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 52 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Steelforce Packaging from Antwerpen, company number BE0784889851, closed financial year 2025 with a result of € -3.3 million after tax. For that financial year Steelforce Packaging recorded revenue of € 360.2 million and equity of € 14.9 million. Compared with financial year 2024, the result moved from € 5.4 million to € -3.3 million. The company made a loss. The company holds a healthy buffer. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 2, 2026.
€ 14.9 million
▼ 23% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -3.3 million
▼ still € 5.4 million profit in 2024
Profit after tax over the fiscal year.
€ 450,774
▲ € 432,498 vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 9.9 million.
People and assets in 2025
7.1
▲ 1.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 752,079
▲ 19% vs 2024
€ 105,900 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.
Debts at end 2025
€ 173.9 million
▲ 49% vs 2024
€ 43.7 million is repaid this year. At this pace the long-term loan is gone in ≈ 1 years.
€ 16.6 million
▼ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 17 days on average.
€ 166,925
▼ 55% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 18,948,133 | € 127,643,674 | € 273,585,506 | € 360,185,118 | ▲ 32% |
| Profit after taxes | € 9,266,242 | € 3,646,961 | € 5,363,111 | € -3,339,588 | ▼ € 8.7 million |
| Equity | € 11,262,829 | € 14,901,216 | € 19,257,186 | € 14,906,328 | ▼ 23% |
| Total debts | € 16,406,208 | € 88,475,632 | € 139,929,835 | € 193,274,521 | ▲ 38% |
| Cash | € 384 | € 76,647 | € 18,276 | € 450,774 | ▲ € 432,498 |
| Retained profit | € 6,262,829 | € 9,901,216 | € 14,257,186 | € 9,906,328 | ▼ 31% |
| Dividend | € 3,000,000 | € 0 | € 1,000,000 | € 1,000,000 | |
| Bank debt | € 7,575,033 | € 70,170,086 | € 116,434,818 | € 173,919,700 | ▲ 49% |
| Balance sheet total | € 27,669,038 | € 103,376,847 | € 159,187,021 | € 208,180,849 | ▲ 31% |
| Employees (FTE) | 4.2 | 4.9 | 5.9 | 7.1 | ▲ 1.2 |
Key figures of Steelforce Packaging, 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 Steelforce Packaging?
What happened at Steelforce Packaging in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Davide Padovani stepped down as director. NBB
- Lorenzo Padovani stepped down as director. NBB
- Kurt Crollet stepped down as director. NBB
- Guido Hemeleers stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 3.3 million (▼ € 8.7 million vs 2024). Source: NBB ↗
- Davide Padovani became a director. NBB
- Lorenzo Padovani became a director. NBB
- Kurt Crollet became a director. NBB
In short
From € 9.3 million profit in 2022 to € 3.3 million loss in 2025.
Paid € 6.1 million in corporate taxes since 2022.
Best year ever: 2022, with € 9.3 million profit.
Paid out € 5 million in dividends to the owners in total.
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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 stake of Steelforce Group comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Steelforce PackagingThe shares are held by Steelforce Group (50%). It owns 100% of SteelFORCE Italy S.R.L., 100% of Seal of Quality Sagl, 100% of EN-finity SRL and 50% of SF Service Srl itself.
Directors
According to the 2025 annual accounts
Davide Padovani
Director
since 2024 · until 2027
Lorenzo Padovani
Director
since 2024 · until 2027
Kurt Crollet
Director
Also active at: Steelforce, Steelforce Group, CROFIMA, EUROMETAL SERVICE, TRANSAF BUILDING, Steelforce Europe
since 2024 · until 2027
Guido Hemeleers
Director
Also active at: Steelforce, Steelforce Group, Kamino, HEXIT, Steelforce Europe
since 2024 · until 2027
Shareholders
50%
Participations
Establishments
Establishment units
Physical locations of this company
Lange Klarenstraat 16
2000 Antwerpen
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 7 companies are registered at this address.
All companies at this address →Steelforce same network
€ 196 million revenue · 2025
Steelforce Group same network
€ 1.4 million revenue · 2025
FERRITUDO
€ 235,846 gross margin · 2025
TRANSAF BUILDING same network
€ 327,545 gross margin · 2025
Transsteel
+2 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
- 0784.889.851
- VAT number
- BE 0784.889.851
- Registered office
- Lange Klarenstraat 16, 2000 Antwerpen
- Names & denominations
- Steelforce Packaging
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 15 April 2022
- Peppol
- Active · Active since 29 Dec 2025
- Contact
- [email protected] +3232241168
- Activities · NACE
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