Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 62 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
P. Van de Velde from Wetteren, company number BE0400183297, closed financial year 2025 with a result of € -136.5 million after tax. For that financial year P. Van de Velde recorded revenue of € 31.4 million and equity of € -66.4 million. Compared with financial year 2024, the result moved from € -4.5 million to € -136.5 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 14, 2026.
€ -66.4 million
▼ € 65.2 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -136.5 million
▼ 2937 % more loss than in 2024
Profit after tax over the fiscal year.
€ 9.8 million
▲ € 7.9 million vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -137.8 million.
People and assets in 2025
38
▲ 2.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.6 million
▲ 14% vs 2024
€ 68,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1.6 million
▼ 52% vs 2024
Of which on lease € 1.6 million.
Debts at end 2025
€ 144.2 million
▼ 26% vs 2024
€ 8.7 million is repaid this year. At this pace the long-term loan is gone in ≈ 16 years.
€ 7.9 million
▲ 49% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 88 days on average.
€ 732,719
▼ 42% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 29,652,692 | € 32,060,718 | € 34,162,608 | € 31,408,736 | ▼ 8% |
| Profit after taxes | € 579,052 | € -5,093,614 | € -4,495,243 | € -136,507,927 | ▼ € 132 million |
| Equity | € 8,373,498 | € 3,279,884 | € -1,215,359 | € -66,436,278 | ▼ € 65.2 million |
| Total debts | € 228,277,789 | € 250,207,940 | € 250,874,026 | € 167,041,446 | ▼ 33% |
| Cash | € 1,412,007 | € 1,745,105 | € 1,903,101 | € 9,827,841 | ▲ € 7.9 million |
| Retained profit | € 8,268,143 | € 3,174,529 | € -1,320,714 | € -137,828,641 | ▼ € 136.5 million |
| Bank debt | € 196,977,465 | € 197,610,020 | € 194,693,368 | € 144,217,039 | ▼ 26% |
| Balance sheet total | € 237,012,159 | € 254,038,218 | € 249,938,669 | € 100,844,823 | ▼ 60% |
| Employees (FTE) | 37.9 | 35.6 | 35.2 | 38 | ▲ 2.8 |
Key figures of P. Van de Velde, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to P. Van de Velde?
What happened at P. Van de Velde in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Francesca Maria Cecilia Giacoppo stepped down as director. NBB
- Philip Vanbelleghem stepped down as director. NBB
- Matthieu Delamaire stepped down as director. NBB
- Tomas Neuhaus Nevado stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 136.5 million. Source: NBB ↗
- Francesca Maria Cecilia Giacoppo became a director. NBB
- Philip Vanbelleghem became a director. NBB
- Matthieu Delamaire became a director. NBB
In short
From € 579,052 profit in 2022 to € 136.5 million loss in 2025.
Paid € 1.3 million in corporate taxes since 2022.
Best year ever: 2022, with € 579,052 profit.
Pays suppliers within 88 days on average.
Management
The stake of VANROM comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
P. Van de VeldeThe shares are held by VANROM (33.6%). It owns 100% of Pack Alim SAS, 100% of Niessen Gesellschaft mit beschrankter Haftung, 100% of Romvan, 100% of Industria Litografica Cartotecnica SRL, 100% of Impresta SP Zoo and 100% of Van De Velde Polska Sp. Z.o.o itself.
Directors
According to the 2025 annual accounts
Francesca Maria Cecilia Giacoppo
Bestuurder
since 2025 · until 2031
Philip Vanbelleghem
Bestuurder
since 2025 · until 2031
Matthieu Delamaire
Bestuurder
since 2025 · until 2031
Tomas Neuhaus Nevado
Bestuurder
since 2025 · until 2031
Shareholders
33.6%
Participations
Pack Alim SAS
100%
Niessen Gesellschaft mit beschrankter Haftung
100%
Romvan
100%
Industria Litografica Cartotecnica SRL
100%
Impresta SP Zoo
100%
Van De Velde Polska Sp. Z.o.o
100%
Establishments
Establishment units
Physical locations of this company
Dendermondesteenweg 125
9230 Wetteren
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0400.183.297
- VAT number
- BE 0400.183.297
- Registered office
- Dendermondesteenweg 125, 9230 Wetteren
- Names & denominations
- P. Van de Velde
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 17 February 1945
- Peppol
- Active · Active since 5 Dec 2025
- Contact
- [email protected]
- Activities · NACE
Vervaardiging van papier en karton
Vervaardiging van papier
Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton
Vervaardiging van gegolfd papier en golfkarton en van verpakkingsmateriaal van papier en karton
Prepress- en premediadiensten
Hulpactiviteiten in verband met drukkerijen