VDB Packaging: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2023 and 2025
not consecutiveLargest movements
- Cash -€214,152
down €214,152 (-43.4%), from €493,824 to €279,672
- Receivables within one year +€122,587
up €122,587 (+83.1%), from €147,521 to €270,108
of which Other amounts receivable: +€165,889
- Stocks and contracts +€16,492
up €16,492 (+13.3%), from €123,745 to €140,237
- Other debts -€225,160
down €225,160 (-56.3%), from €399,952 to €174,792
- Reserves +€84,123
up €84,123 (+39.8%), from €211,343 to €295,466
of which Distributable reserves: +€84,123
- Tax, wage and social debts +€41,182
up €41,182 (+622%), from €6,624 to €47,807
of which Taxes: +€34,282
- Trade debts +€19,398
up €19,398 (+22.0%), from €88,199 to €107,597
- Financial income +€29,669
up €29,669 (+148%), from €20,083 to €49,752
- Taxes -€16,823
down €16,823 (-43.9%), from €38,287 to €21,464
- Depreciation -€12,515
down €12,515 (-97.2%), from €12,873 to €357
- Staff costs -€3,725
down €3,725 (-99.9%), from €3,729 to €4
- Gross operating margin -€3,589
down €3,589 (-2.2%), from €165,285 to €161,696
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €768,918 | €690,919 | -€77,999 | -10.1% |
| Fixed assets | 21/28 | €3,828 | €902 | -€2,926 | -76.4% |
| Intangible fixed assets | 21 | €982 | €625 | -€357 | -36.4% |
| Tangible fixed assets | 22/27 | €2,568 | - | -€2,568 | |
| Plant, machinery and equipment | 23 | €1,355 | - | -€1,355 | |
| Furniture and vehicles | 24 | €1,213 | - | -€1,213 | |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €765,090 | €690,017 | -€75,073 | -9.8% |
| Stocks and contracts in progress | 3 | €123,745 | €140,237 | +€16,492 | +13.3% |
| Stocks | 30/36 | €123,745 | €140,237 | +€16,492 | +13.3% |
| Amounts receivable within one year | 40/41 | €147,521 | €270,108 | +€122,587 | +83.1% |
| Trade receivables | 40 | €140,201 | €96,899 | -€43,302 | -30.9% |
| Other amounts receivable | 41 | €7,320 | €173,209 | +€165,889 | +2,266% |
| Cash at bank and in hand | 54/58 | €493,824 | €279,672 | -€214,152 | -43.4% |
| Total equity and liabilities | 10/49 | €768,918 | €690,919 | -€77,999 | -10.1% |
| Equity | 10/15 | €273,343 | €357,466 | +€84,123 | +30.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €211,343 | €295,466 | +€84,123 | +39.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €186,393 | €270,516 | +€84,123 | +45.1% |
| Amounts payable | 17/49 | €495,575 | €333,454 | -€162,122 | -32.7% |
| Amounts payable within one year | 42/48 | €494,775 | €330,196 | -€164,579 | -33.3% |
| Trade debts | 44 | €88,199 | €107,597 | +€19,398 | +22.0% |
| Suppliers | 440/4 | €88,199 | €107,597 | +€19,398 | +22.0% |
| Taxes, remuneration and social security | 45 | €6,624 | €47,807 | +€41,182 | +622% |
| Taxes | 450/3 | €4,016 | €38,298 | +€34,282 | +854% |
| Remuneration and social security | 454/9 | €2,609 | €9,509 | +€6,900 | +264% |
| Other amounts payable | 47/48 | €399,952 | €174,792 | -€225,160 | -56.3% |
| Accrued charges and deferred income | 492/3 | €800 | €3,258 | +€2,458 | +307% |
| Non-recurring operating income | 76A | - | €23,000 | +€23,000 | |
| Remuneration, social security and pensions | 62 | €3,729 | €4 | -€3,725 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,873 | €357 | -€12,515 | -97.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,028 | - | +€2,028 | |
| Other operating charges | 640/8 | €7,370 | €8,425 | +€1,055 | +14.3% |
| Non-recurring operating charges | 66A | - | €2,568 | +€2,568 | |
| Gross operating margin | 9900 | €165,285 | €161,696 | -€3,589 | -2.2% |
| Operating profit (loss) | 9901 | €143,341 | €150,341 | +€7,000 | +4.9% |
| Financial income | 75/76B | €20,083 | €49,752 | +€29,669 | +148% |
| Recurring financial income | 75 | €20,083 | €49,752 | +€29,669 | +148% |
| Financial charges | 65/66B | €19,658 | €19,506 | -€152 | -0.8% |
| Recurring financial charges | 65 | €19,658 | €19,506 | -€152 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €143,767 | €180,587 | +€36,821 | +25.6% |
| Income taxes | 67/77 | €38,287 | €21,464 | -€16,823 | -43.9% |
| Profit (loss) for the period | 9904 | €105,479 | €159,123 | +€53,644 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,479 | €159,123 | +€53,644 | +50.9% |
Value
latest balance sheet 30-06-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €747,137 · 50% capitalised earnings, 50% adjusted equity
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €357,466
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€625
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €356,841
Capitalised earnings
- 2025
- €159,123
- excluding non-recurring income and charges
- €138,691
- 2023
- €105,479
- 2022
- €164,965
- excluding non-recurring income and charges
- €165,307
- 2021
- €100,584
- 2020
- €98,788
- Average result, excluding non-recurring income and charges
- €136,492
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €974,943 / €1.1m / €1.4m
Your EBITDA multiple
- EBITDA 2025
- €150,699
- Net financial debt
- -€279,672
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 30 September 2023 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.