COOL GRAY
ActiveSummary
COOL GRAY has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €13,831 and a net result of €2,804. Equity is shrinking by ~14.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 8969 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability87▲+87
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity ample (current ratio 29.98 against 8.05 in 2023; short-term debt: 3.3% of total assets), and 3.3% 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+raises 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
96.7%
Return on assets
19.6%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
40 d late
2022
63 d late
2020
109 d late
2019
104 d late
2018
61 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 68 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€13,831▲ 25.4%
2023 · €11,026
Total assets
€14,308▲ 13.6%
2023 · €12,591
Net result
€2,804
2023 · -€2,146
Working capital
€13,831▲ 25.4%
2023 · €11,026
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, 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
Line20192020202220232024
Operating result-€17,672▲ 55.8%-€3,160▲ 82.1%€3,927--€1,261€837
Net result-€23,796▲ 41.7%-€5,186below the sector's middle half▲ 78.2%€3,403within the sector's middle half--€2,146below the sector's middle half€2,804within the sector's middle half
Equity€18,786▼ 55.9%€13,600below the sector's middle half▼ 27.6%€13,172below the sector's middle half-€11,026below the sector's middle half▼ 16.3%€13,831below the sector's middle half▲ 25.4%
Total assets€38,079▼ 34.2%€32,984below the sector's middle half▼ 13.4%€28,219below the sector's middle half-€12,591below the sector's middle half▼ 55.4%€14,308below the sector's middle half▲ 13.6%
Debt€19,293▲ 26.4%€19,384▲ 0.5%€15,047-€1,565▼ 89.6%€477▼ 69.5%
Working capital€17,860▼ 57.0%€12,800within the sector's middle half▼ 28.3%€13,172within the sector's middle half-€11,026within the sector's middle half▼ 16.3%€13,831within the sector's middle half▲ 25.4%
Solvency49.3%▼ 24.3pp41.2%within the sector's middle half▼ 8.1pp46.7%within the sector's middle half-87.6%above the sector's middle half▲ 40.9pp96.7%above the sector's middle half▲ 9.1pp
Current ratio1.93▼ 1.801.66within the sector's middle half▼ 0.271.88within the sector's middle half-8.05above the sector's middle half▲ 6.1729.98above the sector's middle half▲ 21.93
Return on assets (ROA)-62.5%▲ 8.0pp-15.7%below the sector's middle half▲ 46.8pp12.1%within the sector's middle half--17.0%below the sector's middle half▼ 29.1pp19.6%within the sector's middle half▲ 36.6pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €837 after a loss of €1,261 in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €14,308
Equity
€13,831 ▲ 25.4%
Debt
€477 ▼ 69.5%
Debt's share of the balance-sheet total falls from 12.4% to 3.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.03▼
2023 · 0.14
ROE
20.3%▲
2023 · -19.5%
Debt ≤ 1 year
€477▼
2023 · €1,565
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 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 0.4% 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 497,662 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% | 1.7% |
| 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 75% 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 31,349 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 | 2019 | 2020 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €123 | €126 | - | - | - | - |
| Other operating charges640/8 | - | - | €120 | €867 | - | - |
| Gross operating margin9900 | -€15,366 | -€2,006 | €4,046 | -€394 | €837 | ▲ 312% |
| Operating profit (loss)9901 | -€17,672 | -€3,160 | €3,927 | -€1,261 | €837 | ▲ 166% |
| Financial income75/76B | - | - | €112 | - | €1,980 | - |
| Recurring financial income75 | €16 | €93 | €112 | - | €1,980 | - |
| Financial charges65/66B | - | - | €636 | €885 | €13 | ▼ 98.6% |
| Recurring financial charges65 | €2,783 | €1,007 | €636 | €885 | €13 | ▼ 98.6% |
| Profit (loss) for the period before taxes9903 | -€20,439 | -€4,074 | €3,403 | -€2,146 | €2,804 | ▲ 231% |
| Income taxes67/77 | €3,357 | €1,112 | - | - | - | - |
| Profit (loss) for the period9904 | -€23,796 | -€5,186 | €3,403 | -€2,146 | €2,804 | ▲ 231% |
| Profit (loss) for the period to be appropriated9905 | -€23,796 | -€5,186 | €3,403 | -€2,146 | €2,804 | ▲ 231% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €38,079 | €32,984 | €28,219 | €12,591 | €14,308 | ▲ 13.6% |
| Fixed assets21/28 | €926 | €800 | - | - | - | - |
| Tangible fixed assets22/27 | €126 | - | - | - | - | - |
| Financial fixed assets28 | €800 | €800 | - | - | - | - |
| Current assets29/58 | €37,153 | €32,184 | €28,219 | €12,591 | €14,308 | ▲ 13.6% |
| Stocks and contracts in progress3 | €1,062 | €1,771 | - | - | - | - |
| Amounts receivable within one year40/41 | €35,945 | €30,276 | €27,987 | €12,554 | €14,308 | ▲ 14.0% |
| Trade receivables40 | - | - | €12,981 | - | - | - |
| Other amounts receivable41 | - | - | €15,006 | €12,554 | €14,308 | ▲ 14.0% |
| Cash at bank and in hand54/58 | - | - | €9 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | €223 | €37 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €38,079 | €32,984 | €28,219 | €12,591 | €14,308 | ▲ 13.6% |
| Equity10/15 | €18,786 | €13,600 | €13,172 | €11,026 | €13,831 | ▲ 25.4% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | = |
| Outside capital11 | - | - | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€1,665 | -€6,851 | -€7,279 | -€9,425 | -€6,620 | ▲ 29.8% |
| Amounts payable17/49 | €19,293 | €19,384 | €15,047 | €1,565 | €477 | ▼ 69.5% |
| Amounts payable within one year42/48 | €19,293 | €19,384 | €15,047 | €1,565 | €477 | ▼ 69.5% |
| Financial debts43 | - | - | €1,294 | €1,330 | €243 | ▼ 81.7% |
| Credit institutions430/8 | - | - | €1,294 | €1,330 | €243 | ▼ 81.7% |
| Trade debts44 | €17,477 | €17,605 | €13,502 | - | - | - |
| Suppliers440/4 | - | - | €13,502 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €251 | €234 | €234 | = |
| Taxes450/3 | - | - | €251 | €234 | €234 | = |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,796 | -€5,186 | €3,403 | -€2,146 | €2,804 | ▲ 231% |
| + Depreciation and write-downs630 | €123 | €126 | - | - | - | - |
| Operating cash flow (approximation) | -€23,673 | -€5,060 | €3,403 | -€2,146 | €2,804 | ▲ 231% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Back to profitnet €2,804
Net result €2,804 after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 29.98
Current ratio from 8.05 to 29.98; short-term debt falls from €1,565 to €477.
09-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 40 days late
2023
31-12
Financial
Liquidity quadruplescurrent ratio 8.05
Current ratio from 1.88 to 8.05; short-term debt falls from €15,047 to €1,565.
02-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 63 days late
2022
31-12
Financial
Back to profitnet €3,403
Net result €3,403 after 3 loss-making years.
2021
17-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 109 days late
2020
12-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 104 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
14-11
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 106 days late
2016
07-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 68 days late
2015
28-09
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Héron · 1 establishment unit since 1995
Ground area
2,395 m²
Building footprint
88 m²
Volume, LiDAR
668 m³
Parcel 61028F0025/00T003, Wallonia · tallest building 9.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
COOL GRAY SPRL
since 19952.037.526.768
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61028F0025/00T003 | Wallonia | 2,395 m² | 1 · 87 m² | 8.9 m · 3 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.
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Of 9,864 companies in sector 73110 we hold annual accounts for 3,758. 2,332 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
Founded28-03-1988
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0433786473
Also
9925:BE0433786473
Registered
17-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.