GRAPHITEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-09-2025 PDF all 23 filings
Turnover
≈ €1.5m
Estimated: probably between €880,000 and €2.5m
EBIT margin
Not included in this filing
Net result
€109,211
2024 · -€25,217
Working capital
€212,174▲ 95.1%
2024 · €108,769
In the rankings
#7 oldest company in Awans, Manufacturing sector#10 company by equity in Awans, Manufacturing sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€168,282
2025
20192025
Net result
€109,211
2025
middle half of the sector
20192025
Equity
€482,297
▲ 29.3%
2025
middle half of the sector
20192025
Total assets
€1.0m
▲ 7.7%
2025
middle half of the sector
20192025
Debt
€562,722
▼ 5.8%
2025
20192025
Working capital
€212,174
▲ 95.1%
2025
middle half of the sector
20192025
Solvency
46.2%
▲ 7.7pp
2025
middle half of the sector
20192025
Current ratio
1.75
▲ 0.37
2025
middle half of the sector
20192025
Return on assets (ROA)
10.5%
▲ 13.0pp
2025
highest quarter of the sector
20192025
Staff (FTE)
6.4
▲ 8.5%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.01m--€0.03m▼ 87.9%€0.002m€0.09m▲ 35×€0.06m▼ 34.1%-€0.009m€0.2m
Net result-€0.03m--€0.04mbelow the sector's middle half▼ 17.3%-€0.007mbelow the sector's middle half▲ 79.2%€0.07mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 51.4%-€0.03mbelow the sector's middle half€0.1mwithin the sector's middle half
Equity€0.3m-€0.3mwithin the sector's middle half▼ 10.5%€0.3mwithin the sector's middle half▼ 2.4%€0.4mwithin the sector's middle half▲ 24.3%€0.4mwithin the sector's middle half▲ 9.5%€0.4mwithin the sector's middle half▼ 6.3%€0.5mwithin the sector's middle half▲ 29.3%
Total assets€1.2m-€1.0mwithin the sector's middle half▼ 16.1%€1.0mwithin the sector's middle half▼ 1.9%€1.0mwithin the sector's middle half▼ 3.3%€1.0mwithin the sector's middle half▲ 0.8%€1.0mwithin the sector's middle half▼ 2.1%€1.0mwithin the sector's middle half▲ 7.7%
Debt€0.9m-€0.7m▼ 18.2%€0.7m▼ 1.7%€0.6m▼ 14.5%€0.6m▼ 4.3%€0.6m▲ 0.7%€0.6m▼ 5.8%
Working capital€0.02m-€0.009mwithin the sector's middle half▼ 58.3%€0.02mwithin the sector's middle half▲ 164%€0.07mwithin the sector's middle half▲ 192%€0.2mwithin the sector's middle half▲ 145%€0.1mwithin the sector's middle half▼ 38.0%€0.2mwithin the sector's middle half▲ 95.1%
Solvency27.1%-28.9%within the sector's middle half▲ 1.8pp28.8%within the sector's middle half▼ 0.2pp37.0%within the sector's middle half▲ 8.2pp40.2%within the sector's middle half▲ 3.2pp38.4%within the sector's middle half▼ 1.7pp46.2%within the sector's middle half▲ 7.7pp
Current ratio1.07-1.04within the sector's middle half▼ 0.031.09within the sector's middle half▲ 0.051.25within the sector's middle half▲ 0.161.68within the sector's middle half▲ 0.431.38within the sector's middle half▼ 0.301.75within the sector's middle half▲ 0.37
Return on assets (ROA)-2.4%--3.4%below the sector's middle half▼ 1.0pp-0.7%below the sector's middle half▲ 2.7pp7.2%within the sector's middle half▲ 7.9pp3.5%within the sector's middle half▼ 3.7pp-2.6%below the sector's middle half▼ 6.1pp10.5%above the sector's middle half▲ 13.0pp
Staff (FTE)10-10.3within the sector's middle half▲ 3.0%8within the sector's middle half▼ 22.3%6within the sector's middle half▼ 25.0%6within the sector's middle half=5.9within the sector's middle half▼ 1.7%6.4within the sector's middle half▲ 8.5%
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 profit of €168,282, after a loss of €9,164 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€548,913 ▼ 4.8%
Current assets
€496,105 ▲ 25.9%
Equity and liabilities €1.0m
Equity
€482,297 ▲ 29.3%
Debt
€562,722 ▼ 5.8%
Debt's share of the balance-sheet total falls from 61.6% to 53.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€222,517▲
2024 · €41,466
Cash flow
€163,446▲
2024 · €25,413
Quick ratio
1.27▲
2024 · 1.10
Debt to equity
1.17▼
2024 · 1.60
ROE
22.6%▲
2024 · -6.8%
Interest coverage
31.68▲
2024 · 3.01
Debt ≤ 1 year
€283,931▼
2024 · €285,410
Debt > 1 year
€278,521▼
2024 · €305,862
Income taxes
€52,062▲
2024 · €2,739
Staff costs
€380,862▼
2024 · €389,675
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 6 | 6 |
| full-time | 6 | 6 | 5 | 6 |
| part-time | - | - | 1 | 0 |
| in full-time equivalents | 6 | 6 | 5.2 | 0 |
| Average over the year, in full-time equivalents | 6 | 6 | 5.9 | 6.4 |
| On a permanent contract | 6 | 6 | 5 | 6 |
| Joined | 1 | - | 3 | 7 |
| Left | 2 | - | 3 | 6 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,560 | €15,039 | €61,786 | €18,864 |
| Intangible fixed assets | - | - | €8,000 | €7,750 |
| Depreciation and write-downs of the year | €91,642 | €82,134 | €50,630 | €54,235 |
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 | - | - | - | - | - | - | €310 | - |
| Remuneration, social security and pensions62 | - | - | - | €350,929 | €330,397 | €389,675 | €380,862 | ▼ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €123,596 | €107,041 | €98,857 | €91,642 | €82,134 | €50,630 | €54,235 | ▲ 7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €6,271 | - |
| Other operating charges640/8 | - | - | - | €4,911 | €7,362 | €11,119 | €9,533 | ▼ 14.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €379 | - |
| Gross operating margin9900 | €478,631 | €454,408 | €369,709 | €532,570 | €475,998 | €442,260 | €619,562 | ▲ 40.1% |
| Operating profit (loss)9901 | -€14,061 | -€26,414 | €2,436 | €85,087 | €56,105 | -€9,164 | €168,282 | - |
| Financial income75/76B | - | - | - | €131 | €13 | €440 | €15 | ▼ 96.5% |
| Recurring financial income75 | €2,166 | €7,536 | €5,803 | €131 | €13 | €440 | €15 | ▼ 96.5% |
| Financial charges65/66B | - | - | - | €14,071 | €13,295 | €13,754 | €7,024 | ▼ 48.9% |
| Recurring financial charges65 | €17,943 | €16,163 | €15,439 | €14,071 | €13,295 | €13,754 | €7,024 | ▼ 48.9% |
| Profit (loss) for the period before taxes9903 | -€29,838 | -€35,042 | -€7,200 | €71,147 | €42,823 | -€22,478 | €161,273 | - |
| Income taxes67/77 | €144 | €117 | €116 | €110 | €8,330 | €2,739 | €52,062 | ▲ 19× |
| Profit (loss) for the period9904 | -€29,983 | -€35,158 | -€7,316 | €71,038 | €34,494 | -€25,217 | €109,211 | - |
| Profit (loss) for the period to be appropriated9905 | -€29,983 | -€35,158 | -€7,316 | €71,038 | €34,494 | -€25,217 | €109,211 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 7.7% |
| Fixed assets21/28 | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 4.8% |
| Intangible fixed assets21 | - | - | - | - | - | €0.008m | €0.01m | ▲ 84.5% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.03m | €0.06m | €0.05m | ▼ 7.7% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.005m | €0.02m | €0.02m | ▲ 22.5% |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 25.9% |
| Stocks and contracts in progress3 | €0.1m | €0.09m | €0.09m | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 68.9% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 68.9% |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 24.3% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 24.5% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.005m | €177 | €0.001m | ▲ 277% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.07m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 93.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.02m | €0.003m | €0.004m | ▲ 25.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 7.7% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 29.3% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.06m | €0.04m | €0.1m | ▲ 300% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0 | - | - |
| Distributable reserves133 | - | - | - | - | €0.04m | €0.04m | €0.1m | ▲ 300% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts payable17/49 | €0.9m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 5.8% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 8.9% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 10.7% |
| Other amounts payable178/9 | - | - | - | - | - | €0.05m | €0.05m | = |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.05m | €0.03m | €0.04m | ▲ 11.1% |
| Financial debts43 | - | - | - | €0.05m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.05m | - | - | - | - |
| Trade debts44 | €0.1m | €0.08m | €0.07m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 13.1% |
| Suppliers440/4 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 13.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.03m | €0.07m | €0.09m | ▲ 20.2% |
| Taxes450/3 | - | - | - | €0.009m | €0.02m | €0.02m | €0.06m | ▲ 188% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.01m | €0.05m | €0.03m | ▼ 50.5% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | ▼ 6.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.006m | €270 | ▼ 95.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,983 | -€35,158 | -€7,316 | €71,038 | €34,494 | -€25,217 | €109,211 | - |
| + Depreciation and write-downs630 | €123,596 | €107,041 | €98,857 | €91,642 | €82,134 | €50,630 | €54,235 | ▲ 7.1% |
| Operating cash flow (approximation) | €93,613 | €71,883 | €91,541 | €162,680 | €116,628 | €25,413 | €163,446 | ▲ 543% |
| Investment in fixed assets (approximation) | - | -€11,129 | -€30,593 | €864 | -€15,039 | -€69,786 | -€26,614 | ▲ 61.9% |
| Change in cash | - | -€12,146 | €43,720 | €19,789 | €20,108 | -€5,575 | €96,274 | - |
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, 31,368 companies had the same profile as GRAPHITEX has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GRAPHITEX 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 31,368 companies, not a prediction for GRAPHITEX. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | full format | 29-09-2025 | 2025-00511161 | |
| 31-03-2024 | full format | 31-10-2024 | 2024-00526396 | |
| 31-03-2023 | full format | 23-10-2023 | 2023-00490018 | |
| 31-03-2022 | full format | 04-11-2022 | 2022-20484550 | |
| 31-03-2021 | full format | 27-09-2021 | 2021-68600351 | |
| 31-03-2020 | full format | 30-09-2020 | 2020-57500562 | |
| 31-03-2019 | full format | 30-08-2019 | 2019-59100099 | |
| 31-03-2018 | full format | 17-09-2018 | 2018-63200430 | |
| 31-03-2017 | full format | 06-09-2017 | 2017-60500219 | |
| 31-03-2016 | full format | 23-09-2016 | 2016-61000558 |