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 35 % 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 Paper from Dendermonde, company number BE0454519927, closed financial year 2025 with a result of € 18.5 million after tax. For that financial year VPK Paper recorded revenue of € 222.8 million and equity of € 99.1 million. Compared with financial year 2024, the result moved from € 26.2 million to € 18.5 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 9, 2026.
€ 99.1 million
▲ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 18.5 million
▼ 29% vs 2024
Profit after tax over the fiscal year.
€ 15 million paid out
81 % of the profit went to the shareholders, mostly to VPK GROUP NV (100 % of the shares). That is where the money ends up.
People and assets in 2025
292.2
▲ 8.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 24.7 million
▲ 7% vs 2024
€ 84,700 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.
€ 1.7 million
▲ 1% 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.
€ 42.9 million
▼ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 87 days on average.
€ 4.2 million
▼ 11% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 305,060,199 | € 194,143,542 | € 210,796,630 | € 222,832,598 | ▲ 6% |
| Profit after taxes | € 23,506,809 | € 5,018,853 | € 26,177,443 | € 18,524,106 | ▼ 29% |
| Equity | € 103,388,422 | € 108,407,275 | € 95,584,718 | € 99,108,824 | ▲ 4% |
| Total debts | € 68,506,816 | € 42,758,693 | € 79,409,731 | € 62,831,957 | ▼ 21% |
| Cash | € 3,876 | - | - | - | |
| Land & buildings | € 11,995,454 | € 11,858,837 | € 12,069,262 | € 12,645,827 | ▲ 5% |
| Retained profit | € 79,442,010 | € 84,460,863 | € 71,638,306 | € 75,162,412 | ▲ 5% |
| Dividend | € 20,000,000 | € 0 | € 39,000,000 | € 15,000,000 | ▼ 62% |
| Balance sheet total | € 172,024,171 | € 151,309,857 | € 175,087,446 | € 162,064,280 | ▼ 7% |
| Employees (FTE) | 270 | 282.2 | 283.3 | 292.2 | ▲ 8.9 |
Key figures of VPK Paper, 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 Paper?
What happened at VPK Paper in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- ALEXIS ZENNER stepped down as director. NBB
- UNI PAR NV stepped down as director. NBB
- 3 ADVICE BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 18.5 million (▼ 29% vs 2024). Source: NBB ↗
- ALEXIS ZENNER became a director. NBB
- UNI PAR NV became a director. NBB
- 3 ADVICE BV became a director. NBB
- New establishment in Dendermonde. KBO
In short
From € 23.5 million profit in 2022 to € 18.5 million profit in 2025.
Paid € 18.8 million in corporate taxes since 2022.
Best year ever: 2024, with € 26.2 million profit.
Paid out € 74 million in dividends to the owners in total.
Management
The shares are held by VPK GROUP NV (100%) and VPK PACKAGING NV (0%). It owns 100% of VPK PACKAGING LTD (LIM), 100% of CARTONNERIES DE WALLONIE, 100% of VPK PACKAGING and 99% of ECOFORMER itself.
Directors
According to the 2025 annual accounts
ALEXIS ZENNER
Director
since 2023 · until 2029
Managing director · represented by PIERRE MACHARIS
Also active at: VPK PACKAGING, SIHOLD, VPK SERVICES, VPK FINANCE, SUNPACK
since 2023 · until 2029
Director · represented by WIM NAESSENS
since 2023 · until 2029
Shareholders
100%
Participations
Establishments
Establishment units
Physical locations of this company
Oude baan (OUD) 120
9200 Dendermonde
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 →VPK Group same network
IMMOWELL
€ 380,657 gross margin · 2025
ECOFORMER same network
€ 1.6 million gross margin · 2025
Sociaal Fonds VPK
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
- 0454.519.927
- VAT number
- BE 0454.519.927
- Registered office
- Oude baan (OUD) 120, 9200 Dendermonde
- Names & denominations
- VPK Paper
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 28 February 1995
- Peppol
- Active · Active since 1 Dec 2025
- Activities · NACE
Vervaardiging van papier en karton
Vervaardiging van papier
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