ACTIVE

IPPAS INDUSTRIAL ACQUISITIONS

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Financial year 2025 · Closed on 30/09/2025

Net result307,7 k €+100,2 %over 1 year

Revenue1,8 M €-98,9 %over 1 year

Equity117,4 M €+32,0 %over 1 year

Workforce1,1 ETP

Identity

Source · BCE/KBO

IPPAS INDUSTRIAL ACQUISITIONS is a Public limited company incorporated in 1985. Its main activity is: Manufacture of paper and paperboard. Its registered office is in Lanaken. It employs on average 1,1 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0426.966.779
Incorporation: 01/03/1985
Legal form: Public limited company
Registered office: Montaigneweg 2
3620 Lanaken · FlandreSee on map
Contributed capital: 346 054 638,37 €
Latest accounts: 30/09/2025
Average workforce: 1,1 ETP

Activities (NACE)

17120Manufacture of paper and paperboard· main 17120Manufacture of paper and paperboard 21121Manufacture of basic pharmaceutical products 46649Wholesale of machinery for the textile industry and of sewing and knitting machines 46699Wholesale of other machinery and equipment

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 21 filings

Trend over 11 financial years

	2025		2023		2022		2021		2020
Income statement
Revenue	1,8 M €	-98.9%	167,7 M €	-49.8%	333,9 M €	+117%	153,6 M €	+18.9%	129,2 M €
EBITDA	49,1 k €	+100%	-174,5 M €	-16803%	1 M €	+102%	-51,6 M €	+9.8%	-57,2 M €
Operating result	49,1 k €	+100%	-183,6 M €	-1955%	-8,9 M €	+85.7%	-62,6 M €	+9.3%	-69 M €
Net result	307,7 k €	+100%	-179,7 M €	-2148%	-8 M €	+87.0%	-61,7 M €	+9.7%	-68,4 M €
Balance sheet
Equity	117,4 M €	+32.0%	88,9 M €	-66.9%	268,7 M €	-2.9%	276,7 M €	-18.2%	338,4 M €
Total assets	122,8 M €	+27.4%	96,4 M €	-74.0%	371,2 M €	+9.4%	339,4 M €	-11.2%	382,2 M €
Cash	30,2 k €		–		–		–		–
Debts	5,3 M €	+110%	2,5 M €	-97.5%	102,4 M €	+63.5%	62,6 M €	+43.2%	43,7 M €
Other
Workforce	1,1 ETP		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Board of directors

Source · NBB, accounts to 30/09/2025

1 active · 20 ended

Active mandates

UTB INVESTMENTS

Director · since 25 octobre 2024 · 0890.180.876

Represented by Dirk Uittenbogert

Active

Ended mandates

Steffen Wurdinger

Director · since 01 février 2023 · until 01 février 2029

Ended

M. Eikelenboom

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

Ended

Marco Eikelenboom

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

Ended

S. Blyth

Director · since 03 février 2020 · until 02 février 2026

Ended

Other companies at this address

Montaigneweg 2 3620 Lanaken

Company	CBE no.
IPPAS INVEST● Active	0420.732.352
sappi belgium● Active	0894.189.550

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	01/10/2024	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	08/02/2022	05/02/2021
General meeting	29/04/2026	28/03/2025	22/03/2024	01/02/2023	01/02/2022	01/02/2021
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, 21 filings

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
Full model	30/09/2022	01/02/2023	08/02/2023	Dutch	PDF
Full model	30/09/2021	01/02/2022	08/02/2022	Dutch	PDF
Full model	30/09/2020	01/02/2021	05/02/2021	Dutch	PDF
Full model	30/09/2019	03/02/2020	10/02/2020	Dutch	PDF
Full model	30/09/2018	01/02/2019	05/02/2019	Dutch	PDF
Full model	30/09/2017	01/02/2018	13/03/2018	Dutch	PDF
Full model	30/09/2016	01/02/2017	03/02/2017	Dutch	PDF
Full model	30/09/2015	01/02/2016	16/02/2016	Dutch	PDF
Full model	30/09/2014	02/02/2015	09/02/2015	Dutch	PDF
Full model	30/09/2013	03/02/2014	24/03/2014	Dutch	PDF
Full model	30/09/2012	01/02/2013	19/03/2013	Dutch	PDF
Full modelCorrection	30/09/2011	01/02/2012	17/07/2012	Dutch	PDF
Full model	30/09/2011	01/02/2012	14/02/2012	Dutch	PDF
Full model	30/09/2010	01/02/2011	28/03/2011	Dutch	PDF
Full model	30/09/2009	01/02/2010	15/03/2010	Dutch	PDF
Full model	30/09/2008	02/02/2009	02/04/2009	Dutch	PDF
Full model	30/09/2007	01/02/2008	17/04/2008	Dutch	PDF
Full model	30/09/2006	01/02/2007	27/03/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 30/09/2025

1 active · 20 ended

Active mandates

UTB INVESTMENTS

Director · since 25 octobre 2024 · 0890.180.876

Represented by Dirk Uittenbogert

Active

Ended mandates

Steffen Wurdinger

Director · since 01 février 2023 · until 01 février 2029

Ended

M. Eikelenboom

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

Ended

Marco Eikelenboom

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

Ended

S. Blyth

Director · since 03 février 2020 · until 02 février 2026

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates13/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/11/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/12/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/03/2021
ONTSLAGEN - BENOEMINGEN
PDF

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

See the Business plan

Timeline

2025
Annual accounts 2025307,7 k €↑
28/03/2025
nominationKadija Amkhaou, Bedrijfsrevisor — commissaris
2025
Name changeIPPAS Industrial Acquisitions
25/10/2024
nominationUTB INVESTMENTS NV — enige bestuurder
01/02/2024
nominationTheodoor Vanheusden — dagelijks bestuur
2023
Annual accounts 2023-179,7 M €↓
01/02/2023
nominationKPMG Bedrijfsrevisoren BV/SRL — commissaris
01/02/2023
reconductionS. Wurdinger — bestuurder
2022
Annual accounts 2022-8 M €↑
01/08/2022
nominationMisa Bursac — dagelijks bestuur
2022
Name changeSappi Lanaken Press Paper NV
2021
Annual accounts 2021-61,7 M €↑
2020
Annual accounts 2020-68,4 M €↓
2019
Annual accounts 2019-24,2 M €↓
2018
Annual accounts 20188,7 M €↓
2017
Annual accounts 201713,1 M €↓
2016
Annual accounts 201615,4 M €↑
2015
Annual accounts 201514,5 M €↑
2014
Annual accounts 201412,2 M €
25/09/2014
demissionEric Raedts — volmacht
01/03/1985
IncorporationPublic limited company

IPPAS INDUSTRIAL ACQUISITIONS

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