KARTONNAGE LEFEVERE - BEEL
ActiveKARTONNAGE LEFEVERE - BEEL has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €15.05M and a net result of €2.96M. Equity is growing by ~20.2% per year across the filed fiscal years. Its solvency ranks better than 68% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
75
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability81▼-9
Solvency87▼-13
Growth64▲+1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.1M at 30 days acceptable
Liquidity ample (current ratio 1.54 against 3.95 in 2024; short-term debt: 33.9% and cash: 14.1% of total assets), and 38.1% of the assets are financed with debt.
Credit advice 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 · 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
61.9%
Return on assets
12.1%
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 →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-09-2026, 45 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
45 d late
2024
35 d late
2023
49 d early
2022
6 d early
2021
41 d early
2020
39 d early
2019
57 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€29.05M▲ 8.1%
2024 · €26.87M
2019: €26.96M
2020: €25.62M
2021: €28.89M
2022: €54.55M
2023: €28.78M
2024: €26.87M
2019 → 2025
EBIT margin
11.5%▼ 3.7pp
2024 · 15.2%
2019: 1.8%
2020: 6.0%
2021: 8.0%
2022: 18.2%
2023: 17.5%
2024: 15.2%
2019 → 2025
Net result
€2.96M▼ 14.9%
2024 · €3.47M
2019: €527k
2020: €1.25M
2021: €1.90M
2022: €7.82M
2023: €4.02M
2024: €3.47M
2019 → 2025
Working capital
€4.45M▼ 43.6%
2024 · €7.89M
2019: €3.44M
2020: €4.69M
2021: €4.09M
2022: €11.33M
2023: €15.06M
2024: €7.89M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€28.89M-€54.55M▲ 88.8%€28.78M▼ 47.2%€26.87M▼ 6.7%€29.05M▲ 8.1%
Equity€3.88M-€11.29M▲ 191%€15.07M▲ 33.4%€14.94M▼ 0.8%€15.05M▲ 0.8%
Operating result€2.32M-€9.93M▲ 329%€5.02M▼ 49.4%€4.08M▼ 18.8%€3.34M▼ 18.1%
Net result€1.90M-€7.82M▲ 311%€4.02M▼ 48.5%€3.47M▼ 13.7%€2.96M▼ 14.9%
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 18% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.33M
Fixed assets
€11.64M▲ 43.4%
Current assets
€12.69M▲ 20.1%
Equity and liabilities €24.33M
Equity
€15.05M▲ 0.8%
Provisions
€400k=
Debt
€8.88M▲ 165%
The debt ratio rises from 17.9% to 36.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4.01M▼
2024 · €4.50M
Cash flow
€3.63M▼
2024 · €3.89M
Solvency
61.9%▼
2024 · 79.9%
Current ratio
1.54▼
2024 · 3.95
Quick ratio
1.27▼
2024 · 3.42
Debt / equity
0.59▲
2024 · 0.22
ROE
19.6%▼
2024 · 23.2%
ROA
12.1%▼
2024 · 18.6%
Interest coverage
39.76▲
2024 · 39.30
Debt
€8.88M▲
2024 · €3.35M
Debt ≤ 1 year
€8.24M▲
2024 · €2.68M
Debt > 1 year
€632k▼
2024 · €665k
Income taxes
€893k▼
2024 · €1.12M
Staff costs
€4.93M▲
2024 · €4.45M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€18.69M€24.33M▲
Fixed assets21/28€8.12M€11.64M▲
Intangible fixed assets21€18k€13k▼
Tangible fixed assets22/27€1.07M€4.98M▲
Plant, machinery and equipment23€383k€3.19M▲
Furniture and vehicles24€14k€51k▲
Leasing and similar rights25€541k€732k▲
Other tangible fixed assets26€14k€15k▲
Assets under construction and advance payments27€114k€992k▲
Financial fixed assets28€7.03M€6.64M▼
Affiliated companies280/1€7.03M€6.64M▼
Amounts receivable281€7.03M€6.64M▼
Current assets29/58€10.57M€12.69M▲
Stocks and contracts in progress3€1.41M€2.20M▲
Stocks30/36€1.41M€2.20M▲
Raw materials and consumables30/31€362k€674k▲
Work in progress32€42k€149k▲
Finished goods33€789k€1.11M▲
Goods purchased for resale34€214k€262k▲
Amounts receivable within one year40/41€3.58M€6.70M▲
Trade receivables40€3.58M€6.54M▲
Other amounts receivable41€522€162k▲
Current investments50/53€4.00M-
Other investments51/53€4.00M-
Cash at bank and in hand54/58€1.24M€3.43M▲
Deferred charges and accrued income490/1€342k€364k▲
Equity and liabilities
Total equity and liabilities10/49€18.69M€24.33M▲
Equity10/15€14.94M€15.05M▲
Contributions10/11€521k€521k=
Capital10€521k€521k=
Issued capital100€521k€521k=
Reserves13€2.10M€2.10M=
Non-distributable reserves130/1€75k€75k=
Legal reserve130€52k€52k=
Other1319€23k€23k=
Tax-exempt reserves132€21k€21k=
Distributable reserves133€2.00M€2.00M=
Profit (loss) carried forward14€12.32M€12.44M▲
Provisions and deferred taxes16€400k€400k=
Provisions for liabilities and charges160/5€400k€400k=
Other liabilities and charges164/5€400k€400k=
Amounts payable17/49€3.35M€8.88M▲
Amounts payable after more than one year17€665k€632k▼
Financial debts170/4€665k€632k▼
Leasing and similar obligations172€461k€487k▲
Credit institutions173€204k€145k▼
Amounts payable within one year42/48€2.68M€8.24M▲
Current portion of amounts payable after more than one year42€406k€491k▲
Trade debts44€672k€3.10M▲
Suppliers440/4€672k€3.10M▲
Advances received on contracts in progress46€37k€44k▲
Taxes, remuneration and social security45€962k€1.76M▲
Taxes450/3€386k€955k▲
Remuneration and social security454/9€576k€808k▲
Other amounts payable47/48€600k€2.84M▲
Accrued charges and deferred income492/3€5k€5k▼
Income statement
Code20242025
Operating income70/76A€26.96M€29.67M▲
Turnover70€26.87M€29.05M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-38k€421k▲
Other operating income74€135k€154k▲
Non-recurring operating income76A-€40k
Operating charges60/66A€22.88M€26.33M▲
Goods for resale, raw materials and consumables60€12.54M€14.50M▲
Purchases600/8€12.53M€14.75M▲
Change in stocks: decrease (increase)609€13k€-252k▼
Services and other goods61€5.41M€5.96M▲
Remuneration, social security and pensions62€4.45M€4.93M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€417k€672k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€40k€220k▲
Other operating charges640/8€21k€38k▲
Operating profit (loss)9901€4.08M€3.34M▼
Financial income75/76B€722k€705k▼
Recurring financial income75€722k€705k▼
Income from financial fixed assets750€282k€209k▼
Income from current assets751€70k€99k▲
Other financial income752/9€371k€397k▲
Financial charges65/66B€214k€198k▼
Recurring financial charges65€214k€198k▼
Debt charges650€114k€101k▼
Other financial charges652/9€100k€97k▼
Profit (loss) for the period before taxes9903€4.59M€3.85M▼
Income taxes67/77€1.12M€893k▼
Taxes670/3€1.12M€928k▼
Tax adjustments and reversals of tax provisions77€235€35k▲
Profit (loss) for the period9904€3.47M€2.96M▼
Profit (loss) for the period to be appropriated9905€3.47M€2.96M▼
Appropriation of the result
Profit (loss) to be appropriated9906€15.92M€15.28M▼
Profit (loss) brought forward from the previous period14P€12.45M€12.32M▼
Profit to be distributed694/7€3.60M€2.84M▼
Return on contributions (dividend)694€3.35M€2.57M▼
Directors or managers695€250k€275k▲
Social balance
Average headcount (FTE)908769.281.6▲
The notes to these accounts (85 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
14-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 45 days late
2025
04-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 35 days late
2024
12-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2019net €7.82M ▲311%
Operating result €9.93M, net result €7.82M, both a record.
31-12
Financial
Liquidity triplescurrent ratio 4.89
Current ratio from 1.67 to 4.89; short-term debt falls from €6.07M to €2.92M.
31-12
Financial
Equity above €10MEq €11.29M ▲191%
4 profitable years in a row build equity to €11.29M.
2021
21-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
23-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
05-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
10-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
07-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
21 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, Wielsbeke · 2 establishment units since 1974
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.
Driekoningenstraat(S.B.V.) 78710 WielsbekeGround area
6.9 ha
Building footprint
5.5 ha
2 parcels, Flanders. Linked by address, not a title deed.
2 establishment units
Driekoningenstraat(S.B.V.) 7, 8710 Wielsbeke
since 19742.009.127.643
Kartonnage Lefevere
since 20252.379.972.006
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37014A0276/00H000 | Flanders | 4.3 ha | 1 · 3.7 ha | - |
| 34322B0677/00K000 | Flanders | 2.6 ha | 1 · 1.8 ha | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 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 2025 · 6 entries · 7,693 EUR awarded · 7,693 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,946 EUR | 1,946 EUR |
| 2024 | 2 | 1,815 EUR | 1,815 EUR |
| 2023 | 1 | 3,297 EUR | 3,297 EUR |
| 2022 | 1 | 635 EUR | 635 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
MONDI POPERINGE
BE 0405.499.788
Poperinge · Eq €15.82M
SEMOULIN PACKAGING
BE 0417.948.452
Hensies · Eq €13.97M
EUROPAL
BE 0467.257.413
Mouscron · Eq €13.02M
B & T TEXTILIA
BE 0449.020.225
Lievegem · Eq €12.93M
BARIAS
BE 0479.282.641
Roeselare · Eq €12.42M
Of 189 companies in sector 17210 we hold annual accounts for 154. 81 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded27-12-1973
Fiscal year end31-12
Activities, NACEBEL
17210Manufacture of paper and paper products
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.