Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 17 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Walki Belcoat from Duffel, company number BE0439255788, closed financial year 2025 with a result of € -4.1 million after tax. For that financial year Walki Belcoat recorded revenue of € 44.3 million and equity of € 3.8 million. Compared with financial year 2024, the result moved from € -6.5 million to € -4.1 million. The company made a loss. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 24, 2026.
€ 3.8 million
▲ 32% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.1 million
▲ 37 % less loss than in 2024
Profit after tax over the fiscal year.
€ 108,324
▲ 6% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -13.9 million.
People and assets in 2025
100.1
▼ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 9.5 million
▲ 8% vs 2024
€ 95,200 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.
€ 63,840
▼ 17% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 19.1 million
▼ 19% vs 2024
Loans from banks and other lenders, long and short.
€ 4.5 million
▼ 1% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 46 days on average.
€ 1.3 million
▲ 3% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 44,660,209 | € 38,119,916 | € 34,693,041 | € 44,274,942 | ▲ 28% |
| Profit after taxes | € -5,014,851 | € -4,511,275 | € -6,514,461 | € -4,081,253 | ▲ € 2.4 million |
| Equity | € 3,441,799 | € 3,430,524 | € 2,916,063 | € 3,834,810 | ▲ 32% |
| Total debts | € 30,781,955 | € 27,246,869 | € 30,138,022 | € 26,678,477 | ▼ 11% |
| Cash | € 501,337 | € 549,285 | € 102,149 | € 108,324 | ▲ 6% |
| Land & buildings | € 1,551,852 | € 1,505,393 | € 1,460,644 | € 1,427,133 | ▼ 2% |
| Retained profit | € 1,184,902 | € -3,326,373 | € -9,840,835 | € -13,922,087 | ▼ € 4.1 million |
| Bank debt | € 22,816,464 | € 21,921,710 | € 23,599,822 | € 19,141,342 | ▼ 19% |
| Balance sheet total | € 34,977,882 | € 31,371,244 | € 33,806,524 | € 31,254,002 | ▼ 8% |
| Employees (FTE) | 102 | 102.8 | 100.2 | 100.1 | ▼ 0.1 |
Key figures of Walki Belcoat, 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 Walki Belcoat?
What happened at Walki Belcoat in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Marko Tapani Siltala stepped down as director. NBB
- Leif Erik Frilund stepped down as director. NBB
- Wolfgang Thissen stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 4.1 million. Source: NBB ↗
- Marko Tapani Siltala became a director. NBB
- Leif Erik Frilund became a director. NBB
- Wolfgang Thissen became a director. NBB
- New establishment in Duffel. KBO
In short
From € 5 million loss in 2022 to € 4.1 million loss in 2025.
Paid € 23,089 in corporate taxes since 2022.
Pays suppliers within 46 days on average.
A new publication or filing at Walki Belcoat? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Walki Group OY (100%).
Directors
According to the 2025 annual accounts
Marko Tapani Siltala
Director
since 2025 · until 2028
Leif Erik Frilund
Director
since 2025 · until 2028
Wolfgang Thissen
Director
since 2025 · until 2028
Shareholders
Walki Group OY
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
A. Stocletlaan 11
2570 Duffel
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0439.255.788
- VAT number
- BE 0439.255.788
- Registered office
- A. Stocletlaan 11, 2570 Duffel
- Names & denominations
- Walki Belcoat
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 19 December 1989
- Peppol
- Active · Active since 1 Jul 2025
- Activities · NACE
Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton
Vervaardiging van gegolfd papier en golfkarton en van verpakkingsmateriaal van papier en karton
Vervaardiging van overige artikelen van papier en karton
Vervaardiging van andere artikelen van papier of karton
Overige industrie, n.e.g.
Overige industrie, neg