GRF
InactiveInactive; last annual accounts for fiscal year 2025.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
232425
2023 to 2025 · latest year €-6k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
29 d late
2024
28 d late
2023
29 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€15k▼ 26.6%
2024 · €21k
2023: €25k
2024: €21k
2023 → 2025
Total assets
€20k▼ 9.6%
2024 · €23k
2023: €76k
2024: €23k
2023 → 2025
Net result
€-6k▼ 55.5%
2024 · €-4k
2023: €11k
2024: €-4k
2023 → 2025
Working capital
€15k▼ 26.6%
2024 · €21k
2023: €25k
2024: €21k
2023 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€25k-€21k▼ 14.6%€15k▼ 26.6%
Operating result€11k-€-4k€-6k▼ 55.9%
Net result€11k-€-4k€-6k▼ 55.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6k in 2025 against €4k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €20k
Equity
€15k ▼ 26.6%
Debt
€5k ▲ 210%
Debt's share of the balance-sheet total rises from 7.2% to 24.6%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
4.06▼
2024 · 13.94
Debt to equity
0.33▲
2024 · 0.08
ROE
-36.3%▼
2024 · -17.1%
ROA
-27.3%▼
2024 · -15.9%
Debt ≤ 1 year
€5k▲
2024 · €2k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 28 lines
Balance sheet
Code20242025
Assets
Total assets20/58€23k€20k▼
Current assets29/58€23k€20k▼
Amounts receivable within one year40/41€20k€18k▼
Other amounts receivable41€20k€18k▼
Cash at bank and in hand54/58€120€7▼
Deferred charges and accrued income490/1€3k€3k=
Equity and liabilities
Total equity and liabilities10/49€23k€20k▼
Equity10/15€21k€15k▼
Contributions10/11€6k€6k=
Reserves13€10k€10k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€8k€8k=
Profit (loss) carried forward14€5k€-782▼
Amounts payable17/49€2k€5k▲
Amounts payable within one year42/48€2k€5k▲
Trade debts44€2k€5k▲
Suppliers440/4€2k€5k▲
Income statement
Code20242025
Other operating charges640/8€639€547▼
Gross operating margin9900€-3k€-5k▼
Operating profit (loss)9901€-4k€-6k▼
Financial charges65/66B€29€30▲
Recurring financial charges65€29€30▲
Profit (loss) for the period before taxes9903€-4k€-6k▼
Profit (loss) for the period9904€-4k€-6k▼
Profit (loss) for the period to be appropriated9905€-4k€-6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€5k€-782▼
Profit (loss) brought forward from the previous period14P€8k€5k▼
The notes to these accounts (1 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
19-03
State Gazette act
General meeting · Legal-form conversion
Reserve release · Statutes amendment
2025
31-12
Financial
Weakest financial yearnet €-6k
Net result drops to €-6k, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Liquidity times 9current ratio 13.94
Current ratio from 1.48 to 13.94; short-term debt falls from €52k to €2k.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2017
14-12
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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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Structure & network
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location