GLM
ActiveSummary
GLM has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20,905 and a net result of €182,305. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 12% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency31▼-35
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.94 against 1.32 in 2024; short-term debt: 93.7% and cash: 85.7% of total assets), and 93.7% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Four 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
6.3%
Return on assets
54.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 28184 sector peers (2025).
NBB · sector comparisonPosition among 28184 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 7 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-08-2026, 10 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
10 d late
2024
21 d early
2023
14 d early
2022
11 d early
2021
39 d early
2020
45 d early
2019
44 d early
← 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 23 days before 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator 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 What other support did companies like this one receive, and it did not?Subsidy mirror
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€20,905▼ 81.0%
2024 · €109,776
Total assets
€331,792▲ 22.6%
2024 · €270,553
Net result
€182,305▲ 133%
2024 · €78,395
Working capital
-€19,245
2024 · €51,119
Trend over the years
Click a name to add, emphasise or remove a line.Band: 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.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€2,190▼ 89.1%€9,885▲ 351%€80,411▲ 713%€107,521▲ 33.7%€239,644▲ 123%
Net result€1,062within the sector's middle half▼ 93.0%€6,963within the sector's middle half▲ 556%€63,451above the sector's middle half▲ 811%€78,395above the sector's middle half▲ 23.6%€182,305above the sector's middle half▲ 133%
Equity€96,613within the sector's middle half▲ 1.1%€103,576within the sector's middle half▲ 7.2%€109,776within the sector's middle half▲ 6.0%€109,776within the sector's middle half=€20,905within the sector's middle half▼ 81.0%
Total assets€144,453within the sector's middle half▼ 10.4%€145,046within the sector's middle half▲ 0.4%€191,381within the sector's middle half▲ 31.9%€270,553within the sector's middle half▲ 41.4%€331,792above the sector's middle half▲ 22.6%
Debt€47,841▼ 27.1%€41,470▼ 13.3%€81,606▲ 96.8%€160,777▲ 97.0%€310,886▲ 93.4%
Working capital€62,764▼ 11.1%€66,227▲ 5.5%€39,623▼ 40.2%€51,119▲ 29.0%-€19,245
Solvency66.9%above the sector's middle half▲ 7.6pp71.4%above the sector's middle half▲ 4.5pp57.4%within the sector's middle half▼ 14.0pp40.6%within the sector's middle half▼ 16.8pp6.3%below the sector's middle half▼ 34.3pp
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
The operating result has risen four years in a row; 2025 is 123% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €331,792
Fixed assets
€40,150 ▼ 32.0%
Current assets
€291,641 ▲ 37.9%
Equity and liabilities €331,792
Equity
€20,905 ▼ 81.0%
Debt
€310,886 ▲ 93.4%
Debt's share of the balance-sheet total rises from 59.4% to 93.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€254,026▲
2024 · €123,353
Cash flow
€196,688▲
2024 · €94,227
Current ratio
0.94▼
2024 · 1.32
Debt to equity
14.87▲
2024 · 1.46
ROE
872.0%▲
2024 · 71.4%
ROA
54.9%▲
2024 · 29.0%
Interest coverage
134.91▲
2024 · 16.68
Debt ≤ 1 year
€310,886▲
2024 · €160,377
Income taxes
€55,624▲
2024 · €22,260
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,151 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 2,151 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 | - | - | €1,945 | €0 | €435 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,805 | €13,142 | €11,066 | €15,832 | €14,382 | ▼ 9.2% |
| Other operating charges640/8 | €1,504 | €1,966 | €2,931 | €472 | €191 | ▼ 59.4% |
| Non-recurring operating charges66A | €0 | - | €1,114 | €0 | - | - |
| Gross operating margin9900 | €16,499 | €24,993 | €95,521 | €123,825 | €254,218 | ▲ 105% |
| Operating profit (loss)9901 | €2,190 | €9,885 | €80,411 | €107,521 | €239,644 | ▲ 123% |
| Financial income75/76B | €91 | €0 | - | €530 | €168 | ▼ 68.3% |
| Recurring financial income75 | €91 | €0 | - | €530 | €168 | ▼ 68.3% |
| Financial charges65/66B | €795 | €624 | €356 | €7,396 | €1,883 | ▼ 74.5% |
| Recurring financial charges65 | €795 | €624 | €356 | €7,396 | €1,883 | ▼ 74.5% |
| Profit (loss) for the period before taxes9903 | €1,486 | €9,261 | €80,055 | €100,655 | €237,929 | ▲ 136% |
| Income taxes67/77 | €423 | €2,298 | €16,604 | €22,260 | €55,624 | ▲ 150% |
| Profit (loss) for the period9904 | €1,062 | €6,963 | €63,451 | €78,395 | €182,305 | ▲ 133% |
| Profit (loss) for the period to be appropriated9905 | €1,062 | €6,963 | €63,451 | €78,395 | €182,305 | ▲ 133% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €144,453 | €145,046 | €191,381 | €270,553 | €331,792 | ▲ 22.6% |
| Fixed assets21/28 | €55,690 | €46,553 | €70,153 | €59,056 | €40,150 | ▼ 32.0% |
| Tangible fixed assets22/27 | €55,665 | €46,528 | €70,128 | €59,031 | €40,125 | ▼ 32.0% |
| Plant, machinery and equipment23 | - | €533 | €352 | €170 | €0 | ▼ 100% |
| Furniture and vehicles24 | €1,351 | €2,205 | €55,942 | €42,960 | €26,593 | ▼ 38.1% |
| Leasing and similar rights25 | €38,333 | €28,023 | €0 | - | - | - |
| Other tangible fixed assets26 | €15,981 | €15,767 | €13,834 | €15,902 | €13,532 | ▼ 14.9% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €88,763 | €98,493 | €121,229 | €211,496 | €291,641 | ▲ 37.9% |
| Stocks and contracts in progress3 | €423 | €0 | - | - | - | - |
| Stocks30/36 | €423 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0 | - | €5,858 | €5,695 | €5,000 | ▼ 12.2% |
| Trade receivables40 | €0 | - | €462 | €0 | €5,000 | - |
| Other amounts receivable41 | €0 | - | €5,396 | €5,695 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | €67,676 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €86,807 | €94,028 | €113,445 | €136,339 | €284,402 | ▲ 109% |
| Deferred charges and accrued income490/1 | €1,534 | €4,464 | €1,926 | €1,786 | €2,239 | ▲ 25.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €144,453 | €145,046 | €191,381 | €270,553 | €331,792 | ▲ 22.6% |
| Equity10/15 | €96,613 | €103,576 | €109,776 | €109,776 | €20,905 | ▼ 81.0% |
| Contributions10/11 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €84,213 | €91,176 | €91,176 | €91,176 | €2,305 | ▼ 97.5% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €82,353 | €89,316 | €91,176 | €91,176 | €2,305 | ▼ 97.5% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €47,841 | €41,470 | €81,606 | €160,777 | €310,886 | ▲ 93.4% |
| Amounts payable after more than one year17 | €21,830 | €8,793 | €0 | - | - | - |
| Financial debts170/4 | €21,830 | €8,793 | €0 | - | - | - |
| Amounts payable within one year42/48 | €25,999 | €32,265 | €81,606 | €160,377 | €310,886 | ▲ 93.8% |
| Current portion of amounts payable after more than one year42 | €12,857 | €13,037 | €0 | - | - | - |
| Financial debts43 | - | - | - | - | €11 | - |
| Credit institutions430/8 | - | - | - | - | €11 | - |
| Trade debts44 | €1,959 | €2,244 | €215 | €2,984 | €0 | ▼ 100% |
| Suppliers440/4 | €1,959 | €2,244 | €215 | €2,984 | €0 | ▼ 100% |
| Advances received on contracts in progress46 | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €11,045 | €16,984 | €17,340 | €43,008 | €41,674 | ▼ 3.1% |
| Taxes450/3 | €11,045 | €14,283 | €17,340 | €40,275 | €41,674 | ▲ 3.5% |
| Remuneration and social security454/9 | €0 | €2,702 | €0 | €2,734 | €0 | ▼ 100% |
| Other amounts payable47/48 | €138 | €0 | €64,051 | €114,384 | €269,200 | ▲ 135% |
| Accrued charges and deferred income492/3 | €12 | €412 | €0 | €400 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,062 | €6,963 | €63,451 | €78,395 | €182,305 | ▲ 133% |
| + Depreciation and write-downs630 | €12,805 | €13,142 | €11,066 | €15,832 | €14,382 | ▼ 9.2% |
| Operating cash flow (approximation) | €13,868 | €20,105 | €74,517 | €94,227 | €196,688 | ▲ 109% |
| Investment in fixed assets (approximation) | - | -€4,004 | -€34,666 | -€4,735 | €4,524 | ▲ 196% |
| Change in cash | - | €7,221 | €19,417 | €22,894 | €148,063 | ▲ 547% |
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
10-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 10 days late
2025
31-12
Financial
Highest result since 2018net €182,305 ▲133%
Operating result €239,644, net result €182,305, both a record.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €100,000Eq €103,576 ▲7.2%
5 profitable years in a row build equity to €103,576.
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €1,062 ▼93%
Net result drops to €1,062, the lowest in the series; recovery starts the following year.
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity doublescurrent ratio 2.75
Current ratio from 1.10 to 2.75; short-term debt falls from €111,513 to €39,685.
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Wielsbeke · 1 establishment unit since 2017
Ground area
1,201 m²
Building footprint
230 m²
Volume, LiDAR
1,086 m³
Parcel 37017C0133/00G003, Flanders · tallest building 8.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
GLM RENOVATIE
since 20172.269.741.503
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37017C0133/00G003 | Flanders | 1,201 m² | 1 · 230 m² | 8.7 m · 1 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 1,757 EUR awarded · 1,757 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,757 EUR | 1,757 EUR |
Similar companies · same sector, comparable size
TOITURES DK
BE 0764.372.272
Tinlot · Eq €20,908
GTh CONSTRUCT
BE 0894.134.023
Namur · Eq €20,895
Laureys Nicky
BE 1007.776.550
Lokeren · Eq €20,891
DECLIC Solution
BE 0479.430.913
Mons · Eq €20,923
LUCIANO & FILS
BE 0675.413.275
Meise · Eq €20,930
Of 8,576 companies in sector 43410 we hold annual accounts for 4,367. 3,058 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
Founded25-10-2017
Fiscal year end31-12
Activities, NACEBEL 2025
43410Roofing work
68121Development of residential building projects
77320Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0683682328
Also
9925:BE0683682328
Registered
29-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.