Grimaud
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00385832.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 16 filings
Every figure per financial year
The operating result for 2025 is a loss of €98,297, smaller than the loss of €194,303 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 | €7,209 | €32,691 | €23,812 | - | - |
| Depreciation and write-downs of the year | €131,211 | €133,858 | €135,144 | €117,509 | €117,509 |
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 | - | - | - | - | €4,109 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133,784 | €136,519 | €130,540 | €131,211 | €133,858 | €135,144 | €117,509 | €117,509 | = |
| Other operating charges640/8 | - | - | - | €5,411 | €5,569 | €147,911 | €137,368 | €6,547 | ▼ 95.2% |
| Gross operating margin9900 | €127,684 | €82,921 | €856,396 | €89,754 | €87,693 | €70,310 | €60,573 | €25,760 | ▼ 57.5% |
| Operating profit (loss)9901 | -€12,856 | -€60,428 | €720,974 | -€46,868 | -€51,734 | -€212,745 | -€194,303 | -€98,297 | ▲ 49.4% |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | €4,706 | - |
| Recurring financial income75 | - | - | - | - | - | €0 | €0 | €4,706 | - |
| Financial charges65/66B | - | - | - | €5,324 | €4,660 | €12,749 | €9,842 | €18,423 | ▲ 87.2% |
| Recurring financial charges65 | €40,713 | €24,885 | €7,355 | €5,324 | €4,660 | €12,749 | €9,842 | €18,423 | ▲ 87.2% |
| Profit (loss) for the period before taxes9903 | -€53,569 | -€85,313 | €713,619 | -€52,192 | -€56,395 | -€225,493 | -€204,146 | -€112,014 | ▲ 45.1% |
| Transfer from deferred taxes780 | - | - | - | €14,656 | €15,190 | €15,701 | €362,823 | €0 | ▼ 100% |
| Income taxes67/77 | - | - | - | - | - | - | €204,872 | -€4,200 | - |
| Profit (loss) for the period9904 | -€51,253 | -€82,998 | -€72,020 | -€37,536 | -€41,205 | -€209,792 | -€46,195 | -€107,814 | ▼ 133% |
| Transfer from tax-exempt reserves789 | - | - | - | €43,968 | €45,569 | €47,103 | €864,230 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€46,758 | -€78,503 | €82,073 | €6,432 | €4,364 | -€162,689 | €818,036 | -€107,814 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.8m | €3.2m | €3.0m | €3.0m | €2.8m | €2.5m | €1.8m | €1.8m | ▼ 1.2% |
| Fixed assets21/28 | €3.8m | €3.1m | €3.0m | €2.9m | €2.8m | €2.5m | €1.8m | €1.7m | ▼ 6.6% |
| Tangible fixed assets22/27 | €3.8m | €3.1m | €3.0m | €2.9m | €2.8m | €2.5m | €1.8m | €1.7m | ▼ 6.6% |
| Land and buildings22 | - | - | - | €2.9m | €2.7m | €2.5m | €1.8m | €1.7m | ▼ 6.5% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.008m | €0.006m | €0.004m | €0.002m | ▼ 39.6% |
| Current assets29/58 | €249 | €0.1m | €0.003m | €0.1m | €0.01m | €0.008m | €0.02m | €0.1m | ▲ 484% |
| Amounts receivable within one year40/41 | - | €0.1m | - | €0.1m | €0.008m | €0.004m | €0.005m | €0.1m | ▲ 22× |
| Trade receivables40 | - | - | - | - | - | €0.004m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.1m | €0.008m | €0 | €0.005m | €0.1m | ▲ 22× |
| Cash at bank and in hand54/58 | €249 | €0.001m | €0.001m | - | - | €0.003m | €0.01m | €0.001m | ▼ 89.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.002m | €0.002m | €0.002m | ▲ 3.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.8m | €3.2m | €3.0m | €3.0m | €2.8m | €2.5m | €1.8m | €1.8m | ▼ 1.2% |
| Equity10/15 | €1.3m | €1.2m | €1.7m | €1.7m | €1.7m | €1.5m | €1.4m | €1.3m | ▼ 7.7% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €1.2m | €1.2m | €1.7m | €1.7m | €1.6m | €1.6m | €1.3m | €1.2m | ▼ 8.3% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €1.0m | €1.0m | €0.9m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €1.3m | €1.1m | ▼ 8.6% |
| Profit (loss) carried forward14 | -€0.07m | -€0.1m | -€0.06m | -€0.06m | -€0.05m | -€0.2m | €0 | - | - |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0 | - | - |
| Deferred taxes168 | - | - | - | €0.4m | €0.4m | €0.4m | €0 | - | - |
| Amounts payable17/49 | €2.2m | €1.8m | €0.8m | €0.9m | €0.7m | €0.7m | €0.4m | €0.5m | ▲ 22.1% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | - | - | - | €0.1m | €0.04m | €0.4m | ▲ 732% |
| Financial debts170/4 | - | - | - | - | - | €0.1m | €0.04m | €0.4m | ▲ 732% |
| Amounts payable within one year42/48 | €1.6m | €1.2m | €0.8m | €0.9m | €0.7m | €0.6m | €0.3m | €0.1m | ▼ 65.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.08m | €0.09m | €0.1m | ▲ 25.3% |
| Financial debts43 | - | - | - | €0.02m | €0.01m | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0.01m | €0 | - | - | - |
| Trade debts44 | €0.1m | €0.01m | €0.009m | €65 | €0.001m | €0.007m | €0.007m | €0.003m | ▼ 52.4% |
| Suppliers440/4 | - | - | - | €65 | €0.001m | €0.007m | €0.007m | €0.003m | ▼ 52.4% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | = |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €0.5m | €0.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.009m | €0.002m | €0.005m | €0.004m | ▼ 20.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€51,253 | -€82,998 | -€72,020 | -€37,536 | -€41,205 | -€209,792 | -€46,195 | -€107,814 | ▼ 133% |
| + Depreciation and write-downs630 | €133,784 | €136,519 | €130,540 | €131,211 | €133,858 | €135,144 | €117,509 | €117,509 | = |
| Operating cash flow (approximation) | €82,530 | €53,521 | €58,520 | €93,675 | €92,653 | -€74,649 | €71,314 | €9,695 | ▼ 86.4% |
| Investment in fixed assets (approximation) | - | €496,037 | €14,361 | -€7,209 | -€32,691 | €115,462 | €609,483 | €0 | ▼ 100% |
| Change in cash | - | €1,037 | -€323 | - | - | - | €9,502 | -€10,988 | - |
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, 2,686 companies had the same profile as Grimaud has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Grimaud itself: 0.5% 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 2,686 companies, not a prediction for Grimaud. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00385832 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00332913 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00344897 | |
| 31-12-2022 | micro format | 13-08-2024 | 2024-00345688 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20380174 | |
| 31-12-2020 | micro format | 18-10-2021 | 2021-72100238 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-45100326 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-67400080 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-55100521 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-47100006 |