STUDIO XII
ActiveSummary
STUDIO XII has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show negative equity (-€131,143) and a net result of €14,133. Equity is growing by ~4.5% per year across the filed fiscal years. Its solvency ranks better than 10% of 32 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability96▲+26
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.28 against 0.18 in 2025; short-term debt: 82.3% and cash: 17.8% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
-205.6%
Return on assets
22.2%
Age of the figures
6 mo
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 32 sector peers (2026).
NBB · sector comparisonPosition among 32 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 01-07-2026, 122 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
122 d early
2025
157 d early
2024
28 d early
2023
35 d early
2022
8 d late
2021
31 d early
2020
30 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 48 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. Usually files around 26 September (4 of the last 5 filed years within 87 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, micro schema
Equity
-€131,143▲ 9.7%
2025 · -€145,276
Total assets
€63,790▼ 14.2%
2025 · €74,317
Net result
€14,133▲ 106%
2025 · €6,869
Working capital
-€37,771▲ 17.7%
2025 · -€45,881
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 18, Printing and reproduction of recorded media, 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
Line20222023202420252026
Operating result€11,994▲ 105%€21,429▲ 78.7%€23,080▲ 7.7%€12,905▼ 44.1%€19,089▲ 47.9%
Net result€3,221within the sector's middle half€13,562within the sector's middle half▲ 321%€16,337within the sector's middle half▲ 20.5%€6,869within the sector's middle half▼ 58.0%€14,133▲ 106%
Equity-€182,045below the sector's middle half▲ 1.7%-€168,483below the sector's middle half▲ 7.5%-€152,145below the sector's middle half▲ 9.7%-€145,276below the sector's middle half▲ 4.5%-€131,143▲ 9.7%
Total assets€110,568within the sector's middle half▼ 11.7%€98,550within the sector's middle half▼ 10.9%€93,323within the sector's middle half▼ 5.3%€74,317within the sector's middle half▼ 20.4%€63,790▼ 14.2%
Debt€292,613▼ 5.8%€267,033▼ 8.7%€245,468▼ 8.1%€219,593▼ 10.5%€194,934▼ 11.2%
Working capital-€66,743below the sector's middle half▲ 0.3%-€58,780below the sector's middle half▲ 11.9%-€46,854below the sector's middle half▲ 20.3%-€45,881below the sector's middle half▲ 2.1%-€37,771▲ 17.7%
Solvency-164.6%below the sector's middle half▼ 16.8pp-171.0%below the sector's middle half▼ 6.3pp-163.0%below the sector's middle half▲ 7.9pp-195.5%below the sector's middle half▼ 32.4pp-205.6%▼ 10.1pp
Current ratio0.06below the sector's middle half=0.07below the sector's middle half▲ 0.010.23below the sector's middle half▲ 0.160.18below the sector's middle half▼ 0.050.28▲ 0.10
Return on assets (ROA)2.9%within the sector's middle half▲ 5.7pp13.8%within the sector's middle half▲ 10.8pp17.5%above the sector's middle half▲ 3.7pp9.2%within the sector's middle half▼ 8.3pp22.2%▲ 12.9pp
above
within
below
the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, 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 recovers in 2026; 2026 is 48% above 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €63,790
Fixed assets
€49,053 ▼ 23.4%
Current assets
€14,737 ▲ 42.8%
Equity and liabilities
Equity-€131,143
Debt€194,934
Equity is negative: debt (€194,934) exceeds the balance-sheet total (€63,790).
Key figures and ratios
EBITDA
€34,036▲
2025 · €27,978
Cash flow
€29,080▲
2025 · €21,943
Interest coverage
7.04▲
2025 · 4.71
Debt ≤ 1 year
€52,509▼
2025 · €56,198
Debt > 1 year
€142,425▼
2025 · €163,395
Income taxes
€120▲
2025 · €118
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,632 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.9%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 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 3,632 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 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,999 | €14,500 | €15,073 | €15,073 | €14,947 | ▼ 0.8% |
| Other operating charges640/8 | €1,925 | €1,667 | €1,925 | €2,128 | €2,080 | ▼ 2.3% |
| Gross operating margin9900 | €28,918 | €37,596 | €40,078 | €30,107 | €36,115 | ▲ 20.0% |
| Operating profit (loss)9901 | €11,994 | €21,429 | €23,080 | €12,905 | €19,089 | ▲ 47.9% |
| Financial income75/76B | - | - | - | €24 | - | - |
| Recurring financial income75 | - | - | - | €24 | - | - |
| Financial charges65/66B | €8,653 | €7,759 | €6,629 | €5,942 | €4,836 | ▼ 18.6% |
| Recurring financial charges65 | €8,653 | €7,759 | €6,629 | €5,942 | €4,836 | ▼ 18.6% |
| Profit (loss) for the period before taxes9903 | €3,341 | €13,669 | €16,450 | €6,987 | €14,253 | ▲ 104% |
| Income taxes67/77 | €120 | €107 | €113 | €118 | €120 | ▲ 1.9% |
| Profit (loss) for the period9904 | €3,221 | €13,562 | €16,337 | €6,869 | €14,133 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €3,221 | €13,562 | €16,337 | €6,869 | €14,133 | ▲ 106% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €110,568 | €98,550 | €93,323 | €74,317 | €63,790 | ▼ 14.2% |
| Fixed assets21/28 | €106,548 | €94,147 | €79,074 | €64,000 | €49,053 | ▼ 23.4% |
| Tangible fixed assets22/27 | €106,548 | €94,147 | €79,074 | €64,000 | €49,053 | ▼ 23.4% |
| Land and buildings22 | €106,548 | €92,174 | €77,801 | €63,427 | €49,053 | ▼ 22.7% |
| Plant, machinery and equipment23 | - | €1,973 | €1,273 | €573 | - | - |
| Current assets29/58 | €4,020 | €4,403 | €14,249 | €10,317 | €14,737 | ▲ 42.8% |
| Amounts receivable within one year40/41 | - | - | €585 | - | €484 | - |
| Trade receivables40 | - | - | €484 | - | €484 | - |
| Other amounts receivable41 | - | - | €101 | - | - | - |
| Cash at bank and in hand54/58 | €2,748 | €3,515 | €12,069 | €7,982 | €11,381 | ▲ 42.6% |
| Deferred charges and accrued income490/1 | €1,272 | €888 | €1,595 | €2,335 | €2,872 | ▲ 23.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €110,568 | €98,550 | €93,323 | €74,317 | €63,790 | ▼ 14.2% |
| Equity10/15 | -€182,045 | -€168,483 | -€152,145 | -€145,276 | -€131,143 | ▲ 9.7% |
| Contributions10/11 | €36,000 | €36,000 | €36,000 | €36,000 | €36,000 | = |
| Profit (loss) carried forward14 | -€218,045 | -€204,483 | -€188,145 | -€181,276 | -€167,143 | ▲ 7.8% |
| Amounts payable17/49 | €292,613 | €267,033 | €245,468 | €219,593 | €194,934 | ▼ 11.2% |
| Amounts payable after more than one year17 | €221,850 | €203,850 | €184,365 | €163,395 | €142,425 | ▼ 12.8% |
| Financial debts170/4 | €221,850 | €203,850 | €184,365 | €163,395 | €142,425 | ▼ 12.8% |
| Amounts payable within one year42/48 | €70,763 | €63,183 | €61,103 | €56,198 | €52,509 | ▼ 6.6% |
| Current portion of amounts payable after more than one year42 | €18,000 | €18,000 | €19,485 | €20,970 | €20,970 | = |
| Financial debts43 | €1,831 | - | - | - | - | - |
| Credit institutions430/8 | €1,831 | - | - | - | - | - |
| Trade debts44 | - | €115 | €15 | €504 | €1,721 | ▲ 241% |
| Suppliers440/4 | - | €115 | €15 | €504 | €1,721 | ▲ 241% |
| Taxes, remuneration and social security45 | €1,041 | €1,153 | €2,819 | €1,638 | €2,301 | ▲ 40.5% |
| Taxes450/3 | €1,041 | €1,153 | €2,819 | €1,638 | €2,301 | ▲ 40.5% |
| Other amounts payable47/48 | €49,891 | €43,915 | €38,784 | €33,087 | €27,517 | ▼ 16.8% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,221 | €13,562 | €16,337 | €6,869 | €14,133 | ▲ 106% |
| + Depreciation and write-downs630 | €14,999 | €14,500 | €15,073 | €15,073 | €14,947 | ▼ 0.8% |
| Operating cash flow (approximation) | €18,220 | €28,063 | €31,411 | €21,943 | €29,080 | ▲ 32.5% |
| Investment in fixed assets (approximation) | - | -€2,099 | €0 | €0 | €0 | - |
| Change in cash | - | €766 | €8,554 | -€4,086 | €3,399 | ▲ 183% |
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 2027, expected by
2026
01-07
NBB filing
Annual accounts filed
fiscal year 2026 · micro schema
2025
27-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Highest result since 2019net €16,337 ▲20.5%
Operating result €23,080, net result €16,337, both a record.
2023
26-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
08-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 8 days late
31-03
Financial
Back to profitnet €3,221
Net result €3,221 after one loss-making year.
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
31-03
Financial
Back to profitnet €659
Net result €659 after one loss-making year.
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro 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, Brugge · 1 establishment unit since 2009
Ground area
136 m²
Building footprint
114 m²
Volume, LiDAR
798 m³
Parcel 31029C0643/00D009, Flanders · tallest building 9.7 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
THE LETTERING ARTS
since 20092.179.343.045
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31029C0643/00D009 | Flanders | 136 m² | 1 · 114 m² | 9.7 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.
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 16,010 EUR awarded · 16,010 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 0 EUR | 3,202 EUR |
| 2024 | 1 | 0 EUR | 6,404 EUR |
| 2022 | 1 | 16,010 EUR | 6,404 EUR |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 2,855 companies in this sector we hold annual accounts for 832. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded18-06-2009
Fiscal year end31-03
Activities, NACEBEL 2025
18130Pre-press and pre-media services
85599Other education
E-invoicing
Reachable via Peppol
Peppol ID
0208:0812364409
Also
9925:BE0812364409
Registered
12-09-2025
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.