BOXMAKER
ActiveSummary
BOXMAKER has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €140,000 and a net result of €63,809. Equity is growing by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 29% of 48 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability87=
Solvency57▼-4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity tight (current ratio 1.47 against 1.53 in 2024; short-term debt: 67.5% and cash: 38.3% of total assets), and 67.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Manufacture of paper and paper products (NACE 17)
about 49% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
32.5%
Return on assets
14.8%
Age of the figures
9 mo
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 20-02-2026, 161 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
161 d early
2024
128 d early
2023
153 d early
2022
168 d early
2021
89 d early
2020
100 d early
2019
113 d early
← 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 130 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 34% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 1 March (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#7 oldest company in Tielt-Winge, Manufacturing sector#8 company by total assets in Tielt-Winge, Manufacturing sector
Equity
€140,000▲ 16.7%
2024 · €120,000
Total assets
€431,275▲ 28.8%
2024 · €334,818
Net result
€63,809▲ 34.2%
2024 · €47,562
Working capital
€137,398▲ 20.9%
2024 · €113,606
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€11,974▼ 44.8%€10,943▼ 8.6%€43,033▲ 293%€69,236▲ 60.9%€88,915▲ 28.4%
Net result€5,166within the sector's middle half▼ 59.9%€6,219within the sector's middle half▲ 20.4%€29,525within the sector's middle half▲ 375%€47,562within the sector's middle half▲ 61.1%€63,809within the sector's middle half▲ 34.2%
Equity€124,379below the sector's middle half▲ 4.3%€130,598below the sector's middle half▲ 5.0%€160,124below the sector's middle half▲ 22.6%€120,000below the sector's middle half▼ 25.1%€140,000within the sector's middle half▲ 16.7%
Total assets€485,530below the sector's middle half▲ 16.0%€433,625below the sector's middle half▼ 10.7%€314,194below the sector's middle half▼ 27.5%€334,818below the sector's middle half▲ 6.6%€431,275below the sector's middle half▲ 28.8%
Debt€361,151▲ 20.6%€303,026▼ 16.1%€154,071▼ 49.2%€214,818▲ 39.4%€291,275▲ 35.6%
Working capital€94,045within the sector's middle half▲ 430%€61,691below the sector's middle half▼ 34.4%€132,074within the sector's middle half▲ 114%€113,606within the sector's middle half▼ 14.0%€137,398within the sector's middle half▲ 20.9%
Solvency25.6%below the sector's middle half▼ 2.9pp30.1%within the sector's middle half▲ 4.5pp51.0%within the sector's middle half▲ 20.8pp35.8%within the sector's middle half▼ 15.1pp32.5%within the sector's middle half▼ 3.4pp
Current ratio1.32within the sector's middle half▲ 0.251.20below the sector's middle half▼ 0.111.86within the sector's middle half▲ 0.651.53within the sector's middle half▼ 0.331.47within the sector's middle half▼ 0.06
Return on assets (ROA)1.1%within the sector's middle half▼ 2.0pp1.4%within the sector's middle half▲ 0.4pp9.4%above the sector's middle half▲ 8.0pp14.2%above the sector's middle half▲ 4.8pp14.8%above the sector's middle half▲ 0.6pp
Staff (FTE)2.1below the sector's middle half▼ 4.5%2.1below the sector's middle half=2below the sector's middle half▼ 4.8%2below the sector's middle half=2within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 28% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €431,275
Fixed assets
€2,602 ▼ 59.3%
Current assets
€428,673 ▲ 30.5%
Equity and liabilities €431,275
Equity
€140,000 ▲ 16.7%
Debt
€291,275 ▲ 35.6%
Debt's share of the balance-sheet total rises from 64.2% to 67.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€92,708▲
2024 · €81,267
Cash flow
€67,602▲
2024 · €59,593
Debt to equity
2.08▲
2024 · 1.79
ROE
45.6%▲
2024 · 39.6%
Interest coverage
73.72▲
2024 · 49.61
Debt ≤ 1 year
€291,275▲
2024 · €214,818
Income taxes
€23,849▲
2024 · €21,138
Staff costs
€160,189▲
2024 · €154,972
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 31,349 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €5,440 | €0 | - | - |
| Remuneration, social security and pensions62 | €139,819 | €146,790 | €150,418 | €154,972 | €160,189 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,251 | €32,740 | €18,449 | €12,031 | €3,792 | ▼ 68.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €1,749 | €0 | - | - | - |
| Other operating charges640/8 | €1,745 | €8,572 | €6,332 | €457 | €604 | ▲ 32.3% |
| Non-recurring operating charges66A | - | €1,910 | €23,418 | €10,625 | €0 | ▼ 100% |
| Gross operating margin9900 | €190,789 | €202,705 | €241,650 | €247,321 | €253,501 | ▲ 2.5% |
| Operating profit (loss)9901 | €11,974 | €10,943 | €43,033 | €69,236 | €88,915 | ▲ 28.4% |
| Financial income75/76B | €1 | €20 | €884 | €1,102 | €0 | ▼ 100% |
| Recurring financial income75 | €1 | €20 | €884 | €1,102 | €0 | ▼ 100% |
| Financial charges65/66B | €1,879 | €1,925 | €3,450 | €1,638 | €1,258 | ▼ 23.2% |
| Recurring financial charges65 | €1,879 | €1,925 | €3,450 | €1,638 | €1,258 | ▼ 23.2% |
| Profit (loss) for the period before taxes9903 | €10,096 | €9,037 | €40,467 | €68,700 | €87,658 | ▲ 27.6% |
| Income taxes67/77 | €4,930 | €2,818 | €10,941 | €21,138 | €23,849 | ▲ 12.8% |
| Profit (loss) for the period9904 | €5,166 | €6,219 | €29,525 | €47,562 | €63,809 | ▲ 34.2% |
| Profit (loss) for the period to be appropriated9905 | €5,166 | €6,219 | €29,525 | €47,562 | €63,809 | ▲ 34.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €485,530 | €433,625 | €314,194 | €334,818 | €431,275 | ▲ 28.8% |
| Fixed assets21/28 | €96,677 | €69,917 | €28,050 | €6,394 | €2,602 | ▼ 59.3% |
| Intangible fixed assets21 | €615 | €1,913 | €1,228 | €1,830 | €1,252 | ▼ 31.6% |
| Tangible fixed assets22/27 | €96,063 | €68,003 | €26,822 | €4,564 | €1,350 | ▼ 70.4% |
| Plant, machinery and equipment23 | €84,825 | €58,230 | €23,658 | €3,400 | €1,350 | ▼ 60.3% |
| Furniture and vehicles24 | €11,237 | €9,774 | €3,164 | €1,164 | €0 | ▼ 100% |
| Current assets29/58 | €388,853 | €363,708 | €286,144 | €328,424 | €428,673 | ▲ 30.5% |
| Amounts receivable within one year40/41 | €328,495 | €298,763 | €178,202 | €157,851 | €254,933 | ▲ 61.5% |
| Trade receivables40 | €328,495 | €296,582 | €178,125 | €107,780 | €254,811 | ▲ 136% |
| Other amounts receivable41 | - | €2,182 | €76 | €50,071 | €123 | ▼ 99.8% |
| Cash at bank and in hand54/58 | €46,968 | €60,124 | €106,704 | €163,236 | €165,211 | ▲ 1.2% |
| Deferred charges and accrued income490/1 | €13,390 | €4,820 | €1,238 | €7,337 | €8,529 | ▲ 16.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €485,530 | €433,625 | €314,194 | €334,818 | €431,275 | ▲ 28.8% |
| Equity10/15 | €124,379 | €130,598 | €160,124 | €120,000 | €140,000 | ▲ 16.7% |
| Contributions10/11 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €54,379 | €60,598 | €90,124 | €50,000 | €70,000 | ▲ 40.0% |
| Non-distributable reserves130/1 | €7,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | €7,000 | - | - | - | - | - |
| Distributable reserves133 | €47,379 | €60,598 | €90,124 | €50,000 | €70,000 | ▲ 40.0% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €361,151 | €303,026 | €154,071 | €214,818 | €291,275 | ▲ 35.6% |
| Amounts payable within one year42/48 | €294,807 | €302,017 | €154,071 | €214,818 | €291,275 | ▲ 35.6% |
| Current portion of amounts payable after more than one year42 | €30,302 | - | - | - | - | - |
| Financial debts43 | €163,289 | - | - | €41 | €49 | ▲ 17.4% |
| Credit institutions430/8 | €138,289 | - | - | €41 | €49 | ▲ 17.4% |
| Other loans439 | €25,000 | - | - | - | - | - |
| Trade debts44 | €55,729 | €228,740 | €116,064 | €87,181 | €202,276 | ▲ 132% |
| Suppliers440/4 | €55,729 | €228,740 | €116,064 | €87,181 | €202,276 | ▲ 132% |
| Taxes, remuneration and social security45 | €45,488 | €43,277 | €38,007 | €39,910 | €45,141 | ▲ 13.1% |
| Taxes450/3 | €33,221 | €27,704 | €18,156 | €19,530 | €24,414 | ▲ 25.0% |
| Remuneration and social security454/9 | €12,267 | €15,573 | €19,851 | €20,381 | €20,726 | ▲ 1.7% |
| Other amounts payable47/48 | - | €30,000 | €0 | €87,686 | €43,809 | ▼ 50.0% |
| Accrued charges and deferred income492/3 | €66,343 | €1,009 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,166 | €6,219 | €29,525 | €47,562 | €63,809 | ▲ 34.2% |
| + Depreciation and write-downs630 | €37,251 | €32,740 | €18,449 | €12,031 | €3,792 | ▼ 68.5% |
| Operating cash flow (approximation) | €42,417 | €38,960 | €47,974 | €59,593 | €67,602 | ▲ 13.4% |
| Investment in fixed assets (approximation) | - | -€5,980 | €23,418 | €9,625 | €0 | ▼ 100% |
| Change in cash | - | €13,157 | €46,580 | €56,532 | €1,975 | ▼ 96.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
21-09
State Gazette act
Appointments: BV FETTWEIS (director) and CommV ADN AND PARTNERS (director)Power of attorney8 facts ▸
State Gazette act
Appointments: BV FETTWEIS (director) and CommV ADN AND PARTNERS (director)
Power of attorney8 facts ▸
- Director appointment, BV FETTWEIS (director)
- Director appointment, CommV ADN AND PARTNERS (director)
- Power of attorney, BV FETTWEIS
- Power of attorney, CommV ADN AND PARTNERS
- Power of attorney, Jean-Michel COLLARD
- General meeting, 15-06-2026
- Other statement, bestuurder, officer resignation
- Other statement, uitoefening van haar mandaat tot op heden, officer discharge
20-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €63,809 ▲34.2%
Operating result €88,915, net result €63,809, both a record.
25-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €150,000Eq €160,124 ▲22.6%
6 profitable years in a row build equity to €160,124.
13-02
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
03-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €5,166 ▼59.9%
Net result drops to €5,166, the lowest in the series; recovery starts the following year.
22-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €100,000Eq €106,338 ▲6.5%
2 profitable years in a row build equity to €106,338.
Show earlier events
04-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
08-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Board 2
ADN AND PARTNERS
CurrentDirector · since 15-06-2026 · Limited partnership · perm. rep.: Arnaud DEGEN
FETTWEIS
CurrentDirector · since 15-06-2026 · Private limited company · perm. rep.: Alain DEGEN
Permanent representatives 2
Alain DEGEN
CurrentPermanent representative · since 15-06-2026 · for FETTWEIS
Arnaud DEGEN
CurrentPermanent representative · since 15-06-2026 · for ADN AND PARTNERS
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Tielt-Winge · 1 establishment unit since 1998
Ground area
3,225 m²
Building footprint
815 m²
Volume, LiDAR
6,809 m³
Parcel 24101B0300/00H002, Flanders · tallest building 11.9 m, ±3 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Leuvensesteenweg 196, 3390 Tielt-Winge
since 19982.089.746.224
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24101B0300/00H002 | Flanders | 3,225 m² | 1 · 815 m² | 11.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 2 in office
- Board
| Name | Functions and periods |
|---|---|
| ADN AND PARTNERS |
|
| FETTWEIS |
|
Articles of association
Other statement
Definitieve kwijting, gewone algemene vergadering
1 more provision on this in the deed
Structure & network
Owners and holdings
1 ownerChain of control
- GWS Consulting
- BOXMAKER
Highest known parent: GWS Consulting. The sources do not say who stands above it.
Owners 1
- GWS Consultingparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
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Shareholding
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Linked via shared directors
DEGEN TRAVEL
Shared corporate director
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TRADE INVEST
Shared corporate director
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Of 65 companies in sector 17230 we hold annual accounts for 26. 15 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded18-12-1998
Fiscal year end31-12
Activities, NACEBEL 2025
17210Manufacture of paper and paper products
17230Manufacture of paper and paper products
46492Wholesale trade
47621Retail sale of newspapers and periodicals
52100Warehousing and storage
52210Service activities incidental to land transportation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0464915159
Also
9925:BE0464915159
Registered
14-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.