Checked.be · Company dossierhttps://checked.be/en/c/corpack-0452991978 · as of 04-11-2026
CORPACK
Active
Public limited company · founded 1994 · active for 32 yearsDoornpark(BEV) 20, 9120 Beveren-Kruibeke-Zwijndrecht, BelgiumKBO/BCE: BE 0452.991.978
Summary
CORPACK has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.1m and a net result of -€1.1m. Equity has been growing by about 12% per year since 2018. Its solvency ranks better than 16% of 95 sector peers (NACE 17, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Score breakdownraises riskLoss of €1.1m (financial year 2025)Sector: Manufacture of paper and paper products (NACE 17)Equity €3.1m (20.0% of total assets)lowers riskLegal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
66/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 18% of small companies in paper (NACE 17)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency45-11
equity 20.0% of total assets
Liquidity18+1
short-term debt 80.0% · cash 9.0%
Profitability14-62
return on assets -7.3%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.8%Low
0%0.5%1.5%4%10%≥ 25%
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (59 companies, NACE 17, small)
Last 24 months12-2024: 0.2%01-2025: 0.2%● unchanged vs 12-202402-2025: 0.2%● unchanged vs 01-202503-2025: 0.2%● unchanged vs 02-202504-2025: 0.2%● unchanged vs 03-2025lowest value05-2025: 0.2%● unchanged vs 04-202506-2025: 0.2%● unchanged vs 05-202507-2025: 0.2%● unchanged vs 06-202508-2025: 0.3%▲ +0.1 percentage points vs 07-202509-2025: 0.3%● unchanged vs 08-202510-2025: 0.3%● unchanged vs 09-202511-2025: 0.3%● unchanged vs 10-202512-2025: 0.3%● unchanged vs 11-202501-2026: 0.3%● unchanged vs 12-202502-2026: 0.3%● unchanged vs 01-202603-2026: 0.3%● unchanged vs 02-202604-2026: 0.3%● unchanged vs 03-202605-2026: 0.3%● unchanged vs 04-202606-2026: 0.4%▲ +0.1 percentage points vs 05-202607-2026: 0.4%● unchanged vs 06-202608-2026: 0.8%▲ +0.4 percentage points vs 07-202609-2026: 0.8%● unchanged vs 08-202610-2026: 0.8%● unchanged vs 09-2026highest value11-2026: 0.8%● unchanged vs 10-2026highest value
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.37 (0.11 in 2024), below 1. Short-term debt is 80% and cash 9% of total assets. 80% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 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, small). It does better than 11% of them on solvency, 5% on liquidity, 7% on profitability and 50% on growth.
The bankruptcy probability was computed on 04-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 17), the median for financial year 2024 was 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 28 June (4 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result€0.7m-€0.9m▲ 32.8%€0.9mwithin the sector's middle half▲ 0.5%€1.0mabove the sector's middle half▲ 13.9%€1.3mabove the sector's middle half▲ 28.1%€2.0mabove the sector's middle half▲ 48.4%€1.3mwithin the sector's middle half▼ 35.4%-€1.1mbelow the sector's middle half
Equity€1.2m-€1.6m▲ 31.0%€2.5mwithin the sector's middle half▲ 56.4%€3.6mwithin the sector's middle half▲ 41.0%€1.9mwithin the sector's middle half▼ 46.8%€3.0mwithin the sector's middle half▲ 56.0%€4.2mwithin the sector's middle half▲ 43.1%€3.1mwithin the sector's middle half▼ 26.7%
Total assets€5.3m-€5.4m▲ 2.0%€5.4mwithin the sector's middle half▼ 0.5%€5.6mwithin the sector's middle half▲ 4.0%€6.8mwithin the sector's middle half▲ 20.1%€5.7mwithin the sector's middle half▼ 15.9%€13.6mwithin the sector's middle half▲ 140%€15.5mwithin the sector's middle half▲ 13.9%
Working capital€0.6m-€0.5m▼ 16.5%€1.6mwithin the sector's middle half▲ 198%€2.2mwithin the sector's middle half▲ 38.1%€0.9mwithin the sector's middle half▼ 60.0%€0.1mwithin the sector's middle half▼ 85.3%-€8.4mbelow the sector's middle half-€7.8mbelow the sector's middle half▲ 7.3%
Solvency23.2%-29.7%▲ 6.6pp46.8%within the sector's middle half▲ 17.0pp63.4%above the sector's middle half▲ 16.7pp28.1%within the sector's middle half▼ 35.3pp52.2%within the sector's middle half▲ 24.0pp31.1%within the sector's middle half▼ 21.1pp20.0%below the sector's middle half▼ 11.1pp
Current ratio1.22-1.19▼ 0.031.78within the sector's middle half▲ 0.592.08within the sector's middle half▲ 0.301.18within the sector's middle half▼ 0.901.05within the sector's middle half▼ 0.130.11below the sector's middle half▼ 0.940.37below the sector's middle half▲ 0.27
Return on assets (ROA)12.8%-16.7%▲ 3.9pp16.9%above the sector's middle half▲ 0.2pp18.5%above the sector's middle half▲ 1.6pp19.7%above the sector's middle half▲ 1.2pp34.7%above the sector's middle half▲ 15.1pp9.4%within the sector's middle half▼ 25.4pp-7.3%below the sector's middle half▼ 16.6pp
Staff (FTE)33.1-36.9▲ 11.5%39.1within the sector's middle half▲ 6.0%40.5within the sector's middle half▲ 3.6%40.5within the sector's middle half=42.3within the sector's middle half▲ 4.4%43.1within the sector's middle half▲ 1.9%44.3within the sector's middle half▲ 2.8%
abovewithinbelowThe sector band is the middle half of the companies in Manufacture of paper and paper products (NACE 17). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €733,594, after a profit of €1.7m in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.5m
70.0%
30.0%
Fixed assets€10.9m ▼ 13.9%
Current assets€4.7m ▲ 361%
Equity and liabilities €15.5m
20.0%
80.0%
Equity€3.1m ▼ 26.7%
Provisions€1,228 ▼ 35.9%
Debt€12.4m ▲ 32.2%
Debt's share of the balance-sheet total rises from 68.9% to 80.0%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€61,262▼
2024 · €2.2m
Cash flow
-€337,724▼
2024 · €1.8m
Quick ratio
0.32▲
2024 · 0.05
Debt to equity
4.00▲
2024 · 2.22
ROE
-36.5%▼
2024 · 30.1%
Interest coverage
0.17▼
2024 · 11.18
Debt ≤ 1 year
€12.4m▲
2024 · €9.4m
Income taxes
-€9,007▼
2024 · €482,201
Customer credit
43 days▲
2024 · 1 day
Supplier credit
123 days▲
2024 · 51 days
Staff costs
€2.9m▲
2024 · €2.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
39
43
42
44
47
full-time
39
41
39
42
44
part-time
0
2
3
2
3
in full-time equivalents
39
42.2
40.7
43.2
46
Average over the year, in full-time equivalents
40.5
40.5
42.3
43.1
44.3
On a permanent contract
39
43
42
44
47
Joined
6
7
2
7
7
Left
8
3
3
5
4
Agency workers, average number
6
6.2
4
3
5.3
Training hours
22
-
-
6
717
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Debts secured on the company's own assets
-
-
-
€1.7m
-
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€189,157
€322,282
€2.4m
€5.2m
€286,642
Intangible fixed assets
€51,528
€625
€17,606
€201,744
€495,784
Financial fixed assets
-
-
-
€3.7m
-
Depreciation and write-downs of the year
€624,249
€591,065
€444,132
€547,937
€794,856
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees
Item
2021
2022
2023
2024
2025
Fee for the audit
€6,200
€6,200
€6,200
€10,000
€10,000
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
2 entries · €732 · €732 paid · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 89 lines
Balance sheetCode20242025
Assets
Total assets20/58€13.6m€15.5m▲
Fixed assets21/28€12.6m€10.9m▼
Intangible fixed assets21€0.2m€0.6m▲
Tangible fixed assets22/27€7.5m€7.0m▼
Plant, machinery and equipment23€7.2m€6.8m▼
Furniture and vehicles24€0.1m€0.06m▼
Other tangible fixed assets26€0.1m€0.2m▲
Assets under construction and advance payments27€0-
Financial fixed assets28€5.0m€3.3m▼
Affiliated companies280/1€5.0m€3.3m▼
Participating interests280€3.7m€3.3m▼
Amounts receivable281€1.3m€0▼
Other financial fixed assets284/8€224€224=
Amounts receivable and cash guarantees285/8€224€224=
Current assets29/58€1.0m€4.7m▲
Stocks and contracts in progress3€0.5m€0.7m▲
Stocks30/36€0.5m€0.7m▲
Raw materials and consumables30/31€0.2m€0.2m▲
Finished goods33€0.4m€0.5m▲
Amounts receivable within one year40/41€0.03m€2.6m▲
Trade receivables40€0.03m€2.6m▲
Other amounts receivable41€0-
Cash at bank and in hand54/58€0.4m€1.4m▲
Deferred charges and accrued income490/1€0.07m€0.01m▼
Equity and liabilities
Total equity and liabilities10/49€13.6m€15.5m▲
Equity10/15€4.2m€3.1m▼
Contributions10/11€0.7m€0.7m=
Capital10€0.7m€0.7m=
Issued capital100€0.7m€0.7m=
Reserves13€0.1m€0.1m▲
Non-distributable reserves130/1€0.07m€0.07m=
Legal reserve130€0.07m€0.07m=
Tax-exempt reserves132€0.06m€0.07m▲
Profit (loss) carried forward14€3.4m€2.2m▼
Provisions and deferred taxes16€0.002m€0.001m▼
Deferred taxes168€0.002m€0.001m▼
Amounts payable17/49€9.4m€12.4m▲
Amounts payable within one year42/48€9.4m€12.4m▲
Financial debts43€1.7m€0▼
Credit institutions430/8€1.7m€0▼
Trade debts44€1.5m€4.5m▲
Suppliers440/4€1.5m€4.5m▲
Advances received on contracts in progress46€0.02m€0.03m▲
Taxes, remuneration and social security45€0.9m€0.8m▼
Taxes450/3€0.7m€0.6m▼
Remuneration and social security454/9€0.2m€0.2m▲
Other amounts payable47/48€5.3m€7.0m▲
Accrued charges and deferred income492/3€0.01m€0.005m▼
Income statementCode20242025
Operating income70/76A€18.7m€22.2m▲
Turnover70€18.6m€22.0m▲
Change in stocks of work in progress, finished goods and contracts in progress71€0.04m€0.1m▲
Other operating income74€0.02m€0.1m▲
Non-recurring operating income76A€0€0.007m▲
Operating charges60/66A€17.0m€23.0m▲
Goods for resale, raw materials and consumables60€10.6m€13.4m▲
Purchases600/8€10.6m€13.3m▲
Change in stocks: decrease (increase)609€0.001m€0.1m▲
Services and other goods61€2.9m€3.9m▲
Remuneration, social security and pensions62€2.8m€2.9m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.5m€0.8m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.07m€0.003m▲
Other operating charges640/8€0.1m€0.02m▼
Non-recurring operating charges66A€0.08m€1.9m▲
Operating profit (loss)9901€1.7m-€0.7m▼
Financial income75/76B€0.3m€0.07m▼
Recurring financial income75€0.3m€0.07m▼
Income from financial fixed assets750€0.06m€0▼
Income from current assets751€50€32▼
Other financial income752/9€0.3m€0.07m▼
Financial charges65/66B€0.2m€0.5m▲
Recurring financial charges65€0.2m€0.4m▲
Debt charges650€0.2m€0.4m▲
Other financial charges652/9€0.05m€0.06m▲
Non-recurring financial charges66B-€0.06m
Profit (loss) for the period before taxes9903€1.8m-€1.1m▼
Transfer from deferred taxes780€0.001m€0.001m▼
Transfer to deferred taxes680€0-
Income taxes67/77€0.5m-€0.009m▼
Taxes670/3€0.5m€0.001m▼
Tax adjustments and reversals of tax provisions77€0.003m€0.01m▲
Profit (loss) for the period9904€1.3m-€1.1m▼
Transfer from tax-exempt reserves789€0.005m€0.003m▼
Transfer to tax-exempt reserves689€0€0.005m▲
Profit (loss) for the period to be appropriated9905€1.3m-€1.1m▼
Appropriation of the result
Profit (loss) to be appropriated9906€3.4m€2.2m▼
Profit (loss) brought forward from the previous period14P€2.1m€3.4m▲
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance sheet
Average headcount (FTE)908743.144.3▲
The notes to these accounts have 84 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not CORPACK.
In July 2024, 2,507 companies had the same profile as CORPACK has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
Small
20 years or older
solvency 10 to 30%
a small loss
96.4%was still going
1.8%stopped otherwise
1.6%went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CORPACK itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
The companies in ten equal groups, from the lowest to the 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%
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,507 companies, not a prediction for CORPACK. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Director · since 01-12-2025 · 6-year term from 2025 · Private limited company · permanent representative: Cédric De Quinnemar · also on the board of 4 other companies · listed in the 2025 annual accounts, filed on 13-07-2026
Managing director · appointed in the act of 15-01-2026 · 6-year term from 2025 · Private limited company · permanent representative: Cédric De Quinnemar
Equity €79.7mLoss of €16.4m in 2025 (loss of €3.0m in 2024)Checked score 64
100%
Capital transactions
Capital transactions
A capital increase usually strengthens the company. With a reduction, it pays to find out why.
Capital over time
07-08-2026Capital increase of €1,368,014.08 · to €2,110,750.19 · 1,105 new shares · inbrengdoorenigeaandeelhoudervanzekere,vaststaandeenopeisbareschuldvorderingtenlasteVennootschap
12-07-2023Capital stated in the deed · €742,736.11 · 600 shares
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Resignations: PONNET Jan (director) and FORESCO GROUP (director) · Permanent representative: DE QUINNEMAR Cédric · The company holds all the shares of BOXDESIGN9 points ▸
Gazette deedMerger: CORPACK takes over ROBYNS PACKAGING & PROTECTION
Resignations: PONNET Jan (director) and FORESCO GROUP (director) · Permanent representative: DE QUINNEMAR Cédric · The company holds all the shares of ROBYNS PACKAGING & PROTECTION8 points ▸
General meeting, 11-04-2025
The company holds all the shares of ROBYNS PACKAGING & PROTECTION
FinancialHighest result from 2018 to 2025net €2.0m ▲48.4%
The operating result of €2.4m and the net result of €2.0m are both a record.
Show earlier events
31-12
FinancialEquity above €2mequity €3.0m ▲56%
With a profit in every financial year since 2018, equity grows to €3.0m.
12-07
Gazette deed3 directors resigning, 3 reappointed
Reappointments: FORESCO GROUP, Jan PONNET and 2 others · Permanent representatives: Cedric De Quinnemar, De Vos Emmanuel Jacques Elisabeth Marie and Geerts Eric Charles Josephine · Resignations: CORPACK-IMMO, De Vos Emmanuel Jacques Elisabeth Marie and Geerts Eric Charles Josephine12 points ▸
General meeting, 23-06-2023
Purpose change, “De vennootschap en haar aandeelhouders kunnen alle aandelen of een deel ervan, in pand geven.” (deed in Dutch)
Capital, €742,736.11, 600 shares
Director reappointment, FORESCO GROUP (director and managing director)
Permanent representative, Cedric De Quinnemar
Director reappointment, Jan PONNET (director and managing director)
Director reappointment, ERIC GEERTS (day-to-day manager)
Director resignation, CORPACK-IMMO (director)
Permanent representative, De Vos Emmanuel Jacques Elisabeth Marie
Permanent representative, Geerts Eric Charles Josephine
Director resignation, De Vos Emmanuel Jacques Elisabeth Marie (director)
Director resignation, Geerts Eric Charles Josephine (director)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 29 June 1994, CORPACK was incorporated.1A capital increase in 2026 brought the capital to €2.1m.2Turnover went from €15.4m in 2018 to €22.0m in 2025 and headcount from 33.1 to 44.3 full-time equivalents.3
Establishment unitsCORPACK, Doornpark(BEV) 20, 9120 Beveren-Kruibeke-Zwijndrecht since 15-07-1994 · unit number 2.067.572.420
Tweemontstraat 66-70, 2100 Antwerpen since 28-01-2026 · unit number 2.388.702.8951712004 Manufacture of paper and paper products
Activities
NACEBEL 2025
VAT activities
17210Manufacture of paper and paper productsmain activity
Social security (RSZ) activities
17210Manufacture of paper and paper productsmain activity
Codes under NACEBEL 2008
VAT activities
17210Manufacture of paper and paper productsmain activity
Social security (RSZ) activities
17210Manufacture of paper and paper productsmain activity
Codes under NACEBEL 2003
21210main activity
Joint committees222 Paritair Comité voor de bedienden van de papier- en kartonbewerking
136 Paritair Comité voor de papier- en kartonbewerking annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
“De verwerking van papier, karton en golfkarton tot andere verpakkingen, buffetmaterialen en alle andere welkdanige materialen; De aankoop…”
6 activities
De verwerking van papier, karton en golfkarton tot andere verpakkingen, buffetmaterialen en alle andere welkdanige materialen;
De aankoop, verkoop, en, in het algemeen, de handel van alle aan het bovenstaande verwante producten of producten die daartoe nodig, nuttig of dienstig zijn, zoals daar zijn, doch niet beperkt tot, tape, opvulmateriaal, display's, enzovoort.
Zij kan alle hoegenaamde handels-, nijverheids-, financiële, roerende en onroerende verrichtingen uitvoeren, die rechtstreeks of onrechtstreeks in verband staan met haar doel of die van aard zijn dit te begunstigen.
De vennootschap en haar aandeelhouders kunnen alle aandelen of een deel ervan, in pand geven.
De vennootschap kan bij wijze van inschrijving, inbreng, fusie, samenwerking, financiële tussenkomst of anderszins een belang of deelneming verwerven in alle bestaande of nog op te richten vennootschappen in België of in het buitenland waarvan het doel verwant is met het hare of van aard is bij te dragen tot de verwezenlijking van haar doel, de vennootschap kan deze participaties beheren, valoriseren en te gelde maken, alsook onder meer rechtstreeks of onrechtstreeks deelnemen aan het bestuur, de directie, de controle en vereffening van de vennootschappen waarin zij een belang of deelneming heeft.
Zij kan zich ten gunste van dezelfde vennootschappen borgstellen of haar aval verlenen, optreden als agent of vertegenwoordiger, voorschotten toestaan, kredieten verlenen, hypothecaire of andere zekerheden verstrekken.