Financials
- Financial year
- 2025
- Total assets
- €956.3m
- Profit
- €86.3m
- Solvency
- 75.2%
Total assets▲ 17.2%
Net result
20182025
Summary
VPK Group is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €719.4m and a net result of €86.3m. Equity is growing by about 11% per year across the filed financial years. Its solvency ranks better than 63% of 2,986 sector peers (NACE 64, financial year 2025). The company has been active since 1935 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Activities of holding companies
NACE 64210Manufacture of paper and paper products NACE 17210
Largest company by equity in Dendermonde3 sites
Size
€956.3mtotal assets 2025
- Staff
- 76 FTE
- Equity
- €719.4m
- Profit
- €86.3m
Standalone figures, without subsidiaries
Financial health
Financial institution: outside the modelBankruptcy probability: sector outside the model
Structure
- Largest shareholder
- HOUSE OF PAPER · 38.47%
- Board
- 9 members
- Holdings
- 20
- Pierre MacharisManaging director
Auditor: KPMG Bedrijfsrevisoren BVAccounts 42 days early
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Bankruptcy probability, 12 months
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
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Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-06-2026, 42 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
42 days early
2024
50 days early
2023
43 days early
2022
56 days early
2021
51 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 48 days before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% 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 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
17-10-2026 today31-12-2026 year end31-07-2027 deadline
- Resignations: Carl Verstraelen (director) and KPMG…Reappointment: KPMG Bedrijfsrevisoren BV (statutory…
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2025 · consolidated
Key points
- Positive: Largest company by equity in Dendermondein the Checked rankings No. 1 View
- Heads a groupcompanies controlled · known shareholders 100% 33 View
- Board changedlatest change 20-07-2026 · 9 in office 1 joined · 2 left View
- Positive: 8 profitable years in a rowprofit 2025: €86.3m 8 years View
- Merger with UNDARO NVmerger on 21-01-2025 2025 View
- Active since 1935founded 25-12-1935 90 years View
- Positive: Always filed on timeaccounts within the deadline every year 5 years View
By topic
Board & ownership
- Board
- 9 members
- Largest shareholder
- HOUSE OF PAPER · 38.47%
- Known shareholders
- 100%
- Auditor
- KPMG Bedrijfsrevisoren BV
- Pierre MacharisManaging director
- Wolfgang de Limburg StirumDirector
- Carla SinanianDirector
- Hoveco Management BVDirector
- Zenden BVDirector
and 4 other directors
Network & group
- Subsidiaries
- 33
- Holdings
- 20
- Connected companies
- 22
- Mergers and asset contributions
- 3
33 subsidiaries
Timeline
- Events
- 129
- Since
- 1978
- Next accounts
- by 31-07-2027
- 02-03-2026Resignation: Patrick Leclercq (lid van het executief…
- 29-01-2026Resignation: Dimacor BV (director)
- 24-07-2025Resignation: Perkament NV (director)
Company details
- Sites
- 3
- Legal form
- Public limited company
- Activity
- Activities of holding companiesNACE 64210
- Founded
- 25-12-1935
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 5
- Annual meeting
- First Friday of June at 16:00
- Purpose
- “De fabricage van en handel in verpakking, papier en karton en de voortbrengst en de…” (deed in Dutch)
Go further with this company
How much credit can you give this customer, and on what payment terms?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?VPK Group · 14 companies
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