Paperfish
ActiveSummary
Paperfish has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €21k and a net result of €3k. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 79% of 7058 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+51
Solvency100▲+17
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 3.91 against 1.62 in 2024; short-term debt: 18.6% of total assets), and 18.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
81.4%
Return on assets
10.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
28 d late
2024
21 d early
2023
30 d late
2022
31 d late
2021
31 d early
2020
26 d late
2019
31 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€21k▲ 14.4%
2024 · €18k
2018: €8klowest in 8 years
2019: €14k▲ +60.8% vs 2018
2020: €16k▲ +20.8% vs 2019
2021: €9k▼ -45.8% vs 2020
2022: €12k▲ +30.9% vs 2021
2023: €19k▲ +61.8% vs 2022
2024: €18k▼ -4.2% vs 2023
2025: €21k▲ +14.4% vs 2024highest in 8 years
2018 → 2025
Total assets
€25k▼ 18.7%
2024 · €31k
2018: €34k
2019: €33k▼ -3.1% vs 2018
2020: €54k▲ +61.2% vs 2019highest in 8 years
2021: €39k▼ -28.0% vs 2020
2022: €31k▼ -20.4% vs 2021
2023: €44k▲ +42.8% vs 2022
2024: €31k▼ -29.1% vs 2023
2025: €25k▼ -18.7% vs 2024lowest in 8 years
2018 → 2025
Net result
€3k
2024 · €-785
2018: €-2k
2019: €5k▲ +411% vs 2018
2020: €3k▼ -45.1% vs 2019
2021: €-8k▼ -366% vs 2020lowest in 8 years
2022: €3k▲ +137% vs 2021
2023: €7k▲ +162% vs 2022highest in 8 years
2024: €-785▼ -111% vs 2023
2025: €3k▲ +431% vs 2024
2018 → 2025
Working capital
€14k▲ 73.8%
2024 · €8k
2018: €4k
2019: €9k▲ +110% vs 2018
2020: €8k▼ -8.6% vs 2019
2021: €1k▼ -87.7% vs 2020lowest in 8 years
2022: €4k▲ +272% vs 2021
2023: €12k▲ +216% vs 2022
2024: €8k▼ -34.3% vs 2023
2025: €14k▲ +73.8% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€9k-€12k▲ 30.9%€19k▲ 61.8%€18k▼ 4.2%€21k▲ 14.4%
2021: €9klowest in 5 years
2022: €12k▲ +30.9% vs 2021
2023: €19k▲ +61.8% vs 2022
2024: €18k▼ -4.2% vs 2023
2025: €21k▲ +14.4% vs 2024highest in 5 years
Operating result€-7k-€5k€12k▲ 143%€-1k€2k
2021: €-7klowest in 5 years
2022: €5k▲ +171% vs 2021
2023: €12k▲ +143% vs 2022highest in 5 years
2024: €-1k▼ -110% vs 2023
2025: €2k▲ +314% vs 2024
Net result€-8k-€3k€7k▲ 162%€-785€3k
2021: €-8klowest in 5 years
2022: €3k▲ +137% vs 2021
2023: €7k▲ +162% vs 2022highest in 5 years
2024: €-785▼ -111% vs 2023
2025: €3k▲ +431% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €2k after a loss of €1k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25k
Fixed assets
€7k ▼ 34.1%
Current assets
€18k ▼ 10.8%
Equity and liabilities €25k
Equity
€21k ▲ 14.4%
Debt
€5k ▼ 64.2%
Debt's share of the balance-sheet total falls from 42.1% to 18.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3k▲
2024 · €-769
Cash flow
€3k▲
2024 · €-386
Current ratio
3.91▲
2024 · 1.62
Debt to equity
0.23▼
2024 · 0.73
ROE
12.6%▲
2024 · -4.3%
ROA
10.3%▲
2024 · -2.5%
Interest coverage
6.96▲
2024 · 3.77
Debt ≤ 1 year
€5k▼
2024 · €13k
Income taxes
€378▼
2024 · €788
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€31k€25k▼
Fixed assets21/28€11k€7k▼
Tangible fixed assets22/27€10k€7k▼
Furniture and vehicles24€995€7k▲
Leasing and similar rights25€9k-
Financial fixed assets28€330€330=
Current assets29/58€21k€18k▼
Amounts receivable within one year40/41€18k€17k▼
Trade receivables40€608€119▼
Other amounts receivable41€18k€17k▼
Cash at bank and in hand54/58€2k-
Deferred charges and accrued income490/1-€1k
Equity and liabilities
Total equity and liabilities10/49€31k€25k▼
Equity10/15€18k€21k▲
Contributions10/11€6k€6k=
Reserves13€12k€14k▲
Non-distributable reserves130/1€195€195=
Reserves not available under the articles1311€195€195=
Distributable reserves133€12k€14k▲
Amounts payable17/49€13k€5k▼
Amounts payable within one year42/48€13k€5k▼
Current portion of amounts payable after more than one year42€3k-
Financial debts43-€364
Credit institutions430/8-€364
Trade debts44€4k€3k▼
Suppliers440/4€4k€3k▼
Taxes, remuneration and social security45€5k€1k▼
Taxes450/3€5k€1k▼
Accrued charges and deferred income492/3€387-
Income statement
Code20242025
Non-recurring operating income76A-€6k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€399€860▲
Other operating charges640/8€800€695▼
Gross operating margin9900€31€4k▲
Operating profit (loss)9901€-1k€2k▲
Financial income75/76B€967€966▼
Recurring financial income75€967€966▼
Financial charges65/66B€-204€482▲
Recurring financial charges65€-204€482▲
Profit (loss) for the period before taxes9903€4€3k▲
Income taxes67/77€788€378▼
Profit (loss) for the period9904€-785€3k▲
Profit (loss) for the period to be appropriated9905€-785€3k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-785€3k▲
Transfer from equity791/2€785-
Transfer to equity691/2-€3k
To other reserves6921-€3k
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €6k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7k | €7k | €7k | €399 | €860 | ▲ 116% |
| Other operating charges640/8 | €681 | €901 | €824 | €800 | €695 | ▼ 13.1% |
| Gross operating margin9900 | €244 | €12k | €19k | €31 | €4k | ▲ 13,008% |
| Operating profit (loss)9901 | €-7k | €5k | €12k | €-1k | €2k | ▲ 314% |
| Financial income75/76B | €0 | €28 | €505 | €967 | €966 | ▼ 0.1% |
| Recurring financial income75 | €0 | €28 | €505 | €967 | €966 | ▼ 0.1% |
| Financial charges65/66B | €405 | €878 | €667 | €-204 | €482 | ▲ 336% |
| Recurring financial charges65 | €405 | €878 | €667 | €-204 | €482 | ▲ 336% |
| Profit (loss) for the period before taxes9903 | €-7k | €4k | €12k | €4 | €3k | ▲ 84,985% |
| Income taxes67/77 | €148 | €1k | €5k | €788 | €378 | ▼ 52.0% |
| Profit (loss) for the period9904 | €-8k | €3k | €7k | €-785 | €3k | ▲ 431% |
| Profit (loss) for the period to be appropriated9905 | €-8k | €3k | €7k | €-785 | €3k | ▲ 431% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €39k | €31k | €44k | €31k | €25k | ▼ 18.7% |
| Fixed assets21/28 | €23k | €17k | €11k | €11k | €7k | ▼ 34.1% |
| Tangible fixed assets22/27 | €22k | €17k | €11k | €10k | €7k | ▼ 35.2% |
| Furniture and vehicles24 | €2k | €2k | €1k | €995 | €7k | ▲ 567% |
| Leasing and similar rights25 | €20k | €15k | €9k | €9k | - | - |
| Financial fixed assets28 | €330 | €330 | €330 | €330 | €330 | = |
| Current assets29/58 | €16k | €13k | €33k | €21k | €18k | ▼ 10.8% |
| Amounts receivable within one year40/41 | €1k | €6k | €13k | €18k | €17k | ▼ 5.2% |
| Trade receivables40 | €108 | €811 | - | €608 | €119 | ▼ 80.4% |
| Other amounts receivable41 | €1k | €5k | €13k | €18k | €17k | ▼ 2.6% |
| Cash at bank and in hand54/58 | €15k | €7k | €19k | €2k | - | - |
| Deferred charges and accrued income490/1 | - | €28 | €505 | - | €1k | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €39k | €31k | €44k | €31k | €25k | ▼ 18.7% |
| Equity10/15 | €9k | €12k | €19k | €18k | €21k | ▲ 14.4% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €3k | €5k | €13k | €12k | €14k | ▲ 21.9% |
| Non-distributable reserves130/1 | €195 | €195 | €195 | €195 | €195 | = |
| Reserves not available under the articles1311 | €195 | €195 | €195 | €195 | €195 | = |
| Distributable reserves133 | €3k | €5k | €12k | €12k | €14k | ▲ 22.3% |
| Amounts payable17/49 | €30k | €19k | €25k | €13k | €5k | ▼ 64.2% |
| Amounts payable after more than one year17 | €15k | €9k | €4k | - | - | - |
| Financial debts170/4 | €15k | €9k | €4k | - | - | - |
| Amounts payable within one year42/48 | €15k | €10k | €21k | €13k | €5k | ▼ 63.1% |
| Current portion of amounts payable after more than one year42 | €5k | €5k | €6k | €3k | - | - |
| Financial debts43 | - | - | - | - | €364 | - |
| Credit institutions430/8 | - | - | - | - | €364 | - |
| Trade debts44 | €4k | €486 | €3k | €4k | €3k | ▼ 25.4% |
| Suppliers440/4 | €4k | €486 | €3k | €4k | €3k | ▼ 25.4% |
| Taxes, remuneration and social security45 | €2k | €4k | €13k | €5k | €1k | ▼ 75.3% |
| Taxes450/3 | €2k | €4k | €13k | €5k | €1k | ▼ 75.3% |
| Other amounts payable47/48 | €4k | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €348 | €384 | €387 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-8k | €3k | €7k | €-785 | €3k | ▲ 431% |
| + Depreciation and write-downs630 | €7k | €7k | €7k | €399 | €860 | ▲ 116% |
| Operating cash flow (approximation) | €-991 | €9k | €14k | €-386 | €3k | ▲ 996% |
| Investment in fixed assets (approximation) | - | €-1k | €0 | €0 | €3k | - |
| Change in cash | - | €-7k | €12k | €-17k | - | - |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 3.91
Current ratio from 1.62 to 3.91; short-term debt falls from €13k to €5k.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Highest result since 2018net €7k ▲162%
Operating result €12k, net result €7k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €-8k
Net result drops to €-8k, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
31-12
Financial
Back to profitnet €5k
Net result €5k after one loss-making year.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
02-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Hasselt · 1 establishment unit since 2016
Ground area
253 m²
Building footprint
91 m²
Volume, LiDAR
788 m³
Parcel 71327G0619/00W005, Flanders · tallest building 13.2 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Paperfish
since 20162.258.812.769
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71327G0619/00W005 | Flanders | 253 m² | 1 · 91 m² | 13.2 m · 3 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 9,862 companies in sector 73110 we hold annual accounts for 3,753. 2,606 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded21-11-2016
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
74120Graphic design and visual communication
Scores and ratios are computed by Checked and are not a credit decision.