GRS Projects
ActiveSummary
GRS Projects has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €15k and a net result of €-8k. Equity is growing by ~24.3% per year across the filed fiscal years. Its solvency ranks better than 15% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability23▼-34
Solvency37▼-5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity ample (current ratio 3.2 against 2.57 in 2024; short-term debt: 27% and cash: 0.1% of total assets), but 88.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
11.6%
Return on assets
-6.6%
Age of the figures
12 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 19-03-2026, 42 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
42 d early
2024
63 d early
2023
56 d late
2022
41 d early
2021
12 d late
2020
38 d early
2019
7 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€15k▼ 36.2%
2024 · €23k
2018: €693lowest in 8 years
2019: €693● 0.0% vs 2018lowest in 8 years
2020: €7k▲ +866% vs 2019
2021: €16k▲ +138% vs 2020
2022: €16k▼ -1.9% vs 2021
2023: €20k▲ +26.3% vs 2022
2024: €23k▲ +16.0% vs 2023highest in 8 years
2025: €15k▼ -36.2% vs 2024
2018 → 2025
Total assets
€125k▼ 8.6%
2024 · €137k
2018: €10k
2019: €693▼ -92.9% vs 2018lowest in 8 years
2020: €26k▲ +3674% vs 2019
2021: €122k▲ +365% vs 2020
2022: €186k▲ +52.8% vs 2021highest in 8 years
2023: €132k▼ -28.8% vs 2022
2024: €137k▲ +3.8% vs 2023
2025: €125k▼ -8.6% vs 2024
2018 → 2025
Net result
€-8k
2024 · €3k
2018: €177
2020: €6k
2021: €9k▲ +56.3% vs 2020highest value
2022: €-301▼ -103% vs 2021
2023: €4k▲ +1468% vs 2022
2024: €3k▼ -23.1% vs 2023
2025: €-8k▼ -362% vs 2024lowest value
2018 → 2025
Working capital
€74k▲ 8.9%
2024 · €68k
2018: €693lowest value
2020: €7k
2021: €38k▲ +464% vs 2020
2022: €47k▲ +23.2% vs 2021
2023: €69k▲ +49.2% vs 2022
2024: €68k▼ -1.5% vs 2023
2025: €74k▲ +8.9% vs 2024highest value
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€16k-€16k▼ 1.9%€20k▲ 26.3%€23k▲ 16.0%€15k▼ 36.2%
2021: €16k
2022: €16k▼ -1.9% vs 2021
2023: €20k▲ +26.3% vs 2022
2024: €23k▲ +16.0% vs 2023highest in 5 years
2025: €15k▼ -36.2% vs 2024lowest in 5 years
Operating result€18k-€6k▼ 65.9%€14k▲ 135%€10k▼ 28.0%€-2k
2021: €18khighest in 5 years
2022: €6k▼ -65.9% vs 2021
2023: €14k▲ +135% vs 2022
2024: €10k▼ -28.0% vs 2023
2025: €-2k▼ -118% vs 2024lowest in 5 years
Net result€9k-€-301€4k€3k▼ 23.1%€-8k
2021: €9khighest in 5 years
2022: €-301▼ -103% vs 2021
2023: €4k▲ +1468% vs 2022
2024: €3k▼ -23.1% vs 2023
2025: €-8k▼ -362% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €2k after €10k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €125k
Fixed assets
€17k ▼ 32.9%
Current assets
€108k ▼ 3.1%
Equity and liabilities €125k
Equity
€15k ▼ 36.2%
Debt
€111k ▼ 3.1%
Debt's share of the balance-sheet total rises from 83.3% to 88.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€7k▼
2024 · €17k
Cash flow
€101▼
2024 · €10k
Current ratio
3.20▲
2024 · 2.57
Quick ratio
3.01▲
2024 · 2.37
Debt to equity
7.59▲
2024 · 4.99
ROE
-56.8%▼
2024 · 13.8%
ROA
-6.6%▼
2024 · 2.3%
Interest coverage
1.51▼
2024 · 4.24
Debt ≤ 1 year
€34k▼
2024 · €43k
Debt > 1 year
€77k▲
2024 · €71k
Income taxes
€2k▼
2024 · €3k
Staff costs
€517▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€137k€125k▼
Fixed assets21/28€26k€17k▼
Tangible fixed assets22/27€26k€17k▼
Plant, machinery and equipment23€917€500▼
Furniture and vehicles24€25k€17k▼
Current assets29/58€112k€108k▼
Stocks and contracts in progress3€9k€7k▼
Stocks30/36€9k€7k▼
Amounts receivable within one year40/41€88k€102k▲
Trade receivables40€83k€100k▲
Other amounts receivable41€5k€2k▼
Cash at bank and in hand54/58€15k€153▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€137k€125k▼
Equity10/15€23k€15k▼
Contributions10/11€6k€6k=
Reserves13€16k€16k=
Non-distributable reserves130/1€297€297=
Reserves not available under the articles1311€297€297=
Distributable reserves133€16k€16k=
Profit (loss) carried forward14€209€-8k▼
Amounts payable17/49€114k€111k▼
Amounts payable after more than one year17€71k€77k▲
Financial debts170/4€71k€77k▲
Amounts payable within one year42/48€43k€34k▼
Trade debts44€29k€28k▼
Suppliers440/4€29k€28k▼
Taxes, remuneration and social security45€14k€5k▼
Taxes450/3€12k€4k▼
Remuneration and social security454/9€2k€1k▼
Other amounts payable47/48€144€695▲
Income statement
Code20242025
Remuneration, social security and pensions62€0€517▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€8k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0
Other operating charges640/8€4k€1k▼
Gross operating margin9900€21k€8k▼
Operating profit (loss)9901€10k€-2k▼
Financial income75/76B€0€19▲
Recurring financial income75€0€19▲
Financial charges65/66B€4k€4k▲
Recurring financial charges65€4k€4k▲
Profit (loss) for the period before taxes9903€6k€-6k▼
Income taxes67/77€3k€2k▼
Profit (loss) for the period9904€3k€-8k▼
Profit (loss) for the period to be appropriated9905€3k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€3k€-8k▼
Profit (loss) brought forward from the previous period14P€47€209▲
Transfer to equity691/2€3k€0▼
To other reserves6921€3k€0▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €18k | €0 | - | - | - |
| Remuneration, social security and pensions62 | €42k | €75k | €7k | €0 | €517 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €136 | €1k | €6k | €7k | €8k | ▲ 15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €1k | €0 | - | - | €0 | - |
| Other operating charges640/8 | €4k | €3k | €7k | €4k | €1k | ▼ 68.2% |
| Gross operating margin9900 | €65k | €85k | €35k | €21k | €8k | ▼ 61.3% |
| Operating profit (loss)9901 | €18k | €6k | €14k | €10k | €-2k | ▼ 118% |
| Financial income75/76B | €569 | €4 | €9 | €0 | €19 | - |
| Recurring financial income75 | €569 | €4 | €9 | €0 | €19 | - |
| Financial charges65/66B | €3k | €2k | €5k | €4k | €4k | ▲ 4.8% |
| Recurring financial charges65 | €3k | €2k | €5k | €4k | €4k | ▲ 4.8% |
| Profit (loss) for the period before taxes9903 | €15k | €4k | €9k | €6k | €-6k | ▼ 202% |
| Income taxes67/77 | €6k | €4k | €5k | €3k | €2k | ▼ 27.2% |
| Profit (loss) for the period9904 | €9k | €-301 | €4k | €3k | €-8k | ▼ 362% |
| Profit (loss) for the period to be appropriated9905 | €9k | €-301 | €4k | €3k | €-8k | ▼ 362% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €122k | €186k | €132k | €137k | €125k | ▼ 8.6% |
| Fixed assets21/28 | €8k | €26k | €25k | €26k | €17k | ▼ 32.9% |
| Tangible fixed assets22/27 | €8k | €26k | €25k | €26k | €17k | ▼ 32.9% |
| Plant, machinery and equipment23 | - | - | - | €917 | €500 | ▼ 45.5% |
| Furniture and vehicles24 | €8k | €26k | €25k | €25k | €17k | ▼ 32.4% |
| Current assets29/58 | €113k | €160k | €107k | €112k | €108k | ▼ 3.1% |
| Stocks and contracts in progress3 | €17k | €44k | €21k | €9k | €7k | ▼ 27.6% |
| Stocks30/36 | €17k | €17k | €21k | €9k | €7k | ▼ 27.6% |
| Contracts in progress37 | - | €27k | €0 | - | - | - |
| Amounts receivable within one year40/41 | €73k | €107k | €78k | €88k | €102k | ▲ 15.4% |
| Trade receivables40 | €56k | €103k | €75k | €83k | €100k | ▲ 20.4% |
| Other amounts receivable41 | €17k | €4k | €3k | €5k | €2k | ▼ 62.2% |
| Cash at bank and in hand54/58 | €23k | €9k | €7k | €15k | €153 | ▼ 99.0% |
| Deferred charges and accrued income490/1 | €520 | €0 | €265 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €122k | €186k | €132k | €137k | €125k | ▼ 8.6% |
| Equity10/15 | €16k | €16k | €20k | €23k | €15k | ▼ 36.2% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €297 | €8k | €13k | €16k | €16k | = |
| Non-distributable reserves130/1 | €297 | €297 | €297 | €297 | €297 | = |
| Reserves not available under the articles1311 | €297 | €297 | €297 | €297 | €297 | = |
| Distributable reserves133 | - | €8k | €13k | €16k | €16k | = |
| Profit (loss) carried forward14 | €9k | €933 | €47 | €209 | €-8k | ▼ 3,971% |
| Amounts payable17/49 | €106k | €170k | €113k | €114k | €111k | ▼ 3.1% |
| Amounts payable after more than one year17 | €30k | €57k | €75k | €71k | €77k | ▲ 8.5% |
| Financial debts170/4 | €30k | €57k | €75k | €71k | €77k | ▲ 8.5% |
| Amounts payable within one year42/48 | €76k | €113k | €38k | €43k | €34k | ▼ 22.0% |
| Trade debts44 | €54k | €94k | €24k | €29k | €28k | ▼ 4.5% |
| Suppliers440/4 | €54k | €94k | €24k | €29k | €28k | ▼ 4.5% |
| Taxes, remuneration and social security45 | €14k | €18k | €11k | €14k | €5k | ▼ 63.6% |
| Taxes450/3 | €7k | €8k | €7k | €12k | €4k | ▼ 67.8% |
| Remuneration and social security454/9 | €7k | €10k | €4k | €2k | €1k | ▼ 30.8% |
| Other amounts payable47/48 | €8k | €1k | €3k | €144 | €695 | ▲ 381% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €-301 | €4k | €3k | €-8k | ▼ 362% |
| + Depreciation and write-downs630 | €136 | €1k | €6k | €7k | €8k | ▲ 15.1% |
| Operating cash flow (approximation) | €10k | €1k | €10k | €10k | €101 | ▼ 99.0% |
| Investment in fixed assets (approximation) | - | €-19k | €-6k | €-8k | €0 | ▲ 100% |
| Change in cash | - | €-14k | €-1k | €7k | €-15k | ▼ 297% |
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
19-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Weakest financial yearnet €-8k
Net result drops to €-8k, the lowest in the series.
26-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 56 days late
2023
30-09
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
30-09
Financial
Liquidity doublescurrent ratio 2.85
Current ratio from 1.41 to 2.85; short-term debt falls from €113k to €38k.
20-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
12-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 12 days late
2021
30-09
Financial
Highest result since 2018net €9k ▲56.3%
Operating result €18k, net result €9k, both a record.
23-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
22-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 3 days late
2017
30-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are 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, Gent · 1 establishment unit since 2013
Ground area
1,267 m²
Building footprint
236 m²
Volume, LiDAR
1,557 m³
Parcel 44432C1079/00L003, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
GRS Projects
since 20132.224.746.567
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44432C1079/00L003 | Flanders | 1,267 m² | 1 · 236 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,299 companies in sector 43350 we hold annual accounts for 2,360. 1,614 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
Founded14-08-2013
Fiscal year end30-09
Activities, NACEBEL 2025
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.