GR Studio
ActiveSummary
GR Studio has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €30,885 and a net result of -€7,345. Equity is growing by ~22.6% per year across the filed fiscal years. Its solvency ranks better than 26% of 3505 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability20▼-17
Solvency43▼-5
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity short (current ratio 0.56 against 1.68 in 2024; short-term debt: 14.2% and cash: 1.3% of total assets), and 81.6% 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+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2025Solvency, return and age of the figures
Solvency
18.4%
Return on assets
-4.4%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
on the day
2024
1 d late
2023
7 d early
2022
31 d late
2021
6 d early
2020
1 d early
2019
15 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 on the deadline day; the sector median for financial year 2024 is 3 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, micro schema
Equity
€30,885▼ 19.2%
2024 · €38,230
Total assets
€167,584▼ 0.9%
2024 · €169,063
Net result
-€7,345
2024 · €901
Working capital
-€10,471
2024 · €9,388
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1,032€2,892€1,992▼ 31.1%€8,403▲ 322%-€581
Net result-€1,053€1,059€440▼ 58.4%€901▲ 105%-€7,345
Equity€23,430▼ 4.3%€24,489▲ 4.5%€37,329▲ 52.4%€38,230▲ 2.4%€30,885▼ 19.2%
Total assets€38,553▲ 13.0%€30,845▼ 20.0%€171,556▲ 456%€169,063▼ 1.5%€167,584▼ 0.9%
Debt€15,123▲ 57.1%€6,356▼ 58.0%€134,228▲ 2,012%€130,833▼ 2.5%€136,699▲ 4.5%
Working capital€21,330▲ 1.5%€22,689▲ 6.4%€7,893▼ 65.2%€9,388▲ 18.9%-€10,471
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €581 after €8,403 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €167,584
Fixed assets
€154,257 ▲ 5.7%
Current assets
€13,327 ▼ 42.3%
Equity and liabilities €167,584
Equity
€30,885 ▼ 19.2%
Debt
€136,699 ▲ 4.5%
Debt's share of the balance-sheet total rises from 77.4% to 81.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€5,544▼
2024 · €13,028
Cash flow
-€1,219▼
2024 · €5,525
Current ratio
0.56▼
2024 · 1.68
Debt to equity
4.43▲
2024 · 3.42
ROE
-23.8%▼
2024 · 2.4%
ROA
-4.4%▼
2024 · 0.5%
Interest coverage
0.84▼
2024 · 2.06
Debt ≤ 1 year
€23,799▲
2024 · €13,708
Debt > 1 year
€112,900▼
2024 · €117,126
Income taxes
€190▼
2024 · €1,181
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,550 companies that looked in July 2024 the way this one looks now, 3.9% went bankrupt within 24 months and 91% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
3.9%
went bankrupt
3.7%
stopped otherwise
91%
still going
A further 1.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 1,550 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,519 | €300 | €442 | €4,624 | €6,125 | ▲ 32.5% |
| Other operating charges640/8 | €113 | - | - | - | €2,463 | - |
| Gross operating margin9900 | €600 | €3,192 | €2,434 | €13,028 | €8,007 | ▼ 38.5% |
| Operating profit (loss)9901 | -€1,032 | €2,892 | €1,992 | €8,403 | -€581 | ▼ 107% |
| Financial income75/76B | €0 | €1 | €125 | €2 | - | - |
| Recurring financial income75 | €0 | €1 | €125 | €2 | - | - |
| Financial charges65/66B | €52 | €135 | €304 | €6,323 | €6,573 | ▲ 4.0% |
| Recurring financial charges65 | €52 | €135 | €304 | €6,323 | €6,573 | ▲ 4.0% |
| Profit (loss) for the period before taxes9903 | -€1,084 | €2,757 | €1,813 | €2,082 | -€7,154 | ▼ 444% |
| Income taxes67/77 | -€32 | €1,699 | €1,373 | €1,181 | €190 | ▼ 83.9% |
| Profit (loss) for the period9904 | -€1,053 | €1,059 | €440 | €901 | -€7,345 | ▼ 915% |
| Profit (loss) for the period to be appropriated9905 | -€1,053 | €1,059 | €440 | €901 | -€7,345 | ▼ 915% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €38,553 | €30,845 | €171,556 | €169,063 | €167,584 | ▼ 0.9% |
| Fixed assets21/28 | €2,100 | €1,800 | €150,592 | €145,967 | €154,257 | ▲ 5.7% |
| Tangible fixed assets22/27 | €2,100 | €1,800 | €150,592 | €145,967 | €154,257 | ▲ 5.7% |
| Land and buildings22 | - | - | €149,092 | €144,767 | €140,443 | ▼ 3.0% |
| Furniture and vehicles24 | - | - | - | - | €12,914 | - |
| Other tangible fixed assets26 | €2,100 | €1,800 | €1,500 | €1,200 | €900 | ▼ 25.0% |
| Current assets29/58 | €36,453 | €29,045 | €20,965 | €23,096 | €13,327 | ▼ 42.3% |
| Amounts receivable within one year40/41 | €9,315 | €12,360 | €12,948 | €10,661 | €11,220 | ▲ 5.2% |
| Trade receivables40 | €7,200 | €7,944 | €11,820 | €9,534 | €11,220 | ▲ 17.7% |
| Other amounts receivable41 | €2,115 | €4,416 | €1,127 | €1,127 | - | - |
| Cash at bank and in hand54/58 | €18,683 | €10,150 | €3,318 | €8,837 | €2,108 | ▼ 76.2% |
| Deferred charges and accrued income490/1 | €8,455 | €6,535 | €4,699 | €3,597 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €38,553 | €30,845 | €171,556 | €169,063 | €167,584 | ▼ 0.9% |
| Equity10/15 | €23,430 | €24,489 | €37,329 | €38,230 | €30,885 | ▼ 19.2% |
| Contributions10/11 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €277 | €277 | €277 | €277 | €277 | = |
| Non-distributable reserves130/1 | €277 | €277 | - | - | - | - |
| Reserves not available under the articles1311 | €277 | €277 | - | - | - | - |
| Distributable reserves133 | - | - | €277 | €277 | €277 | = |
| Profit (loss) carried forward14 | €16,953 | €18,012 | €18,452 | €19,353 | €12,008 | ▼ 38.0% |
| Amounts payable17/49 | €15,123 | €6,356 | €134,228 | €130,833 | €136,699 | ▲ 4.5% |
| Amounts payable after more than one year17 | - | - | €121,156 | €117,126 | €112,900 | ▼ 3.6% |
| Financial debts170/4 | - | - | €121,156 | €117,126 | €112,900 | ▼ 3.6% |
| Amounts payable within one year42/48 | €15,123 | €6,356 | €13,072 | €13,708 | €23,799 | ▲ 73.6% |
| Current portion of amounts payable after more than one year42 | - | - | €3,844 | €4,030 | €10,944 | ▲ 172% |
| Trade debts44 | €8,043 | €3,135 | €6,325 | €3,699 | €3,861 | ▲ 4.4% |
| Suppliers440/4 | €8,043 | €3,135 | €6,325 | €3,699 | €3,861 | ▲ 4.4% |
| Taxes, remuneration and social security45 | €5,763 | €1,505 | €1,861 | €2,207 | €2,139 | ▼ 3.1% |
| Taxes450/3 | €5,763 | €1,505 | €1,861 | €2,207 | €2,139 | ▼ 3.1% |
| Other amounts payable47/48 | €1,317 | €1,717 | €1,042 | €3,771 | €6,855 | ▲ 81.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,053 | €1,059 | €440 | €901 | -€7,345 | ▼ 915% |
| + Depreciation and write-downs630 | €1,519 | €300 | €442 | €4,624 | €6,125 | ▲ 32.5% |
| Operating cash flow (approximation) | €467 | €1,359 | €882 | €5,525 | -€1,219 | ▼ 122% |
| Investment in fixed assets (approximation) | - | €0 | -€149,234 | €0 | -€14,415 | - |
| Change in cash | - | -€8,533 | -€6,832 | €5,519 | -€6,730 | ▼ 222% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€7,345
Net result drops to -€7,345, the lowest in the series.
01-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 1 day late
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €1,059
Net result €1,059 after one loss-making year.
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €12,748 ▲293%
Operating result €17,669, net result €12,748, both a record.
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Herve · 1 establishment unit since 2017
Ground area
1,397 m²
Building footprint
122 m²
Volume, LiDAR
1,254 m³
Parcel 63085A0065/00D002, Wallonia · tallest building 12.2 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
GR STUDIO
since 20172.263.439.273
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63085A0065/00D002 | Wallonia | 1,397 m² | 1 · 122 m² | 12.2 m · 4 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 6,288 companies in sector 74120 we hold annual accounts for 1,011. 876 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 (pre-2019)
Founded11-04-2017
Fiscal year end31-12
Activities, NACEBEL 2025
74120Graphic design and visual communication
73110Advertising agencies
73300Public relations and communication consultancy
74140Other specialised design activities
82990Other business support services
90111Literary creation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0674424964
Also
9925:BE0674424964
Registered
29-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.