G.T.E.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-05-2026 PDF all 12 filings
Turnover
€305,657▼ 19.3%
2024 · €378,759
EBIT margin
10.2%▲ 4.7pp
2024 · 5.4%
Net result
€18,185▲ 110%
2024 · €8,662
Working capital
-€33,432▲ 29.9%
2024 · -€47,682
In the rankings
#10 company by total assets in Antoing, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€305,657
▼ 19.3%
2025
20182025
Operating result
€31,028
▲ 51.1%
2025
20182025
Net result
€18,185
▲ 110%
2025
middle half of the sector
20182025
EBIT margin
10.2%
▲ 4.7pp
2025
20182025
Equity
€51,564
▲ 13.6%
2025
middle half of the sector
20182025
Total assets
€306,743
▼ 6.5%
2025
highest quarter of the sector
20182025
Debt
€255,179
▼ 9.7%
2025
20182025
Working capital
-€33,432
▲ 29.9%
2025
lowest quarter of the sector
20182025
Solvency
16.8%
▲ 3.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.71
▲ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.9%
▲ 3.3pp
2025
middle half of the sector
20182025
Staff (FTE)
0.1
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€203,948-€384,005▲ 88.3%€344,863▼ 10.2%€356,574▲ 3.4%€430,504▲ 20.7%€518,626▲ 20.5%€378,759▼ 27.0%€305,657▼ 19.3%
Operating result€21,875-€70,872▲ 224%€36,102▼ 49.1%€16,269▼ 54.9%€79,363▲ 388%€44,272▼ 44.2%€20,528▼ 53.6%€31,028▲ 51.1%
Net result€18,474-€56,321▲ 205%€29,841within the sector's middle half▼ 47.0%€16,653within the sector's middle half▼ 44.2%€65,662above the sector's middle half▲ 294%€30,674above the sector's middle half▼ 53.3%€8,662within the sector's middle half▼ 71.8%€18,185within the sector's middle half▲ 110%
EBIT margin10.7%-18.5%▲ 7.7pp10.5%▼ 8.0pp4.6%▼ 5.9pp18.4%▲ 13.9pp8.5%▼ 9.9pp5.4%▼ 3.1pp10.2%▲ 4.7pp
Equity€30,790-€51,817▲ 68.3%€46,364within the sector's middle half▼ 10.5%€63,017within the sector's middle half▲ 35.9%€69,855within the sector's middle half▲ 10.9%€71,117within the sector's middle half▲ 1.8%€45,379within the sector's middle half▼ 36.2%€51,564within the sector's middle half▲ 13.6%
Total assets€68,213-€174,936▲ 156%€235,455within the sector's middle half▲ 34.6%€364,120within the sector's middle half▲ 54.6%€385,638above the sector's middle half▲ 5.9%€495,037above the sector's middle half▲ 28.4%€328,082above the sector's middle half▼ 33.7%€306,743above the sector's middle half▼ 6.5%
Debt€37,423-€123,119▲ 229%€189,091▲ 53.6%€301,103▲ 59.2%€315,783▲ 4.9%€423,920▲ 34.2%€282,703▼ 33.3%€255,179▼ 9.7%
Working capital€29,329-€28,852▼ 1.6%€71,950within the sector's middle half▲ 149%€85,262within the sector's middle half▲ 18.5%€10,867within the sector's middle half▼ 87.3%€96,906above the sector's middle half▲ 792%-€47,682below the sector's middle half-€33,432below the sector's middle half▲ 29.9%
Solvency45.1%-29.6%▼ 15.5pp19.7%within the sector's middle half▼ 9.9pp17.3%below the sector's middle half▼ 2.4pp18.1%below the sector's middle half▲ 0.8pp14.4%below the sector's middle half▼ 3.7pp13.8%below the sector's middle half▼ 0.5pp16.8%below the sector's middle half▲ 3.0pp
Current ratio2.58-1.32▼ 1.261.84within the sector's middle half▲ 0.512.48within the sector's middle half▲ 0.651.08below the sector's middle half▼ 1.411.73within the sector's middle half▲ 0.660.60below the sector's middle half▼ 1.140.71below the sector's middle half▲ 0.11
Return on assets (ROA)27.1%-32.2%▲ 5.1pp12.7%above the sector's middle half▼ 19.5pp4.6%within the sector's middle half▼ 8.1pp17.0%within the sector's middle half▲ 12.5pp6.2%within the sector's middle half▼ 10.8pp2.6%within the sector's middle half▼ 3.6pp5.9%within the sector's middle half▲ 3.3pp
Staff (FTE)0.50below the sector's middle half▼ 100%0.20.4▲ 100%0.1
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 51% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €306,743
Fixed assets
€226,185 ▼ 12.1%
Current assets
€80,558 ▲ 13.9%
Equity and liabilities €306,743
Equity
€51,564 ▲ 13.6%
Debt
€255,179 ▼ 9.7%
Debt's share of the balance-sheet total falls from 86.2% to 83.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€64,541▲
2024 · €55,683
Cash flow
€51,698▲
2024 · €43,817
Quick ratio
0.59▲
2024 · 0.47
Debt to equity
4.95▼
2024 · 6.23
ROE
35.3%▲
2024 · 19.1%
Interest coverage
9.18▲
2024 · 6.20
Debt ≤ 1 year
€113,990▼
2024 · €118,434
Debt > 1 year
€141,064▼
2024 · €164,144
Income taxes
€6,400▲
2024 · €3,207
Customer credit
57 days▲
2024 · 22 days
Supplier credit
48 days▲
2024 · 8 days
Staff costs
€4,705▼
2024 · €17,110
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.6 | 0.8 | - |
| Average over the year, in full-time equivalents | 0.1 | 0.4 | 0.1 |
| Joined | 1 | 4 | 2 |
| Left | 0 | 4 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €175,871 | €42,004 | €78,911 | €26,415 | €2,368 |
| Financial fixed assets | - | - | €195 | - | - |
| Depreciation and write-downs of the year | €31,867 | €32,510 | €43,951 | €35,155 | €33,513 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €203,948 | €384,005 | €344,863 | €356,574 | €430,504 | €518,626 | €378,759 | €305,657 | ▼ 19.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €307,447 | €315,067 | €417,671 | €310,203 | €256,476 | ▼ 17.3% |
| Remuneration, social security and pensions62 | - | - | - | - | €5,563 | €15,523 | €17,110 | €4,705 | ▼ 72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,914 | €17,093 | €16,225 | €31,867 | €32,510 | €43,951 | €35,155 | €33,513 | ▼ 4.7% |
| Other operating charges640/8 | - | - | - | €991 | €2,023 | €2,474 | €2,436 | €2,034 | ▼ 16.5% |
| Gross operating margin9900 | €29,669 | €110,762 | €56,544 | €49,127 | €119,459 | €106,220 | €75,229 | €71,280 | ▼ 5.2% |
| Operating profit (loss)9901 | €21,875 | €70,872 | €36,102 | €16,269 | €79,363 | €44,272 | €20,528 | €31,028 | ▲ 51.1% |
| Financial income75/76B | - | - | - | €1,834 | €1,861 | €2,909 | €328 | €590 | ▲ 79.9% |
| Recurring financial income75 | €1,224 | €2,125 | €909 | €1,834 | €1,861 | €2,909 | €328 | €590 | ▲ 79.9% |
| Financial charges65/66B | - | - | - | €1,340 | €4,173 | €7,403 | €8,987 | €7,033 | ▼ 21.7% |
| Recurring financial charges65 | €416 | €819 | €1,091 | €1,340 | €4,173 | €7,403 | €8,987 | €7,033 | ▼ 21.7% |
| Profit (loss) for the period before taxes9903 | €22,683 | €72,178 | €35,920 | €16,763 | €77,051 | €39,778 | €11,869 | €24,585 | ▲ 107% |
| Income taxes67/77 | €4,209 | €15,857 | €6,079 | €110 | €11,389 | €9,104 | €3,207 | €6,400 | ▲ 99.6% |
| Profit (loss) for the period9904 | €18,474 | €56,321 | €29,841 | €16,653 | €65,662 | €30,674 | €8,662 | €18,185 | ▲ 110% |
| Profit (loss) for the period to be appropriated9905 | €18,474 | €56,321 | €29,841 | €16,653 | €65,662 | €30,674 | €8,662 | €18,185 | ▲ 110% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €68,213 | €174,936 | €235,455 | €364,120 | €385,638 | €495,037 | €328,082 | €306,743 | ▼ 6.5% |
| Fixed assets21/28 | €20,329 | €57,188 | €77,417 | €221,421 | €230,915 | €266,070 | €257,330 | €226,185 | ▼ 12.1% |
| Intangible fixed assets21 | €15,250 | €12,250 | €9,250 | €6,250 | €3,250 | €250 | €0 | - | - |
| Tangible fixed assets22/27 | €5,079 | €44,938 | €68,167 | €215,171 | €227,665 | €265,625 | €257,135 | €225,990 | ▼ 12.1% |
| Land and buildings22 | - | - | - | €163,104 | €190,776 | €188,657 | €204,264 | €189,779 | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €13,153 | €10,114 | €28,470 | €21,419 | €14,381 | ▼ 32.9% |
| Furniture and vehicles24 | - | - | - | €36,114 | €25,851 | €39,599 | €31,452 | €21,830 | ▼ 30.6% |
| Assets under construction and advance payments27 | - | - | - | €2,800 | €924 | €8,899 | €0 | - | - |
| Financial fixed assets28 | - | - | - | - | - | €195 | €195 | €195 | = |
| Current assets29/58 | €47,884 | €117,748 | €158,038 | €142,699 | €154,723 | €228,967 | €70,752 | €80,558 | ▲ 13.9% |
| Amounts receivable after more than one year29 | - | - | - | €50 | €50 | - | - | - | - |
| Trade receivables290 | - | - | - | €50 | €50 | - | - | - | - |
| Stocks and contracts in progress3 | €4,564 | €27,628 | €3,553 | €11,825 | €53,075 | €52,558 | €14,855 | €13,789 | ▼ 7.2% |
| Stocks30/36 | - | - | - | €11,825 | €53,075 | €52,558 | €14,855 | €13,789 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €9,087 | €48,233 | €7,107 | €35,866 | €1,453 | €147,389 | €38,003 | €63,515 | ▲ 67.1% |
| Trade receivables40 | - | - | - | €2,058 | €1,398 | €147,319 | €22,333 | €47,845 | ▲ 114% |
| Other amounts receivable41 | - | - | - | €33,808 | €55 | €70 | €15,670 | €15,670 | = |
| Cash at bank and in hand54/58 | €34,021 | €36,618 | €144,402 | €92,501 | €96,648 | €24,818 | €14,140 | €605 | ▼ 95.7% |
| Deferred charges and accrued income490/1 | - | - | - | €2,457 | €3,497 | €4,202 | €3,754 | €2,649 | ▼ 29.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €68,213 | €174,936 | €235,455 | €364,120 | €385,638 | €495,037 | €328,082 | €306,743 | ▼ 6.5% |
| Equity10/15 | €30,790 | €51,817 | €46,364 | €63,017 | €69,855 | €71,117 | €45,379 | €51,564 | ▲ 13.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €610 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €11,580 | €31,357 | €25,904 | €42,557 | €49,395 | €50,657 | €9,319 | €15,504 | ▲ 66.4% |
| Investment grants15 | - | - | - | - | - | - | €15,600 | €15,600 | = |
| Amounts payable17/49 | €37,423 | €123,119 | €189,091 | €301,103 | €315,783 | €423,920 | €282,703 | €255,179 | ▼ 9.7% |
| Amounts payable after more than one year17 | - | €34,223 | €37,463 | €169,337 | €171,927 | €189,452 | €164,144 | €141,064 | ▼ 14.1% |
| Financial debts170/4 | - | - | - | €169,337 | €171,927 | €189,452 | €164,144 | €141,064 | ▼ 14.1% |
| Amounts payable within one year42/48 | €18,555 | €88,896 | €86,088 | €57,437 | €143,856 | €132,061 | €118,434 | €113,990 | ▼ 3.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,640 | €22,924 | €33,007 | €25,308 | €23,080 | ▼ 8.8% |
| Financial debts43 | - | - | - | - | €40,000 | - | - | €4,793 | - |
| Credit institutions430/8 | - | - | - | - | €40,000 | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €4,793 | - |
| Trade debts44 | €6,096 | €23,241 | €31,051 | €12,972 | €8,266 | €9,029 | €7,047 | €33,605 | ▲ 377% |
| Suppliers440/4 | - | - | - | €12,972 | €8,266 | €9,029 | €7,047 | €33,605 | ▲ 377% |
| Advances received on contracts in progress46 | - | - | - | €2,239 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €3,244 | €19,825 | €19,831 | €18,859 | €26,752 | ▲ 41.9% |
| Taxes450/3 | - | - | - | €3,244 | €18,109 | €18,561 | €18,859 | €26,752 | ▲ 41.9% |
| Remuneration and social security454/9 | - | - | - | - | €1,716 | €1,270 | - | - | - |
| Other amounts payable47/48 | - | - | - | €15,342 | €52,841 | €70,194 | €67,220 | €25,760 | ▼ 61.7% |
| Accrued charges and deferred income492/3 | - | - | - | €74,329 | - | €102,407 | €125 | €125 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,474 | €56,321 | €29,841 | €16,653 | €65,662 | €30,674 | €8,662 | €18,185 | ▲ 110% |
| + Depreciation and write-downs630 | €6,914 | €17,093 | €16,225 | €31,867 | €32,510 | €43,951 | €35,155 | €33,513 | ▼ 4.7% |
| Operating cash flow (approximation) | €25,388 | €73,414 | €46,066 | €48,520 | €98,172 | €74,625 | €43,817 | €51,698 | ▲ 18.0% |
| Investment in fixed assets (approximation) | - | -€53,952 | -€36,454 | -€175,871 | -€42,004 | -€79,106 | -€26,415 | -€2,368 | ▲ 91.0% |
| Change in cash | - | €2,597 | €107,784 | -€51,901 | €4,147 | -€71,830 | -€10,678 | -€13,535 | ▼ 26.8% |
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, 5,053 companies had the same profile as G.T.E. has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of G.T.E. itself: 1.2% 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 5,053 companies, not a prediction for G.T.E.. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-05-2026 | 2026-00127747 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00112673 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00105176 | |
| 31-12-2022 | micro format | 31-05-2023 | 2023-00099542 | |
| 31-12-2021 | full format | 01-06-2022 | 2022-20041456 | |
| 31-12-2020 | full format | 04-06-2021 | 2021-17600266 | |
| 31-12-2019 | full format | 31-05-2020 | 2020-14200533 | |
| 31-12-2018 | full format | 03-06-2019 | 2019-15100479 | |
| 31-12-2017 | full format | 06-06-2018 | 2018-16800102 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-18900399 |