DELIGRAPH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 15 filings
Turnover
≈ €220,000
Estimated: probably between €170,000 and €440,000
Total assets
€49,386▲ 48.4%
2024 · €33,277
Net result
-€17,674▲ 47.9%
2024 · -€33,952
Working capital
-€55,579▼ 42.2%
2024 · -€39,093
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,264
▲ 47.9%
2025
20182025
Net result
-€17,674
▲ 47.9%
2025
lowest quarter of the sector
20182025
Equity
-€54,377
▼ 48.2%
2025
lowest quarter of the sector
20182025
Total assets
€49,386
▲ 48.4%
2025
lowest quarter of the sector
20182025
Debt
€103,762
▲ 48.3%
2025
20182025
Working capital
-€55,579
▼ 42.2%
2025
lowest quarter of the sector
20182025
Solvency
-110.1%
▲ 0.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.46
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-35.8%
▲ 66.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3
▼ 3.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,294--€3,748-€31,608▼ 743%€15,348€60,203▲ 292%-€35,583-€33,114▲ 6.9%-€17,264▲ 47.9%
Net result-€777--€4,655▼ 499%-€31,988below the sector's middle half▼ 587%€15,214within the sector's middle half€45,383above the sector's middle half▲ 198%-€35,896below the sector's middle half-€33,952below the sector's middle half▲ 5.4%-€17,674below the sector's middle half▲ 47.9%
Equity€9,191-€4,537▼ 50.6%-€27,451below the sector's middle half-€12,238below the sector's middle half▲ 55.4%€33,145within the sector's middle half-€2,751below the sector's middle half-€36,703below the sector's middle half▼ 1,234%-€54,377below the sector's middle half▼ 48.2%
Total assets€40,114-€32,565▼ 18.8%€32,467below the sector's middle half▼ 0.3%€50,775below the sector's middle half▲ 56.4%€77,533within the sector's middle half▲ 52.7%€44,071below the sector's middle half▼ 43.2%€33,277below the sector's middle half▼ 24.5%€49,386below the sector's middle half▲ 48.4%
Debt€30,923-€28,028▼ 9.4%€59,919▲ 114%€63,012▲ 5.2%€44,388▼ 29.6%€46,822▲ 5.5%€69,979▲ 49.5%€103,762▲ 48.3%
Working capital€5,566--€913-€30,859below the sector's middle half▼ 3,280%-€14,170below the sector's middle half▲ 54.1%€31,342within the sector's middle half-€5,112below the sector's middle half-€39,093below the sector's middle half▼ 665%-€55,579below the sector's middle half▼ 42.2%
Solvency22.9%-13.9%▼ 9.0pp-84.6%below the sector's middle half▼ 98.5pp-24.1%below the sector's middle half▲ 60.4pp42.7%within the sector's middle half▲ 66.9pp-6.2%below the sector's middle half▼ 49.0pp-110.3%below the sector's middle half▼ 104.1pp-110.1%below the sector's middle half▲ 0.2pp
Current ratio1.18-0.97▼ 0.210.48below the sector's middle half▼ 0.480.78below the sector's middle half▲ 0.291.71within the sector's middle half▲ 0.930.89below the sector's middle half▼ 0.820.44below the sector's middle half▼ 0.450.46below the sector's middle half▲ 0.02
Return on assets (ROA)-1.9%--14.3%▼ 12.4pp-98.5%below the sector's middle half▼ 84.2pp30.0%above the sector's middle half▲ 128.5pp58.5%above the sector's middle half▲ 28.6pp-81.5%below the sector's middle half▼ 140.0pp-102.0%below the sector's middle half▼ 20.6pp-35.8%below the sector's middle half▲ 66.2pp
Staff (FTE)1.9-2.2within the sector's middle half2.7▲ 22.7%2.8▲ 3.7%4.1▲ 46.4%3.1▼ 24.4%3▼ 3.2%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €17,264, smaller than the loss of €33,114 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49,386
Fixed assets
€1,203 ▼ 49.7%
Current assets
€48,183 ▲ 56.0%
Equity and liabilities
Equity-€54,377
Debt€103,762
Equity is negative. Debt (€103,762) exceeds the balance-sheet total (€49,386).
Key figures and ratios
EBITDA
-€16,076▲
2024 · -€31,936
Cash flow
-€16,486▲
2024 · -€32,774
Interest coverage
-125.22▲
2024 · -129.21
Debt ≤ 1 year
€103,762▲
2024 · €69,979
Income taxes
€282▼
2024 · €775
Staff costs
€133,455▼
2024 · €133,773
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 4 | 3 | 3 |
| part-time | 2 | 3 | 4 | 3 | 3 |
| in full-time equivalents | 1.5 | 2 | 2.9 | 2.4 | 2.4 |
| Average over the year, in full-time equivalents | 2 | 1.9 | 2.9 | 2.4 | 2.4 |
| On a permanent contract | 2 | 3 | 4 | 3 | 3 |
| Joined | 1 | - | - | - | - |
| Left | 2 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,979 | €1,169 | €1,207 | - |
| Depreciation and write-downs of the year | €1,476 | €528 | €611 | €1,178 | €1,188 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Public contracts
5 awards · 2026
UCL SA 2026.01 : ACCORD-CADRE RELATIF A DES SERVICES DE REALISATIONS GRAPHIQUES POUR L’UCLOUVAIN: UCL SA 2026.01 - 1
UCL SA 2026.01 : ACCORD-CADRE RELATIF A DES SERVICES DE REALISATIONS GRAPHIQUES POUR L’UCLOUVAIN: UCL SA 2026.01 - 2
UCL SA 2026.01 : ACCORD-CADRE RELATIF A DES SERVICES DE REALISATIONS GRAPHIQUES POUR L’UCLOUVAIN: UCL SA 2026.01 - 3
UCL SA 2026.01 : ACCORD-CADRE RELATIF A DES SERVICES DE REALISATIONS GRAPHIQUES POUR L’UCLOUVAIN: UCL SA 2026.01 - 4
UCL SA 2026.01 : ACCORD-CADRE RELATIF A DES SERVICES DE REALISATIONS GRAPHIQUES POUR L’UCLOUVAIN: UCL SA 2026.01 - 5
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €73,456 | €85,047 | €146,915 | €133,773 | €133,455 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,087 | €1,838 | €1,838 | €1,476 | €528 | €611 | €1,178 | €1,188 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | - | - | - | €1,368 | €2,492 | ▲ 82.2% |
| Gross operating margin9900 | €41,370 | €58,274 | €52,409 | €90,279 | €145,778 | €111,943 | €103,205 | €119,872 | ▲ 16.1% |
| Operating profit (loss)9901 | €1,294 | -€3,748 | -€31,608 | €15,348 | €60,203 | -€35,583 | -€33,114 | -€17,264 | ▲ 47.9% |
| Financial income75/76B | - | - | - | €16 | €3 | €121 | €185 | €0 | ▼ 100.0% |
| Recurring financial income75 | €10 | €23 | €0 | €16 | €3 | €121 | €185 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €150 | €301 | €168 | €247 | €128 | ▼ 48.1% |
| Recurring financial charges65 | €538 | €344 | €380 | €150 | €301 | €168 | €247 | €128 | ▼ 48.1% |
| Profit (loss) for the period before taxes9903 | €767 | -€4,068 | -€31,988 | €15,214 | €59,905 | -€35,630 | -€33,176 | -€17,392 | ▲ 47.6% |
| Income taxes67/77 | €1,544 | €586 | €0 | - | €14,522 | €266 | €775 | €282 | ▼ 63.7% |
| Profit (loss) for the period9904 | -€777 | -€4,655 | -€31,988 | €15,214 | €45,383 | -€35,896 | -€33,952 | -€17,674 | ▲ 47.9% |
| Profit (loss) for the period to be appropriated9905 | -€777 | -€4,655 | -€31,988 | €15,214 | €45,383 | -€35,896 | -€33,952 | -€17,674 | ▲ 47.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €40,114 | €32,565 | €32,467 | €50,775 | €77,533 | €44,071 | €33,277 | €49,386 | ▲ 48.4% |
| Fixed assets21/28 | €3,625 | €5,450 | €3,408 | €1,932 | €1,804 | €2,361 | €2,390 | €1,203 | ▼ 49.7% |
| Tangible fixed assets22/27 | €1,841 | €3,593 | €1,755 | €279 | €1,731 | €2,288 | €2,317 | €1,130 | ▼ 51.3% |
| Plant, machinery and equipment23 | - | - | - | €172 | €1,731 | €1,335 | €939 | €543 | ▼ 42.1% |
| Furniture and vehicles24 | - | - | - | €108 | - | €953 | €1,378 | €586 | ▼ 57.5% |
| Financial fixed assets28 | €1,784 | €1,857 | €1,653 | €1,653 | €73 | €73 | €73 | €73 | = |
| Current assets29/58 | €36,489 | €27,115 | €29,059 | €48,842 | €75,730 | €41,710 | €30,886 | €48,183 | ▲ 56.0% |
| Amounts receivable within one year40/41 | €31,765 | €10,398 | €4,893 | €42,173 | €24,289 | €27,092 | €13,503 | €47,096 | ▲ 249% |
| Trade receivables40 | - | - | - | €42,173 | €24,289 | €27,092 | €13,503 | €47,096 | ▲ 249% |
| Cash at bank and in hand54/58 | €4,424 | €15,833 | €24,167 | €6,670 | €51,441 | €14,618 | €17,383 | €1,087 | ▼ 93.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €40,114 | €32,565 | €32,467 | €50,775 | €77,533 | €44,071 | €33,277 | €49,386 | ▲ 48.4% |
| Equity10/15 | €9,191 | €4,537 | -€27,451 | -€12,238 | €33,145 | -€2,751 | -€36,703 | -€54,377 | ▼ 48.2% |
| Contributions10/11 | €10,400 | €10,400 | - | €10,400 | €10,400 | €10,400 | €10,400 | €10,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €22,745 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €20,885 | - | - | - | - |
| Profit (loss) carried forward14 | -€3,069 | -€7,723 | -€39,711 | -€24,498 | - | -€15,011 | -€48,963 | -€66,637 | ▼ 36.1% |
| Amounts payable17/49 | €30,923 | €28,028 | €59,919 | €63,012 | €44,388 | €46,822 | €69,979 | €103,762 | ▲ 48.3% |
| Amounts payable within one year42/48 | €30,923 | €28,028 | €59,919 | €63,012 | €44,388 | €46,822 | €69,979 | €103,762 | ▲ 48.3% |
| Trade debts44 | €2,823 | €12,511 | €5,081 | €9,465 | €1,548 | €9,817 | €18,151 | €25,679 | ▲ 41.5% |
| Suppliers440/4 | - | - | - | €9,465 | €1,548 | €9,817 | €18,151 | €25,679 | ▲ 41.5% |
| Taxes, remuneration and social security45 | - | - | - | €13,711 | €18,835 | €7,001 | €10,158 | €14,516 | ▲ 42.9% |
| Taxes450/3 | - | - | - | €8,131 | €18,835 | €7,001 | €10,158 | €5,771 | ▼ 43.2% |
| Remuneration and social security454/9 | - | - | - | €5,580 | - | - | - | €8,745 | - |
| Other amounts payable47/48 | - | - | - | €39,836 | €24,005 | €30,005 | €41,671 | €63,568 | ▲ 52.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€777 | -€4,655 | -€31,988 | €15,214 | €45,383 | -€35,896 | -€33,952 | -€17,674 | ▲ 47.9% |
| + Depreciation and write-downs630 | €1,087 | €1,838 | €1,838 | €1,476 | €528 | €611 | €1,178 | €1,188 | ▲ 0.8% |
| Operating cash flow (approximation) | €310 | -€2,817 | -€30,150 | €16,689 | €45,911 | -€35,285 | -€32,774 | -€16,486 | ▲ 49.7% |
| Investment in fixed assets (approximation) | - | -€3,663 | €204 | €0 | -€399 | -€1,169 | -€1,207 | €0 | - |
| Change in cash | - | €11,409 | €8,334 | -€17,497 | €44,771 | -€36,823 | €2,766 | -€16,296 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,907 companies had the same profile as DELIGRAPH has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DELIGRAPH itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for DELIGRAPH. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00174525 | |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00386834 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00160408 | |
| 31-12-2022 | micro format | 15-08-2023 | 2023-00330842 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20206230 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53200099 | |
| 31-12-2019 | micro format | 20-05-2020 | 2020-12600312 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-28600136 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25500411 | |
| 31-12-2016 | micro format | 07-07-2017 | 2017-29100554 |