CNUDDE PACKAGING
ActiveSummary
CNUDDE PACKAGING has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.5m and a net result of €1.4m. Equity is shrinking by ~3.9% per year across the filed fiscal years. Its solvency ranks better than 59% of 48 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+8
Solvency79▲+15
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210,000 at 30 days acceptable
Liquidity ample (current ratio 2.14 against 1.61 in 2024; short-term debt: 45.8% and cash: 30.2% of total assets), and 45.8% of the assets are financed with debt.
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Signals
Five 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
Manufacture of paper and paper products (NACE 17)
about 49% more bankruptcies
← 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
54.2%
Return on assets
28.8%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €2.5m
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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
72 d early
2023
113 d early
2022
96 d early
2021
16 d early
2020
122 d early
2019
31 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 72 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 20 May (4 of the last 5 filed years within 40 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€2.5m▲ 32.5%
2024 · €1.9m
Total assets
€4.7m▼ 3.7%
2024 · €4.9m
Net result
€1.4m▲ 47.6%
2024 · €917,310
Working capital
€2.5m▲ 36.6%
2024 · €1.8m
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€1.0m▼ 4.5%€813,213▼ 21.0%€937,345▲ 15.3%€1.2m▲ 25.4%€1.7m▲ 43.5%
Net result€751,914above the sector's middle half▼ 1.1%€596,462above the sector's middle half▼ 20.7%€662,934above the sector's middle half▲ 11.1%€917,310above the sector's middle half▲ 38.4%€1.4mabove the sector's middle half▲ 47.6%
Equity€2.3mabove the sector's middle half▼ 0.1%€2.3mabove the sector's middle half▲ 4.1%€2.0mwithin the sector's middle half▼ 14.5%€1.9mwithin the sector's middle half▼ 4.3%€2.5mabove the sector's middle half▲ 32.5%
Total assets€3.7mabove the sector's middle half▲ 8.6%€5.0mabove the sector's middle half▲ 33.8%€4.0mwithin the sector's middle half▼ 19.8%€4.9mabove the sector's middle half▲ 22.1%€4.7mabove the sector's middle half▼ 3.7%
Debt€1.5m▲ 25.3%€2.6m▲ 79.2%€2.0m▼ 24.5%€3.0m▲ 48.8%€2.2m▼ 27.2%
Working capital€2.1mabove the sector's middle half▼ 2.0%€2.1mabove the sector's middle half▲ 1.6%€1.8mabove the sector's middle half▼ 14.4%€1.8mabove the sector's middle half▼ 1.5%€2.5mabove the sector's middle half▲ 36.6%
Solvency60.5%within the sector's middle half▼ 5.3pp47.1%within the sector's middle half▼ 13.4pp50.2%within the sector's middle half▲ 3.1pp39.4%within the sector's middle half▼ 10.9pp54.2%within the sector's middle half▲ 14.8pp
Current ratio2.43within the sector's middle half▼ 0.401.81within the sector's middle half▼ 0.621.92within the sector's middle half▲ 0.111.61within the sector's middle half▼ 0.312.14within the sector's middle half▲ 0.53
Return on assets (ROA)20.2%above the sector's middle half▼ 2.0pp12.0%within the sector's middle half▼ 8.2pp16.6%above the sector's middle half▲ 4.6pp18.8%above the sector's middle half▲ 2.2pp28.8%above the sector's middle half▲ 10.0pp
Staff (FTE)8.7within the sector's middle half▼ 10.3%7.5within the sector's middle half▼ 13.8%7.7within the sector's middle half▲ 2.7%6.9within the sector's middle half▼ 10.4%9.4within the sector's middle half▲ 36.2%
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 43% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.7m
Fixed assets
€87,770 ▼ 28.4%
Current assets
€4.6m ▼ 3.1%
Equity and liabilities €4.7m
Equity
€2.5m ▲ 32.5%
Debt
€2.2m ▼ 27.2%
Debt's share of the balance-sheet total falls from 60.6% to 45.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.7m▲
2024 · €1.2m
Cash flow
€1.4m▲
2024 · €972,808
Quick ratio
1.60▲
2024 · 1.22
Debt to equity
0.85▼
2024 · 1.54
ROE
53.3%▲
2024 · 47.8%
Interest coverage
286.18▼
2024 · 302.61
Debt ≤ 1 year
€2.2m▼
2024 · €3.0m
Income taxes
€383,990▲
2024 · €310,352
Staff costs
€679,984▲
2024 · €557,778
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% 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
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% 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 31,371 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 | €11,735 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | €594,325 | €536,354 | €604,411 | €557,778 | €679,984 | ▲ 21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,734 | €41,612 | €53,975 | €55,498 | €56,983 | ▲ 2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €23,311 | €24,013 | €0 | - | - |
| Other operating charges640/8 | €3,771 | €7,550 | €5,899 | €4,650 | €5,204 | ▲ 11.9% |
| Gross operating margin9900 | €1.7m | €1.4m | €1.6m | €1.8m | €2.4m | ▲ 35.4% |
| Operating profit (loss)9901 | €1.0m | €813,213 | €937,345 | €1.2m | €1.7m | ▲ 43.5% |
| Financial income75/76B | €56,942 | €82,262 | €56,855 | €55,969 | €57,213 | ▲ 2.2% |
| Recurring financial income75 | €56,942 | €82,262 | €56,855 | €55,969 | €57,213 | ▲ 2.2% |
| Financial charges65/66B | €86,136 | €97,873 | €101,056 | €4,069 | €6,093 | ▲ 49.8% |
| Recurring financial charges65 | €86,136 | €97,873 | €101,056 | €4,069 | €6,093 | ▲ 49.8% |
| Profit (loss) for the period before taxes9903 | €1.0m | €797,602 | €893,144 | €1.2m | €1.7m | ▲ 41.6% |
| Income taxes67/77 | €248,479 | €201,140 | €230,209 | €310,352 | €383,990 | ▲ 23.7% |
| Profit (loss) for the period9904 | €751,914 | €596,462 | €662,934 | €917,310 | €1.4m | ▲ 47.6% |
| Transfer from tax-exempt reserves789 | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €751,914 | €596,462 | €662,934 | €917,310 | €1.4m | ▲ 47.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.7m | €5.0m | €4.0m | €4.9m | €4.7m | ▼ 3.7% |
| Fixed assets21/28 | €155,592 | €215,497 | €180,673 | €122,623 | €87,770 | ▼ 28.4% |
| Intangible fixed assets21 | - | - | - | - | €21,939 | - |
| Tangible fixed assets22/27 | €154,935 | €206,800 | €167,026 | €117,166 | €60,674 | ▼ 48.2% |
| Plant, machinery and equipment23 | €48,256 | €72,315 | €52,083 | €40,518 | €22,321 | ▼ 44.9% |
| Furniture and vehicles24 | €106,679 | €134,485 | €114,943 | €76,648 | €38,353 | ▼ 50.0% |
| Financial fixed assets28 | €657 | €8,697 | €13,647 | €5,457 | €5,157 | ▼ 5.5% |
| Current assets29/58 | €3.6m | €4.8m | €3.8m | €4.8m | €4.6m | ▼ 3.1% |
| Stocks and contracts in progress3 | €779,510 | €947,412 | €982,048 | €1.1m | €1.2m | ▲ 1.7% |
| Stocks30/36 | €779,510 | €947,412 | €982,048 | €1.1m | €1.2m | ▲ 1.7% |
| Amounts receivable within one year40/41 | €1.8m | €2.0m | €1.7m | €1.9m | €2.0m | ▲ 5.6% |
| Trade receivables40 | €1.8m | €2.0m | €1.6m | €1.9m | €2.0m | ▲ 5.6% |
| Other amounts receivable41 | €20,705 | €42,194 | €28,010 | €10,370 | €10,279 | ▼ 0.9% |
| Cash at bank and in hand54/58 | €937,965 | €1.8m | €1.1m | €1.7m | €1.4m | ▼ 16.2% |
| Deferred charges and accrued income490/1 | €26,669 | €30,355 | €35,458 | €28,295 | €29,134 | ▲ 3.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.7m | €5.0m | €4.0m | €4.9m | €4.7m | ▼ 3.7% |
| Equity10/15 | €2.3m | €2.3m | €2.0m | €1.9m | €2.5m | ▲ 32.5% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €2.2m | €2.3m | €2.0m | €1.9m | €2.5m | ▲ 32.8% |
| Tax-exempt reserves132 | €270,071 | €270,071 | €270,071 | €270,071 | €270,071 | = |
| Distributable reserves133 | €2.0m | €2.1m | €1.7m | €1.6m | €2.3m | ▲ 38.2% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.5m | €2.6m | €2.0m | €3.0m | €2.2m | ▼ 27.2% |
| Amounts payable within one year42/48 | €1.5m | €2.6m | €2.0m | €3.0m | €2.2m | ▼ 27.2% |
| Trade debts44 | €1.1m | €1.8m | €1.7m | €2.2m | €1.5m | ▼ 32.6% |
| Suppliers440/4 | €1.1m | €1.8m | €1.7m | €2.2m | €1.5m | ▼ 32.6% |
| Advances received on contracts in progress46 | - | - | - | €8,052 | €11,169 | ▲ 38.7% |
| Taxes, remuneration and social security45 | €336,679 | €332,827 | €267,698 | €226,046 | €415,488 | ▲ 83.8% |
| Taxes450/3 | €278,927 | €270,633 | €174,991 | €183,140 | €328,314 | ▲ 79.3% |
| Remuneration and social security454/9 | €57,752 | €62,194 | €92,707 | €42,906 | €87,174 | ▲ 103% |
| Other amounts payable47/48 | €3,500 | €503,300 | €4,395 | €503,890 | €230,500 | ▼ 54.3% |
| Accrued charges and deferred income492/3 | - | - | - | €860 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €751,914 | €596,462 | €662,934 | €917,310 | €1.4m | ▲ 47.6% |
| + Depreciation and write-downs630 | €73,734 | €41,612 | €53,975 | €55,498 | €56,983 | ▲ 2.7% |
| Operating cash flow (approximation) | €825,648 | €638,074 | €716,909 | €972,808 | €1.4m | ▲ 45.0% |
| Investment in fixed assets (approximation) | - | -€101,517 | -€19,151 | €2,552 | -€22,131 | ▼ 967% |
| Change in cash | - | €826,906 | -€647,618 | €573,931 | -€273,175 | ▼ 148% |
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
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €1.4m ▲47.6%
Operating result €1.7m, net result €1.4m, both a record.
31-12
Financial
Equity above €2mEq €2.5m ▲32.5%
8 profitable years in a row build equity to €2.5m.
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
09-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €503,607 ▼2.5%
Net result drops to €503,607, the lowest in the series; recovery starts the following year.
15-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
04-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
09-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 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, Kruisem · 1 establishment unit since 1993
Ground area
1.1 ha
Building footprint
6,143 m²
Parcel 45017C0676/00G000, Flanders. Linked by address, not a title deed.
1 establishment unit
CNUDDE PACKAGING
since 19932.030.615.123
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45017C0676/00G000 | Flanders | 1.1 ha | 1 · 6,143 m² | - |
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.
Structure & network
Owners and holdings
1 ownerChain of control
- CNUDDE GROUP
- CNUDDE PACKAGING
Highest known parent: CNUDDE GROUP. The sources do not say who stands above it.
Owners 1
- CNUDDE GROUPparent100%
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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 6 entries · 7,440 EUR awarded · 5,760 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 2,177 EUR | 497 EUR |
| 2024 | 2 | 926 EUR | 926 EUR |
| 2023 | 1 | 4,204 EUR | 4,204 EUR |
| 2022 | 1 | 133 EUR | 133 EUR |
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Of 190 companies in sector 17210 we hold annual accounts for 155. 106 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
Founded18-05-1987
Fiscal year end31-12
Activities, NACEBEL 2025
17210Manufacture of paper and paper products
46499Wholesale of other household goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0431218448
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.