GAM SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-04-2026 PDF all 12 filings
Turnover
≈ €120,000
Estimated: probably between €56,000 and €230,000
EBIT margin
Not included in this filing
Net result
€12,494▼ 58.2%
2024 · €29,884
Working capital
€47,902▲ 26.0%
2024 · €38,028
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,283
▼ 55.7%
2025
20192025
Net result
€12,494
▼ 58.2%
2025
middle half of the sector
20192025
Equity
€55,891
▲ 28.8%
2025
middle half of the sector
20192025
Total assets
€98,212
▲ 31.3%
2025
middle half of the sector
20192025
Debt
€42,321
▲ 34.7%
2025
20192025
Working capital
€47,902
▲ 26.0%
2025
middle half of the sector
20192025
Solvency
56.9%
▼ 1.1pp
2025
middle half of the sector
20192025
Current ratio
2.13
▼ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
12.7%
▼ 27.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€1,262-€12,103-€17,115-€6,745▲ 60.6%€15,250€39,047▲ 156%€17,283▼ 55.7%
Net result-€1,387-€11,452within the sector's middle half-€17,167below the sector's middle half-€6,745below the sector's middle half▲ 60.7%€13,786within the sector's middle half€29,884within the sector's middle half▲ 117%€12,494within the sector's middle half▼ 58.2%
Equity€12,186-€23,639below the sector's middle half▲ 94.0%€6,472below the sector's middle half▼ 72.6%-€273below the sector's middle half€13,513below the sector's middle half€43,397within the sector's middle half▲ 221%€55,891within the sector's middle half▲ 28.8%
Total assets€20,356-€27,265below the sector's middle half▲ 33.9%€9,064below the sector's middle half▼ 66.8%€5,037below the sector's middle half▼ 44.4%€34,162below the sector's middle half▲ 578%€74,821within the sector's middle half▲ 119%€98,212within the sector's middle half▲ 31.3%
Debt€8,170-€3,627▼ 55.6%€2,592▼ 28.5%€5,310▲ 105%€20,649▲ 289%€31,424▲ 52.2%€42,321▲ 34.7%
Working capital€9,604-€24,034within the sector's middle half▲ 150%€5,784below the sector's middle half▼ 75.9%-€589below the sector's middle half€11,364below the sector's middle half€38,028within the sector's middle half▲ 235%€47,902within the sector's middle half▲ 26.0%
Solvency59.9%-86.7%above the sector's middle half▲ 26.8pp71.4%within the sector's middle half▼ 15.3pp-5.4%below the sector's middle half▼ 76.8pp39.6%within the sector's middle half▲ 45.0pp58.0%within the sector's middle half▲ 18.4pp56.9%within the sector's middle half▼ 1.1pp
Current ratio2.18-9.33above the sector's middle half▲ 7.154.12within the sector's middle half▼ 5.200.89below the sector's middle half▼ 3.231.55within the sector's middle half▲ 0.662.21within the sector's middle half▲ 0.662.13within the sector's middle half▼ 0.08
Return on assets (ROA)-6.8%-42.0%above the sector's middle half▲ 48.8pp-189.4%below the sector's middle half▼ 231.4pp-133.9%below the sector's middle half▲ 55.5pp40.4%above the sector's middle half▲ 174.3pp39.9%above the sector's middle half▼ 0.4pp12.7%within the sector's middle half▼ 27.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 56% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €98,212
Fixed assets
€7,990 ▲ 48.8%
Current assets
€90,223 ▲ 29.9%
Equity and liabilities €98,212
Equity
€55,891 ▲ 28.8%
Debt
€42,321 ▲ 34.7%
Debt's share of the balance-sheet total rises from 42.0% to 43.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€20,814▼
2024 · €40,283
Cash flow
€16,025▼
2024 · €31,120
Debt to equity
0.76▲
2024 · 0.72
ROE
22.4%▼
2024 · 68.9%
Interest coverage
21.81▼
2024 · 50.93
Debt ≤ 1 year
€42,321▲
2024 · €31,424
Income taxes
€3,834▼
2024 · €8,372
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,304 | - | €3,318 | €4,456 | €6,152 |
| Depreciation and write-downs of the year | €1,221 | €1,113 | €1,485 | €1,236 | €3,531 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €12,000 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,237 | €2,237 | €1,221 | €1,113 | €1,485 | €1,236 | €3,531 | ▲ 186% |
| Other operating charges640/8 | - | - | €642 | - | €3,452 | €384 | €810 | ▲ 111% |
| Gross operating margin9900 | €1,742 | €28,881 | -€3,252 | -€5,632 | €20,187 | €40,667 | €21,624 | ▼ 46.8% |
| Operating profit (loss)9901 | -€1,262 | €12,103 | -€17,115 | -€6,745 | €15,250 | €39,047 | €17,283 | ▼ 55.7% |
| Financial income75/76B | - | - | - | - | €1 | - | €0 | - |
| Recurring financial income75 | €0 | - | - | - | €1 | - | €0 | - |
| Financial charges65/66B | - | - | €52 | - | €181 | €791 | €954 | ▲ 20.7% |
| Recurring financial charges65 | €76 | €452 | €52 | - | €181 | €791 | €954 | ▲ 20.7% |
| Profit (loss) for the period before taxes9903 | -€1,338 | €11,651 | -€17,167 | -€6,745 | €15,069 | €38,256 | €16,328 | ▼ 57.3% |
| Income taxes67/77 | €50 | €198 | - | - | €1,283 | €8,372 | €3,834 | ▼ 54.2% |
| Profit (loss) for the period9904 | -€1,387 | €11,452 | -€17,167 | -€6,745 | €13,786 | €29,884 | €12,494 | ▼ 58.2% |
| Profit (loss) for the period to be appropriated9905 | -€1,387 | €11,452 | -€17,167 | -€6,745 | €13,786 | €29,884 | €12,494 | ▼ 58.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €20,356 | €27,265 | €9,064 | €5,037 | €34,162 | €74,821 | €98,212 | ▲ 31.3% |
| Fixed assets21/28 | €2,582 | €345 | €1,429 | €316 | €2,149 | €5,369 | €7,990 | ▲ 48.8% |
| Tangible fixed assets22/27 | €2,582 | €345 | €1,429 | €316 | €2,149 | €5,369 | €7,990 | ▲ 48.8% |
| Furniture and vehicles24 | - | - | €1,429 | €316 | €2,149 | €5,369 | €7,990 | ▲ 48.8% |
| Current assets29/58 | €17,774 | €26,920 | €7,636 | €4,721 | €32,013 | €69,453 | €90,223 | ▲ 29.9% |
| Amounts receivable within one year40/41 | €5,390 | €12,640 | €4,226 | €3,726 | €12,303 | €14,533 | €5,124 | ▼ 64.7% |
| Trade receivables40 | - | - | €500 | - | €7,500 | €10,000 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €3,726 | €3,726 | €4,803 | €4,533 | €5,124 | ▲ 13.0% |
| Cash at bank and in hand54/58 | €12,384 | €14,280 | €3,410 | €41 | €19,661 | €51,920 | €80,491 | ▲ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €954 | €49 | €3,000 | €4,608 | ▲ 53.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €20,356 | €27,265 | €9,064 | €5,037 | €34,162 | €74,821 | €98,212 | ▲ 31.3% |
| Equity10/15 | €12,186 | €23,639 | €6,472 | -€273 | €13,513 | €43,397 | €55,891 | ▲ 28.8% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €37,197 | €49,691 | ▲ 33.6% |
| 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 | = |
| Distributable reserves133 | - | - | - | - | - | €35,337 | €47,831 | ▲ 35.4% |
| Profit (loss) carried forward14 | €4,126 | €15,579 | -€1,588 | -€8,333 | €5,453 | - | - | - |
| Amounts payable17/49 | €8,170 | €3,627 | €2,592 | €5,310 | €20,649 | €31,424 | €42,321 | ▲ 34.7% |
| Amounts payable within one year42/48 | €8,170 | €2,886 | €1,852 | €5,310 | €20,649 | €31,424 | €42,321 | ▲ 34.7% |
| Trade debts44 | €544 | €611 | €606 | €712 | €524 | €3,089 | €494 | ▼ 84.0% |
| Suppliers440/4 | - | - | €606 | €712 | €524 | €3,089 | €494 | ▼ 84.0% |
| Taxes, remuneration and social security45 | - | - | €13 | €13 | €1,727 | €10,440 | €20,970 | ▲ 101% |
| Taxes450/3 | - | - | €13 | €13 | €1,623 | €8,816 | €4,291 | ▼ 51.3% |
| Remuneration and social security454/9 | - | - | - | - | €104 | €1,624 | €16,679 | ▲ 927% |
| Other amounts payable47/48 | - | - | €1,234 | €4,586 | €18,397 | €17,896 | €20,857 | ▲ 16.5% |
| Accrued charges and deferred income492/3 | - | - | €740 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,387 | €11,452 | -€17,167 | -€6,745 | €13,786 | €29,884 | €12,494 | ▼ 58.2% |
| + Depreciation and write-downs630 | €2,237 | €2,237 | €1,221 | €1,113 | €1,485 | €1,236 | €3,531 | ▲ 186% |
| Operating cash flow (approximation) | €850 | €13,689 | -€15,946 | -€5,632 | €15,271 | €31,120 | €16,025 | ▼ 48.5% |
| Investment in fixed assets (approximation) | - | €0 | -€2,304 | €0 | -€3,318 | -€4,456 | -€6,152 | ▼ 38.1% |
| Change in cash | - | €1,896 | -€10,870 | -€3,368 | €19,620 | €32,258 | €28,571 | ▼ 11.4% |
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, 34,693 companies had the same profile as GAM SERVICES has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of GAM SERVICES itself: < 0.1% 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 34,693 companies, not a prediction for GAM SERVICES. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 16-04-2026 | 2026-00081947 | |
| 30-09-2024 | micro format | 09-04-2025 | 2025-00068428 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00070687 | |
| 30-09-2022 | micro format | 12-05-2023 | 2023-00086099 | |
| 30-09-2021 | micro format | 20-05-2022 | 2022-20030998 | |
| 30-09-2020 | micro format | 31-05-2021 | 2021-16500394 | |
| 30-09-2019 | full format | 30-05-2020 | 2020-15100392 | |
| 30-09-2018 | full format | 24-06-2019 | 2019-24100272 | |
| 30-09-2017 | full format | 31-05-2018 | 2018-15900440 | |
| 30-09-2016 | full format | 30-05-2017 | 2017-14200530 |