B-Packaging
ActiveSummary
B-Packaging has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €260,494 and a net result of €54,467. Equity has been growing by about 14% per year since 2022. Its solvency ranks better than 33% of 358 sector peers (NACE 18, financial year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 12-04-2022 Normal situation
- Activity
- Other printing NACE 18120and 2 others
- Establishment unit
- 2.330.070.058 8790 Waregem, since 12-04-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 26-09-2025
Board and ownership
- Marjan Martha Van der HeydenDaily manager
- Kurt De MoorDaily manager
- CARDINALDirector · since 12-04-2022 · permanent representative Alexander Lemahyeur
- CARDINAL100%· score 922025 annual accounts of CARDINAL
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.9%
- Gross margin
- €443,291
- ▲ 30.2%
- Turnover
- ≈ €1.0m
- estimated
- Profit
- €54,467
- Equity
- €260,494
- ▲ 26.4%
- Total assets
- €1.1m
- ▼ 7.1%
- Employees on 31-12-2025
- 4
- =
Score breakdownraises riskFounded in 2022Equity €260,494 (23.0% of total assets)lowers riskFigures for financial year 2025 (filed on 01-05-2026)Size: 4 FTE, total assets €1.1mShow the evidence
Checked score
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 18, micro). It does better than 29% of them on solvency, 21% on liquidity, 55% on profitability and 79% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 75 days before the deadline. In the sector (NACE 18), the median for financial year 2024 was 5 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-04-2026 PDF all 4 filings
2022 to 2025, 4 financial years
The operating result for 2025 is a profit of €91,125, after a loss of €2,380 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 |
| full-time | 4 | 4 | 4 | 4 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 4 | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 2.3 | 4 | 4 | 4 |
| On a permanent contract | 4 | 4 | 4 | 4 |
| Joined | 4 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Pledge on the business | €600,000 | €600,000 | €600,000 | €600,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €282,119 | €6,012 | €64,241 | €20,976 |
| Intangible fixed assets | €500,000 | - | - | - |
| Financial fixed assets | €5,550 | - | - | €0 |
| Depreciation and write-downs of the year | €47,926 | €82,643 | €87,277 | €94,212 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €120,771 | €224,773 | €252,609 | €254,168 | ▲ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,926 | €82,643 | €87,277 | €94,212 | ▲ 7.9% |
| Other operating charges640/8 | €2,926 | €2,641 | €3,007 | €3,785 | ▲ 25.9% |
| Gross operating margin9900 | €145,334 | €406,247 | €340,512 | €443,291 | ▲ 30.2% |
| Operating profit (loss)9901 | -€26,289 | €96,189 | -€2,380 | €91,125 | - |
| Financial income75/76B | €230 | €334 | €1,045 | €1,455 | ▲ 39.3% |
| Recurring financial income75 | €230 | €334 | €1,045 | €1,455 | ▲ 39.3% |
| Financial charges65/66B | €9,525 | €15,856 | €16,913 | €15,826 | ▼ 6.4% |
| Recurring financial charges65 | €9,525 | €15,856 | €16,913 | €15,826 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | -€35,584 | €80,667 | -€18,249 | €76,754 | - |
| Income taxes67/77 | €307 | €19,946 | €554 | €22,287 | ▲ 40× |
| Profit (loss) for the period9904 | -€35,891 | €60,721 | -€18,803 | €54,467 | - |
| Profit (loss) for the period to be appropriated9905 | -€35,891 | €60,721 | -€18,803 | €54,467 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.4m | €1.2m | €1.2m | €1.1m | ▼ 7.1% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 11.4% |
| Intangible fixed assets21 | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 13.5% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 8.8% |
| Plant, machinery and equipment23 | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 13.2% |
| Furniture and vehicles24 | €0.03m | €0.03m | €0.02m | €0.03m | ▲ 31.3% |
| Leasing and similar rights25 | - | - | €0.04m | €0.04m | ▼ 10.4% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Current assets29/58 | €0.6m | €0.5m | €0.6m | €0.6m | ▼ 2.2% |
| Stocks and contracts in progress3 | €0.03m | €0.03m | €0.02m | €0.03m | ▲ 20.2% |
| Stocks30/36 | €0.03m | €0.03m | €0.02m | €0.03m | ▲ 20.2% |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 30.6% |
| Trade receivables40 | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 30.8% |
| Other amounts receivable41 | €0.01m | €0.005m | €0.02m | €0.02m | ▲ 27.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 51.1% |
| Deferred charges and accrued income490/1 | €0.002m | €0 | €0.001m | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.4m | €1.2m | €1.2m | €1.1m | ▼ 7.1% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 26.4% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€0.04m | €0.02m | €0.006m | €0.06m | ▲ 904% |
| Amounts payable17/49 | €1.2m | €0.9m | €1.0m | €0.9m | ▼ 13.9% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 29.7% |
| Financial debts170/4 | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 29.7% |
| Amounts payable within one year42/48 | €0.7m | €0.5m | €0.7m | €0.6m | ▼ 6.3% |
| Current portion of amounts payable after more than one year42 | €0.09m | €0.09m | €0.1m | €0.1m | = |
| Financial debts43 | - | - | - | €0.001m | - |
| Credit institutions430/8 | - | - | - | €0.001m | - |
| Trade debts44 | €0.6m | €0.4m | €0.5m | €0.5m | ▼ 5.6% |
| Suppliers440/4 | €0.6m | €0.4m | €0.5m | €0.5m | ▼ 5.6% |
| Taxes, remuneration and social security45 | €0.08m | €0.05m | €0.07m | €0.06m | ▼ 9.9% |
| Taxes450/3 | €0.06m | €0.04m | €0.05m | €0.04m | ▼ 19.5% |
| Remuneration and social security454/9 | €0.01m | €0.006m | €0.02m | €0.02m | ▲ 14.8% |
| Other amounts payable47/48 | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 24.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€35,891 | €60,721 | -€18,803 | €54,467 | - |
| + Depreciation and write-downs630 | €47,926 | €82,643 | €87,277 | €94,212 | ▲ 7.9% |
| Operating cash flow (approximation) | €12,035 | €143,364 | €68,474 | €148,679 | ▲ 117% |
| Investment in fixed assets (approximation) | - | -€6,012 | -€64,241 | -€20,976 | ▲ 67.3% |
| Change in cash | - | -€5,479 | €19,517 | -€116,173 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,542 companies had the same profile as B-Packaging has now. Two years later, 3.5% had gone bankrupt and 94.9% were still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B-Packaging itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,542 companies, not a prediction for B-Packaging. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (4)
Board & ownership
Directors
Board 2
Day-to-day management 2
Permanent representatives 2
Other functions 1
Owners and capital
Shareholders
1 ownerOwners 1
- CARDINALparentSourceaccounts CARDINAL 2025Equity €3.4m Profit of €1.6m in 2025 (profit of €1.6m in 2024) Checked score 92100%
Mandate history
- Board
- Day-to-day management
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| CARDINAL |
|
| JOLAX |
|
| Marjan Martha Van der Heyden |
|
| Kurt De Moor |
|
| Marjan Van Der Heyden |
|
Articles of association
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Algemene vergadering mag één of meerdere vereffenaars aanduiden,bevoegdheden omlijnen en vergoeding bepalen, bestuurder(s) in functie…”
Articles of association, deed of 14-04-2022 (in Dutch)
Network & group
Companies at the same address
5 other companiesConnections & network
2 current directorsThe network starts from the directors of B-Packaging. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
14-07
Gazette deed
Resignation: Marjan Van Der Heyden (day-to-day manager)2 points ▸
- Board meeting, 11-06-2025
- Director resignation, Marjan Van Der Heyden (day-to-day manager)
01-07
Gazette deed
Appointment: Kurt De Moor (day-to-day manager)2 points ▸
- Board meeting, 02-06-2022
- Director appointment, Kurt De Moor (day-to-day manager)
14-04
Gazette deed
IncorporationAppointments: CARDINAL, JOLAX and Marjan Martha Van der Heyden · Permanent representatives: Alexander Lemahyeur and Laurence Ramboux · Founder10 points ▸
- Incorporation, 08-04-2022
- Founder, CARDINAL
- Founding capital, €200,000
- Registered office clause, “8790 Waregem,Flanders-Fieldweg 41” (deed in Dutch)
- Director appointment, CARDINAL (director (not named in the articles))
- Director appointment, JOLAX (director (not named in the articles))
- Permanent representative, Alexander Lemahyeur
- Permanent representative, Laurence Ramboux
- Director appointment, Marjan Martha Van der Heyden (day-to-day manager and director (executive))
- Pre-incorporation commitments, “takeover, alle verbintenissen en verplichtingen die eruit voortvloeien en alle activiteiten ondernomen door comparanten in naam en voor rekening van vennootscha…” (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
18 activities
- Alle verrichtingen die betrekking hebben op het kopen en verkopen,de import en de export,de handel in het groot en in het klein,het vervaardigen-conditioneren,het verdelen als commissionair-agent-fabrikant,het voeren van de marketing-publiciteit,het laten vertegenwoordigen door derden,het laten beschermen van namen en patenten van alle producten in verband met alle mogelijke soorten van karton of ander soort materiaal,al dan niet bedrukt,en met de hiermee verband houdende machines en werktuigen.
- De uitbating van een drukkerij,onder meer: Reproductie: productie van boekdrukvormen,offsetproductie- en offsetdrukplaten,diepdrukreproducties en diepdrukcilinders; Vouwen,vergaren,naaien,garenloos binden,lijmen,snijden,brocheren en goudstempelen van bedrukte vellen voor boeken,brochures,tijdschriften,catalogi,enz; Vouwen,stempelen,ponsen,perforeren,pregen,lijmen en lamineren van bedrukt papier of karton voor o.m. handelsformulieren,staalkaarten,labels,kalenders,reclamemateriaal,enz;
- Verven,graveren en bedrukken van plastiek,metaal,papier,karton en gelijksoortige materialen tot de volledige afwerking;
- Digitaal bedrukken,bewerken van allerhande materialen en volledige afwerking ervan.
- Groothandel in andere intermediaire producten;
- Etiketteren,zegelen en stempelen.
- Onder welke vorm ook participaties te verwerven en/of aan te houden in bestaande en nog op te richten vennootschappen en ondernemingen. Zij kan deze participaties beheren,te gelde maken en valoriseren,onder meer door deel te nemen aan het bestuur en het toezicht van de ondernemingen en vennootschappen waarin zij participeert en door ze bijstand te verlenen in hun operationeel beheer.
- De vennootschap kan tevens alle mogelijke vormen van bijstand of ondersteuning op bedrijfseconomisch,commercieel,financieel,administratief of technisch vlak verlenen aan ondernemingen,alsook op louter contractuele basis het operationeel beheer ervan waarnemen. De vennootschap kan alle bestuursopdrachten waarnemen evenals opdrachten en functies uitoefenen in andere vennootschappen en/of ondernemingen.
- De vennootschap kan optreden voor eigen rekening en/of voor rekening van derden bij onderhandelingen voor gehele of gedeeltelijke overname van aandelen of participaties. De vennootschap kan deelnemen of zich op andere wijze interesseren in allerhande vennootschappen,ondernemingen,groeperingen en organisaties en hieraan leningen verstrekken.
- Ook kan de vennootschap in het raam van haar thesauriebeheer,rechtstreeks of via vestigingen in België of in het buitenland,financiële vaste activa verwerven of verkopen,trading- en deviezenoperaties uitvoeren,en tussenkomen in de overname en plaatsing van aandelen,obligaties en effecten allerhande.
- De vennootschap kan beleggen in onroerende en roerende waarden en bezittingen,en deze waarden en bezittingen beheren en uitbaten. Het hypothekeren of in het algemeen bezwaren van onroerende goederen en/of enig recht of belang in onroerende goederen behoort tevens tot de doeleinden.
- De vennootschap heeft eveneens tot voorwerp het verstrekken van bijstand,office management,advies en leiding aan bedrijven,privépersonen en instellingen,onder meer op het vlak van het management,marketing,productie,ontwikkeling,processing en besturen van vennootschappen in de meest ruime zin;
- Het aankopen,verkopen,ruilen,omvormen,bouwen,verbouwen,uitbaten,beheren,huren,verhuren,in leasing nemen en in leasing geven van alle gebouwde of onbebouwde onroerende goederen.
- De vennootschap kan zowel tot waarborg van eigen verbintenissen als tot waarborg van verbintenissen van derden borg te stellen,onder meer door haar goederen in hypotheek of in pand te geven,inclusief de eigen handelszaak. Ook kan de vennootschap middelen voorschieten of leningen toestaan aan derden.
- Zij heeft in het algemeen de volle rechtsbekwaamheid om alle handelingen en verrichtingen te voltrekken die een rechtstreeks of onrechtstreeks verband houden met haar voorwerp of welke van die aard zouden zijn dat zij de verwezenlijking van dit voorwerp,rechtstreeks of onrechtstreeks,geheel of ten dele vergemakkelijken.
- Zij kan belangen nemen door associatie,inbreng,fusie,financiële tussenkomst of op gelijk welke andere wijze,in alle vennootschappen,verenigingen of ondernemingen met een identiek,gelijklopend of samenhangend voorwerp met het hare,of die van aard kunnen zijn de ontwikkeling van haar onderneming te begunstigen of een bron van afzetten te vormen.
- Zij kan de functies van bestuurder of vereffenaar uitoefenen in andere vennootschappen.
- De vennootschap mag zich borgstellen of zakelijke zekerheden verlenen ten voordele van vennootschappen of particulieren,in de meest ruime zin.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34452B0863/00X010 | Flanders | 6,733 m² | 1 · 4,681 m² | 7.2 m · 2 |