Chapter George Develops
Annual accounts 2025
full format, filed on 03-06-2026, 58 days before the deadlineTurnover
€8.5m
▲ 18.0%
Operating result
€347,612
▲ 39.3%
EBITDA
€387,977
▲ 36.6%
Cash flow
€178,416
▲ 78.7%
Solvency
30.1%
▼ 4.2 percentage points
Current ratio
1.70
▼ 0.17
Money flows
of every €100 of turnover, €1.63 remains as profit in 2025Balance sheet
balance sheet total €12.6m on 31-12-2025What the company ownsHow it is paid for
Change in equityin €m
Change in cashin euro
Position in the sector
Solvency30.1%
Higher than 36% of 891 companies in 2025.
Current ratio1.70
Higher than 55% of 879 companies in 2025.
Return on assets1.1%
Higher than 36% of 890 companies in 2025.
Chapter George Develops
Middle half of the sector
80% of the sector
Full accounts in architecture and engineering (NACE 71)
Net result: middle half · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: bottom quarter
Staff
Men and women29% women
2 men and 0.8 women in full-time equivalents in 2025.
Staff cost per FTE€92,004
Staff costs divided by the average number of full-time equivalents.
Joined and left
Training hours in 2025: 80. Agency workers: 0.1 on average.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||
Total assets20/58 |
12.6m | 10.6m | 9.4m | 7.7m | 9.1m | 8.9m | 9.0m | 9.9m | 12.3m | 11.3m | 9.6m | 7.5m | 4.5m | 3.9m | 1.3m | 620,642 | |
Fixed assets21/28 |
52,918 | 77,720 | 96,928 | 154,025 | 110,611 | 121,108 | 165,928 | 151,475 | - | 1,207 | 2,414 | - | 16,155 | 33,656 | 2,700 | - | |
Tangible fixed assets22/27 |
52,918 | 77,720 | 96,928 | 154,025 | 110,611 | 121,108 | 165,928 | 151,475 | 0 | 1,207 | 2,414 | 0 | 16,155 | 33,656 | 2,700 | - | |
Plant, machinery and equipment23 |
790 | 1,018 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Furniture and vehicles24 |
16,941 | 22,607 | 38,194 | 81,264 | 28,444 | 17,620 | 22,026 | 7,415 | - | 1,207 | 2,414 | - | - | 1,350 | 2,700 | - | |
Other tangible fixed assets26 |
35,186 | 54,095 | 58,734 | 72,761 | 82,167 | 103,488 | 143,902 | 144,060 | - | - | - | - | 16,155 | 32,306 | - | - | |
Current assets29/58 |
12.5m | 10.6m | 9.3m | 7.5m | 9.0m | 8.8m | 8.8m | 9.7m | 12.3m | 11.3m | 9.6m | 7.5m | 4.5m | 3.9m | 1.3m | 620,642 | |
Amounts receivable after more than one year29 |
- | - | - | - | 1.4m | - | - | - | - | - | - | - | - | - | - | - | |
Other amounts receivable291 |
- | - | - | - | 1.4m | - | - | - | - | - | - | - | - | - | - | - | |
Stocks and contracts in progress3 |
12.2m | 10.0m | 7.8m | 6.9m | 4.0m | 4.4m | 6.5m | 6.5m | 10.1m | 9.1m | 7.5m | 4.4m | 2.4m | 3.4m | 677,129 | - | |
Stocks30/36 |
12.2m | 10.0m | 7.8m | 6.9m | 4.0m | 4.4m | 6.5m | 6.5m | 10.1m | 9.1m | 7.5m | 4.4m | 2.4m | 3.4m | 677,129 | - | |
Property held for sale35 |
12.2m | 10.0m | 7.8m | 6.9m | - | - | - | - | - | - | - | - | - | - | - | - | |
Amounts receivable within one year40/41 |
155,908 | 445,393 | 1.2m | 313,146 | 583,086 | 1.7m | 1.1m | 1.3m | 154,552 | 460,651 | 241,115 | 298,403 | 1.6m | 8,673 | 40,250 | 573,416 | |
Trade receivables40 |
125,963 | 368,488 | 515,607 | 252,096 | 144,959 | 75,534 | 146,215 | 257,266 | 108,752 | 460,651 | 232,876 | 296,113 | 107,280 | 8,673 | 45 | - | |
Other amounts receivable41 |
29,945 | 76,905 | 644,640 | 61,050 | 438,127 | 1.6m | 904,509 | 1.1m | 45,800 | - | 8,239 | 2,290 | 1.5m | - | 40,205 | 573,416 | |
Current investments50/53 |
- | - | - | - | - | - | - | - | - | - | - | 534 | 533 | 532 | 520,628 | 40,329 | |
Cash at bank and in hand54/58 |
86,505 | 97,274 | 179,213 | 183,043 | 2.9m | 2.7m | 1.2m | 1.9m | 2.0m | 1.7m | 1.9m | 2.8m | 443,890 | 452,038 | 87,430 | 6,890 | |
Deferred charges and accrued income490/1 |
65,729 | 33,330 | 149,258 | 133,399 | 60,327 | 35,887 | 35,012 | - | 0 | 4,102 | - | 250 | 5,159 | 5,486 | 110 | 7 | |
| Balance sheet: equity and liabilities | |||||||||||||||||
Total equity and liabilities10/49 |
12.6m | 10.6m | 9.4m | 7.7m | 9.1m | 8.9m | 9.0m | 9.9m | 12.3m | 11.3m | 9.6m | 7.5m | 4.5m | 3.9m | 1.3m | 620,642 | |
Equity10/15 |
3.8m | 3.7m | 3.6m | 3.5m | 3.3m | 4.3m | 4.4m | 4.2m | 4.0m | 3.2m | 2.4m | 1.6m | 845,688 | 212,736 | 249,408 | 304,520 | |
Contributions10/11 |
300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | |
Capital10 |
- | - | - | - | 300,000 | - | - | - | - | - | - | - | - | - | - | - | |
Issued capital100 |
- | - | - | - | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | |
Reserves13 |
3.5m | 3.4m | 3.3m | 3.2m | 3.0m | 4.0m | 4.0m | 3.7m | 3.7m | 2.9m | 2.1m | 1.3m | 545,688 | 4,520 | 4,520 | 4,520 | |
Non-distributable reserves130/1 |
- | - | - | - | 30,000 | 30,000 | - | - | - | - | - | - | - | - | - | - | |
Legal reserve130 |
- | - | - | - | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 4,520 | 4,520 | 4,520 | 4,520 | 4,520 | |
Distributable reserves133 |
3.5m | 3.4m | 3.3m | 3.2m | 3.0m | 4.0m | 3.9m | 3.7m | 3.7m | 2.9m | 2.0m | 1.3m | 541,168 | - | - | - | |
Profit (loss) carried forward14 |
- | - | - | - | - | - | 115,005 | 115,005 | - | 0 | - | - | - | -91,784 | -55,112 | - | |
Amounts payable17/49 |
8.8m | 7.0m | 5.8m | 4.2m | 5.8m | 4.6m | 4.6m | 5.7m | 8.2m | 8.1m | 7.3m | 5.9m | 3.7m | 3.7m | 1.1m | 316,122 | |
Amounts payable after more than one year17 |
1.4m | 1.3m | 1.4m | 1.8m | 2.0m | 2.5m | 1.7m | 20,000 | - | - | - | - | - | - | - | - | |
Financial debts170/4 |
1.4m | 1.3m | 1.4m | 1.8m | 2.0m | 2.5m | 1.7m | - | - | - | - | - | - | - | - | - | |
Other loans174 |
1.4m | 1.3m | 1.4m | 1.8m | - | - | - | - | - | - | - | - | - | - | - | - | |
Advances received on contracts in progress176 |
- | - | - | - | - | - | - | 20,000 | - | - | - | - | - | - | - | - | |
Amounts payable within one year42/48 |
7.4m | 5.6m | 4.4m | 2.4m | 3.8m | 2.1m | 2.9m | 5.7m | 8.2m | 8.1m | 7.3m | 5.9m | 3.7m | 3.7m | 1.1m | 316,110 | |
Current portion of amounts payable after more than one year42 |
- | - | 33,788 | - | 50,175 | 33,418 | 141,929 | 100,133 | - | - | - | - | - | - | - | - | |
Financial debts43 |
3.7m | 3.3m | 1.4m | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Credit institutions430/8 |
3.7m | 3.3m | 1.4m | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Trade debts44 |
973,709 | 1.2m | 1.6m | 1.1m | 1.5m | 1.2m | 2.2m | 2.7m | 1.7m | 1.7m | 2.4m | 1.8m | 2.0m | 2.0m | 264,211 | - | |
Suppliers440/4 |
973,709 | 1.2m | 1.6m | 1.1m | 1.5m | 1.2m | 2.2m | 2.7m | 1.7m | 1.7m | 2.4m | 1.8m | 2.0m | 2.0m | 264,211 | - | |
Advances received on contracts in progress46 |
0 | 0 | 0 | - | - | - | - | - | 3.5m | 3.4m | 2.4m | 2.5m | - | - | - | - | |
Taxes, remuneration and social security45 |
48,636 | 349,892 | 453,365 | 385,224 | 156,783 | 103,559 | - | 151,607 | 494,339 | 571,527 | 482,320 | 468,924 | 180,681 | 130,050 | 2,378 | 2,417 | |
Taxes450/3 |
22,554 | 315,855 | 412,575 | 314,881 | 156,783 | 103,559 | - | 151,607 | 494,339 | 571,527 | 422,148 | 468,924 | 180,681 | 130,050 | 2,378 | 2,417 | |
Remuneration and social security454/9 |
26,082 | 34,037 | 40,789 | 70,343 | - | - | - | - | - | - | 60,172 | - | - | - | - | - | |
Other amounts payable47/48 |
2.6m | 853,109 | 836,250 | 847,000 | 2.1m | 844,777 | 583,821 | 2.7m | 2.6m | 2.4m | 2.0m | 1.1m | 1.5m | 1.5m | 812,238 | 313,693 | |
Accrued charges and deferred income492/3 |
79,768 | 32,191 | 5,161 | 60,414 | - | - | - | - | - | - | - | - | 0 | 12 | 12 | 12 | |
| Income statement | |||||||||||||||||
Operating income70/76A |
8.5m | 7.2m | 11.0m | 8.8m | - | - | - | - | - | - | - | - | - | - | - | - | |
Turnover70 |
8.5m | 7.2m | 11.0m | 8.8m | 9.2m | 8.8m | 10.0m | 10.3m | 9.4m | 8.0m | 9.2m | 5.3m | 4.2m | 5.1m | - | - | |
Other operating income74 |
18,472 | 12,110 | 22,753 | 13,264 | - | - | - | - | - | - | - | - | - | - | - | - | |
Non-recurring operating income76A |
- | 79 | 188 | - | - | - | - | - | - | 63,933 | 1,128 | - | - | - | - | - | |
Gross operating margin9900 |
- | - | - | - | 1.2m | 960,627 | 1.0m | 1.6m | 1.2m | 1.2m | 1.3m | 1.1m | 886,721 | -34,314 | -55,402 | -2,147 | |
Operating charges60/66A |
8.1m | 6.9m | 9.8m | 7.8m | - | - | - | - | - | - | - | - | - | - | - | - | |
Goods, raw materials, services and sundry goods60/61 |
- | - | - | - | 8.0m | 7.8m | 9.0m | 8.7m | 8.1m | 6.8m | 7.9m | 4.2m | 3.3m | -5.1m | - | - | |
Goods for resale, raw materials and consumables60 |
6.6m | 5.4m | 8.1m | 6.4m | - | - | - | - | - | - | - | - | - | - | - | - | |
Purchases600/8 |
7.5m | 7.4m | 9.1m | 7.7m | - | - | - | - | - | - | - | - | - | - | - | - | |
Change in stocks: decrease (increase)609 |
-944,758 | -2.0m | -1.1m | -1.3m | - | - | - | - | - | - | - | - | - | - | - | - | |
Services and other goods61 |
1.3m | 1.2m | 1.1m | 771,926 | - | - | - | - | - | - | - | - | - | - | - | - | |
Remuneration, social security and pensions62 |
257,611 | 249,009 | 541,250 | 579,738 | - | - | - | - | - | - | - | - | 60 | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
40,365 | 34,435 | 30,704 | 39,203 | 28,431 | 47,936 | 54,336 | 46,438 | 1,207 | 1,207 | 1,207 | 16,155 | 17,502 | 17,503 | 1,350 | - | |
Other operating charges640/8 |
9,537 | 9,655 | 39,234 | 8,382 | 1,984 | 4,160 | 2,848 | 4,400 | 1,723 | 1,091 | 2,060 | 969 | 1,260 | 287 | 2,628 | 917 | |
Non-recurring operating charges66A |
- | - | 6,916 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Operating profit (loss)9901 |
347,612 | 249,544 | 1.2m | 1.1m | 1.2m | 908,531 | 958,332 | 1.5m | 1.2m | 1.2m | 1.2m | 1.1m | 867,899 | -52,104 | -59,380 | -3,064 | |
Financial income75/76B |
125,110 | 92,845 | 151,020 | 136,586 | 148,935 | 112,061 | 184,470 | 143,907 | 111,183 | 77,641 | 78,489 | 61,634 | 58,008 | 40,172 | 19,591 | 23,741 | |
Recurring financial income75 |
106,083 | 92,845 | 142,783 | 136,586 | 148,935 | 112,061 | 184,470 | 143,907 | 111,183 | 77,641 | 78,489 | 61,634 | 58,008 | 40,172 | 19,591 | 23,741 | |
Income from current assets751 |
- | - | 23,513 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Other financial income752/9 |
106,083 | 92,845 | 119,270 | 136,586 | - | - | - | - | - | - | - | - | - | - | - | - | |
Non-recurring financial income76B |
19,027 | - | 8,237 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Financial charges65/66B |
284,671 | 250,660 | 173,533 | 31,188 | 34,583 | 30,107 | 30,062 | 40,157 | 55,583 | 64,437 | 52,252 | 50,826 | 69,313 | 24,276 | 15,323 | 16,157 | |
Recurring financial charges65 |
284,671 | 250,660 | 173,533 | 31,188 | 34,583 | 30,107 | 30,062 | 40,157 | 55,583 | 64,437 | 52,252 | 50,826 | 69,313 | 24,276 | 15,323 | 16,157 | |
Debt charges650 |
219,931 | 181,389 | 54,608 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Other financial charges652/9 |
64,740 | 69,270 | 118,925 | 31,188 | - | - | - | - | - | - | - | - | - | - | - | - | |
Profit (loss) for the period before taxes9903 |
188,050 | 91,730 | 1.2m | 1.2m | 1.3m | 990,485 | 1.1m | 1.6m | 1.3m | 1.2m | 1.3m | 1.1m | 856,594 | -36,209 | -55,112 | 4,520 | |
Income taxes67/77 |
50,000 | 26,310 | 315,585 | 295,536 | 327,191 | 253,112 | 343,763 | 512,709 | 439,484 | 380,546 | 462,217 | 355,100 | 223,641 | 464 | - | - | |
Taxes670/3 |
50,000 | 26,310 | 316,403 | 310,047 | - | - | - | - | - | - | - | - | - | - | - | - | |
Tax adjustments and reversals of tax provisions77 |
- | 0 | 818 | 14,512 | - | - | - | - | - | - | - | - | - | - | - | - | |
Profit (loss) for the period9904 |
138,050 | 65,420 | 911,456 | 883,841 | 982,095 | 737,373 | 768,977 | 1.1m | 840,178 | 834,952 | 812,515 | 709,294 | 632,953 | -36,672 | -55,112 | 4,520 | |
Profit (loss) for the period to be appropriated9905 |
138,050 | 65,420 | 911,456 | 883,841 | 982,095 | 737,373 | 768,977 | 1.1m | 840,178 | 834,952 | 812,515 | 709,294 | 632,953 | -36,672 | -55,112 | 4,520 | |
| Appropriation of the result | |||||||||||||||||
Profit (loss) to be appropriated9906 |
138,050 | 65,420 | 911,456 | 883,841 | 982,095 | 852,378 | 883,982 | 1.1m | 840,178 | 834,952 | 812,515 | 709,294 | 541,169 | -91,784 | -55,112 | 4,520 | |
Transfer from equity791/2 |
- | - | - | - | 1.0m | - | - | - | - | - | - | - | - | - | - | - | |
Transfer to equity691/2 |
138,050 | 65,420 | 111,456 | 183,841 | - | 52,378 | 218,977 | - | 840,178 | 834,952 | 812,515 | 709,294 | 541,169 | - | - | 4,520 | |
To the legal reserve6920 |
- | - | - | - | - | - | - | - | - | - | 25,480 | - | - | - | - | 4,520 | |
To other reserves6921 |
138,050 | 65,420 | 111,456 | 183,841 | - | 52,378 | 218,977 | - | 840,178 | 834,952 | 787,035 | 709,294 | 541,169 | - | - | - | |
Profit to be distributed694/7 |
- | - | 800,000 | 700,000 | 2.0m | 800,000 | 550,000 | 1.0m | - | - | - | - | - | - | - | - | |
Return on contributions (dividend)694 |
- | - | 800,000 | 700,000 | 2.0m | 800,000 | 550,000 | 1.0m | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||||
Average staff (FTE)9087 |
2.8 | 3.1 | 4.9 | 5.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
Men (FTE)1003 |
2 | 2.3 | 3.3 | 3.6 | - | - | - | - | - | - | - | - | - | - | - | - | |
Women (FTE)1003 |
0.8 | 0.8 | 1.6 | 2 | - | - | - | - | - | - | - | - | - | - | - | - | |
Agency workers1501 |
0.1 | 0 | 1 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | |
Hours worked1013 |
4,898 | 5,080 | 8,584 | 10,104 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||
The notes to these accounts have 43 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 03-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 03-06-2026 | 2026-00138131 | |
| 31-12-2024 | full format | 21-07-2025 | 2025-00298264 | |
| 31-12-2023 | full format | 15-07-2024 | 2024-00270321 | |
| 31-12-2022 | full format | 23-08-2023 | 2023-00362837 | |
| 31-12-2021 | abbreviated format | 09-09-2022 | 2022-20431837 | |
| 31-12-2020 | abbreviated format | 09-07-2021 | 2021-34300329 | |
| 31-12-2019 | abbreviated format | 08-07-2020 | 2020-27900007 | |
| 31-12-2018 | abbreviated format | 09-07-2019 | 2019-30700575 | |
| 31-12-2017 | abbreviated format | 18-07-2018 | 2018-34300469 | |
| 31-12-2016 | abbreviated format | 10-07-2017 | 2017-29700137 | |
| 31-12-2015 | abbreviated format | 12-07-2016 | 2016-31500534 | |
| 31-12-2014 | abbreviated format | 06-07-2015 | 2015-28100227 | |
| 31-12-2013 | abbreviated format | 15-07-2014 | 2014-30800339 | |
| 31-12-2012 | abbreviated format | 17-07-2013 | 2013-31300003 | |
| 31-12-2011 | abbreviated format | 10-07-2012 | 2012-28800569 | |
| 31-12-2010 | abbreviated format | 28-06-2011 | 2011-21600085 |
Subsidies and aid
Flemish government 2022 to 2025, 2 entries, €2,298 awarded, €2,298 paid
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,070 | €2,070 |
| 2022 | 1 | €228 | €228 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 387,977 | 283,979 | 1.3m | 1.1m | 1.2m | 956,467 | 1.0m | 1.6m | 1.2m | 1.2m | 1.2m | 1.1m | 885,401 | -34,601 | -58,030 | - | |
| Cash flow | 178,416 | 99,855 | 942,160 | 923,044 | 1.0m | 785,309 | 823,313 | 1.2m | 841,385 | 836,159 | 813,722 | 725,449 | 650,455 | -19,169 | -53,762 | - | |
| Investment in fixed assets (approximation) | 15,562 | 25,148 | 17,981 | 82,618 | 17,934 | 3,116 | 108,446 | 197,913 | 0 | 0 | 19,774 | 0 | 1 | 48,459 | 4,050 | - | |
| Change in cash | -10,769 | -81,939 | -3,830 | -2.8m | 259,190 | 1.5m | -672,303 | -129,140 | 278,955 | -145,003 | -900,575 | 2.3m | -8,148 | 364,608 | 80,540 | - | |
| Working capital | 5.2m | 4.9m | 4.9m | 5.1m | 5.2m | 6.7m | 5.9m | 4.0m | 4.0m | 3.2m | 2.4m | 1.6m | 829,533 | 179,092 | 246,720 | 304,532 | |
| EBIT margin | 4.1% | 3.5% | 11.4% | 12.2% | 13.0% | 10.3% | 9.6% | 14.8% | 13.1% | 15.1% | 13.6% | 20.0% | 20.5% | -1.0% | - | - | |
| Solvency | 30.1% | 34.4% | 38.3% | 45.4% | 36.3% | 48.4% | 48.9% | 42.0% | 32.9% | 28.3% | 24.6% | 20.9% | 18.8% | 5.4% | 18.8% | 49.1% | |
| Current ratio | 1.70 | 1.88 | 2.12 | 3.17 | 2.39 | 4.12 | 3.01 | 1.70 | 1.49 | 1.39 | 1.33 | 1.26 | 1.23 | 1.05 | 1.23 | 1.96 | |
| Quick ratio | 0.04 | 0.10 | 0.34 | 0.27 | 1.33 | 2.06 | 0.79 | 0.56 | 0.26 | 0.27 | 0.29 | 0.52 | 0.57 | 0.13 | 0.60 | 1.96 | |
| Debt to equity | 2.32 | 1.91 | 1.61 | 1.20 | 1.76 | 1.07 | 1.05 | 1.38 | 2.04 | 2.53 | 3.07 | 3.79 | 4.33 | 17.42 | 4.33 | 1.04 | |
| ROE | 3.6% | 1.8% | 25.4% | 25.4% | 29.8% | 17.1% | 17.6% | 26.8% | 20.8% | 26.1% | 34.3% | 45.6% | 74.8% | -17.2% | -22.1% | 1.5% | |
| ROA | 1.1% | 0.6% | 9.7% | 11.5% | 10.8% | 8.3% | 8.6% | 11.3% | 6.8% | 7.4% | 8.4% | 9.5% | 14.0% | -0.9% | -4.1% | 0.7% | |
| Interest coverage | 1.76 | 1.57 | 23.44 | 35.69 | 35.37 | - | - | - | - | - | - | - | - | - | - | - | |
| Customer credit | 5 days | 19 days | 17 days | 10 days | 6 days | 3 days | 5 days | 9 days | 4 days | 21 days | 9 days | 20 days | 9 days | 1 day | - | - | |
| Supplier credit | 45 days | 64 days | 66 days | 58 days | 68 days | 54 days | 90 days | 113 days | 76 days | 93 days | 110 days | 159 days | 219 days | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 4 | 6 |
| full-time | 2 | 2 | 3 | 3 |
| part-time | 1 | 1 | 1 | 3 |
| in full-time equivalents | 2.8 | 2.8 | 3.8 | 5.5 |
| Average over the year, in full-time equivalents | 2.8 | 3.1 | 4.9 | 5.6 |
| On a permanent contract | 3 | 3 | 4 | 6 |
| Joined | - | 0 | 1 | 8 |
| Left | - | 1 | 3 | 2 |
| Agency workers, average number | 0.1 | 0 | 1 | 1 |
| Training hours | 80 | 15 | 40 | 24 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | - | - |
| Mortgage mandates | €20.8m | €9.2m | €9.2m | - | - |
| Carrying value of the mortgaged assets | €13.6m | €12.7m | €10.7m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,562 | €25,148 | €17,981 | €82,618 | €17,934 |
| Depreciation and write-downs of the year | €40,365 | €34,435 | €30,704 | €39,203 | €28,431 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €6,750 | €6,639 | €6,518 | €6,400 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Insights on Chapter George Develops
The operating result for 2025 is 39% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 65.6% to 69.9%. Equity and debt are higher.