GABEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-01-2026 PDF all 8 filings
Turnover
€8.0m▼ 15.1%
2023 · €9.4m
EBIT margin
23.5%▼ 2.8pp
2023 · 26.4%
Net result
€2.0m▲ 48.3%
2024 · €1.4m
Working capital
€1.8m▼ 18.7%
2024 · €2.3m
In the rankings
#9 company by total assets in Ingelmunster#10 company by equity in West Flanders, Crop and animal production sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€3.0m
▲ 61.7%
2025
20192025
Net result
€2.0m
▲ 48.3%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€8.5m
▲ 1.3%
2025
highest quarter of the sector
20192025
Total assets
€19.6m
▼ 11.9%
2025
highest quarter of the sector
20192025
Debt
€11.1m
▼ 19.8%
2025
20192025
Working capital
€1.8m
▼ 18.7%
2025
highest quarter of the sector
20192025
Solvency
43.1%
▲ 5.6pp
2025
middle half of the sector
20192025
Current ratio
1.53
▲ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
10.4%
▲ 4.2pp
2025
highest quarter of the sector
20192025
Staff (FTE)
37
=
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€9.4m€8.0m▼ 15.1%
Operating result€0.2m--€1.0m€3.8m€3.9m▲ 1.9%€2.5m▼ 36.2%€1.9m▼ 24.1%€3.0m▲ 61.7%
Net result€0.2m--€1.0mbelow the sector's middle half€3.3mabove the sector's middle half€2.8mabove the sector's middle half▼ 13.5%€1.8mabove the sector's middle half▼ 36.2%€1.4mabove the sector's middle half▼ 23.8%€2.0mabove the sector's middle half▲ 48.3%
EBIT margin26.4%23.5%▼ 2.8pp
Equity€2.0m-€0.9mwithin the sector's middle half▼ 53.5%€4.2mabove the sector's middle half▲ 359%€7.0mabove the sector's middle half▲ 67.6%€8.8mabove the sector's middle half▲ 25.7%€8.3mabove the sector's middle half▼ 4.9%€8.5mabove the sector's middle half▲ 1.3%
Total assets€2.9m-€19.0mabove the sector's middle half▲ 555%€22.6mabove the sector's middle half▲ 19.1%€23.0mabove the sector's middle half▲ 1.7%€23.0mabove the sector's middle half▲ 0.2%€22.2mabove the sector's middle half▼ 3.5%€19.6mabove the sector's middle half▼ 11.9%
Debt€0.9m-€18.1m▲ 19×€18.5m▲ 2.1%€16.0m▼ 13.2%€14.3m▼ 11.0%€13.9m▼ 2.6%€11.1m▼ 19.8%
Working capital-€0.5m--€2.0mbelow the sector's middle half▼ 285%€1.0mabove the sector's middle half€2.8mabove the sector's middle half▲ 187%€3.6mabove the sector's middle half▲ 31.2%€2.3mabove the sector's middle half▼ 37.4%€1.8mabove the sector's middle half▼ 18.7%
Solvency67.4%-4.8%below the sector's middle half▼ 62.6pp18.4%within the sector's middle half▲ 13.6pp30.3%within the sector's middle half▲ 11.9pp38.1%within the sector's middle half▲ 7.7pp37.5%within the sector's middle half▼ 0.6pp43.1%within the sector's middle half▲ 5.6pp
Current ratio0.45-0.52below the sector's middle half▲ 0.071.27within the sector's middle half▲ 0.752.10within the sector's middle half▲ 0.832.16within the sector's middle half▲ 0.061.50within the sector's middle half▼ 0.661.53within the sector's middle half▲ 0.02
Return on assets (ROA)8.3%--5.5%below the sector's middle half▼ 13.8pp14.4%above the sector's middle half▲ 19.9pp12.2%above the sector's middle half▼ 2.2pp7.8%above the sector's middle half▼ 4.4pp6.2%within the sector's middle half▼ 1.6pp10.4%above the sector's middle half▲ 4.2pp
Staff (FTE)0.3-11.8above the sector's middle half▲ 39×39.3above the sector's middle half▲ 233%39.1above the sector's middle half▼ 0.5%37above the sector's middle half▼ 5.4%37above the sector's middle half=37above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 62% 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 €19.6m
Fixed assets
€14.3m ▼ 7.8%
Current assets
€5.3m ▼ 21.2%
Equity and liabilities €19.6m
Equity
€8.5m ▲ 1.3%
Debt
€11.1m ▼ 19.8%
Debt's share of the balance-sheet total falls from 62.5% to 56.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.8m▲
2024 · €3.5m
Cash flow
€3.7m▲
2024 · €3.0m
Quick ratio
1.46▲
2024 · 1.40
Debt to equity
1.32▼
2024 · 1.66
ROE
24.0%▲
2024 · 16.4%
Interest coverage
51.29▼
2024 · over 100
Debt ≤ 1 year
€3.5m▼
2024 · €4.5m
Debt > 1 year
€7.7m▼
2024 · €9.4m
Income taxes
€942,628▲
2024 · €464,824
Staff costs
€1.8m▲
2024 · €1.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 66 | 56 | 16 | 59 |
| full-time | 66 | 56 | 16 | 59 |
| part-time | - | - | - | 0 |
| in full-time equivalents | 66 | 56 | 16 | 59 |
| Average over the year, in full-time equivalents | 39.1 | 37 | 37 | 37 |
| On a permanent contract | 7 | 9 | 14 | 8 |
| Joined | 101 | 75 | 96 | 120 |
| Left | 87 | 81 | 136 | 77 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.2m | €205,479 | €838,498 | €503,274 |
| Depreciation and write-downs of the year | €1.6m | €1.6m | €1.7m | €1.7m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €9.5m | €8.0m | - | - |
| Turnover70 | - | - | - | - | €9.4m | €8.0m | - | - |
| Other operating income74 | - | - | - | - | €0.1m | €0.01m | - | - |
| Operating charges60/66A | - | - | - | - | €7.0m | €6.1m | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €0.9m | €0.8m | - | - |
| Purchases600/8 | - | - | - | - | €0.9m | €0.9m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€0.01m | -€0.08m | - | - |
| Services and other goods61 | - | - | - | - | €3.2m | €2.1m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.3m | €1.6m | €1.8m | ▲ 14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €1.0m | €1.6m | €1.6m | €1.6m | €1.7m | €1.7m | ▲ 3.2% |
| Other operating charges640/8 | - | - | - | €0.002m | - | €316 | €0.09m | ▲ 290× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.007m | - |
| Gross operating margin9900 | €0.5m | €0.4m | €6.8m | €6.7m | - | - | €6.7m | - |
| Operating profit (loss)9901 | €0.2m | -€1.0m | €3.8m | €3.9m | €2.5m | €1.9m | €3.0m | ▲ 61.7% |
| Financial income75/76B | - | - | - | €0.007m | €0.03m | €0.07m | €0.03m | ▼ 58.1% |
| Recurring financial income75 | €5 | €0.01m | €0.006m | €0.007m | €0.03m | €0.07m | €0.03m | ▼ 58.1% |
| Income from current assets751 | - | - | - | - | - | €0.06m | - | - |
| Other financial income752/9 | - | - | - | - | €0.03m | €0.01m | - | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 18.5% |
| Recurring financial charges65 | €60 | €0.05m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 18.5% |
| Debt charges650 | - | - | - | - | €0.004m | €0.02m | - | - |
| Other financial charges652/9 | - | - | - | - | €0.1m | €0.1m | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | -€1.0m | €3.7m | €3.8m | €2.4m | €1.8m | €3.0m | ▲ 62.1% |
| Income taxes67/77 | €253 | €228 | €0.4m | €1.0m | €0.6m | €0.5m | €0.9m | ▲ 103% |
| Taxes670/3 | - | - | - | - | €0.6m | €0.5m | - | - |
| Profit (loss) for the period9904 | €0.2m | -€1.0m | €3.3m | €2.8m | €1.8m | €1.4m | €2.0m | ▲ 48.3% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | -€1.0m | €3.3m | €2.8m | €1.8m | €1.4m | €2.0m | ▲ 48.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.9m | €19.0m | €22.6m | €23.0m | €23.0m | €22.2m | €19.6m | ▼ 11.9% |
| Fixed assets21/28 | €2.5m | €16.8m | €18.1m | €17.8m | €16.3m | €15.5m | €14.3m | ▼ 7.8% |
| Tangible fixed assets22/27 | €2.5m | €16.8m | €18.1m | €17.8m | €16.3m | €15.5m | €14.3m | ▼ 7.8% |
| Land and buildings22 | - | - | - | €12.0m | €11.3m | €11.2m | €10.4m | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €5.7m | €4.9m | €4.2m | €3.7m | ▼ 11.0% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.07m | €0.1m | €0.1m | ▼ 29.2% |
| Current assets29/58 | €0.4m | €2.2m | €4.5m | €5.3m | €6.7m | €6.8m | €5.3m | ▼ 21.2% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.03m | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.03m | - |
| Stocks and contracts in progress3 | - | €0.5m | €0.3m | €0.4m | €0.4m | €0.5m | €0.2m | ▼ 51.9% |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.5m | €0.2m | ▼ 51.9% |
| Raw materials and consumables30/31 | - | - | - | - | €0.4m | €0.5m | - | - |
| Amounts receivable within one year40/41 | €0.003m | €1.4m | €9 | €0.8m | €0.9m | €1.2m | €1.9m | ▲ 48.6% |
| Trade receivables40 | - | - | - | €0.8m | €0.9m | €1.1m | €1.7m | ▲ 52.6% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.001m | €0.1m | €0.2m | ▲ 19.1% |
| Current investments50/53 | - | €0.002m | €0.003m | €0.9m | €2.9m | €3.3m | €2.3m | ▼ 30.3% |
| Other investments51/53 | - | - | - | - | €2.9m | €3.3m | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.3m | €2.8m | €1.7m | €1.8m | €0.9m | €0.2m | ▼ 77.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1.5m | €0.7m | €0.8m | €0.7m | ▼ 14.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.9m | €19.0m | €22.6m | €23.0m | €23.0m | €22.2m | €19.6m | ▼ 11.9% |
| Equity10/15 | €2.0m | €0.9m | €4.2m | €7.0m | €8.8m | €8.3m | €8.5m | ▲ 1.3% |
| Contributions10/11 | €1.4m | - | - | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Reserves13 | €0.6m | €0.6m | €2.8m | €5.6m | €5.6m | €5.6m | €7.1m | ▲ 26.5% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.1m | €0.1m | - | - | - |
| Distributable reserves133 | - | - | - | €5.4m | €5.4m | €5.6m | €7.1m | ▲ 26.5% |
| Profit (loss) carried forward14 | - | -€1.0m | - | - | €1.8m | €1.4m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.9m | €18.1m | €18.5m | €16.0m | €14.3m | €13.9m | €11.1m | ▼ 19.8% |
| Amounts payable after more than one year17 | - | €13.9m | €14.7m | €12.9m | €11.2m | €9.4m | €7.7m | ▼ 18.6% |
| Financial debts170/4 | - | - | - | €12.9m | €11.2m | €9.4m | €7.7m | ▼ 18.6% |
| Credit institutions173 | - | - | - | - | €11.2m | €9.4m | - | - |
| Amounts payable within one year42/48 | €0.9m | €4.2m | €3.5m | €2.5m | €3.1m | €4.5m | €3.5m | ▼ 22.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Trade debts44 | €0.02m | €0.3m | €0.4m | €0.2m | €1.0m | €2.3m | €0.2m | ▼ 91.2% |
| Suppliers440/4 | - | - | - | €0.2m | €1.0m | €2.3m | €0.2m | ▼ 91.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.2m | €0.2m | €0.9m | ▲ 380% |
| Taxes450/3 | - | - | - | €0.5m | €0.1m | €0.08m | €0.8m | ▲ 835% |
| Remuneration and social security454/9 | - | - | - | - | €0.1m | €0.1m | €0.1m | ▲ 15.9% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.09m | €0.3m | €0.6m | ▲ 127% |
| Accrued charges and deferred income492/3 | - | - | - | €0.6m | €258 | €0.001m | €0.009m | ▲ 19× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | -€1.0m | €3.3m | €2.8m | €1.8m | €1.4m | €2.0m | ▲ 48.3% |
| + Depreciation and write-downs630 | €0.3m | €1.0m | €1.6m | €1.6m | €1.6m | €1.7m | €1.7m | ▲ 3.2% |
| Operating cash flow (approximation) | €0.5m | -€0.08m | €4.8m | €4.4m | €3.4m | €3.0m | €3.7m | ▲ 23.6% |
| Investment in fixed assets (approximation) | - | -€15.3m | -€2.9m | -€1.2m | -€0.2m | -€0.8m | -€0.5m | ▲ 40.0% |
| Change in cash | - | €0.2m | €2.6m | -€1.1m | €0.1m | -€0.9m | -€0.7m | ▲ 24.3% |
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, 6,782 companies had the same profile as GABEL has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of GABEL itself: 0.3% 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 6,782 companies, not a prediction for GABEL. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 31-01-2026 | 2026-00024496 | |
| 30-06-2024 | full format | 04-02-2025 | 2025-00028079 | |
| 30-06-2023 | full format | 15-02-2024 | 2024-00030577 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00011770 | |
| 30-06-2021 | abbreviated format | 01-02-2022 | 2022-04500159 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-04200161 | |
| 30-06-2019 | micro format | 18-12-2019 | 2019-76700412 | |
| 30-06-2018 | micro format | 25-01-2019 | 2019-02400237 |