | 02/02/2015 | 31/03/2015 | Dutch | |
| Consolidated accounts | 30/09/2014 | 21/01/2015 | 01/04/2015 | German | |
| Full model | 30/09/2013 | 03/02/2014 | 26/03/2014 | Dutch | |
| Consolidated accounts | 30/09/2013 | 03/03/2014 | 05/05/2014 | German | |
| Full model | 30/09/2012 | 01/02/2013 | 19/03/2013 | Dutch | |
| Consolidated accounts | 30/09/2012 | 07/03/2013 | 26/04/2013 | German | |
| Full modelCorrection | 30/09/2011 | 01/02/2012 | 17/07/2012 | Dutch | |
| Full model | 30/09/2011 | 01/02/2012 | 14/02/2012 | Dutch | |
| Consolidated accounts | 30/09/2011 | 30/03/2012 | 10/07/2012 | German | |
| Full model | 30/09/2010 | 01/02/2011 | 28/03/2011 | Dutch | |
| Consolidated accounts | 30/09/2010 | 30/12/2010 | 21/06/2011 | German | |
| Full model | 30/09/2009 | 01/02/2010 | 15/03/2010 | Dutch | |
| Consolidated accounts | 30/09/2009 | 25/02/2010 | 22/04/2010 | German | |
| Full model | 30/09/2008 | 02/03/2009 | 02/04/2009 | Dutch | |
| Consolidated accounts | 30/09/2008 | 05/02/2009 | 23/04/2009 | German | |
| Full model | 30/09/2007 | 03/03/2008 | 17/04/2008 | Dutch | |
| Consolidated accounts | 30/09/2007 | 01/02/2008 | 18/04/2008 | German | |
| Full model | 30/09/2006 | 01/03/2007 | 27/03/2007 | Dutch | |
| Consolidated accounts | 30/09/2006 | 28/02/2007 | 01/08/2007 | German |
Valuation
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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Board of directors
Source · NBB, accounts to 30/09/20251 active · 18 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
| Director | since 25/10/2024 | 000 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Eikelenboom Marco | Managing director | 31/03/2021 → 01/02/2027 | 00 |
Stephen Blyth | Director | 03/02/2020 → 03/02/2026 | 000 |
Stephen Blyth | Director | 03/02/2020 → 02/03/2026 | 000 |
Steffen Wurdinger | Director | 01/02/2017 → 01/02/2023 | 00 |
Ownership and network
Looking for more information about this company?
Try for freePublications
Belgian Official Gazette publications
Source · Belgian Official Gazette- Capital / shares02/09/2026KAPITAAL, AANDELEN
- Mandates13/05/2025ONTSLAGEN - BENOEMINGEN
- Mandates19/11/2024STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ONTSLAGEN - BENOEMINGEN
- Capital / shares07/11/2024STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
- Mandates12/04/2024ONTSLAGEN - BENOEMINGEN
- Other12/01/2024STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates19/10/2023ONTSLAGEN - BENOEMINGEN
- Mandates27/02/2023ONTSLAGEN - BENOEMINGEN
Similar companies
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 2025-2,6 M €↑
- 2025Name changeIPPAS INVEST
- 28/03/2025nominationKadija Amkhaou, Bedrijfsrevisor · commissaris
- 25/10/2024nominationUTB INVESTMENTS NV · enige bestuurder
- 24/10/2024augmentation_capital
- 01/02/2024nominationTheodoor Vanheusden · dagelijks bestuur
- 2023Annual accounts 2023-321,4 M €↓
- 01/02/2023nominationKPMG Bedrijfsrevisoren BV/SRL · commissaris
- 01/02/2023reconductionS. Wurdinger · bestuurder
- 2022Annual accounts 202218,7 M €↑
- 01/08/2022nominationMisa Bursac · dagelijks bestuur
- 2021Annual accounts 2021-51,5 M €↓
- 2020Annual accounts 202011,3 M €↑
- 2019Annual accounts 2019-19,6 M €↓
- 2018Annual accounts 2018-366,9 k €↑
- 2017Annual accounts 2017-676,3 k €↑
- 2016Annual accounts 2016-2,8 M €↑
- 2015Annual accounts 2015-13,4 M €↑
- 2014Annual accounts 2014-18 M €↓
- 25/09/2014demissionEric Raedts · volmacht
- 2013Annual accounts 201320,4 M €
- 01/02/1980IncorporationPublic limited company
Company names
Source · NBB annual accounts, CBE| Name | Period | Source |
|---|---|---|
| IPPAS INVESTCurrent | accounts 2025 · CBE, tracked since 27/09/2026 | Accounts 2025 · 2026-00097171 |
| Sappi Lanaken NV | accounts 2022 → 2023 | Accounts 2023 · 2024-00050753 |
Annual accounts date a value by the financial year it appears in. The CBE dates a change to the day, but its history has only been kept since 27/09/2026.