VD PACKAGING
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 49 filings
Turnover
≈ €1.5m
Estimated: probably between €930,000 and €2.6m
EBIT margin
Not included in this filing
Net result
€148,337▲ 73.2%
2024 · €85,641
Working capital
€934,065▲ 29.4%
2024 · €721,738
In the rankings
#9 oldest company in Temse, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€181,418
▲ 69.8%
2025
20182025
Net result
€148,337
▲ 73.2%
2025
middle half of the sector
20182025
Equity
€937,025
▲ 18.8%
2025
middle half of the sector
20182025
Total assets
€1.0m
▲ 16.8%
2025
middle half of the sector
20182025
Debt
€83,633
▼ 1.6%
2025
20182025
Working capital
€934,065
▲ 29.4%
2025
middle half of the sector
20182025
Solvency
91.8%
▲ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
12.17
▲ 2.67
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.5%
▲ 4.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.7
▼ 14.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.009m--€0.002m-€0.006m▼ 136%-€0.005m▲ 2.9%-€0.01m▼ 154%€0.01m€0.1m▲ 872%€0.2m▲ 69.8%
Net result€0.005m-€0.001m▼ 72.4%€0.001mwithin the sector's middle half▼ 13.7%€0.003mwithin the sector's middle half▲ 136%€0.001mwithin the sector's middle half▼ 55.9%€0.01mwithin the sector's middle half▲ 993%€0.09mwithin the sector's middle half▲ 524%€0.1mwithin the sector's middle half▲ 73.2%
Equity€0.7m-€0.7m▲ 0.2%€0.7mwithin the sector's middle half▲ 0.2%€0.7mwithin the sector's middle half▲ 0.4%€0.7mwithin the sector's middle half▲ 0.2%€0.7mwithin the sector's middle half▲ 2.0%€0.8mwithin the sector's middle half▲ 12.2%€0.9mwithin the sector's middle half▲ 18.8%
Total assets€1.2m-€1.3m▲ 6.0%€1.2mwithin the sector's middle half▼ 1.7%€1.0mwithin the sector's middle half▼ 19.0%€1.0mwithin the sector's middle half▲ 4.2%€1.1mwithin the sector's middle half▲ 9.7%€0.9mwithin the sector's middle half▼ 23.4%€1.0mwithin the sector's middle half▲ 16.8%
Debt€0.5m-€0.6m▲ 13.8%€0.5m▼ 4.0%€0.3m▼ 43.4%€0.4m▲ 13.0%€0.4m▲ 24.8%€0.08m▼ 80.5%€0.08m▼ 1.6%
Working capital€0.4m-€0.5m▲ 30.2%€0.4mabove the sector's middle half▼ 9.0%€0.5mabove the sector's middle half▲ 4.7%€0.5mabove the sector's middle half▲ 15.8%€0.6mabove the sector's middle half▲ 9.1%€0.7mabove the sector's middle half▲ 26.2%€0.9mwithin the sector's middle half▲ 29.4%
Solvency57.7%-54.5%▼ 3.1pp55.6%within the sector's middle half▲ 1.1pp68.9%above the sector's middle half▲ 13.3pp66.3%above the sector's middle half▼ 2.6pp61.7%within the sector's middle half▼ 4.6pp90.3%above the sector's middle half▲ 28.6pp91.8%above the sector's middle half▲ 1.5pp
Current ratio2.83-2.84▲ 0.012.15within the sector's middle half▼ 0.693.18above the sector's middle half▲ 1.022.64within the sector's middle half▼ 0.542.31within the sector's middle half▼ 0.339.49above the sector's middle half▲ 7.1812.17above the sector's middle half▲ 2.67
Return on assets (ROA)0.4%-0.1%▼ 0.3pp0.1%within the sector's middle half=0.3%within the sector's middle half▲ 0.2pp0.1%within the sector's middle half▼ 0.2pp1.2%within the sector's middle half▲ 1.1pp9.8%above the sector's middle half▲ 8.6pp14.5%above the sector's middle half▲ 4.7pp
Staff (FTE)9.6-9.8▲ 2.1%9.7within the sector's middle half▼ 1.0%9.9within the sector's middle half▲ 2.1%9.3within the sector's middle half▼ 6.1%7.8within the sector's middle half▼ 16.1%7.8within the sector's middle half=6.7within the sector's middle half▼ 14.1%
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 70% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€2,960 ▼ 95.6%
Current assets
€1.0m ▲ 26.2%
Equity and liabilities €1.0m
Equity
€937,025 ▲ 18.8%
Debt
€83,633 ▼ 1.6%
Debt's share of the balance-sheet total falls from 9.7% to 8.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€245,407▲
2024 · €170,826
Cash flow
€212,326▲
2024 · €149,630
Quick ratio
9.19▲
2024 · 6.62
Debt to equity
0.09▼
2024 · 0.11
ROE
15.8%▲
2024 · 10.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€83,633▼
2024 · €84,967
Income taxes
€50,097▲
2024 · €30,907
Staff costs
€405,204▼
2024 · €499,463
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 9 | 7 | 9 | 7 |
| full-time | 9 | 9 | 7 | 8 | 7 |
| part-time | 1 | - | - | 1 | 0 |
| in full-time equivalents | 9.9 | 9 | 7 | 8.5 | 7 |
| Average over the year, in full-time equivalents | 9.9 | 9.3 | 7.8 | 7.8 | 6.7 |
| On a permanent contract | 10 | 9 | 7 | 9 | 7 |
| Joined | - | 1 | 0 | 4 | 3 |
| Left | - | 2 | 2 | 2 | 5 |
| Training hours | - | - | 6 | 6 | 44 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €172,479 | €101,815 | €30,156 | - | - |
| Carrying value of the other pledged assets | €242,000 | €181,500 | €121,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,588 | - | - | - | - |
| Depreciation and write-downs of the year | €91,914 | €63,989 | €63,989 | €63,989 | €63,989 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €485,946 | €528,077 | €496,775 | €499,463 | €405,204 | ▼ 18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €103,667 | €98,164 | €96,046 | €91,914 | €63,989 | €63,989 | €63,989 | €63,989 | = |
| Other operating charges640/8 | - | - | - | €1,064 | €1,082 | €1,329 | €1,210 | €1,534 | ▲ 26.8% |
| Non-recurring operating charges66A | - | - | - | - | €8,000 | - | - | - | - |
| Gross operating margin9900 | €678,265 | €659,165 | €634,920 | €573,453 | €587,238 | €573,083 | €671,499 | €652,146 | ▼ 2.9% |
| Operating profit (loss)9901 | €8,684 | -€2,383 | -€5,636 | -€5,470 | -€13,910 | €10,990 | €106,837 | €181,418 | ▲ 69.8% |
| Financial income75/76B | - | - | - | €14,064 | €19,921 | €10,960 | €10,911 | €18,011 | ▲ 65.1% |
| Recurring financial income75 | €10,675 | €12,204 | €13,003 | €14,064 | €19,921 | €10,960 | €10,911 | €18,011 | ▲ 65.1% |
| Financial charges65/66B | - | - | - | €3,525 | €2,855 | €2,189 | €1,200 | €995 | ▼ 17.1% |
| Recurring financial charges65 | €11,270 | €6,929 | €4,635 | €3,525 | €2,855 | €2,189 | €1,200 | €995 | ▼ 17.1% |
| Profit (loss) for the period before taxes9903 | €8,088 | €2,892 | €2,731 | €5,068 | €3,156 | €19,760 | €116,548 | €198,434 | ▲ 70.3% |
| Income taxes67/77 | €3,013 | €1,492 | €1,523 | €2,222 | €1,901 | €6,039 | €30,907 | €50,097 | ▲ 62.1% |
| Profit (loss) for the period9904 | €5,075 | €1,400 | €1,209 | €2,847 | €1,256 | €13,721 | €85,641 | €148,337 | ▲ 73.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €42,100 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €5,075 | €1,400 | €1,209 | €2,847 | €1,256 | €13,721 | €43,541 | €148,337 | ▲ 241% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.3m | €1.2m | €1.0m | €1.0m | €1.1m | €0.9m | €1.0m | ▲ 16.8% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | €0.07m | €0.003m | ▼ 95.6% |
| Intangible fixed assets21 | €0.001m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | €0.07m | €0.003m | ▼ 95.6% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.2m | €0.1m | €0.07m | €0.003m | ▼ 95.8% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.002m | €0.001m | €189 | ▼ 79.2% |
| Current assets29/58 | €0.6m | €0.7m | €0.8m | €0.7m | €0.8m | €1.0m | €0.8m | €1.0m | ▲ 26.2% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 2.2% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.4m | €0.2m | €0.2m | ▲ 2.2% |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.5m | €0.3m | €0.4m | €0.6m | €0.5m | €0.6m | ▲ 14.4% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.6m | €0.5m | €0.6m | ▲ 14.1% |
| Other amounts receivable41 | - | - | - | €0.001m | - | - | - | €0.001m | - |
| Cash at bank and in hand54/58 | €0.03m | €0.07m | €0.07m | €0.1m | €0.04m | €0.07m | €0.04m | €0.2m | ▲ 347% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.001m | €0.002m | ▲ 361% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.2m | €1.0m | €1.0m | €1.1m | €0.9m | €1.0m | ▲ 16.8% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 18.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.9m | ▲ 20.4% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.09m | €0.09m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 23.4% |
| Amounts payable17/49 | €0.5m | €0.6m | €0.5m | €0.3m | €0.4m | €0.4m | €0.08m | €0.08m | ▼ 1.6% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.1m | €0.03m | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.4m | €0.2m | €0.3m | €0.4m | €0.08m | €0.08m | ▼ 1.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.03m | €0 | - | - |
| Trade debts44 | €0.01m | €0.1m | €0.3m | €0.07m | €0.1m | €0.3m | €0.003m | €0.04m | ▲ 12× |
| Suppliers440/4 | - | - | - | €0.07m | €0.1m | €0.3m | €0.003m | €0.04m | ▲ 12× |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.06m | €0.08m | €0.08m | €0.04m | ▼ 46.2% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.04m | €0.02m | ▼ 51.8% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 41.5% |
| Other amounts payable47/48 | - | - | - | - | €0.08m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,075 | €1,400 | €1,209 | €2,847 | €1,256 | €13,721 | €85,641 | €148,337 | ▲ 73.2% |
| + Depreciation and write-downs630 | €103,667 | €98,164 | €96,046 | €91,914 | €63,989 | €63,989 | €63,989 | €63,989 | = |
| Operating cash flow (approximation) | €108,742 | €99,564 | €97,255 | €94,761 | €65,245 | €77,710 | €149,630 | €212,326 | ▲ 41.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,588 | €78,000 | €0 | €0 | €0 | - |
| Change in cash | - | €34,989 | €4,903 | €76,684 | -€104,632 | €27,437 | -€34,189 | €128,382 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as VD PACKAGING has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VD PACKAGING itself: < 0.1% 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.
| 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 31,368 companies, not a prediction for VD PACKAGING. 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.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00204359 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00150508 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00141655 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00204367 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20087253 | |
| 31-12-2020 | abbreviated format | 17-06-2021 | 2021-21300049 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33000274 | |
| 31-12-2018 | abbreviated format | 02-07-2019 | 2019-27000040 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-40900352 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-37800589 |