Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 16.7 to 8.9.
-
Busy address KBO
18 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
GRAYLING from Etterbeek, company number BE0427806721, closed financial year 2025 with a result of € -39,155 after tax. For that financial year GRAYLING recorded a gross margin of € 317,559 and equity of € 3.6 million. Compared with financial year 2024, the result moved from € -11,469 to € -39,155. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 17, 2026.
€ 3.6 million
▼ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -39,155
▼ 241 % more loss than in 2024
Profit after tax over the fiscal year.
€ 241,303
▲ 64% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 3.4 million.
People and assets in 2025
8.9
▼ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 512,637
▼ 46% vs 2024
€ 57,600 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 35,873
▲ 80% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 557,811
▲ 38% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 79,131
▼ 47% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,456,138 | € 1,427,952 | € 823,586 | € 317,559 | ▼ 61% |
| Profit after taxes | € -383,982 | € -541,166 | € -11,469 | € -39,155 | ▼ € 27,686 |
| Equity | € 4,142,448 | € 3,601,282 | € 3,589,813 | € 3,550,658 | ▼ 1% |
| Total debts | € 1,382,805 | € 1,185,307 | € 1,465,495 | € 1,729,788 | ▲ 18% |
| Cash | € 174,844 | € 290,852 | € 147,284 | € 241,303 | ▲ 64% |
| Retained profit | € 4,018,475 | € 3,477,309 | € 3,465,840 | € 3,426,685 | ▼ 1% |
| Balance sheet total | € 5,525,253 | € 4,786,589 | € 5,055,309 | € 5,280,446 | ▲ 4% |
| Employees (FTE) | 18.9 | 16.7 | 9.8 | 8.9 | ▼ 0.9 |
Key figures of GRAYLING, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to GRAYLING?
What happened at GRAYLING in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 39,155. Source: NBB ↗
- Andrew Martin MORROW stepped down as director. NBB
- Prometheus Public Affaire became a director. NBB
- Andrew Martin MORROW became a director. NBB
- New establishment in Etterbeek. KBO
- Start of the company according to the CBE. KBO
In short
From € 383,982 loss in 2022 to € 39,155 loss in 2025.
Paid € 15,314 in corporate taxes since 2022.
On average € 35,700 of value added per employee in 2025.
Management
Behind GRAYLING is Prometheus Public Affaire. The shares are held by IG Communication Limited (57%) and Grayling International Limited (43%). It owns GRAYLING NEDERLAND BV itself.
Directors
According to the 2025 annual accounts
Managing director · represented by Jessica Brobald
Also active at: Ketchum
since 2023
Andrew Martin MORROW
Director
since 2020 · until 2026
Shareholders
IG Communication Limited
57%
Grayling International Limited
43%
Participations
GRAYLING NEDERLAND BV
Establishments
Establishment units
Physical locations of this company
Belliardstraat 12
1040 Etterbeek
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 18 companies are registered at this address.
All companies at this address →Fonds voor de bevordering van de werkgelegenheid en de opleiding in de verzekeringssector
spiritsEUROPE
€ 843,937 gross margin · 2025
GROUPEMENT INTERNATIONAL DE LA REPARTITION PHARMACEUTIQUE EUROPEENNE
EUROPEAN SPIRITS COMPANIES LIAISON GROUP
WORLD REFRACTORIS ASSOCIATION
+13 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0427.806.721
- VAT number
- BE 0427.806.721
- Registered office
- Belliardstraat 12, 1040 Etterbeek
- Names & denominations
- GRAYLING
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 October 1985
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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