GRESHAM
ActiveSummary
GRESHAM has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€8,340) and a net result of €109,723. Equity has been growing by about 12% per year since 2018. Its solvency ranks better than 18% of 17,145 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 02-12-2004 Normal situation
- Activity
- Real estate agency activities NACE 68310and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable since 10-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- €133,130
- ▼ 16.1%
- Turnover
- ≈ €230,000
- estimated
- Profit
- €109,723
- ▼ 9.0%
- Equity
- -€8,340
- ▲ 92.9%
- Total assets
- €467,223
- ▼ 8.4%
- Negative equity on 31-12-2025
- 2025 accounts filed 24 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€8,340No registered site in the KBOlowers riskSize: total assets €467,223Liquidity: current ratio 0.81, cash €222,952Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 68, micro). It does better than 18% of them on solvency, 49% on liquidity, 90% on profitability and 91% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 26 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00418851.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 21 filings
Every figure per financial year
The operating result for 2025 is 20% lower than in 2024.
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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,118 | - | - | - | €6,442 |
| Depreciation and write-downs of the year | €35,449 | €31,658 | €31,137 | €29,176 | €29,394 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3,000 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,168 | €34,851 | €34,851 | €35,449 | €31,658 | €31,137 | €29,176 | €29,394 | ▲ 0.7% |
| Other operating charges640/8 | - | - | - | €7,024 | €1,965 | €2,890 | €3,456 | €2,980 | ▼ 13.8% |
| Gross operating margin9900 | €3,332 | €9,185 | €4,349 | €1,515 | €13,013 | €94,253 | €158,668 | €133,130 | ▼ 16.1% |
| Operating profit (loss)9901 | -€54,947 | -€30,539 | -€38,618 | -€40,958 | -€20,610 | €60,227 | €126,036 | €100,756 | ▼ 20.1% |
| Financial income75/76B | - | - | - | €262 | - | €4 | - | €13,493 | - |
| Recurring financial income75 | - | €549 | €86 | €262 | - | €4 | - | €13,493 | - |
| Financial charges65/66B | - | - | - | €3,516 | €2,726 | €2,685 | €5,465 | €4,526 | ▼ 17.2% |
| Recurring financial charges65 | €10,187 | €5,182 | €4,293 | €3,516 | €2,726 | €2,685 | €5,465 | €4,526 | ▼ 17.2% |
| Profit (loss) for the period before taxes9903 | -€65,134 | -€35,172 | -€42,825 | -€44,211 | -€23,336 | €57,546 | €120,571 | €109,723 | ▼ 9.0% |
| Income taxes67/77 | €246 | €392 | - | - | €622 | €5,232 | - | - | - |
| Profit (loss) for the period9904 | -€65,380 | -€35,563 | -€42,825 | -€44,211 | -€23,958 | €52,315 | €120,571 | €109,723 | ▼ 9.0% |
| Profit (loss) for the period to be appropriated9905 | -€65,380 | -€35,563 | -€42,825 | -€44,211 | -€23,958 | €52,315 | €120,571 | €109,723 | ▼ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €363,928 | €279,956 | €243,478 | €234,109 | €171,845 | €317,879 | €509,975 | €467,223 | ▼ 8.4% |
| Fixed assets21/28 | €286,631 | €261,662 | €226,811 | €203,480 | €171,822 | €140,685 | €111,509 | €88,556 | ▼ 20.6% |
| Tangible fixed assets22/27 | €286,631 | €261,662 | €226,811 | €203,480 | €171,822 | €140,685 | €111,509 | €88,556 | ▼ 20.6% |
| Land and buildings22 | - | - | - | €169,166 | €141,141 | €113,117 | €85,092 | €63,188 | ▼ 25.7% |
| Plant, machinery and equipment23 | - | - | - | €21,009 | €19,345 | €18,203 | €18,100 | €18,100 | = |
| Furniture and vehicles24 | - | - | - | €10,401 | €9,406 | €8,411 | €7,601 | €6,791 | ▼ 10.7% |
| Other tangible fixed assets26 | - | - | - | €2,904 | €1,929 | €954 | €715 | €477 | ▼ 33.3% |
| Current assets29/58 | €77,297 | €18,294 | €16,667 | €30,629 | €24 | €177,195 | €398,466 | €378,667 | ▼ 5.0% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €155,715 | - |
| Contracts in progress37 | - | - | - | - | - | - | - | €155,715 | - |
| Amounts receivable within one year40/41 | €21,228 | €15,266 | €15,000 | €27,000 | - | €123,897 | €379,552 | - | - |
| Trade receivables40 | - | - | - | €27,000 | - | €123,897 | €354,552 | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | €25,000 | - | - |
| Cash at bank and in hand54/58 | €53,892 | €1,290 | €1,373 | €3,629 | €24 | €53,298 | €18,914 | €222,952 | ▲ 12× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €363,928 | €279,956 | €243,478 | €234,109 | €171,845 | €317,879 | €509,975 | €467,223 | ▼ 8.4% |
| Equity10/15 | -€244,392 | -€279,956 | -€322,780 | -€366,991 | -€390,949 | -€238,634 | -€118,063 | -€8,340 | ▲ 92.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €118,600 | €118,600 | €118,600 | = |
| Reserves13 | - | - | - | - | - | €52,315 | €52,315 | €52,315 | = |
| Distributable reserves133 | - | - | - | - | - | €52,315 | €52,315 | €52,315 | = |
| Profit (loss) carried forward14 | -€262,992 | -€298,556 | -€341,380 | -€385,591 | -€409,549 | -€409,549 | -€288,978 | -€179,255 | ▲ 38.0% |
| Amounts payable17/49 | €608,320 | €559,911 | €566,258 | €601,100 | €562,794 | €556,514 | €628,038 | €475,563 | ▼ 24.3% |
| Amounts payable after more than one year17 | €303,215 | €263,731 | €229,153 | €191,198 | €153,980 | €146,722 | €109,783 | €9,923 | ▼ 91.0% |
| Financial debts170/4 | - | - | - | €128,780 | €91,980 | €146,722 | €109,783 | €9,923 | ▼ 91.0% |
| Other amounts payable178/9 | - | - | - | €62,418 | €62,000 | - | - | - | - |
| Amounts payable within one year42/48 | €305,105 | €296,180 | €337,104 | €409,902 | €408,814 | €409,791 | €518,255 | €465,640 | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €37,956 | €39,546 | €23,267 | €36,940 | €38,360 | ▲ 3.8% |
| Trade debts44 | €14,248 | €11,800 | €20,230 | €18,947 | €32,320 | €39,130 | €92,823 | €48,654 | ▼ 47.6% |
| Suppliers440/4 | - | - | - | €18,947 | €32,320 | €39,130 | €92,823 | €48,654 | ▼ 47.6% |
| Taxes, remuneration and social security45 | - | - | - | €633 | €3,759 | €11,464 | €46,308 | €23,626 | ▼ 49.0% |
| Taxes450/3 | - | - | - | €633 | €3,759 | €11,464 | €46,308 | €23,626 | ▼ 49.0% |
| Other amounts payable47/48 | - | - | - | €352,366 | €333,189 | €335,931 | €342,184 | €355,001 | ▲ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€65,380 | -€35,563 | -€42,825 | -€44,211 | -€23,958 | €52,315 | €120,571 | €109,723 | ▼ 9.0% |
| + Depreciation and write-downs630 | €40,168 | €34,851 | €34,851 | €35,449 | €31,658 | €31,137 | €29,176 | €29,394 | ▲ 0.7% |
| Operating cash flow (approximation) | -€25,212 | -€712 | -€7,973 | -€8,762 | €7,700 | €83,452 | €149,747 | €139,117 | ▼ 7.1% |
| Investment in fixed assets (approximation) | - | -€9,882 | €0 | -€12,118 | €0 | €0 | €0 | -€6,442 | - |
| Change in cash | - | -€52,602 | €82 | €2,256 | -€3,605 | €53,274 | -€34,384 | €204,038 | - |
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, 317 companies had the same profile as GRESHAM has now. Two years later, 91.8% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
Another 2.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GRESHAM itself: 0.4% 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 317 companies, not a prediction for GRESHAM. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-08-2026 | 2026-00418851 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00427224 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00289192 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00356893 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20328208 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63400581 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-57800296 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56900466 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-58900127 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55600489 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 03-10-2023 Converted to unavailable equity
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| DE MULDER Lieven |
|
| DE DONDER Jan |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Vaste of evenredige vergoeding, 13”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Na aftrek van aandelen waarvan overdracht wordt voorgesteld, helft overdrager en helft koper(s) naar evenredigheid verworven aantal bij meer…”
Articles of association, deed of 03-10-2023 (in Dutch)
Network & group
GRESHAM shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of GRESHAM. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
03-10
Gazette deed
Registered office moved to LeuvenChange of role: DE DONDER Jan, from manager to director · Appointment: DE MULDER Lieven (director) · Capital contribution19 points ▸
- Capital contribution, €100,000, mentioned 2 times in the deed
- Other provision, “afstand voorkeurrecht, de heer (...), voornoemd” (deed in Dutch)
- Capital contribution, €45,000
- Capital contribution, €55,000
- Bank account, “Vennootschap, artikel 5:132 WVV” (deed in Dutch)
- Amendment of the articles, 5
- Director resignation, DE DONDER Jan (manager)
- Director appointment, DE DONDER Jan (director)
- Director appointment, DE MULDER Lieven (director)
- Director discharge, DE DONDER Jan
- Registered-office move, 3001 Leuven, Jules Vandenbemptlaan 65
- Power of attorney
- The act holds 7 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
8 activities
- Alle verrichtingen inzake onroerend goed,onder meer het aankopen,verkopen,ruilen,verkopen op commissie,verhuren,bouwen,verbouwen,inrichten,beheren,exploiteren van onroerende goederen,het vestigen of vervreemden van onroerende zakelijke rechten,het uitvoeren of doen uitvoeren van alle infrastructuur en uitrustingswerken van gronden en gebouwen,van renovatie- of onderhoudswerken
- Projectontwikkeling onder meer voor woningbouw,nieuwbouw van individuele woningen of voor renovatiewerken,de bouw van appartementsgebouwen,kantoorbouw,infrastructuurwerken,de bouw of de aanleg van:commerciële,en industriële centra,hotels,industriezones en markten,jachthavens,autowegen,wintersportcentra enzovoort,de aanleg of renovatie van stadswijken,grondverkaveling
- De activiteiten van een markt en opinieonderzoekbureau,onder meer het onderzoek naar de omvang van de markt voor bepaalde producten,de ontvangst en de bekendheid van producten en koopgewoonten,met het oog op de verkoopbevordering en de ontwikkeling van nieuwe produkten
- De statistische analyses van de resultaten van het onderzoek,de organisatie van opiniepeilingen
- Studie,adviesverlening,expertise,engineering en elke dienstverlening in het kader van hiervoor beschreven activiteiten
- Alle mogelijke commerciële,industriële,financiële,roerende of onroerende verrichtingen die direct of indirect verband houden met voorwerp of verwezenlijking en ontwikkeling bevorderen
- Deelneming in alle vennootschappen,verenigingen en ondernemingen in België en buitenland bij wijze van inbreng,inschrijving,overdracht,deelneming,fusie,financiële tussenkomst of anderszins en uitoefening functies van bestuurder of vereffenaar in andere vennootschappen
- Waarborg met patrimonium voor eigen verbintenissen en verbintenissen van derden
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0870.459.588
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24434F0247/00Z014 | Flanders | 1,358 m² | 1 · 247 m² | 18.6 m · 5 |