G-LEVEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 22 filings
Turnover
≈ €880,000
Estimated: probably between €680,000 and €1.3m
Total assets
€537,773▼ 18.3%
2024 · €658,506
Net result
-€115,984▼ 30.7%
2024 · -€88,735
Working capital
-€102,981
2024 · €26,458
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€110,618
▼ 30.1%
2025
20182025
Net result
-€115,984
▼ 30.7%
2025
lowest quarter of the sector
20182025
Equity
€169,814
▼ 40.6%
2025
middle half of the sector
20182025
Total assets
€537,773
▼ 18.3%
2025
middle half of the sector
20182025
Debt
€367,959
▼ 1.3%
2025
20182025
Working capital
-€102,981
2025
lowest quarter of the sector
20182025
Solvency
31.6%
▼ 11.8pp
2025
middle half of the sector
20182025
Current ratio
0.72
▼ 0.38
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-21.6%
▼ 8.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.4
▲ 10.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.1m▲ 226%-€0.2m-€0.03m▲ 85.6%-€0.1m▼ 237%-€0.2m▼ 56.4%-€0.09m▲ 43.8%-€0.1m▼ 30.1%
Net result€0.06m-€0.1m▲ 111%-€0.2mbelow the sector's middle half€0.04mwithin the sector's middle half-€0.09mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 63.9%-€0.09mbelow the sector's middle half▲ 38.2%-€0.1mbelow the sector's middle half▼ 30.7%
Equity€0.9m-€1.0m▲ 10.3%€0.9mabove the sector's middle half▼ 16.1%€0.6mwithin the sector's middle half▼ 29.7%€0.5mwithin the sector's middle half▼ 14.5%€0.4mwithin the sector's middle half▼ 27.7%€0.3mwithin the sector's middle half▼ 23.7%€0.2mwithin the sector's middle half▼ 40.6%
Total assets€1.1m-€1.2m▲ 10.2%€1.6mabove the sector's middle half▲ 32.7%€1.0mwithin the sector's middle half▼ 34.8%€1.0mwithin the sector's middle half▼ 4.5%€0.8mwithin the sector's middle half▼ 19.6%€0.7mwithin the sector's middle half▼ 17.9%€0.5mwithin the sector's middle half▼ 18.3%
Debt€0.2m-€0.2m▲ 9.4%€0.7m▲ 313%€0.4m▼ 40.7%€0.5m▲ 9.3%€0.4m▼ 10.7%€0.4m▼ 12.8%€0.4m▼ 1.3%
Working capital€0.9m-€0.8m▼ 14.8%€0.6mabove the sector's middle half▼ 21.4%€0.4mwithin the sector's middle half▼ 42.4%€0.3mwithin the sector's middle half▼ 25.6%€0.1mwithin the sector's middle half▼ 58.5%€0.03mwithin the sector's middle half▼ 75.6%-€0.1mbelow the sector's middle half
Solvency85.1%-85.2%▲ 0.1pp53.9%within the sector's middle half▼ 31.3pp58.0%within the sector's middle half▲ 4.2pp52.0%within the sector's middle half▼ 6.1pp46.7%within the sector's middle half▼ 5.3pp43.4%within the sector's middle half▼ 3.3pp31.6%within the sector's middle half▼ 11.8pp
Current ratio6.58-5.34▼ 1.232.68within the sector's middle half▼ 2.673.52above the sector's middle half▲ 0.852.02within the sector's middle half▼ 1.501.39within the sector's middle half▼ 0.631.09within the sector's middle half▼ 0.300.72below the sector's middle half▼ 0.38
Return on assets (ROA)5.5%-10.5%▲ 5.0pp-10.3%below the sector's middle half▼ 20.8pp4.2%within the sector's middle half▲ 14.5pp-8.8%below the sector's middle half▼ 13.0pp-17.9%below the sector's middle half▼ 9.1pp-13.5%below the sector's middle half▲ 4.4pp-21.6%below the sector's middle half▼ 8.1pp
Staff (FTE)5.8-5▼ 13.8%5.3within the sector's middle half▲ 6.0%4.9within the sector's middle half▼ 7.5%4.4within the sector's middle half▼ 10.2%4.4within the sector's middle half=4within the sector's middle half▼ 9.1%4.4within the sector's middle half▲ 10.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €110,618, larger than the loss of €85,010 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €537,773
Fixed assets
€278,909 ▼ 19.8%
Current assets
€258,864 ▼ 16.6%
Equity and liabilities €537,773
Equity
€169,814 ▼ 40.6%
Debt
€367,959 ▼ 1.3%
Debt's share of the balance-sheet total rises from 56.6% to 68.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€41,583▼
2024 · -€15,402
Cash flow
-€46,949▼
2024 · -€19,126
Quick ratio
0.08▼
2024 · 0.15
Debt to equity
2.17▲
2024 · 1.30
ROE
-68.3%▼
2024 · -31.0%
Interest coverage
-5.66▼
2024 · -1.93
Debt ≤ 1 year
€361,845▲
2024 · €284,103
Debt > 1 year
€6,114▼
2024 · €79,142
Income taxes
€161▼
2024 · €174
Staff costs
€206,222▲
2024 · €188,225
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 6 | 6 | 7 |
| full-time | - | - | 0 | 0 | 0 |
| part-time | 7 | 7 | 6 | 6 | 7 |
| in full-time equivalents | 4.4 | 4.5 | 4 | 3.6 | 4.4 |
| Average over the year, in full-time equivalents | 4.9 | 4.4 | 4.4 | 4 | 4.4 |
| On a permanent contract | 7 | 7 | 6 | 6 | 7 |
| Joined | 7 | 1 | 0 | - | 1 |
| Left | 8 | 1 | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €9,646 | - | - |
| Depreciation and write-downs of the year | €73,550 | €71,730 | €72,430 | €69,609 | €69,036 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €168,286 | €197,242 | €170,671 | €188,225 | €206,222 | ▲ 9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,165 | €15,112 | €61,590 | €73,550 | €71,730 | €72,430 | €69,609 | €69,036 | ▼ 0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€30,328 | -€38,972 | -€18,406 | €2,415 | -€8,391 | - |
| Other operating charges640/8 | - | - | - | €1,282 | €1,313 | €1,292 | €1,245 | €292 | ▼ 76.6% |
| Gross operating margin9900 | €219,716 | €244,598 | €52,469 | €184,069 | €134,656 | €74,799 | €176,484 | €156,540 | ▼ 11.3% |
| Operating profit (loss)9901 | €35,286 | €114,945 | -€199,702 | -€28,721 | -€96,656 | -€151,187 | -€85,010 | -€110,618 | ▼ 30.1% |
| Financial income75/76B | - | - | - | €81,952 | €23,102 | €17,640 | €4,411 | €2,141 | ▼ 51.5% |
| Recurring financial income75 | €56,044 | €49,405 | €45,834 | €44,452 | €23,102 | €17,640 | €4,411 | €2,141 | ▼ 51.5% |
| Non-recurring financial income76B | - | - | - | €37,500 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €9,384 | €11,401 | €9,964 | €7,962 | €7,345 | ▼ 7.7% |
| Recurring financial charges65 | €5,168 | €5,570 | €14,224 | €9,384 | €11,401 | €9,964 | €7,962 | €7,345 | ▼ 7.7% |
| Profit (loss) for the period before taxes9903 | €86,163 | €158,780 | -€165,092 | €43,846 | -€84,955 | -€143,511 | -€88,561 | -€115,823 | ▼ 30.8% |
| Income taxes67/77 | €26,327 | €32,586 | €136 | €146 | €2,680 | €165 | €174 | €161 | ▼ 7.6% |
| Profit (loss) for the period9904 | €59,836 | €126,194 | -€165,228 | €43,700 | -€87,635 | -€143,676 | -€88,735 | -€115,984 | ▼ 30.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €71,200 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€11,364 | €126,194 | -€165,228 | €43,700 | -€16,435 | -€143,676 | -€88,735 | -€115,984 | ▼ 30.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.2m | €1.6m | €1.0m | €1.0m | €0.8m | €0.7m | €0.5m | ▼ 18.3% |
| Fixed assets21/28 | €0.02m | €0.3m | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 19.8% |
| Tangible fixed assets22/27 | €0.02m | €0.3m | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 19.8% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 19.8% |
| Furniture and vehicles24 | - | - | - | €0.001m | - | €0.003m | €0.002m | €0.001m | ▼ 29.3% |
| Current assets29/58 | €1.1m | €1.0m | €1.0m | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 16.6% |
| Stocks and contracts in progress3 | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 14.0% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 14.0% |
| Amounts receivable within one year40/41 | €0.04m | €0.07m | €0.05m | €0.05m | €0.07m | €0.03m | €0.002m | €144 | ▼ 92.1% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.03m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.03m | €0.03m | €0.003m | €0.002m | €144 | ▼ 92.1% |
| Current investments50/53 | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | €0.02m | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.09m | €0.04m | €0.007m | €0.03m | €0.03m | €0.02m | ▼ 19.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0 | €0.009m | €0.003m | ▼ 68.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.6m | €1.0m | €1.0m | €0.8m | €0.7m | €0.5m | ▼ 18.3% |
| Equity10/15 | €0.9m | €1.0m | €0.9m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 40.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.9m | €1.0m | €0.8m | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 43.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.07m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 43.4% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.7m | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 1.3% |
| Amounts payable after more than one year17 | - | - | €0.4m | €0.3m | €0.2m | €0.2m | €0.08m | €0.006m | ▼ 92.3% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.08m | €0.006m | ▼ 92.3% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.1m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 27.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 0.8% |
| Financial debts43 | - | - | - | - | - | - | €0.001m | €0.05m | ▲ 66× |
| Credit institutions430/8 | - | - | - | - | - | - | €0.001m | €0.05m | ▲ 66× |
| Trade debts44 | €0.05m | €0.08m | €0.01m | €0.02m | €0.04m | €0.1m | €0.08m | €0.1m | ▲ 51.4% |
| Suppliers440/4 | - | - | - | €0.02m | €0.04m | €0.1m | €0.08m | €0.1m | ▲ 51.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 0.5% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 18.0% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 13.5% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.1m | €0.05m | €0.09m | €0.08m | ▼ 16.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | - | - | €0.009m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €59,836 | €126,194 | -€165,228 | €43,700 | -€87,635 | -€143,676 | -€88,735 | -€115,984 | ▼ 30.7% |
| + Depreciation and write-downs630 | €7,165 | €15,112 | €61,590 | €73,550 | €71,730 | €72,430 | €69,609 | €69,036 | ▼ 0.8% |
| Operating cash flow (approximation) | €67,001 | €141,307 | -€103,638 | €117,250 | -€15,906 | -€71,246 | -€19,126 | -€46,949 | ▼ 145% |
| Investment in fixed assets (approximation) | - | -€246,043 | -€437,393 | €0 | €1,264 | -€9,646 | €0 | €0 | - |
| Change in cash | - | -€36,056 | -€39,758 | -€46,971 | -€31,483 | €23,440 | -€496 | -€5,824 | ▼ 1,075% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,831 companies had the same profile as G-LEVEL has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of G-LEVEL itself: 1.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 5,831 companies, not a prediction for G-LEVEL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00284179 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00143652 | |
| 31-12-2023 | abbreviated format | 19-06-2024 | 2024-00143371 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00159680 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20173919 | |
| 31-12-2020 | abbreviated format | 25-06-2021 | 2021-24700439 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-21900191 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-22700439 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24100285 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-24100078 |