VPK PACKAGING: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
VPK PACKAGING
NACE 17.120, Manufacture of paper and paper products
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€4.5m
2024 · €10.2m-€14.7m
Equity
€43.8m
2024 · €48.3m-€4.5m
Cash
-
not filed
Balance sheet total
€114.9m
2024 · €107.8m+€7.1m
Largest movements
Assets
- Receivables within one year -€11.2m
down €11.2m (-35.2%), from €31.8m to €20.6m
of which Other amounts receivable: -€8.7m
- Tangible fixed assets +€11.0m
up €11.0m (+30.8%), from €35.5m to €46.5m
of which Plant, machinery and equipment: +€14.9m
- Financial fixed assets +€10.1m
up €10.1m (+59952.8%), from €16,923 to €10.2m
of which Affiliated companies: +€10.1m
- Stocks and contracts -€2.8m
down €2.8m (-7.2%), from €38.8m to €36.1m
Equity and liabilities
- Debts after one year +€15.0m
new in 2025: €15.0m
- Profit (loss) carried forward -€4.5m
down €4.5m (-27.6%), from €16.3m to €11.8m
- Tax, wage and social debts -€2.1m
down €2.1m (-24.9%), from €8.4m to €6.3m
of which Taxes: -€1.5m
- Trade debts -€1.6m
down €1.6m (-4.2%), from €39.0m to €37.3m
Income statement
- Goods and materials +€16.8m
up €16.8m (+7.1%), from €236.8m to €253.6m
of which Purchases: +€16.5m
- Turnover +€11.2m
up €11.2m (+3.3%), from €337.2m to €348.3m
- Services and other goods +€4.8m
up €4.8m (+8.6%), from €56.3m to €61.1m
- Taxes -€4.5m
down €4.5m (-99.8%), from €4.5m to €7,291
of which Taxes: -€4.5m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€10.2m
Turnover
+€11.2m
Other operating income
+€802,116
Goods and materials
-€16.8m
Services and other goods
-€4.8m
Staff costs
-€1.3m
Depreciation
-€825,471
Write-downs
+€254,848
Provisions
-€224,225
Other operating charges
-€95,319
Other operating items
-€5.4m
Financial income
-€1.4m
Financial charges
-€558,968
Taxes
+€4.5m
Deferred taxes and other
-€169
Result 2025
-€4.5m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,754,246 | €114,871,358 | +€7.1m | +6.6% |
| Fixed assets | 21/28 | €36,486,018 | €57,923,552 | +€21.4m | +58.8% |
| Intangible fixed assets | 21 | €932,790 | €1,268,386 | +€335,596 | +36.0% |
| Tangible fixed assets | 22/27 | €35,536,305 | €46,492,137 | +€11.0m | +30.8% |
| Land and buildings | 22 | €8,761,812 | €9,814,784 | +€1.1m | +12.0% |
| Plant, machinery and equipment | 23 | €19,397,042 | €34,269,144 | +€14.9m | +76.7% |
| Furniture and vehicles | 24 | €1,210,467 | €874,284 | -€336,183 | -27.8% |
| Assets under construction and advance payments | 27 | €6,166,984 | €1,533,925 | -€4.6m | -75.1% |
| Financial fixed assets | 28 | €16,923 | €10,163,029 | +€10.1m | +59952.8% |
| Affiliated companies | 280/1 | €15,697 | €10,161,802 | +€10.1m | +64638.5% |
| Participating interests | 280 | €15,697 | €10,161,802 | +€10.1m | +64638.5% |
| Other financial fixed assets | 284/8 | €1,227 | €1,227 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,227 | €1,227 | = | 0.0% |
| Current assets | 29/58 | €71,268,228 | €56,947,806 | -€14.3m | -20.1% |
| Stocks and contracts in progress | 3 | €38,836,824 | €36,057,079 | -€2.8m | -7.2% |
| Stocks | 30/36 | €38,836,824 | €36,057,079 | -€2.8m | -7.2% |
| Raw materials and consumables | 30/31 | €6,112,840 | €6,347,834 | +€234,994 | +3.8% |
| Work in progress | 32 | €573,904 | €548,846 | -€25,058 | -4.4% |
| Finished goods | 33 | €31,670,445 | €28,778,858 | -€2.9m | -9.1% |
| Goods purchased for resale | 34 | €479,635 | €381,540 | -€98,094 | -20.5% |
| Amounts receivable within one year | 40/41 | €31,840,978 | €20,618,733 | -€11.2m | -35.2% |
| Trade receivables | 40 | €17,075,953 | €14,566,802 | -€2.5m | -14.7% |
| Other amounts receivable | 41 | €14,765,025 | €6,051,930 | -€8.7m | -59.0% |
| Deferred charges and accrued income | 490/1 | €590,426 | €271,994 | -€318,432 | -53.9% |
| Total equity and liabilities | 10/49 | €107,754,246 | €114,871,358 | +€7.1m | +6.6% |
| Equity | 10/15 | €48,253,188 | €43,766,711 | -€4.5m | -9.3% |
| Contributions | 10/11 | €28,984,508 | €28,984,508 | = | 0.0% |
| Capital | 10 | €28,984,508 | €28,984,508 | = | 0.0% |
| Issued capital | 100 | €28,984,508 | €28,984,508 | = | 0.0% |
| Reserves | 13 | €2,998,686 | €2,998,686 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,898,451 | €2,898,451 | = | 0.0% |
| Legal reserve | 130 | €2,898,451 | €2,898,451 | = | 0.0% |
| Distributable reserves | 133 | €100,235 | €100,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,269,993 | €11,783,517 | -€4.5m | -27.6% |
| Provisions and deferred taxes | 16 | €249,670 | €337,350 | +€87,680 | +35.1% |
| Provisions for liabilities and charges | 160/5 | €249,653 | €337,350 | +€87,697 | +35.1% |
| Pensions and similar obligations | 160 | €249,653 | €337,350 | +€87,697 | +35.1% |
| Deferred taxes | 168 | €17 | - | -€17 | |
| Amounts payable | 17/49 | €59,251,388 | €70,767,296 | +€11.5m | +19.4% |
| Amounts payable after more than one year | 17 | - | €15,000,000 | +€15.0m | |
| Financial debts | 170/4 | - | €15,000,000 | +€15.0m | |
| Other loans | 174 | - | €15,000,000 | +€15.0m | |
| Amounts payable within one year | 42/48 | €58,133,898 | €54,753,594 | -€3.4m | -5.8% |
| Trade debts | 44 | €38,960,991 | €37,327,233 | -€1.6m | -4.2% |
| Suppliers | 440/4 | €38,960,991 | €37,327,233 | -€1.6m | -4.2% |
| Taxes, remuneration and social security | 45 | €8,366,407 | €6,284,491 | -€2.1m | -24.9% |
| Taxes | 450/3 | €2,317,256 | €861,622 | -€1.5m | -62.8% |
| Remuneration and social security | 454/9 | €6,049,151 | €5,422,869 | -€626,282 | -10.4% |
| Other amounts payable | 47/48 | €10,806,500 | €11,141,871 | +€335,371 | +3.1% |
| Accrued charges and deferred income | 492/3 | €1,117,490 | €1,013,702 | -€103,787 | -9.3% |
| Operating income | 70/76A | €349,337,117 | €355,890,908 | +€6.6m | +1.9% |
| Turnover | 70 | €337,158,655 | €348,339,968 | +€11.2m | +3.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,294,226 | -€3,061,132 | -€5.4m | |
| Other operating income | 74 | €9,662,907 | €10,465,023 | +€802,116 | +8.3% |
| Non-recurring operating income | 76A | €221,328 | €147,048 | -€74,280 | -33.6% |
| Operating charges | 60/66A | €336,448,232 | €360,229,942 | +€23.8m | +7.1% |
| Goods for resale, raw materials and consumables | 60 | €236,820,925 | €253,641,168 | +€16.8m | +7.1% |
| Purchases | 600/8 | €237,317,537 | €253,849,281 | +€16.5m | +7.0% |
| Change in stocks: decrease (increase) | 609 | -€496,612 | -€208,112 | +€288,500 | +58.1% |
| Services and other goods | 61 | €56,305,928 | €61,122,756 | +€4.8m | +8.6% |
| Remuneration, social security and pensions | 62 | €39,154,712 | €40,409,184 | +€1.3m | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,717,777 | €4,543,247 | +€825,471 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €213,290 | -€41,558 | -€254,848 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€136,528 | €87,697 | +€224,225 | |
| Other operating charges | 640/8 | €372,127 | €467,446 | +€95,319 | +25.6% |
| Operating profit (loss) | 9901 | €12,888,885 | -€4,339,034 | -€17.2m | |
| Financial income | 75/76B | €4,085,076 | €2,719,325 | -€1.4m | -33.4% |
| Recurring financial income | 75 | €4,085,076 | €2,719,325 | -€1.4m | -33.4% |
| Income from financial fixed assets | 750 | €781,619 | €118,629 | -€662,990 | -84.8% |
| Other financial income | 752/9 | €3,303,458 | €2,600,696 | -€702,762 | -21.3% |
| Financial charges | 65/66B | €2,300,525 | €2,859,493 | +€558,968 | +24.3% |
| Recurring financial charges | 65 | €2,275,525 | €2,859,493 | +€583,968 | +25.7% |
| Debt charges | 650 | €1,095,874 | €1,204,098 | +€108,224 | +9.9% |
| Other financial charges | 652/9 | €1,179,651 | €1,655,395 | +€475,744 | +40.3% |
| Non-recurring financial charges | 66B | €25,000 | - | -€25,000 | |
| Profit (loss) for the period before taxes | 9903 | €14,673,436 | -€4,479,203 | -€19.2m | |
| Transfer from deferred taxes | 780 | €186 | €17 | -€169 | -90.6% |
| Income taxes | 67/77 | €4,506,829 | €7,291 | -€4.5m | -99.8% |
| Taxes | 670/3 | €4,506,829 | €12,223 | -€4.5m | -99.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,932 | +€4,932 | |
| Profit (loss) for the period | 9904 | €10,166,793 | -€4,486,476 | -€14.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €10,166,793 | -€4,486,476 | -€14.7m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.