GIARD
ActiveSummary
GIARD has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €158,489 and a net result of €31,717. Equity is growing by ~12% per year across the filed fiscal years. Its solvency ranks better than 73% of 28806 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+7
Solvency93▲+9
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 3.13 against 2.57 in 2024; short-term debt: 28% and cash: 20.8% of total assets), and 32.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
67.8%
Return on assets
13.6%
Age of the figures
12 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 · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
5 d late
2023
22 d early
2022
5 d early
2021
3 d late
2020
on the day
2019
29 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 30 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close01-10-2026 today30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€158,489▲ 24.2%
2024 · €127,605
Total assets
€233,895▲ 9.0%
2024 · €214,624
Net result
€31,717▲ 87.1%
2024 · €16,955
Working capital
€139,712▲ 31.8%
2024 · €106,039
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,091▲ 826%€7,204▼ 64.1%€14,327▲ 98.9%€23,613▲ 64.8%€44,300▲ 87.6%
Net result€14,489within the sector's middle half▲ 529%€8,522within the sector's middle half▼ 41.2%€10,565within the sector's middle half▲ 24.0%€16,955within the sector's middle half▲ 60.5%€31,717above the sector's middle half▲ 87.1%
Equity€94,407within the sector's middle half▲ 17.6%€101,744within the sector's middle half▲ 7.8%€111,510within the sector's middle half▲ 9.6%€127,605within the sector's middle half▲ 14.4%€158,489above the sector's middle half▲ 24.2%
Total assets€196,192within the sector's middle half▲ 27.3%€199,107within the sector's middle half▲ 1.5%€222,253within the sector's middle half▲ 11.6%€214,624within the sector's middle half▼ 3.4%€233,895within the sector's middle half▲ 9.0%
Debt€101,784▲ 37.8%€97,363▼ 4.3%€110,744▲ 13.7%€87,019▼ 21.4%€75,406▼ 13.3%
Working capital€86,307above the sector's middle half▲ 11.3%€92,062above the sector's middle half▲ 6.7%€91,183above the sector's middle half▼ 1.0%€106,039above the sector's middle half▲ 16.3%€139,712above the sector's middle half▲ 31.8%
Solvency48.1%within the sector's middle half▼ 4.0pp51.1%within the sector's middle half▲ 3.0pp50.2%within the sector's middle half▼ 0.9pp59.5%within the sector's middle half▲ 9.3pp67.8%within the sector's middle half▲ 8.3pp
Current ratio1.85within the sector's middle half▼ 0.272.15within the sector's middle half▲ 0.302.11within the sector's middle half▼ 0.032.57within the sector's middle half▲ 0.463.13within the sector's middle half▲ 0.56
Return on assets (ROA)7.4%within the sector's middle half▲ 5.9pp4.3%within the sector's middle half▼ 3.1pp4.8%within the sector's middle half▲ 0.5pp7.9%within the sector's middle half▲ 3.1pp13.6%within the sector's middle half▲ 5.7pp
Staff (FTE)1.6▲ 60.0%1.7▲ 6.3%1▼ 41.2%1=0.9▼ 10.0%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 88% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €233,895
Fixed assets
€28,632 ▼ 30.0%
Current assets
€205,263 ▲ 18.2%
Equity and liabilities €233,895
Equity
€158,489 ▲ 24.2%
Debt
€75,406 ▼ 13.3%
Debt's share of the balance-sheet total falls from 40.5% to 32.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58,224▲
2024 · €37,259
Cash flow
€45,640▲
2024 · €30,600
Quick ratio
2.66▲
2024 · 2.00
Debt to equity
0.48▼
2024 · 0.68
ROE
20.0%▲
2024 · 13.3%
Interest coverage
65.57▲
2024 · 31.51
Debt ≤ 1 year
€65,551▼
2024 · €67,656
Debt > 1 year
€9,855▼
2024 · €19,363
Income taxes
€12,845▲
2024 · €6,588
Staff costs
€8,463▼
2024 · €9,293
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,696 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2,487 | - | - | - |
| Remuneration, social security and pensions62 | €41,848 | €44,187 | €13,098 | €9,293 | €8,463 | ▼ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,126 | €7,177 | €11,584 | €13,645 | €13,923 | ▲ 2.0% |
| Other operating charges640/8 | €830 | €618 | €776 | €1,226 | €1,401 | ▲ 14.3% |
| Non-recurring operating charges66A | - | - | - | - | €90 | - |
| Gross operating margin9900 | €64,894 | €59,186 | €39,784 | €47,777 | €68,178 | ▲ 42.7% |
| Operating profit (loss)9901 | €20,091 | €7,204 | €14,327 | €23,613 | €44,300 | ▲ 87.6% |
| Financial income75/76B | €577 | €2,248 | €888 | €1,111 | €1,149 | ▲ 3.4% |
| Recurring financial income75 | €577 | €2,248 | €888 | €1,111 | €1,149 | ▲ 3.4% |
| Financial charges65/66B | €280 | -€1,831 | €761 | €1,182 | €888 | ▼ 24.9% |
| Recurring financial charges65 | €280 | -€1,831 | €761 | €1,182 | €888 | ▼ 24.9% |
| Profit (loss) for the period before taxes9903 | €20,388 | €11,283 | €14,454 | €23,542 | €44,561 | ▲ 89.3% |
| Income taxes67/77 | €5,899 | €2,761 | €3,888 | €6,588 | €12,845 | ▲ 95.0% |
| Profit (loss) for the period9904 | €14,489 | €8,522 | €10,565 | €16,955 | €31,717 | ▲ 87.1% |
| Profit (loss) for the period to be appropriated9905 | €14,489 | €8,522 | €10,565 | €16,955 | €31,717 | ▲ 87.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €196,192 | €199,107 | €222,253 | €214,624 | €233,895 | ▲ 9.0% |
| Fixed assets21/28 | €8,448 | €26,709 | €49,020 | €40,929 | €28,632 | ▼ 30.0% |
| Tangible fixed assets22/27 | €6,900 | €24,913 | €47,225 | €39,133 | €26,836 | ▼ 31.4% |
| Plant, machinery and equipment23 | €5,851 | €6,136 | €6,328 | €5,794 | €4,464 | ▼ 23.0% |
| Furniture and vehicles24 | €1,049 | €18,777 | €40,896 | €33,339 | €22,372 | ▼ 32.9% |
| Leasing and similar rights25 | €0 | - | - | - | - | - |
| Financial fixed assets28 | €1,548 | €1,796 | €1,796 | €1,796 | €1,796 | = |
| Current assets29/58 | €187,744 | €172,398 | €173,233 | €173,695 | €205,263 | ▲ 18.2% |
| Stocks and contracts in progress3 | €24,787 | €41,809 | €37,682 | €38,132 | €31,097 | ▼ 18.4% |
| Stocks30/36 | €24,787 | €41,809 | €37,682 | €38,132 | €31,097 | ▼ 18.4% |
| Amounts receivable within one year40/41 | €122,767 | €89,238 | €93,830 | €89,972 | €115,595 | ▲ 28.5% |
| Trade receivables40 | €114,367 | €87,985 | €89,316 | €83,985 | €115,159 | ▲ 37.1% |
| Other amounts receivable41 | €8,400 | €1,253 | €4,515 | €5,987 | €436 | ▼ 92.7% |
| Current investments50/53 | €143 | €123 | €113 | €103 | €93 | ▼ 9.7% |
| Cash at bank and in hand54/58 | €39,588 | €38,850 | €41,037 | €43,109 | €48,730 | ▲ 13.0% |
| Deferred charges and accrued income490/1 | €459 | €2,377 | €570 | €2,379 | €9,747 | ▲ 310% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €196,192 | €199,107 | €222,253 | €214,624 | €233,895 | ▲ 9.0% |
| Equity10/15 | €94,407 | €101,744 | €111,510 | €127,605 | €158,489 | ▲ 24.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €48,860 | €57,260 | €67,760 | €84,715 | €116,431 | ▲ 37.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | €47,000 | €55,400 | €65,900 | €84,715 | €116,431 | ▲ 37.4% |
| Profit (loss) carried forward14 | €38,962 | €38,284 | €37,550 | €36,691 | €35,858 | ▼ 2.3% |
| Investment grants15 | €385 | - | - | - | - | - |
| Amounts payable17/49 | €101,784 | €97,363 | €110,744 | €87,019 | €75,406 | ▼ 13.3% |
| Amounts payable after more than one year17 | - | €11,604 | €28,694 | €19,363 | €9,855 | ▼ 49.1% |
| Financial debts170/4 | - | €11,604 | €28,694 | €19,363 | €9,855 | ▼ 49.1% |
| Amounts payable within one year42/48 | €101,437 | €80,335 | €82,050 | €67,656 | €65,551 | ▼ 3.1% |
| Current portion of amounts payable after more than one year42 | €4,755 | €3,567 | €9,114 | €9,318 | €9,509 | ▲ 2.1% |
| Financial debts43 | €22 | €10 | €10 | €123 | €143 | ▲ 15.8% |
| Credit institutions430/8 | €22 | €10 | €10 | €123 | €143 | ▲ 15.8% |
| Trade debts44 | €46,789 | €18,661 | €7,200 | €19,869 | €27,384 | ▲ 37.8% |
| Suppliers440/4 | €46,789 | €18,661 | €7,200 | €19,869 | €27,384 | ▲ 37.8% |
| Taxes, remuneration and social security45 | €10,327 | €8,299 | €5,046 | €6,474 | €12,040 | ▲ 86.0% |
| Taxes450/3 | €6,672 | €6,539 | €3,021 | €5,104 | €11,359 | ▲ 123% |
| Remuneration and social security454/9 | €3,655 | €1,761 | €2,026 | €1,370 | €681 | ▼ 50.3% |
| Other amounts payable47/48 | €39,543 | €49,798 | €60,679 | €31,872 | €16,476 | ▼ 48.3% |
| Accrued charges and deferred income492/3 | €348 | €5,423 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,489 | €8,522 | €10,565 | €16,955 | €31,717 | ▲ 87.1% |
| + Depreciation and write-downs630 | €2,126 | €7,177 | €11,584 | €13,645 | €13,923 | ▲ 2.0% |
| Operating cash flow (approximation) | €16,616 | €15,699 | €22,150 | €30,600 | €45,640 | ▲ 49.2% |
| Investment in fixed assets (approximation) | - | -€25,439 | -€33,895 | -€5,554 | -€1,626 | ▲ 70.7% |
| Change in cash | - | -€738 | €2,187 | €2,072 | €5,622 | ▲ 171% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2019net €31,717 ▲87.1%
Operating result €44,300, net result €31,717, both a record.
30-09
Financial
Equity above €150,000Eq €158,489 ▲24.2%
7 profitable years in a row build equity to €158,489.
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 5 days late
2024
08-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Equity above €100,000Eq €101,744 ▲7.8%
4 profitable years in a row build equity to €101,744.
03-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2021
30-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Weakest financial yearnet €2,304 ▼55.9%
Net result drops to €2,304, the lowest in the series; recovery starts the following year.
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 29 days late
2019
16-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 169 days late
2018
07-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 7 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
No directors read yet: 0 of 5 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2010
Ground area
421 m²
Building footprint
97 m²
Volume, LiDAR
898 m³
Parcel 21616A0025/00E003, Brussels · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
O&R
since 20102.193.496.038
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616A0025/00E003 | Brussels | 421 m² | 1 · 97 m² | 12.9 m · 3 fl. |
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.
Similar companies · same sector, comparable size
JL
BE 0541.371.549
Kortenberg · Eq €158,517
NAESSENS INSTALLATIETECHNIEKEN
BE 0728.545.719
Tielt · Eq €158,548
DICOT
BE 0726.936.113
Pelt · Eq €158,397
ERNOUD-BONNET
BE 0788.486.670
Jemeppe-sur-Sambre · Eq €158,382
Verwarming en Sanitair Ryckaert Fabien
BE 0419.288.240
Maldegem · Eq €158,700
Of 9,531 companies in this sector we hold annual accounts for 5,666. 4,895 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded08-10-2010
Fiscal year end30-09
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
46839Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0830083636
Also
9925:BE0830083636
Registered
24-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.