ACTIVE

COREX HOLDING

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Financial year 2025 · closed on 31/12/2025

Net result

37,4 M €

-4.1% YoY

Equity

279,4 M €

+1.1% YoY

Workforce

2,1 ETP

-46.2% YoY

What does COREX HOLDING do?

COREX HOLDING is a Public limited company incorporated in 2019. Its main activity is: Manufacture of paper and paperboard. Its registered office is in Aalst. It employs on average 2,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0725.684.615

Incorporation

25/04/2019

Legal form

Public limited company

Registered office

Kareelstraat 108
9300 Aalst · FlandreSee on map

Contributed capital

214 800 000,00 €

Latest accounts

31/12/2025

Average workforce

2,1 ETP

Activities (NACE)

17120Manufacture of paper and paperboard· main 17120Manufacture of paper and paperboard 64200Activities of holding companies 64210Activities of holding companies 82100Office administrative and support activities 82110Combined office administrative service activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 7 financial years

	2025		2024		2023		2022		2021		2020		2019
Income statement
EBITDA	1,2 M €	+4.7%	1,1 M €	+1194%	88,1 k €	-88.4%	762,3 k €	+7.5%	708,9 k €	+9.5%	647,3 k €	+485%	-168 k €
Operating result	1,1 M €	+0.4%	1,1 M €	+1223%	86 k €	-88.5%	746,4 k €	+8.4%	688,8 k €	+11.0%	620,8 k €	+429%	-188,7 k €
Net result	37,4 M €	-4.1%	39 M €	+13.0%	34,5 M €	+42.7%	24,2 M €	+44.7%	16,7 M €	+603%	2,4 M €	+1317%	-195,4 k €
Balance sheet
Equity	279,4 M €	+1.1%	276,5 M €	-5.5%	292,5 M €	+159%	112,9 M €	+27.3%	88,7 M €	+23.2%	72 M €	+68750%	104,6 k €
Total assets	284,1 M €	+1.7%	279,3 M €	-5.4%	295,4 M €	+110%	140,4 M €	+6.0%	132,5 M €	+0.3%	132,1 M €	+590%	19,1 M €
Cash	–		139,1 €	-97.0%	4,6 k €	+892%	467,4 €	+38.1%	338,3 €	+52.0%	222,6 €	+1258%	16,4 €
Debts	4 M €	+63.3%	2,5 M €	-6.1%	2,6 M €	-90.4%	27,2 M €	-37.5%	43,6 M €	-27.3%	59,9 M €	+215%	19 M €
Other
Workforce	2,1 ETP	-46.2%	3,9 ETP	-17.0%	4,7 ETP	0.0%	4,7 ETP	-2.1%	4,8 ETP	+4.3%	4,6 ETP	+91.7%	2,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

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

Active mandates

FinCoPro

Director · since 25 avril 2019 · until 06 juin 2031 · 0895.515.777

Represented by Erik Peeters

Active

Geert De Meyer

Director · since 25 avril 2019 · until 06 juin 2031

Active

Pierre Macharis

Managing director · since 25 avril 2019 · until 06 juin 2031

Active

Ended mandates

FinCoPro

Director · since 25 avril 2019 · until 06 juin 2025 · 0895.515.777

Represented by Erik Peeters

Ended

Geert De Meyer

Director · since 25 avril 2019 · until 06 juin 2025

Ended

Pierre Macharis

Managing director · since 25 avril 2019 · until 06 juin 2025

Ended

At this address

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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	02/07/2026	03/07/2025	01/07/2024	30/06/2023	25/07/2022	19/07/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	30/06/2022	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

7 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	02/07/2026	Dutch	PDF
Full model	31/12/2024	06/06/2025	03/07/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	01/07/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	30/06/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	25/07/2022	Dutch	PDF
Full model	31/12/2020	04/06/2021	19/07/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	29/07/2020	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 3 ended

Active mandates

FinCoPro

Director · since 25 avril 2019 · until 06 juin 2031 · 0895.515.777

Represented by Erik Peeters

Active

Geert De Meyer

Director · since 25 avril 2019 · until 06 juin 2031

Active

Pierre Macharis

Managing director · since 25 avril 2019 · until 06 juin 2031

Active

Ended mandates

FinCoPro

Director · since 25 avril 2019 · until 06 juin 2025 · 0895.515.777

Represented by Erik Peeters

Ended

Geert De Meyer

Director · since 25 avril 2019 · until 06 juin 2025

Ended

Pierre Macharis

Managing director · since 25 avril 2019 · until 06 juin 2025

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/12/2023
ONTSLAGEN - BENOEMINGEN - DIVERSEN
PDF
Mandates13/09/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares11/04/2023
KAPITAAL - AANDELEN
PDF
Capital / shares03/04/2023
KAPITAAL - AANDELEN
PDF
Capital / shares28/09/2021
KAPITAAL - AANDELEN
PDF
Mandates24/09/2021
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 202537,4 M €↓
06/06/2025
reconductionPierre Macharis — bestuurder
06/06/2025
reconductionGeert De Meyer — bestuurder
06/06/2025
nominationPierre Macharis — gedelegeerd bestuurder
2024
Annual accounts 202439 M €↑
2023
Annual accounts 202334,5 M €↑
02/06/2023
reconductionKPMG Bedrijfsrevisoren CV — commissaris
02/06/2023
nominationFilip De Bock — vaste vertegenwoordiger
05/04/2023
augmentation_capital
14/03/2023
augmentation_capital
2022
Annual accounts 202224,2 M €↑
2021
Annual accounts 202116,7 M €↑
2020
Annual accounts 20202,4 M €↑
2019
Annual accounts 2019-195,4 k €
25/04/2019
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

COREX HOLDING

Overview

What does COREX HOLDING do?

Trend over 7 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