Wpack
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 12 filings
Turnover
≈ €28,000
Estimated: probably between €12,000 and €66,000
Total assets
€28,792▼ 51.5%
2024 · €59,305
Net result
€399▼ 85.3%
2024 · €2,711
Working capital
€19,910▲ 2.0%
2024 · €19,511
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,178
▼ 67.6%
2025
20182025
Net result
€399
▼ 85.3%
2025
middle half of the sector
20182025
Equity
€19,910
▲ 2.0%
2025
lowest quarter of the sector
20182025
Total assets
€28,792
▼ 51.5%
2025
lowest quarter of the sector
20182025
Debt
€8,882
▼ 77.7%
2025
20182025
Working capital
€19,910
▲ 2.0%
2025
lowest quarter of the sector
20182025
Solvency
69.2%
▲ 36.3pp
2025
highest quarter of the sector
20182025
Current ratio
3.24
▲ 1.75
2025
middle half of the sector
20182025
Return on assets (ROA)
1.4%
▼ 3.2pp
2025
middle half of the sector
20182025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,697-€1,430▼ 47.0%€1,439▲ 0.7%€1,148▼ 20.2%€2,007▲ 74.8%€1,059▼ 47.2%€3,634▲ 243%€1,178▼ 67.6%
Net result€1,806-€868▼ 51.9%€785below the sector's middle half▼ 9.5%€422below the sector's middle half▼ 46.2%€1,523below the sector's middle half▲ 261%€478below the sector's middle half▼ 68.6%€2,711within the sector's middle half▲ 467%€399within the sector's middle half▼ 85.3%
Equity€12,725-€13,592▲ 6.8%€14,377below the sector's middle half▲ 5.8%€14,799below the sector's middle half▲ 2.9%€16,322below the sector's middle half▲ 10.3%€16,800below the sector's middle half▲ 2.9%€19,511below the sector's middle half▲ 16.1%€19,910below the sector's middle half▲ 2.0%
Total assets€40,932-€46,062▲ 12.5%€45,498below the sector's middle half▼ 1.2%€28,028below the sector's middle half▼ 38.4%€45,012below the sector's middle half▲ 60.6%€44,768below the sector's middle half▼ 0.5%€59,305below the sector's middle half▲ 32.5%€28,792below the sector's middle half▼ 51.5%
Debt€28,207-€32,470▲ 15.1%€31,120▼ 4.2%€13,229▼ 57.5%€28,690▲ 117%€27,968▼ 2.5%€39,795▲ 42.3%€8,882▼ 77.7%
Working capital€12,725-€13,592▲ 6.8%€14,377below the sector's middle half▲ 5.8%€14,799below the sector's middle half▲ 2.9%€16,322below the sector's middle half▲ 10.3%€16,800below the sector's middle half▲ 2.9%€19,511below the sector's middle half▲ 16.1%€19,910below the sector's middle half▲ 2.0%
Solvency31.1%-29.5%▼ 1.6pp31.6%within the sector's middle half▲ 2.1pp52.8%within the sector's middle half▲ 21.2pp36.3%within the sector's middle half▼ 16.5pp37.5%within the sector's middle half▲ 1.3pp32.9%within the sector's middle half▼ 4.6pp69.2%above the sector's middle half▲ 36.3pp
Current ratio1.45-1.42▼ 0.031.46within the sector's middle half▲ 0.042.12within the sector's middle half▲ 0.661.57within the sector's middle half▼ 0.551.60within the sector's middle half▲ 0.031.49within the sector's middle half▼ 0.113.24within the sector's middle half▲ 1.75
Return on assets (ROA)4.4%-1.9%▼ 2.5pp1.7%within the sector's middle half▼ 0.2pp1.5%within the sector's middle half▼ 0.2pp3.4%within the sector's middle half▲ 1.9pp1.1%within the sector's middle half▼ 2.3pp4.6%within the sector's middle half▲ 3.5pp1.4%within the sector's middle half▼ 3.2pp
Staff (FTE)0.1-1▲ 900%1below the sector's middle half=0.3below the sector's middle half▼ 70.0%0.6below the sector's middle half▲ 100%0.7below the sector's middle half▲ 16.7%0.3below the sector's middle half▼ 57.1%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 68% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €28,792
Equity
€19,910 ▲ 2.0%
Debt
€8,882 ▼ 77.7%
Debt's share of the balance-sheet total falls from 67.1% to 30.8%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.45▼
2024 · 2.04
ROE
2.0%▼
2024 · 13.9%
Debt ≤ 1 year
€8,882▼
2024 · €39,795
Income taxes
€666▼
2024 · €1,031
Staff costs
€503▼
2024 · €13,281
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 | - | 1 | 1 | - | - |
| full-time | - | - | 0 | - | - |
| part-time | - | 1 | 1 | - | - |
| in full-time equivalents | - | 0.6 | 0.6 | - | - |
| Average over the year, in full-time equivalents | 0.3 | 0.6 | 0.7 | 0.3 | 0 |
| On a permanent contract | - | 1 | 1 | - | - |
| Joined | 0 | 1 | 1 | 0 | - |
| Left | 1 | 0 | 1 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Subsidies and aid
Flemish government
2024 · 1 entry · €197 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €10,473 | €23,991 | €28,821 | €13,281 | €503 | ▼ 96.2% |
| Other operating charges640/8 | - | - | - | €684 | €1,580 | €639 | €654 | €768 | ▲ 17.3% |
| Gross operating margin9900 | €6,424 | €31,972 | €18,892 | €12,305 | €27,578 | €30,519 | €17,569 | €2,449 | ▼ 86.1% |
| Operating profit (loss)9901 | €2,697 | €1,430 | €1,439 | €1,148 | €2,007 | €1,059 | €3,634 | €1,178 | ▼ 67.6% |
| Financial income75/76B | - | - | - | €4 | €53 | €11 | €179 | €0 | ▼ 99.8% |
| Recurring financial income75 | - | €37 | €14 | €4 | €53 | €11 | €179 | €0 | ▼ 99.8% |
| Financial charges65/66B | - | - | - | €454 | €25 | €77 | €71 | €112 | ▲ 59.0% |
| Recurring financial charges65 | €71 | €103 | €243 | €454 | €25 | €77 | €71 | €112 | ▲ 59.0% |
| Profit (loss) for the period before taxes9903 | €2,626 | €1,364 | €1,210 | €699 | €2,036 | €993 | €3,742 | €1,066 | ▼ 71.5% |
| Income taxes67/77 | €821 | €497 | €425 | €277 | €513 | €515 | €1,031 | €666 | ▼ 35.4% |
| Profit (loss) for the period9904 | €1,806 | €868 | €785 | €422 | €1,523 | €478 | €2,711 | €399 | ▼ 85.3% |
| Profit (loss) for the period to be appropriated9905 | €1,806 | €868 | €785 | €422 | €1,523 | €478 | €2,711 | €399 | ▼ 85.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €40,932 | €46,062 | €45,498 | €28,028 | €45,012 | €44,768 | €59,305 | €28,792 | ▼ 51.5% |
| Current assets29/58 | €40,932 | €46,062 | €45,498 | €28,028 | €45,012 | €44,768 | €59,305 | €28,792 | ▼ 51.5% |
| Amounts receivable within one year40/41 | €35,040 | €37,440 | €45,155 | €27,066 | €44,478 | €44,744 | €59,172 | €28,600 | ▼ 51.7% |
| Trade receivables40 | - | - | - | €21,815 | €39,750 | €39,831 | €55,002 | €10,943 | ▼ 80.1% |
| Other amounts receivable41 | - | - | - | €5,251 | €4,728 | €4,913 | €4,169 | €17,657 | ▲ 323% |
| Cash at bank and in hand54/58 | €5,892 | €8,622 | €342 | €963 | €534 | €23 | €134 | €192 | ▲ 43.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €40,932 | €46,062 | €45,498 | €28,028 | €45,012 | €44,768 | €59,305 | €28,792 | ▼ 51.5% |
| Equity10/15 | €12,725 | €13,592 | €14,377 | €14,799 | €16,322 | €16,800 | €19,511 | €19,910 | ▲ 2.0% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €2,000 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | €2,400 | = |
| Non-distributable reserves130/1 | - | - | - | €2,400 | €2,400 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,400 | €2,400 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €2,400 | €2,400 | €2,400 | = |
| Profit (loss) carried forward14 | €725 | €1,192 | €1,977 | €2,399 | €3,922 | €4,400 | €7,111 | €7,510 | ▲ 5.6% |
| Amounts payable17/49 | €28,207 | €32,470 | €31,120 | €13,229 | €28,690 | €27,968 | €39,795 | €8,882 | ▼ 77.7% |
| Amounts payable within one year42/48 | €28,207 | €32,470 | €31,120 | €13,229 | €28,690 | €27,968 | €39,795 | €8,882 | ▼ 77.7% |
| Trade debts44 | €17,845 | €8,337 | €3,305 | €3,594 | €2,750 | €1,716 | €23,663 | €4,107 | ▼ 82.6% |
| Suppliers440/4 | - | - | - | €3,594 | €2,750 | €1,716 | €23,663 | €4,107 | ▼ 82.6% |
| Taxes, remuneration and social security45 | - | - | - | €7,819 | €14,904 | €16,150 | €6,030 | €4,775 | ▼ 20.8% |
| Taxes450/3 | - | - | - | €7,819 | €6,672 | €7,922 | €3,830 | €2,475 | ▼ 35.4% |
| Remuneration and social security454/9 | - | - | - | - | €8,233 | €8,228 | €2,200 | €2,300 | ▲ 4.5% |
| Other amounts payable47/48 | - | - | - | €1,815 | €11,036 | €10,102 | €10,102 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,806 | €868 | €785 | €422 | €1,523 | €478 | €2,711 | €399 | ▼ 85.3% |
| Operating cash flow (approximation) | €1,806 | €868 | €785 | €422 | €1,523 | €478 | €2,711 | €399 | ▼ 85.3% |
| Change in cash | - | €2,730 | -€8,280 | €621 | -€428 | -€511 | €110 | €58 | ▼ 47.0% |
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, 10,904 companies had the same profile as Wpack has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Wpack itself: 0.3% 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 10,904 companies, not a prediction for Wpack. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-07-2026 | 2026-00317446 | |
| 31-12-2024 | abbreviated format | 26-08-2025 | 2025-00405155 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00248794 | |
| 31-12-2022 | abbreviated format | 24-06-2023 | 2023-00154074 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20357094 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-56800566 | |
| 31-12-2019 | abbreviated format | 23-09-2020 | 2020-55500240 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-58900006 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-59500305 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59100361 |