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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Busy address KBO
52 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
SAPPI EUROPE from Watermaal-Bosvoorde, company number BE0449654386, closed financial year 2025 with a result of € 44,324 after tax. Compared with financial year 2024, the result moved from € 6.3 million to € 44,324. 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 February 16, 2026.
€ 29.8 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 44,324
▼ 99% vs 2024
Profit after tax over the fiscal year.
€ 100,517
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -85.3 million.
People and assets in 2025
45
▲ 2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 9 million
▼ 29% vs 2024
€ 199,500 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.
€ 37
▼ 90% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 10 million
Loans from banks and other lenders, long and short.
€ 12.9 million
▲ 27% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 175 days on average.
€ 1.8 million
▼ 79% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,862,495 | € 1,396,216 | € 420,367 | - | |
| Profit after taxes | € 4,879,174 | € 347,100 | € 6,334,600 | € 44,324 | ▼ 99% |
| Equity | € 23,087,377 | € 23,434,477 | € 29,769,078 | € 29,813,401 | |
| Total debts | € 34,083,350 | € 23,018,070 | € 21,270,436 | € 24,966,998 | ▲ 17% |
| Cash | € 7,111 | € 100,773 | € 100,607 | € 100,517 | |
| Land & buildings | € 5,467 | - | - | - | |
| Retained profit | € -92,043,374 | € -91,696,274 | € -85,361,674 | € -85,317,350 | |
| Bank debt | € 0 | € 0 | € 0 | € 10,000,000 | |
| Balance sheet total | € 57,682,163 | € 50,300,056 | € 51,371,857 | € 55,454,199 | ▲ 8% |
| Employees (FTE) | 70.3 | 73.6 | 43 | 45 | ▲ 2 |
Key figures of SAPPI EUROPE, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 April 2027.
What happened to SAPPI EUROPE?
What happened at SAPPI EUROPE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Misa Bursac stepped down as director. NBB
- Marco Eikelenboom stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 44,324 (▼ 99% vs 2024). Source: NBB ↗
- Stephen Binnie stepped down as director. NBB
- Stephen Blyth stepped down as director. NBB
- Misa Bursac became a director. NBB
- Marco Eikelenboom became a director. NBB
- Stephen Binnie became a director. NBB
In short
From € 4.9 million profit in 2022 to € 44,324 profit in 2025.
Paid € 1.7 million in corporate taxes since 2022.
Best year ever: 2024, with € 6.3 million profit.
Pays suppliers within 175 days on average.
A new publication or filing at SAPPI EUROPE? 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
It owns 100% of Sappi Eurpe Polska Sp. z.o.o, 99% of Sappi Istanbul Kagit ve Tic Ltd Sirketi and 5% of Sappi Europe Iberica S.L. itself.
Directors
According to the 2025 annual accounts
Marco Eikelenboom
Managing director
since 2021 · until 2027
Stephen Binnie
Director
since 2020 · until 2026
since 2020 · until 2026
Misa Bursac
Director
since 2025 · until 2031
Establishments
Establishment units
Physical locations of this company
Terhulpsesteenweg 166
1170 Watermaal-Bosvoorde
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 52 companies are registered at this address.
All companies at this address →HLB LEGAL SERVICES
€ 8,327 gross margin · 2025
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Chambre des Urbanistes de Belgique
IM Ultrasonic Belgium
€ -11,018 gross margin · 2025
AGENCE ET PROMOTION IMMOBILIERES
€ 28,264 gross margin · 2025
+47 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
- 0449.654.386
- VAT number
- BE 0449.654.386
- Registered office
- Terhulpsesteenweg 166, 1170 Watermaal-Bosvoorde
- Names & denominations
- SAPPI EUROPE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 12 March 1993
- Peppol
- Active · Active since 22 Dec 2025
- Activities · NACE
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