Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
Of this, €13,529 falls due within a year.
The 2020 accounts came 114 days late. The other five were filed on time.
Lower solvency than 95% of companies in computer programming and consultancy. Sector median 60.0% · 21,206 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 62, micro). It does better than 3% of them on solvency, 27% on liquidity, 60% on profitability and 48% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,180 companies had the same profile as GRAYCE has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GRAYCE itself is lower: 0.1% within 12 months. It rests on far more data about GRAYCE than the profile alone.
The method was tested on the 497,447 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 2,180 companies, not a prediction for GRAYCE. 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.
Liquidity is insufficient, with a current ratio of 0.49 (0.27 in 2024), below 1. Short-term debt is 157.9% and cash 76.2% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 7 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| GRAYCE Zemst | €8,570 | €3,915 | -649.0% | - |
| EMC INFORMATIQUE Evere | €7,299 | €2,742 | 84.7% | - |
| MOUPRESS Molenbeek-Saint-Jean | €6,631 | €4,804 | 66.7% | - |
| 3D AM Bree | €5,729 | €3,260 | -136.0% | - |
| BASEL INTERNATIONAL Zaventem | €9,400 | €3,047 | 74.1% | - |
| Macty Leuven | €8,766 | €2,579 | -46.2% | - |
| KastingKafé Uccle | €6,750 | €6,111 | -5254.8% | - |
These companies have the same main activity as GRAYCE: computer programming (NACE 62100). They are comparable in size and age: total assets between €5,730 and €9,400, founded between 2015 and 2022.
GRAYCE files the micro format. That format states no turnover. The gross margin rose from -€1,196 in 2020 to €3,915 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €21,000. Estimated: probably between €11,000 and €41,000.
Lower than 95% of 21,206 companies in 2025.
Higher than 6% of 20,569 companies in 2025.
Higher than 55% of 20,744 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
8,570 | 6,596 | 10,014 | 13,737 | 14,134 | 14,584 | |
20 |
0 | 0 | - | - | - | - | |
21/28 |
1,887 | 2,982 | 5,894 | 9,089 | 6,069 | 8,183 | |
21 |
1,887 | 2,982 | 5,894 | 9,089 | 6,069 | 8,183 | |
29/58 |
6,683 | 3,615 | 4,120 | 4,648 | 8,065 | 6,402 | |
3 |
- | - | - | 997 | 997 | - | |
30/36 |
- | - | - | 997 | 997 | - | |
40/41 |
150 | 1,936 | 96 | 706 | 2,410 | 144 | |
40 |
- | 1,936 | - | - | 450 | - | |
41 |
150 | - | 96 | 706 | 1,960 | 144 | |
54/58 |
6,533 | 1,679 | 4,024 | 2,944 | 4,029 | 6,258 | |
490/1 |
- | - | - | - | 629 | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
8,570 | 6,596 | 10,014 | 13,737 | 14,134 | 14,584 | |
10/15 |
-55,614 | -57,449 | -53,315 | -40,284 | -9,008 | 4,609 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
14 |
-65,614 | -67,449 | -63,315 | -50,284 | -19,008 | -5,391 | |
17/49 |
64,184 | 64,045 | 63,328 | 54,020 | 23,141 | 9,975 | |
17 |
49,500 | 49,500 | 49,500 | 36,219 | 9,014 | - | |
170/4 |
49,500 | 49,500 | 49,500 | 36,219 | 9,014 | - | |
42/48 |
13,529 | 13,390 | 12,673 | 16,647 | 13,458 | 9,702 | |
44 |
- | 95 | - | 704 | 1,659 | - | |
440/4 |
- | 95 | - | 704 | 1,659 | - | |
45 |
- | 261 | - | 3,949 | 1,805 | - | |
450/3 |
- | 261 | - | - | - | - | |
454/9 |
- | - | - | 3,949 | 1,805 | - | |
47/48 |
13,529 | 13,034 | 12,673 | 11,994 | 9,994 | 9,702 | |
492/3 |
1,155 | 1,155 | 1,155 | 1,155 | 670 | 273 | |
| Income statement | |||||||
9900 |
3,915 | -306 | -3,782 | -4,905 | -5,541 | -1,196 | |
62 |
- | -56 | 5,120 | 22,806 | 4,711 | - | |
630 |
1,095 | 2,912 | 3,195 | 2,390 | 2,113 | 3,570 | |
640/8 |
400 | 387 | 384 | 348 | 695 | 348 | |
9901 |
2,420 | -3,549 | -12,481 | -30,449 | -13,060 | -5,114 | |
65/66B |
586 | 585 | 550 | 827 | 556 | 277 | |
65 |
586 | 585 | 550 | 827 | 556 | 277 | |
9903 |
1,834 | -4,134 | -13,031 | -31,276 | -13,616 | -5,391 | |
9904 |
1,834 | -4,134 | -13,031 | -31,276 | -13,616 | -5,391 | |
9905 |
1,834 | -4,134 | -13,031 | -31,276 | -13,616 | -5,391 | |
| Appropriation of the result | |||||||
9906 |
-65,614 | -67,449 | -63,315 | -50,284 | -19,008 | -5,391 | |
14P |
-67,449 | -63,315 | -50,284 | -19,008 | -5,391 | - | |
| Social balance sheet | |||||||
9087 |
- | - | - | 1 | - | - | |
Hours worked1013 |
- | - | - | 896 | - | - | |
| Document | |||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00164190 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00193995 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00195166 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00151532 | |
| 31-12-2021 | micro format | 18-07-2022 | 2022-20193584 | |
| 31-12-2020 | micro format | 22-11-2021 | 2021-77900165 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 3,515 | -637 | -9,286 | -28,058 | -10,947 | -1,543 | ||
| 2,929 | -1,222 | -9,836 | -28,886 | -11,503 | -1,821 | ||
| 0 | 0 | 0 | 5,410 | 0 | 10,567 | ||
| 4,854 | -2,345 | 1,080 | -1,084 | -2,229 | - | ||
| -6,847 | -9,776 | -8,554 | -11,999 | -5,393 | -3,301 | ||
| -649.0% | -870.9% | -532.4% | -293.2% | -63.7% | 31.6% | ||
| 0.49 | 0.27 | 0.33 | 0.28 | 0.60 | 0.66 | ||
| 0.49 | 0.27 | 0.33 | 0.22 | 0.53 | 0.66 | ||
| - | - | - | - | - | 2.16 | ||
| - | - | - | - | - | -117.0% | ||
| 21.4% | -62.7% | -130.1% | -227.7% | -96.3% | -37.0% | ||
| 6.00 | -1.09 | -16.89 | -33.92 | -19.68 | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2022 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.6 |
| 0.6 | |
| On a permanent contract | 1 |
Source: social balance sheet in the 2022 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | - | - | €5,410 | - |
| €1,095 | €2,912 | €3,195 | €2,390 | €2,113 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €2,420, after a loss of €3,549 in 2024. It is the highest result since 2020.
Equity is negative. Debt (€64,184) exceeds the balance-sheet total (€8,570).
GRAYCE has no parent and no holdings in its annual accounts. Van Belle Mystica is the only director. GRAYCE shares no director with another company.
| MAGNOBEL
registered office since 05-04-2018 · founded in 2018 |
total assets €405,160 (2025) 0693.953.638 |
| VBM CONSULTING
registered office since 11-12-2020 · founded in 2020 |
total assets €112,545 (2025) 0759.695.981 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Linterpoortenlaan 189 registered office 1980 Zemst | 14-10-2019 | 2.295.310.802 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23096D0332/00M000 | 768 m² | 1 · 177 m² | 0.1 m |
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