GRAFIXPRO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00026343.
Annual accounts 2025 filed on 02-02-2026 PDF all 15 filings
Turnover
≈ €29,000
Estimated: probably between €13,000 and €69,000
Total assets
€88,131▼ 44.8%
2024 · €159,698
Net result
-€3,492
2024 · €6,489
Working capital
€57,986▲ 37×
2024 · €1,564
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€2,127
2025
20192025
Net result
-€3,492
2025
lowest quarter of the sector
20192025
Equity
€73,916
▼ 4.5%
2025
middle half of the sector
20192025
Total assets
€88,131
▼ 44.8%
2025
middle half of the sector
20192025
Debt
€14,214
▼ 82.7%
2025
20192025
Working capital
€57,986
▲ 37×
2025
middle half of the sector
20192025
Solvency
83.9%
▲ 35.4pp
2025
highest quarter of the sector
20192025
Current ratio
5.16
▲ 4.14
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-4.0%
▼ 8.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,371--€21,248€36,511-€5,329-€4,663▲ 12.5%€7,960-€2,127
Net result€912--€26,803below the sector's middle half€27,504above the sector's middle half-€8,468below the sector's middle half-€5,466below the sector's middle half▲ 35.5%€6,489within the sector's middle half-€3,492below the sector's middle half
Equity€84,152-€57,349within the sector's middle half▼ 31.9%€84,853within the sector's middle half▲ 48.0%€76,385within the sector's middle half▼ 10.0%€70,919within the sector's middle half▼ 7.2%€77,408within the sector's middle half▲ 9.1%€73,916within the sector's middle half▼ 4.5%
Total assets€137,649-€95,448within the sector's middle half▼ 30.7%€111,376within the sector's middle half▲ 16.7%€96,153within the sector's middle half▼ 13.7%€96,912within the sector's middle half▲ 0.8%€159,698within the sector's middle half▲ 64.8%€88,131within the sector's middle half▼ 44.8%
Debt€53,497-€38,099▼ 28.8%€26,523▼ 30.4%€19,768▼ 25.5%€25,993▲ 31.5%€82,289▲ 217%€14,214▼ 82.7%
Working capital€54,779-€29,591within the sector's middle half▼ 46.0%€56,524within the sector's middle half▲ 91.0%€51,874within the sector's middle half▼ 8.2%€50,425within the sector's middle half▼ 2.8%€1,564within the sector's middle half▼ 96.9%€57,986within the sector's middle half▲ 37×
Solvency61.1%-60.1%within the sector's middle half▼ 1.1pp76.2%above the sector's middle half▲ 16.1pp79.4%above the sector's middle half▲ 3.3pp73.2%above the sector's middle half▼ 6.3pp48.5%within the sector's middle half▼ 24.7pp83.9%above the sector's middle half▲ 35.4pp
Current ratio2.02-1.78within the sector's middle half▼ 0.253.13within the sector's middle half▲ 1.353.68above the sector's middle half▲ 0.553.08within the sector's middle half▼ 0.601.02within the sector's middle half▼ 2.065.16above the sector's middle half▲ 4.14
Return on assets (ROA)0.7%--28.1%below the sector's middle half▼ 28.7pp24.7%above the sector's middle half▲ 52.8pp-8.8%below the sector's middle half▼ 33.5pp-5.6%below the sector's middle half▲ 3.2pp4.1%within the sector's middle half▲ 9.7pp-4.0%below the sector's middle half▼ 8.0pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 €2,127, after a profit of €7,960 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 €88,131
Fixed assets
€16,191 ▼ 78.9%
Current assets
€71,939 ▼ 13.2%
Equity and liabilities €88,131
Equity
€73,916 ▼ 4.5%
Debt
€14,214 ▼ 82.7%
Debt's share of the balance-sheet total falls from 51.5% to 16.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,801▼
2024 · €13,126
Cash flow
€1,436▼
2024 · €11,655
Quick ratio
4.87▲
2024 · 0.98
Debt to equity
0.19▼
2024 · 1.06
ROE
-4.7%▼
2024 · 8.4%
Interest coverage
1.88▼
2024 · 15.28
Debt ≤ 1 year
€13,953▼
2024 · €81,274
Debt > 1 year
€261▼
2024 · €1,016
Income taxes
€255▼
2024 · €878
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €27,437 | €2,635 | €60,218 | €2,417 |
| Depreciation and write-downs of the year | €3,549 | €5,328 | €5,166 | €4,928 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €198 | €0 | - | €5,768 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,369 | €1,614 | €5,134 | €3,549 | €5,328 | €5,166 | €4,928 | ▼ 4.6% |
| Other operating charges640/8 | - | - | - | €666 | €852 | €1,105 | €976 | ▼ 11.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €415 | €0 | ▼ 100% |
| Gross operating margin9900 | €11,780 | -€19,050 | €42,672 | -€1,114 | €1,517 | €14,645 | €3,777 | ▼ 74.2% |
| Operating profit (loss)9901 | €5,371 | -€21,248 | €36,511 | -€5,329 | -€4,663 | €7,960 | -€2,127 | - |
| Financial income75/76B | - | - | - | €177 | €594 | €265 | €381 | ▲ 43.4% |
| Recurring financial income75 | €448 | - | - | €177 | €594 | €265 | €381 | ▲ 43.4% |
| Financial charges65/66B | - | - | - | €2,889 | €1,204 | €859 | €1,491 | ▲ 73.5% |
| Recurring financial charges65 | €4,113 | €5,172 | €855 | €2,889 | €1,204 | €859 | €1,491 | ▲ 73.5% |
| Profit (loss) for the period before taxes9903 | €1,706 | -€26,419 | €34,768 | -€8,041 | -€5,272 | €7,367 | -€3,237 | - |
| Income taxes67/77 | €794 | €383 | €7,264 | €427 | €193 | €878 | €255 | ▼ 71.0% |
| Profit (loss) for the period9904 | €912 | -€26,803 | €27,504 | -€8,468 | -€5,466 | €6,489 | -€3,492 | - |
| Profit (loss) for the period to be appropriated9905 | €912 | -€26,803 | €27,504 | -€8,468 | -€5,466 | €6,489 | -€3,492 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €137,649 | €95,448 | €111,376 | €96,153 | €96,912 | €159,698 | €88,131 | ▼ 44.8% |
| Fixed assets21/28 | €29,373 | €27,759 | €28,329 | €24,915 | €22,222 | €76,860 | €16,191 | ▼ 78.9% |
| Tangible fixed assets22/27 | €29,373 | €27,759 | €28,329 | €24,915 | €22,222 | €76,860 | €16,191 | ▼ 78.9% |
| Land and buildings22 | - | - | - | €19,663 | €16,248 | €13,626 | €11,004 | ▼ 19.2% |
| Plant, machinery and equipment23 | - | - | - | €4,478 | €5,517 | €4,351 | €3,184 | ▼ 26.8% |
| Furniture and vehicles24 | - | - | - | €774 | €457 | €58,883 | €2,003 | ▼ 96.6% |
| Current assets29/58 | €108,277 | €67,690 | €83,047 | €71,237 | €74,690 | €82,838 | €71,939 | ▼ 13.2% |
| Stocks and contracts in progress3 | €7,116 | €7,781 | €6,569 | €6,569 | €10,055 | €3,283 | €4,000 | ▲ 21.9% |
| Stocks30/36 | - | - | - | €6,569 | €10,055 | €3,283 | €4,000 | ▲ 21.9% |
| Amounts receivable within one year40/41 | €57,574 | €9,143 | €14,173 | €30,792 | €23,072 | €26,085 | €21,185 | ▼ 18.8% |
| Trade receivables40 | - | - | - | €20,018 | €16,665 | €20,607 | €14,603 | ▼ 29.1% |
| Other amounts receivable41 | - | - | - | €10,774 | €6,407 | €5,477 | €6,582 | ▲ 20.2% |
| Current investments50/53 | - | - | - | - | - | €30,000 | €30,010 | = |
| Cash at bank and in hand54/58 | €2,187 | €9,365 | €23,259 | €5,446 | €19,494 | €9,566 | €7,815 | ▼ 18.3% |
| Deferred charges and accrued income490/1 | - | - | - | €28,429 | €22,068 | €13,905 | €8,929 | ▼ 35.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €137,649 | €95,448 | €111,376 | €96,153 | €96,912 | €159,698 | €88,131 | ▼ 44.8% |
| Equity10/15 | €84,152 | €57,349 | €84,853 | €76,385 | €70,919 | €77,408 | €73,916 | ▼ 4.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €29,364 | €29,364 | €29,364 | €35,853 | €35,853 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €27,504 | €27,504 | €35,853 | €35,853 | = |
| Profit (loss) carried forward14 | €63,692 | €36,889 | €36,889 | €28,421 | €22,956 | €22,956 | €19,464 | ▼ 15.2% |
| Amounts payable17/49 | €53,497 | €38,099 | €26,523 | €19,768 | €25,993 | €82,289 | €14,214 | ▼ 82.7% |
| Amounts payable after more than one year17 | - | - | - | €405 | €1,728 | €1,016 | €261 | ▼ 74.3% |
| Financial debts170/4 | - | - | - | €405 | €1,728 | €1,016 | €261 | ▼ 74.3% |
| Amounts payable within one year42/48 | €53,497 | €38,099 | €26,523 | €19,363 | €24,265 | €81,274 | €13,953 | ▼ 82.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,586 | €1,078 | €713 | €754 | ▲ 5.8% |
| Trade debts44 | €23,484 | €18,375 | €13,889 | €13,068 | €16,072 | €9,108 | €7,702 | ▼ 15.4% |
| Suppliers440/4 | - | - | - | €13,068 | €16,072 | €9,108 | €7,702 | ▼ 15.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €70,000 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €4,709 | €7,115 | €1,453 | €5,497 | ▲ 278% |
| Taxes450/3 | - | - | - | €4,709 | €7,115 | €1,453 | €5,497 | ▲ 278% |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €912 | -€26,803 | €27,504 | -€8,468 | -€5,466 | €6,489 | -€3,492 | - |
| + Depreciation and write-downs630 | €4,369 | €1,614 | €5,134 | €3,549 | €5,328 | €5,166 | €4,928 | ▼ 4.6% |
| Operating cash flow (approximation) | €5,281 | -€25,189 | €32,638 | -€4,919 | -€138 | €11,655 | €1,436 | ▼ 87.7% |
| Investment in fixed assets (approximation) | - | €0 | -€5,705 | -€135 | -€2,635 | -€59,803 | €55,740 | - |
| Change in cash | - | €7,178 | €13,894 | -€17,813 | €14,048 | -€9,929 | -€1,751 | ▲ 82.4% |
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, 6,908 companies had the same profile as GRAFIXPRO has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GRAFIXPRO itself: 0.3% 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 6,908 companies, not a prediction for GRAFIXPRO. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00026343 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00019399 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00015300 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011853 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04200368 | |
| 30-06-2020 | micro format | 31-01-2021 | 2021-03200308 | |
| 30-06-2019 | micro format | 05-02-2020 | 2020-04300502 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-02800410 | |
| 30-06-2017 | micro format | 02-02-2018 | 2018-03900027 | |
| 30-06-2016 | abbreviated format | 09-02-2017 | 2017-04100301 |