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BDMO

Active
Public limited companyfounded 1988active for 38 yearsAmbachtenlaan 43, 8760 Tielt, BelgiumKBO/BCE: BE 0433.157.656
Summary

BDMO has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €669,418 and a net result of €228,652. Equity is shrinking by about 10% per year across the filed financial years. Its solvency ranks better than 10% of 95 sector peers (NACE 17, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).

Overview

Activity
Manufacture of paper and paper products
NACE 17120
5th largest employer in West Flanders, Paper sector1 site
Size
€10.4mturnover 2025
Staff
56.6 FTE
Equity
€669,418
Profit
€228,652
Financial health
65 Healthy Checked score 2025
Bankruptcy probabilitywithin 12 months
1.1%
Structure
Parent
DUCAJU · 100%
Board
4 members
  • DUCAJUManaging director · permanent representative Geert CASSELMAN
Auditor: Auditas Bedrijfsrevisoren2025 accounts 18 days early4 of 16 deeds summarised
Why 65raises riskEquity €669,418 (11.5% of total assets)Liquidity: current ratio 1.10, cash €146,586Sector: Manufacture of paper and paper products (NACE 17)Size: turnover €10.4m, 56.6 FTE, total assets €5.8mShow the evidence

Checked score

Score 2025
65 / 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially better than 33% of its sector peers (NACE 17)
Financial strength · tick = 2024
Weak
Solvency 37+4
equity 11.5% of total assets
Liquidity 11-1
short-term debt 76.7% · cash 2.5%
Profitability 63+47
return on assets 3.9%
Bankruptcy probability, 12 months
1.1% Low
0%0.5%1.5%4%10%≥ 25%

About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (28 companies, NACE 17, medium-sized)
Last 24 months 11-2024: 3.9%highest value 12-2024: 3.9%● unchanged vs 11-2024highest value 01-2025: 3.9%● unchanged vs 12-2024highest value 02-2025: 3.8%▼ -0.1 percentage points vs 01-2025 03-2025: 3.7%▼ -0.1 percentage points vs 02-2025 04-2025: 3.7%● unchanged vs 03-2025 05-2025: 3.6%▼ -0.1 percentage points vs 04-2025 06-2025: 3.6%● unchanged vs 05-2025 07-2025: 3.8%▲ +0.2 percentage points vs 06-2025 08-2025: 3.1%▼ -0.7 percentage points vs 07-2025 09-2025: 3.1%● unchanged vs 08-2025 10-2025: 3.1%● unchanged vs 09-2025 11-2025: 3.1%● unchanged vs 10-2025 12-2025: 3.1%● unchanged vs 11-2025 01-2026: 3.1%● unchanged vs 12-2025 02-2026: 3.1%● unchanged vs 01-2026 03-2026: 3.0%▼ -0.1 percentage points vs 02-2026 04-2026: 3.0%● unchanged vs 03-2026 05-2026: 3.0%● unchanged vs 04-2026 06-2026: 3.1%▲ +0.1 percentage points vs 05-2026 07-2026: 3.1%● unchanged vs 06-2026 08-2026: 1.1%▼ -2.0 percentage points vs 07-2026lowest value 09-2026: 1.1%● unchanged vs 08-2026lowest value 10-2026: 1.1%● unchanged vs 09-2026lowest value
Credit of up to €40,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.1, compared with 1.04 in 2024, below the usual 1.5; short-term debt: 76.7% and cash: 2.5% of total assets), and 88.5% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 17): better than 7% on solvency, 10% on liquidity, 48% on profitability and 67% on growth.

The bankruptcy probability was computed on 28-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
raises riskneutral
raises risk · Equity €669,418 (11.5% of total assets)
NBB · annual accounts
raises risk · Liquidity: current ratio 1.10, cash €146,586
NBB · annual accounts
raises risk · Sector: Manufacture of paper and paper products (NACE 17)
KBO
raises risk · Size: turnover €10.4m, 56.6 FTE, total assets €5.8m
Companies of this size fail more often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 95 sector peers (2025).
NBB · sector comparison
Position among 95 sector peers
Solvency
better than 10%
← weakest strongest →
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
18 days early
2024
6 days early
2023
30 days late
2022
31 days late
2021
31 days late
2020
27 days late
2019
52 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 21 days after the deadline; the sector median (NACE 17) for financial year 2024 is 13 days before the deadline, and 35% 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 31 August (4 of the last 5 filed years within 37 days of that day).
Companies Code · seven months
Where today falls in the filing period
29-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Reappointment: AUDITAS BEDRIJFSREVISOREN (statutory auditor)Power of attorney
  2. Annual accounts filedfinancial year 2025 · full…
  3. Back to profitnet €228,652

Financials · financial year 2025, full format

Turnover
€10.4m▼ 0.3%
2024 · €10.4m
EBIT margin
3.3%▲ 6.7pp
2024 · -3.3%
Net result
€228,652
2024 · -€503,496
Working capital
€432,247▲ 150%
2024 · €172,937
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result returns to profit in 2025: €346,705 after a loss of €346,325 in 2024, the highest result in the available series.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Turnover€10.4m 2025 Operating result€0.3m 2025 Net result€0.2m 2025

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 17, Manufacture of paper and paper products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€10.5m-€10.9m▲ 4.1%€8.6m▼ 21.3%€10.4m▲ 21.7%€15.1m▲ 44.9%€11.4m▼ 24.4%€10.4m▼ 9.0%€10.4m▼ 0.3%
Operating result€0.3m-€0.5m▲ 52.5%-€0.03m-€0.2m▼ 429%€0.05m-€0.8m-€0.3m▲ 58.9%€0.3m
Net result€0.2m-€0.4m▲ 77.7%-€0.04mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 368%€0.007mwithin the sector's middle half-€1.0mbelow the sector's middle half-€0.5mbelow the sector's middle half▲ 48.9%€0.2mwithin the sector's middle half
EBIT margin3.3%-4.8%▲ 1.5pp-0.4%▼ 5.2pp-1.7%▼ 1.3pp0.3%▲ 2.1pp-7.4%▼ 7.7pp-3.3%▲ 4.0pp3.3%▲ 6.7pp
Equity€1.7m-€2.1m▲ 23.1%€2.1mwithin the sector's middle half▼ 1.7%€1.9mwithin the sector's middle half▼ 8.0%€1.9mwithin the sector's middle half▲ 0.3%€0.9mbelow the sector's middle half▼ 51.1%€0.4mbelow the sector's middle half▼ 53.3%€0.7mbelow the sector's middle half▲ 51.9%
Total assets€7.3m-€6.7m▼ 8.6%€7.2mwithin the sector's middle half▲ 7.0%€8.2mwithin the sector's middle half▲ 14.1%€10.1mwithin the sector's middle half▲ 23.2%€7.3mwithin the sector's middle half▼ 27.5%€5.8mwithin the sector's middle half▼ 20.6%€5.8mwithin the sector's middle half=
Debt€5.6m-€4.6m▼ 18.4%€5.1m▲ 11.0%€6.3m▲ 23.3%€8.2m▲ 30.2%€6.4m▼ 22.0%€5.4m▼ 15.8%€5.1m▼ 4.3%
Working capital€1.5m-€1.9m▲ 21.5%€2.1mwithin the sector's middle half▲ 12.4%€1.9mwithin the sector's middle half▼ 8.9%€1.8mwithin the sector's middle half▼ 6.6%€0.7mwithin the sector's middle half▼ 63.1%€0.2mwithin the sector's middle half▼ 73.6%€0.4mwithin the sector's middle half▲ 150%
Solvency23.5%-31.7%▲ 8.2pp29.1%within the sector's middle half▼ 2.6pp23.5%below the sector's middle half▼ 5.7pp19.1%below the sector's middle half▼ 4.3pp12.9%below the sector's middle half▼ 6.2pp7.6%below the sector's middle half▼ 5.3pp11.5%below the sector's middle half▲ 3.9pp
Current ratio1.32-1.50▲ 0.181.60within the sector's middle half▲ 0.111.44within the sector's middle half▼ 0.171.28within the sector's middle half▼ 0.151.13within the sector's middle half▼ 0.151.04below the sector's middle half▼ 0.091.10within the sector's middle half▲ 0.06
Return on assets (ROA)3.1%-6.0%▲ 2.9pp-0.5%below the sector's middle half▼ 6.5pp-2.1%below the sector's middle half▼ 1.6pp0.1%within the sector's middle half▲ 2.1pp-13.5%below the sector's middle half▼ 13.5pp-8.7%below the sector's middle half▲ 4.8pp3.9%within the sector's middle half▲ 12.6pp
Staff (FTE)68.4-68.5▲ 0.1%69.6within the sector's middle half▲ 1.6%62.5within the sector's middle half▼ 10.2%65.5within the sector's middle half▲ 4.8%62.4within the sector's middle half▼ 4.7%57.3within the sector's middle half▼ 8.2%56.6within the sector's middle half▼ 1.2%
above within below the middle half of NACE 17, Manufacture of paper and paper products: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.8m
Fixed assets €921,290 ▼ 25.6%
Current assets €4.9m ▲ 6.9%
Equity and liabilities €5.8m
Equity €669,418 ▲ 51.9%
Provisions €3,750
Debt €5.1m ▼ 4.3%
Debt's share of the balance-sheet total falls from 92.4% to 88.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€728,312▲
2024 · €89,055
Cash flow
€610,259▲
2024 · -€68,116
Quick ratio
0.51▲
2024 · 0.41
Debt to equity
7.67▼
2024 · 12.17
ROE
34.2%▲
2024 · -114.2%
Interest coverage
5.67▲
2024 · 0.53
Debt ≤ 1 year
€4.5m▲
2024 · €4.4m
Debt > 1 year
€678,087▼
2024 · €966,394
Income taxes
€902▲
2024 · €723
Staff costs
€3.2m▼
2024 · €3.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 733 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97.4% are still going.

  • Medium-sized
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet
1.0% went bankrupt
1.4% stopped otherwise
97.4% still going

A further 0.3% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
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%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 733 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 90 lines
Balance sheet Code20242025
Assets
Total assets20/58€5.8m€5.8m=
Fixed assets21/28€1.2m€0.9m▼
Intangible fixed assets21€0.02m€0.007m▼
Tangible fixed assets22/27€1.2m€0.9m▼
Land and buildings22€0.6m€0.5m▼
Plant, machinery and equipment23€0.1m€0.08m▼
Furniture and vehicles24€0.05m€0.007m▼
Leasing and similar rights25€0.5m€0.3m▼
Financial fixed assets28€0.001m€0.001m=
Other financial fixed assets284/8€0.001m€0.001m=
Shares284€0.001m€0.001m=
Amounts receivable and cash guarantees285/8€0-
Current assets29/58€4.6m€4.9m▲
Stocks and contracts in progress3€2.8m€2.6m▼
Stocks30/36€2.8m€2.6m▼
Raw materials and consumables30/31€0.8m€0.6m▼
Work in progress32€0.5m€0.5m▼
Finished goods33€1.4m€1.4m▼
Goods purchased for resale34€0.002m€0.02m▲
Amounts receivable within one year40/41€1.6m€2.1m▲
Trade receivables40€1.6m€2.1m▲
Other amounts receivable41€0.05m€0.002m▼
Current investments50/53-€0.004m
Other investments51/53-€0.004m
Cash at bank and in hand54/58€0.1m€0.1m▲
Deferred charges and accrued income490/1€0.03m€0.04m▲
Equity and liabilities
Total equity and liabilities10/49€5.8m€5.8m=
Equity10/15€0.4m€0.7m▲
Contributions10/11€0.7m€0.7m=
Capital10€0.7m€0.7m=
Issued capital100€0.7m€0.7m=
Reserves13€1.2m€1.2m=
Non-distributable reserves130/1€0.07m€0.07m=
Legal reserve130€0.07m€0.07m=
Tax-exempt reserves132€0.02m€0.02m=
Distributable reserves133€1.1m€1.1m=
Profit (loss) carried forward14-€1.5m-€1.3m▲
Provisions and deferred taxes16-€0.004m
Provisions for liabilities and charges160/5-€0.004m
Other liabilities and charges164/5-€0.004m
Amounts payable17/49€5.4m€5.1m▼
Amounts payable after more than one year17€1.0m€0.7m▼
Financial debts170/4€1.0m€0.7m▼
Leasing and similar obligations172€0.3m€0.2m▼
Credit institutions173€0.6m€0.5m▼
Amounts payable within one year42/48€4.4m€4.5m▲
Current portion of amounts payable after more than one year42€0.4m€0.3m▼
Financial debts43€2.2m€2.9m▲
Credit institutions430/8€2.2m€2.9m▲
Trade debts44€1.3m€0.8m▼
Suppliers440/4€1.3m€0.8m▼
Advances received on contracts in progress46€0.009m€0.007m▼
Taxes, remuneration and social security45€0.5m€0.5m▼
Taxes450/3€0.1m€0.1m▲
Remuneration and social security454/9€0.4m€0.4m▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3€0.003m€0.002m▼
Income statement Code20242025
Operating income70/76A€10.8m€10.7m▼
Turnover70€10.4m€10.4m▼
Change in stocks of work in progress, finished goods and contracts in progress71€0.08m-€0.02m▼
Other operating income74€0.2m€0.3m▲
Non-recurring operating income76A€0.1m€0▼
Operating charges60/66A€11.2m€10.3m▼
Goods for resale, raw materials and consumables60€4.4m€4.3m▼
Purchases600/8€4.4m€4.2m▼
Change in stocks: decrease (increase)609-€0.02m€0.1m▲
Services and other goods61€2.9m€2.4m▼
Remuneration, social security and pensions62€3.4m€3.2m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.4m€0.4m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.005m-€0.02m▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.004m
Other operating charges640/8€0.006m€0.02m▲
Non-recurring operating charges66A€0.03m€0.03m▼
Operating profit (loss)9901-€0.3m€0.3m▲
Financial income75/76B€0.02m€0.02m▲
Recurring financial income75€0.02m€0.02m▲
Income from current assets751€0.01m€0▼
Other financial income752/9€0.009m€0.02m▲
Financial charges65/66B€0.2m€0.1m▼
Recurring financial charges65€0.2m€0.1m▼
Debt charges650€0.2m€0.1m▼
Other financial charges652/9€0.01m€0.01m▼
Profit (loss) for the period before taxes9903-€0.5m€0.2m▲
Income taxes67/77€0.001m€0.001m▲
Taxes670/3€0.001m€0.001m▲
Profit (loss) for the period9904-€0.5m€0.2m▲
Profit (loss) for the period to be appropriated9905-€0.5m€0.2m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€1.5m-€1.3m▲
Profit (loss) brought forward from the previous period14P-€1.0m-€1.5m▼
Social balance sheet
Average headcount (FTE)908757.356.6▼

The notes to these accounts (109 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
Operating income70/76A---€11.0m€16.9m€11.0m€10.8m€10.7m▼ 1.6%
Turnover70€10.5m€10.9m€8.6m€10.4m€15.1m€11.4m€10.4m€10.4m▼ 0.3%
Change in stocks of work in progress, finished goods and contracts in progress71----€0.2m€1.4m-€0.6m€0.08m-€0.02m-
Other operating income74---€0.5m€0.4m€0.2m€0.2m€0.3m▲ 44.2%
Non-recurring operating income76A---€0.3m€0.02m-€0.1m€0▼ 100%
Operating charges60/66A---€11.2m€16.9m€11.8m€11.2m€10.3m▼ 7.7%
Goods for resale, raw materials and consumables60---€4.2m€8.4m€4.9m€4.4m€4.3m▼ 3.3%
Purchases600/8---€4.4m€8.4m€4.8m€4.4m€4.2m▼ 6.7%
Change in stocks: decrease (increase)609----€0.2m-€0.06m€0.2m-€0.02m€0.1m-
Services and other goods61---€3.0m€4.3m€3.1m€2.9m€2.4m▼ 15.2%
Remuneration, social security and pensions62---€3.1m€3.5m€3.3m€3.4m€3.2m▼ 6.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.5m€0.5m€0.6m€0.7m€0.6m€0.5m€0.4m€0.4m▼ 12.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€0.006m-€0.02m-€0.06m-€0.005m-€0.02m▼ 223%
Provisions for liabilities and charges: additions (uses and reversals)635/8-------€0.004m-
Other operating charges640/8---€0.02m€0.02m€0.007m€0.006m€0.02m▲ 277%
Non-recurring operating charges66A---€0.1m€0.2m€0.03m€0.03m€0.03m▼ 0.2%
Operating profit (loss)9901€0.3m€0.5m-€0.03m-€0.2m€0.05m-€0.8m-€0.3m€0.3m-
Financial income75/76B---€0.06m€0.05m€0.04m€0.02m€0.02m▲ 4.6%
Recurring financial income75€0.08m€0.1m€0.06m€0.06m€0.05m€0.04m€0.02m€0.02m▲ 4.6%
Income from current assets751---€0.03m€0.03m€0.03m€0.01m€0▼ 100%
Other financial income752/9---€0.03m€0.02m€0.02m€0.009m€0.02m▲ 152%
Financial charges65/66B---€0.05m€0.09m€0.2m€0.2m€0.1m▼ 21.5%
Recurring financial charges65€0.08m€0.06m€0.06m€0.05m€0.09m€0.2m€0.2m€0.1m▼ 21.5%
Debt charges650€0.07m€0.04m€0.05m€0.04m€0.08m€0.2m€0.2m€0.1m▼ 22.9%
Other financial charges652/9---€0.01m€0.01m€0.01m€0.01m€0.01m▼ 1.7%
Profit (loss) for the period before taxes9903€0.3m€0.6m-€0.04m-€0.2m€0.007m-€1.0m-€0.5m€0.2m-
Transfer from deferred taxes780---€0.002m€207----
Income taxes67/77€0.1m€0.2m€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m▲ 24.8%
Taxes670/3---€0.001m€0.001m€0.001m€0.001m€0.001m▲ 24.8%
Profit (loss) for the period9904€0.2m€0.4m-€0.04m-€0.2m€0.007m-€1.0m-€0.5m€0.2m-
Transfer from tax-exempt reserves789---€0.006m€0.001m----
Profit (loss) for the period to be appropriated9905€0.2m€0.4m-€0.03m-€0.2m€0.007m-€1.0m-€0.5m€0.2m-
Line20182019202020212022202320242025Change
Assets
Total assets20/58€7.3m€6.7m€7.2m€8.2m€10.1m€7.3m€5.8m€5.8m=
Fixed assets21/28€1.1m€1.1m€1.6m€1.9m€2.0m€1.6m€1.2m€0.9m▼ 25.6%
Intangible fixed assets21€0.04m€0.03m€0.04m€0.04m€0.04m€0.03m€0.02m€0.007m▼ 53.9%
Tangible fixed assets22/27€1.0m€1.1m€1.6m€1.9m€2.0m€1.6m€1.2m€0.9m▼ 25.2%
Land and buildings22---€0.7m€0.8m€0.7m€0.6m€0.5m▼ 14.7%
Plant, machinery and equipment23---€0.2m€0.2m€0.2m€0.1m€0.08m▼ 22.1%
Furniture and vehicles24---€0.08m€0.1m€0.1m€0.05m€0.007m▼ 84.0%
Leasing and similar rights25---€0.8m€0.9m€0.6m€0.5m€0.3m▼ 33.7%
Assets under construction and advance payments27---€0.1m-----
Financial fixed assets28€0.004m€310€310€310€310€0.001m€0.001m€0.001m=
Other financial fixed assets284/8---€310€310€0.001m€0.001m€0.001m=
Shares284-----€0.001m€0.001m€0.001m=
Amounts receivable and cash guarantees285/8---€310€310€310€0--
Current assets29/58€6.3m€5.6m€5.5m€6.3m€8.1m€5.7m€4.6m€4.9m▲ 6.9%
Stocks and contracts in progress3€2.0m€1.9m€1.9m€1.8m€3.3m€2.6m€2.8m€2.6m▼ 5.3%
Stocks30/36---€1.8m€3.3m€2.6m€2.8m€2.6m▼ 5.3%
Raw materials and consumables30/31---€0.7m€0.9m€0.8m€0.8m€0.6m▼ 18.6%
Work in progress32---€0.6m€1.0m€0.7m€0.5m€0.5m▼ 1.3%
Finished goods33---€0.5m€1.5m€1.1m€1.4m€1.4m▼ 0.9%
Goods purchased for resale34---€0.03m-€0.008m€0.002m€0.02m▲ 903%
Amounts receivable within one year40/41€3.9m€3.3m€3.3m€4.0m€4.3m€2.7m€1.6m€2.1m▲ 27.1%
Trade receivables40---€2.9m€3.3m€1.8m€1.6m€2.1m▲ 31.3%
Other amounts receivable41---€1.1m€1.0m€0.9m€0.05m€0.002m▼ 96.7%
Current investments50/53€0.001m€0.001m€0.001m€0.001m€0.001m--€0.004m-
Other investments51/53---€0.001m€0.001m--€0.004m-
Cash at bank and in hand54/58€0.2m€0.2m€0.2m€0.3m€0.3m€0.3m€0.1m€0.1m▲ 6.4%
Deferred charges and accrued income490/1---€0.1m€0.05m€0.05m€0.03m€0.04m▲ 8.1%
Equity and liabilities
Total equity and liabilities10/49€7.3m€6.7m€7.2m€8.2m€10.1m€7.3m€5.8m€5.8m=
Equity10/15€1.7m€2.1m€2.1m€1.9m€1.9m€0.9m€0.4m€0.7m▲ 51.9%
Contributions10/11€0.7m€0.7m€0.7m€0.7m€0.7m€0.7m€0.7m€0.7m=
Capital10---€0.7m€0.7m€0.7m€0.7m€0.7m=
Issued capital100---€0.7m€0.7m€0.7m€0.7m€0.7m=
Reserves13€1.0m€1.4m€1.4m€1.2m€1.2m€1.2m€1.2m€1.2m=
Non-distributable reserves130/1---€0.07m€0.07m€0.07m€0.07m€0.07m=
Legal reserve130---€0.07m€0.07m€0.07m€0.07m€0.07m=
Tax-exempt reserves132---€0.03m€0.02m€0.02m€0.02m€0.02m=
Distributable reserves133---€1.1m€1.1m€1.1m€1.1m€1.1m=
Profit (loss) carried forward14€256€0.004m--€0.007m-€1.0m-€1.5m-€1.3m▲ 15.4%
Provisions and deferred taxes16€0.007m€0.005m€0.002m€207---€0.004m-
Provisions for liabilities and charges160/5-------€0.004m-
Other liabilities and charges164/5-------€0.004m-
Deferred taxes168---€207-----
Amounts payable17/49€5.6m€4.6m€5.1m€6.3m€8.2m€6.4m€5.4m€5.1m▼ 4.3%
Amounts payable after more than one year17€0.8m€0.9m€1.6m€1.9m€1.8m€1.3m€1.0m€0.7m▼ 29.8%
Financial debts170/4---€1.9m€1.8m€1.3m€1.0m€0.7m▼ 29.8%
Leasing and similar obligations172---€0.8m€0.8m€0.5m€0.3m€0.2m▼ 48.0%
Credit institutions173---€1.1m€1.0m€0.8m€0.6m€0.5m▼ 19.9%
Amounts payable within one year42/48€4.7m€3.7m€3.5m€4.4m€6.3m€5.0m€4.4m€4.5m▲ 1.3%
Current portion of amounts payable after more than one year42---€0.5m€0.5m€0.5m€0.4m€0.3m▼ 21.8%
Financial debts43---€1.8m€3.7m€3.0m€2.2m€2.9m▲ 31.2%
Credit institutions430/8---€1.8m€3.7m€3.0m€2.2m€2.9m▲ 31.2%
Trade debts44€0.9m€0.6m€0.4m€1.6m€1.5m€1.0m€1.3m€0.8m▼ 40.4%
Suppliers440/4---€1.6m€1.5m€1.0m€1.3m€0.8m▼ 40.4%
Advances received on contracts in progress46---€0.03m--€0.009m€0.007m▼ 23.2%
Taxes, remuneration and social security45---€0.5m€0.6m€0.4m€0.5m€0.5m▼ 2.3%
Taxes450/3---€0.07m€0.1m€0.07m€0.1m€0.1m▲ 8.5%
Remuneration and social security454/9---€0.4m€0.5m€0.4m€0.4m€0.4m▼ 4.7%
Other amounts payable47/48-----€0.08m€0--
Accrued charges and deferred income492/3---€0.04m€0.05m€0.008m€0.003m€0.002m▼ 34.5%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.2m€0.4m-€0.04m-€0.2m€0.007m-€1.0m-€0.5m€0.2m-
+ Depreciation and write-downs630€0.5m€0.5m€0.6m€0.7m€0.6m€0.5m€0.4m€0.4m▼ 12.4%
Operating cash flow (approximation)€0.8m€0.9m€0.6m€0.5m€0.6m-€0.4m-€0.07m€0.6m-
Investment in fixed assets (approximation)--€0.6m-€1.1m-€1.0m-€0.7m-€0.1m-€0.04m-€0.07m▼ 73.8%
Change in cash--€0.002m-€0.007m€0.1m€0.02m€453-€0.2m€0.009m-

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 37 filings with the National Bank
Financial year Type Filed Reference
31-12-2025 full format 13-07-2026 2026-00289237
31-12-2024 full format 25-07-2025 2025-00308024
31-12-2023 full format 30-08-2024 2024-00428925
31-12-2022 full format 31-08-2023 2023-00406599
31-12-2021 full format 31-08-2022 2022-20390718
31-12-2020 full format 27-08-2021 2021-56000171
31-12-2019 full format 21-09-2020 2020-54700324
31-12-2018 full format 30-07-2019 2019-39800572
31-12-2017 full format 27-07-2018 2018-38300513
31-12-2016 full format 28-07-2017 2017-36800145

Show all 37 filings

Similar companies · same sector, comparable size

Of the 122 active companies whose main activity is manufacture of paper and paper products (NACE 17120), figures are known for 89. 55 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector

Subsidies and aid

Flemish government

2022 to 2025 · 8 entries · €18,860 awarded · €18,233 paid
Year Entries AwardedPaid
2025 3 €5,502€5,162
2024 3 €4,867€4,580
2023 1 €1,102€1,311
2022 1 €7,389€7,180
Schemes
4 entries · €9,936 · €9,309 paid · Fonds voor Innoveren en Ondernemen
2 entries · €7,561 · €7,561 paid · Vlaams Agentschap voor Internationaal Ondernemen
2 entries · €1,363 · €1,363 paid · Departement Werk en Sociale Economie

Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.

Directors

Directors
4 directors, 1 in day-to-day management, last change in 2024

Board 4

DUCAJU
Bestuurder, gedelegeerd bestuurder en voorzitter van de raad van bestuur · since 28-08-2023 · Public limited company · permanent representative: Geert CASSELMAN
Current
INDUSTRIAL PACKAGING SOLUTIONS
Director · since 28-08-2023 · Private limited company · permanent representative: Tom Du Caju
Current
Emmanuel BUYCK
Director · since 23-08-2024
Current
I.P.S.
Director · Legal entity · from a recent deed
Current

Day-to-day management 1

DUCAJU
Bestuurder, gedelegeerd bestuurder en voorzitter van de raad van bestuur · since 28-08-2023 · Public limited company · permanent representative: Geert CASSELMAN
Current

Permanent representatives 2

Geert CASSELMAN
Permanent representative · since 28-08-2023 · for DUCAJU
Current
Tom Du Caju
Permanent representative · since 28-08-2023 · for INDUSTRIAL PACKAGING SOLUTIONS
Current

Statutory auditor 1

Auditas Bedrijfsrevisoren
Statutory auditor · since 21-09-2023 · permanent representative: Jens Vanden Driessche
Current
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ. See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
12 of this company's 16 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.

Mandate history

6 people since 2023, 5 in office
Show
  • Board
  • Day-to-day management
  • Statutory auditor
  • began earlier
Mandates per person, with start and end dates
Name Functions and periods
DUCAJU
  • Bestuurder, gedelegeerd bestuurder en voorzitter van de raad van bestuur, since before 28-08-2023
  • Bestuurder, gedelegeerd bestuurder en voorzitter van de raad van bestuur, since before 28-08-2023
INDUSTRIAL PACKAGING SOLUTIONS
  • Director, since before 28-08-2023
I.P.S.from an act
  • Director, since before 02-01-2024
Emmanuel BUYCK
  • Director, from 23-08-2024 to date
Auditas Bedrijfsrevisoren
  • Statutory auditor, from 21-09-2023 to date
Ignaas BUYCK
  • Director, from before 28-08-2023 to 24-12-2024
See the board, name and registered office on a given date →

Owners and capital

Owners

1 owner

Chain of control

  1. DUCAJU 100%
  2. BDMO

Highest known parent: DUCAJU. The sources do not say who stands above it.

According to the 2025 annual accounts of BDMO and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.

Group and network

Connections & network

3 connected companies
Depth
This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
CREPRETO
Shared corporate director
→
DCP
Shared corporate director
→
MIVOMAP
Shared corporate director
→

History

On 28 January 1988, BDMO was incorporated.1 Turnover went from €10.5m in 2018 to €10.4m in 2025 and headcount from 68.4 to 56.6 full-time equivalents.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Acts, filings and financial milestones

Next filing, financial year 2026, expected by 31-07-2027
2026
17-09
Gazette deed Reappointment: AUDITAS BEDRIJFSREVISOREN (statutory auditor)
Power of attorney4 facts ▸
  • General meeting, 19-08-2026
  • Power of attorney, BV DECOSTERE ACCOUNTANCY AVELGEM
  • Power of attorney, Sofie LANNAU
  • Auditor reappointment, AUDITAS BEDRIJFSREVISOREN (statutory auditor)
13-07
NBB filing Annual accounts filed
financial year 2025 · full format
2025
31-12
Financial Back to profitnet €228,652
Net result €228,652 after 2 loss-making years.
31-12
Financial Equity above €500,000equity €669,418 ▲51.9%
Equity rises from €440,765 to €669,418.
25-07
NBB filing Annual accounts filed
financial year 2024 · full format
05-05
Gazette deed Permanent representative: Jens VANDEN DRIESSCHE
2 facts ▸
  • Permanent representative, Jens VANDEN DRIESSCHE
  • Other provision, “mandaat van de commissaris”, 2026-06 (deed in Dutch)
2024
24-12
Gazette deed Resignation: Ignaas BUYCK (director)
Appointment: Emmanuel BUYCK (director)3 facts ▸
  • General meeting, 23-08-2024
  • Director resignation, Ignaas BUYCK (director)
  • Director appointment, Emmanuel BUYCK (director)
30-08
NBB filing Annual accounts filed
financial year 2023 · full format · 30 days late
02-01
Gazette deed Reappointments: DUCAJU, I.P.S. and 2 others
Permanent representatives: Geert CASSELMAN and Tom Du Caju9 facts ▸
  • General meeting, 28-08-2023
  • Board meeting, 28-08-2023
  • Director reappointment, DUCAJU (bestuurder, gedelegeerd bestuurder en voorzitter van de raad van bestuur)
  • Permanent representative, Geert CASSELMAN
  • Director reappointment, I.P.S. (director)
  • Permanent representative, Tom Du Caju
  • Director reappointment, Ignaas BUYCK (director)
  • General meeting, 21-09-2023
  • Auditor reappointment, AUDITAS BEDRIJFSREVISOREN (statutory auditor)
2023
31-12
Financial Weakest financial yearnet -€984,964
Net result drops to -€984,964, the lowest in the series; recovery starts the following year.
31-08
NBB filing Annual accounts filed
financial year 2022 · full format · 31 days late
2022
31-12
Financial Back to profitnet €6,557
Net result €6,557 after 2 loss-making years.
Show earlier events
31-08
NBB filing Annual accounts filed
financial year 2021 · full format · 31 days late
2021
27-08
NBB filing Annual accounts filed
financial year 2020 · full format · 27 days late
2020
21-09
NBB filing Annual accounts filed
financial year 2019 · full format · 52 days late
2019
31-12
Financial Highest result from 2018 to 2025net €399,439 ▲77.7%
Operating result €524,778, net result €399,439, both a record.
31-12
Financial Equity above €2mequity €2.1m ▲23.1%
A profit in every financial year since 2018 builds equity to €2.1m.
30-07
NBB filing Annual accounts filed
financial year 2018 · full format
2018
27-07
NBB filing Annual accounts filed
financial year 2017 · full format
2017
28-07
NBB filing Annual accounts filed
financial year 2016 · full format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 37 annual accounts filed, the latest 10 are here; all 37 are under Financials.
4 of 16 deeds read
About the unread acts

Of the 16 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Register details

Identification
Legal formPublic limited company
Founded28-01-1988
Financial year end31-12
Activities, NACEBEL 2025
17120Manufacture of paper and paper products
46900Non-specialised wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID 0208:0433157656
Also 9925:BE0433157656
Registered 16-12-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Register as of 29 October 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.

Recognitions · licences · registrations

Food safety, FASFC

1 site
Tieltunit no. 2.321.975.607
1 permission
Fabrikant verpakkingsmateriaal · since 10-01-2022

Legal Entity Identifier

6994003FV5XCXRN1Y141
live in the LEI register

Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.

Sites & property

Location & real-estate footprint
Registered office, Tielt · 1 establishment unit since 2022
registered office establishment The establishment unit on the map
Ground area
1.7 ha
Building footprint
8,018 m²
Parcel 37322C1960/00A000, Flanders. Linked by address, not a title deed.
5 companies at this address See who is registered here
1 establishment unit
Ambachtenlaan 43, 8760 Tielt
Manufacture of paper and paper products
since 2022unit no. 2.321.975.607
1 parcel
Flanders 1 (100%)
Cadastral parcel Region Area Buildings Height / floors
37322C1960/00A000 Flanders 1.7 ha 1 · 8,018 m² -
How the parcels are linked
Good to know
The parcel matches the address exactly.

Articles of association

Who signsWho may bind the company towards others, for example by signing a contract.
A managing director alone
deed of 02-01-2024
Other provisionsOther rules from the articles that fall under none of the themes above.
1 more provision in the deed, see the deed of 17-09-2026

Read from the deeds: 2 provisions, deed of 17-09-2026