Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 4.7 to 2.1.
-
Busy address KBO
13 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
COREX HOLDING from Aalst, company number BE0725684615, closed financial year 2025 with a result of € 37.4 million after tax. Compared with financial year 2024, the result moved from € 39 million to € 37.4 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 July 2, 2026.
€ 279.4 million
▲ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 37.4 million
▼ 4% vs 2024
Profit after tax over the fiscal year.
€ 34.5 million paid out
92 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
2.1
▼ 1.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 215,060
▼ 53% vs 2024
€ 102,400 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.
€ 241
▼ 72% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 790
Loans from banks and other lenders, long and short.
€ 1.5 million
▼ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 66 days on average.
€ 138,434
▲ 36% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Profit after taxes | € 24,212,809 | € 34,541,908 | € 39,026,165 | € 37,408,926 | ▼ 4% |
| Equity | € 112,923,460 | € 292,465,368 | € 276,491,533 | € 279,400,459 | ▲ 1% |
| Total debts | € 27,462,881 | € 2,914,237 | € 2,850,471 | € 4,646,507 | ▲ 63% |
| Cash | € 467 | € 4,637 | € 139 | - | |
| Retained profit | € 43,123,460 | € 77,665,368 | € 61,691,533 | € 64,600,459 | ▲ 5% |
| Dividend | € 0 | € 0 | € 55,000,000 | € 34,500,000 | ▼ 37% |
| Bank debt | € 25,000,000 | € 0 | € 0 | € 790 | |
| Balance sheet total | € 140,386,341 | € 295,379,606 | € 279,342,004 | € 284,096,966 | ▲ 2% |
| Employees (FTE) | 4.7 | 4.7 | 3.9 | 2.1 | ▼ 1.8 |
Key figures of COREX HOLDING, 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 HOLDING?
What happened at COREX HOLDING in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Geert De Meyer stepped down as director. NBB
- Pierre Macharis stepped down as director. NBB
- Fincopro BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 37.4 million (▼ 4% vs 2024). Source: NBB ↗
- New establishment in Aalst. KBO
- Geert De Meyer became a director. NBB
- Pierre Macharis became a director. NBB
- Fincopro BV became a director. NBB
In short
From € 24.2 million profit in 2022 to € 37.4 million profit in 2025.
Paid € 1.1 million in corporate taxes since 2022.
Best year ever: 2024, with € 39 million profit.
Paid out € 89.5 million in dividends to the owners in total.
A new publication or filing at COREX HOLDING? 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 VPK GROUP NV. It owns 100% of Globcore II, 100% of Corex Czech SRO, 100% of Corex Nederland BV, 100% of NPAC Holdings Ltd, 100% of Corex Swiecie Sp. Z o.o. and 100% of Corex France SAS itself.
Directors
According to the 2025 annual accounts
since 2019 · until 2031
Pierre Macharis
Managing director
Also active at: IMMOWELL, ARGON, ECOFORMER, SMART PACKAGING SOLUTIONS, CARTONNERIES DE WALLONIE, Lion Privak
since 2019 · until 2031
Director · represented by Erik Peeters
Also active at: COREX Belgium, IMMOWELL, ARGON, ECOFORMER, SMART PACKAGING SOLUTIONS, VPK SERVICES, Febex Invest, VPK FINANCE
since 2019 · until 2031
Shareholders
Participations
Globcore II
100%
Corex Czech SRO
100%
Corex Nederland BV
100%
NPAC Holdings Ltd
100%
Corex Swiecie Sp. Z o.o.
100%
Corex France SAS
100%
Corex Romania SRL
100%
Corex Turkey AS
100%
Corenso France SASU
100%
100%
Corex Luxembourg SA
100%
Establishments
Establishment units
Physical locations of this company
Kareelstraat 108
9300 Aalst
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 →ARGON same network
€ 727,541 gross margin · 2025
Febex Invest same network
Astral (Riyadhstraat)
€ 584,226 gross margin · 2024
Windy Wood
Waaienbos
+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
- 0725.684.615
- VAT number
- BE 0725.684.615
- Registered office
- Kareelstraat 108, 9300 Aalst
- Names & denominations
- COREX HOLDING
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 April 2019
- Peppol
- Active · Active since 17 Nov 2025
- Activities · NACE
Vervaardiging van papier en karton
Activiteiten van holdings
Holdings
Administratieve en ondersteunende activiteiten ten behoeve van kantoren
Diverse administratieve activiteiten ten behoeve van kantoren