Equity
€1.7m from €6.7m in 2011
Equity fell by 74% in 14 years.
Grizaco
Lifetime
19 annual accounts with figures on one time axis, 49 filings since 1977peak €31.9m (2024)
€26.6m▼ 16.5%
lowest -€87,907 (2020)
€14,579▼ 95.6%
peak €6.7m (2011)
€1.7munchanged
€9.1m▲ 48.1%
peak 64.5 FTE (2006)
51 FTE▲ 1.0%
Board7 names since 2019
2 directorsChristophe MINIER and 1 other
Owners2 names in the annual accounts
consolidatesVINCI SA
Documentsfilings and deeds
07-08-20267 days late
2025financial year
Turnover from €31.9m to €26.6mResult from €330,772 to €14,579Reappointments: Mickaël MILLET (director) and PWC Bedrijfsrev… 01-08Dividend €14,579Debts from €6.1m to €9.1mInvestments €868,700
Key points
from the 2025 annual accountsResult
€14,579 ▼ 95.6%
The result fell in 2025 from €330,772 to €14,579.
Debts
€9.1m 83% of the balance sheet
Financial debts 46%Suppliers 40%Taxes and wages 8%Other 5%
Investments
€868,700 2.9 × depreciation
Green is investment, beige is depreciation.
Payment terms
59 days to suppliers
Grizaco pays its suppliers 8 days later than in 2024. Customers pay 42 days later.
Filings
49 annual accounts since 1977
Four of the last ten came late. The 2023 accounts came latest: 40 days after the end of the period.
Checked score
61
Healthy
Financially stronger than 13% of medium-sized companies in civil engineering (NACE 42)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
1.5% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 106 companies (NACE 42, medium-sized).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%
01-2025: 0.9%● unchanged vs 12-2024
02-2025: 0.8%▼ -0.1 percentage points vs 01-2025
03-2025: 0.8%● unchanged vs 02-2025
04-2025: 0.8%● unchanged vs 03-2025lowest value
05-2025: 0.8%● unchanged vs 04-2025lowest value
06-2025: 0.8%● unchanged vs 05-2025
07-2025: 1.1%▲ +0.3 percentage points vs 06-2025
08-2025: 1.1%● unchanged vs 07-2025
09-2025: 1.1%● unchanged vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.1%● unchanged vs 10-2025
12-2025: 1.1%● unchanged vs 11-2025
01-2026: 1.1%● unchanged vs 12-2025
02-2026: 1.1%● unchanged vs 01-2026
03-2026: 1.1%● unchanged vs 02-2026
04-2026: 1.0%▼ -0.1 percentage points vs 03-2026
05-2026: 1.0%● unchanged vs 04-2026
06-2026: 1.1%▲ +0.1 percentage points vs 05-2026
07-2026: 1.1%● unchanged vs 06-2026
08-2026: 1.9%▲ +0.8 percentage points vs 07-2026highest value
09-2026: 1.5%▼ -0.4 percentage points vs 08-2026
10-2026: 1.5%● unchanged vs 09-2026
11-2026: 1.5%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.03, cash €0
Equity €1.7m (15.7% of total assets)
Sector: Civil engineering (NACE 42)
Last filed accounts filed 7 days late; 1 of the last 3 accounts late
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 42, medium-sized). It does better than 10% of them on solvency, 3% on liquidity, 20% on profitability and 17% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 733 companies had the same profile as Grizaco has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Grizaco itself is higher: 1.5% within 12 months. It rests on far more data about Grizaco than the profile alone.
Test of the method
The method was tested on the 497,447 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 733 companies, not a prediction for Grizaco. 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.
Credit verdict
Credit of up to €100,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.03 (1.15 in 2024), below the usual 1.5. Short-term debt is 82.9% and cash 0% of total assets. 84.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 378 sector peers (2025).
NBB · sector comparisonPosition among 378 sector peers
Solvency
better than 15%
← weakest
strongest →
raises risk · 2025 accounts filed 7 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
7 days late
2024
42 days early
2023
40 days late
2022
76 days early
2021
30 days late
2020
51 days early
2019
49 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 7 August (4 of the last 5 accounts filed within 49 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Resignation: Mickaël MILLET (director)
Appointment: Romain BOUSSIN (director) · General meeting of 01-10-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0401302757
Reappointments: Mickaël MILLET (director) and PWC Bedrijfsrevisoren BV (statutory auditor)
General meeting of 28-05-2025 · Gazette deed
Environmental permit granted
Bouwen of herbouwen, Het reliëf van de bodem aanmerkelijk wijzigen, Nieuwbouw of aanleggen and 5 more · Hasselt
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Grizaco Hasselt | €26.6m | 0.5% | 15.7% | 51 |
| Kumpen Hasselt | €20.1m | 8.4% | 11.2% | 40.2 |
| OLIVIER CONSTRUCT Izegem | €19.5m | 1.2% | 49.4% | 53 |
| Aannemingen Penninck Roeselare | €23.6m | 16.8% | 52.4% | 64.4 |
| REGA INFRA Malle | €21.9m | 4.7% | 17.4% | 70 |
| TRAVAUX et EXPLOITATIONS Thuin | €18.5m | 1.6% | 10.8% | 65.2 |
| D.S.V. Aarschot | €19.9m | 0.7% | 38.3% | 62.5 |
Grey: the largest companies of the sector (civil engineering (NACE 42)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Grizaco: construction of roads and motorways (NACE 42110). They are comparable in size and age: total assets between €8.5m and €15m, founded between 1968 and 1981.
Official details
Source: KBO- Status
- ActiveNormal situation
- Activity
- Construction of roads and motorwaysNACE 42110and 1 other
- Joint committees
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.102.026.2263500 Hasselt, since 01-04-1961
- Financial year end
- 31 December
- Peppol
- Reachable since 21-01-2026
Insights on Grizaco
Grizaco has existed since 1968. Turnover grew from €18.1m in 2006 to €26.6m in 2025.
Solvency fell in 2025 from 21.4% to 15.7% because of the dividend.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Grizaco
- What is the company number of Grizaco?
- The company number of Grizaco is 0401.302.757. The VAT number is the same number with BE in front: BE 0401.302.757.
- Where is Grizaco based?
- The registered office is at Scheepvaartkaai 4, 3500 Hasselt.Company details
- What does Grizaco do?
- According to the KBO register, the main activity is construction of roads and motorways (NACE 42110).
- What is the legal form of Grizaco?
- Grizaco is a public limited company (NV).
- When was Grizaco founded?
- Grizaco was founded on 01-01-1968.
- Is Grizaco still active?
- Yes, Grizaco is an active enterprise in the KBO register.
- How many employees does Grizaco have?
- Grizaco had an average of 51 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Grizaco fall under?
- In its 2025 annual accounts, Grizaco states joint committees 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Grizaco?
- The turnover of Grizaco was €26.6m in financial year 2025, according to the filed annual accounts.
- Is Grizaco profitable?
- In financial year 2025, Grizaco made a profit of €14,579.
- Where can I find the annual accounts of Grizaco?
- Grizaco filed 49 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Grizaco due?
- Grizaco must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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