Paper Cloud
ActiveSummary
Paper Cloud has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €268,247 and a net result of €99,107. Equity has been growing by about 35% per year since 2021. Its solvency ranks better than 54% of 445 sector peers (NACE 69, financial year 2026). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-09-2020 Normal situation
- Activity
- Activities of lawyers NACE 69101
- Establishment unit
- 2.307.729.770 2018 Antwerpen, since 28-09-2020
- Financial year end
- 31 March
- Peppol
- Reachable since 10-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €135,522
- ▲ 30.3%
- Turnover
- ≈ €240,000
- estimated
- Profit
- €99,107
- ▲ 38.8%
- Equity
- €268,247
- ▲ 38.2%
- Total assets
- €411,876
- ▲ 23.1%
Score breakdownraises riskLiquidity: current ratio 3.56, cash €5,068lowers riskSector: Legal and accounting activities (NACE 69)Figures for financial year 2026 (filed on 23-09-2026)Size: total assets €411,876Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 69, micro). It does better than 62% of them on solvency, 16% on liquidity, 62% on profitability and 75% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 9 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2026, micro format
Annual accounts 2026 filed on 21-09-2026 at the NBB all 6 filings
2022 to 2026, 5 financial years 2021 to 2026, 6 financial years
The operating result for 2026 is 35% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €27,326 | €41,012 | €93,619 | €71,110 | €48,336 |
| Mortgages, amount registered | €36,385 | - | - | - | - |
| Carrying value of the mortgaged assets | €30,065 | - | - | - | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €40,765 | €24,023 | - | - | - |
| Depreciation and write-downs of the year | €6,536 | €11,213 | €12,958 | €12,958 | €12,958 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €6,536 | €11,213 | €12,958 | €12,958 | €12,958 | = |
| Other operating charges640/8 | - | €820 | €450 | €589 | €708 | €903 | ▲ 27.6% |
| Gross operating margin9900 | €46,461 | €78,341 | €93,532 | €11,153 | €104,025 | €135,522 | ▲ 30.3% |
| Operating profit (loss)9901 | €46,461 | €70,985 | €81,870 | -€2,393 | €90,360 | €121,661 | ▲ 34.6% |
| Financial income75/76B | - | €1,700 | €3,200 | €3,950 | €5,410 | €6,920 | ▲ 27.9% |
| Recurring financial income75 | €120 | €1,700 | €3,200 | €3,950 | €5,410 | €6,920 | ▲ 27.9% |
| Financial charges65/66B | - | €1,310 | €2,119 | €6,308 | €7,020 | €4,927 | ▼ 29.8% |
| Recurring financial charges65 | €331 | €1,310 | €2,119 | €6,308 | €7,020 | €4,927 | ▼ 29.8% |
| Profit (loss) for the period before taxes9903 | €46,250 | €71,375 | €82,950 | -€4,751 | €88,750 | €123,654 | ▲ 39.3% |
| Income taxes67/77 | €9,590 | €18,661 | €19,683 | €2,652 | €17,348 | €24,547 | ▲ 41.5% |
| Profit (loss) for the period9904 | €36,660 | €52,714 | €63,267 | -€7,403 | €71,402 | €99,107 | ▲ 38.8% |
| Profit (loss) for the period to be appropriated9905 | €36,660 | €52,714 | €63,267 | -€7,403 | €71,402 | €99,107 | ▲ 38.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €59,390 | €132,558 | €220,539 | €272,621 | €334,490 | €411,876 | ▲ 23.1% |
| Fixed assets21/28 | - | €34,229 | €47,040 | €34,082 | €21,124 | €8,167 | ▼ 61.3% |
| Tangible fixed assets22/27 | - | €34,229 | €47,040 | €34,082 | €21,124 | €8,167 | ▼ 61.3% |
| Furniture and vehicles24 | - | €30,065 | €22,788 | €15,511 | €8,234 | €957 | ▼ 88.4% |
| Leasing and similar rights25 | - | - | - | €18,571 | - | - | - |
| Other tangible fixed assets26 | - | €4,164 | €24,252 | - | €12,890 | €7,210 | ▼ 44.1% |
| Current assets29/58 | €59,390 | €98,329 | €173,499 | €238,539 | €313,366 | €403,709 | ▲ 28.8% |
| Amounts receivable after more than one year29 | - | €85,000 | €160,000 | €235,000 | €307,000 | €395,000 | ▲ 28.7% |
| Other amounts receivable291 | - | €85,000 | €160,000 | €235,000 | €307,000 | €395,000 | ▲ 28.7% |
| Amounts receivable within one year40/41 | - | €1,339 | €1,369 | €1,369 | €1,390 | €1,390 | = |
| Trade receivables40 | - | - | €1,369 | €1,369 | €1,390 | €1,390 | = |
| Other amounts receivable41 | - | €1,339 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €34,678 | €11,867 | €12,130 | €2,170 | €4,975 | €5,068 | ▲ 1.9% |
| Deferred charges and accrued income490/1 | - | €123 | - | - | - | €2,250 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €59,390 | €132,558 | €220,539 | €272,621 | €334,490 | €411,876 | ▲ 23.1% |
| Equity10/15 | €39,160 | €91,873 | €155,140 | €147,738 | €194,139 | €268,247 | ▲ 38.2% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Contributions outside capital11 | - | €2,500 | - | - | - | - | - |
| Other1109/19 | - | €2,500 | - | - | - | - | - |
| Profit (loss) carried forward14 | €36,660 | €89,373 | €152,640 | €145,238 | €191,639 | €265,747 | ▲ 38.7% |
| Amounts payable17/49 | €20,231 | €40,685 | €65,398 | €124,883 | €140,351 | €143,629 | ▲ 2.3% |
| Amounts payable after more than one year17 | - | €21,012 | €14,628 | €71,659 | €48,883 | €30,213 | ▼ 38.2% |
| Financial debts170/4 | - | €21,012 | €14,628 | €71,659 | €48,883 | €30,213 | ▼ 38.2% |
| Amounts payable within one year42/48 | €20,231 | €19,673 | €50,771 | €53,224 | €91,467 | €113,261 | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | €6,314 | €26,384 | €21,960 | €22,227 | €18,123 | ▼ 18.5% |
| Trade debts44 | €1,083 | €2,188 | €13,851 | €13,648 | €16,063 | €33,381 | ▲ 108% |
| Suppliers440/4 | - | €2,188 | €13,851 | €13,648 | €16,063 | €33,381 | ▲ 108% |
| Taxes, remuneration and social security45 | - | €7,398 | €10,350 | €14,741 | €27,496 | €34,502 | ▲ 25.5% |
| Taxes450/3 | - | €7,398 | €10,350 | €14,741 | €27,496 | €34,502 | ▲ 25.5% |
| Other amounts payable47/48 | - | €3,774 | €186 | €2,876 | €25,681 | €27,254 | ▲ 6.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €156 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,660 | €52,714 | €63,267 | -€7,403 | €71,402 | €99,107 | ▲ 38.8% |
| + Depreciation and write-downs630 | - | €6,536 | €11,213 | €12,958 | €12,958 | €12,958 | = |
| Operating cash flow (approximation) | €36,660 | €59,250 | €74,480 | €5,555 | €84,359 | €112,065 | ▲ 32.8% |
| Investment in fixed assets (approximation) | - | - | -€24,023 | €0 | €0 | €0 | - |
| Change in cash | - | -€22,811 | €263 | -€9,960 | €2,806 | €93 | ▼ 96.7% |
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, 26,972 companies had the same profile as Paper Cloud has now. Two years later, 1.6% had gone bankrupt and 94.9% were still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Paper Cloud itself is lower: 0.1% within 12 months. It rests on far more data about Paper Cloud than the profile alone.
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 26,972 companies, not a prediction for Paper Cloud. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 21-09-2026 | 2026-00519571 | |
| 31-03-2025 | micro format | 23-10-2025 | 2025-00548103 | |
| 31-03-2024 | micro format | 29-10-2024 | 2024-00518403 | |
| 31-03-2023 | micro format | 26-10-2023 | 2023-00495329 | |
| 31-03-2022 | micro format | 02-11-2022 | 2022-20484055 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-74600170 |
Board & ownership
Directors
Owners and capital
Owners
Network & group
Paper Cloud shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of Paper Cloud. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11810K1552/00H008 | Flanders | 149 m² | 1 · 123 m² | 25.7 m · 6 |