i-graph
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-01-2026 PDF all 22 filings
Turnover
≈ €120,000
Estimated: probably between €73,000 and €220,000
Total assets
€121,496▼ 14.1%
2024 · €141,368
Net result
€12,338▼ 45.9%
2024 · €22,785
Working capital
€92,486▼ 9.7%
2024 · €102,379
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,598
▼ 47.0%
2025
20192025
Net result
€12,338
▼ 45.9%
2025
middle half of the sector
20192025
Equity
€111,975
▼ 10.0%
2025
middle half of the sector
20192025
Total assets
€121,496
▼ 14.1%
2025
middle half of the sector
20192025
Debt
€9,521
▼ 43.8%
2025
20192025
Working capital
€92,486
▼ 9.7%
2025
middle half of the sector
20192025
Solvency
92.2%
▲ 4.2pp
2025
highest quarter of the sector
20192025
Current ratio
10.71
▲ 1.24
2025
highest quarter of the sector
20192025
Return on assets (ROA)
10.2%
▼ 6.0pp
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€10,476-€20,036▲ 91.3%€23,823▲ 18.9%-€1,942€3,023€33,216▲ 999%€17,598▼ 47.0%
Net result€5,687-€12,313within the sector's middle half▲ 117%€15,845within the sector's middle half▲ 28.7%-€6,197below the sector's middle half€775within the sector's middle half€22,785within the sector's middle half▲ 29×€12,338within the sector's middle half▼ 45.9%
Equity€82,897-€95,210within the sector's middle half▲ 14.9%€107,055within the sector's middle half▲ 12.4%€100,857within the sector's middle half▼ 5.8%€101,633within the sector's middle half▲ 0.8%€124,417within the sector's middle half▲ 22.4%€111,975within the sector's middle half▼ 10.0%
Total assets€181,205-€187,977within the sector's middle half▲ 3.7%€210,256within the sector's middle half▲ 11.9%€180,749within the sector's middle half▼ 14.0%€173,181within the sector's middle half▼ 4.2%€141,368within the sector's middle half▼ 18.4%€121,496within the sector's middle half▼ 14.1%
Debt€98,308-€92,767▼ 5.6%€103,201▲ 11.2%€79,892▼ 22.6%€71,549▼ 10.4%€16,951▼ 76.3%€9,521▼ 43.8%
Working capital€98,599-€119,919above the sector's middle half▲ 21.6%€127,484above the sector's middle half▲ 6.3%€124,987above the sector's middle half▼ 2.0%€78,916within the sector's middle half▼ 36.9%€102,379above the sector's middle half▲ 29.7%€92,486within the sector's middle half▼ 9.7%
Solvency45.7%-50.6%within the sector's middle half▲ 4.9pp50.9%within the sector's middle half▲ 0.3pp55.8%within the sector's middle half▲ 4.9pp58.7%within the sector's middle half▲ 2.9pp88.0%above the sector's middle half▲ 29.3pp92.2%above the sector's middle half▲ 4.2pp
Current ratio10.02-11.08above the sector's middle half▲ 1.075.42above the sector's middle half▼ 5.6611.40above the sector's middle half▲ 5.982.31within the sector's middle half▼ 9.099.48above the sector's middle half▲ 7.1710.71above the sector's middle half▲ 1.24
Return on assets (ROA)3.1%-6.6%within the sector's middle half▲ 3.4pp7.5%within the sector's middle half▲ 1.0pp-3.4%below the sector's middle half▼ 11.0pp0.4%within the sector's middle half▲ 3.9pp16.1%above the sector's middle half▲ 15.7pp10.2%within the sector's middle half▼ 6.0pp
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 47% lower than 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 €121,496
Fixed assets
€19,489 ▼ 27.6%
Current assets
€102,007 ▼ 10.9%
Equity and liabilities €121,496
Equity
€111,975 ▼ 10.0%
Debt
€9,521 ▼ 43.8%
Debt's share of the balance-sheet total falls from 12.0% to 7.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€28,675▼
2024 · €43,485
Cash flow
€23,414▼
2024 · €33,053
Debt to equity
0.09▼
2024 · 0.14
ROE
11.0%▼
2024 · 18.3%
Interest coverage
77.48▲
2024 · 29.64
Debt ≤ 1 year
€9,521▼
2024 · €12,076
Debt > 1 year
€0▼
2024 · €4,875
Income taxes
€5,358▼
2024 · €8,974
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 | - | - | €3,090 | €3,652 |
| Depreciation and write-downs of the year | €10,201 | €9,654 | €10,268 | €11,077 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,507 | €15,507 | €10,401 | €10,201 | €9,654 | €10,268 | €11,077 | ▲ 7.9% |
| Other operating charges640/8 | - | - | - | €1,591 | €1,229 | €1,584 | €1,506 | ▼ 4.9% |
| Gross operating margin9900 | €27,901 | €36,945 | €35,848 | €9,850 | €13,906 | €45,068 | €30,181 | ▼ 33.0% |
| Operating profit (loss)9901 | €10,476 | €20,036 | €23,823 | -€1,942 | €3,023 | €33,216 | €17,598 | ▼ 47.0% |
| Financial income75/76B | - | - | - | - | - | €10 | €467 | ▲ 48× |
| Recurring financial income75 | - | - | - | - | - | €10 | €467 | ▲ 48× |
| Financial charges65/66B | - | - | - | €1,655 | €1,618 | €1,467 | €370 | ▼ 74.8% |
| Recurring financial charges65 | €2,178 | €2,083 | €1,848 | €1,655 | €1,618 | €1,467 | €370 | ▼ 74.8% |
| Profit (loss) for the period before taxes9903 | €8,298 | €17,954 | €21,975 | -€3,597 | €1,404 | €31,759 | €17,695 | ▼ 44.3% |
| Income taxes67/77 | €2,611 | €5,640 | €6,130 | €2,600 | €629 | €8,974 | €5,358 | ▼ 40.3% |
| Profit (loss) for the period9904 | €5,687 | €12,313 | €15,845 | -€6,197 | €775 | €22,785 | €12,338 | ▼ 45.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €11,000 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €5,687 | €12,313 | €15,845 | €4,803 | €775 | €22,785 | €12,338 | ▼ 45.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €181,205 | €187,977 | €210,256 | €180,749 | €173,181 | €141,368 | €121,496 | ▼ 14.1% |
| Fixed assets21/28 | €71,674 | €56,167 | €53,946 | €43,745 | €34,091 | €26,913 | €19,489 | ▼ 27.6% |
| Tangible fixed assets22/27 | €71,674 | €56,167 | €53,946 | €43,745 | €34,091 | €26,913 | €19,489 | ▼ 27.6% |
| Land and buildings22 | - | - | - | €43,745 | €34,091 | €24,622 | €15,153 | ▼ 38.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,291 | €1,261 | ▼ 45.0% |
| Furniture and vehicles24 | - | - | - | - | - | - | €3,075 | - |
| Current assets29/58 | €109,531 | €131,811 | €156,309 | €137,004 | €139,090 | €114,455 | €102,007 | ▼ 10.9% |
| Amounts receivable within one year40/41 | €1,758 | €784 | €1,870 | €800 | €3,334 | €12,985 | €3,014 | ▼ 76.8% |
| Trade receivables40 | - | - | - | €800 | €2,884 | €11,345 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | €450 | €1,640 | €3,014 | ▲ 83.8% |
| Cash at bank and in hand54/58 | €107,773 | €130,047 | €153,443 | €136,148 | €135,702 | €100,358 | €97,795 | ▼ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | €56 | €55 | €1,113 | €1,198 | ▲ 7.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €181,205 | €187,977 | €210,256 | €180,749 | €173,181 | €141,368 | €121,496 | ▼ 14.1% |
| Equity10/15 | €82,897 | €95,210 | €107,055 | €100,857 | €101,633 | €124,417 | €111,975 | ▼ 10.0% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €76,697 | €89,010 | €100,855 | €94,655 | €95,425 | €118,205 | €105,755 | ▼ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €92,795 | €93,565 | €118,205 | €105,755 | ▼ 10.5% |
| Profit (loss) carried forward14 | - | - | - | €3 | €8 | €12 | €20 | ▲ 60.7% |
| Amounts payable17/49 | €98,308 | €92,767 | €103,201 | €79,892 | €71,549 | €16,951 | €9,521 | ▼ 43.8% |
| Amounts payable after more than one year17 | €87,375 | €80,875 | €74,375 | €67,875 | €11,375 | €4,875 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €67,875 | €11,375 | €4,875 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €10,933 | €11,892 | €28,826 | €12,017 | €60,173 | €12,076 | €9,521 | ▼ 21.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,500 | €56,500 | €6,500 | €4,875 | ▼ 25.0% |
| Trade debts44 | €330 | €996 | €10,248 | €811 | €405 | €98 | €154 | ▲ 57.9% |
| Suppliers440/4 | - | - | - | €811 | €405 | €98 | €154 | ▲ 57.9% |
| Taxes, remuneration and social security45 | - | - | - | €4,011 | €2,428 | €5,479 | €1,727 | ▼ 68.5% |
| Taxes450/3 | - | - | - | €4,011 | €2,428 | €5,479 | €1,727 | ▼ 68.5% |
| Other amounts payable47/48 | - | - | - | €695 | €840 | €0 | €2,765 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,687 | €12,313 | €15,845 | -€6,197 | €775 | €22,785 | €12,338 | ▼ 45.9% |
| + Depreciation and write-downs630 | €15,507 | €15,507 | €10,401 | €10,201 | €9,654 | €10,268 | €11,077 | ▲ 7.9% |
| Operating cash flow (approximation) | €21,194 | €27,820 | €26,246 | €4,004 | €10,429 | €33,053 | €23,414 | ▼ 29.2% |
| Investment in fixed assets (approximation) | - | €0 | -€8,181 | €0 | €0 | -€3,090 | -€3,652 | ▼ 18.2% |
| Change in cash | - | €22,274 | €23,396 | -€17,295 | -€446 | -€35,344 | -€2,562 | ▲ 92.8% |
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 i-graph 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 i-graph itself: < 0.1% 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 i-graph. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 12-01-2026 | 2026-00007959 | |
| 30-06-2024 | micro format | 21-01-2025 | 2025-00014253 | |
| 30-06-2023 | micro format | 23-01-2024 | 2024-00004690 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00010635 | |
| 30-06-2021 | micro format | 26-01-2022 | 2022-01900378 | |
| 30-06-2020 | micro format | 08-01-2021 | 2021-00600007 | |
| 30-06-2019 | micro format | 03-01-2020 | 2020-00100475 | |
| 30-06-2018 | micro format | 11-01-2019 | 2019-01000086 | |
| 30-06-2017 | micro format | 10-01-2018 | 2018-00800324 | |
| 30-06-2016 | abbreviated format | 22-12-2016 | 2016-71000580 |