GREMASTER (0887.786.065): financials and annual accounts

GREMASTER

Ronse ·KBO/BCE: BE 0887.786.065

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	670,030	690,609	782,638	618,229	631,557	542,201	495,790	114,158	89,042	69,635	91,753	111,193	132,484	153,573	171,703	192,860	214,748	238,093	261,364
Formation expenses`20`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Fixed assets`21/28`	189,176	181,785	202,325	210,217	225,361	244,046	258,343	0	-	4,500	31,500	58,500	85,500	112,500	139,500	166,500	193,500	220,500	247,500
Intangible fixed assets`21`	-	-	-	-	-	-	-	0	-	4,500	31,500	58,500	85,500	112,500	139,500	166,500	193,500	220,500	247,500
Tangible fixed assets`22/27`	188,926	181,535	202,075	209,967	225,111	243,796	258,093	0	-	-	-	-	-	-	-	-	-	-	-
Land and buildings`22`	159,168	169,939	180,709	183,310	193,683	204,055	210,040	0	-	-	-	-	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	0	8,865	17,761	26,657	31,428	39,741	48,053	0	-	-	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	29,757	2,731	3,606	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other tangible fixed assets`26`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	250	250	250	250	250	250	250	0	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	480,854	508,824	580,312	408,012	406,196	298,155	237,447	114,158	89,042	65,135	60,253	52,693	46,984	41,073	32,203	26,360	21,248	17,593	13,864
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Trade receivables`290`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	128,318	127,764	122,985	108,431	105,538	93,147	78,587	0	-	-	-	-	-	-	-	-	-	-	-
Stocks`30/36`	128,318	127,764	122,985	108,431	105,538	93,147	78,587	0	-	-	-	-	-	-	-	-	-	-	-
Contracts in progress`37`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	70,128	65,439	75,599	67,637	74,625	61,213	44,323	0	52	3,156	1,078	1,681	964	823	59	59	60	57	26
Trade receivables`40`	65,129	62,354	72,751	62,919	69,996	58,930	40,815	0	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`41`	5,000	3,086	2,848	4,717	4,629	2,283	3,508	0	52	3,156	1,078	1,681	964	823	59	59	60	57	26
Current investments`50/53`	-	-	-	-	-	-	-	0	52,286	52,286	52,286	25,256	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	279,184	315,472	380,191	229,264	224,666	143,694	114,436	114,158	36,704	9,693	6,889	25,756	46,020	40,127	31,988	26,147	21,030	17,365	13,838
Deferred charges and accrued income`490/1`	3,224	149	1,537	2,680	1,367	101	101	0	-	-	-	-	-	123	156	154	158	171	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	670,030	690,609	782,638	618,229	631,557	542,201	495,790	114,158	89,042	69,635	91,753	111,193	132,484	153,573	171,703	192,860	214,748	238,093	261,364
Equity`10/15`	131,081	130,414	126,994	120,848	118,639	113,882	108,298	103,987	76,822	50,910	42,260	35,401	28,379	22,666	16,690	12,727	10,840	11,186	12,781
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Contributions outside capital`11`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Revaluation surpluses`12`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	111,955	111,258	107,808	102,248	100,039	95,282	89,698	85,387	58,222	32,310	23,660	16,801	9,779	4,066	-	-	-	-	-
Non-distributable reserves`130/1`	-	-	0	1,860	1,860	1,860	-	0	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,711	1,279	936	584	299	-	-	-	-	-
Reserves not available under the articles`1311`	-	-	0	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-
Own shares acquired`1312`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	111,955	111,258	107,808	100,388	98,179	93,422	87,838	83,527	56,362	30,599	22,381	15,865	9,195	3,767	-	-	-	-	-
Profit (loss) carried forward`14`	0	0	0	0	0	-	-	0	-	-	-	-	-	-	-1,910	-5,873	-7,760	-7,414	-5,819
Investment grants`15`	526	556	586	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Advance to shareholders on the distribution of net assets`19`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	131	139	146	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Pensions and similar obligations`160`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Taxes`161`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Major repairs and maintenance`162`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Environmental obligations`163`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Deferred taxes`168`	131	139	146	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	538,817	560,056	655,497	497,381	512,918	428,319	387,493	10,171	12,220	18,725	49,493	75,792	104,105	130,907	155,013	180,133	203,908	226,907	248,583
Amounts payable after more than one year`17`	150,333	166,833	183,333	199,833	216,333	232,833	249,333	0	-	-	7,957	38,941	68,625	97,058	124,295	150,368	175,360	199,301	224,010
Financial debts`170/4`	150,333	166,833	183,333	199,833	216,333	232,833	249,333	0	-	-	7,957	38,941	68,625	97,058	124,295	150,368	175,360	199,301	224,010
Trade debts`175`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Advances received on contracts in progress`176`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other amounts payable`178/9`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	388,484	393,223	472,164	297,548	296,585	195,486	138,159	10,171	12,220	18,725	41,536	36,851	35,480	33,849	30,718	29,765	28,548	27,606	24,573
Current portion of amounts payable after more than one year`42`	16,500	16,500	16,500	16,500	16,500	16,500	16,500	0	-	7,957	30,984	29,683	28,434	27,237	26,073	24,993	23,940	22,932	20,160
Financial debts`43`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other loans`439`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	54,501	47,137	54,215	44,198	160,762	39,481	40,977	1,000	364	375	244	140	-	148	-	-	114	141	87
Suppliers`440/4`	54,501	47,137	54,215	44,198	160,762	39,481	40,977	1,000	364	375	244	140	-	148	-	-	114	141	87
Bills of exchange payable`441`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Advances received on contracts in progress`46`	0	496	4,059	59	28	-	-	0	4,358	4,281	4,281	4,205	4,163	4,075	3,857	3,857	3,857	3,726	3,630
Taxes, remuneration and social security`45`	193	1	10,414	4,841	517	2,643	661	2,495	5,632	4,169	584	810	828	246	604	731	637	807	696
Taxes`450/3`	193	1	3,535	114	517	789	661	2,495	5,632	4,169	584	810	828	246	604	731	637	807	696
Remuneration and social security`454/9`	-	0	6,879	4,727	0	1,854	-	0	-	-	-	-	-	-	-	-	-	-	-
Other amounts payable`47/48`	317,290	329,090	386,976	231,950	118,777	136,862	80,021	6,676	1,866	1,943	5,443	2,013	2,055	2,143	184	184	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Income statement
Gross operating margin`9900`	158,939	200,092	196,848	184,099	152,758	144,676	103,093	42,036	42,027	41,397	40,767	40,627	40,447	39,523	38,283	37,267	36,080	35,777	25,534
Remuneration, social security and pensions`62`	366	21,081	28,605	21,251	14,403	6,274	-	0	-	-	-	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	25,070	20,540	20,220	18,259	18,685	18,419	43,655	0	4,500	27,000	27,000	27,000	27,000	27,000	27,000	27,000	27,000	27,000	22,500
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Other operating charges`640/8`	2,529	2,149	2,034	1,887	1,798	1,953	3,414	453	451	451	450	449	445	443	441	441	486	436	347
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	130,975	156,322	145,989	142,702	117,872	118,029	56,024	41,583	37,076	13,947	13,317	13,178	13,002	12,080	10,842	9,826	8,594	8,341	2,687
Financial income`75/76B`	627	697	1,983	1,040	1,331	1,470	1,934	0	2,055	0	26	1,521	108	177	199	190	196	207	187
Recurring financial income`75`	627	697	1,983	1,040	1,331	1,470	1,934	0	2,055	0	26	1,521	108	177	199	190	196	207	187
Non-recurring financial income`76B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	10,358	12,103	10,627	5,921	4,823	5,329	3,790	2,038	69	1,128	3,340	4,520	4,834	5,997	7,078	8,130	9,136	10,143	8,693
Recurring financial charges`65`	10,358	12,103	10,627	5,921	4,823	5,329	3,790	2,038	69	1,128	3,340	4,520	4,834	5,997	7,078	8,130	9,136	10,143	8,693
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	121,244	144,916	137,346	137,820	114,380	114,171	54,168	39,545	39,063	12,819	10,003	10,179	8,276	6,260	3,963	1,886	-346	-1,595	-5,819
Transfer from deferred taxes`780`	8	8	4	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	554	1,473	1,789	611	1,623	1,588	1,858	12,380	13,150	4,169	3,144	3,158	2,563	284	-	-1	-	-	-
Profit (loss) for the period`9904`	120,698	143,450	135,560	137,209	112,757	112,584	52,310	27,165	25,913	8,650	6,859	7,021	5,713	5,976	3,963	1,887	-346	-1,595	-5,819
Transfer from tax-exempt reserves`789`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	120,698	143,450	135,560	137,209	112,757	112,584	52,310	27,165	25,913	8,650	6,859	7,021	5,713	5,976	3,963	1,887	-346	-1,595	-5,819
Appropriation of the result
Profit (loss) to be appropriated`9906`	120,698	143,450	135,560	137,209	112,757	112,584	52,310	27,165	25,913	8,650	6,859	7,021	5,713	4,066	-1,910	-5,873	-7,760	-7,414	-5,819
Transfer from equity`791/2`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	698	3,450	5,560	2,209	4,757	5,584	4,310	27,165	25,913	8,650	6,859	7,021	5,713	4,066	-	-	-	-	-
Addition to contributions`691`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	0	149	432	343	351	285	299	-	-	-	-	-
To other reserves`6921`	698	3,450	5,560	2,209	4,757	5,584	4,310	27,165	25,764	8,217	6,516	6,670	5,428	3,767	-	-	-	-	-
Profit to be distributed`694/7`	120,000	140,000	130,000	135,000	108,000	107,000	48,000	0	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Directors or managers`695`	120,000	140,000	130,000	135,000	108,000	107,000	48,000	0	-	-	-	-	-	-	-	-	-	-	-
Employees`696`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	0	0.5	0.4	0.4	0.4	0.4	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	-	714	-	819	602	287	-	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	08-07-2026	2026-00265834	PDF
31-12-2024	abbreviated format	10-07-2025	2025-00253318	PDF
31-12-2023	abbreviated format	09-07-2024	2024-00224171	PDF
31-12-2022	abbreviated format	14-07-2023	2023-00234976	PDF
31-12-2021	abbreviated format	07-07-2022	2022-20155118	PDF
31-12-2020	abbreviated format	31-08-2021	2021-58300320	PDF
31-12-2019	abbreviated format	08-10-2020	2020-59600576	PDF
31-12-2018	abbreviated format	25-06-2019	2019-22200328	PDF
31-12-2017	micro format	31-08-2018	2018-55000055	PDF
31-12-2016	abbreviated format	13-07-2017	2017-30200498	PDF
31-12-2015	abbreviated format	29-06-2016	2016-23200439	PDF
31-12-2014	abbreviated format	26-08-2015	2015-46500211	PDF
31-12-2013	abbreviated format	29-08-2014	2014-54300087	PDF
31-12-2012	abbreviated format	15-07-2013	2013-29800093	PDF
31-12-2011	abbreviated format	16-07-2012	2012-29300012	PDF
31-12-2010	abbreviated format	18-07-2011	2011-29900435	PDF
31-12-2009	abbreviated format	16-07-2010	2010-31500533	PDF
31-12-2008	abbreviated format	17-07-2009	2009-42500010	PDF
31-12-2007	abbreviated format	17-07-2008	2008-41500180	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	156,045	176,862	166,209	160,961	136,557	136,449	99,679	41,583	41,576	40,947	40,317	40,178	40,002	39,080	37,842	36,826	35,594	35,341	25,187
Cash flow	145,768	163,990	155,780	155,468	131,442	131,003	95,965	27,165	30,413	35,650	33,859	34,021	32,713	32,976	30,963	28,887	26,654	25,405	16,681
Investment in fixed assets (approximation)	32,460	0	12,329	3,115	0	4,122	301,998	0	0	0	0	0	0	0	0	0	0	0	270,000
Change in cash	-36,288	-64,720	150,928	4,598	80,972	29,258	278	77,454	27,011	2,804	-18,867	-20,264	5,893	8,139	5,841	5,117	3,665	3,527	-
Working capital	92,370	115,601	108,148	110,464	109,611	102,669	99,288	103,987	76,822	46,410	18,717	15,842	11,504	7,224	1,485	-3,405	-7,300	-10,013	-10,709
Solvency	19.6%	18.9%	16.2%	19.5%	18.8%	21.0%	21.8%	91.1%	86.3%	73.1%	46.1%	31.8%	21.4%	14.8%	9.7%	6.6%	5.0%	4.7%	4.9%
Current ratio	1.24	1.29	1.23	1.37	1.37	1.53	1.72	11.22	7.29	3.48	1.45	1.43	1.32	1.21	1.05	0.89	0.74	0.64	0.56
Quick ratio	0.91	0.97	0.97	1.01	1.01	1.05	1.15	11.22	7.29	3.48	1.45	1.43	1.32	1.21	1.05	0.89	0.74	0.64	0.56
Debt to equity	4.11	4.29	5.16	4.12	4.32	3.76	3.58	0.10	0.16	0.37	1.17	2.14	3.67	5.78	9.29	14.15	18.81	20.28	19.45
ROE	92.1%	110.0%	106.7%	113.5%	95.0%	98.9%	48.3%	26.1%	33.7%	17.0%	16.2%	19.8%	20.1%	26.4%	23.7%	14.8%	-3.2%	-14.3%	-45.5%
ROA	18.0%	20.8%	17.3%	22.2%	17.9%	20.8%	10.6%	23.8%	29.1%	12.4%	7.5%	6.3%	4.3%	3.9%	2.3%	1.0%	-0.2%	-0.7%	-2.2%
Interest coverage	15.07	14.61	15.64	27.18	28.31	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2024	31-12-2022	31-12-2021
Employees at the balance-sheet date	1	1	-
full-time	0	0	-
part-time	1	1	-
in full-time equivalents	0.5	0.5	-
Average over the year, in full-time equivalents	0.5	0.4	0.3
On a permanent contract	1	1	-
Joined	-	1	0
Left	-	0	1

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€166,833	€24,750	€30,250	€180,583	€232,833
Mortgages, amount registered	€25,000	€250,000	€250,000	€250,000	€250,000
Mortgage mandates	€225,000	-	-	-	-
Carrying value of the mortgaged assets	€159,168	€169,939	€180,709	€183,310	€193,683
Pledge on the business	-	€25,000	€25,000	-	-
Pledge on other assets, amount secured	€25,000	-	-	-	-

GREMASTER

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency19.6%

Current ratio1.24

Return on assets18.0%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2024, 1 entry, €2,000 awarded, €2,000 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on GREMASTER

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€32,460	-	€12,329	€3,115	-
Depreciation and write-downs of the year	€25,070	€20,540	€20,220	€18,259	€18,685