ACTIVE

VPK Paper

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Financial year 2025 · closed on 31/12/2025

Net result

18,5 M €

-29.2% YoY

Revenue

222,8 M €

+5.7% YoY

Equity

99,1 M €

+3.7% YoY

Workforce

292,2 ETP

+3.1% YoY

What does VPK Paper do?

VPK Paper is a Public limited company incorporated in 1995. Its registered office is in Dendermonde. It employs on average 292,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.519.927

Incorporation

28/02/1995

Legal form

Public limited company

Registered office

Oude baan (OUD) 120
9200 Dendermonde · FlandreSee on map

Contributed capital

23 946 411,75 €

Latest accounts

31/12/2025

Average workforce

292,2 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	222,8 M €	+5.7%	210,8 M €	+8.6%	194,1 M €	-36.4%	305,1 M €	+25.1%	243,8 M €	+56.8%	155,5 M €	-8.6%	170 M €	-15.8%	202,1 M €	+6.9%	189 M €	+2.9%	183,6 M €	+5.9%	173,3 M €	+3.2%	168 M €	+17.8%	142,6 M €	-14.2%	166,2 M €	+26.6%	131,3 M €	+53.1%	85,8 M €	-16.7%	102,9 M €	-14.7%	120,7 M €	+7.9%	111,8 M €
EBITDA	25,5 M €	+41.7%	18 M €	-11.3%	20,3 M €	-65.9%	59,5 M €	+11.4%	53,4 M €	+43.4%	37,2 M €	+0.9%	36,9 M €	-37.0%	58,5 M €	+64.2%	35,7 M €	-14.0%	41,5 M €	+6.8%	38,8 M €	+35.5%	28,6 M €	+250%	8,2 M €	-56.6%	18,9 M €	+26.0%	15 M €	+483%	-3,9 M €	+2.5%	-4 M €	-116%	24,6 M €	+0.5%	24,5 M €
Operating result	19,3 M €	+62.6%	11,9 M €	-11.0%	13,3 M €	-74.1%	51,5 M €	+12.4%	45,8 M €	+59.0%	28,8 M €	-2.5%	29,5 M €	-42.4%	51,3 M €	+76.9%	29 M €	-6.8%	31,1 M €	+9.4%	28,4 M €	+43.8%	19,8 M €	+1894%	-1,1 M €	-112%	9,3 M €	+43.9%	6,5 M €	+148%	-13,7 M €	+8.2%	-14,9 M €	-173%	20,4 M €	-2.2%	20,8 M €
Net result	18,5 M €	-29.2%	26,2 M €	+422%	5 M €	-78.6%	23,5 M €	-37.6%	37,7 M €	+66.7%	22,6 M €	-11.0%	25,4 M €	-21.4%	32,3 M €	+75.8%	18,4 M €	-28.5%	25,7 M €	-16.4%	30,8 M €	-67.6%	94,9 M €	+1146%	-9,1 M €	-2033%	-425,5 k €	+76.0%	-1,8 M €	+92.1%	-22,5 M €	+15.8%	-26,7 M €	-320%	12,1 M €	+16.5%	10,4 M €
Balance sheet
Equity	99,1 M €	+3.7%	95,6 M €	-11.8%	108,4 M €	+4.9%	103,4 M €	+3.5%	99,9 M €	+8.3%	92,2 M €	+9.0%	84,6 M €	+6.8%	79,2 M €	-8.8%	86,9 M €	-56.5%	199,8 M €	+14.6%	174,4 M €	+21.2%	143,8 M €	+193%	49,2 M €	-14.4%	57,4 M €	-0.8%	57,9 M €	-3.0%	59,7 M €	+147%	24,2 M €	-52.5%	50,9 M €	+30.0%	39,1 M €
Total assets	162,1 M €	-7.4%	175,1 M €	+15.7%	151,3 M €	-12.0%	172 M €	-8.4%	187,8 M €	+23.1%	152,6 M €	-0.0%	152,6 M €	-8.4%	166,6 M €	+4.6%	159,3 M €	-32.7%	236,8 M €	+14.4%	207 M €	+1.4%	204,2 M €	-42.1%	352,7 M €	-5.2%	371,9 M €	+1.4%	366,8 M €	+6.2%	345,2 M €	+23.0%	280,6 M €	+14.4%	245,3 M €	+19.2%	205,8 M €
Cash	–		–		–		3,9 k €	+34.5%	2,9 k €	+13.7%	2,5 k €	+244%	736,6 €	-100.0%	18,7 M €		–		1,4 k €	-100.0%	40 M €	+400430%	10 k €	-84.1%	62,9 k €	-99.0%	6,6 M €	+62.3%	4,1 M €	+22.6%	3,3 M €	+977%	306,6 k €	+5634%	5,3 k €	-99.9%	6,5 M €
Debts	62,1 M €	-21.1%	78,7 M €	+97.7%	39,8 M €	-41.0%	67,5 M €	-15.3%	79,7 M €	+41.7%	56,3 M €	-12.2%	64,1 M €	-25.5%	86 M €	+21.9%	70,6 M €	+115%	32,9 M €	+11.4%	29,5 M €	-49.5%	58,4 M €	-80.6%	301,6 M €	-3.6%	313 M €	+1.9%	307,2 M €	+8.7%	282,6 M €	+11.5%	253,6 M €	+32.4%	191,6 M €	+16.0%	165,2 M €
Other
Workforce	292,2 ETP	+3.1%	283,3 ETP	+0.4%	282,2 ETP	+4.5%	270,0 ETP	-1.6%	274,4 ETP	+0.3%	273,7 ETP	-1.3%	277,3 ETP	+0.4%	276,1 ETP	+2.7%	268,8 ETP	-2.3%	275,0 ETP	-1.0%	277,7 ETP	+1.8%	272,8 ETP	+2.0%	267,4 ETP	+5.3%	253,9 ETP	+2.5%	247,7 ETP	-3.0%	255,3 ETP	+3.4%	246,8 ETP	+0.2%	246,2 ETP	-0.9%	248,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 26 ended

Active mandates

3 ADVICE

Director · since 02 juin 2023 · until 01 juin 2029 · 0817.639.922

Represented by WIM NAESSENS

Active

ALEXIS ZENNER

Director · since 02 juin 2023 · until 01 juin 2029

Active

UNI-PAR

Managing director · since 02 juin 2023 · until 01 juin 2029 · 0465.120.641

Represented by PIERRE MACHARIS

Active

Ended mandates

PERKAMENT

Director · since 05 juin 2017 · until 02 juin 2023 · 0465.122.225

Represented by JEAN-PAUL MACHARIS

Ended

ALEXIS ZENNER

Director · since 02 juin 2017 · until 02 juin 2023

Ended

PERKAMENT

Director · since 02 juin 2017 · until 02 juin 2023 · 0465.122.225

Represented by JEAN-PAUL MACHARIS

Ended

UNI-PAR

Managing director · since 02 juin 2017 · until 02 juin 2023 · 0465.120.641

Represented by PIERRE MACHARIS

Ended

At this address

Other companies at this address

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 Group● Active	0400.313.852
VPK PACKAGING● Active	0454.520.026
VPK SERVICES● Active	0464.538.245

Annual accounts

Full financial information

	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	09/06/2026	10/06/2025	13/06/2024	12/06/2023	14/06/2022	22/06/2021
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

Ratios

Financial ratios

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	09/06/2026	Dutch	PDF
Full model	31/12/2024	06/06/2025	10/06/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	13/06/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	12/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	14/06/2022	Dutch	PDF
Full model	31/12/2020	04/06/2021	22/06/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	24/07/2020	Dutch	PDF
Full model	31/12/2018	07/06/2019	12/06/2019	Dutch	PDF
Full model	31/12/2017	01/06/2018	25/06/2018	Dutch	PDF
Full model	31/12/2016	02/06/2017	27/06/2017	Dutch	PDF
Full model	31/12/2015	03/06/2016	16/06/2016	Dutch	PDF
Full model	31/12/2014	26/03/2015	16/06/2015	Dutch	PDF
Full model	31/12/2013	27/03/2014	06/05/2014	Dutch	PDF
Full model	31/12/2012	28/03/2013	29/04/2013	Dutch	PDF
Full model	31/12/2011	29/03/2012	17/04/2012	Dutch	PDF
Full model	31/12/2010	31/03/2011	14/04/2011	Dutch	PDF
Full model	31/12/2009	25/03/2010	12/04/2010	Dutch	PDF
Full model	31/12/2008	26/03/2009	21/04/2009	Dutch	PDF
Full model	31/12/2007	27/03/2008	24/04/2008	Dutch	PDF
Full model	31/12/2006	29/03/2007	27/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 31/12/2025 · 3 active · 26 ended

Active mandates

3 ADVICE

Director · since 02 juin 2023 · until 01 juin 2029 · 0817.639.922

Represented by WIM NAESSENS

Active

ALEXIS ZENNER

Director · since 02 juin 2023 · until 01 juin 2029

Active

UNI-PAR

Managing director · since 02 juin 2023 · until 01 juin 2029 · 0465.120.641

Represented by PIERRE MACHARIS

Active

Ended mandates

PERKAMENT

Director · since 05 juin 2017 · until 02 juin 2023 · 0465.122.225

Represented by JEAN-PAUL MACHARIS

Ended

ALEXIS ZENNER

Director · since 02 juin 2017 · until 02 juin 2023

Ended

PERKAMENT

Director · since 02 juin 2017 · until 02 juin 2023 · 0465.122.225

Represented by JEAN-PAUL MACHARIS

Ended

UNI-PAR

Managing director · since 02 juin 2017 · until 02 juin 2023 · 0465.120.641

Represented by PIERRE MACHARIS

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other30/12/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates16/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/12/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/04/2017
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 202518,5 M €↓
2024
Annual accounts 202426,2 M €↑
2023
Annual accounts 20235 M €↓
02/06/2023
nomination3 Advice BV — bestuurder
02/06/2023
reconductionUni-Par NV — bestuurder en gedelegeerd bestuurder
02/06/2023
reconductionAlexis Zenner — bestuurder
02/06/2023
reconductionKPMG Bedrijfsrevisoren BV — commissaris
2022
Annual accounts 202223,5 M €↓
2021
Annual accounts 202137,7 M €↑
2020
Annual accounts 202022,6 M €↓
2019
Annual accounts 201925,4 M €↓
2018
Annual accounts 201832,3 M €↑
2017
Annual accounts 201718,4 M €↓
2015
Annual accounts 201525,7 M €↓
2014
Annual accounts 201430,8 M €↓
2013
Annual accounts 201394,9 M €↑
2012
Annual accounts 2012-9,1 M €↓
2011
Annual accounts 2011-425,5 k €↑
2010
Annual accounts 2010-1,8 M €↑
2009
Annual accounts 2009-22,5 M €↑
2008
Annual accounts 2008-26,7 M €↓
2007
Annual accounts 200712,1 M €↑
2006
Annual accounts 200610,4 M €
28/02/1995
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

VPK Paper

Overview

What does VPK Paper do?

Trend over 19 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