CARTONNAGES DELSAUX
ActiveSummary
CARTONNAGES DELSAUX has been active since 1963 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.70M and a net result of €1.10M. Equity is growing by ~6.9% per year across the filed fiscal years. Its solvency ranks better than 63% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
87
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability91▼-8
Solvency85▼-7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €320k at 30 days acceptable
Liquidity ample (current ratio 2.39 against 2.91 in 2024; short-term debt: 39.1% and cash: 69.1% of total assets), and 40.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
Sector 17
higher
← fewer bankruptcies
more bankruptcies →
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
59.8%
Return on assets
17.7%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 07-04-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
22 d early
2023
62 d early
2022
10 d early
2021
2 d early
2020
4 d early
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.10M▼ 11.2%
2024 · €1.24M
2018: €531k
2019: €367k
2020: €274k
2021: €558k
2022: €1.28M
2023: €1.24M
2024: €1.24M
2018 → 2025
Working capital
€3.37M▲ 11.2%
2024 · €3.03M
2018: €1.58M
2019: €1.71M
2020: €1.62M
2021: €2.10M
2022: €2.47M
2023: €2.82M
2024: €3.03M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€2.76M-€2.94M▲ 6.6%€3.17M▲ 7.7%€3.41M▲ 7.4%€3.70M▲ 8.7%
Operating result€743k-€1.59M▲ 113%€1.63M▲ 3.1%€1.62M▼ 0.6%€1.44M▼ 11.0%
Net result€558k-€1.28M▲ 129%€1.24M▼ 2.9%€1.24M▼ 0.3%€1.10M▼ 11.2%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 11% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.19M
Fixed assets
€403k ▼ 9.1%
Current assets
€5.79M ▲ 25.6%
Equity and liabilities €6.19M
Equity
€3.70M ▲ 8.7%
Provisions
€10k =
Debt
€2.48M ▲ 51.4%
Debt's share of the balance-sheet total rises from 32.4% to 40.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.49M▼
2024 · €1.68M
Cash flow
€1.14M▼
2024 · €1.29M
Current ratio
2.39▼
2024 · 2.91
Quick ratio
2.17▼
2024 · 2.70
Debt to equity
0.67▲
2024 · 0.48
ROE
29.6%▼
2024 · 36.3%
ROA
17.7%▼
2024 · 24.5%
Interest coverage
344.97▼
2024 · 506.82
Debt ≤ 1 year
€2.42M▲
2024 · €1.58M
Income taxes
€381k▼
2024 · €421k
Staff costs
€948k▼
2024 · €961k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 59 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5.05M€6.19M▲
Fixed assets21/28€443k€403k▼
Tangible fixed assets22/27€443k€403k▼
Land and buildings22€329k€322k▼
Plant, machinery and equipment23€82k€59k▼
Furniture and vehicles24€32k€21k▼
Current assets29/58€4.61M€5.79M▲
Stocks and contracts in progress3€340k€529k▲
Stocks30/36€340k€529k▲
Amounts receivable within one year40/41€1.01M€959k▼
Trade receivables40€1.01M€956k▼
Other amounts receivable41€350€4k▲
Current investments50/53€1.00M€0▼
Cash at bank and in hand54/58€2.24M€4.28M▲
Deferred charges and accrued income490/1€21k€22k▲
Equity and liabilities
Total equity and liabilities10/49€5.05M€6.19M▲
Equity10/15€3.41M€3.70M▲
Contributions10/11€75k€75k=
Capital10€75k€75k=
Issued capital100€75k€75k=
Reserves13€3.31M€3.61M▲
Non-distributable reserves130/1€8k€8k=
Legal reserve130€8k€8k=
Tax-exempt reserves132€59k€59k=
Distributable reserves133€3.24M€3.54M▲
Profit (loss) carried forward14€0€0=
Investment grants15€21k€21k=
Provisions and deferred taxes16€10k€10k=
Deferred taxes168€10k€10k=
Amounts payable17/49€1.64M€2.48M▲
Amounts payable within one year42/48€1.58M€2.42M▲
Current portion of amounts payable after more than one year42€0-
Trade debts44€300k€370k▲
Suppliers440/4€300k€370k▲
Taxes, remuneration and social security45€282k€254k▼
Taxes450/3€120k€104k▼
Remuneration and social security454/9€162k€150k▼
Other amounts payable47/48€1.00M€1.80M▲
Accrued charges and deferred income492/3€54k€55k▲
Income statement
Code20242025
Remuneration, social security and pensions62€961k€948k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€54k€42k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€12k
Other operating charges640/8€77k€77k▼
Gross operating margin9900€2.72M€2.52M▼
Operating profit (loss)9901€1.62M€1.44M▼
Financial income75/76B€36k€37k▲
Recurring financial income75€36k€37k▲
Financial charges65/66B€3k€4k▲
Recurring financial charges65€3k€4k▲
Profit (loss) for the period before taxes9903€1.66M€1.48M▼
Income taxes67/77€421k€381k▼
Profit (loss) for the period9904€1.24M€1.10M▼
Profit (loss) for the period to be appropriated9905€1.24M€1.10M▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.24M€1.10M▼
Transfer to equity691/2€235k€297k▲
To other reserves6921€235k€297k▲
Profit to be distributed694/7€1.00M€800k▼
Return on contributions (dividend)694€1.00M€800k▼
Social balance
Average headcount (FTE)908719.819.9▲
The notes to these accounts (7 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
17-09
State Gazette act
Resignations: Christophe DELSEAUX, Paul DELSEAUX and 2 othersReappointments: Christophe DELSEAUX, Paul DELSEAUX and 2 others · Appointments: Christophe DELSEAUX, Paul DELSEAUX and 2 others · Statutes amendment20 facts ▸
State Gazette act
Resignations: Christophe DELSEAUX, Paul DELSEAUX and 2 others
Reappointments: Christophe DELSEAUX, Paul DELSEAUX and 2 others · Appointments: Christophe DELSEAUX, Paul DELSEAUX and 2 others · Statutes amendment20 facts ▸
- General meeting, 17-08-2026
- Statutes amendment
- Statutes amendment
- Statutes amendment
- Statutes amendment
- Capital, €75.000
- Other statement, mission au notaire, établir et déposer la coordination des statuts
- Director resignation, Christophe DELSEAUX (director)
- Director resignation, Paul DELSEAUX (director)
- Director resignation, SRL HOLDING DELSAUX (director)
- Director resignation, Charles DELSAUX (permanent representative)
- Director reappointment, Christophe DELSEAUX (director)
- +8 further facts in this act
07-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
08-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
20-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-09
Financial
Highest result since 2018net €1.28M ▲129%
Net result €1.28M, the highest in the series.
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-09
Financial
Weakest financial yearnet €274k ▼25.4%
Net result drops to €274k, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
26-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-04
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
09-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 9 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26362636). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Charles DELSAUX
CurrentReprésentant permanent, administrateur délégué · since 17-09-2026
Christophe DELSEAUX
CurrentManaging director · since 17-09-2026
Paul DELSEAUX
CurrentManaging director · since 17-09-2026
SRL HOLDING DELSAUX
CurrentManaging director · since 17-09-2026 · Legal entity
17-09-2026
Charles DELSAUX: Appointed as Représentant permanent, administrateur délégué
17-09-2026
Christophe DELSEAUX: Reappointed as Director
17-09-2026
Christophe DELSEAUX: Appointed as Managing director
17-09-2026
Paul DELSEAUX: Reappointed as Director
17-09-2026
Paul DELSEAUX: Appointed as Managing director
Location & real-estate footprint
Registered office, Mouscron · 1 establishment unit since 1963
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.
Textiellaan 137700 MouscronGround area
1.8 ha
Building footprint
162 m²
Volume, LiDAR
1,000 m³
Parcel 54007B0232/00E000, Wallonia · tallest building 6.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Textiellaan 13, 7700 Mouscron
since 19632.003.453.143
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54007B0232/00E000 | Wallonia | 1.8 ha | 1 · 162 m² | 6.7 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Who signs
A managing director alone
Annual meeting
Fourth Friday of March at 17:00
Duration
Unlimited
Purpose
Toutes opérations se rapportant directement ou indirectement à la fabrication de cartonnages; L'achat et la vente de toutes matières d'emballage et de conditionnement; La…
Full purpose (3 activities)
- Toutes opérations se rapportant directement ou indirectement à la fabrication de cartonnages
- L'achat et la vente de toutes matières d'emballage et de conditionnement
- La fabrication d'emballages de toutes matières
Other provisions of the articles (41)
- Registered office clause: Région wallonne, transfert en tout endroit de la Région de Bruxelles-Capitale ou de la région de langue française de Belgique par simple décision de l'organe d'…
- Legal form clause: CARTONNAGES DELSAUX
- Other provision: droit de préférence attaché aux actions grevées d'usufruit exercé par le nu-propriétaire sauf accord différent, droit de préférence peut être limité ou supprimé…
- Share issue rule: conseil d'administration fait les appels de fonds sur les actions souscrites en espèces et non entièrement libérées, sans préjudice au droit de réclamer à l'act…
- Share class: tout actionnaire peut prendre connaissance, registre des actions et autres titres nominatifs tenu au siège social
- Transfer restriction: l'ouverture du droit de préemption ainsi que le prix proposé (en cas de cession entre vifs) seront communiqués par lettre recommandée adressée par le conseil d'…
- Transfer restriction (9)
- Transfer restriction: le conseil, designation expert
- Transfer restriction: L'expert adoptera comme base de son estimation, le dernier bilan approuvé par l'assemblée générale avant la demande de cession, compte tenu de la répartition bé…
- Transfer restriction: conseil d'administration, L'exercice du droit de préemption se fera en outre, suivant les instructions complémentaires du conseil d'administration qui prendra a…
- Transfer restriction: ces derniers actionnaires pourront exiger endéans le délai de six mois dont question que leurs actions soient également rachetées par le candidat-cessionnaire a…
- Other statement: Les titres sont indivisibles vis-à-vis de la société. Celle-ci ne connaît qu'un seul propriétaire par action., indivisibilite titres
- Board rule
- Other statement: Lorsqu'une personne morale assume un mandat de membre d'un organe d'administration ou de délégué à la gestion journalière, elle désigne une personne physique co…
- Other statement: En cas de vacance d'une place d'administrateur, les administrateurs restants peuvent y pourvoir provisoirement dans les conditions prévues par la loi., vacance
- Other statement: Le conseil d'administration choisit parmi ses membres un président pour présider les réunions du conseil d'administration., presidence conseil
- Board meeting: Les réunions ont lieu à l'endroit, au jour et à l'heure indiqués dans les avis de convocation., Chaque administrateur empêché peut donner procuration à un autre…
- Other statement: procès-verbaux du conseil, majorité des membres qui ont pris part à la délibération
- Board rule: pouvoirs les plus étendus pour agir au nom de la société, pouvoirs du conseil
- Other statement: siège social ou en tout autre endroit indiqué dans les convocations, assemblées extraordinaires et spéciales
- Other statement: convocations, lorsque tous les actionnaires sont présents ou représentés, l'assemblée est régulièrement constituée même sans convocations ni délais
- Other statement: représentation à l'assemblée, par écrit, par courrier électronique, ou par tout autre moyen de communication qui se matérialise par un document écrit chez le de…
- Other statement: liste des présences, nom des actionnaires et le nombre de leurs titres
- Other statement: bureau de l'assemblée, président du conseil d'administration ou à défaut par un administrateur désigné par le conseil d'administration
- Other statement: décisions de l'assemblée, chaque action donne droit à une voix
- Other statement: prorogation, annule toutes les résolutions déjà adoptées
- Other statement: procès-verbaux des assemblées, par les membres du bureau et par les actionnaires qui le demandent
- Other statement: ce prélèvement cesse d'être obligatoire lorsque le fond de réserve atteint un/dixième du capital social, répartition du bénéfice
- Other statement
- Liquidation rule: à défaut de nomination par l'assemblée générale, la liquidation se fait par l'organe d'administration en fonction, qui agit le cas échéant en qualité de collège…
- Liquidation distribution: si, après apurement des dettes, charges et frais de liquidation, ou après consignation des sommes nécessaires à cet effet, le boni de liquidation est supérieur…
- Other statement: chaque administrateur, liquidateur ou quiconque exerce une fonction dans la société et qui n'a pas en Belgique de domicile réel ou élu, élection de domicile
- Permanent representative rule: représentant permanent, doit satisfaire aux mêmes conditions que la personne morale
Structure & network
Capital and shareholders
Capital over the years
- 17-09-2026 Capital stated in the act · 75,000 EUR · 2,000 shares
Similar companies · same sector, comparable size
COREX Belgium
BE 0423.092.917
Deerlijk · Eq €3.73M
GAUTIER-INTOCEL
BE 0454.886.151
Beerse · Eq €3.79M
BELGIAN NONWOVENS
BE 0430.712.761
Pelt · Eq €3.54M
ALPANI
BE 0417.269.155
Ronse · Eq €3.98M
Servibox
BE 0438.011.913
Ternat · Eq €4.12M
Of 125 companies in sector 17120 we hold annual accounts for 92. 47 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded29-06-1963
Fiscal year end30-09
Activities, NACEBEL 2025
17120Manufacture of paper and paper products
17210Manufacture of paper and paper products
Sources
Crossroads Bank for EnterprisesNational Bank · 46 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.