EUROPAL
ActiveSummary
EUROPAL has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13.02M and a net result of €11k. Equity is growing by ~14.8% per year across the filed fiscal years. Its solvency ranks better than 18% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
55
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability52▼-11
Solvency42▲+5
Growth60▼-18
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €700k at 30 days acceptable
Liquidity short (current ratio 0.55 against 0.52 in 2023; short-term debt: 31.6% and cash: 1.4% of total assets), and 83.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
16.7%
Return on assets
0%
Age of the figures
9 mo
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 · 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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 73 sector peers (2025).
NBB · sector comparisonPosition among 73 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 28-12-2025 was due by 28-07-2026 and was filed on 17-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
4 d late
2023
2 d early
2022
10 d early
2021
14 d early
2020
19 d early
2018
32 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 28-12-2026 and is due by 28-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today28-12-2026 close28-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€62.20M▲ 17.0%
2023 · €53.15M
2018: €27.81M
2020: €54.29M
2021: €40.13M
2022: €58.10M
2023: €53.15M
2018 → 2025
EBIT margin
2.2%▼ 3.4pp
2023 · 5.6%
2018: 1.0%
2020: -2.7%
2021: -0.1%
2022: 3.4%
2023: 5.6%
2018 → 2025
Net result
€11k▼ 99.4%
2023 · €1.91M
2018: €203k
2020: €-1.32M
2021: €-569k
2022: €1.22M
2023: €1.91M
2018 → 2025
Working capital
€-11.11M▲ 19.1%
2023 · €-13.74M
2018: €1.07M
2020: €10.32M
2021: €-7.93M
2022: €-10.05M
2023: €-13.74M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232025Trend
Turnover€54.29M-€40.13M▼ 26.1%€58.10M▲ 44.8%€53.15M▼ 8.5%€62.20M▲ 17.0%
Equity€8.34M-€7.65M▼ 8.2%€8.61M▲ 12.6%€10.27M▲ 19.2%€13.02M▲ 26.8%
Operating result€-1.44M-€-22k▲ 98.5%€1.96M€2.97M▲ 51.1%€1.39M▼ 53.2%
Net result€-1.32M-€-569k▲ 57.0%€1.22M€1.91M▲ 56.9%€11k▼ 99.4%
Result per fiscal year
Operating resultNet result
The operating result is €1.39M in 2025, compared with €2.97M in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €77.82M
Fixed assets
€64.34M ▼ 4.8%
Current assets
€13.48M ▼ 8.8%
Equity and liabilities €77.82M
Equity
€13.02M ▲ 26.8%
Provisions
€284k ▲ 5.2%
Debt
€64.52M ▼ 10.2%
Debt's share of the balance-sheet total falls from 87.2% to 82.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6.37M▼
2023 · €6.95M
Cash flow
€4.99M▼
2023 · €5.89M
Current ratio
0.55▲
2023 · 0.52
Quick ratio
0.26▼
2023 · 0.29
Debt to equity
4.96▼
2023 · 7.00
ROE
0.1%▼
2023 · 18.6%
ROA
0.0%▼
2023 · 2.3%
Interest coverage
3.48▼
2023 · 4.35
Debt ≤ 1 year
€24.59M▼
2023 · €28.53M
Debt > 1 year
€34.41M▼
2023 · €36.30M
Income taxes
€7k▼
2023 · €99k
Staff costs
€9.84M▲
2023 · €7.80M
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 2023 · 100 lines
Balance sheet
Code20232025
Assets
Total assets20/58€82.38M€77.82M▼
Fixed assets21/28€67.59M€64.34M▼
Intangible fixed assets21€1.04M€541k▼
Tangible fixed assets22/27€57.54M€62.74M▲
Land and buildings22€366k€298k▼
Plant, machinery and equipment23€472k€3.60M▲
Furniture and vehicles24€17k€142k▲
Leasing and similar rights25€53.91M€58.57M▲
Assets under construction and advance payments27€2.78M€126k▼
Financial fixed assets28€9.01M€1.07M▼
Affiliated companies280/1€9.00M€946k▼
Participating interests280€9.00M€946k▼
Other financial fixed assets284/8€12k€122k▲
Amounts receivable and cash guarantees285/8€12k€122k▲
Current assets29/58€14.78M€13.48M▼
Stocks and contracts in progress3€6.53M€7.11M▲
Stocks30/36€6.53M€7.11M▲
Raw materials and consumables30/31€1.95M€1.16M▼
Work in progress32€244k€542k▲
Finished goods33€3.35M€3.00M▼
Goods purchased for resale34€992k€2.41M▲
Amounts receivable within one year40/41€7.74M€5.10M▼
Trade receivables40€7.74M€3.73M▼
Other amounts receivable41€6k€1.37M▲
Cash at bank and in hand54/58€348k€1.06M▲
Deferred charges and accrued income490/1€162k€208k▲
Equity and liabilities
Total equity and liabilities10/49€82.38M€77.82M▼
Equity10/15€10.27M€13.02M▲
Contributions10/11€1.87M€2.27M▲
Capital10€1.87M€2.27M▲
Issued capital100€1.87M€2.27M▲
Reserves13€2.84M€2.95M▲
Non-distributable reserves130/1€117k€227k▲
Legal reserve130€117k€227k▲
Tax-exempt reserves132€1.45M€1.45M=
Distributable reserves133€1.28M€1.28M=
Profit (loss) carried forward14€532k€2.62M▲
Investment grants15€5.03M€5.17M▲
Provisions and deferred taxes16€270k€284k▲
Provisions for liabilities and charges160/5€220k€31k▼
Major repairs and maintenance162-€31k
Environmental obligations163€220k-
Deferred taxes168€50k€253k▲
Amounts payable17/49€71.84M€64.52M▼
Amounts payable after more than one year17€36.30M€34.41M▼
Financial debts170/4€36.30M€33.04M▼
Subordinated loans170€3.63M€2.01M▼
Leasing and similar obligations172€32.67M€31.02M▼
Trade debts175-€374k
Suppliers1750-€374k
Other amounts payable178/9-€1.00M
Amounts payable within one year42/48€28.53M€24.59M▼
Current portion of amounts payable after more than one year42€7.34M€8.09M▲
Financial debts43€1.63M€2.91M▲
Credit institutions430/8€1.63M€2.91M▲
Trade debts44€5.89M€10.55M▲
Suppliers440/4€5.89M€10.55M▲
Taxes, remuneration and social security45€1.69M€1.54M▼
Taxes450/3€222k€163k▼
Remuneration and social security454/9€1.46M€1.38M▼
Other amounts payable47/48€11.98M€1.50M▼
Accrued charges and deferred income492/3€7.02M€5.52M▼
Income statement
Code20232025
Operating income70/76A€54.49M€63.62M▲
Turnover70€53.15M€62.20M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-50k€-17k▲
Other operating income74€706k€669k▼
Non-recurring operating income76A€687k€765k▲
Operating charges60/66A€51.52M€62.23M▲
Goods for resale, raw materials and consumables60€26.16M€30.28M▲
Purchases600/8€26.00M€30.38M▲
Change in stocks: decrease (increase)609€160k€-101k▼
Services and other goods61€13.16M€16.80M▲
Remuneration, social security and pensions62€7.80M€9.84M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3.98M€4.98M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0
Provisions for liabilities and charges: additions (uses and reversals)635/8€220k€0▼
Other operating charges640/8€191k€279k▲
Non-recurring operating charges66A€10k€58k▲
Operating profit (loss)9901€2.97M€1.39M▼
Financial income75/76B€765k€530k▼
Recurring financial income75€765k€530k▼
Income from current assets751€4k-
Other financial income752/9€761k€530k▼
Financial charges65/66B€1.73M€1.94M▲
Recurring financial charges65€1.73M€1.94M▲
Debt charges650€1.60M€1.83M▲
Other financial charges652/9€135k€111k▼
Profit (loss) for the period before taxes9903€2.00M€-22k▼
Transfer from deferred taxes780€8k€39k▲
Income taxes67/77€99k€7k▼
Taxes670/3€99k€7k▼
Tax adjustments and reversals of tax provisions77€0€0=
Profit (loss) for the period9904€1.91M€11k▼
Transfer to tax-exempt reserves689€467k-
Profit (loss) for the period to be appropriated9905€1.44M€11k▼
Appropriation of the result
Profit (loss) to be appropriated9906€560k€2.62M▲
Profit (loss) brought forward from the previous period14P€-883k€2.61M▲
Transfer to equity691/2€28k€0▼
To the legal reserve6920€28k€0▼
Social balance
Average headcount (FTE)9087115.4137.7▲
The notes to these accounts (100 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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
01-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 4 days late
2024
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-12
Financial
Highest result since 2018net €1.91M ▲56.9%
Operating result €2.97M, net result €1.91M, both a record.
28-12
Financial
Equity above €10MEq €10.27M ▲19.2%
2 profitable years in a row build equity to €10.27M.
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-12
Financial
Back to profitnet €1.22M
Net result €1.22M after 2 loss-making years.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
28-12
Financial
Weakest financial yearnet €-1.32M ▼751%
Net result drops to €-1.32M, the lowest in the series; recovery starts the following year.
28-12
Financial
Equity above €5MEq €8.34M ▲81.8%
Equity rises from €4.59M to €8.34M.
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Show earlier events
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
22 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, Mouscron · 4 establishment units since 1999
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.
Anne Francklaan 57700 MouscronGround area
5.8 ha
Building footprint
2.5 ha
Volume, LiDAR
61,306 m³
3 parcels, Flanders, Wallonia · tallest building 36.8 m, ±4 floors. Linked by address, not a title deed.
4 establishment units
EUROPAL-PACKAGING
since 19992.303.281.529
EUROPAL-PACKAGING
since 20002.096.402.305
EUROPAL-PACKAGING
since 20082.174.364.965
EUROPAL-PACKAGING
since 20202.313.370.222
3 parcels
Flanders
2
(66.7%)
Wallonia
1
(33.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54432C0922/00C000 | Wallonia | 3.3 ha | 1 · 1.9 ha | - |
| 35026A0079/00L000 | Flanders | 2.2 ha | 1 · 4,999 m² | 36.8 m · 4 fl. |
| 34354D0139/00D000 | Flanders | 3,251 m² | 1 · 328 m² | 12.3 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 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 2023 · 2 entries · 4,000 EUR awarded · 4,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 3,968 EUR | 3,968 EUR |
| 2022 | 1 | 32 EUR | 32 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 133 companies in sector 17250 we hold annual accounts for 94. 46 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
Founded12-11-1999
Fiscal year end28-12
Activities, NACEBEL 2025
17210Manufacture of paper and paper products
17250Manufacture of paper and paper products
Sources
Crossroads Bank for EnterprisesNational Bank · 22 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.