Checked.be
Active
BE 0821.841.408Private limited company
GR DEVELOPMENT
Rue des Bada 22 ·4317 Faimes, Belgium· 16 yrs active
Sector: Other information technology and computer services
(62900)
Conclusion
GR DEVELOPMENT has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4k and a net result of €6k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 18% of 16619 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €4k |
| Net result | €6k |
| Staff (FTE) | 1 |
| Better than sector | 18% |
Financial profile
74
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
68
Profitability
100
Solvency
23
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2009, 16 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
68
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€500
estimate, not credit advice
Score history
28
2021
25
2022
16
2023
21
2024
68
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.07 (≥ 1.0)
+5
Quick ratio
Quick ratio 1.07 (≥ 1.0)
+5
Leverage
Debt/equity 5.67 (> 3.0)
-10
Profitability
ROE 152% (≥ 10%)
+10
Interest coverage
Interest coverage 8.0× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 01-06-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~40% of the level (threshold 35%). We therefore deliberately show no projection line.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 62, Computer programming, consultancy and related activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 15.0% | 60.0% | |
| Net result | €6k | €29k | |
| Equity | €4k | €72k | |
| Gross operating margin | €35k | €55k | |
| Staff costs | €10k | €25k |
€23k
-11.9%
21-25
€6k
-39.3%
21-25
€16k
-23.5%
21-25
€25k
-17.6%
21-25
€4k
-
21-25
€2k
-
21-25
1
0.0%
21-25
€10k
+51.1%
21-25
€4k
-10.1%
21-25
€21k
-34.2%
21-25
€21k
-26.1%
21-25
€4k
-76.2%
21-25
1.07
+72.7%
21-25
1.07
+72.7%
21-25
15.0%
-
21-25
5.67
-
21-25
152.4%
-
21-25
22.8%
-26.3%
21-25
8.00
-83.2%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €23k | €26k | €17k | €5k | €11k |
| Net profit | €6k | €9k | €1k | €-10k | €-3k |
| Cash flow | €16k | €21k | €16k | €5k | €9k |
| Staff costs | €10k | €6k | €36k | €37k | €36k |
| Income taxes | €4k | €5k | €321 | - | €1k |
| Dividends | - | - | - | - | - |
| Total assets | €25k | €30k | €34k | €47k | €61k |
| Equity | €4k | €-2k | €-11k | €-12k | €-3k |
| Debt | €21k | €32k | €45k | €60k | €64k |
| of which ≤ 1y | €21k | €29k | €30k | €35k | €27k |
| of which > 1y | - | €4k | €15k | €25k | €37k |
| Working capital | €2k | €-11k | €-20k | €-26k | €-17k |
| Employees (FTE) | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.07 | 0.62 | 0.32 | 0.24 | 0.35 |
| Quick ratio | 1.07 | 0.62 | 0.32 | 0.24 | 0.35 |
| Working capital ratio | 6.0% | -35.9% | -60.1% | -55.6% | -28.2% |
| Solvency | 15.0% | -6.5% | -33.8% | -26.4% | -4.5% |
| Debt / equity | 5.67 | -16.45 | -3.96 | -4.78 | -23.22 |
| Long-term debt ratio | - | -1.83 | -1.33 | -2.00 | -13.56 |
| Interest coverage | 8.00 | 47.76 | 20.82 | 11.49 | 19.29 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 22.8% | 31.0% | 3.1% | -20.6% | -5.3% |
| ROE | 152.4% | -478.6% | -9.2% | 77.8% | 117.8% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €25k | €30k | €34k | €47k | €61k |
| Fixed assets | 21/28 | €2k | €13k | €24k | €39k | €52k |
| Tangible fixed assets | 22/27 | €2k | €12k | €24k | €38k | €52k |
| Financial fixed assets | 28 | €120 | €120 | €120 | €120 | €120 |
| Current assets | 29/58 | €23k | €18k | €10k | €8k | €9k |
| Amounts receivable within one year | 40/41 | €14k | €13k | €9k | €8k | €2k |
| Cash & bank | 54/58 | €6k | €5k | €1 | €1 | €6k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €25k | €30k | €34k | €47k | €61k |
| Equity | 10/15 | €4k | €-2k | €-11k | €-12k | €-3k |
| Contributions / capital | 10/11 | €6k | €6k | €6k | €6k | €6k |
| Reserves | 13 | €7k | €2k | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €-9k | €-10k | €-19k | €-21k | €-11k |
| Amounts payable | 17/49 | €21k | €32k | €45k | €60k | €64k |
| Amounts payable after one year | 17 | - | €4k | €15k | €25k | €37k |
| Amounts payable within one year | 42/48 | €21k | €29k | €30k | €35k | €27k |
| Trade debts payable within one year | 44 | €2k | €4k | €4k | €4k | €2k |
| Income statement | ||||||
| Gross operating margin | 9900 | €35k | €35k | €55k | €45k | €50k |
| Operating result | 9901 | €13k | €14k | €2k | €-9k | €-2k |
| Financial income | 75 | €28 | €1 | €5 | - | - |
| Financial charges | 65 | €3k | €544 | €801 | €458 | €545 |
| Result before taxes | 9903 | €10k | €14k | €1k | €-10k | €-2k |
| Income taxes | 67/77 | €4k | €5k | €321 | - | €1k |
| Net result for the period | 9904 | €6k | €9k | €1k | €-10k | €-3k |
| Result to be appropriated | 9905 | €6k | €9k | €1k | €-10k | €-3k |
Legal Structure
| NACE primary | Other information technology and computer services(62900) |
| Legal form | Private limited company(610) |
| Incorporation | 29-12-2009 |
| Status | Active |
| Postal code | 4317 |
Establishment units
GR DEVELOPMENT
since 20102.183.968.856
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61037A0064/00A002 | Wallonia | 1,428 m² | 1 · 118 m² | 8.9 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
13-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2021net €9k ▲798%
Operating result €14k, net result €9k, both a record.
17-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €1k
Net result €1k after 2 loss-making years.
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-10k
Net result drops to €-10k, the lowest in the series; recovery starts the following year.
16-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Computer programming, consultancy and related activities62010Other information technology and computer services62900Computer programming62100
Names & trade names
| Legal nameFR | GR DEVELOPMENT |
Similar companies
Barni
BE 0744.732.940 · Glabbeek
IMMOFFICE RP
BE 0664.738.030 · Flémalle
ILLIMITE SPRLU
BE 0811.804.282 · Saint-Ghislain
CNTRST
BE 0759.681.630 · Merelbeke-Melle
DEEB
BE 0798.151.929 · Sint-Jans-Molenbeek