Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
GRENSVERLEGGEND from Zulte, company number BE0833092517, closed financial year 2025 with a result of € -4.2 million after tax. For that financial year GRENSVERLEGGEND recorded revenue of € 13.1 million and equity of € -728,241. Compared with financial year 2024, the result moved from € -9.4 million to € -4.2 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on November 12, 2025.
€ -728,241
▲ € 2.6 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.2 million
▲ 55 % less loss than in 2024
Profit after tax over the fiscal year.
€ 207,124
▼ 93% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -41.8 million.
People and assets in 2025
65.3
▼ 4.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 11.1 million
▼ 9% vs 2024
€ 170,200 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.
€ 10,665
▲ 16% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 20.6 million
▲ 6% vs 2024
€ 373,000 is repaid this year. At this pace the long-term loan is gone in ≈ 55 years.
€ 6.5 million
▲ 15% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 438 days on average.
€ 917,873
▼ 14% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 15,483,980 | € 13,829,682 | € 9,958,118 | € 13,087,991 | ▲ 31% |
| Profit after taxes | € -8,442,140 | € -12,558,600 | € -9,408,760 | € -4,243,593 | ▲ € 5.2 million |
| Equity | € -9,957,684 | € -6,709,069 | € -3,301,239 | € -728,241 | ▲ € 2.6 million |
| Total debts | € 39,496,839 | € 33,444,958 | € 27,782,563 | € 30,211,354 | ▲ 9% |
| Cash | € 5,603,606 | € 1,867,821 | € 3,117,545 | € 207,124 | ▼ 93% |
| Land & buildings | € 17,123,241 | € 16,075,425 | € 15,280,594 | € 14,293,786 | ▼ 6% |
| Retained profit | € -15,962,073 | € -28,397,827 | € -37,683,741 | € -41,804,489 | ▼ € 4.1 million |
| Bank debt | € 32,696,990 | € 25,180,490 | € 19,373,803 | € 20,579,342 | ▲ 6% |
| Balance sheet total | € 30,729,260 | € 27,861,733 | € 25,964,734 | € 30,969,101 | ▲ 19% |
| Employees (FTE) | 64.9 | 69 | 69.5 | 65.3 | ▼ 4.2 |
Key figures of GRENSVERLEGGEND, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to GRENSVERLEGGEND?
What happened at GRENSVERLEGGEND in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Michiel Beeuwsaert stepped down as director. NBB
- Franck Tijtgat stepped down as director. NBB
- Detaellenaere-Coppens NV stepped down as director. NBB
- Tony Beeuwsaert stepped down as director. NBB
- Carl Balliere stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 4.2 million. Source: NBB ↗
- Michiel Beeuwsaert became a director. NBB
- Franck Tijtgat became a director. NBB
In short
From € 8.4 million loss in 2022 to € 4.2 million loss in 2025.
Paid € 119,383 in corporate taxes since 2022.
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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 HPS, Accoform, DETAELLENAERE-COPPENS comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
GRENSVERLEGGENDThe shares are held by HPS (50%), Accoform (30%) and DETAELLENAERE-COPPENS (15%). It owns 50% of HORSETOWN EVENTS itself.
Directors
According to the 2025 annual accounts
Franck Tijtgat
Director
Also active at: Gent-Asfalt, Tijtgat-Asphaltbedrijf, ASFALT EN ISOLATIE SYSTEMEN, IMMO-TIJTGAT
since 2022 · until 2028
Director · represented by Philippe Detaellenaere
Also active at: DL Chemicals Detaellenaere-Loosvelt
since 2022 · until 2028
Tony Beeuwsaert
Director
Also active at: EURONYL MFC, ELEK - TRENDS PRODUCTIONS, AIR SERVICE LIEGE, Euronyl-TMPS, Accoform, EURONYL PLASTICS GROUP, GLOBAL TECHNICAL EQUIPMENT, VENTURA CAPITAL +14 more
since 2022 · until 2028
since 2025 · until 2031
since 2022 · until 2028
Shareholders
Participations
50%
Establishments
Establishment units
Physical locations of this company
Kastanjelaan 75
9870 Zulte
Zuiderlaan 17
8790 Waregem
Active since 6 September 2016
Krakeelhoek 2
8790 Waregem
Active since 6 September 2016
Zuiderlaan 30
8790 Waregem
Active since 26 April 2018
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0833.092.517
- VAT number
- BE 0833.092.517
- Registered office
- Kastanjelaan 75, 9870 Zulte
- Names & denominations
- GRENSVERLEGGEND
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 24 January 2011
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
Activiteiten van voetbalclubs