Equity
-€14,763
Debts exceed assets in financial year 2025.
PICSEL
Lifetime
14 annual accounts with figures on one time axispeak €23,857 (2013)
-€8,990▲ €7,810
lowest -€17,823 (2024)
-€10,133▲ €7,690
peak €27,018 (2020)
-€14,763▼ €10,133
€23,721▼ 11.5%
Board1 name since 2021
1 directorBASTIN Michaël Georges
Documentsfilings and deeds
10-07-202621 days before the deadline
2025micro format
Gross margin from -€16,800 to -€8,990Loss of €10,133Registered office moved from Liège to Fléron 26-09Equity from -€4,630 to -€14,763Cash from €15,040 to €8,145
Key points
from the 2025 annual accountsLosses
-€31,646 in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Debts
€23,721 265% of the balance sheet
Suppliers 3%Taxes and wages 17%Other 80%
Liquidity
0.36 was 0.79 in 2024
Short-term debts fell from €26,800 to €23,721.
Filings
14 annual accounts since 2012
Four of the last ten came late. The 2019 accounts came latest: 64 days after the end of the period.
Position in the sector
-164.8%
Lower solvency than 95% of companies in other professional activities. Sector median 49.8% · 4,361 companies.
Checked score
53
Fair
Financially stronger than 13% of micro companies in other professional activities (NACE 74)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 5,430 companies (NACE 74, micro).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.4%▲ +0.3 percentage points vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 1.0%▲ +0.6 percentage points vs 09-2025highest value
11-2025: 1.0%● unchanged vs 10-2025highest value
12-2025: 1.0%● unchanged vs 11-2025highest value
01-2026: 1.0%● unchanged vs 12-2025highest value
02-2026: 1.0%● unchanged vs 01-2026highest value
03-2026: 1.0%● unchanged vs 02-2026
04-2026: 0.9%▼ -0.1 percentage points vs 03-2026
05-2026: 0.9%● unchanged vs 04-2026
06-2026: 0.9%● unchanged vs 05-2026
07-2026: 1.0%▲ +0.1 percentage points vs 06-2026
08-2026: 0.8%▼ -0.2 percentage points vs 07-2026
09-2026: 0.8%● unchanged vs 08-2026
10-2026: 0.8%● unchanged vs 09-2026
11-2026: 0.8%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
1 change of registered office in 24 months
Negative equity -€14,763
Loss of €10,133, the second in a row (financial year 2025)
lowers risk
Size: total assets €8,958
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 74, micro). It does better than 5% of them on solvency, 36% on liquidity, 7% on profitability and 2% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 6,907 companies had the same profile as PICSEL has now. Each dot stands for 18 companies, two years later.
85.4%
were still trading
8.1%
stopped another way
5.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PICSEL itself is lower: 0.8% within 12 months. It rests on far more data about PICSEL than the profile alone.
Test of the method
The method was tested on the 497,447 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 6,907 companies, not a prediction for PICSEL. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.36 (0.79 in 2024), below 1. Short-term debt is 264.8% and cash 90.9% of total assets. Equity is negative.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€14,763
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 days early
2024
33 days early
2023
44 days early
2022
44 days early
2021
4 days late
2020
7 days late
2019
64 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 10 days before the deadline. In the sector (NACE 74), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
BM
BASTIN Michaël Georges
Director
- BASTIN Michaël Georges all the sharesdeed of 01-12-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0837866994
Registered office moved from Liège to Fléron
New registered office: Rue de la clé 59 à 4621 Fléron · Previous registered office: Quai de Rome 82 à 4000 Liège · General meeting of 07-07-2025 · Gazette deed
Legal-form change · Resignations & appointments
BASTIN Michaël Georges holds all the shares · Director in office: BASTIN Michaël Georges (sole director) · Legal-form conversion: from private limited company (pre-2019) to private limited company · General meeting of 23-11-2023 · Gazette deed
Incorporation
published on 18-07-2011 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PICSEL Fléron | €8,958 | -€8,990 | -164.8% | - |
| WALDHAUS Laakdal | €7,403 | -€4,989 | -237.5% | - |
| DAIHITI Ixelles | €10,110 | -€3,135 | -315.4% | - |
| NAVALORAMA Sint-Gillis (bij-Brussel) | €8,668 | -€2,037 | -13.0% | - |
| SEPTANDSET Assesse | €6,030 | €371 | -1801.5% | - |
| Welcome Back Victoria Leuven | €14,946 | -€4,031 | 8.8% | - |
| STUDIO GLORIA Balen | €15,082 | €510 | -86.1% | - |
These companies have the same main activity as PICSEL: graphic design and visual communication (NACE 74120). They are comparable in size and age: total assets between €6,030 and €15,100, founded between 2008 and 2015.
Official details
Source: KBO- Status
- Active since 14-07-2011Normal situation
- Activity
- Graphic design and visual communicationNACE 74120and 4 others
- Establishment unit
- 2.201.027.8894621 Fléron, since 14-07-2011
- Financial year end
- 31 December
- Peppol
- Reachable since 17-12-2025
Annual accounts 2025
- €8,958▼ 59.6%
- Filing
- Filed on 10-07-2026, 21 days before the end of the filing period
Insights on PICSEL
PICSEL files the micro format. That format states no turnover. The gross margin fell from €22,401 in 2012 to -€8,990 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about PICSEL
- What is the company number of PICSEL?
- The company number of PICSEL is 0837.866.994. The VAT number is the same number with BE in front: BE 0837.866.994.
- Where is PICSEL based?
- The registered office is at Rue de la Clef 59, 4621 Fléron.Company details
- What does PICSEL do?
- According to the KBO register, the main activity is graphic design and visual communication (NACE 74120).
- What is the legal form of PICSEL?
- PICSEL is a private limited company (BV).
- When was PICSEL founded?
- PICSEL was founded on 14-07-2011.
- Is PICSEL still active?
- Yes, PICSEL is an active enterprise in the KBO register.
- What is the turnover of PICSEL?
- The annual accounts for financial year 2025 state no turnover. In financial year 2022 turnover was €59,236.Financials
- Is PICSEL profitable?
- In financial year 2025, PICSEL made a loss of €10,133.
- Where can I find the annual accounts of PICSEL?
- PICSEL filed 14 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PICSEL due?
- PICSEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed
See how customers, suppliers and banks see your own company and what to improve first.