GREFRA
ActiveSummary
GREFRA has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €133,423 and a net result of €20,974. Equity is growing by ~16.3% per year across the filed fiscal years. Its solvency ranks better than 92% of 19362 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability87▼-13
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 5.31 against 2.75 in 2023; short-term debt: 8.9% and cash: 5.5% of total assets), and 8.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
33 d early
2022
49 d early
2021
17 d early
2020
31 d late
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 22 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
In the rankings
#10 oldest company in Malle, Real estate sector
Equity
€133,423▲ 18.7%
2023 · €112,449
Total assets
€146,495▲ 11.4%
2023 · €131,503
Net result
€20,974▼ 46.4%
2023 · €39,110
Working capital
€56,322▲ 68.7%
2023 · €33,382
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€45,090€2,415€28,136▲ 1,065%€48,725▲ 73.2%€26,247▼ 46.1%
Net result-€52,966▼ 1,480%€38,863€24,848▼ 36.1%€39,110▲ 57.4%€20,974▼ 46.4%
Equity€9,628▼ 84.6%€48,491▲ 404%€73,339▲ 51.2%€112,449▲ 53.3%€133,423▲ 18.7%
Total assets€126,651▼ 16.7%€125,545▼ 0.9%€127,029▲ 1.2%€131,503▲ 3.5%€146,495▲ 11.4%
Debt€117,023▲ 30.7%€77,053▼ 34.2%€53,690▼ 30.3%€19,054▼ 64.5%€13,073▼ 31.4%
Working capital-€75,337▼ 1,922%-€34,508▲ 54.2%-€7,694▲ 77.7%€33,382€56,322▲ 68.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 46% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €146,495
Fixed assets
€77,100 ▼ 2.5%
Current assets
€69,395 ▲ 32.3%
Equity and liabilities €146,495
Equity
€133,423 ▲ 18.7%
Debt
€13,073 ▼ 31.4%
Debt's share of the balance-sheet total falls from 14.5% to 8.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€28,213▼
2023 · €50,691
Cash flow
€22,940▼
2023 · €41,076
Current ratio
5.31▲
2023 · 2.75
Debt to equity
0.10▼
2023 · 0.17
ROE
15.7%▼
2023 · 34.8%
ROA
14.3%▼
2023 · 29.7%
Interest coverage
940.44▲
2023 · 46.28
Debt ≤ 1 year
€13,073▼
2023 · €19,054
Income taxes
€5,243▼
2023 · €8,520
Staff costs
€9,998▲
2023 · €2,067
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 31,324 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €2,067 | €9,998 | ▲ 384% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,018 | €1,966 | €1,966 | €1,966 | €1,966 | = |
| Other operating charges640/8 | - | €1,296 | €1,317 | €1,445 | €1,495 | ▲ 3.5% |
| Non-recurring operating charges66A | - | €0 | - | - | - | - |
| Gross operating margin9900 | €2,849 | €5,677 | €31,420 | €54,203 | €39,706 | ▼ 26.7% |
| Operating profit (loss)9901 | -€45,090 | €2,415 | €28,136 | €48,725 | €26,247 | ▼ 46.1% |
| Financial income75/76B | - | €50,000 | €0 | - | - | - |
| Recurring financial income75 | - | €50,000 | €0 | - | - | - |
| Non-recurring financial income76B | - | €50,000 | €0 | - | - | - |
| Financial charges65/66B | - | €13,552 | €3,289 | €1,095 | €30 | ▼ 97.3% |
| Recurring financial charges65 | €7,876 | €13,552 | €3,289 | €1,095 | €30 | ▼ 97.3% |
| Profit (loss) for the period before taxes9903 | -€52,966 | €38,863 | €24,848 | €47,630 | €26,217 | ▼ 45.0% |
| Income taxes67/77 | - | - | - | €8,520 | €5,243 | ▼ 38.5% |
| Profit (loss) for the period9904 | -€52,966 | €38,863 | €24,848 | €39,110 | €20,974 | ▼ 46.4% |
| Profit (loss) for the period to be appropriated9905 | -€52,966 | €38,863 | €24,848 | €39,110 | €20,974 | ▼ 46.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126,651 | €125,545 | €127,029 | €131,503 | €146,495 | ▲ 11.4% |
| Fixed assets21/28 | €84,965 | €82,999 | €81,033 | €79,067 | €77,100 | ▼ 2.5% |
| Tangible fixed assets22/27 | €84,965 | €82,999 | €81,033 | €79,067 | €77,100 | ▼ 2.5% |
| Land and buildings22 | - | €82,999 | €81,033 | €79,067 | €77,100 | ▼ 2.5% |
| Current assets29/58 | €41,686 | €42,546 | €45,996 | €52,437 | €69,395 | ▲ 32.3% |
| Amounts receivable within one year40/41 | €39,916 | €40,478 | €43,022 | €46,601 | €56,235 | ▲ 20.7% |
| Trade receivables40 | - | €40,478 | €43,022 | €46,601 | €56,078 | ▲ 20.3% |
| Other amounts receivable41 | - | - | - | - | €157 | - |
| Cash at bank and in hand54/58 | €1,652 | €1,959 | €2,856 | €740 | €8,055 | ▲ 989% |
| Deferred charges and accrued income490/1 | - | €109 | €118 | €5,095 | €5,105 | ▲ 0.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126,651 | €125,545 | €127,029 | €131,503 | €146,495 | ▲ 11.4% |
| Equity10/15 | €9,628 | €48,491 | €73,339 | €112,449 | €133,423 | ▲ 18.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€58,572 | -€19,709 | €5,139 | €44,249 | €65,223 | ▲ 47.4% |
| Amounts payable17/49 | €117,023 | €77,053 | €53,690 | €19,054 | €13,073 | ▼ 31.4% |
| Amounts payable within one year42/48 | €117,023 | €77,053 | €53,690 | €19,054 | €13,073 | ▼ 31.4% |
| Trade debts44 | €19,663 | €11,663 | €11,663 | €11,663 | €11,663 | = |
| Suppliers440/4 | - | €11,663 | €11,663 | €11,663 | €11,663 | = |
| Taxes, remuneration and social security45 | - | - | €878 | €7,392 | €1,410 | ▼ 80.9% |
| Taxes450/3 | - | - | €878 | €7,392 | €1,410 | ▼ 80.9% |
| Other amounts payable47/48 | - | €65,391 | €41,150 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,966 | €38,863 | €24,848 | €39,110 | €20,974 | ▼ 46.4% |
| + Depreciation and write-downs630 | €1,018 | €1,966 | €1,966 | €1,966 | €1,966 | = |
| Operating cash flow (approximation) | -€51,948 | €40,829 | €26,814 | €41,076 | €22,940 | ▼ 44.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €307 | €897 | -€2,116 | €7,315 | ▲ 446% |
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
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €39,110 ▲57.4%
Operating result €48,725, net result €39,110, both a record.
31-12
Financial
Liquidity triplescurrent ratio 2.75
Current ratio from 0.86 to 2.75; short-term debt falls from €53,690 to €19,054.
31-12
Financial
Equity above €100,000Eq €112,449 ▲53.3%
3 profitable years in a row build equity to €112,449.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €38,863
Net result €38,863 after 3 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet -€52,966
Net result drops to -€52,966, the lowest in the series; recovery starts the following year.
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
01-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 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, Malle · 1 establishment unit since 1992
Ground area
1,160 m²
Building footprint
198 m²
Volume, LiDAR
989 m³
Parcel 11032A0589/00B002, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Kapelakkers 1, 2390 Malle
since 19922.056.903.311
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11032A0589/00B002 | Flanders | 1,160 m² | 1 · 198 m² | 7.5 m · 2 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.
Similar companies · same sector, comparable size
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TERRA
BE 0447.608.577
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IMMO-RENAITRA
BE 0416.766.141
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HOF VAN TRIEST
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. 4,448 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded24-01-1992
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0446414388
Also
9925:BE0446414388
Registered
06-06-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.