PARAGRAPH
ActiveFrom the official registers: KBO 33 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
PARAGRAPH has been active since 1993 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €48,954 and a net result of €730. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 29% of 1,119 sector peers (NACE 18, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 25-05-1993 Normal situation
- Activity
- Other printing NACE 18120and 1 other
- Establishment unit
- 2.062.587.313 6220 Fleurus, since 23-06-1993
- Financial year end
- 31 December
- Peppol
- Reachable since 23-12-2025
Board and ownership
- Philippe GUILLAUMEDirector · since 19-12-2023
- PINSART CécileDirector · since 19-12-2023
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €120,524
- ▼ 20.2%
- Turnover
- ≈ €300,000
- estimated
- Profit
- €730
- ▼ 92.7%
- Equity
- €48,954
- ▲ 0.4%
- Total assets
- €200,069
- ▼ 4.0%
- Staff
- 1.2 FTE
- ▼ 40.0%
Score breakdownraises riskSector: Printing and reproduction of recorded media (NACE 18)lowers riskFounded in 1993Size: total assets €200,069Liquidity: current ratio 1.03, cash €35,764Show the evidence
Checked score
About 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 18, micro). It does better than 30% of them on solvency, 21% on liquidity, 24% on profitability and 44% on growth.
The bankruptcy probability was computed on 31-10-2026 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 7 accounts on average 10 days after the deadline. In the sector (NACE 18), the median for financial year 2024 was 5 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 33 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 65% lower than in 2024. It is the second fall in a row.
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.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Comparable companies
These companies have the same main activity as PARAGRAPH: other printing (NACE 18120). They are comparable in size and age: total assets between €177,000 and €262,000, founded between 1989 and 1997.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| PARAGRAPH Gerpinnes | 1993 | €200,069 | €48,954 | €120,524 | €730 | 2025 |
| DRUKKERIJ VERBEKE Gent | 1991 | €196,165 | €174,357 | €115,838 | €23,724 | 2025 |
| AGORA MEDIA Liège | 1990 | €176,645 | €82,272 | €114,319 | €5,738 | 2025 |
| ADRENALINE Lasne | 1990 | €191,604 | €127,327 | €103,385 | €39,003 | 2025 |
| BOEL DRUKKERIJ Hamme (Vl.) | 1996 | €188,874 | €82,164 | €136,260 | €1,624 | 2025 |
| PLASTICAL-CARTONNAGE Mouscron | 1997 | €242,280 | €114,255 | €113,175 | -€69,760 | 2025 |
| Imprimerie PESESSE La Louvière | 1989 | €262,334 | €168,486 | €108,522 | €18,504 | 2025 |
They were chosen from the 821 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 3,984 companies had the same profile as PARAGRAPH has now. Two years later, 1.1% had gone bankrupt and 96.5% were still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PARAGRAPH itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 3,984 companies, not a prediction for PARAGRAPH. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €87,470 | €103,893 | €92,589 | €105,608 | €90,977 | ▼ 13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,705 | €33,526 | €33,521 | €35,944 | €24,648 | €11,281 | €7,801 | €6,921 | ▼ 11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,642 | - |
| Other operating charges640/8 | - | - | - | €8,806 | €9,351 | €9,909 | €20,679 | €15,149 | ▼ 26.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0 | - | - |
| Gross operating margin9900 | €182,027 | €129,907 | €107,471 | €138,786 | €137,264 | €133,555 | €150,958 | €120,524 | ▼ 20.2% |
| Operating profit (loss)9901 | €38,895 | -€16,347 | -€33,523 | €6,565 | -€629 | €19,776 | €16,870 | €5,835 | ▼ 65.4% |
| Financial income75/76B | - | - | - | €654 | €643 | €1,199 | €703 | €2,113 | ▲ 200% |
| Recurring financial income75 | €662 | €671 | €659 | €654 | €643 | €1,199 | €703 | €2,113 | ▲ 200% |
| Financial charges65/66B | - | - | - | €3,969 | €3,275 | €5,839 | €7,908 | €6,700 | ▼ 15.3% |
| Recurring financial charges65 | €5,134 | €3,843 | €4,040 | €3,969 | €3,275 | €5,839 | €7,908 | €6,700 | ▼ 15.3% |
| Profit (loss) for the period before taxes9903 | €34,423 | -€19,519 | -€36,904 | €3,250 | -€3,260 | €15,137 | €9,666 | €1,248 | ▼ 87.1% |
| Transfer from deferred taxes780 | - | - | - | €336 | €331 | €352 | €352 | €285 | ▼ 19.1% |
| Income taxes67/77 | €275 | €477 | €204 | €234 | €239 | €14 | €4 | €802 | ▲ 185× |
| Profit (loss) for the period9904 | €34,484 | -€19,660 | -€36,772 | €3,352 | -€3,169 | €15,474 | €10,014 | €730 | ▼ 92.7% |
| Profit (loss) for the period to be appropriated9905 | €34,484 | -€19,660 | -€36,772 | €3,352 | -€3,169 | €15,474 | €10,014 | €730 | ▼ 92.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €322,792 | €279,133 | €233,100 | €231,481 | €227,285 | €252,176 | €208,311 | €200,069 | ▼ 4.0% |
| Fixed assets21/28 | €129,997 | €116,693 | €92,156 | €53,609 | €32,802 | €59,741 | €55,263 | €49,669 | ▼ 10.1% |
| Intangible fixed assets21 | €36,000 | €26,000 | €16,000 | €6,000 | €2,000 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €87,447 | €83,295 | €72,721 | €47,429 | €30,622 | €59,561 | €55,083 | €49,489 | ▼ 10.2% |
| Land and buildings22 | - | - | - | €29,104 | €21,696 | €54,009 | €50,289 | €46,569 | ▼ 7.4% |
| Plant, machinery and equipment23 | - | - | - | €9,892 | €7,672 | €4,890 | €3,396 | €893 | ▼ 73.7% |
| Furniture and vehicles24 | - | - | - | €730 | €1,254 | €661 | €1,397 | €2,027 | ▲ 45.1% |
| Leasing and similar rights25 | - | - | - | €7,703 | - | - | - | - | - |
| Financial fixed assets28 | €6,550 | €7,398 | €3,434 | €180 | €180 | €180 | €180 | €180 | = |
| Current assets29/58 | €192,796 | €162,440 | €140,945 | €177,871 | €194,483 | €192,435 | €153,048 | €150,400 | ▼ 1.7% |
| Stocks and contracts in progress3 | €21,326 | €21,860 | €21,137 | €35,089 | €43,786 | €54,267 | €52,149 | €42,898 | ▼ 17.7% |
| Stocks30/36 | - | - | - | €35,089 | €43,786 | €54,267 | €52,149 | €42,898 | ▼ 17.7% |
| Amounts receivable within one year40/41 | €114,248 | €96,459 | €96,698 | €86,171 | €95,123 | €92,387 | €42,472 | €65,969 | ▲ 55.3% |
| Trade receivables40 | - | - | - | €84,460 | €93,412 | €90,676 | €40,761 | €64,258 | ▲ 57.6% |
| Other amounts receivable41 | - | - | - | €1,711 | €1,711 | €1,711 | €1,711 | €1,711 | = |
| Current investments50/53 | €186 | €186 | €186 | €186 | €186 | €186 | €186 | €186 | = |
| Cash at bank and in hand54/58 | €54,456 | €43,405 | €22,875 | €55,896 | €55,025 | €45,176 | €57,461 | €35,764 | ▼ 37.8% |
| Deferred charges and accrued income490/1 | - | - | - | €529 | €362 | €420 | €780 | €5,583 | ▲ 616% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €322,792 | €279,133 | €233,100 | €231,481 | €227,285 | €252,176 | €208,311 | €200,069 | ▼ 4.0% |
| Equity10/15 | €83,512 | €63,196 | €25,768 | €28,467 | €24,656 | €39,447 | €48,777 | €48,954 | ▲ 0.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | €31,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | €28,524 | €8,864 | -€27,907 | -€24,555 | -€27,724 | -€12,250 | -€2,236 | -€1,506 | ▲ 32.7% |
| Investment grants15 | - | - | - | €2,562 | €1,920 | €1,236 | €553 | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €2,329 | €1,992 | €1,656 | €1,319 | €989 | €637 | €285 | €0 | ▼ 100% |
| Deferred taxes168 | - | - | - | €1,319 | €989 | €637 | €285 | €0 | ▼ 100% |
| Amounts payable17/49 | €236,951 | €213,944 | €205,676 | €201,694 | €201,640 | €212,092 | €159,249 | €151,115 | ▼ 5.1% |
| Amounts payable after more than one year17 | €60,688 | €37,784 | €14,992 | €4,994 | €3,314 | €24,740 | €15,472 | €5,798 | ▼ 62.5% |
| Financial debts170/4 | - | - | - | €4,994 | €3,314 | €24,740 | €15,472 | €5,798 | ▼ 62.5% |
| Amounts payable within one year42/48 | €176,263 | €175,913 | €188,434 | €196,700 | €198,326 | €187,352 | €143,778 | €145,317 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,998 | €1,180 | €8,880 | €9,268 | €12,235 | ▲ 32.0% |
| Financial debts43 | - | - | - | €38,000 | €38,000 | €37,800 | €35,800 | €35,800 | = |
| Credit institutions430/8 | - | - | - | €38,000 | €38,000 | €37,800 | €35,800 | €35,800 | = |
| Trade debts44 | €81,744 | €74,699 | €89,939 | €110,882 | €116,866 | €105,869 | €52,951 | €72,830 | ▲ 37.5% |
| Suppliers440/4 | - | - | - | €110,882 | €116,866 | €105,869 | €52,951 | €72,830 | ▲ 37.5% |
| Taxes, remuneration and social security45 | - | - | - | €33,351 | €37,999 | €30,540 | €41,565 | €20,563 | ▼ 50.5% |
| Taxes450/3 | - | - | - | €13,045 | €14,816 | €13,075 | €14,695 | €5,575 | ▼ 62.1% |
| Remuneration and social security454/9 | - | - | - | €20,306 | €23,183 | €17,464 | €26,870 | €14,988 | ▼ 44.2% |
| Other amounts payable47/48 | - | - | - | €4,469 | €4,281 | €4,264 | €4,194 | €3,889 | ▼ 7.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,484 | -€19,660 | -€36,772 | €3,352 | -€3,169 | €15,474 | €10,014 | €730 | ▼ 92.7% |
| + Depreciation and write-downs630 | €30,705 | €33,526 | €33,521 | €35,944 | €24,648 | €11,281 | €7,801 | €6,921 | ▼ 11.3% |
| Operating cash flow (approximation) | €65,190 | €13,866 | -€3,251 | €39,297 | €21,480 | €26,756 | €17,815 | €7,651 | ▼ 57.1% |
| Investment in fixed assets (approximation) | - | -€20,222 | -€8,984 | €2,602 | -€3,841 | -€38,220 | -€3,323 | -€1,327 | ▲ 60.1% |
| Change in cash | - | -€11,051 | -€20,530 | €33,021 | -€871 | -€9,850 | €12,286 | -€21,698 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00315796 | NBB |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00292273 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00428778 | |
| 31-12-2022 | micro format | 02-08-2023 | 2023-00317279 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20423079 | |
| 31-12-2020 | full format | 26-08-2021 | 2021-56500028 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41800595 | |
| 31-12-2018 | full format | 19-07-2019 | 2019-35400437 | |
| 31-12-2017 | full format | 24-07-2018 | 2018-37700492 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-44900176 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 16-01-2024 Converted to unavailable equity · €20,460
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Philippe GUILLAUME |
|
| PINSART Cécile |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Un ou plusieurs administrateurs, compétents apprécier gravité motif invoqu锓Fixe ou proportionnelle, portée aux frais généraux indépendamment frais représentation voyages déplacements”
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Nominatives, électronique ou physique”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Pour moitié cédant pour moitié acquéreurs proportionnellement nombre actions acquises si plusieurs, organe d'administration”
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Droit de préférence apport numéraire, émission entièrement souscrite ou plus de demande selon modalités gérance”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “En tout temps par assemblée générale délibérant formes modifications aux statuts”“Décision assemblée générale comme modification statuts”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Administrateurs en fonction désignés comme liquidateurs en vertu des statuts si aucun autre désigné, désigner un ou plusieurs liquidateurs…”
Articles of association, deed of 16-01-2024 (in French)
Network & group
PARAGRAPH shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of PARAGRAPH. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
16-01
Gazette deed
Resignation: Philippe GUILLAUME (manager)Appointments: Philippe GUILLAUME (director) and PINSART Cécile (director) · Director discharge · Board rule11 points ▸
- Director resignation, Philippe GUILLAUME (manager)
- Director discharge, Philippe GUILLAUME
- Board rule, 2
- Director appointment, Philippe GUILLAUME (director (not named in the articles))
- Director appointment, PINSART Cécile (director (not named in the articles))
- Registered office clause, “6280 Gerpinnes (Acoz), Rue des Ecoles 41B” (deed in French)
- General meeting, 19-12-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “suppression compte indisponible, suppression” (deed in French)
- Capital
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the addresses
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52021C0318/00B005 | Wallonia | 1,350 m² | 1 · 405 m² | 5.6 m · 1 |
| 52001B0053/00L000 | Wallonia | 925 m² | 1 · 95 m² | 7.0 m · 2 |