GRINE
ActiveSummary
GRINE has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €343k and a net result of €28k. Equity is growing by ~21.4% per year across the filed fiscal years. Its solvency ranks better than 89% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▼-9
Solvency100▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 5.18 against 2.87 in 2024; short-term debt: 16.9% and cash: 31.1% of total assets), and 16.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
83.1%
Return on assets
6.8%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
197 d late
2022
255 d late
2021
28 d late
2020
135 d late
2019
91 d late
2018
31 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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€28k▼ 52.7%
2024 · €59k
Working capital
€292k▲ 23.0%
2024 · €238k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220242025
Operating result€181k▲ 1,007%€84k▼ 53.6%€27k▼ 68.3%€81k-€36k▼ 55.8%
Net result€135k▲ 734%€50k▼ 62.6%€23k▼ 55.2%€59k-€28k▼ 52.7%
Equity€174k▲ 346%€224k▲ 29.0%€246k▲ 10.1%€315k-€343k▲ 8.9%
Total assets€586k▲ 19.0%€402k▼ 31.3%€401k▼ 0.5%€442k-€413k▼ 6.5%
Debt€412k▼ 9.1%€179k▼ 56.7%€154k▼ 13.7%€127k-€70k▼ 44.9%
Working capital€57k€48k▼ 15.4%€110k▲ 128%€238k-€292k▲ 23.0%
Staff (FTE)5.1▼ 5.6%5.7▲ 11.8%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 56% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €413k
Fixed assets
€51k ▼ 34.2%
Current assets
€362k ▼ 0.7%
Equity and liabilities €413k
Equity
€343k ▲ 8.9%
Debt
€70k ▼ 44.9%
Debt's share of the balance-sheet total falls from 28.7% to 16.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€65k▼
2024 · €113k
Cash flow
€57k▼
2024 · €91k
Current ratio
5.18▲
2024 · 2.87
Quick ratio
2.18▲
2024 · 1.18
Debt to equity
0.20▼
2024 · 0.40
ROE
8.2%▼
2024 · 18.9%
ROA
6.8%▼
2024 · 13.5%
Interest coverage
8.50▲
2024 · 6.59
Debt ≤ 1 year
€70k▼
2024 · €127k
Income taxes
€11k▼
2024 · €16k
Staff costs
€217k▲
2024 · €194k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €878 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €178k | €178k | €194k | €217k | ▲ 12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64k | €57k | €44k | €32k | €29k | ▼ 10.0% |
| Other operating charges640/8 | - | €7k | €5k | €4k | €2k | ▼ 57.3% |
| Non-recurring operating charges66A | - | €4 | - | €6k | - | - |
| Gross operating margin9900 | €393k | €326k | €255k | €317k | €284k | ▼ 10.5% |
| Operating profit (loss)9901 | €181k | €84k | €27k | €81k | €36k | ▼ 55.8% |
| Financial income75/76B | - | €10k | €10k | €11k | €11k | ▼ 5.0% |
| Recurring financial income75 | €9k | €10k | €10k | €11k | €11k | ▼ 3.6% |
| Non-recurring financial income76B | - | €142 | €142 | €162 | - | - |
| Financial charges65/66B | - | €21k | €8k | €17k | €8k | ▼ 55.4% |
| Recurring financial charges65 | €13k | €21k | €8k | €17k | €8k | ▼ 55.7% |
| Non-recurring financial charges66B | - | - | €463 | - | €50 | - |
| Profit (loss) for the period before taxes9903 | €179k | €73k | €28k | €75k | €39k | ▼ 48.4% |
| Income taxes67/77 | €44k | €23k | €6k | €16k | €11k | ▼ 32.0% |
| Profit (loss) for the period9904 | €135k | €50k | €23k | €59k | €28k | ▼ 52.7% |
| Transfer from tax-exempt reserves789 | - | €13k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €135k | €64k | €23k | €59k | €28k | ▼ 52.7% |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €586k | €402k | €401k | €442k | €413k | ▼ 6.5% |
| Fixed assets21/28 | €316k | €189k | €142k | €78k | €51k | ▼ 34.2% |
| Tangible fixed assets22/27 | €307k | €180k | €129k | €68k | €42k | ▼ 38.9% |
| Plant, machinery and equipment23 | - | €104k | €72k | €33k | €19k | ▼ 43.3% |
| Furniture and vehicles24 | - | €53k | €43k | €25k | €15k | ▼ 39.8% |
| Other tangible fixed assets26 | - | €23k | €13k | €10k | €8k | ▼ 21.9% |
| Financial fixed assets28 | €9k | €9k | €13k | €9k | €9k | = |
| Current assets29/58 | €270k | €213k | €259k | €365k | €362k | ▼ 0.7% |
| Stocks and contracts in progress3 | €139k | €132k | €170k | €215k | €210k | ▼ 2.5% |
| Stocks30/36 | - | €132k | €170k | €215k | €210k | ▼ 2.5% |
| Amounts receivable within one year40/41 | €41k | €9k | €16k | €23k | €24k | ▲ 1.7% |
| Trade receivables40 | - | - | €3k | €639 | €850 | ▲ 32.9% |
| Other amounts receivable41 | - | €9k | €14k | €23k | €23k | ▲ 0.9% |
| Cash at bank and in hand54/58 | €89k | €73k | €72k | €124k | €128k | ▲ 3.3% |
| Deferred charges and accrued income490/1 | - | €148 | €469 | €2k | €351 | ▼ 82.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €586k | €402k | €401k | €442k | €413k | ▼ 6.5% |
| Equity10/15 | €174k | €224k | €246k | €315k | €343k | ▲ 8.9% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €155k | €205k | €228k | €297k | €325k | ▲ 9.5% |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €203k | €226k | €295k | €323k | ▲ 9.5% |
| Profit (loss) carried forward14 | €-33k | - | - | - | - | - |
| Amounts payable17/49 | €412k | €179k | €154k | €127k | €70k | ▼ 44.9% |
| Amounts payable after more than one year17 | €200k | €8k | - | - | - | - |
| Financial debts170/4 | - | €8k | - | - | - | - |
| Amounts payable within one year42/48 | €212k | €165k | €148k | €127k | €70k | ▼ 44.9% |
| Current portion of amounts payable after more than one year42 | - | €19k | €8k | - | - | - |
| Trade debts44 | €94k | €54k | €74k | €61k | €28k | ▼ 54.5% |
| Suppliers440/4 | - | €54k | €74k | €61k | €28k | ▼ 54.5% |
| Taxes, remuneration and social security45 | - | €92k | €34k | €66k | €42k | ▼ 36.2% |
| Taxes450/3 | - | €59k | €13k | €17k | €15k | ▼ 6.7% |
| Remuneration and social security454/9 | - | €33k | €20k | €50k | €27k | ▼ 46.0% |
| Other amounts payable47/48 | - | - | €33k | - | - | - |
| Accrued charges and deferred income492/3 | - | €6k | €6k | - | - | - |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €135k | €50k | €23k | €59k | €28k | ▼ 52.7% |
| + Depreciation and write-downs630 | €64k | €57k | €44k | €32k | €29k | ▼ 10.0% |
| Operating cash flow (approximation) | €199k | €108k | €67k | €91k | €57k | ▼ 37.8% |
| Investment in fixed assets (approximation) | - | €70k | €3k | - | €-2k | - |
| Change in cash | - | €-17k | €-239 | - | €4k | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
13-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 197 days late
2024
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 255 days late
2022
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 28 days late
2021
31-12
Financial
Equity above €200kEq €224k ▲29%
4 profitable years in a row build equity to €224k.
13-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 135 days late
2020
31-12
Financial
Highest result since 2018net €135k ▲734%
Operating result €181k, net result €135k, both a record.
31-12
Financial
Equity above €150kEq €174k ▲346%
3 profitable years in a row build equity to €174k.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
31-12
Financial
Weakest financial yearnet €16k ▼38.8%
Net result drops to €16k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
2016
14-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 45 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tournai · 2 establishment units since 2008
Ground area
6,914 m²
Building footprint
1.0 ha
Volume, LiDAR
76,466 m³
2 parcels, Wallonia · tallest building 14.2 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
GRINE
since 20082.170.743.994
WHOLE WOOD
since 20122.205.109.710
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57463L0155/00R003 | Wallonia | 6,686 m² | 1 · 1.0 ha | 14.2 m · 2 fl. |
| 57081I0735/00_000 | Wallonia | 227 m² | 1 · 51 m² | 10.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteTournai2.205.109.710
Similar companies · same sector, comparable size
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Of 2,474 companies in sector 47279 we hold annual accounts for 949. 602 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded18-03-2008
Fiscal year end31-12
Activities, NACEBEL 2025
47279Other retail sale of food
46389Wholesale of other food products
Contact
Phone
069/858532Tournai
Scores and ratios are computed by Checked and are not a credit decision.