Subsidiaries and holdings
- ARGON100%
- COREX HOLDING100%
- VPK FINANCE100%
- VPK Paper99.99%
- SMART PACKAGING SOLUTIONS99.9%
- VPK SERVICES83.89%
- Blue Box Partners25%
- ECOFORMER0.03%
Summary
VPK Group is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €719.4m and a net result of €86.3m. Equity has been growing by about 11% per year since 2018. Its solvency ranks better than 63% of 3,028 sector peers (NACE 64, financial year 2025). The company has been active since 1935 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Official details
Source: KBO- Status
- Active since 25-12-1935 Normal situation
- Registered office
- 15 active companies are registered at this address Source: KBO register, as of 1 November 2026.
- Activity
- Activities of holding companies NACE 64210and 1 other
- Joint committees
- 129 Paritair Comité voor de voortbrenging van papierpap, papier en karton
- 221 Paritair Comité voor de bedienden uit de papiernijverheid · annual accounts 2025
- Establishment units
- 2.117.405.476 9200 Dendermonde, since 01-12-1935
- 2.246.126.951 9300 Aalst, since 01-01-2015and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable since 17-11-2025
Board and ownership
Board
- Pierre MacharisManaging director
- Carla SinanianDirector · since 02-06-2023
- Hoveco Management BVDirector · since 02-06-2023 · permanent representative Veronique Hoflack
- Auditor
- KPMG Bedrijfsrevisoren BV
Shareholders
- HOUSE OF PAPER38.47%annual accounts 2025
- SEQUOIA INDUSTRIES37.79%annual accounts 2025
- ORZIVAL23.74%· score 69annual accounts 2025
- Holdings
- Shares in 20 companies including AQUILA and AQUILA WRZESNIA
Financial position
Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts 2025
- Profit
- €86.3m
- ▼ 12.4%
- Equity
- €719.4m
- ▲ 11.0%
- Total assets
- €956.3m
- ▲ 17.2%
- Employees on 31-12-2025
- 82
- ▲ 2.5%
Standalone figures, without subsidiaries
Group, consolidated 2025: turnover €1.87bn, result €56.2m
Filed on 19-06-2026, 42 days before the deadline
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-06-2026, 42 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
42 days early
2024
50 days early
2023
43 days early
2022
56 days early
2021
51 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 48 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
- Positive: Largest company by equity in Dendermondein the Checked rankings No. 1 View
- Heads a groupcompanies controlled · known shareholders 100% 33 View
- Board changedlatest change 20-07-2026 · 9 in office 1 joined · 2 left View
- Positive: 8 profitable years in a rowprofit 2025: €86.3m 8 years View
- Merger with UNDAROmerger on 21-01-2025 2025 View
- Positive: Always filed on timeaccounts within the deadline every year 5 years View
Recent changes
- · Gazette deed Resignations: Carl Verstraelen (director) and KPMG Bedrijfsrevisoren BV (statutory auditor)Reappointment: KPMG Bedrijfsrevisoren BV (statutory auditor) · Permanent representative: Filip De Bock
- · Gazette deed Resignation: Patrick Leclercq (lid van het executief comité)Appointment: Tracily BV (aanvullend lid van het executief comité)
- · Gazette deed Resignation: Dimacor BV (director)Appointment: Carl Verstraelen (director)
Companies linked to VPK Group
Comparable companies
These companies have the same main activity as VPK Group: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €337m and €3.3bn, founded between 1895 and 1947.
| Company | Total assets | Turnover |
|---|---|---|
| VPK Group Dendermonde | €956.3m | - |
| SOCIETE DE SERVICES, DE PARTICIPATIONS, DE DIRECTION ET D'ELABORATION Sint-Lambrechts-Woluwe | €370.4m | €199.7m |
| MAGOTTEAUX INTERNATIONAL Chaudfontaine | €337.1m | €51.5m |
| ENODIA Liège | €1,345.8m | - |
| ETEX Zaventem | €3,330.5m | €58.7m |
| Cera Leuven | €3,290.8m | €19.7m |
| Belgische Scheepvaartmaatschappij-Compagnie Maritime Belge Antwerpen | €2,317.5m | €96.2m |
Key facts about VPK Group
- What is the company number of VPK Group?
- The company number of VPK Group is 0400.313.852. The VAT number is the same number with BE in front: BE 0400.313.852.
- Where is VPK Group based?
- The registered office is at Oude baan (OUD) 120, 9200 Dendermonde.Company details
- What does VPK Group do?
- According to the KBO register, the main activity is activities of holding companies (NACE 64210).
- What is the legal form of VPK Group?
- The legal form of VPK Group is Public limited company (NV).
- When was VPK Group founded?
- VPK Group was founded on 25-12-1935.
- Is VPK Group still active?
- Yes, VPK Group is an active enterprise in the KBO register.
- How many employees does VPK Group have?
- VPK Group had an average of 76 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does VPK Group fall under?
- In its 2025 annual accounts, VPK Group states joint committees 129 (Paritair Comité voor de voortbrenging van papierpap, papier en karton) and 221 (Paritair Comité voor de bedienden uit de papiernijverheid).
- What is the turnover of VPK Group?
- The annual accounts for financial year 2025 state no turnover.
- Is VPK Group profitable?
- In financial year 2025, VPK Group made a profit of €86.3m.
- Where can I find the annual accounts of VPK Group?
- VPK Group filed 79 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VPK Group due?
- VPK Group must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See the other companies in the same group.VPK Group · 14 companies
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