Belgian Paper Convertors
Judicial reorganisationThe file of Belgian Paper Convertors contains 1 judicial reorganisation, as published in the Belgian State Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show equity of €1.87M and a net result of €207k. Equity is growing by ~14.2% per year across the filed fiscal years. Its solvency ranks better than 48% of 47 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▼-45
Solvency93▲+5
Growth78=
Stability60
Credit verdict
Credit up to €120k at 30 days only on tighter terms
Liquidity ample (current ratio 4.44 against 2.14 in 2024), but 52.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○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 04-03-2026, 149 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
149 d early
2024
143 d early
2023
127 d early
2022
6 d early
2021
97 d early
2020
40 d late
2019
4 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.87M▲ 12.4%
2024 · €1.67M
2018: €620k
2019: €2.08M
2020: €1.05M
2021: €1.10M
2022: €489k
2023: €1.11M
2024: €1.67M
2018 → 2025
Total assets
€3.95M▲ 2.7%
2024 · €3.84M
2018: €2.80M
2019: €4.07M
2020: €3.72M
2021: €3.63M
2022: €3.55M
2023: €3.60M
2024: €3.84M
2018 → 2025
Net result
€207k▼ 62.8%
2024 · €557k
2018: €-294k
2019: €-642k
2020: €-1.03M
2021: €46k
2022: €-608k
2023: €619k
2024: €557k
2018 → 2025
Working capital
€2.28M▲ 64.7%
2024 · €1.38M
2018: €307k
2019: €-335k
2020: €-1.07M
2021: €-450k
2022: €-642k
2023: €628k
2024: €1.38M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.10M-€489k▼ 55.4%€1.11M▲ 127%€1.67M▲ 50.3%€1.87M▲ 12.4%
Operating result€90k-€-563k€683k€588k▼ 13.9%€301k▼ 48.8%
Net result€46k-€-608k€619k€557k▼ 10.1%€207k▼ 62.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 49% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.94M
Fixed assets
€1.00M▼ 17.8%
Current assets
€2.94M▲ 13.1%
Equity and liabilities €3.95M
Equity
€1.87M▲ 12.4%
Debt
€2.08M▼ 4.7%
The debt ratio falls from 56.7% to 52.6%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€641k▼
2024 · €962k
Cash flow
€547k▼
2024 · €931k
Solvency
47.4%▲
2024 · 43.3%
Current ratio
4.44▲
2024 · 2.14
Quick ratio
1.91▲
2024 · 0.84
Debt / equity
1.11▼
2024 · 1.31
ROE
11.1%▼
2024 · 33.4%
ROA
5.2%▼
2024 · 14.5%
Interest coverage
4.89▼
2024 · 14.33
Debt
€2.08M▼
2024 · €2.18M
Debt ≤ 1 year
€663k▼
2024 · €1.22M
Debt > 1 year
€1.36M▲
2024 · €958k
Staff costs
€791k▲
2024 · €759k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€3.84M€3.95M▲
Formation expenses20€26k€6k▼
Fixed assets21/28€1.22M€1.00M▼
Intangible fixed assets21€88k€21k▼
Tangible fixed assets22/27€1.13M€981k▼
Plant, machinery and equipment23€1.13M€972k▼
Furniture and vehicles24€541€9k▲
Current assets29/58€2.60M€2.94M▲
Stocks and contracts in progress3€1.58M€1.68M▲
Stocks30/36€1.58M€1.68M▲
Amounts receivable within one year40/41€720k€545k▼
Trade receivables40€710k€543k▼
Other amounts receivable41€9k€2k▼
Cash at bank and in hand54/58€299k€714k▲
Deferred charges and accrued income490/1-€5k
Equity and liabilities
Total equity and liabilities10/49€3.84M€3.95M▲
Equity10/15€1.67M€1.87M▲
Contributions10/11€2.40M€2.40M=
Capital10€2.40M€2.40M=
Issued capital100€2.40M€2.40M=
Reserves13€68k€68k=
Non-distributable reserves130/1€30k€30k=
Legal reserve130€30k€30k=
Tax-exempt reserves132€38k€38k=
Profit (loss) carried forward14€-802k€-595k▲
Amounts payable17/49€2.18M€2.08M▼
Amounts payable after more than one year17€958k€1.36M▲
Financial debts170/4€480k€0▼
Other amounts payable178/9€478k€1.36M▲
Amounts payable within one year42/48€1.22M€663k▼
Current portion of amounts payable after more than one year42€511k€0▼
Financial debts43€252k€347k▲
Credit institutions430/8€252k-
Other loans439-€347k
Trade debts44€397k€198k▼
Suppliers440/4€397k€198k▼
Taxes, remuneration and social security45€57k€118k▲
Taxes450/3-€62k
Remuneration and social security454/9€57k€56k▼
Accrued charges and deferred income492/3€5k€51k▲
Income statement
Code20242025
Non-recurring operating income76A€3k€0▼
Remuneration, social security and pensions62€759k€791k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€374k€340k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0€-16k▼
Other operating charges640/8€42k€60k▲
Non-recurring operating charges66A-€73k
Gross operating margin9900€1.76M€1.55M▼
Operating profit (loss)9901€588k€301k▼
Financial income75/76B€36k€37k▲
Recurring financial income75€36k€37k▲
Financial charges65/66B€67k€131k▲
Recurring financial charges65€67k€131k▲
Profit (loss) for the period before taxes9903€557k€207k▼
Profit (loss) for the period9904€557k€207k▼
Profit (loss) for the period to be appropriated9905€557k€207k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-802k€-595k▲
Profit (loss) brought forward from the previous period14P€-1.36M€-802k▲
Social balance
Average headcount (FTE)908719.118.4▼
The notes to these accounts (25 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Liquidity doublescurrent ratio 4.44
Current ratio from 2.14 to 4.44; short-term debt falls from €1.22M to €663k.
10-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €619k
Net result €619k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 1.46
Current ratio from 0.71 to 1.46; short-term debt falls from €2.25M to €1.38M.
31-12
Financial
Equity above €1MEq €1.11M ▲127%
Equity rises from €489k to €1.11M.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
25-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €46k
Net result €46k after 3 loss-making years.
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 40 days late
2020
31-12
Financial
Weakest financial yearnet €-1.03M
Net result drops to €-1.03M, the lowest in the series; recovery starts the following year.
23-09
Judicial reorganisation
Opening
Ondernemingsrechtbank Antwerpen · collectif · event 14-09-2020
04-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 4 days late
2019
31-12
Financial
Equity above €2MEq €2.08M ▲235%
Equity rises from €620k to €2.08M.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 58 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
15 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Katelijne-Waver · 1 establishment unit since 1994
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Berkenhoekstraat 3a2861 Sint-Katelijne-WaverGround area
7,340 m²
Building footprint
1,634 m²
Volume, LiDAR
8,444 m³
2 parcels, Flanders · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Berkenhoekstraat 1, 2861 Sint-Katelijne-Waver
since 19942.065.252.536
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12027D0432/00P000 | Flanders | 4,456 m² | 1 · 13 m² | 4.4 m · 1 fl. |
| 12027D0433/00B002 | Flanders | 2,884 m² | 1 · 1,621 m² | 7.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 12,696 EUR awarded · 12,696 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,332 EUR | 2,332 EUR |
| 2024 | 1 | 2,661 EUR | 2,661 EUR |
| 2023 | 1 | 3,709 EUR | 3,709 EUR |
| 2022 | 1 | 3,994 EUR | 3,994 EUR |
Schemes
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
Recognitions · licences · registrations
Food safety, FASFC
1 siteSint-Katelijne-Waver2.065.252.536
Legal Entity Identifier
549300F2LDJ2JP85TN43
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Of 125 companies in sector 17120 we hold annual accounts for 92. 53 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded04-01-1994
Fiscal year end31-12
Activities, NACEBEL
17120Manufacture of paper and paper products
17210Manufacture of paper and paper products
21121
46492Wholesale trade
46649Wholesale of other machinery and equipment
51475
Sources
Crossroads Bank for EnterprisesNational Bank · 31 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.