Grinst
ActiveSummary
Grinst has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €13k and a net result of €11k. Equity remains stable across the filed fiscal years (±2.3% per year). Its solvency ranks better than 21% of 294 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability79▼-2
Solvency34▼-48
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.75 against 2.81 in 2023; short-term debt: 71.8% and cash: 45.4% of total assets), and 90.6% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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 2024Solvency, return and age of the figures
Solvency
9.4%
Return on assets
7.8%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 294 sector peers (2024).
NBB · sector comparisonPosition among 294 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 15-05-2025, 77 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
77 d early
2023
34 d early
2022
33 d early
2021
40 d early
2020
44 d early
2019
7 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Equity
€13k▼ 91.8%
2023 · €156k
2018: €117k
2019: €120k▲ +2.1% vs 2018
2020: €123k▲ +2.7% vs 2019
2021: €125k▲ +2.0% vs 2020
2022: €130k▲ +3.9% vs 2021
2023: €156k▲ +20.3% vs 2022highest in 7 years
2024: €13k▼ -91.8% vs 2023lowest in 7 years
2018 → 2024
Total assets
€137k▼ 50.2%
2023 · €275k
2018: €501khighest in 7 years
2019: €475k▼ -5.2% vs 2018
2020: €449k▼ -5.4% vs 2019
2021: €342k▼ -23.9% vs 2020
2022: €330k▼ -3.5% vs 2021
2023: €275k▼ -16.5% vs 2022
2024: €137k▼ -50.2% vs 2023lowest in 7 years
2018 → 2024
Net result
€11k▼ 59.3%
2023 · €26k
2018: €11k
2019: €2k▼ -77.7% vs 2018lowest in 7 years
2020: €3k▲ +30.3% vs 2019
2021: €2k▼ -22.8% vs 2020
2022: €55k▲ +2122% vs 2021highest in 7 years
2023: €26k▼ -52.0% vs 2022
2024: €11k▼ -59.3% vs 2023
2018 → 2024
Working capital
€-25k
2023 · €104k
2018: €-8k
2019: €15k▲ +280% vs 2018
2020: €44k▲ +191% vs 2019
2021: €61k▲ +38.1% vs 2020
2022: €76k▲ +25.9% vs 2021
2023: €104k▲ +36.3% vs 2022highest in 7 years
2024: €-25k▼ -124% vs 2023lowest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€123k-€125k▲ 2.0%€130k▲ 3.9%€156k▲ 20.3%€13k▼ 91.8%
2020: €123k
2021: €125k▲ +2.0% vs 2020
2022: €130k▲ +3.9% vs 2021
2023: €156k▲ +20.3% vs 2022highest in 5 years
2024: €13k▼ -91.8% vs 2023lowest in 5 years
Operating result€12k-€7k▼ 41.3%€58k▲ 708%€35k▼ 40.1%€16k▼ 52.5%
2020: €12k
2021: €7k▼ -41.3% vs 2020lowest in 5 years
2022: €58k▲ +708% vs 2021highest in 5 years
2023: €35k▼ -40.1% vs 2022
2024: €16k▼ -52.5% vs 2023
Net result€3k-€2k▼ 22.8%€55k▲ 2,122%€26k▼ 52.0%€11k▼ 59.3%
2020: €3k
2021: €2k▼ -22.8% vs 2020lowest in 5 years
2022: €55k▲ +2122% vs 2021highest in 5 years
2023: €26k▼ -52.0% vs 2022
2024: €11k▼ -59.3% vs 2023
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 53% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €137k
Fixed assets
€63k ▼ 44.2%
Current assets
€74k ▼ 54.4%
Equity and liabilities €137k
Equity
€13k ▼ 91.8%
Debt
€124k ▲ 4.7%
Debt's share of the balance-sheet total rises from 43.1% to 90.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€67k▼
2023 · €84k
Cash flow
€61k▼
2023 · €76k
Current ratio
0.75▼
2023 · 2.81
Debt to equity
9.67▲
2023 · 0.76
ROE
83.4%▲
2023 · 16.8%
ROA
7.8%▼
2023 · 9.6%
Interest coverage
37.97▲
2023 · 33.91
Debt ≤ 1 year
€98k▲
2023 · €58k
Debt > 1 year
€24k▼
2023 · €58k
Income taxes
€4k▼
2023 · €6k
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 · 2024 against 2023 · 45 lines
Balance sheet
Code20232024
Assets
Total assets20/58€275k€137k▼
Fixed assets21/28€114k€63k▼
Tangible fixed assets22/27€114k€63k▼
Plant, machinery and equipment23€22k€17k▼
Leasing and similar rights25€92k€46k▼
Current assets29/58€162k€74k▼
Amounts receivable within one year40/41€6k€3k▼
Trade receivables40€6k€2k▼
Other amounts receivable41-€1k
Cash at bank and in hand54/58€147k€62k▼
Deferred charges and accrued income490/1€9k€9k=
Equity and liabilities
Total equity and liabilities10/49€275k€137k▼
Equity10/15€156k€13k▼
Contributions10/11€104k€13k▼
Reserves13€53k-
Distributable reserves133€53k-
Amounts payable17/49€119k€124k▲
Amounts payable after more than one year17€58k€24k▼
Financial debts170/4€58k€24k▼
Amounts payable within one year42/48€58k€98k▲
Current portion of amounts payable after more than one year42€33k€34k▲
Trade debts44€16k€16k▼
Suppliers440/4€16k€16k▼
Taxes, remuneration and social security45€8k€4k▼
Taxes450/3€8k€4k▼
Other amounts payable47/48€121€44k▲
Accrued charges and deferred income492/3€3k€2k▼
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€49k€50k▲
Other operating charges640/8€666€528▼
Gross operating margin9900€85k€67k▼
Operating profit (loss)9901€35k€16k▼
Financial income75/76B€22€0▼
Recurring financial income75€22€0▼
Financial charges65/66B€2k€2k▼
Recurring financial charges65€2k€2k▼
Profit (loss) for the period before taxes9903€32k€15k▼
Income taxes67/77€6k€4k▼
Profit (loss) for the period9904€26k€11k▼
Profit (loss) for the period to be appropriated9905€26k€11k▼
Appropriation of the result
Profit (loss) to be appropriated9906€26k€11k▼
Transfer from equity791/2-€53k
Transfer to equity691/2€26k-
To other reserves6921€26k-
Profit to be distributed694/7-€64k
Return on contributions (dividend)694-€64k
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58k | €58k | €49k | €49k | €50k | ▲ 2.0% |
| Other operating charges640/8 | - | €468 | €469 | €666 | €528 | ▼ 20.8% |
| Gross operating margin9900 | €71k | €66k | €107k | €85k | €67k | ▼ 20.6% |
| Operating profit (loss)9901 | €12k | €7k | €58k | €35k | €16k | ▼ 52.5% |
| Financial income75/76B | - | - | - | €22 | €0 | ▼ 100.0% |
| Recurring financial income75 | - | - | - | €22 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | €4k | €3k | €2k | €2k | ▼ 29.1% |
| Recurring financial charges65 | €9k | €4k | €3k | €2k | €2k | ▼ 29.1% |
| Profit (loss) for the period before taxes9903 | €4k | €3k | €55k | €32k | €15k | ▼ 54.4% |
| Income taxes67/77 | €320 | €247 | - | €6k | €4k | ▼ 32.1% |
| Profit (loss) for the period9904 | €3k | €2k | €55k | €26k | €11k | ▼ 59.3% |
| Profit (loss) for the period to be appropriated9905 | €3k | €2k | €55k | €26k | €11k | ▼ 59.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €449k | €342k | €330k | €275k | €137k | ▼ 50.2% |
| Fixed assets21/28 | €242k | €194k | €150k | €114k | €63k | ▼ 44.2% |
| Intangible fixed assets21 | €12k | - | - | - | - | - |
| Tangible fixed assets22/27 | €229k | €194k | €150k | €114k | €63k | ▼ 44.2% |
| Plant, machinery and equipment23 | - | - | €12k | €22k | €17k | ▼ 19.6% |
| Leasing and similar rights25 | - | €194k | €138k | €92k | €46k | ▼ 50.0% |
| Current assets29/58 | €207k | €147k | €180k | €162k | €74k | ▼ 54.4% |
| Amounts receivable within one year40/41 | €19k | €3k | €14k | €6k | €3k | ▼ 54.2% |
| Trade receivables40 | - | €3k | €10k | €6k | €2k | ▼ 74.5% |
| Other amounts receivable41 | - | - | €4k | - | €1k | - |
| Cash at bank and in hand54/58 | €180k | €135k | €157k | €147k | €62k | ▼ 57.6% |
| Deferred charges and accrued income490/1 | - | €10k | €9k | €9k | €9k | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €449k | €342k | €330k | €275k | €137k | ▼ 50.2% |
| Equity10/15 | €123k | €125k | €130k | €156k | €13k | ▼ 91.8% |
| Contributions10/11 | - | €104k | €104k | €104k | €13k | ▼ 87.6% |
| Reserves13 | €19k | €22k | €27k | €53k | - | - |
| Non-distributable reserves130/1 | - | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | - | €2k | €2k | - | - | - |
| Distributable reserves133 | - | €20k | €25k | €53k | - | - |
| Amounts payable17/49 | €326k | €216k | €200k | €119k | €124k | ▲ 4.7% |
| Amounts payable after more than one year17 | €154k | €123k | €91k | €58k | €24k | ▼ 58.3% |
| Financial debts170/4 | - | €123k | €91k | €58k | €24k | ▼ 58.3% |
| Amounts payable within one year42/48 | €163k | €87k | €104k | €58k | €98k | ▲ 71.0% |
| Current portion of amounts payable after more than one year42 | - | €31k | €32k | €33k | €34k | ▲ 2.7% |
| Trade debts44 | €16k | €17k | €15k | €16k | €16k | ▼ 0.4% |
| Suppliers440/4 | - | €17k | €15k | €16k | €16k | ▼ 0.4% |
| Taxes, remuneration and social security45 | - | €3k | €7k | €8k | €4k | ▼ 49.8% |
| Taxes450/3 | - | €3k | €7k | €8k | €4k | ▼ 49.8% |
| Other amounts payable47/48 | - | €35k | €50k | €121 | €44k | ▲ 36,524% |
| Accrued charges and deferred income492/3 | - | €7k | €5k | €3k | €2k | ▼ 50.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3k | €2k | €55k | €26k | €11k | ▼ 59.3% |
| + Depreciation and write-downs630 | €58k | €58k | €49k | €49k | €50k | ▲ 2.0% |
| Operating cash flow (approximation) | €62k | €61k | €104k | €76k | €61k | ▼ 19.4% |
| Investment in fixed assets (approximation) | - | €-11k | €-4k | €-13k | €0 | ▲ 100% |
| Change in cash | - | €-45k | €23k | €-10k | €-85k | ▼ 725% |
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
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €150kEq €156k ▲20.3%
6 profitable years in a row build equity to €156k.
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €55k ▲2,122%
Operating result €58k, net result €55k, both a record.
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €2k ▼77.7%
Net result drops to €2k, the lowest in the series; recovery starts the following year.
20-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
22-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Ternat · 1 establishment unit since 2011
Ground area
1,690 m²
Building footprint
393 m²
Parcel 23071A0078/02D008, Flanders. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Grinst
since 20112.196.605.877
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23071A0078/02D008 | Flanders | 1,690 m² | 1 · 393 m² | - |
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 563 companies in sector 35150 we hold annual accounts for 230. 88 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
Founded04-02-2011
Fiscal year end31-12
Activities, NACEBEL 2025
35150Electricity, gas, steam and air conditioning supply
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.