PAPER DUCK
ActivePAPER DUCK has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €157k and a net result of €14k. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 29% of 3451 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability43▼-2
Solvency45▲+4
Growth52=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12k at 30 days acceptable
Liquidity ample (current ratio 1.57 against 1.56 in 2024), but 77.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
Sector 74
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
22.9%
Return on assets
2%
Age of the figures
8 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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
28 d late
2024
28 d late
2023
29 d late
2022
28 d late
2021
23 d late
2020
9 d late
2019
61 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€157k▲ 7.4%
2024 · €147k
2018: €62k
2019: €78k
2020: €95k
2021: €103k
2022: €117k
2023: €136k
2024: €147k
2018 → 2025
Total assets
€686k▼ 0.4%
2024 · €689k
2018: €483k
2019: €568k
2020: €598k
2021: €677k
2022: €708k
2023: €720k
2024: €689k
2018 → 2025
Net result
€14k▲ 3.1%
2024 · €13k
2018: €16k
2019: €15k
2020: €18k
2021: €8k
2022: €13k
2023: €-4k
2024: €13k
2018 → 2025
Working capital
€119k▼ 0.2%
2024 · €119k
2018: €67k
2019: €79k
2020: €75k
2021: €136k
2022: €131k
2023: €153k
2024: €119k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€103k-€117k▲ 12.9%€136k▲ 16.6%€147k▲ 7.7%€157k▲ 7.4%
Operating result€17k-€24k▲ 38.1%€-770€27k€27k=
Net result€8k-€13k▲ 67.5%€-4k€13k€14k▲ 3.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 0% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €686k
Fixed assets
€361k▲ 0.4%
Current assets
€326k▼ 1.2%
Equity and liabilities €686k
Equity
€157k▲ 7.4%
Debt
€529k▼ 2.5%
The debt ratio falls from 78.7% to 77.1%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€69k▲
2024 · €64k
Cash flow
€56k▲
2024 · €50k
Solvency
22.9%▲
2024 · 21.3%
Current ratio
1.57▲
2024 · 1.56
Quick ratio
1.39▲
2024 · 1.38
Debt / equity
3.36▼
2024 · 3.70
ROE
8.7%▼
2024 · 9.1%
ROA
2.0%▲
2024 · 1.9%
Interest coverage
6.97▲
2024 · 6.15
Debt
€529k▼
2024 · €542k
Debt ≤ 1 year
€207k▼
2024 · €211k
Debt > 1 year
€322k▼
2024 · €331k
Income taxes
€6k▲
2024 · €6k
Staff costs
€134k▼
2024 · €137k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€689k€686k▼
Fixed assets21/28€359k€361k▲
Tangible fixed assets22/27€359k€361k▲
Land and buildings22€283k€271k▼
Plant, machinery and equipment23€56k€47k▼
Furniture and vehicles24€20k€43k▲
Current assets29/58€330k€326k▼
Stocks and contracts in progress3€38k€37k▼
Stocks30/36€38k€37k▼
Amounts receivable within one year40/41€130k€117k▼
Trade receivables40€129k€116k▼
Other amounts receivable41€822€813▼
Cash at bank and in hand54/58€150k€158k▲
Deferred charges and accrued income490/1€12k€13k▲
Equity and liabilities
Total equity and liabilities10/49€689k€686k▼
Equity10/15€147k€157k▲
Contributions10/11€19k€20k▲
Reserves13€70k€81k▲
Non-distributable reserves130/1€2k-
Reserves not available under the articles1311€2k-
Distributable reserves133€68k€81k▲
Profit (loss) carried forward14€21k€21k=
Investment grants15€37k€35k▼
Amounts payable17/49€542k€529k▼
Amounts payable after more than one year17€331k€322k▼
Financial debts170/4€286k€277k▼
Other amounts payable178/9€45k€45k=
Amounts payable within one year42/48€211k€207k▼
Current portion of amounts payable after more than one year42€36k€41k▲
Trade debts44€35k€31k▼
Suppliers440/4€35k€31k▼
Taxes, remuneration and social security45€49k€41k▼
Taxes450/3€31k€26k▼
Remuneration and social security454/9€17k€15k▼
Other amounts payable47/48€92k€94k▲
Accrued charges and deferred income492/3€2-
Income statement
Code20242025
Remuneration, social security and pensions62€137k€134k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€37k€42k▲
Other operating charges640/8€5k€5k▲
Gross operating margin9900€205k€208k▲
Operating profit (loss)9901€27k€27k=
Financial income75/76B€3k€3k=
Recurring financial income75€3k€3k=
Financial charges65/66B€10k€10k▼
Recurring financial charges65€10k€10k▼
Profit (loss) for the period before taxes9903€19k€20k▲
Income taxes67/77€6k€6k▲
Profit (loss) for the period9904€13k€14k▲
Profit (loss) for the period to be appropriated9905€13k€14k▲
Appropriation of the result
Profit (loss) to be appropriated9906€34k€35k▲
Profit (loss) brought forward from the previous period14P€21k€21k=
Transfer from equity791/2-€2k
Transfer to equity691/2€13k€16k▲
To contributions691-€2k
To other reserves6921€13k€14k▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Equity above €150kEq €157k ▲7.4%
2 profitable years in a row build equity to €157k.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Back to profitnet €13k
Net result €13k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet €-4k ▼133%
Net result drops to €-4k, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
2021
31-12
Financial
Equity above €100kEq €103k ▲8.3%
4 profitable years in a row build equity to €103k.
09-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 9 days late
2020
31-12
Financial
Highest result since 2018net €18k ▲15.3%
Operating result €29k, net result €18k, both a record.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 57 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Flémalle · 1 establishment unit since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Chaussée de Ramioul(IVR) 354400 FlémalleGround area
1,182 m²
Building footprint
61 m²
Volume, LiDAR
426 m³
Parcel 62083B0177/00E006, Wallonia · tallest building 8.6 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
PAPER DUCK
since 20112.200.563.477
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62083B0177/00E006 | Wallonia | 1,182 m² | 1 · 61 m² | 8.6 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
NESKE
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IDP Assist
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CLICK CLICK GRAPHICS
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Capital Panache
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Of 6,290 companies in sector 74120 we hold annual accounts for 1,002. 738 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-07-2011
Fiscal year end31-12
Activities, NACEBEL
74103Other professional, scientific and technical activities
74120Graphic design and visual communication
73110Advertising agencies
Sources
Crossroads Bank for EnterprisesNational Bank · 14 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.