Equity
€10,269 from €102,244 in 2010
Equity fell by 90% in 15 years.
GRAMARBO
Lifetime
20 annual accounts with figures on one time axis, 30 filings since 1996peak €104,817 (2010)
€7,820▲ 6.7%
lowest -€28,099 (2012)
-€14,114▼ €836
peak €102,244 (2010)
€10,269▼ 57.9%
€201,461▼ 1.7%
Board5 names since 2017
4 directorsVANDENBERGHE Christophe and 3 others
Documentsfilings and deeds
15-07-202616 days before the deadline
2025abbreviated format
Loss of €14,114Equity from €24,383 to €10,269Cash from €7,062 to €4,825
Key points
from the 2025 annual accountsLosses
-€78,061 in six years
Every financial year from 2020 to 2025 closed with a loss. 2021 was the heaviest.
Turnover
≈ €53,000 estimated
The accounts state no turnover.
Debts
€201,461 95% of the balance sheet
Financial debts 84%Suppliers 5%Taxes and wages 6%Other 5%
Of this, €105,943 falls due within a year.
Board
2 joined
New directors. Latest change 11-03-2026 · 4 in office.
Position in the sector
€10,269
Less equity than 89% of companies in non-metallic mineral products. Sector median €434,884 · 331 companies.
Checked score
53
Fair
Financially stronger than 12% of micro companies in non-metallic mineral products (NACE 23)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 856 companies (NACE 23, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.2%▼ -0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026lowest value
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €14,114, the second in a row (financial year 2025)
Equity €10,269 (4.9% of total assets)
lowers risk
Size: total assets €211,730
Sector: Manufacture of other non-metallic mineral products (NACE 23)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 23, micro). It does better than 12% of them on solvency, 18% on liquidity, 14% on profitability and 6% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 974 companies had the same profile as GRAMARBO has now. Each dot stands for 3 companies, two years later.
92.9%
were still trading
4.4%
stopped another way
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GRAMARBO itself is lower: 0.2% within 12 months. It rests on far more data about GRAMARBO than the profile alone.
Test of the method
The method was tested on the 497,447 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 974 companies, not a prediction for GRAMARBO. 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.
Credit verdict
Credit of up to €500 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.23 (1.06 in 2024), below the usual 1.5. Short-term debt is 50% and cash 2.3% of total assets. 95.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€14,114
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 331 sector peers (2025).
NBB · sector comparisonPosition among 331 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 days early
2024
14 days early
2023
12 days early
2022
5 days early
2021
5 days early
2020
30 days late
2019
67 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 6 days after the deadline. In the sector (NACE 23), the median for financial year 2024 was 10 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 20 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- VANDENBERGHE Christophe Frederic all the sharesdeed of 11-03-2026
Recent changes
1 director appointed, 1 resignation
Change of role: VANDENBERGHE Christophe Frederic, from director to chair of the board · Resignation: CHRIVANTEX · Permanent representative: SERVAYSE Veerle · General meeting of 26-02-2026 · Gazette deed
2 directors reappointed
VANDENBERGHE Christophe (managing director) and Chrivantex BV (managing director) · Permanent representative: SERVAYSE Veerle · General meeting of 30-06-2023 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0454978005
2 directors appointed, 1 resignation, 1 reappointment
Reappointment: VANDENBERGHE Christophe (managing director) · Resignation: RONSSE Carlos (managing director and chair of the board) · Appointments: CHRIVANTEX (managing director) and VANDENBERGHE Christophe (chair of the board) · General meeting of 24-04-2017 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| GRAMARBO Waregem | €211,730 | €7,820 | 4.9% | - |
| VERCAUTEREN EN ZOON Brasschaat | €204,706 | €8,098 | 90.9% | - |
| R.R.D. Sint-Gillis (bij-Brussel) | €272,917 | €7,921 | 68.1% | - |
| STONE & CONCEPTION Gembloux | €179,810 | €9,454 | -117.0% | - |
| PACICO FRERES Charleroi | €257,959 | €8,623 | 58.4% | - |
| BEARZATTO M. et L. Enghien | €319,952 | €7,233 | 99.0% | - |
| E & M Merelbeke-Melle | €159,991 | €11,083 | 24.9% | - |
These companies have the same main activity as GRAMARBO: cutting, shaping and finishing of stone (NACE 23700). They are comparable in size and age: total assets between €160,000 and €320,000, founded between 1987 and 2000.
Official details
Source: KBO- Status
- Active since 08-04-1995Normal situation
- Activity
- Cutting, shaping and finishing of stoneNACE 23700and 2 others
- Establishment unit
- 2.078.005.1658791 Waregem, since 02-09-1996
- Financial year end
- 31 December
- Peppol
- Reachable since 30-10-2023
Annual accounts 2025
- €211,730▼ 7.7%
- Filing
- Filed on 15-07-2026, 16 days before the end of the filing period
Insights on GRAMARBO
GRAMARBO files the abbreviated format. That format states no turnover. The gross margin fell from €42,541 in 2006 to €7,820 in 2025.
In March 2026, the Official Gazette published the appointment of SERVAYSE Veerle as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about GRAMARBO
- What is the company number of GRAMARBO?
- The company number of GRAMARBO is 0454.978.005. The VAT number is the same number with BE in front: BE 0454.978.005.
- Where is GRAMARBO based?
- The registered office is at Spijkerlaan 117, 8791 Waregem.Company details
- What does GRAMARBO do?
- According to the KBO register, the main activity is cutting, shaping and finishing of stone (NACE 23700).
- What is the legal form of GRAMARBO?
- GRAMARBO is a public limited company (NV).
- When was GRAMARBO founded?
- GRAMARBO was founded on 08-04-1995.
- Is GRAMARBO still active?
- Yes, GRAMARBO is an active enterprise in the KBO register.
- What is the turnover of GRAMARBO?
- The turnover in financial year 2025 is ≈ €53,000. This figure is estimated from the gross margin of €7,820 and 2,728 comparable companies of the same size. It probably lies between €22,000 and €130,000. It is a rough estimate.Financials
- Is GRAMARBO profitable?
- In financial year 2025, GRAMARBO made a loss of €14,114.
- Where can I find the annual accounts of GRAMARBO?
- GRAMARBO filed 30 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of GRAMARBO due?
- GRAMARBO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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