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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Tight liquidity NBB
Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
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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.
€ 719.4 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 86.3 million
▼ 12% vs 2024
Profit after tax over the fiscal year.
€ 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
76
▲ 5.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 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.
€ 2 million
▼ 18% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 150 million
▲ 67% vs 2024
Loans from banks and other lenders, long and short.
€ 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.
€ 1.4 million
▼ 36% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Profit after taxes | € 57,472,629 | € 82,445,103 | € 98,600,411 | € 86,337,115 | ▼ 12% |
| Equity | € 498,996,924 | € 553,204,976 | € 648,313,479 | € 719,359,003 | ▲ 11% |
| Total debts | € 173,484,021 | € 247,429,374 | € 167,308,231 | € 236,943,556 | ▲ 42% |
| Cash | € 33 | - | € 200,277 | - | |
| Land & buildings | € 996,351 | € 922,465 | € 851,701 | € 798,783 | ▼ 6% |
| Retained profit | € 477,813,761 | € 532,021,813 | € 83,393,053 | € 154,438,577 | ▲ 85% |
| Dividend | € 25,055,412 | € 28,237,051 | € 24,788,474 | € 15,291,591 | ▼ 38% |
| Bank debt | € 130,000,270 | € 180,000,000 | € 90,000,000 | € 150,000,000 | ▲ 67% |
| Balance sheet total | € 672,480,945 | € 800,634,350 | € 815,621,710 | € 956,302,558 | ▲ 17% |
| Employees (FTE) | 58.1 | 61.4 | 70.4 | 76 | ▲ 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:
- Dirk Meeus stepped down as director. NBB
- Manon Macharis stepped down as director. NBB
- Zenden BV stepped down as director. NBB
- Wolfgang de Limburg Stirum stepped down as director. NBB
- Carla Sinanian stepped down as director. NBB
- Hoveco Management BV stepped down as director. NBB
- Pierre Macharis stepped down as director. NBB
- 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.
Management
The stake of Febex Invest, UNDARO comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
VPK GroupThe 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.
Directors
According to the 2025 annual accounts
Carla Sinanian
Director
since 2023 · until 2027
Director · represented by Denis Zenner
Also active at: COREX Belgium, Cartamundi, VPK FINANCE
since 2024 · until 2028
Carl Verstraelen
Chairman of the board
since 2025 · until 2026
Dirk Meeus
Director
since 2025 · until 2029
Manon Macharis
Director
since 2025 · until 2029
Director · represented by Veronique Hoflack
Also active at: UNILIN, Unilin Resins, A&U Energie, IVC, A&S ENERGIE
since 2023 · until 2027
Pierre Macharis
Managing director
Also active at: Confédération of european paper industries, Febex Invest, Pine Creek, UNDARO, MAPLE FINANCE, CEDAR, HOUSE OF PAPER
since 2023 · until 2027
Director · represented by Jean-Paul Macharis
since 2025 · until 2027
Wolfgang de Limburg Stirum
Director
since 2024 · until 2028
Shareholders
Participations
VPK PAPER NORMANDIE
100%
100%
100%
100%
100%
SC VPK PACKAGING
100%
VPK PACKAGING (FR)
100%
100%
AQUILA WRZESNIA
100%
VPK NEDERLAND
100%
100%
VPK Italia
99%
83.9%
VPK PETERSON HOLDING
74%
CORRBOARD UK
63.6%
0%
Establishments
Establishment units
Physical locations of this company
Oude baan (OUD) 120
9200 Dendermonde
Kareelstraat 108
9300 Aalst
Active since 1 January 2015
Korte Keppestraat 7
9320 Aalst
Active since 30 January 2017
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 13 companies are registered at this address.
All companies at this address →IMMOWELL
€ 380,657 gross margin · 2025
ECOFORMER same network
€ 1.6 million gross margin · 2025
Sociaal Fonds VPK
VPK Paper same network
€ 222.8 million revenue · 2025
VPK PACKAGING same network
€ 348.3 million revenue · 2025
+8 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0400.313.852
- VAT number
- BE 0400.313.852
- Registered office
- Oude baan (OUD) 120, 9200 Dendermonde
- Names & denominations
- VPK Group
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 December 1935
- Peppol
- Active · Active since 17 Nov 2025
- Activities · NACE
Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton
Activiteiten van holdings
Financiële holdings
Holdings