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Zenith Graphics

Active
Public limited companyfounded 196858 yrs activeAlfons Gossetlaan 30A, 1702 Dilbeek, BelgiumKBO/BCE: BE 0402.650.364
Summary

Zenith Graphics has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €4.17M and a net result of €893k. Equity remains stable across the filed fiscal years (±0.6% per year). Its solvency ranks better than 52% of 85 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).

Checked score

Score 2024
Axes · tick = 2023
Profitability75=
Solvency61▲+2
Growth57▼-1
Track record100
Bankruptcy probability, 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €280k at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.15 in 2023; short-term debt: 53.2% and cash: 8.9% of total assets), and 64.3% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 58 years 0 60 y
raises risk · Multiple establishment units
Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.
KBO · establishment units
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024
Solvency, return and age of the figures
Solvency
35.7%
Return on assets
7.7%
Age of the figures
21 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 29
Relative position
BE, all sectors
reference
Manufacture of motor vehicles, trailers and semi-trailers (NACE 29)
about 8% fewer bankruptcies
← fewer bankruptcies more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2025, 35 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
not confirmed
2024
35 d early
2023
35 d early
2022
20 d early
2021
39 d early
2020
26 d early
2019
28 d early
← before the deadline after the deadline →
Checked, nothing found (1)
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover
€19.02M▲ 1.1%
2023 · €18.82M
2019: €13.81M 2020: €12.20M▼ -11.6% vs 2019lowest in 6 years 2021: €12.97M▲ +6.3% vs 2020 2022: €16.69M▲ +28.6% vs 2021 2023: €18.82M▲ +12.8% vs 2022 2024: €19.02M▲ +1.1% vs 2023highest in 6 years
2019 → 2024
EBIT margin
7.1%▼ 0.6pp
2023 · 7.7%
2019: 3.6% 2020: 3.2%▼ -10.2% vs 2019lowest in 6 years 2021: 3.5%▲ +8.7% vs 2020 2022: 6.5%▲ +85.1% vs 2021 2023: 7.7%▲ +18.9% vs 2022highest in 6 years 2024: 7.1%▼ -8.1% vs 2023
2019 → 2024
Net result
€893k▼ 12.5%
2023 · €1.02M
2019: €331k 2020: €227k▼ -31.5% vs 2019lowest in 6 years 2021: €307k▲ +35.4% vs 2020 2022: €748k▲ +143% vs 2021 2023: €1.02M▲ +36.5% vs 2022highest in 6 years 2024: €893k▼ -12.5% vs 2023
2019 → 2024
Working capital
€1.28M▲ 24.7%
2023 · €1.03M
2019: €1.96M 2020: €2.80M▲ +42.8% vs 2019 2021: €2.92M▲ +4.3% vs 2020highest in 6 years 2022: €2.56M▼ -12.3% vs 2021 2023: €1.03M▼ -59.8% vs 2022lowest in 6 years 2024: €1.28M▲ +24.7% vs 2023
2019 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20202021202220232024Trend
Turnover€12.20M-€12.97M▲ 6.3%€16.69M▲ 28.6%€18.82M▲ 12.8%€19.02M▲ 1.1% 2020: €12.20Mlowest in 5 years 2021: €12.97M▲ +6.3% vs 2020 2022: €16.69M▲ +28.6% vs 2021 2023: €18.82M▲ +12.8% vs 2022 2024: €19.02M▲ +1.1% vs 2023highest in 5 years
Equity€4.27M-€4.24M▼ 0.8%€4.21M▼ 0.6%€4.18M▼ 0.7%€4.17M▼ 0.4% 2020: €4.27Mhighest in 5 years 2021: €4.24M▼ -0.8% vs 2020 2022: €4.21M▼ -0.6% vs 2021 2023: €4.18M▼ -0.7% vs 2022 2024: €4.17M▼ -0.4% vs 2023lowest in 5 years
Operating result€395k-€456k▲ 15.6%€1.09M▲ 138%€1.46M▲ 34.1%€1.35M▼ 7.2% 2020: €395klowest in 5 years 2021: €456k▲ +15.6% vs 2020 2022: €1.09M▲ +138% vs 2021 2023: €1.46M▲ +34.1% vs 2022highest in 5 years 2024: €1.35M▼ -7.2% vs 2023
Net result€227k-€307k▲ 35.4%€748k▲ 143%€1.02M▲ 36.5%€893k▼ 12.5% 2020: €227klowest in 5 years 2021: €307k▲ +35.4% vs 2020 2022: €748k▲ +143% vs 2021 2023: €1.02M▲ +36.5% vs 2022highest in 5 years 2024: €893k▼ -12.5% vs 2023
Result per fiscal year
Operating resultNet result
€0€500k€1.00M€1.50MOperating result 2020: €395k€395kNet result 2020: €227k€227kOperating result 2021: €456k€456kNet result 2021: €307k€307kOperating result 2022: €1.09M€1.09MNet result 2022: €748k€748kOperating result 2023: €1.46M€1.46MNet result 2023: €1.02M€1.02MOperating result 2024: €1.35M€1.35MNet result 2024: €893k€893k20202021202220232024€0€500k€1M€1.5MOperating result 2022: €1.09M€1.1MNet result 2022: €748k€748kOperating result 2023: €1.46M€1.5MNet result 2023: €1.02M€1MOperating result 2024: €1.35M€1.4MNet result 2024: €893k€893k202220232024
The operating result falls in 2024; 2024 is 7% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €11.67M
Fixed assets €4.18M ▼ 4.1%
Current assets €7.49M ▼ 6.8%
Equity and liabilities €11.67M
Equity €4.17M ▼ 0.4%
Provisions €20k =
Debt €7.48M ▼ 8.7%
Debt's share of the balance-sheet total falls from 66.1% to 64.1%. Equity and debt are lower.
Key figures and ratios
2024 value · change against 2023
EBITDA
€2.37M▲
2023 · €2.22M
Cash flow
€1.91M▲
2023 · €1.78M
Current ratio
1.21▲
2023 · 1.15
Quick ratio
0.76▲
2023 · 0.70
Debt to equity
1.80▼
2023 · 1.96
ROE
21.4%▼
2023 · 24.4%
ROA
7.7%▼
2023 · 8.2%
Interest coverage
27.28▼
2023 · 49.34
Debt ≤ 1 year
€6.21M▼
2023 · €7.01M
Debt > 1 year
€1.23M▲
2023 · €1.05M
Income taxes
€390k▼
2023 · €417k
Staff costs
€5.29M▲
2023 · €4.89M
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 · 2024 against 2023 · 84 lines
Balance sheet Code20232024
Assets
Total assets20/58€12.40M€11.67M▼
Fixed assets21/28€4.36M€4.18M▼
Intangible fixed assets21€599k€467k▼
Tangible fixed assets22/27€3.66M€3.60M▼
Plant, machinery and equipment23€1.46M€1.53M▲
Furniture and vehicles24€374k€329k▼
Leasing and similar rights25€100k€137k▲
Other tangible fixed assets26€1.72M€1.61M▼
Financial fixed assets28€102k€106k▲
Other financial fixed assets284/8€102k€106k▲
Amounts receivable and cash guarantees285/8€102k€106k▲
Current assets29/58€8.04M€7.49M▼
Stocks and contracts in progress3€3.10M€2.75M▼
Stocks30/36€3.10M€2.75M▼
Raw materials and consumables30/31€2.01M€1.82M▼
Finished goods33€1.09M€929k▼
Amounts receivable within one year40/41€4.54M€3.58M▼
Trade receivables40€4.30M€3.29M▼
Other amounts receivable41€234k€288k▲
Cash at bank and in hand54/58€306k€1.04M▲
Deferred charges and accrued income490/1€98k€122k▲
Equity and liabilities
Total equity and liabilities10/49€12.40M€11.67M▼
Equity10/15€4.18M€4.17M▼
Contributions10/11€683k€683k=
Capital10€683k€683k=
Issued capital100€683k€683k=
Reserves13€3.45M€3.45M▲
Non-distributable reserves130/1€123k€123k=
Legal reserve130€123k€123k=
Distributable reserves133€3.32M€3.33M▲
Investment grants15€54k€34k▼
Provisions and deferred taxes16€20k€20k=
Provisions for liabilities and charges160/5€20k€20k=
Other liabilities and charges164/5€20k€20k=
Amounts payable17/49€8.19M€7.48M▼
Amounts payable after more than one year17€1.05M€1.23M▲
Financial debts170/4€1.02M€1.23M▲
Leasing and similar obligations172€58k€96k▲
Credit institutions173€958k€1.14M▲
Other amounts payable178/9€32k-
Amounts payable within one year42/48€7.01M€6.21M▼
Current portion of amounts payable after more than one year42€318k€327k▲
Financial debts43€579k€445k▼
Credit institutions430/8€579k€445k▼
Trade debts44€3.31M€3.42M▲
Suppliers440/4€3.31M€3.42M▲
Advances received on contracts in progress46-€152k
Taxes, remuneration and social security45€1.54M€877k▼
Taxes450/3€996k€347k▼
Remuneration and social security454/9€544k€530k▼
Other amounts payable47/48€1.26M€983k▼
Accrued charges and deferred income492/3€135k€39k▼
Income statement Code20232024
Operating income70/76A€19.21M€19.37M▲
Turnover70€18.82M€19.02M▲
Other operating income74€391k€339k▼
Non-recurring operating income76A€136€8k▲
Operating charges60/66A€17.75M€18.02M▲
Goods for resale, raw materials and consumables60€5.88M€6.70M▲
Purchases600/8€6.73M€6.43M▼
Change in stocks: decrease (increase)609€-848k€267k▲
Services and other goods61€5.82M€4.80M▼
Remuneration, social security and pensions62€4.89M€5.29M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€762k€1.01M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€166k€128k▼
Other operating charges640/8€231k€90k▼
Operating profit (loss)9901€1.46M€1.35M▼
Financial income75/76B€31k€21k▼
Recurring financial income75€31k€21k▼
Other financial income752/9€31k€21k▼
Financial charges65/66B€49k€90k▲
Recurring financial charges65€49k€90k▲
Debt charges650€45k€87k▲
Other financial charges652/9€4k€3k▼
Profit (loss) for the period before taxes9903€1.44M€1.28M▼
Income taxes67/77€417k€390k▼
Taxes670/3€417k€390k▼
Profit (loss) for the period9904€1.02M€893k▼
Profit (loss) for the period to be appropriated9905€1.02M€893k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.02M€893k▼
Transfer to equity691/2€503€3k▲
To other reserves6921€503€3k▲
Profit to be distributed694/7€1.02M€890k▼
Return on contributions (dividend)694€1.02M€890k▼
Social balance
Average headcount (FTE)908778.381.9▲

The notes to these accounts (82 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Accounts by statement
Line20202021202220232024Change
Operating income70/76A-€13.17M€17.01M€19.21M€19.37M▲ 0.8%
Turnover70€12.20M€12.97M€16.69M€18.82M€19.02M▲ 1.1%
Other operating income74-€199k€320k€391k€339k▼ 13.1%
Non-recurring operating income76A-€285€634€136€8k▲ 5,662%
Operating charges60/66A-€12.72M€15.92M€17.75M€18.02M▲ 1.5%
Goods for resale, raw materials and consumables60-€4.08M€5.37M€5.88M€6.70M▲ 13.8%
Purchases600/8-€4.48M€5.60M€6.73M€6.43M▼ 4.5%
Change in stocks: decrease (increase)609-€-406k€-230k€-848k€267k▲ 131%
Services and other goods61-€3.17M€4.80M€5.82M€4.80M▼ 17.5%
Remuneration, social security and pensions62-€4.43M€4.56M€4.89M€5.29M▲ 8.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.02M€994k€848k€762k€1.01M▲ 33.1%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€80k€189k€166k€128k▼ 22.8%
Provisions for liabilities and charges: additions (uses and reversals)635/8-€-95k€20k---
Other operating charges640/8-€61k€132k€231k€90k▼ 61.1%
Operating profit (loss)9901€395k€456k€1.09M€1.46M€1.35M▼ 7.2%
Financial income75/76B-€37k€31k€31k€21k▼ 30.5%
Recurring financial income75€51k€37k€31k€31k€21k▼ 30.5%
Other financial income752/9-€37k€31k€31k€21k▼ 30.5%
Financial charges65/66B-€31k€31k€49k€90k▲ 82.8%
Recurring financial charges65€40k€31k€31k€49k€90k▲ 82.8%
Debt charges650€34k€29k€29k€45k€87k▲ 92.9%
Other financial charges652/9-€2k€2k€4k€3k▼ 30.3%
Profit (loss) for the period before taxes9903€406k€462k€1.09M€1.44M€1.28M▼ 10.7%
Income taxes67/77€179k€154k€338k€417k€390k▼ 6.5%
Taxes670/3-€154k€338k€417k€390k▼ 6.5%
Profit (loss) for the period9904€227k€307k€748k€1.02M€893k▼ 12.5%
Profit (loss) for the period to be appropriated9905€227k€307k€748k€1.02M€893k▼ 12.5%
Line20202021202220232024Change
Assets
Total assets20/58€9.50M€8.82M€10.15M€12.40M€11.67M▼ 5.9%
Fixed assets21/28€2.98M€2.33M€2.35M€4.36M€4.18M▼ 4.1%
Intangible fixed assets21€901k€825k€713k€599k€467k▼ 22.0%
Tangible fixed assets22/27€2.06M€1.50M€1.57M€3.66M€3.60M▼ 1.4%
Land and buildings22-€11k----
Plant, machinery and equipment23-€805k€799k€1.46M€1.53M▲ 4.6%
Furniture and vehicles24-€105k€196k€374k€329k▼ 12.2%
Leasing and similar rights25-€103k€66k€100k€137k▲ 37.4%
Other tangible fixed assets26-€439k€138k€1.72M€1.61M▼ 6.5%
Assets under construction and advance payments27-€43k€372k---
Financial fixed assets28€16k€4k€67k€102k€106k▲ 3.7%
Other financial fixed assets284/8-€4k€67k€102k€106k▲ 3.7%
Amounts receivable and cash guarantees285/8-€4k€67k€102k€106k▲ 3.7%
Current assets29/58€6.53M€6.49M€7.80M€8.04M€7.49M▼ 6.8%
Stocks and contracts in progress3€2.02M€2.34M€2.42M€3.10M€2.75M▼ 11.3%
Stocks30/36-€2.34M€2.42M€3.10M€2.75M▼ 11.3%
Raw materials and consumables30/31-€1.30M€1.57M€2.01M€1.82M▼ 9.4%
Finished goods33-€1.04M€850k€1.09M€929k▼ 14.8%
Amounts receivable within one year40/41€2.39M€3.15M€3.87M€4.54M€3.58M▼ 21.0%
Trade receivables40-€2.51M€3.33M€4.30M€3.29M▼ 23.4%
Other amounts receivable41-€640k€541k€234k€288k▲ 23.0%
Cash at bank and in hand54/58€2.06M€935k€1.45M€306k€1.04M▲ 239%
Deferred charges and accrued income490/1-€62k€55k€98k€122k▲ 24.6%
Equity and liabilities
Total equity and liabilities10/49€9.50M€8.82M€10.15M€12.40M€11.67M▼ 5.9%
Equity10/15€4.27M€4.24M€4.21M€4.18M€4.17M▼ 0.4%
Contributions10/11€683k€683k€683k€683k€683k=
Capital10-€683k€683k€683k€683k=
Issued capital100-€683k€683k€683k€683k=
Reserves13€3.44M€3.44M€3.45M€3.45M€3.45M▲ 0.1%
Non-distributable reserves130/1-€123k€123k€123k€123k=
Legal reserve130-€123k€123k€123k€123k=
Distributable reserves133-€3.32M€3.32M€3.32M€3.33M▲ 0.1%
Profit (loss) carried forward14€552k-----
Investment grants15-€112k€84k€54k€34k▼ 37.0%
Provisions and deferred taxes16€95k-€20k€20k€20k=
Provisions for liabilities and charges160/5--€20k€20k€20k=
Other liabilities and charges164/5--€20k€20k€20k=
Amounts payable17/49€5.14M€4.58M€5.91M€8.19M€7.48M▼ 8.7%
Amounts payable after more than one year17€1.41M€1.00M€628k€1.05M€1.23M▲ 17.8%
Financial debts170/4-€439k€352k€1.02M€1.23M▲ 21.6%
Leasing and similar obligations172-€27k€8k€58k€96k▲ 66.3%
Credit institutions173-€412k€344k€958k€1.14M▲ 18.9%
Other amounts payable178/9-€563k€276k€32k--
Amounts payable within one year42/48€3.73M€3.57M€5.23M€7.01M€6.21M▼ 11.5%
Current portion of amounts payable after more than one year42-€410k€279k€318k€327k▲ 2.9%
Financial debts43-€333k€219k€579k€445k▼ 23.1%
Credit institutions430/8-€333k€219k€579k€445k▼ 23.1%
Trade debts44€1.35M€1.40M€2.60M€3.31M€3.42M▲ 3.4%
Suppliers440/4-€1.40M€2.60M€3.31M€3.42M▲ 3.4%
Advances received on contracts in progress46----€152k-
Taxes, remuneration and social security45-€912k€1.15M€1.54M€877k▼ 43.0%
Taxes450/3-€464k€673k€996k€347k▼ 65.1%
Remuneration and social security454/9-€448k€479k€544k€530k▼ 2.5%
Other amounts payable47/48-€507k€989k€1.26M€983k▼ 22.2%
Accrued charges and deferred income492/3-€16k€53k€135k€39k▼ 71.0%
Line20202021202220232024Change
Profit (loss) for the period9904€227k€307k€748k€1.02M€893k▼ 12.5%
+ Depreciation and write-downs630€1.02M€994k€848k€762k€1.01M▲ 33.1%
Operating cash flow (approximation)€1.24M€1.30M€1.60M€1.78M€1.91M▲ 7.0%
Investment in fixed assets (approximation)-€-352k€-864k€-2.77M€-834k▲ 69.9%
Change in cash-€-1.12M€517k€-1.15M€731k▲ 164%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

2025
26-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
26-06
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial Highest result since 2019net €1.02M ▲36.5%
Operating result €1.46M, net result €1.02M, both a record.
11-07
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
22-06
NBB filing Annual accounts filed
fiscal year 2021 · full schema
2021
05-07
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial Weakest financial yearnet €227k ▼31.5%
Net result drops to €227k, the lowest in the series; recovery starts the following year.
03-07
NBB filing Annual accounts filed
fiscal year 2019 · full schema
2019
27-06
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
25-06
NBB filing Annual accounts filed
fiscal year 2017 · full schema
2017
30-06
NBB filing Annual accounts filed
fiscal year 2016 · full schema
2016
30-06
NBB filing Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts

We know of 17 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors
17 acts for this company are 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, Dilbeek · 2 establishment units since 1959
seat establishment All 2 establishment units on the map
Ground area
1.6 ha
Building footprint
4,075 m²
Volume, LiDAR
6,702 m³
3 parcels, Brussels, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
3 companies at this address See who is registered here
2 establishment units
Zenith Graphics
Potaardestraat 38, 1082 Sint-Agatha-BerchemManufacture of machinery and equipment not elsewhere classified
since 19592.006.180.625
Zenith Graphics
Alfons Gossetlaan 30, 1702 DilbeekPre-press and pre-media services
since 20232.342.562.470
3 parcels
Flanders 2 (66.7%) Brussels 1 (33.3%)
Parcel (capakey) Region Area Buildings Height / fl.
23026A0154/00H000 Flanders 7,689 m² - -
23026A0076/00X000 Flanders 7,119 m² 1 · 2,978 m² -
21003A0223/00A002 Brussels 1,264 m² 1 · 1,097 m² 9.7 m · 2 fl.
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Public money · subsidies and aid

Flemish government

2023 to 2025 · 3 entries · 23,262 EUR awarded · 22,864 EUR paid
Year Entries awardedpaid
2025 2 2,202 EUR1,804 EUR
2023 1 21,060 EUR21,060 EUR
Schemes
Subsidies voor internationaal ondernemen
1 entry · 21,060 EUR · 21,060 EUR paid · Vlaams Agentschap voor Internationaal Ondernemen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
1 entry · 2,032 EUR · 1,634 EUR paid · Fonds voor Innoveren en Ondernemen
Vlaams opleidingsverlof (VOV)
1 entry · 170 EUR · 170 EUR paid · Departement Werk, Economie, Wetenschap, Innovatie en Sociale Economie

Recognitions · licences · registrations

Dual-learning approval

1 live approval
Print en Sign operator duaal (so)
Goedgekeurd · 2025 to 2030

Legal Entity Identifier

875500NBT97B7H0IJG47
live in the LEI register

Similar companies · same sector, comparable size

Of 195 companies in sector 29320 we hold annual accounts for 124. 65 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
18130Pre-press and pre-media services
29320Manufacture of motor vehicles, trailers and semi-trailers
Contact
E-mail finance@zenith.graphics

Scores and ratios are computed by Checked and are not a credit decision.