P. Van de Velde · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of P. Van de Velde is 0.4% (very low). The 2024 annual accounts show negative equity (€-1.22M) and a net result of €-4.50M. Equity is shrinking by ~11.3% per year across the filed fiscal years. The company has been active since 1945 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.4% Very low

0%0,5%1,5%4%10%≥25%

Long track record −Higher-failure-rate sector +Lower-risk legal form −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

1 signal · with evidence

Negative equity

Equity is negative for financial year 2024: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

View the annual accounts

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 29 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-07-2025, 6 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	25-07-2025	6 d early	2025-00325504
31-12-2023	31-07-2024	25-06-2024	36 d early	2024-00159778
31-12-2022	31-07-2023	26-06-2023	35 d early	2023-00155868
31-12-2021	31-07-2022	29-06-2022	32 d early	2022-20133396
31-12-2020	31-07-2021	07-07-2021	24 d early	2021-33400571
31-12-2019	31-07-2020	23-06-2020	38 d early	2020-19100133
31-12-2018	31-07-2019	22-07-2019	9 d early	2019-37000498
31-12-2017	31-07-2018	16-07-2018	15 d early	2018-33300098
31-12-2016	31-07-2017	18-01-2018	171 d late	2018-01900332
31-12-2015	31-07-2016	31-08-2016	31 d late	2016-53400275

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 1945, 81 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

Turnover€34.16M+6.6%

EBIT margin3.8%+4.6pp

Net result€-4.50M+11.7%

Working capital€-32.12M-4.5%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 25-07-2025 with the NBB · fiscal year 2024 · volledig

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~11.3%/year over 7 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Revenue

€34.16M

+6.6% 18-24

EBITDA

€4.80M

+24.0% 18-24

Net profit

€-4.50M

+11.7% 18-24

Cash flow

€-998k

-4.5% 18-24

Total assets

€249.94M

-1.6% 18-24

Equity

€-1.22M

- 18-24

Working capital

€-32.12M

-4.5% 18-24

Employees (FTE)

35

-1.1% 18-24

Show 15 other metrics

Staff costs

€2.28M

+8.2% 18-24

Income taxes

€777k

+312.0% 18-24

Dividends

€0

-100.0% 18-24

Debt

€250.87M

+0.3% 18-24

Debt ≤ 1y

€58.47M

-3.7% 18-24

Debt > 1y

€185.01M

+0.1% 18-24

Current ratio

0.45

-8.7% 18-24

Quick ratio

0.42

-8.2% 18-24

Solvency

-0.5%

- 18-24

Debt / equity

-206.42

- 18-24

ROE

369.9%

- 18-24

ROA

-1.8%

+10.3% 18-24

Net margin

-13.2%

+17.2% 18-24

EBITDA margin

14.0%

+16.3% 18-24

Interest coverage

0.23

+12.1% 18-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	volledig
Revenue	€34.16M
EBITDA	€4.80M
Net profit	€-4.50M
Cash flow	€-998k
Staff costs	€2.28M
Income taxes	€777k
Dividends	-
Total assets	€249.94M
Equity	€-1.22M
Debt	€250.87M
of which ≤ 1y	€58.47M
of which > 1y	€185.01M
Working capital	€-32.12M
Employees (FTE)	35.2

Ratios (computed)

	2024
Current ratio	0.45
Quick ratio	0.42
Working capital ratio	-12.9%
Solvency	-0.5%
Debt / equity	-206.42
Long-term debt ratio	-152.23
Interest coverage	0.23
Gross margin	27.3%
Net margin	-13.2%
ROA	-1.8%
ROE	369.9%
EBITDA margin	14.0%
Days sales outstanding	45d
Days payable outstanding	78d
Inventory turnover	14.81
Days inventory (DSI)	25d

Balance-sheet composition 2024

Assets

Fixed assets €223.59M · 89.5% Current assets €26.34M · 10.5%

Full annual accounts (27 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€249.94M
Fixed assets	21/28	€223.59M
Intangible fixed assets	21	€841k
Tangible fixed assets	22/27	€4.07M
Financial fixed assets	28	€218.68M
Current assets	29/58	€26.34M
Stocks & contracts in progress	3	€1.68M
Amounts receivable within one year	40/41	€22.02M
Cash & bank	54/58	€1.90M
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€249.94M
Equity	10/15	€-1.22M
Contributions / capital	10/11	€105k
Reserves	13	€855k
Accumulated profits (losses)	14	€-2.18M
Provisions & deferred taxes	16	€280k
Amounts payable	17/49	€250.87M
Amounts payable after one year	17	€185.01M
Amounts payable within one year	42/48	€58.47M
Trade debts payable within one year	44	€5.30M
Income statement
Turnover	70	€34.16M
Operating result	9901	€1.30M
Financial income	75	€15.56M
Financial charges	65	€20.62M
Result before taxes	9903	€-3.76M
Income taxes	67/77	€777k
Net result for the period	9904	€-4.50M
Result to be appropriated	9905	€-4.37M

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

23 / 100 Critical

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Directors

Directors & mandates

4 directors

16 of this company's 16 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

QUINNCOPrivate limited company
Director· perm. rep.: Cédric De Quinnemar
State Gazette act 26056670 (06-05-2026)

Current
06-05-2026 → present
Francesca Maria Cecilia Giacoppo
Director
State Gazette act 25144495 (13-11-2025)

Current
13-11-2025 → present

Former directors (2)

VennootschapLegal entity
Director (executive)· perm. rep.: Hakan BAYMAN
State Gazette act 26056670 (06-05-2026)

Former
- → 06-05-2026
Jean Dierxsens
Director
State Gazette act 25144495 (13-11-2025)

Former
- → 15-10-2025

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton(17210)
Legal form	Public limited company(014)
Incorporation	17-02-1945
Status	Active
Postal code	9230

Structure & network

Connections & network

1 connected company

Group structure

VAN DE VELDE PACKAGING

We sit on their board · 1 location

→

Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

1 party

P. Van de VeldeBE 0400.183.297

controls

Where this company holds controlthis company sits on their board1

VAN DE VELDE PACKAGING

1 location

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

P. VAN DE VELDE NV

Dendermondesteenweg 125, 9230 Wetterenvervaardiging van asfaltpapier.

since 19452.006.218.534

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1.1 ha

Buildings1

Building footprint6,778 m²

Volume (LiDAR)40,611 m³

Tallest building7.9 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
42302D0387/00K002	Flanders	1.1 ha	1 · 6,778 m²	7.9 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

8 acts

Capital history · 1

08-07-2025

Capital change

All acts · 8 updated 3 months ago

2026

15-05-2026 General meeting · Officer resignation · Officer discharge · Power of attorney Open-capture extraction

Filing: 2026-05-06 · P. Van de Velde
General meeting: 2026-04-30 · P. Van de Velde
Officer resignation: role: onafhankelijk bestuurder, effective_date: 2026-05-01 · QUINNCO
Officer discharge: role: onafhankelijk bestuurder, scope: algehele en volledige kwijting ... tot op de dag van zijn ontslag, behoudens in gevallen van fraude, of zware beleidsfouten, condition: op de eerstvolgende jaarvergadering die beraadslaagt en besluit over de goedkeuring van de jaarrekening · QUINNCO
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Power of attorney: date: 2026-04-30, scope: teneinde de genomen beslissingen te publiceren ... alsook alle inschrijvingen, wijzigingen of doorhalingen ... te bekomen en te dien einde ook alle stukken en akten te ondertekenen, conditions: individueel handelend en met macht van indeplaatsstelling, granted_by: bijzondere algemene vergadering · P. Van de Velde
Publication: 2026-05-15
Act object: ontslag onafhankelijk bestuurder
Power of attorney: role: vast vertegenwoordigd · P. Van de Velde

Summary: General meeting · Officer resignation · Officer discharge · Power of attorney

Original publication ↗

07-05-2026 Officer resignation · Officer discharge · Officer removal death · Power of attorney Open-capture extraction

Filing: 2026-04-14 · VAN DE VELDE PACKAGING
Publication: 2026-05-07 · VAN DE VELDE PACKAGING
Officer resignation: date: 2026-03-31, role: bestuurder · P. Van de Velde NV
Officer discharge: date: 2026-03-31, type: voorlopige kwijting · P. Van de Velde NV
Officer resignation: date: 2026-03-31, role: gedelegeerd bestuurder · P. Van de Velde NV
Officer resignation: date: 2026-03-31, role: CEO · Hakan BAYMAN
Officer removal death: date: 2026-03-31, action: intrekking machten · Hakan BAYMAN
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Power of attorney: date: 2026-03-31, scope: publiceren, inschrijvingen, wijzigingen, doorhalingen, ondertekenen stukken · VAN DE VELDE PACKAGING
Act object: Beëindiging mandaat (gedelegeerd) bestuurder - intrekking en toekenning

Summary: Officer resignation · Officer discharge · Officer removal death · Power of attorney

Original publication ↗

06-05-2026 7 directors appointed, 3 resigning Director changes

Cédric De Quinnemar, Bestuurder
Henk ROGIERS, Dagelijks bestuur
Philip BAUTIL, Dagelijks bestuur
Henk ROGIERS, Dagelijks bestuur
Philip BAUTIL, Dagelijks bestuur
Henk ROGIERS, Dagelijks bestuur
Philip BAUTIL, Dagelijks bestuur
Hakan BAYMAN, Directeur

Original publication ↗

2025

13-11-2025 5 directors appointed, 1 resigning Director changes

Francesca Maria Cecilia Giacoppo, Bestuurder
Pascal Vanden Borre, Dagelijks bestuur
Stéphanie Desmet, Dagelijks bestuur
Juliette Lansen, Dagelijks bestuur
Marcos Lamin-Busschots, Dagelijks bestuur
Jean Dierxsens, Bestuurder

Original publication ↗

07-11-2025 Discharge granted to the board Director changes

Original publication ↗

08-07-2025 Capital increase of €45,000,000 to €108,392,363.15 Capital & shares·Tim CARNEWAL

€63.392.363,15 → €108.392.363,15
3 kapitaalbewegingen in deze akte

Notary: Tim CARNEWAL · BrusselFirm: BERQUIN NOTARISSEN

Original publication ↗

2024

13-08-2024 P. Van de Velde appointed as statutory auditor Director changes

P. Van de Velde, Commissaris

Original publication ↗

2022

23-11-2022 2 directors appointed Director changes

Vyvey & C°, Commissaris
Philip Vanbelleghem, Gedelegeerd bestuurder

Original publication ↗

Analysis

Financial profile

5 of 5 axes measured

51 / 100

Mixed profile: strong on stability, weaker on health.

All 5 axes are computed from data Checked has read.

Health 23

Profitability 57

Solvency 33

Growth 44

Stability 100

Credit advice

verdict per customer and amount

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We hold annual accounts for 24 of the 190 companies in this sector. 9 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Vervaardiging van papier en karton17120Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton17210Vervaardiging van papier21121Prepress- en premediadiensten18130Hulpactiviteiten in verband met drukkerijen22250

Primary activity highlighted.

Names & trade names

Legal nameNL

P. Van de Velde

Registered office

Dendermondesteenweg 125

9230 Wetteren, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.