GREMAFI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-04-2026 PDF all 17 filings
Every figure per financial year
The operating result for 2025 is 6% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €36,300 | - | €39,152 | €483,626 |
| Depreciation and write-downs of the year | €27,029 | €27,574 | €27,209 | €42,546 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,950 | €35,230 | €27,582 | €27,029 | €27,574 | €27,209 | €42,546 | ▲ 56.4% |
| Other operating charges640/8 | - | - | - | €2,016 | €2,417 | €2,654 | €2,619 | ▼ 1.3% |
| Gross operating margin9900 | €51,483 | €69,985 | €51,554 | €77,679 | €59,365 | €74,923 | €93,116 | ▲ 24.3% |
| Operating profit (loss)9901 | €13,464 | €32,564 | €21,764 | €48,634 | €29,374 | €45,060 | €47,951 | ▲ 6.4% |
| Financial charges65/66B | - | - | - | €6,086 | €14,804 | €17,615 | €26,349 | ▲ 49.6% |
| Recurring financial charges65 | €3,512 | €3,643 | €6,509 | €6,086 | €14,804 | €17,615 | €26,349 | ▲ 49.6% |
| Profit (loss) for the period before taxes9903 | €9,953 | €28,921 | €15,255 | €42,547 | €14,570 | €27,445 | €21,603 | ▼ 21.3% |
| Income taxes67/77 | €4,368 | €12,631 | €4,239 | €9,109 | €4,069 | €6,791 | €6,420 | ▼ 5.5% |
| Profit (loss) for the period9904 | €5,585 | €16,291 | €11,015 | €33,438 | €10,501 | €20,654 | €15,182 | ▼ 26.5% |
| Profit (loss) for the period to be appropriated9905 | €5,585 | €16,291 | €11,015 | €33,438 | €10,501 | €20,654 | €15,182 | ▼ 26.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.6m | €0.6m | €0.5m | €0.9m | €1.5m | ▲ 69.7% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €1.0m | ▲ 84.6% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €1.0m | ▲ 84.6% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €1.0m | ▲ 84.6% |
| Current assets29/58 | €0.02m | €0.04m | €0.06m | €0.04m | €0.02m | €0.4m | €0.6m | ▲ 49.7% |
| Cash at bank and in hand54/58 | €0.02m | €0.04m | €0.06m | €0.04m | €0.02m | €0.4m | €0.6m | ▲ 50.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.004m | €0.003m | ▼ 21.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.6m | €0.6m | €0.5m | €0.9m | €1.5m | ▲ 69.7% |
| Equity10/15 | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.7% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.08m | €0.09m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 9.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 9.8% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | €0.7m | €1.4m | ▲ 84.2% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.1m | €0.05m | €0.03m | €0.4m | ▲ 14× |
| Financial debts170/4 | - | - | - | €0.1m | €0.05m | €0.03m | €0.4m | ▲ 14× |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.7m | €0.9m | ▲ 31.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | €0.02m | €0.03m | ▲ 73.1% |
| Trade debts44 | - | - | - | - | - | €0.003m | €0.004m | ▲ 50.3% |
| Suppliers440/4 | - | - | - | - | - | €0.003m | €0.004m | ▲ 50.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.004m | €0.007m | €0.006m | ▼ 13.3% |
| Taxes450/3 | - | - | - | €0.009m | €0.004m | €0.007m | €0.006m | ▼ 13.3% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.7m | €0.9m | ▲ 31.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.006m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,585 | €16,291 | €11,015 | €33,438 | €10,501 | €20,654 | €15,182 | ▼ 26.5% |
| + Depreciation and write-downs630 | €35,950 | €35,230 | €27,582 | €27,029 | €27,574 | €27,209 | €42,546 | ▲ 56.4% |
| Operating cash flow (approximation) | €41,535 | €51,521 | €38,597 | €60,467 | €38,075 | €47,863 | €57,728 | ▲ 20.6% |
| Investment in fixed assets (approximation) | - | €0 | -€93,000 | -€36,300 | €0 | -€39,152 | -€483,626 | ▼ 1,135% |
| Change in cash | - | €23,421 | €16,102 | -€16,491 | -€19,760 | €366,619 | €194,290 | ▼ 47.0% |
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, 4,107 companies had the same profile as GREMAFI has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GREMAFI itself: 0.1% 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 4,107 companies, not a prediction for GREMAFI. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 20-04-2026 | 2026-00082549 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00079114 | |
| 30-09-2023 | micro format | 18-03-2024 | 2024-00045836 | |
| 30-09-2022 | micro format | 20-03-2023 | 2023-00041560 | |
| 30-09-2021 | micro format | 21-03-2022 | 2022-08700058 | |
| 30-09-2020 | micro format | 22-03-2021 | 2021-08100530 | |
| 30-09-2019 | micro format | 23-03-2020 | 2020-07300235 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08700264 | |
| 30-09-2017 | micro format | 19-03-2018 | 2018-07200235 | |
| 30-09-2016 | abbreviated format | 18-04-2017 | 2017-09500138 |