PAPIL
ActiveSummary
PAPIL has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €195,413 and a net result of €9,114. Equity is growing by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 87% of 4345 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability71▼-4
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 6.08 against 4.43 in 2023; short-term debt: 14.5% and cash: 18.1% of total assets), and 14.5% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-09-2025, 54 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
54 d late
2023
30 d late
2022
29 d late
2021
75 d late
2020
79 d late
2019
112 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 63 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€195,413▲ 4.9%
2023 · €186,299
Total assets
€228,614▼ 1.8%
2023 · €232,893
Net result
€9,114▼ 24.3%
2023 · €12,033
Working capital
€168,552▲ 5.5%
2023 · €159,748
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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 74, Other professional, scientific and technical 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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€9,022€14,993▲ 66.2%€32,638▲ 118%€20,772▼ 36.4%€14,809▼ 28.7%
Net result€3,244within the sector's middle half€9,603within the sector's middle half▲ 196%€23,485within the sector's middle half▲ 145%€12,033within the sector's middle half▼ 48.8%€9,114within the sector's middle half▼ 24.3%
Equity€167,208above the sector's middle half▲ 2.0%€176,811above the sector's middle half▲ 5.7%€174,266above the sector's middle half▼ 1.4%€186,299above the sector's middle half▲ 6.9%€195,413above the sector's middle half▲ 4.9%
Total assets€229,530within the sector's middle half▼ 2.1%€231,274within the sector's middle half▲ 0.8%€227,084within the sector's middle half▼ 1.8%€232,893within the sector's middle half▲ 2.6%€228,614above the sector's middle half▼ 1.8%
Debt€62,322▼ 11.7%€54,463▼ 12.6%€52,818▼ 3.0%€46,594▼ 11.8%€33,201▼ 28.7%
Working capital€132,256above the sector's middle half▲ 12.5%€147,186above the sector's middle half▲ 11.3%€162,569above the sector's middle half▲ 10.5%€159,748above the sector's middle half▼ 1.7%€168,552above the sector's middle half▲ 5.5%
Solvency72.8%above the sector's middle half▲ 2.9pp76.5%above the sector's middle half▲ 3.6pp76.7%above the sector's middle half▲ 0.3pp80.0%above the sector's middle half▲ 3.3pp85.5%above the sector's middle half▲ 5.5pp
Current ratio4.53above the sector's middle half▲ 0.494.37above the sector's middle half▼ 0.165.40above the sector's middle half▲ 1.034.43above the sector's middle half▼ 0.976.08above the sector's middle half▲ 1.65
Return on assets (ROA)1.4%within the sector's middle half▲ 4.9pp4.2%within the sector's middle half▲ 2.7pp10.3%within the sector's middle half▲ 6.2pp5.2%within the sector's middle half▼ 5.2pp4.0%within the sector's middle half▼ 1.2pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 29% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €228,614
Fixed assets
€26,861 ▲ 1.2%
Current assets
€201,753 ▼ 2.2%
Equity and liabilities €228,614
Equity
€195,413 ▲ 4.9%
Debt
€33,201 ▼ 28.7%
Debt's share of the balance-sheet total falls from 20.0% to 14.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,664▼
2023 · €26,459
Cash flow
€14,969▼
2023 · €17,720
Debt to equity
0.17▼
2023 · 0.25
ROE
4.7%▼
2023 · 6.5%
Interest coverage
5.63▼
2023 · 64.85
Debt ≤ 1 year
€33,201▼
2023 · €46,594
Income taxes
€2,930▼
2023 · €9,029
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,341 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 17,040 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,267 | €22,280 | €21,285 | €5,687 | €5,855 | ▲ 3.0% |
| Other operating charges640/8 | - | €2,034 | €987 | €1,183 | €1,876 | ▲ 58.6% |
| Gross operating margin9900 | €31,087 | €39,307 | €54,911 | €27,642 | €22,540 | ▼ 18.5% |
| Operating profit (loss)9901 | €9,022 | €14,993 | €32,638 | €20,772 | €14,809 | ▼ 28.7% |
| Financial income75/76B | - | €2 | €3,731 | €698 | €907 | ▲ 29.9% |
| Recurring financial income75 | €2 | €2 | €3,731 | €698 | €907 | ▲ 29.9% |
| Financial charges65/66B | - | €711 | €685 | €408 | €3,672 | ▲ 800% |
| Recurring financial charges65 | €963 | €711 | €685 | €408 | €3,672 | ▲ 800% |
| Profit (loss) for the period before taxes9903 | €8,061 | €14,284 | €35,684 | €21,062 | €12,044 | ▼ 42.8% |
| Income taxes67/77 | €4,817 | €4,681 | €12,199 | €9,029 | €2,930 | ▼ 67.5% |
| Profit (loss) for the period9904 | €3,244 | €9,603 | €23,485 | €12,033 | €9,114 | ▼ 24.3% |
| Profit (loss) for the period to be appropriated9905 | €3,244 | €9,603 | €23,485 | €12,033 | €9,114 | ▼ 24.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €229,530 | €231,274 | €227,084 | €232,893 | €228,614 | ▼ 1.8% |
| Fixed assets21/28 | €59,787 | €40,370 | €27,530 | €26,551 | €26,861 | ▲ 1.2% |
| Intangible fixed assets21 | - | - | - | - | €5,335 | - |
| Tangible fixed assets22/27 | €59,787 | €40,361 | €27,521 | €26,507 | €21,422 | ▼ 19.2% |
| Plant, machinery and equipment23 | - | €1,928 | €4,106 | €5,334 | €3,790 | ▼ 29.0% |
| Furniture and vehicles24 | - | €20,635 | €6,789 | €5,663 | €3,188 | ▼ 43.7% |
| Other tangible fixed assets26 | - | €17,798 | €16,627 | €15,510 | €14,444 | ▼ 6.9% |
| Financial fixed assets28 | - | €9 | €9 | €44 | €104 | ▲ 135% |
| Current assets29/58 | €169,743 | €190,904 | €199,554 | €206,342 | €201,753 | ▼ 2.2% |
| Amounts receivable within one year40/41 | €35,713 | €31,850 | €32,493 | €50,807 | €31,801 | ▼ 37.4% |
| Trade receivables40 | - | €28,221 | €20,169 | €50,233 | €27,187 | ▼ 45.9% |
| Other amounts receivable41 | - | €3,629 | €12,324 | €574 | €4,615 | ▲ 704% |
| Current investments50/53 | €101,645 | €107,645 | €107,664 | €116,117 | €126,018 | ▲ 8.5% |
| Cash at bank and in hand54/58 | €29,861 | €49,556 | €56,356 | €36,282 | €41,426 | ▲ 14.2% |
| Deferred charges and accrued income490/1 | - | €1,853 | €3,041 | €3,136 | €2,508 | ▼ 20.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €229,530 | €231,274 | €227,084 | €232,893 | €228,614 | ▼ 1.8% |
| Equity10/15 | €167,208 | €176,811 | €174,266 | €186,299 | €195,413 | ▲ 4.9% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €35,991 | €45,591 | €42,560 | €54,560 | €63,660 | ▲ 16.7% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €43,731 | €40,700 | €52,700 | €61,800 | ▲ 17.3% |
| Profit (loss) carried forward14 | €112,617 | €112,620 | €113,106 | €113,139 | €113,153 | = |
| Amounts payable17/49 | €62,322 | €54,463 | €52,818 | €46,594 | €33,201 | ▼ 28.7% |
| Amounts payable after more than one year17 | €24,835 | €10,745 | - | - | - | - |
| Financial debts170/4 | - | €10,745 | - | - | - | - |
| Amounts payable within one year42/48 | €37,487 | €43,718 | €36,985 | €46,594 | €33,201 | ▼ 28.7% |
| Current portion of amounts payable after more than one year42 | - | €16,514 | €10,745 | - | €2,536 | - |
| Financial debts43 | - | - | €21 | €428 | €285 | ▼ 33.3% |
| Credit institutions430/8 | - | - | €21 | €428 | €285 | ▼ 33.3% |
| Trade debts44 | €8,104 | €4,542 | €2,944 | €12,936 | €5,460 | ▼ 57.8% |
| Suppliers440/4 | - | €4,542 | €2,944 | €12,936 | €5,460 | ▼ 57.8% |
| Taxes, remuneration and social security45 | - | €10,250 | €23,275 | €22,013 | €11,408 | ▼ 48.2% |
| Taxes450/3 | - | €4,169 | €20,675 | €19,413 | €11,408 | ▼ 41.2% |
| Remuneration and social security454/9 | - | €6,081 | €2,600 | €2,600 | - | - |
| Other amounts payable47/48 | - | €12,412 | - | €11,217 | €13,511 | ▲ 20.5% |
| Accrued charges and deferred income492/3 | - | - | €15,833 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,244 | €9,603 | €23,485 | €12,033 | €9,114 | ▼ 24.3% |
| + Depreciation and write-downs630 | €21,267 | €22,280 | €21,285 | €5,687 | €5,855 | ▲ 3.0% |
| Operating cash flow (approximation) | €24,511 | €31,883 | €44,771 | €17,720 | €14,969 | ▼ 15.5% |
| Investment in fixed assets (approximation) | - | -€2,863 | -€8,445 | -€4,708 | -€6,165 | ▼ 30.9% |
| Change in cash | - | €19,695 | €6,800 | -€20,074 | €5,144 | ▲ 126% |
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
2025
23-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 54 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Highest result since 2018net €23,485 ▲145%
Operating result €32,638, net result €23,485, both a record.
14-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 75 days late
2021
18-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 79 days late
2020
31-12
Financial
Back to profitnet €3,244
Net result €3,244 after 2 loss-making years.
20-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 112 days late
2019
31-12
Financial
Weakest financial yearnet -€8,077
Net result drops to -€8,077, the lowest in the series; recovery starts the following year.
09-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 70 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
15-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
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
No directors read yet: 0 of 1 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2004
Ground area
800 m²
Building footprint
268 m²
Volume, LiDAR
822 m³
Parcel 46003A0609/00M000, Flanders · tallest building 3.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
PAPIL BVBA
since 20042.186.360.994
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46003A0609/00M000 | Flanders | 800 m² | 1 · 268 m² | 3.7 m · 1 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 14,132 companies in this sector we hold annual accounts for 2,617. 2,149 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 (pre-2019)
Founded18-03-2004
Fiscal year end31-12
Activities, NACEBEL 2025
74201Photography, excluding press photography
E-invoicing
Reachable via Peppol
Peppol ID
0208:0864123213
Also
9925:BE0864123213
Registered
03-12-2025
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.