Equity
€2.2m ▼ 9.7%
X - PACK paid out €500,000 in dividends. That is 191% of the 2025 profit.
X - PACK
Lifetime
19 annual accounts with figures on one time axis, 48 filings since 1977peak €3.2m (2022)
€1.6m▲ 96.7%
lowest -€455,075 (2024)
€262,385▲ €717,460
peak €2.9m (2023)
€2.2m▼ 9.7%
€3.2m▼ 3.5%
peak 30 FTE (2007)
18.7 FTE▼ 3.1%
Board6 names since 2019
5 directorsCédric MAERTENS and 4 others
Owners2 names in the annual accounts
100%H PACK
Documentsfilings and deeds
03-08-20263 days late
2025financial year
Gross margin from €823,343 to €1.6mBack to profit: €262,3855 directors appointed 26-09Dividend €500,000Cash from €255,863 to €734,778
Key points
from the 2025 annual accountsResult
€262,385 €262,385
Back in profit in 2025, after a loss of €455,075 in 2024.
Turnover
≈ €2.8m estimated
The accounts state no turnover.
Investments
€171,317 0.4 × depreciation
Green is investment, beige is depreciation.
Staff
18.7 FTE from 30 in 2007
Between 2007 and 2025, 38% of the full-time equivalents disappeared.
Filings
48 annual accounts since 1977
Two of the last ten came late. The 2016 accounts came latest: 31 days after the end of the period.
Checked score
93
Excellent
Financially stronger than 47% of small companies in rubber and plastics (NACE 22)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 163 companies (NACE 22, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025lowest value
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.3 percentage points vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.4%▲ +0.1 percentage points vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.8%▲ +0.4 percentage points vs 07-2026highest value
09-2026: < 0.1%▼ -0.8 percentage points vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
lowers risk
Founded in 1968
Liquidity: current ratio 1.96, cash €734,778
Size: 18.7 FTE, total assets €5.8m
Profit of €262,385 (financial year 2025)
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 22, small). It does better than 39% of them on solvency, 72% on liquidity, 62% on profitability and 15% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 14,766 companies had the same profile as X - PACK has now. Each dot stands for 37 companies, two years later.
96.2%
were still trading
3.5%
stopped another way
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of X - PACK itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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.
| 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 14,766 companies, not a prediction for X - PACK. 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.
Credit verdict
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.96 (3.59 in 2024), above the usual 1.5. Short-term debt is 27.6% and cash 12.7% of total assets. However, 61.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
neutral · A punctual record breaks
This company filed 8 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
3 days late
2024
41 days early
2023
2 days early
2022
26 days early
2021
20 days early
2020
25 days early
2019
28 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 22), the median for financial year 2024 was 14 days before the deadline, and 34% 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 11 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
Q
QHAM
Director, Quentin Hansenne, since 21-01-2025
TS
TFR Solutions
Director, Thomas Fraipont, since 21-01-2025
- H PACK 100%equity €823,675 (2025) · annual accounts 2025
Recent changes
5 directors appointed
QHAM, TFR Solutions, Sébastien PEUTAT, Philippe CLOSON and Cédric MAERTENS · Permanent representatives: Quentin Hansenne and Thomas Fraipont · General meeting of 10-06-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0402294434
Appointment: Sébastien PEUTAТ (director)
General meeting of 30-08-2023 · Gazette deed
Amendment of the articles · Resignations & appointments
General meeting of 17-06-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| X - PACK Verviers | €5.8m | €1.6m | 38.7% | 18.7 |
| DINAMIC EMBALLAGE BENELUX Aalst | €4.0m | €2.1m | 80.1% | 28.4 |
| Cartec Sint-Pieters-Leeuw | €3.0m | €1.6m | 37.1% | 19.5 |
| IMMO CP Boom | €10.1m | €3.0m | 12.2% | 14.6 |
| ALPAGRO PACKAGING Houthalen-Helchteren | €6.3m | €1.7m | 79.0% | 21 |
| L.V.C. Lommel | €5.7m | €4.5m | 58.5% | 26.4 |
| DEVAN Kortrijk | €6.5m | €2.0m | 54.9% | 6.4 |
These companies have the same main activity as X - PACK: manufacture of rubber and plastic products (NACE 22220). They are comparable in size and age: total assets between €3m and €10m, founded between 1948 and 1987.
Official details
Source: KBO- Status
- ActiveNormal situation
- Activity
- Manufacture of rubber and plastic productsNACE 22220and 1 other
- Joint committees
- 116Chemical industry
- 207White-collar workers in the chemical industry · annual accounts 2025
- Establishment unit
- 2.006.575.3554800 Verviers, since 01-03-1962
- Financial year end
- 31 December
- Peppol
- Reachable since 18-09-2025
Insights on X - PACK
X - PACK has existed since 1968. In 2022 the gross margin rose from €873,107 to €3.2m.
H PACK holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about X - PACK
- What is the company number of X - PACK?
- The company number of X - PACK is 0402.294.434. The VAT number is the same number with BE in front: BE 0402.294.434.
- Where is X - PACK based?
- The registered office is at Rue des Chapeliers 39, 4800 Verviers.Company details
- What does X - PACK do?
- According to the KBO register, the main activity is manufacture of rubber and plastic products (NACE 22220).
- What is the legal form of X - PACK?
- X - PACK is a public limited company (NV).
- When was X - PACK founded?
- X - PACK was founded on 01-01-1968.
- Is X - PACK still active?
- Yes, X - PACK is an active enterprise in the KBO register.
- How many employees does X - PACK have?
- X - PACK had an average of 18.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does X - PACK fall under?
- In its 2025 annual accounts, X - PACK states joint committees 116 (Chemical industry) and 207 (White-collar workers in the chemical industry).
- What is the turnover of X - PACK?
- The turnover in financial year 2025 is ≈ €2.8m. This figure is estimated from the gross margin of €1.6m and 1,586 comparable companies of the same size. It probably lies between €1.9m and €4.6m. It is a rough estimate.
- Is X - PACK profitable?
- In financial year 2025, X - PACK made a profit of €262,385.
- Where can I find the annual accounts of X - PACK?
- X - PACK filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of X - PACK due?
- X - PACK must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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