GHR ET COM
ActiveSummary
GHR ET COM has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €74k and a net result of €31k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 64% of 2053 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency85▲+6
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days acceptable
Liquidity ample (current ratio 2.27 against 1.95 in 2024; short-term debt: 39.7% and cash: 50.1% of total assets), and 39.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 85
Relative position
BE, all sectors
reference
Education (NACE 85)
about 77% fewer bankruptcies
← 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
60.3%
Return on assets
24.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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
27 d late
2024
28 d late
2023
70 d early
2022
11 d early
2021
13 d late
2020
30 d late
2019
43 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€74k▼ 48.4%
2024 · €144k
2018: €74k
2019: €162k▲ +118% vs 2018
2020: €237k▲ +46.5% vs 2019
2021: €317k▲ +33.8% vs 2020highest in 8 years
2022: €234k▼ -26.1% vs 2021
2023: €245k▲ +4.5% vs 2022
2024: €144k▼ -41.3% vs 2023
2025: €74k▼ -48.4% vs 2024lowest in 8 years
2018 → 2025
Total assets
€123k▼ 53.8%
2024 · €266k
2018: €222k
2019: €286k▲ +28.8% vs 2018
2020: €304k▲ +6.3% vs 2019
2021: €418k▲ +37.7% vs 2020highest in 8 years
2022: €313k▼ -25.2% vs 2021
2023: €310k▼ -0.9% vs 2022
2024: €266k▼ -14.2% vs 2023
2025: €123k▼ -53.8% vs 2024lowest in 8 years
2018 → 2025
Net result
€31k▼ 55.6%
2024 · €69k
2018: €41k
2019: €87k▲ +113% vs 2018highest in 8 years
2020: €75k▼ -14.0% vs 2019
2021: €68k▼ -10.1% vs 2020
2022: €-58k▼ -185% vs 2021lowest in 8 years
2023: €11k▲ +118% vs 2022
2024: €69k▲ +549% vs 2023
2025: €31k▼ -55.6% vs 2024
2018 → 2025
Working capital
€62k▼ 45.7%
2024 · €114k
2018: €53klowest in 8 years
2019: €131k▲ +149% vs 2018
2020: €203k▲ +54.9% vs 2019
2021: €262k▲ +28.5% vs 2020highest in 8 years
2022: €187k▼ -28.4% vs 2021
2023: €209k▲ +11.4% vs 2022
2024: €114k▼ -45.4% vs 2023
2025: €62k▼ -45.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€317k-€234k▼ 26.1%€245k▲ 4.5%€144k▼ 41.3%€74k▼ 48.4%
2021: €317khighest in 5 years
2022: €234k▼ -26.1% vs 2021
2023: €245k▲ +4.5% vs 2022
2024: €144k▼ -41.3% vs 2023
2025: €74k▼ -48.4% vs 2024lowest in 5 years
Operating result€100k-€-56k€12k€89k▲ 642%€44k▼ 50.4%
2021: €100khighest in 5 years
2022: €-56k▼ -156% vs 2021lowest in 5 years
2023: €12k▲ +121% vs 2022
2024: €89k▲ +642% vs 2023
2025: €44k▼ -50.4% vs 2024
Net result€68k-€-58k€11k€69k▲ 549%€31k▼ 55.6%
2021: €68k
2022: €-58k▼ -185% vs 2021lowest in 5 years
2023: €11k▲ +118% vs 2022
2024: €69k▲ +549% vs 2023highest in 5 years
2025: €31k▼ -55.6% vs 2024
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 50% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €123k
Fixed assets
€12k ▼ 61.9%
Current assets
€111k ▼ 52.7%
Equity and liabilities €123k
Equity
€74k ▼ 48.4%
Debt
€49k ▼ 60.1%
Debt's share of the balance-sheet total falls from 46.0% to 39.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€66k▼
2024 · €112k
Cash flow
€52k▼
2024 · €92k
Current ratio
2.27▲
2024 · 1.95
Debt to equity
0.66▼
2024 · 0.85
ROE
41.3%▼
2024 · 48.0%
ROA
24.9%▼
2024 · 25.9%
Interest coverage
429.21▲
2024 · 377.06
Debt ≤ 1 year
€49k▼
2024 · €120k
Income taxes
€13k▼
2024 · €20k
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 · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€266k€123k▼
Fixed assets21/28€32k€12k▼
Tangible fixed assets22/27€32k€12k▼
Plant, machinery and equipment23€2k€2k▼
Furniture and vehicles24€26k€7k▼
Other tangible fixed assets26€3k€4k▲
Current assets29/58€234k€111k▼
Amounts receivable within one year40/41€174k€45k▼
Trade receivables40€36k€38k▲
Other amounts receivable41€137k€7k▼
Cash at bank and in hand54/58€60k€62k▲
Deferred charges and accrued income490/1€110€4k▲
Equity and liabilities
Total equity and liabilities10/49€266k€123k▼
Equity10/15€144k€74k▼
Contributions10/11€19k€19k=
Reserves13€142k€56k▼
Distributable reserves133€142k€56k▼
Profit (loss) carried forward14€-17k€36▲
Amounts payable17/49€122k€49k▼
Amounts payable after more than one year17€2k-
Financial debts170/4€2k-
Amounts payable within one year42/48€120k€49k▼
Current portion of amounts payable after more than one year42€12k€2k▼
Trade debts44€13k€6k▼
Suppliers440/4€13k€6k▼
Taxes, remuneration and social security45€10k€10k▼
Taxes450/3€10k€10k▼
Other amounts payable47/48€85k€32k▼
Accrued charges and deferred income492/3€549-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€23k€22k▼
Other operating charges640/8€2k€2k▼
Gross operating margin9900€114k€68k▼
Operating profit (loss)9901€89k€44k▼
Financial income75/76B€27€4▼
Recurring financial income75€27€4▼
Financial charges65/66B€297€153▼
Recurring financial charges65€297€153▼
Profit (loss) for the period before taxes9903€89k€44k▼
Income taxes67/77€20k€13k▼
Profit (loss) for the period9904€69k€31k▼
Profit (loss) for the period to be appropriated9905€69k€31k▼
Appropriation of the result
Profit (loss) to be appropriated9906€23k€14k▼
Profit (loss) brought forward from the previous period14P€-46k€-17k▲
Transfer from equity791/2€130k€100k▼
Transfer to equity691/2-€14k
To other reserves6921-€14k
Profit to be distributed694/7€170k€100k▼
Return on contributions (dividend)694€170k€100k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22k | €26k | €26k | €23k | €22k | ▼ 6.7% |
| Other operating charges640/8 | €8k | €2k | €2k | €2k | €2k | ▼ 9.9% |
| Gross operating margin9900 | €130k | €-28k | €40k | €114k | €68k | ▼ 40.7% |
| Operating profit (loss)9901 | €100k | €-56k | €12k | €89k | €44k | ▼ 50.4% |
| Financial income75/76B | €19 | - | €1 | €27 | €4 | ▼ 85.0% |
| Recurring financial income75 | €19 | - | €1 | €27 | €4 | ▼ 85.0% |
| Financial charges65/66B | €696 | €469 | €416 | €297 | €153 | ▼ 48.5% |
| Recurring financial charges65 | €696 | €469 | €416 | €297 | €153 | ▼ 48.5% |
| Profit (loss) for the period before taxes9903 | €99k | €-57k | €12k | €89k | €44k | ▼ 50.4% |
| Income taxes67/77 | €31k | €1k | €960 | €20k | €13k | ▼ 32.5% |
| Profit (loss) for the period9904 | €68k | €-58k | €11k | €69k | €31k | ▼ 55.6% |
| Profit (loss) for the period to be appropriated9905 | €68k | €-58k | €11k | €69k | €31k | ▼ 55.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €418k | €313k | €310k | €266k | €123k | ▼ 53.8% |
| Fixed assets21/28 | €93k | €73k | €50k | €32k | €12k | ▼ 61.9% |
| Tangible fixed assets22/27 | €93k | €73k | €50k | €32k | €12k | ▼ 61.9% |
| Plant, machinery and equipment23 | €5k | €6k | €4k | €2k | €2k | ▼ 26.8% |
| Furniture and vehicles24 | €85k | €63k | €42k | €26k | €7k | ▼ 73.3% |
| Other tangible fixed assets26 | €3k | €4k | €4k | €3k | €4k | ▲ 3.3% |
| Current assets29/58 | €325k | €240k | €259k | €234k | €111k | ▼ 52.7% |
| Amounts receivable after more than one year29 | €85k | €70k | €70k | - | - | - |
| Other amounts receivable291 | €85k | €70k | €70k | - | - | - |
| Amounts receivable within one year40/41 | €66k | €52k | €66k | €174k | €45k | ▼ 73.8% |
| Trade receivables40 | €58k | €24k | €51k | €36k | €38k | ▲ 4.9% |
| Other amounts receivable41 | €9k | €28k | €14k | €137k | €7k | ▼ 94.6% |
| Cash at bank and in hand54/58 | €173k | €118k | €124k | €60k | €62k | ▲ 2.6% |
| Deferred charges and accrued income490/1 | €199 | - | - | €110 | €4k | ▲ 3,217% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €418k | €313k | €310k | €266k | €123k | ▼ 53.8% |
| Equity10/15 | €317k | €234k | €245k | €144k | €74k | ▼ 48.4% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €297k | €272k | €272k | €142k | €56k | ▼ 60.9% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | - | - | - |
| Distributable reserves133 | €295k | €270k | €270k | €142k | €56k | ▼ 60.9% |
| Profit (loss) carried forward14 | €1k | €-56k | €-46k | €-17k | €36 | ▲ 100% |
| Amounts payable17/49 | €101k | €79k | €65k | €122k | €49k | ▼ 60.1% |
| Amounts payable after more than one year17 | €38k | €26k | €14k | €2k | - | - |
| Financial debts170/4 | €38k | €26k | €14k | €2k | - | - |
| Amounts payable within one year42/48 | €63k | €53k | €51k | €120k | €49k | ▼ 59.3% |
| Current portion of amounts payable after more than one year42 | €12k | €12k | €12k | €12k | €2k | ▼ 82.5% |
| Trade debts44 | €25k | €15k | €20k | €13k | €6k | ▼ 57.6% |
| Suppliers440/4 | €25k | €15k | €20k | €13k | €6k | ▼ 57.6% |
| Taxes, remuneration and social security45 | €18k | €8k | €8k | €10k | €10k | ▼ 1.5% |
| Taxes450/3 | €18k | €8k | €8k | €10k | €10k | ▼ 1.5% |
| Other amounts payable47/48 | €8k | €17k | €11k | €85k | €32k | ▼ 62.9% |
| Accrued charges and deferred income492/3 | €324 | €3 | €663 | €549 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68k | €-58k | €11k | €69k | €31k | ▼ 55.6% |
| + Depreciation and write-downs630 | €22k | €26k | €26k | €23k | €22k | ▼ 6.7% |
| Operating cash flow (approximation) | €90k | €-32k | €36k | €92k | €52k | ▼ 43.2% |
| Investment in fixed assets (approximation) | - | €-5k | €-4k | €-5k | €-2k | ▲ 62.8% |
| Change in cash | - | €-55k | €6k | €-64k | €2k | ▲ 102% |
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 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-58k
Net result drops to €-58k, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 13 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Equity above €200kEq €237k ▲46.5%
3 profitable years in a row build equity to €237k.
12-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 43 days late
2019
31-12
Financial
Highest result since 2018net €87k ▲113%
Operating result €129k, net result €87k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 4.06
Current ratio from 1.86 to 4.06; short-term debt falls from €61k to €43k.
Show earlier events
31-12
Financial
Equity above €150kEq €162k ▲118%
2 profitable years in a row build equity to €162k.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Liège · 1 establishment unit since 2016
Ground area
153 m²
Building footprint
80 m²
Parcel 62802B0139/00T000, Wallonia. Linked by address, not a title deed.
1 establishment unit
GHR ET COM
since 20162.250.979.030
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62802B0139/00T000 | Wallonia | 153 m² | 1 · 80 m² | - |
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.
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Of 3,018 companies in sector 85592 we hold annual accounts for 987. 728 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-01-2016
Fiscal year end31-12
Activities, NACEBEL 2025
85592Vocational training
Scores and ratios are computed by Checked and are not a credit decision.