Losses
-€6.4m in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
ETABLISSEMENTS ED. BLOCK
Lifetime
14 annual accounts with figures on one time axis, 32 filings since 1991peak €1.9m (2014)
-not published
lowest -€3.5m (2024)
-€1.8m▲ €1.6m
peak €15.5m (2023)
€10.2m▼ 15.2%
€61.6m▲ 77.0%
peak 3.8 FTE (2009)
-not published
Board8 names since 2020
4 directorsEtai Gross and 3 others
Owners3 names in the annual accounts
99.56%Granit Europe and 1 other
Documentsfilings and deeds
13-07-202618 days before the deadline
2025financial year
Gross margin from €876,225 to €1.8mLoss of €1.8mEquity from €12.0m to €10.2mDebts from €34.8m to €61.6mInvestments €26.0mCash from €567,152 to €856,379
Key points
from the 2025 annual accountsDebts
€61.6m 85% of the balance sheet
Financial debts 28%Suppliers 3%Taxes and wages 0%Other 69%
€1.8m of the debts are secured on the company's own assets. In 2021 that was €3.0m.
Investments
€25.9m 11.2 × depreciation
Green is investment, beige is depreciation. Machinery stands 55.9% higher than in 2024.
Liquidity
1.12 was 0.56 in 2024
Short-term debts rose from €1.9m to €2.0m.
At the same address
22 companies
Position in the sector
-€1.8m
Lower net result than 95% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
92
Excellent
Financially stronger than 33% of large companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 317 companies (NACE 68, large).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025highest value
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.12, cash €856,379
Equity €10.2m (14.0% of total assets)
lowers risk
Size: total assets €72.9m
Figures for financial year 2025 (filed on 13-07-2026)
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 68, large). It does better than 30% of them on solvency, 66% on liquidity, 18% on profitability and 18% on growth.
The bankruptcy probability was computed on 07-11-2026 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 very low class on 30-06-2025, 0.1% 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, 137 companies had the same profile as ETABLISSEMENTS ED. BLOCK has now. Each dot is one company, two years later.
95.6%
were still trading
2.2%
stopped another way
2.2%
went bankrupt
The bankruptcy probability of ETABLISSEMENTS ED. BLOCK itself is lower: 0.1% within 12 months. It rests on far more data about ETABLISSEMENTS ED. BLOCK 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 137 companies, not a prediction for ETABLISSEMENTS ED. BLOCK. 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
Credit of up to €900,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.12 (0.56 in 2024), below the usual 1.5. Short-term debt is 2.8% and cash 1.2% of total assets. 86% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€1.8m
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 days early
2024
2 days early
2023
29 days late
2022
21 days late
2021
17 days early
2020
3 days early
2019
91 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 14 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% 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 29 July (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
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
TH
TLSG Holding LLC
Managing director, Harry Gross
- Granit Europe 99.56%equity €9.7m (2025) · annual accounts 2025
- TLSG Holding LLC 0.44%annual accounts 2025
Recent changes
4 directors reappointed
Granit Europe NV (managing director), TLSG Holding LLC (managing director), Ronnie Gross and Etai Gross · Permanent representatives: Karolien De Brouwer and Harry Gross · General meeting of 05-06-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0442903681
Environmental permit refused
Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Provincie Oost-Vlaanderen
Environmental permit granted
Bouwen of herbouwen, Verwijderen van vrijstaande gebouwen · Gent
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ETABLISSEMENTS ED. BLOCK Ghent | €72.9m | €1.8m | 14.0% | - |
| BUILD 4 U Aalst | €85.3m | €2.2m | 82.1% | 0 |
| Rock Izegem Oostkamp | €63.0m | €1.9m | 51.0% | 0 |
| B.P.A. Lier | €49.6m | €1.3m | 59.6% | 2.7 |
| CAPTUUR Roeselare | €44.2m | €1.9m | 24.6% | 4.3 |
| IMROCO Heist-op-den-Berg | €47.4m | €1.4m | 41.8% | - |
| B.J.P. Catering Waterloo | €46.7m | €2.2m | 57.8% | - |
These companies have the same main activity as ETABLISSEMENTS ED. BLOCK: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €44m and €85m, founded between 1979 and 2000.
Official details
Source: KBO- Status
- Active since 27-12-1990Normal situation
- Registered office
- 23 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Real estate agency activitiesNACE 68310
- Establishment unit
- 2.051.892.2709031 Ghent, since 11-03-1991
- Financial year end
- 31 December
- Peppol
- Reachable since 18-03-2026
Annual accounts 2025
- ≈ €2.2mestimated
- €72.9m▲ 51.9%
- Filing
- Filed on 13-07-2026, 18 days before the end of the filing period
Insights on ETABLISSEMENTS ED. BLOCK
Solvency fell in 2025 from 25.0% to 14.0% because of the loss and higher long-term debts.
Granit Europe holds all the shares. In February 2022, the Official Gazette published the appointment of TLSG Holding LLC as managing director.
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 ETABLISSEMENTS ED. BLOCK
- What is the company number of ETABLISSEMENTS ED. BLOCK?
- The company number of ETABLISSEMENTS ED. BLOCK is 0442.903.681. The VAT number is the same number with BE in front: BE 0442.903.681.
- Where is ETABLISSEMENTS ED. BLOCK based?
- The registered office is at Industriepark-Drongen 14, 9031 Ghent.Company details
- What does ETABLISSEMENTS ED. BLOCK do?
- According to the KBO register, the main activity is real estate agency activities (NACE 68310).
- What is the legal form of ETABLISSEMENTS ED. BLOCK?
- ETABLISSEMENTS ED. BLOCK is a public limited company (NV).
- When was ETABLISSEMENTS ED. BLOCK founded?
- ETABLISSEMENTS ED. BLOCK was founded on 27-12-1990.
- Is ETABLISSEMENTS ED. BLOCK still active?
- Yes, ETABLISSEMENTS ED. BLOCK is an active enterprise in the KBO register.
- What is the turnover of ETABLISSEMENTS ED. BLOCK?
- The turnover in financial year 2025 is ≈ €2.2m. This figure is estimated from the gross margin of €1.8m and 148 comparable companies (NACE 68). It probably lies between €1.8m and €2.9m. In financial year 2023 turnover was €946,630.Financials
- Is ETABLISSEMENTS ED. BLOCK profitable?
- In financial year 2025, ETABLISSEMENTS ED. BLOCK made a loss of €1.8m.
- Where can I find the annual accounts of ETABLISSEMENTS ED. BLOCK?
- ETABLISSEMENTS ED. BLOCK filed 32 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ETABLISSEMENTS ED. BLOCK due?
- ETABLISSEMENTS ED. BLOCK must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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