GRAYPEN
ActiveSummary
GRAYPEN has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €125,375 and a net result of €28,357. Equity is growing by ~42.1% per year across the filed fiscal years. Its solvency ranks better than 19% of 733 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▼-1
Solvency34▼-7
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.14 in 2024; short-term debt: 91.1% and cash: 43.7% of total assets), and 91.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Warehousing and support activities for transportation (NACE 52)
about 72% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
8.9%
Return on assets
2%
Age of the figures
11 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 733 sector peers (2025).
NBB · sector comparisonPosition among 733 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-10-2025 was due by 31-05-2026 and was filed on 28-04-2026, 33 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
33 d early
2024
31 d early
2023
50 d early
2022
33 d early
2021
7 d late
2020
66 d early
2019
5 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-10-2026 and is due by 31-05-2027. Nothing is late today. Usually files around 28 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-10-2026 close31-05-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€125,375▼ 63.9%
2024 · €347,018
Total assets
€1.4m▼ 36.7%
2024 · €2.2m
Net result
€28,357▼ 45.8%
2024 · €52,366
Working capital
€42,528▼ 84.3%
2024 · €270,595
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at 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 52, Warehousing and support activities for transportation, 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
Line20212022202320242025
Operating result€117,525▼ 22.8%€260,012▲ 121%€283,783▲ 9.1%€79,979▼ 71.8%€48,524▼ 39.3%
Net result€82,224within the sector's middle half▼ 14.8%€234,860above the sector's middle half▲ 186%€223,279above the sector's middle half▼ 4.9%€52,366within the sector's middle half▼ 76.5%€28,357within the sector's middle half▼ 45.8%
Equity€186,512within the sector's middle half▲ 78.8%€271,372within the sector's middle half▲ 45.5%€294,652within the sector's middle half▲ 8.6%€347,018within the sector's middle half▲ 17.8%€125,375within the sector's middle half▼ 63.9%
Total assets€1.6mwithin the sector's middle half▲ 55.7%€2.8mwithin the sector's middle half▲ 76.5%€2.3mwithin the sector's middle half▼ 18.0%€2.2mwithin the sector's middle half▼ 2.6%€1.4mwithin the sector's middle half▼ 36.7%
Debt€1.4m▲ 53.1%€2.5m▲ 80.7%€2.0m▼ 20.9%€1.9m▼ 5.6%€1.3m▼ 31.6%
Working capital€109,010within the sector's middle half▲ 316%€195,335within the sector's middle half▲ 79.2%€218,342within the sector's middle half▲ 11.8%€270,595within the sector's middle half▲ 23.9%€42,528within the sector's middle half▼ 84.3%
Solvency11.9%below the sector's middle half▲ 1.5pp9.8%below the sector's middle half▼ 2.1pp13.0%below the sector's middle half▲ 3.2pp15.7%within the sector's middle half▲ 2.7pp8.9%below the sector's middle half▼ 6.7pp
Current ratio1.08within the sector's middle half▲ 0.051.08within the sector's middle half=1.11within the sector's middle half▲ 0.031.14within the sector's middle half▲ 0.031.03within the sector's middle half▼ 0.11
Return on assets (ROA)5.2%within the sector's middle half▼ 4.3pp8.5%within the sector's middle half▲ 3.2pp9.8%within the sector's middle half▲ 1.4pp2.4%within the sector's middle half▼ 7.5pp2.0%within the sector's middle half▼ 0.3pp
Staff (FTE)2below the sector's middle half▲ 11.1%2below the sector's middle half=2.4within the sector's middle half▲ 20.0%3within the sector's middle half▲ 25.0%3.2within the sector's middle half▲ 6.7%
above
within
below
the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 39% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€82,847 ▲ 8.4%
Current assets
€1.3m ▼ 38.3%
Equity and liabilities €1.4m
Equity
€125,375 ▼ 63.9%
Debt
€1.3m ▼ 31.6%
Debt's share of the balance-sheet total rises from 84.3% to 91.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€50,942▼
2024 · €80,526
Cash flow
€30,775▼
2024 · €52,914
Debt to equity
10.19▲
2024 · 5.38
ROE
22.6%▲
2024 · 15.1%
Interest coverage
17.39▼
2024 · 31.17
Debt ≤ 1 year
€1.3m▼
2024 · €1.9m
Income taxes
€22,949▼
2024 · €36,440
Staff costs
€430,142▼
2024 · €483,863
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,375 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.2%
went bankrupt
1.6%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,375 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €265,367 | €363,853 | €418,570 | €483,863 | €430,142 | ▼ 11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,702 | €1,651 | €805 | €547 | €2,418 | ▲ 342% |
| Other operating charges640/8 | €426 | €225 | €200 | €563 | €2,272 | ▲ 303% |
| Gross operating margin9900 | €385,020 | €625,742 | €703,358 | €564,952 | €483,355 | ▼ 14.4% |
| Operating profit (loss)9901 | €117,525 | €260,012 | €283,783 | €79,979 | €48,524 | ▼ 39.3% |
| Financial income75/76B | €50 | €63,682 | €24,311 | €11,411 | €5,711 | ▼ 50.0% |
| Recurring financial income75 | €50 | €63,682 | €24,311 | €11,411 | €5,711 | ▼ 50.0% |
| Financial charges65/66B | €3,479 | €5,113 | €4,815 | €2,584 | €2,929 | ▲ 13.4% |
| Recurring financial charges65 | €3,479 | €5,113 | €4,815 | €2,584 | €2,929 | ▲ 13.4% |
| Profit (loss) for the period before taxes9903 | €114,096 | €318,581 | €303,279 | €88,806 | €51,306 | ▼ 42.2% |
| Income taxes67/77 | €31,872 | €83,721 | €80,000 | €36,440 | €22,949 | ▼ 37.0% |
| Profit (loss) for the period9904 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| Profit (loss) for the period to be appropriated9905 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €2.8m | €2.3m | €2.2m | €1.4m | ▼ 36.7% |
| Fixed assets21/28 | €77,503 | €76,037 | €76,310 | €76,423 | €82,847 | ▲ 8.4% |
| Tangible fixed assets22/27 | €2,335 | €869 | €1,142 | €1,255 | €7,679 | ▲ 512% |
| Plant, machinery and equipment23 | €1,489 | €364 | €995 | €599 | €3,869 | ▲ 546% |
| Furniture and vehicles24 | €846 | €505 | €147 | €656 | €3,810 | ▲ 481% |
| Financial fixed assets28 | €75,168 | €75,168 | €75,168 | €75,168 | €75,168 | = |
| Current assets29/58 | €1.5m | €2.7m | €2.2m | €2.1m | €1.3m | ▼ 38.3% |
| Amounts receivable within one year40/41 | €751,840 | €1.7m | €1.4m | €1.1m | €686,469 | ▼ 35.0% |
| Trade receivables40 | €745,539 | €1.6m | €1.4m | €994,448 | €661,117 | ▼ 33.5% |
| Other amounts receivable41 | €6,301 | €19,476 | €21,038 | €62,401 | €25,352 | ▼ 59.4% |
| Cash at bank and in hand54/58 | €737,670 | €1.0m | €816,996 | €1.1m | €613,598 | ▼ 42.2% |
| Deferred charges and accrued income490/1 | €4,371 | €4,776 | €9,087 | €20,283 | €19,916 | ▼ 1.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €2.8m | €2.3m | €2.2m | €1.4m | ▼ 36.7% |
| Equity10/15 | €186,512 | €271,372 | €294,652 | €347,018 | €125,375 | ▼ 63.9% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Profit (loss) carried forward14 | €167,962 | €252,822 | €276,102 | €328,468 | €106,825 | ▼ 67.5% |
| Amounts payable17/49 | €1.4m | €2.5m | €2.0m | €1.9m | €1.3m | ▼ 31.6% |
| Amounts payable within one year42/48 | €1.4m | €2.5m | €2.0m | €1.9m | €1.3m | ▼ 31.6% |
| Trade debts44 | €918,621 | €1.4m | €1.3m | €1.6m | €1.0m | ▼ 35.0% |
| Suppliers440/4 | €918,621 | €1.4m | €1.3m | €1.6m | €1.0m | ▼ 35.0% |
| Advances received on contracts in progress46 | €346,291 | €930,205 | €475,230 | €119,520 | €116,563 | ▼ 2.5% |
| Taxes, remuneration and social security45 | €119,960 | €149,590 | €166,277 | €167,396 | €133,225 | ▼ 20.4% |
| Taxes450/3 | €34,000 | €0 | - | - | - | - |
| Remuneration and social security454/9 | €85,960 | €149,590 | €166,277 | €167,396 | €133,225 | ▼ 20.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,224 | €234,860 | €223,279 | €52,366 | €28,357 | ▼ 45.8% |
| + Depreciation and write-downs630 | €1,702 | €1,651 | €805 | €547 | €2,418 | ▲ 342% |
| Operating cash flow (approximation) | €83,926 | €236,511 | €224,084 | €52,914 | €30,775 | ▼ 41.8% |
| Investment in fixed assets (approximation) | - | -€185 | -€1,078 | -€660 | -€8,842 | ▼ 1,239% |
| Change in cash | - | €294,967 | -€215,642 | €244,279 | -€447,677 | ▼ 283% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
11-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-10
Financial
Highest result since 2018net €234,860 ▲186%
Net result €234,860, the highest in the series.
31-10
Financial
Equity above €200,000Eq €271,372 ▲45.5%
5 profitable years in a row build equity to €271,372.
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 7 days late
2021
31-10
Financial
Equity above €150,000Eq €186,512 ▲78.8%
4 profitable years in a row build equity to €186,512.
26-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-10
Financial
Equity above €100,000Eq €104,288 ▲1,241%
3 profitable years in a row build equity to €104,288.
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 5 days late
2019
31-10
Financial
Weakest financial yearnet €5,737 ▼95%
Net result drops to €5,737, the lowest in the series; recovery starts the following year.
Show earlier events
11-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 11 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2012
Ground area
516 m²
Building footprint
516 m²
Volume, LiDAR
14,738 m³
Parcel 11802B0238/00M002, Flanders · tallest building 33.3 m, ±10 floors. Linked by address, not a title deed.
28
companies at this address
See who is registered here
1 establishment unit
Graypen BE
since 20122.209.390.873
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11802B0238/00M002 | Flanders | 516 m² | 1 · 516 m² | 33.3 m · 10 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,185 companies in this sector we hold annual accounts for 1,962. 1,408 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded02-03-2012
Fiscal year end31-10
Activities, NACEBEL 2025
52250Logistics services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844194364
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.