Vynova Bankruptcy Leaves SMEs with Millions in Unpaid Invoices

Vynova Belgium’s official bankruptcy leaves 93 Limburg companies facing 5,6 million euros in unpaid invoices.

Suppliers and subcontractors who worked with the factory for decades are losing their primary customer. A report filed late last year shows that creditors across the broader operation are owed millions of euros. With Vynova Belgium, the chemical industry in Flanders confronts for the first time the end of a company that has been one of its figureheads for decades, as reported by De Standaard.

The bankruptcy affects more people than just the employees losing their jobs, threatening 600 workers with job losses. Small suppliers, traders, hospitality businesses and service providers in and around Tessenderlo-Ham also risk losing their income.

Unpaid Invoices at Tessenderlo Maintenance Firm

One of the largest Limburg victims is a Tessenderlo maintenance firm owed 1,1 miljoen euro. The company performed major projects for the chemical plant in the summer of 2025 that remain unpaid, representing over 20 percent of its annual revenue.

“For a company of our size, that is a disaster,” said the firm’s chief financial officer, who spoke anonymously to HBVL.

Genk Soup Supplier Survives 450,000-Euro Deficit

A peer company in Genk faces a 450,000-euro deficit after completing work earlier in the year. Owner Chiel Engelen told HBVL the business has 30,000 euros in unpaid invoices but will survive the blow thanks to a diverse client base. The soup supplier from Tessenderlo had delivered soup to the chemical company for 25 years.

Broader Chemical Industry Pressure in Flanders

The collapse stems from heavy price competition, weak demand for PVC, global overcapacities, and high energy costs, De Standaard reported. These pressures forced a judicial reorganization in late 2025 with a 275 miljoen euro debt burden, but management failed to find a buyer.

Sector federation Essenscia said that the closure marks a wider crisis hitting energy-intensive manufacturing in Europe.

Other regional chemical plants, including Envalior and Covestro in the Port of Antwerp, have similarly closed facilities due to international price competition. The former site of the General Motors car factory is now designated for industrial companies focusing on energy transition and circular production.

Unizo Requests Emergency Support for Local Businesses

Unizo Limburg called for a regional bridge plan to protect small businesses, retailers, and hospitality operators from secondary bankruptcies. Bart Lodewyckx, managing director of Unizo Limburg, proposed bridge loans up to 50,000 euros with six to twelve months of deferred capital repayment, as reported by Made in.

“We ask for a regional bridging package, which includes quick guidance, temporary financial breathing room, and targeted support where damage is demonstrable,” Lodewyckx told Made in. “We know the beginning, but we do not know where it is going to end.”

“Enterprises that were viable before this shock and have a credible recovery prospect must be given quick access to tailored financing,” thinks the Unizo director.”

More on this story: Vynova Belgium Bankruptcy Puts 600 Tessenderlo-Ham Jobs at Risk