ACTIVE

GRASSI

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Financial year 2025 · closed on 31/12/2025

Net result

256,9 k €

+261.4% YoY

Gross margin

511,3 k €

+144.9% YoY

Equity

12,2 M €

+2.2% YoY

Workforce

0,0 ETP

What does GRASSI do?

GRASSI is a Public limited company incorporated in 1990. Its registered office is in Asse.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0442.713.740

Incorporation

12/12/1990

Legal form

Public limited company

Registered office

Hoogstraat 40
1730 Asse · FlandreSee on map

Contributed capital

3 772 875,18 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	511,3 k €	+145%	208,7 k €	+264%	57,4 k €	+54.0%	37,2 k €	-60.0%	93,1 k €	-2.3%	95,2 k €	+3.9%	91,6 k €	+2299%	-4,2 k €	-109%	47,9 k €	+213%	-42,5 k €	+67.9%	-132,5 k €	-520%	31,5 k €	-66.7%	94,6 k €	+44.8%	65,3 k €	+0.0%	65,3 k €	-21.8%	83,6 k €	-13.7%	96,8 k €	+10.6%	87,6 k €	-10.2%	97,6 k €	+60.8%	60,7 k €
EBITDA	471,8 k €	+174%	172 k €	+2092%	7,9 k €	+99.3%	3,9 k €	-94.8%	75,2 k €	-2.0%	76,8 k €	+15.7%	66,3 k €	+515%	-16 k €	-161%	26,1 k €	+148%	-54,8 k €	+61.1%	-140,7 k €	-684%	24,1 k €	-72.4%	87,5 k €	+48.2%	59 k €	-0.3%	59,2 k €	-22.4%	76,3 k €	+44.0%	53 k €	-35.4%	82,1 k €	-5.7%	87 k €	+59.4%	54,6 k €
Operating result	91,6 k €	+337%	-38,7 k €	+74.9%	-154,3 k €	-3.2%	-149,6 k €	-104%	-73,3 k €	+0.2%	-73,5 k €	+80.5%	-377,8 k €	-128%	-165,8 k €	-479%	-28,6 k €	+87.7%	-232,1 k €	-25.8%	-184,4 k €	-209%	-59,7 k €	-204%	57,3 k €	+98.4%	28,9 k €	-1.6%	29,4 k €	-24.3%	38,8 k €	+131%	16,8 k €	-64.0%	46,7 k €	-16.4%	55,9 k €	+92.4%	29 k €
Net result	256,9 k €	+261%	71,1 k €	+143%	-166,3 k €	-205%	-54,5 k €	-470%	-9,6 k €	+76.0%	-39,8 k €	+89.1%	-367 k €	-114%	2,5 M €	+4689%	53,1 k €	-98.7%	4,1 M €	+108%	2 M €	+112%	938,1 k €	+1092%	78,7 k €	-92.8%	1,1 M €	-11.0%	1,2 M €	+249%	352,8 k €	+24897%	1,4 k €	+1947%	69 €	-99.1%	7,8 k €	+108%	3,8 k €
Balance sheet
Equity	12,2 M €	+2.2%	11,9 M €	+0.6%	11,9 M €	-1.4%	12 M €	-0.4%	12,1 M €	-0.1%	12,1 M €	-0.3%	12,1 M €	-2.9%	12,5 M €	+25.6%	10 M €	+0.5%	9,9 M €	+30.1%	7,6 M €	+35.4%	5,6 M €	+8.5%	5,2 M €	+1.5%	5,1 M €	-5.6%	5,4 M €	+27.4%	4,2 M €	+9.1%	3,9 M €	+0.0%	3,9 M €	+0.0%	3,9 M €	+684%	496,1 k €
Total assets	13,2 M €	+8.7%	12,1 M €	-0.9%	12,2 M €	-6.4%	13,1 M €	+7.9%	12,1 M €	+0.0%	12,1 M €	-0.4%	12,2 M €	-2.9%	12,5 M €	+25.4%	10 M €	-2.5%	10,2 M €	+33.9%	7,6 M €	+8.5%	7 M €	-5.7%	7,5 M €	+0.5%	7,4 M €	+14.8%	6,5 M €	+24.8%	5,2 M €	+2.7%	5,1 M €	-10.0%	5,6 M €	+14.3%	4,9 M €	+183%	1,7 M €
Cash	208,4 k €	-8.2%	226,9 k €	+79.6%	126,3 k €	-86.2%	917,2 k €	-76.3%	3,9 M €	-22.1%	5 M €	-10.1%	5,5 M €	-40.9%	9,3 M €	+27.4%	7,3 M €	-6.1%	7,8 M €	+42.2%	5,5 M €	+787%	619,9 k €	-62.2%	1,6 M €	+14.9%	1,4 M €	+507%	235,2 k €	+51.5%	155,3 k €	+277%	41,1 k €	-33.6%	61,9 k €	+68.4%	36,8 k €	-90.8%	400,7 k €
Debts	880,5 k €	+379%	183,7 k €	-49.7%	365,2 k €	-63.8%	1 M €	+5885%	16,9 k €	+235%	5 k €	-58.8%	12,2 k €	+135%	5,2 k €	-64.3%	14,6 k €	-95.2%	301,9 k €	+25653%	1,2 k €	-99.9%	1,3 M €	-39.1%	2,2 M €	-3.0%	2,3 M €	+131%	981,6 k €	+9.3%	898 k €	-20.0%	1,1 M €	-33.1%	1,7 M €	+71.0%	981 k €	-17.9%	1,2 M €
Other
Workforce	0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 19 ended

Active mandates

FIVICAL

Director · since 30 septembre 2019 · 0892.014.275

Represented by Heuninckx Bart

Active

Ended mandates

FIVICAL

Managing director · since 22 mai 2019 · until 24 mai 2025 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 22 mai 2019 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 22 mai 2019 · until 24 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

FIVICAL

Managing director · since 22 mai 2019 · until 22 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

At this address

Other companies at this address

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BML & Partners● Active	0448.237.592
FIVICAL● Active	0892.014.275
Groep FVL● Active	0783.625.683
Parnord B.V.● Active	1030.369.137
Polymorf● Active	0403.844.553
PRAEMONEO● Active	0473.435.323
SAFIR BOUW● Active	0715.969.866
SIRION● Active	0470.493.847

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Micro model	Micro model	Micro model	Micro model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	03/06/2026	27/05/2025	07/06/2024	09/06/2023	09/06/2022	08/06/2021
General meeting	08/05/2026	09/05/2025	10/05/2024	12/05/2023	13/05/2022	14/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	08/05/2026	03/06/2026	Dutch	PDF
Micro model	31/12/2024	09/05/2025	27/05/2025	Dutch	PDF
Micro model	31/12/2023	10/05/2024	07/06/2024	Dutch	PDF
Micro model	31/12/2022	12/05/2023	09/06/2023	Dutch	PDF
Micro model	31/12/2021	13/05/2022	09/06/2022	Dutch	PDF
Abridged model	31/12/2020	14/05/2021	08/06/2021	Dutch	PDF
Abridged model	31/12/2019	15/05/2020	12/06/2020	Dutch	PDF
Abridged model	31/12/2018	22/05/2019	14/06/2019	Dutch	PDF
Abridged model	31/12/2017	23/05/2018	19/06/2018	Dutch	PDF
Abridged model	31/12/2016	24/05/2017	15/06/2017	Dutch	PDF
Abridged model	31/12/2015	25/05/2016	21/06/2016	Dutch	PDF
Abridged model	31/12/2014	27/05/2015	16/06/2015	Dutch	PDF
Abridged model	31/12/2013	28/05/2014	23/06/2014	Dutch	PDF
Abridged model	31/12/2012	22/05/2013	13/06/2013	Dutch	PDF
Abridged model	31/12/2011	23/05/2012	15/06/2012	Dutch	PDF
Abridged model	31/12/2010	25/05/2011	16/06/2011	Dutch	PDF
Abridged model	31/12/2009	26/05/2010	07/06/2010	Dutch	PDF
Abridged model	31/12/2008	27/05/2009	25/06/2009	Dutch	PDF
Abridged model	31/12/2007	28/05/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	23/05/2007	04/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 19 ended

Active mandates

FIVICAL

Director · since 30 septembre 2019 · 0892.014.275

Represented by Heuninckx Bart

Active

Ended mandates

FIVICAL

Managing director · since 22 mai 2019 · until 24 mai 2025 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 22 mai 2019 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 22 mai 2019 · until 24 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

FIVICAL

Managing director · since 22 mai 2019 · until 22 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office26/11/2025
MAATSCHAPPELIJKE ZETEL
PDF
Other16/10/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates08/10/2019
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/08/2019
ONTSLAGEN - BENOEMINGEN
PDF
Registered office01/03/2016
MAATSCHAPPELIJKE ZETEL
PDF
Mandates06/11/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/07/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares06/02/2012
ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025256,9 k €↑
2024
Annual accounts 202471,1 k €↑
2023
Annual accounts 2023-166,3 k €↓
2022
Annual accounts 2022-54,5 k €↓
2021
Annual accounts 2021-9,6 k €↑
2020
Annual accounts 2020-39,8 k €↑
2019
Annual accounts 2019-367 k €↓
2018
Annual accounts 20182,5 M €↑
2017
Annual accounts 201753,1 k €↓
2016
Annual accounts 20164,1 M €↑
2015
Annual accounts 20152 M €↑
2014
Annual accounts 2014938,1 k €↑
2013
Annual accounts 201378,7 k €↓
2012
Annual accounts 20121,1 M €↓
2011
Annual accounts 20111,2 M €↑
2010
Annual accounts 2010352,8 k €↑
2009
Annual accounts 20091,4 k €↑
2008
Annual accounts 200869 €↓
2007
Annual accounts 20077,8 k €↑
2006
Annual accounts 20063,8 k €
12/12/1990
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

GRASSI

Overview

What does GRASSI do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline