What is the address of VPK Group?

The registered office of VPK Group is located at Oude baan (OUD) 120, 9200 Dendermonde.

Is VPK Group still active?

Yes. According to the CBE (29 October 2026) VPK Group is active, legal situation “Normale toestand”, started on 25 December 1935.

Is VPK Group registered on Peppol?

Yes, VPK Group is registered on the Peppol network with ID 0208:0400313852.

What is the enterprise number of VPK Group?

The enterprise number of VPK Group is BE0400313852.

When was VPK Group founded?

VPK Group was founded on 25 December 1935.

Who are the directors of VPK Group?

According to the 2025 annual accounts, the directors of VPK Group are: Carla Sinanian, Zenden BV, Carl Verstraelen , Dirk Meeus, Manon Macharis, Hoveco Management BV, Pierre Macharis, Sequoia Industries BV.

Is VPK Group a reliable company?

Databakkes does not pass judgement; this is what the sources say: Active according to the CBE since 25 December 1935; 5 annual accounts filed, latest fiscal year 2025; 9 directors known from the annual account; 3 establishments in the CBE.

How much profit did VPK Group make in 2025?

VPK Group posted a profit after taxes of € 86,337,115 in financial year 2025.

How much does an employee at VPK Group earn?

The average wage cost per full-time employee at VPK Group was € 138,900 in 2025: staff costs of € 10.6 million for 76 FTE, according to the annual account at the National Bank. That is the employer's cost, not net pay.

How many employees does VPK Group have?

According to the 2025 annual accounts, VPK Group has 76 full-time equivalents (FTE).

VPK Group (Public Limited) - Dendermonde - BE0400313852

Q: What does VPK Group do?

VPK Group is registered with the CBE as active in: Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton. Public Limited, started on 25 December 1935, 3 establishments.

Dossier VPK Group, printed on 29 October 2026 from databakkes.be/en/0400313852/vpk-group. Sources: CBE, National Bank of Belgium, Belgian Official Gazette.

Warning lights

Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.

Tight liquidity NBB

Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
Busy address KBO

13 other companies have their registered office at the same address; threshold 10.

Financials

Financial year 2025

VPK Group from Dendermonde, company number BE0400313852, closed financial year 2025 with a result of € 86.3 million after tax. Compared with financial year 2024, the result moved from € 98.6 million to € 86.3 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 19, 2026.

What it is worth Growing

€ 719.4 million

▲ 11% vs 2024

Assets minus debts, by the books. What is left if everything were sold and paid today.

Profit Healthy

€ 86.3 million

▼ 12% vs 2024

Profit after tax over the fiscal year.

Where the profit goes Pays out

€ 15.3 million paid out

18 % of the profit went to the shareholders, mostly to Febex Invest (74 % of the shares). That is where the money ends up.

People and assets in 2025

Full-time equivalents

▲ 5.6 vs 2024

Average over the fiscal year, from the social balance sheet.

Wage cost Staff costs are payroll only. Director pay sits with services and miscellaneous goods: € 31.3 million in 2025, together with rent, insurance, accountants and other services. The accounts do not split that further.

€ 10.6 million

▲ 8% vs 2024

€ 138,900 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.

Vehicles and equipment

€ 2 million

▼ 18% vs 2024

Book value of vehicles, furniture and equipment.

Debts at end 2025

Bank debt

€ 150 million

▲ 67% vs 2024

Loans from banks and other lenders, long and short.

Owed to suppliers

€ 7.7 million

▼ 10% vs 2024

Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 90 days on average.

Taxes and wages

€ 1.4 million

▼ 36% vs 2024

Taxes, VAT and social contributions still to pay.

Key figures per fiscal year Download key figures (CSV)
	2022	2023	2024	2025	Change 2024 → 2025
Profit after taxes	€ 57,472,629 Profit after taxes 2022: € 57,472,629 First fiscal year in the series	€ 82,445,103 Profit after taxes 2023: € 82,445,103 ▲ 43% vs 2022 (€ 57,472,629) Favourable step	€ 98,600,411 Profit after taxes 2024: € 98,600,411 ▲ 20% vs 2023 (€ 82,445,103) Favourable step	€ 86,337,115 Profit after taxes 2025: € 86,337,115 ▼ 12% vs 2024 (€ 98,600,411) Unfavourable step	▼ 12%
Equity	€ 498,996,924 Equity 2022: € 498,996,924 First fiscal year in the series	€ 553,204,976 Equity 2023: € 553,204,976 ▲ 11% vs 2022 (€ 498,996,924) Favourable step	€ 648,313,479 Equity 2024: € 648,313,479 ▲ 17% vs 2023 (€ 553,204,976) Favourable step	€ 719,359,003 Equity 2025: € 719,359,003 ▲ 11% vs 2024 (€ 648,313,479) Favourable step	▲ 11%
Total debts	€ 173,484,021 Total debts 2022: € 173,484,021 First fiscal year in the series	€ 247,429,374 Total debts 2023: € 247,429,374 ▲ 43% vs 2022 (€ 173,484,021) Unfavourable step	€ 167,308,231 Total debts 2024: € 167,308,231 ▼ 32% vs 2023 (€ 247,429,374) Favourable step	€ 236,943,556 Total debts 2025: € 236,943,556 ▲ 42% vs 2024 (€ 167,308,231) Unfavourable step	▲ 42%
Cash	€ 33 Cash 2022: € 33 First fiscal year in the series	-	€ 200,277 Cash 2024: € 200,277 First fiscal year in the series	-
Land & buildings	€ 996,351 Land & buildings 2022: € 996,351 First fiscal year in the series	€ 922,465 Land & buildings 2023: € 922,465 ▼ 7% vs 2022 (€ 996,351) Unchanged	€ 851,701 Land & buildings 2024: € 851,701 ▼ 8% vs 2023 (€ 922,465) Unchanged	€ 798,783 Land & buildings 2025: € 798,783 ▼ 6% vs 2024 (€ 851,701) Unchanged	▼ 6%
Retained profit	€ 477,813,761 Retained profit 2022: € 477,813,761 First fiscal year in the series	€ 532,021,813 Retained profit 2023: € 532,021,813 ▲ 11% vs 2022 (€ 477,813,761) Favourable step	€ 83,393,053 Retained profit 2024: € 83,393,053 ▼ 84% vs 2023 (€ 532,021,813) Unfavourable step	€ 154,438,577 Retained profit 2025: € 154,438,577 ▲ 85% vs 2024 (€ 83,393,053) Favourable step	▲ 85%
Dividend	€ 25,055,412 Dividend 2022: € 25,055,412 First fiscal year in the series	€ 28,237,051 Dividend 2023: € 28,237,051 ▲ 13% vs 2022 (€ 25,055,412) Unchanged	€ 24,788,474 Dividend 2024: € 24,788,474 ▼ 12% vs 2023 (€ 28,237,051) Unchanged	€ 15,291,591 Dividend 2025: € 15,291,591 ▼ 38% vs 2024 (€ 24,788,474) Unchanged	▼ 38%
Bank debt	€ 130,000,270 Bank debt 2022: € 130,000,270 First fiscal year in the series	€ 180,000,000 Bank debt 2023: € 180,000,000 ▲ 38% vs 2022 (€ 130,000,270) Unfavourable step	€ 90,000,000 Bank debt 2024: € 90,000,000 ▼ 50% vs 2023 (€ 180,000,000) Favourable step	€ 150,000,000 Bank debt 2025: € 150,000,000 ▲ 67% vs 2024 (€ 90,000,000) Unfavourable step	▲ 67%
Balance sheet total	€ 672,480,945 Balance sheet total 2022: € 672,480,945 First fiscal year in the series	€ 800,634,350 Balance sheet total 2023: € 800,634,350 ▲ 19% vs 2022 (€ 672,480,945) Unchanged	€ 815,621,710 Balance sheet total 2024: € 815,621,710 ▲ 2% vs 2023 (€ 800,634,350) Unchanged	€ 956,302,558 Balance sheet total 2025: € 956,302,558 ▲ 17% vs 2024 (€ 815,621,710) Unchanged	▲ 17%
Employees (FTE)	58.1 Employees (FTE) 2022: 58.1 First fiscal year in the series	61.4 Employees (FTE) 2023: 61.4 ▲ 3.3 vs 2022 (58.1) Unchanged	70.4 Employees (FTE) 2024: 70.4 ▲ 9 vs 2023 (61.4) Unchanged	76 Employees (FTE) 2025: 76 ▲ 5.6 vs 2024 (70.4) Unchanged	▲ 5.6

Key figures of VPK Group, 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 VPK Group?

What happened at VPK Group in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:

2029 Dirk Meeus stepped down as director. NBB
2029 Manon Macharis stepped down as director. NBB
2028 Zenden BV stepped down as director. NBB
2028 Wolfgang de Limburg Stirum stepped down as director. NBB
2027 Carla Sinanian stepped down as director. NBB
2027 Hoveco Management BV stepped down as director. NBB
2027 Pierre Macharis stepped down as director. NBB
2027 Sequoia Industries BV stepped down as director. NBB

In short

From € 57.5 million profit in 2022 to € 86.3 million profit in 2025.

Paid € 4.4 million in corporate taxes since 2022.

Best year ever: 2024, with € 98.6 million profit.

Paid out € 93.4 million in dividends to the owners in total.

Original PDFs at the National Bank ↗

Management

House of Paper BV 38.5%

Sequioa Industries BV 37.8%

Orzival BV 23.7%

Febex Invest 73.5%

The stake of Febex Invest, UNDARO comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.

VPK Group

VPK PAPER NORMANDIE 100%

COREX HOLDING 100%

VPK UK HOLDING 100%

VPK FINANCE 100%

+14

The shares are held by House of Paper BV (38.5%), Sequioa Industries BV (37.8%), Orzival BV (23.7%), Febex Invest (73.5%) and UNDARO (26.5%). It owns 100% of VPK PAPER NORMANDIE, 100% of COREX HOLDING, 100% of VPK UK HOLDING, 100% of VPK FINANCE, 100% of ARGON and 100% of SC VPK PACKAGING itself.