GRAGER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 33 filings
Turnover
≈ €2.0m
Estimated: probably between €1.6m and €2.3m
EBIT margin
Not included in this filing
Net result
-€146,749▲ 85.2%
2024 · -€993,265
Working capital
-€5.9m▲ 6.0%
2024 · -€6.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€137,381
2025
20182025
Net result
-€146,749
▲ 85.2%
2025
lowest quarter of the sector
20182025
Equity
€7.3m
▼ 2.0%
2025
highest quarter of the sector
20182025
Total assets
€21.0m
▼ 6.5%
2025
highest quarter of the sector
20182025
Debt
€13.7m
▼ 8.7%
2025
20182025
Working capital
-€5.9m
▲ 6.0%
2025
lowest quarter of the sector
20182025
Solvency
34.7%
▲ 1.6pp
2025
middle half of the sector
20182025
Current ratio
0.37
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.7%
▲ 3.7pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.2m--€0.06m▲ 62.3%-€0.1m▼ 112%-€0.4m▼ 189%-€1.0m▼ 172%-€0.5m▲ 49.9%-€0.7m▼ 46.8%€0.1m
Net result-€0.3m--€0.2m▲ 20.8%-€0.3mbelow the sector's middle half▼ 36.2%-€0.6mbelow the sector's middle half▼ 92.5%-€1.2mbelow the sector's middle half▼ 103%-€0.7mbelow the sector's middle half▲ 43.5%-€1.0mbelow the sector's middle half▼ 47.3%-€0.1mbelow the sector's middle half▲ 85.2%
Equity€11.4m-€11.2m▼ 2.0%€10.9mabove the sector's middle half▼ 2.7%€10.3mabove the sector's middle half▼ 5.4%€9.1mabove the sector's middle half▼ 11.6%€8.4mabove the sector's middle half▼ 7.4%€7.4mabove the sector's middle half▼ 11.8%€7.3mabove the sector's middle half▼ 2.0%
Total assets€22.4m-€22.7m▲ 1.4%€22.9mabove the sector's middle half▲ 0.9%€24.5mabove the sector's middle half▲ 6.7%€24.7mabove the sector's middle half▲ 1.2%€23.8mabove the sector's middle half▼ 3.9%€22.5mabove the sector's middle half▼ 5.3%€21.0mabove the sector's middle half▼ 6.5%
Debt€10.9m-€11.5m▲ 5.0%€12.0m▲ 4.5%€14.1m▲ 17.7%€15.6m▲ 10.4%€15.3m▼ 1.9%€15.1m▼ 1.8%€13.7m▼ 8.7%
Working capital-€4.5m--€4.7m▼ 4.3%-€5.1mbelow the sector's middle half▼ 6.7%-€6.2mbelow the sector's middle half▼ 21.9%-€6.8mbelow the sector's middle half▼ 10.7%-€5.2mbelow the sector's middle half▲ 23.6%-€6.2mbelow the sector's middle half▼ 19.8%-€5.9mbelow the sector's middle half▲ 6.0%
Solvency51.1%-49.4%▼ 1.7pp47.6%within the sector's middle half▼ 1.8pp42.2%within the sector's middle half▼ 5.4pp36.8%within the sector's middle half▼ 5.3pp35.5%within the sector's middle half▼ 1.3pp33.1%within the sector's middle half▼ 2.4pp34.7%within the sector's middle half▲ 1.6pp
Current ratio0.08-0.06▼ 0.020.22below the sector's middle half▲ 0.160.27below the sector's middle half▲ 0.050.25below the sector's middle half▼ 0.010.44below the sector's middle half▲ 0.190.37below the sector's middle half▼ 0.070.37below the sector's middle half=
Return on assets (ROA)-1.3%--1.0%▲ 0.3pp-1.3%within the sector's middle half▼ 0.3pp-2.4%below the sector's middle half▼ 1.1pp-4.8%below the sector's middle half▼ 2.4pp-2.8%below the sector's middle half▲ 2.0pp-4.4%below the sector's middle half▼ 1.6pp-0.7%within the sector's middle half▲ 3.7pp
Staff (FTE)1.4-1.8▲ 28.6%1.3within the sector's middle half▼ 27.8%0below the sector's middle half0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €137,381, after a loss of €707,199 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21.0m
Fixed assets
€17.5m ▼ 6.9%
Current assets
€3.5m ▼ 4.5%
Equity and liabilities €21.0m
Equity
€7.3m ▼ 2.0%
Debt
€13.7m ▼ 8.7%
Debt's share of the balance-sheet total falls from 66.9% to 65.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1.5m▲
2024 · €697,876
Cash flow
€1.2m▲
2024 · €411,811
Debt to equity
1.88▼
2024 · 2.02
ROE
-2.0%▲
2024 · -13.3%
Interest coverage
4.89▲
2024 · 2.23
Debt ≤ 1 year
€9.4m▼
2024 · €9.9m
Debt > 1 year
€4.3m▼
2024 · €5.1m
Income taxes
€57,463▲
2024 · €1,464
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2.2m | €1.7m | €843,805 | €637,890 | €103,977 |
| Financial fixed assets | €1,000 | - | - | - | €1,000 |
| Depreciation and write-downs of the year | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.3m | - |
| Remuneration, social security and pensions62 | - | - | - | €18 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.1m | €1.3m | €1.4m | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m | ▼ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.02m | €0.01m | €0.02m | ▲ 48.1% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 49.4% |
| Gross operating margin9900 | €1.1m | €1.5m | €1.4m | €1.2m | €0.7m | €1.1m | €0.9m | €1.6m | ▲ 74.9% |
| Operating profit (loss)9901 | -€0.2m | -€0.06m | -€0.1m | -€0.4m | -€1.0m | -€0.5m | -€0.7m | €0.1m | - |
| Financial income75/76B | - | - | - | €0.006m | €0.05m | €0.1m | €0.03m | €0.08m | ▲ 179% |
| Recurring financial income75 | €0.001m | €33 | €8 | €0.006m | €0.05m | €0.1m | €0.03m | €0.08m | ▲ 179% |
| Financial charges65/66B | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.3% |
| Recurring financial charges65 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | -€0.3m | -€0.2m | -€0.3m | -€0.6m | -€1.2m | -€0.7m | -€1.0m | -€0.09m | ▲ 91.0% |
| Income taxes67/77 | €0.005m | €48 | €97 | €222 | €0.02m | €0.001m | €0.001m | €0.06m | ▲ 39× |
| Profit (loss) for the period9904 | -€0.3m | -€0.2m | -€0.3m | -€0.6m | -€1.2m | -€0.7m | -€1.0m | -€0.1m | ▲ 85.2% |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | -€0.2m | -€0.3m | -€0.6m | -€1.2m | -€0.7m | -€1.0m | -€0.1m | ▲ 85.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22.4m | €22.7m | €22.9m | €24.5m | €24.7m | €23.8m | €22.5m | €21.0m | ▼ 6.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €22.0m | €22.4m | €21.5m | €22.2m | €22.4m | €19.6m | €18.8m | €17.5m | ▼ 6.9% |
| Intangible fixed assets21 | €0.006m | €0.005m | €0.004m | €0.002m | €0.001m | €0 | - | - | - |
| Tangible fixed assets22/27 | €16.6m | €17.0m | €16.1m | €16.8m | €17.0m | €14.2m | €13.4m | €12.1m | ▼ 9.7% |
| Land and buildings22 | - | - | - | €15.7m | €15.8m | €13.1m | €12.4m | €11.1m | ▼ 10.0% |
| Plant, machinery and equipment23 | - | - | - | €229 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 21.7% |
| Leasing and similar rights25 | - | - | - | €1.1m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 4.7% |
| Assets under construction and advance payments27 | - | - | - | €0.01m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Financial fixed assets28 | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | €5.4m | = |
| Current assets29/58 | €0.4m | €0.3m | €1.4m | €2.2m | €2.3m | €4.2m | €3.7m | €3.5m | ▼ 4.5% |
| Amounts receivable after more than one year29 | - | - | - | €1.6m | €2.0m | €2.7m | €2.7m | €2.8m | ▲ 2.4% |
| Trade receivables290 | - | - | - | €1.6m | €2.0m | €2.7m | - | - | - |
| Other amounts receivable291 | - | - | - | - | - | - | €2.7m | €2.8m | ▲ 2.4% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.2m | €0.4m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 121% |
| Trade receivables40 | - | - | - | €0.4m | €0.2m | €0.3m | €0.08m | €0.2m | ▲ 193% |
| Other amounts receivable41 | - | - | - | €0.001m | €172 | €0.03m | €0.03m | €0.01m | ▼ 56.5% |
| Current investments50/53 | €0 | - | - | - | - | €1.1m | €0.8m | €0.5m | ▼ 41.9% |
| Cash at bank and in hand54/58 | €0.06m | €0.03m | €1.2m | €0.2m | €0.1m | €0.03m | €0.09m | €0.06m | ▼ 40.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.01m | €0.01m | €0.009m | €0.01m | ▲ 15.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22.4m | €22.7m | €22.9m | €24.5m | €24.7m | €23.8m | €22.5m | €21.0m | ▼ 6.5% |
| Equity10/15 | €11.4m | €11.2m | €10.9m | €10.3m | €9.1m | €8.4m | €7.4m | €7.3m | ▼ 2.0% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €10.2m | €10.0m | €9.6m | €9.1m | €7.9m | €7.2m | €6.2m | €6.1m | ▼ 2.4% |
| Amounts payable17/49 | €10.9m | €11.5m | €12.0m | €14.1m | €15.6m | €15.3m | €15.1m | €13.7m | ▼ 8.7% |
| Amounts payable after more than one year17 | €6.0m | €6.4m | €5.5m | €5.7m | €6.5m | €5.9m | €5.1m | €4.3m | ▼ 16.1% |
| Financial debts170/4 | - | - | - | €5.7m | €6.5m | €5.9m | €5.1m | €4.3m | ▼ 16.1% |
| Amounts payable within one year42/48 | €4.9m | €5.1m | €6.5m | €8.4m | €9.1m | €9.4m | €9.9m | €9.4m | ▼ 5.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | ▲ 1.5% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.6m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 30.5% |
| Suppliers440/4 | - | - | - | €0.6m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 30.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.06m | €0.09m | €0.08m | €0.05m | ▼ 35.3% |
| Taxes450/3 | - | - | - | €0.04m | €0.06m | €0.09m | €0.08m | €0.05m | ▼ 35.3% |
| Other amounts payable47/48 | - | - | - | €7.2m | €8.0m | €8.2m | €8.7m | €8.3m | ▼ 4.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €50 | €0.004m | €0.009m | €0.06m | ▲ 563% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.3m | -€0.2m | -€0.3m | -€0.6m | -€1.2m | -€0.7m | -€1.0m | -€0.1m | ▲ 85.2% |
| + Depreciation and write-downs630 | €1.1m | €1.3m | €1.4m | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m | ▼ 3.3% |
| Operating cash flow (approximation) | €0.8m | €1.1m | €1.1m | €0.9m | €0.3m | €0.7m | €0.4m | €1.2m | ▲ 194% |
| Investment in fixed assets (approximation) | - | -€1.7m | -€0.5m | -€2.2m | -€1.7m | €1.4m | -€0.6m | -€0.06m | ▲ 90.3% |
| Change in cash | - | -€0.03m | €1.1m | -€1.0m | -€0.1m | -€0.08m | €0.06m | -€0.04m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 830 companies had the same profile as GRAGER has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of GRAGER itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 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 830 companies, not a prediction for GRAGER. 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.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00316920 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00194345 | |
| 31-12-2023 | full format | 17-06-2024 | 2024-00132362 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00365546 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20316149 | |
| 31-12-2020 | full format | 13-07-2021 | 2021-36000348 | |
| 31-12-2019 | full format | 02-09-2020 | 2020-50300557 | |
| 31-12-2018 | full format | 01-07-2019 | 2019-27600412 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-32400244 | |
| 31-12-2016 | full format | 19-07-2017 | 2017-34000284 |