Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 19 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Greencap from Libin, company number BE0447111996, closed financial year 2025 with a result of € 1.1 million after tax. For that financial year Greencap recorded revenue of € 18.8 million and equity of € 17.9 million. Compared with financial year 2024, the result moved from € 1.2 million to € 1.1 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on October 9, 2025.
€ 17.9 million
▲ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.1 million
▼ 8% vs 2024
Profit after tax over the fiscal year.
€ 137,400
▲ 6% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 465,105 paid out
41 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
65.1
▼ 6.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 3.3 million
▼ 1% vs 2024
€ 50,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 703,740
▲ 60% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 6.9 million
▲ 49% vs 2024
€ 1.1 million is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 1.1 million
▼ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 27 days on average.
€ 407,258
▲ 6% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 19,308,395 | € 19,452,530 | € 18,852,185 | € 18,806,820 | |
| Profit after taxes | € 1,164,444 | € 1,460,919 | € 1,231,390 | € 1,135,651 | ▼ 8% |
| Equity | € 15,481,657 | € 16,456,412 | € 17,222,697 | € 17,893,243 | ▲ 4% |
| Total debts | € 8,537,233 | € 8,139,953 | € 7,814,168 | € 9,502,468 | ▲ 22% |
| Cash | € 412,859 | € 296,350 | € 129,665 | € 137,400 | ▲ 6% |
| Land & buildings | € 6,648,307 | € 7,635,608 | € 7,856,019 | € 9,597,364 | ▲ 22% |
| Retained profit | € 1,806,772 | € 2,802,587 | € 3,568,872 | € 4,239,418 | ▲ 19% |
| Dividend | € 0 | € 465,105 | € 465,105 | € 465,105 | |
| Bank debt | € 6,213,557 | € 5,873,585 | € 4,603,808 | € 6,857,966 | ▲ 49% |
| Balance sheet total | € 24,018,890 | € 24,596,365 | € 25,036,865 | € 27,395,711 | ▲ 9% |
| Employees (FTE) | 75.9 | 68 | 71.6 | 65.1 | ▼ 6.5 |
Key figures of Greencap, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 December 2026.
What happened to Greencap?
What happened at Greencap in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- SPARAXIS SA stepped down as director. NBB
- GDW MANAGEMENT stepped down as director. NBB
- GLF MANAGEMENT stepped down as director. NBB
- MICHEL PETIT stepped down as director. NBB
- L.G. MANAGEMENT SA stepped down as director. NBB
- ACORN MANAGEMENT SA stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.1 million (▼ 8% vs 2024). Source: NBB ↗
- SPARAXIS SA became a director. NBB
In short
From € 1.2 million profit in 2022 to € 1.1 million profit in 2025.
Paid € 1.8 million in corporate taxes since 2022.
Best year ever: 2023, with € 1.5 million profit.
Paid out € 1.4 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of GDW MANAGEMENT, Wallonie Entreprendre comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
GreencapThe shares are held by GDW MANAGEMENT (38.9%) and Wallonie Entreprendre (20%). It owns 100% of SCEA DE KERANSQUER itself.
Directors
According to the 2025 annual accounts
Managing director · represented by GERALD de WOUTERS
since 2023 · until 2027
Director
since 2023 · until 2026
GLF MANAGEMENT
Managing director · represented by GILDAS LE FOLL
since 2023 · until 2027
Director · represented by SEBASTIEN GILLET
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +223 more
since 2025 · until 2027
MICHEL PETIT
Director
since 2021 · until 2027
Director · represented by SEBASTIEN GILLET
Also active at: A.M.B., Floridienne, ORTIS, Barthel PAULS Fils - Barthel PAULS SOhne, RECYCLAGE ET VALORISATION TECHNIQUE, UPIGNAC, HOLZINDUSTRIE PAULS, ECOTERRES +39 more
since 2023 · until 2025
Director · represented by LOUIS GREINDL
since 2021 · until 2027
Shareholders
38.9%
Participations
SCEA DE KERANSQUER
100%
Establishments
Establishment units
Physical locations of this company
Papine,Transinne 69
6890 Libin
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0447.111.996
- VAT number
- BE 0447.111.996
- Registered office
- Papine,Transinne 69, 6890 Libin
- Names & denominations
- Greencap
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 13 April 1992
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
Boomkwekerijen, muv bosboomkwekerijen
Boomkwekerijen
Landschapsverzorging
Groothandel in bloemen en planten
Diensten in verband met de landbouw; aanleg en onderhoud van tuinen en parken