BADGEMAN
ActiveSummary
BADGEMAN has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €64,861 and a net result of €19,569. Equity is growing by ~11.9% per year across the filed fiscal years. Its solvency ranks better than 45% of 313 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▲+13
Solvency63▲+17
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity tight (current ratio 1.49 against 1.11 in 2024; short-term debt: 51.3% and cash: 5.9% of total assets), and 61.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.4%
Return on assets
11.6%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-04-2026, 115 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
115 d early
2024
77 d early
2023
145 d early
2022
34 d early
2021
38 d early
2020
45 d early
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 69 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#7 oldest company in Retie, Manufacturing sector
Equity
€64,861▲ 43.2%
2024 · €45,292
Total assets
€168,796▼ 22.9%
2024 · €219,056
Net result
€19,569▲ 604%
2024 · €2,782
Working capital
€42,099▲ 156%
2024 · €16,415
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€11,188€4,208€11,619▲ 176%€6,069▼ 47.8%€19,013▲ 213%
Net result-€12,023below the sector's middle half€3,480within the sector's middle half€9,732within the sector's middle half▲ 180%€2,782within the sector's middle half▼ 71.4%€19,569within the sector's middle half▲ 604%
Equity€29,299within the sector's middle half▼ 29.1%€32,779within the sector's middle half▲ 11.9%€42,510below the sector's middle half▲ 29.7%€45,292below the sector's middle half▲ 6.5%€64,861within the sector's middle half▲ 43.2%
Total assets€129,344within the sector's middle half▼ 20.6%€157,746within the sector's middle half▲ 22.0%€239,331below the sector's middle half▲ 51.7%€219,056below the sector's middle half▼ 8.5%€168,796within the sector's middle half▼ 22.9%
Debt€100,045▼ 17.7%€124,968▲ 24.9%€196,821▲ 57.5%€173,764▼ 11.7%€103,935▼ 40.2%
Working capital-€5,097▲ 76.1%€5,412€6,215▲ 14.8%€16,415▲ 164%€42,099▲ 156%
Solvency22.7%within the sector's middle half▼ 2.7pp20.8%within the sector's middle half▼ 1.9pp17.8%below the sector's middle half▼ 3.0pp20.7%within the sector's middle half▲ 2.9pp38.4%within the sector's middle half▲ 17.7pp
Staff (FTE)1.51.8below the sector's middle half▲ 20.0%1.7below the sector's middle half▼ 5.6%1.9within the sector's middle half▲ 11.8%
above
within
below
the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 213% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €168,796
Fixed assets
€40,071 ▼ 31.5%
Current assets
€128,724 ▼ 19.8%
Equity and liabilities €168,796
Equity
€64,861 ▲ 43.2%
Debt
€103,935 ▼ 40.2%
Debt's share of the balance-sheet total falls from 79.3% to 61.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€37,409▲
2024 · €25,198
Cash flow
€37,964▲
2024 · €21,910
Current ratio
1.49▲
2024 · 1.11
Quick ratio
0.39▼
2024 · 0.43
Debt to equity
1.60▼
2024 · 3.84
ROE
30.2%▲
2024 · 6.1%
ROA
11.6%▲
2024 · 1.3%
Interest coverage
11.68▲
2024 · 7.66
Debt ≤ 1 year
€86,625▼
2024 · €144,174
Debt > 1 year
€17,310▼
2024 · €29,590
Staff costs
€84,183▼
2024 · €91,138
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,324 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €67,077 | €85,873 | €91,138 | €84,183 | ▼ 7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,706 | €6,902 | €15,975 | €19,129 | €18,395 | ▼ 3.8% |
| Other operating charges640/8 | - | €915 | €326 | €152 | €520 | ▲ 241% |
| Non-recurring operating charges66A | - | €0 | €8,340 | €0 | €0 | - |
| Gross operating margin9900 | €28,634 | €79,102 | €122,132 | €116,488 | €122,111 | ▲ 4.8% |
| Operating profit (loss)9901 | -€11,188 | €4,208 | €11,619 | €6,069 | €19,013 | ▲ 213% |
| Financial income75/76B | - | €368 | €378 | €0 | €3,757 | ▲ 1,015,224% |
| Recurring financial income75 | €12 | €368 | €378 | €0 | €3,757 | ▲ 1,015,224% |
| Financial charges65/66B | - | €1,096 | €2,265 | €3,288 | €3,201 | ▼ 2.6% |
| Recurring financial charges65 | €847 | €1,096 | €2,265 | €3,288 | €3,201 | ▼ 2.6% |
| Profit (loss) for the period before taxes9903 | -€12,023 | €3,480 | €9,732 | €2,782 | €19,569 | ▲ 604% |
| Profit (loss) for the period9904 | -€12,023 | €3,480 | €9,732 | €2,782 | €19,569 | ▲ 604% |
| Profit (loss) for the period to be appropriated9905 | -€12,023 | €3,480 | €9,732 | €2,782 | €19,569 | ▲ 604% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €129,344 | €157,746 | €239,331 | €219,056 | €168,796 | ▼ 22.9% |
| Fixed assets21/28 | €34,396 | €27,367 | €77,595 | €58,467 | €40,071 | ▼ 31.5% |
| Intangible fixed assets21 | €5,457 | €16,272 | €11,546 | €7,690 | €4,567 | ▼ 40.6% |
| Tangible fixed assets22/27 | €28,526 | €10,681 | €65,636 | €50,363 | €35,091 | ▼ 30.3% |
| Land and buildings22 | - | €9,812 | €8,726 | €6,468 | €4,211 | ▼ 34.9% |
| Plant, machinery and equipment23 | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | €869 | €0 | - | - | - |
| Leasing and similar rights25 | - | €0 | €56,910 | €43,895 | €30,880 | ▼ 29.7% |
| Financial fixed assets28 | €414 | €414 | €414 | €414 | €414 | = |
| Current assets29/58 | €94,948 | €130,380 | €161,736 | €160,590 | €128,724 | ▼ 19.8% |
| Stocks and contracts in progress3 | €22,967 | €90,059 | €110,059 | €98,357 | €94,685 | ▼ 3.7% |
| Stocks30/36 | - | €90,059 | €110,059 | €98,357 | €94,685 | ▼ 3.7% |
| Amounts receivable within one year40/41 | €22,486 | €26,425 | €34,283 | €55,929 | €24,051 | ▼ 57.0% |
| Trade receivables40 | - | €24,792 | €32,650 | €54,296 | €22,418 | ▼ 58.7% |
| Other amounts receivable41 | - | €1,633 | €1,633 | €1,633 | €1,633 | = |
| Cash at bank and in hand54/58 | €48,595 | €4,657 | €16,709 | €6,002 | €9,988 | ▲ 66.4% |
| Deferred charges and accrued income490/1 | - | €9,239 | €686 | €303 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €129,344 | €157,746 | €239,331 | €219,056 | €168,796 | ▼ 22.9% |
| Equity10/15 | €29,299 | €32,779 | €42,510 | €45,292 | €64,861 | ▲ 43.2% |
| Contributions10/11 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €23,918 | €26,700 | €46,269 | ▲ 73.3% |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Distributable reserves133 | - | €1,859 | €23,918 | €26,700 | €46,269 | ▲ 73.3% |
| Profit (loss) carried forward14 | €8,848 | €12,328 | €0 | - | - | - |
| Amounts payable17/49 | €100,045 | €124,968 | €196,821 | €173,764 | €103,935 | ▼ 40.2% |
| Amounts payable after more than one year17 | - | - | €41,300 | €29,590 | €17,310 | ▼ 41.5% |
| Financial debts170/4 | - | - | €41,300 | €29,590 | €17,310 | ▼ 41.5% |
| Amounts payable within one year42/48 | €100,045 | €124,968 | €155,521 | €144,174 | €86,625 | ▼ 39.9% |
| Current portion of amounts payable after more than one year42 | - | €268 | €11,166 | €11,710 | €12,280 | ▲ 4.9% |
| Trade debts44 | €348 | €71,566 | €61,699 | €28,999 | €35,789 | ▲ 23.4% |
| Suppliers440/4 | - | €71,566 | €61,699 | €28,999 | €35,789 | ▲ 23.4% |
| Taxes, remuneration and social security45 | - | €5,045 | €2,157 | €22,966 | €16,760 | ▼ 27.0% |
| Taxes450/3 | - | €4,467 | €107 | €13,026 | €3,765 | ▼ 71.1% |
| Remuneration and social security454/9 | - | €579 | €2,050 | €9,940 | €12,994 | ▲ 30.7% |
| Other amounts payable47/48 | - | €48,088 | €80,499 | €80,499 | €21,796 | ▼ 72.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,023 | €3,480 | €9,732 | €2,782 | €19,569 | ▲ 604% |
| + Depreciation and write-downs630 | €32,706 | €6,902 | €15,975 | €19,129 | €18,395 | ▼ 3.8% |
| Operating cash flow (approximation) | €20,682 | €10,382 | €25,706 | €21,910 | €37,964 | ▲ 73.3% |
| Investment in fixed assets (approximation) | - | €127 | -€66,203 | €0 | €0 | - |
| Change in cash | - | -€43,938 | €12,052 | -€10,708 | €3,986 | ▲ 137% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
08-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €3,480
Net result €3,480 after one loss-making year.
2021
24-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
30-06
Financial
Weakest financial yearnet -€12,023
Net result drops to -€12,023, the lowest in the series; recovery starts the following year.
2020
17-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
03-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
14-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
24-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Retie · 1 establishment unit since 1994
Ground area
2,066 m²
Building footprint
831 m²
Volume, LiDAR
3,414 m³
Parcel 13036B0234/00K000, Flanders · tallest building 5.6 m, ±2 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
BADGEMAN
since 19942.067.663.183
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13036B0234/00K000 | Flanders | 2,066 m² | 1 · 831 m² | 5.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- ORAKEL GROUP
- BADGEMAN
Highest known parent: ORAKEL GROUP. The sources do not say who stands above it.
Owners 1
- ORAKEL GROUPparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 37,872 EUR awarded · 37,872 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 12,507 EUR | 12,507 EUR |
| 2024 | 1 | 13,857 EUR | 13,857 EUR |
| 2023 | 1 | 11,508 EUR | 11,508 EUR |
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Of 195 companies in sector 18110 we hold annual accounts for 134. 94 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-06-1994
Fiscal year end31-12
Activities, NACEBEL 2025
18110Printing and reproduction of recorded media
18130Pre-press and pre-media services
74120Graphic design and visual communication
47400Retail sale of information and communication equipment
73300Public relations and communication consultancy
74301Translation services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452868452
Registered
20-11-2020
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.