ACTIVE

VPK PACKAGING

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Financial year 2025 · closed on 31/12/2025

Net result

-4,5 M €

-144.1% YoY

Revenue

348,3 M €

+3.3% YoY

Equity

43,8 M €

-9.3% YoY

Workforce

570,8 ETP

+0.4% YoY

What does VPK PACKAGING do?

VPK PACKAGING is a Public limited company incorporated in 1995. Its main activity is: Manufacture of paper and paperboard. Its registered office is in Dendermonde. It employs on average 570,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.520.026

Incorporation

28/02/1995

Legal form

Public limited company

Registered office

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

Contributed capital

28 984 508,38 €

Latest accounts

31/12/2025

Average workforce

570,8 ETP

Activities (NACE)

17120Manufacture of paper and paperboard· main 17120Manufacture of paper and paperboard 17210Manufacture of corrugated paper and paperboard and of containers of paper and paperboard 17210Manufacture of corrugated paper and paperboard and of containers of paper and paperboard 21122Manufacture of basic pharmaceutical products 21210Manufacture of pharmaceutical preparations

Joint committees (2)

Signals

Solid equityPositive 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	348,3 M €	+3.3%	337,2 M €	-4.6%	353,4 M €	-5.2%	372,6 M €	+36.4%	273,2 M €	+10.3%	247,6 M €	-5.5%	261,9 M €	+20.0%	218,2 M €	+13.9%	191,5 M €	+8.6%	176,4 M €	+3.2%	170,9 M €	+5.1%	162,6 M €	-1.7%	165,5 M €	+8.6%	152,3 M €	+7.1%	142,3 M €	+6.2%	134 M €	-9.6%	148,2 M €	+10.1%	134,6 M €	+17.1%	114,9 M €
EBITDA	250,4 k €	-98.5%	16,7 M €	-52.5%	35,1 M €	+359%	7,7 M €	+501%	-1,9 M €	-118%	10,7 M €	-12.4%	12,2 M €	+186%	4,3 M €	+48.3%	2,9 M €	+15.9%	2,5 M €	+5.0%	2,4 M €	+231%	-1,8 M €	-144%	4,1 M €	+258%	1,1 M €	-41.0%	1,9 M €	-75.2%	7,8 M €	-8.5%	8,5 M €	+15.4%	7,4 M €	+23.4%	6 M €
Operating result	-4,3 M €	-134%	12,9 M €	-57.4%	30,2 M €	+888%	3,1 M €	+143%	-7,1 M €	-230%	5,5 M €	-23.6%	7,2 M €	+684%	-1,2 M €	+52.5%	-2,6 M €	-49.7%	-1,7 M €	-10.7%	-1,6 M €	+65.4%	-4,5 M €	-365%	1,7 M €	+208%	-1,6 M €	-20.8%	-1,3 M €	-132%	4 M €	+15.9%	3,5 M €	+94.2%	1,8 M €	+538%	-410,8 k €
Net result	-4,5 M €	-144%	10,2 M €	-58.0%	24,2 M €	+413%	4,7 M €	+238%	-3,4 M €	-152%	6,6 M €	+19.2%	5,6 M €	+953%	-653,1 k €	+72.3%	-2,4 M €	+47.6%	-4,5 M €	-10.5%	-4,1 M €	+17.6%	-4,9 M €	-175%	6,6 M €	+841%	698,8 k €	+552%	-154,7 k €	-105%	3,3 M €	+12.3%	2,9 M €	+78.4%	1,6 M €	-0.7%	1,7 M €
Balance sheet
Equity	43,8 M €	-9.3%	48,3 M €	+0.3%	48,1 M €	+9.6%	43,9 M €	+6.0%	41,4 M €	-7.7%	44,8 M €	-7.0%	48,2 M €	+4.5%	46,1 M €	-1.4%	46,8 M €	-18.4%	57,3 M €	-7.3%	61,8 M €	-6.4%	66,1 M €	-7.0%	71 M €	+9.9%	64,6 M €	+168%	24,1 M €	-1.0%	24,3 M €	-21.8%	31,1 M €	-2.1%	31,8 M €	-1.6%	32,3 M €
Total assets	114,9 M €	+6.6%	107,8 M €	-8.4%	117,7 M €	+17.5%	100,2 M €	+17.0%	85,6 M €	-7.6%	92,7 M €	-2.0%	94,5 M €	-5.3%	99,9 M €	+19.2%	83,8 M €	-77.9%	379,6 M €	+2.7%	369,6 M €	-1.1%	373,7 M €	+145%	152,7 M €	+10.6%	138,1 M €	+211%	44,5 M €	+1.8%	43,7 M €	-9.1%	48 M €	-0.8%	48,4 M €	+2.0%	47,4 M €
Cash	–		–		–		–		46,7 €		–		52,2 k €		–		–		3 k €	+114%	1,4 k €	+70276%	2 €	-100.0%	4,3 k €	+21.2%	3,6 k €	-70.6%	12,1 k €	+376%	2,5 k €	+299%	636,6 €	+1253%	47,1 €	+22.8%	38,3 €
Debts	69,8 M €	+20.0%	58,1 M €	-14.4%	67,9 M €	+25.5%	54,1 M €	+28.5%	42,1 M €	-9.4%	46,5 M €	+5.7%	44 M €	-13.5%	50,9 M €	+45.6%	35 M €	-89.1%	320,3 M €	+4.8%	305,5 M €	+0.1%	305,3 M €	+287%	78,9 M €	+10.9%	71,1 M €	+320%	16,9 M €	+2.9%	16,5 M €	+22.7%	13,4 M €	+3.0%	13 M €	+15.5%	11,3 M €
Other
Workforce	570,8 ETP	+0.4%	568,3 ETP	+0.9%	563,0 ETP	+0.9%	557,9 ETP	-0.2%	559,0 ETP	+0.4%	557,0 ETP	+4.5%	532,8 ETP	+0.6%	529,5 ETP	-0.8%	533,8 ETP	+3.4%	516,4 ETP	+1.0%	511,2 ETP	-1.9%	520,9 ETP	-2.3%	533,1 ETP	+0.0%	532,9 ETP	-0.2%	533,8 ETP	-2.3%	546,3 ETP	-4.1%	569,7 ETP	-0.1%	570,5 ETP	-0.3%	572,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 55 ended

Active mandates

D.N.J.

Director · since 02 juin 2023 · until 01 juin 2029 · 0886.721.144

Represented by Johan De Neef

Active

KEMASAN

Director · since 02 juin 2023 · until 01 juin 2029 · 0705.937.195

Represented by Nicolas Macharis

Active

UNI-PAR

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

Represented by Pierre Macharis

Active

WILCO

Director · since 02 juin 2023 · until 01 juin 2029 · 0822.480.816

Represented by Jan Willaert

Active

Ended mandates

SEBALMAK

Director · since 26 juin 2020 · until 06 juin 2026 · 0821.897.430

Represented by Dirk Ockerman

Ended

WILCO

Director · since 26 juin 2020 · until 05 juin 2026 · 0822.480.816

Represented by Jan Willaert

Ended

WILCO

Director · since 26 juin 2020 · until 01 juin 2029 · 0822.480.816

Represented by Jan Willaert

Ended

KEMASAN

Director · since 01 novembre 2018 · until 07 juin 2024 · 0705.937.195

Represented by Nicolas 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 Paper● Active	0454.519.927
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	12/06/2026	16/06/2025	25/06/2024	12/06/2023	13/06/2022	21/06/2021
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

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	12/06/2026	Dutch	PDF
Full model	31/12/2024	06/06/2025	16/06/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	25/06/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	12/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	13/06/2022	Dutch	PDF
Full model	31/12/2020	04/06/2021	21/06/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	20/07/2020	Dutch	PDF
Full model	31/12/2018	07/06/2019	24/06/2019	Dutch	PDF
Full model	31/12/2017	01/06/2018	22/06/2018	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	07/05/2015	12/06/2015	Dutch	PDF
Full model	31/12/2013	27/03/2014	24/04/2014	Dutch	PDF
Full model	31/12/2012	28/03/2013	29/04/2013	Dutch	PDF
Full model	31/12/2011	29/03/2012	27/04/2012	Dutch	PDF
Full model	31/12/2010	31/03/2011	08/04/2011	Dutch	PDF
Full modelCorrection	31/12/2009	25/03/2010	24/09/2010	Dutch	PDF
Full model	31/12/2009	25/03/2010	12/04/2010	Dutch	PDF
Full model	31/12/2008	26/03/2009	23/04/2009	Dutch	PDF
Full model	31/12/2007	28/03/2008	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 50 M€ and 100 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 · 4 active · 55 ended

Active mandates

D.N.J.

Director · since 02 juin 2023 · until 01 juin 2029 · 0886.721.144

Represented by Johan De Neef

Active

KEMASAN

Director · since 02 juin 2023 · until 01 juin 2029 · 0705.937.195

Represented by Nicolas Macharis

Active

UNI-PAR

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

Represented by Pierre Macharis

Active

WILCO

Director · since 02 juin 2023 · until 01 juin 2029 · 0822.480.816

Represented by Jan Willaert

Active

Ended mandates

SEBALMAK

Director · since 26 juin 2020 · until 06 juin 2026 · 0821.897.430

Represented by Dirk Ockerman

Ended

WILCO

Director · since 26 juin 2020 · until 05 juin 2026 · 0822.480.816

Represented by Jan Willaert

Ended

WILCO

Director · since 26 juin 2020 · until 01 juin 2029 · 0822.480.816

Represented by Jan Willaert

Ended

KEMASAN

Director · since 01 novembre 2018 · until 07 juin 2024 · 0705.937.195

Represented by Nicolas 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
Mandates13/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/12/2018
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 2025-4,5 M €↓
2024
Annual accounts 202410,2 M €↓
2023
Annual accounts 202324,2 M €↑
02/06/2023
nominationCamat BV — bestuurder
02/06/2023
reconductionUni-Par NV — bestuurder (en gedelegeerd bestuurder)
02/06/2023
reconductionWilco BV — bestuurder
02/06/2023
reconductionKemasan BV — bestuurder
02/06/2023
reconductionCommV DNJ — bestuurder
02/06/2023
reconductionKPMG Bedrijfsrevisoren BV — commissaris
2022
Annual accounts 20224,7 M €↑
2021
Annual accounts 2021-3,4 M €↓
2020
Annual accounts 20206,6 M €↑
2019
Annual accounts 20195,6 M €↑
2018
Annual accounts 2018-653,1 k €↑
2017
Annual accounts 2017-2,4 M €↑
2015
Annual accounts 2015-4,5 M €↓
2014
Annual accounts 2014-4,1 M €↑
2013
Annual accounts 2013-4,9 M €↓
2012
Annual accounts 20126,6 M €↑
2011
Annual accounts 2011698,8 k €↑
2010
Annual accounts 2010-154,7 k €↓
2009
Annual accounts 20093,3 M €↑
2008
Annual accounts 20082,9 M €↑
2007
Annual accounts 20071,6 M €↓
2006
Annual accounts 20061,7 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 PACKAGING

Overview

What does VPK PACKAGING 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