Active BE 0773.467.112Private limited company

GRASSCO

Regenboog 2 ·9090 Merelbeke-Melle, Belgium· 4 yrs active

Sector: Terugwinning van materialen uit afval (38210)

Conclusion Checked

The file of GRASSCO contains 2 historical bankruptcy publications, as published in the Belgian State Gazette. The computed 12-month bankruptcy probability is 3.5% (moderate). The 2024 annual accounts show negative equity (€-33k) and a net result of €-80k. Equity is shrinking by ~69.7% per year across the filed fiscal years. Its solvency ranks better than 18% of 37 sector peers (fiscal year 2024).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€-33k
Net result	€-80k
Better than sector	18%
Active	4 yrs

Financial profile 5 of 5 axes measured · computed by Checked

60 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 23

Profitability 100

Solvency 41

Growth 58

Stability 79

Bankruptcy probability (12 mo) Checked model v1 · free

3.5% Moderate

0%0,5%1,5%4%10%≥25%

Young company +Annual accounts: weaker financial profile +Multiple establishment units +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based

20 / 100

Moderate risk

Components

· 2 historical bankruptcy publications (+20)

Trust signals 1 signals

Prior bankruptcy

Earlier bankruptcy on record in the Belgian State Gazette, no current open procedure.

Administrative Flags0 events

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.

Health barometer FY 2024 · computed

23 / 100 Critical

050100

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.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview3 NBB filings

Annual accounts filed on 30-07-2025 with the NBB · fiscal year 2024 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~69.7%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

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 2024 · NACE 38 · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	-21.3%	18.2%	better than 18% of 37 sector peers
Net result	€-80k	€-2k	better than 31% of 37 sector peers
Equity	€-33k	€82k	better than 23% of 37 sector peers
Gross operating margin	€-69k	€52k	better than 19% of 37 sector peers
Total assets	€156k	€1.74M	better than 18% of 37 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

EBITDA

€-77k

+61.3% 22-24

Net profit

€-80k

+59.6% 22-24

Cash flow

€-77k

+60.6% 22-24

Total assets

€156k

+8.8% 22-24

Equity

€-33k

+70.6% 22-24

Working capital

€-26k

+72.9% 22-24

Employees (FTE)

0

- 22-24

Debt

€189k

-26.2% 22-24

Show 9 other metrics

Debt ≤ 1y

€176k

-15.0% 22-24

Debt > 1y

€13k

-73.0% 22-24

Current ratio

0.85

+61.0% 22-24

Quick ratio

0.84

+61.4% 22-24

Solvency

-21.3%

+73.0% 22-24

Debt / equity

-5.69

-151.1% 22-24

ROE

240.0%

+37.5% 22-24

ROA

-51.2%

+62.9% 22-24

Interest coverage

-11703.71

+99.1% 22-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	verkort
Revenue	-
EBITDA	€-77k
Net profit	€-80k
Cash flow	€-77k
Staff costs	-
Income taxes	-
Dividends	-
Total assets	€156k
Equity	€-33k
Debt	€189k
of which ≤ 1y	€176k
of which > 1y	€13k
Working capital	€-26k
Employees (FTE)	0.0

Ratios (computed)

	2024
Current ratio	0.85
Quick ratio	0.84
Working capital ratio	-16.9%
Solvency	-21.3%
Debt / equity	-5.69
Long-term debt ratio	-0.40
Interest coverage	-11703.71
Gross margin	-
Net margin	-
ROA	-51.2%
ROE	240.0%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €5k · 3.5% Current assets €150k · 96.5%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€156k
Fixed assets	21/28	€5k
Formation expenses	20	€1k
Tangible fixed assets	22/27	€5k
Financial fixed assets	28	€600
Current assets	29/58	€150k
Stocks & contracts in progress	3	€994
Amounts receivable within one year	40/41	€81k
Cash & bank	54/58	€67k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€156k
Equity	10/15	€-33k
Contributions / capital	10/11	€800k
Accumulated profits (losses)	14	€-833k
Amounts payable	17/49	€189k
Amounts payable after one year	17	€13k
Amounts payable within one year	42/48	€176k
Trade debts payable within one year	44	€149k
Income statement
Gross operating margin	9900	€-69k
Operating result	9901	€-80k
Financial income	75	€107
Financial charges	65	€7
Result before taxes	9903	€-80k
Net result for the period	9904	€-80k
Result to be appropriated	9905	€-80k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Directors & mandates 3 directors

Current directors & mandates

Bodegom Holding B.V.Legal entity
Director· perm. rep.: Jan Van Bodegom
State Gazette act 25109308 (29-08-2025)

Current
29-08-2025 → present

Former directors (2)

Bodegom & ZN B.V.Legal entity
Director· perm. rep.: Jan Van Bodegom
State Gazette act 25109308 (29-08-2025)

Former
- → 29-08-2025
NatuurinvestLegal entity
Director· perm. rep.: Pascal Benoit
State Gazette act 25109308 (29-08-2025)

Former
25-02-2025 → 29-08-2025
2 events
- 29-08-2025 Resigned· Secretary
- 25-02-2025 Appointed· Director

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Directors & mandates1 person

Role	Name	Tenure	Source
Curator	KLAAS KOENTGES LEIEKAAI 25, 9000 GENT-	02-09-2025 → present	Belgian State Gazette

Legal Structure

NACE primary	Terugwinning van materialen uit afval(38210)
Legal form	Private limited company(610)
Incorporation	02-09-2021
Status	Active
Postal code	9090
First BS signal	08-09-2025
Latest BS signal	16-03-2026

Establishment units 2 locations

GRASSCO

Regenboog 2, 9090 Merelbeke-MelleVoorbehandeling van ongevaarlijk afval met het oog op verwijdering

since 20212.322.790.110

GrassCo Production

Dagmoedstraat(Sch) 105, 9506 GeraardsbergenVoorbehandeling van ongevaarlijk afval met het oog op verwijdering

since 20222.339.940.007

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
41059A0209/00H000	Flanders	3.0 ha	1 · 1.1 ha	14.5 m · 4 fl.
44040D0129/00A002	Flanders	1,425 m²	1 · 99 m²	-

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 6 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2026

16-03-2026

Bankruptcy Bankruptcy reversal

Ondernemingsrechtbank Gent, afdeling Gent · GRASSCO BV REGENBOOG 2, 9090 MEREL- BEKE-MELLE · event 10-03-2026

2025

08-09-2025

Bankruptcy Opening

Ondernemingsrechtbank Gent, afdeling Gent · GRASSCO BV REGENBOOG 2, 9090 MERELBEKE-MELLE · event 02-09-2025

29-08-2025

State Gazette act Director changes

30-07-2025

NBB filing Annual accounts filed

fiscal year 2024 · verkort

2024

16-07-2024

NBB filing Annual accounts filed

fiscal year 2023 · verkort

2023

23-06-2023

NBB filing Annual accounts filed

fiscal year 2022 · verkort

Lifecycle & Insolvency Signals2 events

16-03-2026

Bankruptcy Bankruptcy reversal

Date: 10-03-2026 · Ondernemingsrechtbank Gent, afdeling Gent · GRASSCO BV REGENBOOG 2, 9090 MEREL- BEKE-MELLE · Publications in State Gazette ↗

Full insolvency chronology

The full chronology lists every recorded event with its date, the competent court and the appointed liquidator or administrator. It answers at which stage the proceedings stand and whether they are still running.

We hold 1 further earlier event in this file, covering 02-09-2025 to 10-03-2026.

Available in Kantoor S. See plans →

Time machine, BS events + macro context 2021, 2026

Macro context

2020-Q2/Q3 COVID lockdown

2022 energy crisis

2023-2024 ECB rate hikes

Legend

Bankruptcy

Interim / reorg

KBO event

Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 11 months ago

2025

29-08-2025 6 directors appointed, 4 resigning Director changes

Jan Van Bodegom, Bestuurder
Jan van Bodegom, Voorzitter
Tom Embo, Bestuurder
Tom Embo, Secretaris
Baker Tilly Accountants & Belastingadviseurs BV, Dagelijks bestuur
Jan Van Bodegom, Bestuurder
Jan Van Bodegom, Bestuurder
Pascal Benoit, Secretaris

Original publication ↗

Technical details

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  "act_meta": {
    "language": "mixed",
    "pub_date": "2025-08-29",
    "filing_date": "2025-08-21",
    "act_kind_objet": "Onderwerp akte:"
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  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2025-02-24",
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      "date": "2025-02-24",
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  "is_correction": false,
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    "kbo": "0773.467.112",
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Terugwinning van materialen uit afval38210Behandeling en verwijdering van ongevaarlijk afval, m.u.v. slib en vloeibare afvalstoffen38213Voorbehandeling van ongevaarlijk afval met het oog op verwijdering38211Overige verwerking en verwijdering van ongevaarlijk afval38219Andere afvalverwijdering38330

Primary activity highlighted.

Names & trade names

Legal nameNL

GRASSCO

Registered office

Regenboog 2

9090 Merelbeke-Melle, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.

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