Active BE 0735.441.231Private limited company

GriSpen

Beekstraat 14 ·9870 Zulte, Belgium· 6 yrs active

Sector: Activities of holding companies (64210)

Conclusion Checked

GriSpen is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €5k and a net result of €157k. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 10% of 7837 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€5k
Net result	€157k
Better than sector	10%
Active	6 yrs

Financial profile 4 of 5 axes measured · computed by Checked

67 / 100

Strong profile, led by profitability.

Computed on 4 of 5 axes. Not measured: health. An unmeasured axis is not a zero: no data was read for it.

Health -

Profitability 100

Solvency 11

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2019, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score

Model not applicable to financial institutions

The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Financial overview7 NBB filings

Annual accounts filed on 27-02-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

stable Equity: stable across 5 fiscal years (±0%/year).

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 64, Financial service activities, except insurance and pension funding · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	2.9%	51.3%	better than 10% of 7837 sector peers
Net result	€157k	€33k	better than 88% of 7841 sector peers
Equity	€5k	€132k	better than 11% of 7843 sector peers
Gross operating margin	€218k	€63k	better than 88% of 7830 sector peers
Total assets	€170k	€337k	better than 32% of 7840 sector peers

Net profit

€157k

+2.1% 21-25

Total assets

€170k

-1.8% 21-25

Equity

€5k

0.0% 21-25

Income taxes

€51k

+5.5% 21-25

Dividends

€157k

+2.1% 21-25

Debt

€165k

-1.9% 21-25

Debt ≤ 1y

€165k

-1.9% 21-25

Solvency

2.9%

+1.8% 21-25

ROE

3130.4%

+2.1% 21-25

ROA

92.3%

+4.0% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	n/a	n/a	n/a	n/a	n/a
EBITDA	n/a	n/a	n/a	n/a	n/a
Net profit	€157k	€153k	€163k	€124k	€99k
Cash flow	n/a	n/a	n/a	n/a	n/a
Staff costs	-	-	-	-	-
Income taxes	€51k	€49k	€52k	€38k	€29k
Dividends	€157k	€153k	€163k	€329k	€2k
Total assets	€170k	€173k	€178k	€149k	€220k
Equity	€5k	€5k	€5k	€5k	€210k
Debt	€165k	€168k	€173k	€144k	€9k
of which ≤ 1y	€165k	€168k	€173k	€144k	€9k
of which > 1y	-	-	-	-	-
Working capital	n/a	n/a	n/a	n/a	n/a
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	n/a	n/a	n/a	n/a	n/a
Quick ratio	n/a	n/a	n/a	n/a	n/a
Working capital ratio	n/a	n/a	n/a	n/a	n/a
Solvency	2.9%	2.9%	2.8%	3.4%	95.8%
Debt / equity	n/a	n/a	n/a	n/a	n/a
Long-term debt ratio	n/a	n/a	n/a	n/a	n/a
Interest coverage	n/a	n/a	n/a	n/a	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a
Net margin	n/a	n/a	n/a	n/a	n/a
ROA	92.3%	88.7%	91.9%	83.0%	45.1%
ROE	3130.4%	3065.4%	3264.9%	2471.4%	47.1%
EBITDA margin	n/a	n/a	n/a	n/a	n/a
Days sales outstanding	n/a	n/a	n/a	n/a	n/a
Days payable outstanding	n/a	n/a	n/a	n/a	n/a
Inventory turnover	n/a	n/a	n/a	n/a	n/a
Days inventory (DSI)	n/a	n/a	n/a	n/a	n/a

Balance-sheet composition 2025

Assets

Fixed assets €17k · 10.2% Current assets €152k · 89.8%

Equity & liabilities

Equity €5k · 3.0% Debt €165k · 97.1%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€170k	€173k	€178k	€149k	€220k
Fixed assets	21/28	€17k	€20k	€24k	€21k	€25k
Tangible fixed assets	22/27	€17k	€20k	€24k	€21k	€25k
Current assets	29/58	€152k	€153k	€154k	€128k	€195k
Amounts receivable within one year	40/41	€70k	€80k	€55k	€39k	€29k
Cash & bank	54/58	€69k	€50k	€68k	€85k	€165k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€170k	€173k	€178k	€149k	€220k
Equity	10/15	€5k	€5k	€5k	€5k	€210k
Contributions / capital	10/11	€5k	€5k	€5k	€5k	€5k
Reserves	13	-	-	-	€0	€205k
Accumulated profits (losses)	14	€0	€0	€0	€0	€0
Amounts payable	17/49	€165k	€168k	€173k	€144k	€9k
Amounts payable within one year	42/48	€165k	€168k	€173k	€144k	€9k
Trade debts payable within one year	44	€2k	€5k	€4k	€6k	€2k
Income statement
Gross operating margin	9900	€218k	€213k	€223k	€167k	€134k
Operating result	9901	€210k	€202k	€214k	€160k	€128k
Financial income	75	€2	€15	€1k	€1k	€275
Financial charges	65	€2k	€73	€91	€93	€423
Result before taxes	9903	€208k	€202k	€215k	€162k	€128k
Income taxes	67/77	€51k	€49k	€52k	€38k	€29k
Net result for the period	9904	€157k	€153k	€163k	€124k	€99k
Result to be appropriated	9905	€157k	€153k	€163k	€124k	€99k

Legal Structure

NACE primary	Activities of holding companies(64210)
Legal form	Private limited company(610)
Incorporation	30-09-2019
Status	Active
Postal code	9870

Establishment units 1 location

GriSpen

Beekstraat 14, 9870 ZulteHoldings

since 20192.294.269.437

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44081C0191/00M005	Flanders	1,990 m²	1 · 231 m²	7.2 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 7 events

All 8Financial 1Filings 7

Next filing, fiscal year 2026, expected by 31-07-2027

2026

27-02

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

14-03

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

29-04

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

31-12

Financial Highest result since 2021net €163k ▲32.1%

Operating result €214k, net result €163k, both a record.

30-05

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

24-06

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

19-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

16-10

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 77 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Holdings64200Activities of holding companies64210Business and other management consultancy70200Business consulting70220

Names & trade names

Legal nameNL

GriSpen

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