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 60 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 60.5 to 54.1.
Financials
Financial year 2025
COREX Belgium from Deerlijk, company number BE0423092917, closed financial year 2025 with a result of € 1.4 million after tax. For that financial year COREX Belgium recorded revenue of € 17.6 million and equity of € 3.7 million. Compared with financial year 2024, the result moved from € 1.8 million to € 1.4 million. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 2, 2026.
€ 3.7 million
▼ 14% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.4 million
▼ 22% vs 2024
Profit after tax over the fiscal year.
€ 338
▼ 15% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 2 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
54.1
▼ 2.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 3 million
▼ 7% vs 2024
€ 56,100 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.
€ 143,514
▼ 32% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 1.8 million
▼ 15% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 53 days on average.
€ 660,380
▼ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 25,627,315 | € 22,179,137 | € 19,101,733 | € 17,558,566 | ▼ 8% |
| Profit after taxes | € 1,185,054 | € 1,942,101 | € 1,763,410 | € 1,384,214 | ▼ 22% |
| Equity | € 4,636,744 | € 4,578,844 | € 4,342,254 | € 3,726,469 | ▼ 14% |
| Total debts | € 7,009,116 | € 5,515,762 | € 5,016,903 | € 4,530,920 | ▼ 10% |
| Cash | € 1,027 | € 67 | € 396 | € 338 | ▼ 15% |
| Land & buildings | € 2,206,712 | € 1,932,537 | € 1,724,387 | € 1,529,885 | ▼ 11% |
| Retained profit | € 4,327,744 | € 4,269,844 | € 4,033,254 | € 3,417,469 | ▼ 15% |
| Dividend | € 504,252 | € 2,000,000 | € 2,000,000 | € 2,000,000 | |
| Bank debt | € 2,500,000 | € 500,000 | € 0 | € 0 | |
| Balance sheet total | € 11,645,860 | € 10,094,607 | € 9,359,157 | € 8,257,389 | ▼ 12% |
| Employees (FTE) | 66.2 | 60.5 | 56.6 | 54.1 | ▼ 2.5 |
Key figures of COREX Belgium, 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 COREX Belgium?
What happened at COREX Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Geert DE MEYER stepped down as director. NBB
- ZENDEN BV stepped down as director. NBB
- FINCOPRO BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.4 million (▼ 22% vs 2024). Source: NBB ↗
- Geert DE MEYER became a director. NBB
- ZENDEN BV became a director. NBB
- FINCOPRO BV became a director. NBB
- New establishment in Deerlijk. KBO
In short
From € 1.2 million profit in 2022 to € 1.4 million profit in 2025.
Paid € 2.2 million in corporate taxes since 2022.
Best year ever: 2023, with € 1.9 million profit.
Paid out € 6.5 million in dividends to the owners in total.
Management
The stake of COREX HOLDING comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
COREX BelgiumThe shares are held by VPK GROUP NV and COREX HOLDING (100%). It owns 0.1% of Smart Packaging Solutions and 0.1% of Corex Luxembourg S.A. itself.
Directors
According to the 2025 annual accounts
since 2023 · until 2029
Managing director · represented by Denis ZENNER
Also active at: VPK Group, Cartamundi, VPK FINANCE
since 2023 · until 2029
Director · represented by Erik PEETERS
Also active at: IMMOWELL, ARGON, ECOFORMER, SMART PACKAGING SOLUTIONS, VPK SERVICES, Febex Invest, COREX HOLDING, VPK FINANCE
since 2023 · until 2029
Shareholders
Participations
Corex Luxembourg S.A.
0.1%
Establishments
Establishment units
Physical locations of this company
Nijverheidslaan 43
8540 Deerlijk
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0423.092.917
- VAT number
- BE 0423.092.917
- Registered office
- Nijverheidslaan 43, 8540 Deerlijk
- Names & denominations
- COREX Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 13 September 1982
- Peppol
- Active · Active since 7 Dec 2025
- Activities · NACE
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