G Varnish
ActiveG Varnish has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €378k and a net result of €12k. Equity is growing by ~10.7% per year across the filed fiscal years. Its solvency ranks better than 15% of 167 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
54
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability43▼-16
Solvency37▼-1
Growth40▼-17
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20k at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.32 in 2024; short-term debt: 61.7% and cash: 2.9% of total assets), and 87.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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
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
12.2%
Return on assets
0.4%
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
Sector 18
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 167 sector peers (2025).
NBB · sector comparisonPosition among 167 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
92 d early
2023
15 d early
2022
29 d late
2021
219 d late
2020
122 d late
2019
60 d late
← before the deadline
after the deadline →
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
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€3.90M▲ 27.6%
2023 · €3.05M
2018: €5.51M
2019: €4.98M
2020: €3.91M
2021: €3.98M
2022: €4.82M
2023: €3.05M
2018 → 2024
EBIT margin
7.1%▲ 3.8pp
2023 · 3.2%
2018: 2.1%
2019: 2.0%
2020: -2.5%
2021: 5.0%
2022: 2.2%
2023: 3.2%
2018 → 2024
Net result
€12k▼ 88.9%
2024 · €109k
2018: €21k
2019: €15k
2020: €-144k
2021: €134k
2022: €21k
2023: €29k
2024: €109k
2018 → 2025
Working capital
€429k▼ 15.0%
2024 · €505k
2018: €166k
2019: €263k
2020: €202k
2021: €479k
2022: €472k
2023: €536k
2024: €505k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€3.98M-€4.82M▲ 21.2%€3.05M▼ 36.7%€3.90M▲ 27.6%
Equity€208k-€228k▲ 10.0%€257k▲ 12.7%€366k▲ 42.3%€378k▲ 3.3%
Operating result€198k-€107k▼ 45.8%€99k▼ 7.9%€275k▲ 179%€98k▼ 64.6%
Net result€134k-€21k▼ 84.6%€29k▲ 40.2%€109k▲ 275%€12k▼ 88.9%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 65% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.11M
Fixed assets
€764k▼ 1.0%
Current assets
€2.35M▲ 13.3%
Equity and liabilities €3.11M
Equity
€378k▲ 3.3%
Debt
€2.73M▲ 10.3%
The debt ratio rises from 87.1% to 87.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€220k▼
2024 · €398k
Cash flow
€134k▼
2024 · €231k
Solvency
12.2%▼
2024 · 12.9%
Current ratio
1.22▼
2024 · 1.32
Quick ratio
0.52▼
2024 · 0.56
Debt / equity
7.23▲
2024 · 6.76
ROE
3.2%▼
2024 · 29.7%
ROA
0.4%▼
2024 · 3.8%
Interest coverage
2.80▼
2024 · 4.16
Debt
€2.73M▲
2024 · €2.48M
Debt ≤ 1 year
€1.92M▲
2024 · €1.57M
Debt > 1 year
€814k▼
2024 · €910k
Income taxes
€8k▼
2024 · €76k
Staff costs
€366k▲
2024 · €316k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.84M€3.11M▲
Fixed assets21/28€771k€764k▼
Tangible fixed assets22/27€771k€764k▼
Land and buildings22€1k€15k▲
Plant, machinery and equipment23€54k€103k▲
Furniture and vehicles24€126k€118k▼
Leasing and similar rights25€589k€528k▼
Current assets29/58€2.07M€2.35M▲
Stocks and contracts in progress3€1.20M€1.34M▲
Stocks30/36€1.20M€1.34M▲
Amounts receivable within one year40/41€791k€902k▲
Trade receivables40€668k€749k▲
Other amounts receivable41€123k€153k▲
Cash at bank and in hand54/58€67k€89k▲
Deferred charges and accrued income490/1€19k€14k▼
Equity and liabilities
Total equity and liabilities10/49€2.84M€3.11M▲
Equity10/15€366k€378k▲
Contributions10/11€100k€100k=
Capital10€100k€100k=
Issued capital100€100k€100k=
Reserves13€119k€131k▲
Non-distributable reserves130/1€10k€10k=
Legal reserve130€10k€10k=
Distributable reserves133€109k€121k▲
Profit (loss) carried forward14€148k€148k=
Amounts payable17/49€2.48M€2.73M▲
Amounts payable after more than one year17€910k€814k▼
Financial debts170/4€910k€814k▼
Amounts payable within one year42/48€1.57M€1.92M▲
Current portion of amounts payable after more than one year42€83k€87k▲
Financial debts43€650k€750k▲
Credit institutions430/8€650k€750k▲
Trade debts44€802k€951k▲
Suppliers440/4€802k€951k▲
Taxes, remuneration and social security45€33k€58k▲
Taxes450/3€13k€11k▼
Remuneration and social security454/9€21k€47k▲
Other amounts payable47/48-€73k
Income statement
Code20242025
Turnover70€3.90M-
Non-recurring operating income76A€2k-
Goods, raw materials, services and sundry goods60/61€3.29M-
Remuneration, social security and pensions62€316k€366k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€122k€122k▼
Other operating charges640/8€36k€9k▼
Gross operating margin9900€750k€595k▼
Operating profit (loss)9901€275k€98k▼
Financial income75/76B€5k€523▼
Recurring financial income75€5k€523▼
Financial charges65/66B€96k€79k▼
Recurring financial charges65€96k€79k▼
Profit (loss) for the period before taxes9903€185k€20k▼
Income taxes67/77€76k€8k▼
Profit (loss) for the period9904€109k€12k▼
Profit (loss) for the period to be appropriated9905€109k€12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€256k€160k▼
Profit (loss) brought forward from the previous period14P€147k€148k▲
Transfer to equity691/2€109k€12k▼
To other reserves6921€109k€12k▼
Social balance
Average headcount (FTE)90876.35.8▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
07-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 219 days late
2021
31-12
Financial
Back to profitnet €134k
Net result €134k after one loss-making year.
31-12
Financial
Equity above €200kEq €208k ▲183%
Equity rises from €73k to €208k.
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 122 days late
2020
31-12
Financial
Weakest financial yearnet €-144k ▼1034%
Net result drops to €-144k, the lowest in the series; recovery starts the following year.
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 60 days late
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 90 days late
2018
28-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 89 days late
2017
21-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 52 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, De Haan · 1 establishment unit since 2005
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Geraniumlaan 18420 De HaanGround area
4,979 m²
Building footprint
2,700 m²
Volume, LiDAR
665 m³
2 parcels, Flanders · tallest building 5.8 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
G Varnish
since 20052.147.034.325
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23035A0058/00W000 | Flanders | 4,256 m² | 1 · 2,526 m² | - |
| 31038A0139/00R000 | Flanders | 722 m² | 1 · 174 m² | 5.8 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteBeersel2.147.034.325
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Of 2,856 companies in sector 18130 we hold annual accounts for 831. 552 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded01-04-2005
Fiscal year end31-12
Activities, NACEBEL
18130Pre-press and pre-media services
22250
90201Performing arts by independent artists
92311
18140Printing and reproduction of recorded media
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.