Grinfeld
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 26 filings
Turnover
€174,078▲ 28.8%
2024 · €135,134
EBIT margin
33.1%▲ 71.1pp
2024 · -38.0%
Net result
€40,274
2024 · -€59,556
Working capital
-€789,705▲ 1.8%
2024 · -€804,083
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€174,078
▲ 28.8%
2025
20182025
Operating result
€57,653
2025
20182025
Net result
€40,274
2025
middle half of the sector
20182025
EBIT margin
33.1%
▲ 71.1pp
2025
20182025
Equity
-€150,948
▲ 21.1%
2025
lowest quarter of the sector
20182025
Total assets
€1.1m
▼ 1.5%
2025
middle half of the sector
20182025
Debt
€1.2m
▼ 4.4%
2025
20182025
Working capital
-€789,705
▲ 1.8%
2025
lowest quarter of the sector
20182025
Solvency
-14.1%
▲ 3.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.03
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▲ 9.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.06m-€0.08m▲ 37.1%€0.08m▼ 6.6%€0.09m▲ 12.6%€0.08m▼ 1.4%€0.09m▲ 1.8%€0.1m▲ 56.9%€0.2m▲ 28.8%
Operating result-€0.03m--€0.01m▲ 64.1%-€0.03m▼ 183%€0.01m€0.01m▲ 13.4%-€0.003m-€0.05m▼ 1,553%€0.06m
Net result-€0.03m--€0.01m▲ 64.1%-€0.03mbelow the sector's middle half▼ 183%€0.01mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 12.7%-€0.003mwithin the sector's middle half-€0.06mbelow the sector's middle half▼ 1,770%€0.04mwithin the sector's middle half
EBIT margin-57.5%--15.0%▲ 42.4pp-45.6%▼ 30.6pp11.3%▲ 56.9pp13.0%▲ 1.7pp-3.6%▼ 16.6pp-38.0%▼ 34.4pp33.1%▲ 71.1pp
Equity-€0.1m--€0.1m▼ 12.0%-€0.1mbelow the sector's middle half▼ 30.4%-€0.1mbelow the sector's middle half▲ 6.5%-€0.1mbelow the sector's middle half▲ 7.8%-€0.1mbelow the sector's middle half▼ 2.5%-€0.2mbelow the sector's middle half▼ 45.2%-€0.2mbelow the sector's middle half▲ 21.1%
Total assets€0.6m-€0.6m▼ 4.7%€0.6mwithin the sector's middle half▼ 7.9%€0.6mwithin the sector's middle half▼ 0.2%€0.6mwithin the sector's middle half▼ 0.8%€0.6mwithin the sector's middle half▲ 1.1%€1.1mwithin the sector's middle half▲ 92.1%€1.1mwithin the sector's middle half▼ 1.5%
Debt€0.7m-€0.7m▼ 2.4%€0.7m▼ 1.9%€0.7m▼ 1.5%€0.7m▼ 2.2%€0.7m▲ 1.4%€1.3m▲ 83.3%€1.2m▼ 4.4%
Working capital-€0.7m--€0.7m▲ 2.9%-€0.7mbelow the sector's middle half▲ 0.3%-€0.7mbelow the sector's middle half▲ 3.0%-€0.7mbelow the sector's middle half▼ 0.4%-€0.7mbelow the sector's middle half▲ 0.8%-€0.8mbelow the sector's middle half▼ 21.2%-€0.8mbelow the sector's middle half▲ 1.8%
Solvency-15.8%--18.6%▼ 2.8pp-26.3%below the sector's middle half▼ 7.7pp-24.7%below the sector's middle half▲ 1.7pp-22.9%below the sector's middle half▲ 1.8pp-23.2%below the sector's middle half▼ 0.3pp-17.5%below the sector's middle half▲ 5.7pp-14.1%below the sector's middle half▲ 3.5pp
Current ratio0.05-0.06▲ 0.010.04below the sector's middle half▼ 0.020.05below the sector's middle half▲ 0.010.03below the sector's middle half▼ 0.020.05below the sector's middle half▲ 0.020.01below the sector's middle half▼ 0.040.03below the sector's middle half▲ 0.02
Return on assets (ROA)-5.3%--2.0%▲ 3.3pp-6.1%below the sector's middle half▼ 4.1pp1.7%within the sector's middle half▲ 7.9pp1.9%within the sector's middle half▲ 0.2pp-0.6%within the sector's middle half▼ 2.5pp-5.5%below the sector's middle half▼ 4.9pp3.8%within the sector's middle half▲ 9.2pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €57,653, after a loss of €51,298 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€1.0m ▼ 2.8%
Current assets
€25,007 ▲ 122%
Equity and liabilities
Equity-€150,948
Debt€1.2m
Equity is negative. Debt (€1.2m) exceeds the balance-sheet total (€1.1m).
Key figures and ratios
EBITDA
€92,068▲
2024 · -€21,122
Cash flow
€74,689▲
2024 · -€29,380
Interest coverage
5.28▲
2024 · -2.55
Debt ≤ 1 year
€814,712▼
2024 · €815,347
Debt > 1 year
€410,056▼
2024 · €466,011
Income taxes
€23▲
2024 · -€8
Customer credit
1 day▲
2024 · 0 days
Supplier credit
1 day▼
2024 · 1 day
Staff costs
€48,344▲
2024 · €46,316
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,446 | €33,368 | €14,618 | €577,049 | €4,356 |
| Depreciation and write-downs of the year | €19,284 | €19,802 | €23,207 | €30,176 | €34,415 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €59,530 | €81,627 | €76,240 | €85,875 | €84,659 | €86,141 | €135,134 | €174,078 | ▲ 28.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €10,712 | €10,710 | €12,560 | €102,578 | €20,596 | ▼ 79.9% |
| Remuneration, social security and pensions62 | - | - | - | €39,577 | €38,273 | €46,149 | €46,316 | €48,344 | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,899 | €41,763 | €36,607 | €19,284 | €19,802 | €23,207 | €30,176 | €34,415 | ▲ 14.0% |
| Other operating charges640/8 | - | - | - | €6,636 | €6,776 | €7,380 | €9,971 | €13,712 | ▲ 37.5% |
| Gross operating margin9900 | €50,736 | €74,007 | €63,896 | €75,208 | €75,862 | €73,633 | €35,165 | €154,124 | ▲ 338% |
| Operating profit (loss)9901 | -€34,218 | -€12,272 | -€34,788 | €9,711 | €11,011 | -€3,103 | -€51,298 | €57,653 | - |
| Financial income75/76B | - | - | - | €3 | €3 | €42 | €17 | €94 | ▲ 453% |
| Recurring financial income75 | €6 | €5 | - | €3 | €3 | €42 | €17 | €94 | ▲ 453% |
| Financial charges65/66B | - | - | - | €12 | €82 | €111 | €8,283 | €17,450 | ▲ 111% |
| Recurring financial charges65 | €9 | €22 | €14 | €12 | €82 | €111 | €8,283 | €17,450 | ▲ 111% |
| Profit (loss) for the period before taxes9903 | -€34,221 | -€12,289 | -€34,802 | €9,702 | €10,932 | -€3,172 | -€59,564 | €40,297 | - |
| Income taxes67/77 | €2 | -€1 | - | - | - | €13 | -€8 | €23 | - |
| Profit (loss) for the period9904 | -€34,223 | -€12,288 | -€34,802 | €9,702 | €10,932 | -€3,185 | -€59,556 | €40,274 | - |
| Profit (loss) for the period to be appropriated9905 | -€34,223 | -€12,288 | -€34,802 | €9,702 | €10,932 | -€3,185 | -€59,556 | €40,274 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €1.1m | €1.1m | ▼ 1.5% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €1.1m | €1.0m | ▼ 2.8% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €1.1m | €1.0m | ▼ 2.8% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €1.1m | €1.0m | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | €479 | €177 | ▼ 63.0% |
| Current assets29/58 | €0.04m | €0.04m | €0.03m | €0.04m | €0.02m | €0.04m | €0.01m | €0.03m | ▲ 122% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | - | €0.001m | €283 | €0.03m | €12 | €346 | ▲ 29× |
| Trade receivables40 | - | - | - | €0.001m | €283 | €0.03m | - | €340 | - |
| Other amounts receivable41 | - | - | - | - | - | €10 | €12 | €6 | ▼ 50.0% |
| Current investments50/53 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.01m | €0.006m | €0.006m | ▲ 1.2% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.02m | €0.03m | €0.01m | - | €0.005m | €0.02m | ▲ 249% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €1.1m | €1.1m | ▼ 1.5% |
| Equity10/15 | -€0.1m | -€0.1m | -€0.1m | -€0.1m | -€0.1m | -€0.1m | -€0.2m | -€0.2m | ▲ 21.1% |
| Contributions10/11 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Capital10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Issued capital100 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.3m | -€0.2m | ▲ 14.5% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €1.3m | €1.2m | ▼ 4.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €0.5m | €0.4m | ▼ 12.0% |
| Financial debts170/4 | - | - | - | - | - | - | €0.5m | €0.4m | ▼ 12.0% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | ▼ 0.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.06m | €0.06m | ▲ 3.0% |
| Trade debts44 | €0.001m | €76 | €40 | €14 | €417 | €182 | €285 | €50 | ▼ 82.5% |
| Suppliers440/4 | - | - | - | €14 | €417 | €182 | €285 | €50 | ▼ 82.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.006m | €0.01m | €0.01m | €0.01m | ▼ 22.4% |
| Taxes450/3 | - | - | - | €0.001m | - | €0.002m | €0.002m | €0.001m | ▼ 37.9% |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.006m | €0.01m | €0.01m | €0.009m | ▼ 20.1% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €280 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,223 | -€12,288 | -€34,802 | €9,702 | €10,932 | -€3,185 | -€59,556 | €40,274 | - |
| + Depreciation and write-downs630 | €40,899 | €41,763 | €36,607 | €19,284 | €19,802 | €23,207 | €30,176 | €34,415 | ▲ 14.0% |
| Operating cash flow (approximation) | €6,676 | €29,475 | €1,805 | €28,986 | €30,734 | €20,022 | -€29,380 | €74,689 | - |
| Investment in fixed assets (approximation) | - | -€8,636 | €0 | -€8,446 | -€33,368 | -€14,618 | -€577,049 | -€4,356 | ▲ 99.2% |
| Change in cash | - | €1,285 | €5,751 | €8,184 | -€16,751 | - | - | €13,338 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00186715 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00144553 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00133698 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00138164 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20134806 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21300456 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17900056 | |
| 31-12-2018 | micro format | 18-06-2019 | 2019-19600419 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-21100563 | |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19300450 |