GRAFER
ActiveSummary
GRAFER has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €199,950 and a net result of €52,275. Equity is growing by ~53.6% per year across the filed fiscal years. Its solvency ranks better than 89% of 7900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability96▲+11
Solvency100▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days acceptable
Liquidity ample (current ratio 8.2 against 3.63 in 2024; short-term debt: 11.3% and cash: 78.5% of total assets), and 18.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
81.9%
Return on assets
21.4%
Age of the figures
9 mo
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
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 · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
23 d late
2022
57 d late
2021
31 d late
2020
25 d late
2019
61 d late
← 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 28 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€52,275▲ 99.3%
2024 · €26,226
Working capital
€198,921▲ 45.4%
2024 · €136,828
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€40,465▲ 50.0%€117,657▲ 191%€64,722▼ 45.0%€37,502▼ 42.1%€78,938▲ 110%
Net result€30,485▲ 25.3%€82,256▲ 170%€42,317▼ 48.6%€26,226▼ 38.0%€52,275▲ 99.3%
Equity€17,881€85,137▲ 376%€127,454▲ 49.7%€148,509▲ 16.5%€199,950▲ 34.6%
Total assets€84,763▲ 95.6%€180,776▲ 113%€174,926▼ 3.2%€202,986▲ 16.0%€244,067▲ 20.2%
Debt€66,882▲ 19.6%€95,640▲ 43.0%€47,472▼ 50.4%€54,477▲ 14.8%€44,117▼ 19.0%
Working capital€51,983€77,923▲ 49.9%€121,936▲ 56.5%€136,828▲ 12.2%€198,921▲ 45.4%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 110% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €244,067
Fixed assets
€17,528 ▲ 24.7%
Current assets
€226,539 ▲ 19.9%
Equity and liabilities €244,067
Equity
€199,950 ▲ 34.6%
Debt
€44,117 ▼ 19.0%
Debt's share of the balance-sheet total falls from 26.8% to 18.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€83,872▲
2024 · €40,524
Cash flow
€57,208▲
2024 · €29,248
Current ratio
8.20▲
2024 · 3.63
Debt to equity
0.22▼
2024 · 0.37
ROE
26.1%▲
2024 · 17.7%
ROA
21.4%▲
2024 · 12.9%
Interest coverage
219.16▲
2024 · 27.51
Debt ≤ 1 year
€27,619▼
2024 · €52,098
Debt > 1 year
€16,499▲
2024 · €2,379
Income taxes
€26,488▲
2024 · €9,940
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
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 0.8% 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 34,672 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 | - | €1,263 | €1,695 | €3,022 | €4,933 | ▲ 63.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€2,994 | - | - | - | - | - |
| Other operating charges640/8 | €2,994 | €792 | €74 | €641 | €42 | ▼ 93.5% |
| Gross operating margin9900 | €40,465 | €119,712 | €66,492 | €41,165 | €83,913 | ▲ 104% |
| Operating profit (loss)9901 | €40,465 | €117,657 | €64,722 | €37,502 | €78,938 | ▲ 110% |
| Financial income75/76B | - | €769 | €620 | €138 | €207 | ▲ 50.3% |
| Recurring financial income75 | - | €769 | €620 | €138 | €207 | ▲ 50.3% |
| Financial charges65/66B | €162 | €104 | €763 | €1,473 | €383 | ▼ 74.0% |
| Recurring financial charges65 | €162 | €104 | €763 | €1,473 | €383 | ▼ 74.0% |
| Profit (loss) for the period before taxes9903 | €40,302 | €118,322 | €64,579 | €36,166 | €78,762 | ▲ 118% |
| Income taxes67/77 | €9,817 | €36,066 | €22,261 | €9,940 | €26,488 | ▲ 166% |
| Profit (loss) for the period9904 | €30,485 | €82,256 | €42,317 | €26,226 | €52,275 | ▲ 99.3% |
| Profit (loss) for the period to be appropriated9905 | €30,485 | €82,256 | €42,317 | €26,226 | €52,275 | ▲ 99.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €84,763 | €180,776 | €174,926 | €202,986 | €244,067 | ▲ 20.2% |
| Fixed assets21/28 | - | €7,214 | €5,518 | €14,059 | €17,528 | ▲ 24.7% |
| Tangible fixed assets22/27 | - | €7,214 | €5,518 | €14,059 | €17,528 | ▲ 24.7% |
| Furniture and vehicles24 | - | €7,214 | €5,518 | €14,059 | €17,528 | ▲ 24.7% |
| Current assets29/58 | €84,763 | €173,563 | €169,407 | €188,927 | €226,539 | ▲ 19.9% |
| Amounts receivable after more than one year29 | - | €82,867 | €33,197 | €24,645 | €24,645 | = |
| Other amounts receivable291 | - | €82,867 | €33,197 | €24,645 | €24,645 | = |
| Amounts receivable within one year40/41 | €34,124 | €12,173 | €34,976 | €41,799 | €4,742 | ▼ 88.7% |
| Trade receivables40 | €29,600 | €588 | €20,100 | €25,000 | - | - |
| Other amounts receivable41 | €4,524 | €11,584 | €14,876 | €16,799 | €4,742 | ▼ 71.8% |
| Cash at bank and in hand54/58 | €50,638 | €78,523 | €95,512 | €116,996 | €191,633 | ▲ 63.8% |
| Deferred charges and accrued income490/1 | - | - | €5,722 | €5,487 | €5,520 | ▲ 0.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €84,763 | €180,776 | €174,926 | €202,986 | €244,067 | ▲ 20.2% |
| Equity10/15 | €17,881 | €85,137 | €127,454 | €148,509 | €199,950 | ▲ 34.6% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €11,360 | €78,360 | €120,660 | €141,660 | €192,660 | ▲ 36.0% |
| 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 | €9,500 | €76,500 | €118,800 | €139,800 | €190,800 | ▲ 36.5% |
| Profit (loss) carried forward14 | €321 | €577 | €594 | €649 | €1,090 | ▲ 68.1% |
| Amounts payable17/49 | €66,882 | €95,640 | €47,472 | €54,477 | €44,117 | ▼ 19.0% |
| Amounts payable after more than one year17 | €34,102 | - | - | €2,379 | €16,499 | ▲ 594% |
| Other amounts payable178/9 | €34,102 | - | - | €2,379 | €16,499 | ▲ 594% |
| Amounts payable within one year42/48 | €32,780 | €95,640 | €47,472 | €52,098 | €27,619 | ▼ 47.0% |
| Financial debts43 | - | €35,000 | €35,000 | €3,400 | €3,382 | ▼ 0.5% |
| Credit institutions430/8 | - | €35,000 | €35,000 | €3,400 | €3,382 | ▼ 0.5% |
| Trade debts44 | €10,045 | - | €3,198 | €30,177 | €3,077 | ▼ 89.8% |
| Suppliers440/4 | €10,045 | - | €3,198 | €30,177 | €3,077 | ▼ 89.8% |
| Taxes, remuneration and social security45 | €22,735 | €45,640 | €9,274 | €13,350 | €20,327 | ▲ 52.3% |
| Taxes450/3 | €15,235 | €44,056 | €5,930 | €9,478 | €17,947 | ▲ 89.4% |
| Remuneration and social security454/9 | €7,500 | €1,584 | €3,344 | €3,872 | €2,379 | ▼ 38.6% |
| Other amounts payable47/48 | - | €15,000 | - | €5,172 | €833 | ▼ 83.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,485 | €82,256 | €42,317 | €26,226 | €52,275 | ▲ 99.3% |
| + Depreciation and write-downs630 | - | €1,263 | €1,695 | €3,022 | €4,933 | ▲ 63.2% |
| Operating cash flow (approximation) | €30,485 | €83,519 | €44,013 | €29,248 | €57,208 | ▲ 95.6% |
| Investment in fixed assets (approximation) | - | - | €0 | -€11,563 | -€8,403 | ▲ 27.3% |
| Change in cash | - | €27,884 | €16,990 | €21,484 | €74,637 | ▲ 247% |
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 · abbreviated schema
2025
31-12
Financial
Liquidity doublescurrent ratio 8.20
Current ratio from 3.63 to 8.20; short-term debt falls from €52,098 to €27,619.
31-12
Financial
Equity above €150,000Eq €199,950 ▲34.6%
7 profitable years in a row build equity to €199,950.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
23-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 23 days late
2023
31-12
Financial
Equity above €100,000Eq €127,454 ▲49.7%
5 profitable years in a row build equity to €127,454.
26-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 57 days late
2022
31-12
Financial
Highest result since 2018net €82,256 ▲170%
Operating result €117,657, net result €82,256, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Liquidity triplescurrent ratio 2.59
Current ratio from 0.77 to 2.59; short-term debt falls from €55,937 to €32,780.
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 25 days late
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
Show earlier events
2019
31-12
Financial
Back to profitnet €18,468
Net result €18,468 after one loss-making year.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Sprimont · 1 establishment unit since 2010
Ground area
2,406 m²
Building footprint
98 m²
Volume, LiDAR
484 m³
2 parcels, Wallonia · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ICONNEXION
since 20102.188.228.146
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62104C0248/00W000 | Wallonia | 1,654 m² | - | - |
| 62100L0867/00M000 | Wallonia | 752 m² | 1 · 98 m² | 7.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,831 companies in sector 43211 we hold annual accounts for 10,329. 8,272 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)
Founded16-04-2010
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
33140Repair and maintenance of electrical equipment
33200Installation of industrial machinery and equipment
42212Civil engineering
42220Construction of utility projects for electricity and telecommunications
43110Demolition
43120Site preparation
43212Electrical installation work in industrial facilities
43230Insulation installation
43240Other construction installation
43910Bricklaying and masonry work
62900Other information technology and computer services
81220Other building cleaning and industrial cleaning
E-invoicing
Reachable via Peppol
Peppol ID
0208:0825070716
Also
9925:BE0825070716
Registered
16-07-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.