GRIMMO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-05-2026 PDF all 37 filings
Turnover
≈ €91,000
Estimated: probably between €48,000 and €170,000
EBIT margin
Not included in this filing
Net result
-€7,476▲ 54.3%
2024 · -€16,375
Working capital
€146,085▼ 11.5%
2024 · €165,092
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,759
▼ 454%
2025
20182025
Net result
-€7,476
▲ 54.3%
2025
20182025
Equity
€572,884
▼ 1.3%
2025
20182025
Total assets
€1.1m
▼ 4.9%
2025
20182025
Debt
€463,997
▼ 7.3%
2025
20182025
Working capital
€146,085
▼ 11.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.02m--€0.01m▲ 49.3%-€0.03m▼ 162%-€0.06m▼ 113%€0.02m-€0.01m-€0.003m▲ 72.5%-€0.02m▼ 454%
Net result-€0.03m--€0.02m▲ 38.7%-€0.02m▼ 19.2%-€0.06m▼ 158%€0.01m-€0.02m-€0.02m▲ 30.1%-€0.007m▲ 54.3%
Equity€0.7m-€0.7m▼ 2.8%€0.7m▼ 3.5%€0.6m▼ 9.3%€0.6m▲ 2.4%€0.6m▼ 3.8%€0.6m▼ 2.7%€0.6m▼ 1.3%
Total assets€1.2m-€1.2m▼ 2.0%€1.2m▼ 2.7%€1.1m▼ 5.0%€1.1m▲ 1.8%€1.1m▼ 1.8%€1.1m▼ 0.6%€1.1m▼ 4.9%
Debt€0.4m-€0.4m▲ 0.3%€0.4m▲ 2.2%€0.4m▲ 3.3%€0.5m▲ 3.8%€0.5m▲ 3.0%€0.5m▲ 4.3%€0.5m▼ 7.3%
Working capital-€0.3m--€0.3m▲ 7.1%-€0.3m▲ 3.3%€0.02m€0.1m▲ 522%€0.1m▲ 5.4%€0.2m▲ 20.4%€0.1m▼ 11.5%
The operating result for 2025 is a loss of €17,759, larger than the loss of €3,203 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€912,334 ▼ 3.7%
Current assets
€154,509 ▼ 11.4%
Equity and liabilities €1.1m
Equity
€572,884 ▼ 1.3%
Provisions
€29,962 ▼ 26.8%
Debt
€463,997 ▼ 7.3%
Debt's share of the balance-sheet total falls from 44.6% to 43.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€17,257▼
2024 · €31,813
Cash flow
€27,540▲
2024 · €18,641
Current ratio
18.34▼
2024 · 18.74
Debt to equity
0.81▼
2024 · 0.86
ROE
-1.3%▲
2024 · -2.8%
ROA
-0.7%▲
2024 · -1.5%
Interest coverage
25.78▲
2024 · 1.32
Debt ≤ 1 year
€8,425▼
2024 · €9,306
Debt > 1 year
€452,922▼
2024 · €488,517
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,748 | €35,748 | €36,823 | €36,824 | €35,016 | €35,016 | €35,016 | €35,016 | = |
| Other operating charges640/8 | - | - | - | €7,078 | €6,973 | €7,565 | €7,840 | €8,086 | ▲ 3.1% |
| Gross operating margin9900 | €23,882 | €35,994 | €17,743 | -€11,845 | €66,870 | €30,925 | €39,653 | €25,344 | ▼ 36.1% |
| Operating profit (loss)9901 | -€19,689 | -€9,974 | -€26,114 | -€55,747 | €24,881 | -€11,655 | -€3,203 | -€17,759 | ▼ 454% |
| Financial income75/76B | - | - | - | €8 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €8 | - | - | - | - | - |
| Non-recurring financial income76B | - | - | - | €8 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €17,585 | €21,557 | €22,709 | €24,124 | €669 | ▼ 97.2% |
| Recurring financial charges65 | €22,580 | €15,793 | €15,519 | €17,585 | €21,557 | €22,709 | €24,124 | €669 | ▼ 97.2% |
| Profit (loss) for the period before taxes9903 | -€42,269 | -€25,767 | -€41,633 | -€73,324 | €3,324 | -€34,364 | -€27,327 | -€18,428 | ▲ 32.6% |
| Transfer from deferred taxes780 | - | - | - | €10,952 | €10,952 | €10,952 | €10,952 | €10,952 | = |
| Profit (loss) for the period9904 | -€33,128 | -€20,295 | -€24,184 | -€62,372 | €14,275 | -€23,412 | -€16,375 | -€7,476 | ▲ 54.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €21,268 | €21,268 | €21,268 | €21,268 | €21,268 | = |
| Profit (loss) for the period to be appropriated9905 | -€2,224 | -€1,797 | -€17,664 | -€41,104 | €35,544 | -€2,144 | €4,893 | €13,792 | ▲ 182% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 4.9% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 3.7% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 3.7% |
| Land and buildings22 | - | - | - | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 3.7% |
| Current assets29/58 | €0.03m | €0.05m | €0.05m | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 11.4% |
| Amounts receivable within one year40/41 | €0.004m | €0.002m | €0.003m | - | - | €0.002m | - | - | - |
| Trade receivables40 | - | - | - | - | - | €0.002m | - | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.05m | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 3.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.008m | €0.008m | €0.01m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 4.9% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 1.3% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 4.4% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 8.4% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€0.006m | -€0.008m | -€0.03m | -€0.07m | -€0.03m | -€0.03m | -€0.03m | -€0.01m | ▲ 48.1% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.08m | €0.07m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 26.8% |
| Deferred taxes168 | - | - | - | €0.07m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 26.8% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 7.3% |
| Amounts payable after more than one year17 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 7.3% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 7.3% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.005m | €0.001m | €0.009m | €0.009m | €0.008m | ▼ 9.5% |
| Trade debts44 | €0.007m | €0.002m | €0.002m | €0.005m | €0.001m | €0.005m | €0.007m | €125 | ▼ 98.2% |
| Suppliers440/4 | - | - | - | €0.005m | €0.001m | €0.005m | €0.007m | €125 | ▼ 98.2% |
| Other amounts payable47/48 | - | - | - | - | €73 | €0.004m | €0.002m | €0.008m | ▲ 246% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.006m | €0.003m | €0.003m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€33,128 | -€20,295 | -€24,184 | -€62,372 | €14,275 | -€23,412 | -€16,375 | -€7,476 | ▲ 54.3% |
| + Depreciation and write-downs630 | €36,748 | €35,748 | €36,823 | €36,824 | €35,016 | €35,016 | €35,016 | €35,016 | = |
| Operating cash flow (approximation) | €3,620 | €15,453 | €12,639 | -€25,549 | €49,291 | €11,604 | €18,641 | €27,540 | ▲ 47.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,520 | €0 | €49,756 | €0 | €0 | €0 | - |
| Change in cash | - | €14,424 | €2,296 | -€19,687 | €96,878 | €13,095 | €24,198 | -€5,868 | - |
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, 8,617 companies had the same profile as GRIMMO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GRIMMO 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 8,617 companies, not a prediction for GRIMMO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-05-2026 | 2026-00110511 | |
| 31-12-2024 | full format | 10-06-2025 | 2025-00128619 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00417658 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00428368 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20089854 | |
| 31-12-2020 | full format | 19-08-2021 | 2021-50600066 | |
| 31-12-2019 | full format | 07-08-2020 | 2020-40000487 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-39400128 | |
| 31-12-2017 | full format | 06-07-2018 | 2018-30700003 | |
| 31-12-2016 | full format | 11-08-2017 | 2017-43500567 |