GRAYLING
ActiveSummary
GRAYLING has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.6m and a net result of -€39,155. Equity is shrinking by ~3.7% per year across the filed fiscal years. Its solvency ranks better than 70% of 845 sector peers (NACE 73, fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€39,155▼ 241%
2024 · -€11,469
Working capital
-€792,167▼ 77.5%
2024 · -€446,217
Trend over the years
2021 to 2025, 5 fiscal years 2018 to 2025, 8 fiscal years
The operating result stays negative: a loss of €330,631 in 2025 against €277,895 in 2024; the loss grows.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
Operating result-€0.3m
2025
Net result-€0.04m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€5.3m
2025
Equity€3.6m
2025
Debt€1.7m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.8m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-0.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency67.2%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.47
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)8.9
2025
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▲ 5.2%-€0.2m€0.3m-€0.4m-€0.7m▼ 104%-€0.3m▲ 62.2%-€0.3m▼ 19.0%
Net result€0.1m-€0.1m▼ 28.4%-€0.2mbelow the sector's middle half€0.2mabove the sector's middle half-€0.4mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 40.9%-€0.01mbelow the sector's middle half▲ 97.9%-€0.04mbelow the sector's middle half▼ 241%
Equity€4.4m-€4.5m▲ 2.4%€4.3mabove the sector's middle half▼ 5.2%€4.5mabove the sector's middle half▲ 5.4%€4.1mabove the sector's middle half▼ 8.5%€3.6mabove the sector's middle half▼ 13.1%€3.6mabove the sector's middle half▼ 0.3%€3.6mabove the sector's middle half▼ 1.1%
Total assets€5.1m-€5.5m▲ 8.0%€5.0mabove the sector's middle half▼ 8.7%€5.3mabove the sector's middle half▲ 5.0%€5.5mabove the sector's middle half▲ 4.4%€4.8mabove the sector's middle half▼ 13.4%€5.1mabove the sector's middle half▲ 5.6%€5.3mwithin the sector's middle half▲ 4.5%
Debt€0.7m-€1.0m▲ 43.8%€0.7m▼ 24.7%€0.8m▲ 2.8%€1.4m▲ 80.0%€1.2m▼ 14.3%€1.5m▲ 23.6%€1.7m▲ 18.0%
Working capital€1.1m-€1.2m▲ 6.0%€0.4mwithin the sector's middle half▼ 66.4%€1.2mabove the sector's middle half▲ 209%€1.0mabove the sector's middle half▼ 17.0%€0.03mwithin the sector's middle half▼ 97.4%-€0.4mbelow the sector's middle half-€0.8mbelow the sector's middle half▼ 77.5%
Solvency86.5%-82.0%▼ 4.5pp85.2%above the sector's middle half▲ 3.1pp85.5%above the sector's middle half▲ 0.3pp75.0%above the sector's middle half▼ 10.5pp75.2%above the sector's middle half▲ 0.3pp71.0%within the sector's middle half▼ 4.2pp67.2%within the sector's middle half▼ 3.8pp
Current ratio3.16-2.46▼ 0.701.77within the sector's middle half▼ 0.693.29above the sector's middle half▲ 1.521.90within the sector's middle half▼ 1.391.03within the sector's middle half▼ 0.870.66below the sector's middle half▼ 0.370.47below the sector's middle half▼ 0.19
Return on assets (ROA)2.9%-1.9%▼ 1.0pp-4.7%below the sector's middle half▼ 6.6pp4.4%within the sector's middle half▲ 9.1pp-6.9%below the sector's middle half▼ 11.3pp-11.3%below the sector's middle half▼ 4.4pp-0.2%within the sector's middle half▲ 11.1pp-0.7%below the sector's middle half▼ 0.5pp
Staff (FTE)22.4-25.5▲ 13.8%23.4above the sector's middle half▼ 8.2%18.4above the sector's middle half▼ 21.4%18.9above the sector's middle half▲ 2.7%16.7above the sector's middle half▼ 11.6%9.8within the sector's middle half▼ 41.3%8.9within the sector's middle half▼ 9.2%
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€4.6m ▲ 9.1%
Current assets
€698,967 ▼ 18.4%
Equity and liabilities €5.3m
Equity
€3.6m ▼ 1.1%
Debt
€1.7m ▲ 18.0%
Debt's share of the balance-sheet total rises from 29.0% to 32.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€284,948▼
2024 · -€239,786
Cash flow
€6,527▼
2024 · €26,641
Debt to equity
0.49▲
2024 · 0.41
ROE
-1.1%▼
2024 · -0.3%
Interest coverage
-33.77▼
2024 · -14.42
Debt ≤ 1 year
€1.5m▲
2024 · €1.3m
Income taxes
€2,500▼
2024 · €6,306
Staff costs
€512,637▼
2024 · €946,007
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €450 | €0.01m | €0.007m | ▼ 43.5% |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.7m | €2.1m | €0.9m | €0.5m | ▼ 45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.07m | €0.06m | €0.05m | €0.05m | €0.04m | €0.04m | €0.05m | ▲ 19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.002m | €0.04m | -€0.04m | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.07m | €0.08m | €0.09m | €0.09m | ▼ 0.4% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | €0 | €0.03m | €0 | ▼ 100% |
| Gross operating margin9900 | €2.0m | €2.2m | €1.5m | €1.8m | €1.5m | €1.4m | €0.8m | €0.3m | ▼ 61.4% |
| Operating profit (loss)9901 | €0.2m | €0.2m | -€0.2m | €0.3m | -€0.4m | -€0.7m | -€0.3m | -€0.3m | ▼ 19.0% |
| Financial income75/76B | - | - | - | €0.05m | €0.003m | €0.2m | €0.3m | €0.3m | ▲ 4.5% |
| Recurring financial income75 | €0.04m | €0.03m | €0.03m | €0.05m | €0.003m | €0.2m | €0.3m | €0.3m | ▲ 4.5% |
| Financial charges65/66B | - | - | - | €0.04m | €0.02m | €0.03m | €0.02m | €0.008m | ▼ 49.3% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.03m | €0.04m | €0.02m | €0.03m | €0.02m | €0.008m | ▼ 49.3% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | -€0.2m | €0.3m | -€0.4m | -€0.5m | -€0.005m | -€0.04m | ▼ 610% |
| Income taxes67/77 | €0.08m | €0.1m | €0.03m | €0.05m | €0.007m | -€0.004m | €0.006m | €0.003m | ▼ 60.4% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | -€0.2m | €0.2m | -€0.4m | -€0.5m | -€0.01m | -€0.04m | ▼ 241% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | -€0.2m | €0.2m | -€0.4m | -€0.5m | -€0.01m | -€0.04m | ▼ 241% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.1m | €5.5m | €5.0m | €5.3m | €5.5m | €4.8m | €5.1m | €5.3m | ▲ 4.5% |
| Fixed assets21/28 | €3.5m | €3.5m | €4.1m | €3.5m | €3.3m | €3.8m | €4.2m | €4.6m | ▲ 9.1% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | €0.2m | ▲ 139% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.05m | €0.03m | €0.02m | €0.04m | ▲ 80.3% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.09m | €0.07m | €0.02m | €0.1m | ▲ 580% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.03m | €0 | ▼ 100% |
| Financial fixed assets28 | €3.2m | €3.3m | €3.9m | €3.3m | €3.2m | €3.7m | €4.1m | €4.4m | ▲ 7.0% |
| Current assets29/58 | €1.7m | €2.0m | €0.9m | €1.8m | €2.2m | €1.0m | €0.9m | €0.7m | ▼ 18.4% |
| Amounts receivable within one year40/41 | €1.3m | €1.3m | €0.4m | €1.6m | €1.9m | €0.6m | €0.6m | €0.4m | ▼ 29.5% |
| Trade receivables40 | - | - | - | €1.5m | €1.7m | €0.5m | €0.4m | €0.4m | ▼ 5.7% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.2m | €0.2m | €0.2m | €0.01m | ▼ 93.3% |
| Cash at bank and in hand54/58 | €0.3m | €0.7m | €0.4m | €0.04m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 63.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.1m | €0.06m | €0.1m | €0.03m | ▼ 68.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.1m | €5.5m | €5.0m | €5.3m | €5.5m | €4.8m | €5.1m | €5.3m | ▲ 4.5% |
| Equity10/15 | €4.4m | €4.5m | €4.3m | €4.5m | €4.1m | €3.6m | €3.6m | €3.6m | ▼ 1.1% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €4.3m | €4.4m | €4.2m | €4.4m | €4.0m | €3.5m | €3.5m | €3.4m | ▼ 1.1% |
| Amounts payable17/49 | €0.7m | €1.0m | €0.7m | €0.8m | €1.4m | €1.2m | €1.5m | €1.7m | ▲ 18.0% |
| Amounts payable within one year42/48 | €0.5m | €0.8m | €0.5m | €0.5m | €1.1m | €0.9m | €1.3m | €1.5m | ▲ 14.5% |
| Trade debts44 | €0.2m | €0.6m | €0.3m | €0.3m | €0.9m | €0.5m | €0.4m | €0.6m | ▲ 38.0% |
| Suppliers440/4 | - | - | - | €0.3m | €0.9m | €0.5m | €0.4m | €0.6m | ▲ 38.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.3m | €0.5m | €0.1m | €0.08m | ▼ 46.6% |
| Taxes450/3 | - | - | - | €0.08m | €0.08m | €0.2m | €0.02m | €0.03m | ▲ 56.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.3m | €0.1m | €0.05m | ▼ 63.7% |
| Other amounts payable47/48 | - | - | - | - | €0.002m | €0 | €0.8m | €0.9m | ▲ 13.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 46.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €149,712 | €107,190 | -€236,859 | €232,219 | -€383,982 | -€541,166 | -€11,469 | -€39,155 | ▼ 241% |
| + Depreciation and write-downs630 | €75,126 | €74,874 | €56,970 | €46,821 | €49,898 | €44,617 | €38,109 | €45,683 | ▲ 19.9% |
| Operating cash flow (approximation) | €224,838 | €182,064 | -€179,889 | €279,040 | -€334,084 | -€496,549 | €26,641 | €6,527 | ▼ 75.5% |
| Investment in fixed assets (approximation) | - | -€117,918 | -€670,937 | €563,748 | €112,321 | -€517,990 | -€422,759 | -€427,935 | ▼ 1.2% |
| Change in cash | - | €355,756 | -€285,315 | -€359,170 | €139,013 | €116,009 | -€143,568 | €94,018 | ▲ 165% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 13,418 companies in this sector we hold annual accounts for 7,066. 1,240 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector