Checked.be
Active
BE 0439.344.573Public limited company
GRAFICO
Kerkstraat 7 ·3940 Hechtel-Eksel, Belgium· 36 yrs active
Sector: Other printing
(18120)
Conclusion
GRAFICO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €42k and a net result of €-23k. Equity is shrinking by ~14% per year across the filed fiscal years. Its solvency ranks better than 23% of 294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €42k |
| Net result | €-23k |
| Staff (FTE) | 2.9 |
| Better than sector | 23% |
Financial profile
36
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
33
Profitability
0
Solvency
15
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1989, 36 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
33
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€2k
estimate, not credit advice
Score history
86
2021
78
2022
51
2023
7
2024
33
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.76 (< 1.0)
-10
Leverage
Debt/equity 6.13 (> 3.0)
-10
Profitability
Negatieve ROE -55%
-10
Interest coverage
Interest coverage 5.1× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 24-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~14%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 18, Printing and reproduction of recorded media · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 14.0% | 42.6% | |
| Net result | €-23k | €13k | |
| Equity | €42k | €179k | |
| Gross operating margin | €223k | €146k | |
| Staff costs | €172k | €228k |
€17k
+795.8%
21-25
€-23k
+31.0%
21-25
€14k
-
21-25
€301k
-11.2%
21-25
€42k
-35.6%
21-25
€-50k
-53.3%
21-25
3
+16.0%
21-25
€172k
+19.8%
21-25
€288
-2.8%
21-25
€259k
-5.3%
21-25
€213k
-2.5%
21-25
€40k
-26.0%
21-25
0.76
-10.1%
21-25
0.64
-25.3%
21-25
14.0%
-27.5%
21-25
6.13
+47.1%
21-25
-55.3%
-7.2%
21-25
-7.8%
+22.3%
21-25
5.06
+2104.0%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €17k | €2k | €45k | €26k | €67k |
| Net profit | €-23k | €-34k | €8k | €10k | €62k |
| Cash flow | €14k | €-6k | €34k | €19k | €64k |
| Staff costs | €172k | €144k | €128k | €117k | €66k |
| Income taxes | €288 | €297 | €7k | €4k | €2k |
| Dividends | - | - | - | - | - |
| Total assets | €301k | €339k | €351k | €361k | €201k |
| Equity | €42k | €66k | €99k | €92k | €82k |
| Debt | €259k | €273k | €252k | €269k | €119k |
| of which ≤ 1y | €213k | €218k | €218k | €225k | €119k |
| of which > 1y | €40k | €53k | €33k | €45k | - |
| Working capital | €-50k | €-33k | €-4k | €17k | €75k |
| Employees (FTE) | 2.9 | 2.5 | 2.3 | 2.3 | 2.1 |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.76 | 0.85 | 0.98 | 1.07 | 1.63 |
| Quick ratio | 0.64 | 0.85 | 0.98 | 1.07 | 1.63 |
| Working capital ratio | -16.6% | -9.6% | -1.3% | 4.6% | 37.5% |
| Solvency | 14.0% | 19.4% | 28.3% | 25.4% | 40.7% |
| Debt / equity | 6.13 | 4.17 | 2.53 | 2.94 | 1.46 |
| Long-term debt ratio | 0.94 | 0.81 | 0.33 | 0.49 | - |
| Interest coverage | 5.06 | 0.23 | 11.26 | 10.40 | 114.30 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -7.8% | -10.0% | 2.2% | 2.7% | 31.0% |
| ROE | -55.3% | -51.6% | 7.9% | 10.7% | 76.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €301k | €339k | €351k | €361k | €201k |
| Fixed assets | 21/28 | €138k | €153k | €137k | €120k | €6k |
| Tangible fixed assets | 22/27 | €138k | €153k | €137k | €120k | €6k |
| Financial fixed assets | 28 | - | - | - | €99 | €99 |
| Current assets | 29/58 | €163k | €186k | €214k | €241k | €194k |
| Stocks & contracts in progress | 3 | €28k | - | - | - | - |
| Amounts receivable within one year | 40/41 | €95k | €130k | €151k | €159k | €150k |
| Cash & bank | 54/58 | €34k | €49k | €60k | €82k | €44k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €301k | €339k | €351k | €361k | €201k |
| Equity | 10/15 | €42k | €66k | €99k | €92k | €82k |
| Contributions / capital | 10/11 | €62k | €62k | €62k | €62k | €62k |
| Reserves | 13 | €37k | €37k | €37k | €30k | €20k |
| Accumulated profits (losses) | 14 | €-57k | €-34k | - | - | - |
| Amounts payable | 17/49 | €259k | €273k | €252k | €269k | €119k |
| Amounts payable after one year | 17 | €40k | €53k | €33k | €45k | - |
| Amounts payable within one year | 42/48 | €213k | €218k | €218k | €225k | €119k |
| Trade debts payable within one year | 44 | €44k | €74k | €102k | €113k | €65k |
| Income statement | ||||||
| Gross operating margin | 9900 | €223k | €178k | €193k | €154k | €145k |
| Operating result | 9901 | €-20k | €-26k | €18k | €16k | €65k |
| Financial income | 75 | €647 | €849 | €463 | €135 | €3 |
| Financial charges | 65 | €3k | €8k | €4k | €2k | €585 |
| Result before taxes | 9903 | €-23k | €-34k | €15k | €14k | €64k |
| Income taxes | 67/77 | €288 | €297 | €7k | €4k | €2k |
| Net result for the period | 9904 | €-23k | €-34k | €8k | €10k | €62k |
| Result to be appropriated | 9905 | €-23k | €-34k | €8k | €10k | €62k |
Legal Structure
| NACE primary | Other printing(18120) |
| Legal form | Public limited company(014) |
| Incorporation | 22-12-1989 |
| Status | Active |
| Postal code | 3940 |
Establishment units
GRAFICO NV
since 19902.046.761.069
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72006C0140/00E000 | Flanders | 464 m² | 1 · 296 m² | 9.7 m · 1 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-34k ▼531%
Net result drops to €-34k, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
09-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 101 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 3 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Other printing18120Advertising agencies7311074401Retail trade47620Retail sale of newspapers and periodicals4762152470
Names & trade names
| Legal nameNL | GRAFICO |
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