GauVan
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 8 filings
Turnover
≈ €570,000
Estimated: probably between €380,000 and €710,000
Total assets
€328,251▲ 56.6%
2024 · €209,586
Net result
€56,683▼ 23.1%
2024 · €73,671
Working capital
€106,394▼ 2.1%
2024 · €108,717
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€77,299
▼ 24.2%
2025
20182025
Net result
€56,683
▼ 23.1%
2025
highest quarter of the sector
20182025
Equity
€161,983
▲ 10.3%
2025
highest quarter of the sector
20182025
Total assets
€328,251
▲ 56.6%
2025
highest quarter of the sector
20182025
Debt
€166,268
▲ 165%
2025
20182025
Working capital
€106,394
▼ 2.1%
2025
highest quarter of the sector
20182025
Solvency
49.3%
▼ 20.7pp
2025
middle half of the sector
20182025
Current ratio
1.77
▼ 1.02
2025
middle half of the sector
20182025
Return on assets (ROA)
17.3%
▼ 17.9pp
2025
middle half of the sector
20182025
Staff (FTE)
0.7
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,689-€3,382▼ 81.9%-€699-€5,502▼ 687%€23,896€32,893▲ 37.7%€101,943▲ 210%€77,299▼ 24.2%
Net result€14,898-€3,018▼ 79.7%-€1,517below the sector's middle half-€6,499below the sector's middle half▼ 328%€21,209within the sector's middle half€23,576within the sector's middle half▲ 11.2%€73,671above the sector's middle half▲ 212%€56,683above the sector's middle half▼ 23.1%
Equity€27,298-€36,466▲ 33.6%€34,949within the sector's middle half▼ 4.2%€28,449within the sector's middle half▼ 18.6%€49,659within the sector's middle half▲ 74.6%€73,235within the sector's middle half▲ 47.5%€146,907above the sector's middle half▲ 101%€161,983above the sector's middle half▲ 10.3%
Total assets€30,469-€109,666▲ 260%€95,899within the sector's middle half▼ 12.6%€105,483within the sector's middle half▲ 10.0%€135,159within the sector's middle half▲ 28.1%€133,194within the sector's middle half▼ 1.5%€209,586within the sector's middle half▲ 57.4%€328,251above the sector's middle half▲ 56.6%
Debt€3,171-€73,200▲ 23×€60,951▼ 16.7%€77,033▲ 26.4%€85,500▲ 11.0%€59,959▼ 29.9%€62,679▲ 4.5%€166,268▲ 165%
Working capital€23,339-€16,249▼ 30.4%-€1,161below the sector's middle half-€4,075below the sector's middle half▼ 251%€21,452within the sector's middle half€49,438within the sector's middle half▲ 130%€108,717above the sector's middle half▲ 120%€106,394above the sector's middle half▼ 2.1%
Solvency89.6%-33.3%▼ 56.3pp36.4%within the sector's middle half▲ 3.2pp27.0%within the sector's middle half▼ 9.5pp36.7%within the sector's middle half▲ 9.8pp55.0%within the sector's middle half▲ 18.2pp70.1%above the sector's middle half▲ 15.1pp49.3%within the sector's middle half▼ 20.7pp
Current ratio8.36-1.41▼ 6.950.97below the sector's middle half▼ 0.440.92below the sector's middle half▼ 0.041.30within the sector's middle half▲ 0.381.99within the sector's middle half▲ 0.692.79within the sector's middle half▲ 0.801.77within the sector's middle half▼ 1.02
Return on assets (ROA)48.9%-2.8%▼ 46.1pp-1.6%below the sector's middle half▼ 4.3pp-6.2%below the sector's middle half▼ 4.6pp15.7%within the sector's middle half▲ 21.9pp17.7%within the sector's middle half▲ 2.0pp35.2%above the sector's middle half▲ 17.5pp17.3%within the sector's middle half▼ 17.9pp
Staff (FTE)0.7
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 24% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €328,251
Fixed assets
€83,982 ▲ 109%
Current assets
€244,269 ▲ 44.1%
Equity and liabilities €328,251
Equity
€161,983 ▲ 10.3%
Debt
€166,268 ▲ 165%
Debt's share of the balance-sheet total rises from 29.9% to 50.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€94,900▼
2024 · €111,400
Cash flow
€74,283▼
2024 · €83,128
Quick ratio
1.59▼
2024 · 2.42
Debt to equity
1.03▲
2024 · 0.43
ROE
35.0%▼
2024 · 50.1%
Interest coverage
51.83▼
2024 · 58.92
Debt ≤ 1 year
€137,874▲
2024 · €60,777
Debt > 1 year
€28,394▲
2024 · €1,902
Income taxes
€19,159▼
2024 · €26,381
Staff costs
€39,518
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 2 |
| full-time | 2 |
| in full-time equivalents | 2 |
| Average over the year, in full-time equivalents | 0.7 |
| On a permanent contract | 2 |
| Joined | 3 |
| Left | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,397 | €7,611 | €11,009 | €15,639 | €54,641 |
| Intangible fixed assets | €11,885 | - | - | - | €6,850 |
| Depreciation and write-downs of the year | €20,616 | €20,679 | €19,697 | €9,457 | €17,600 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €53 awarded · €53 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €39,518 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,621 | €14,739 | €16,824 | €20,616 | €20,679 | €19,697 | €9,457 | €17,600 | ▲ 86.1% |
| Other operating charges640/8 | - | - | - | €359 | €442 | €393 | €471 | €464 | ▼ 1.5% |
| Non-recurring operating charges66A | - | - | - | €965 | €1,513 | €585 | €2,353 | €8,320 | ▲ 254% |
| Gross operating margin9900 | €20,369 | €18,287 | €16,547 | €16,438 | €46,530 | €53,568 | €114,224 | €143,202 | ▲ 25.4% |
| Operating profit (loss)9901 | €18,689 | €3,382 | -€699 | -€5,502 | €23,896 | €32,893 | €101,943 | €77,299 | ▼ 24.2% |
| Financial income75/76B | - | - | - | €40 | €164 | €326 | - | €374 | - |
| Recurring financial income75 | €26 | €5 | €171 | €40 | €164 | €326 | - | €374 | - |
| Financial charges65/66B | - | - | - | €1,038 | €987 | €1,424 | €1,891 | €1,831 | ▼ 3.1% |
| Recurring financial charges65 | €123 | €369 | €990 | €1,038 | €987 | €1,424 | €1,891 | €1,831 | ▼ 3.1% |
| Profit (loss) for the period before taxes9903 | €18,592 | €3,018 | -€1,517 | -€6,499 | €23,072 | €31,795 | €100,052 | €75,842 | ▼ 24.2% |
| Income taxes67/77 | €3,694 | - | - | - | €1,863 | €8,218 | €26,381 | €19,159 | ▼ 27.4% |
| Profit (loss) for the period9904 | €14,898 | €3,018 | -€1,517 | -€6,499 | €21,209 | €23,576 | €73,671 | €56,683 | ▼ 23.1% |
| Profit (loss) for the period to be appropriated9905 | €14,898 | €3,018 | -€1,517 | -€6,499 | €21,209 | €23,576 | €73,671 | €56,683 | ▼ 23.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,469 | €109,666 | €95,899 | €105,483 | €135,159 | €133,194 | €209,586 | €328,251 | ▲ 56.6% |
| Fixed assets21/28 | €3,958 | €53,684 | €61,999 | €55,665 | €42,597 | €33,909 | €40,091 | €83,982 | ▲ 109% |
| Intangible fixed assets21 | - | €19,051 | €16,126 | €20,861 | €13,324 | €5,787 | €3,012 | €6,102 | ▲ 103% |
| Tangible fixed assets22/27 | €3,958 | €34,633 | €44,073 | €33,004 | €27,473 | €26,323 | €35,279 | €76,080 | ▲ 116% |
| Plant, machinery and equipment23 | - | - | - | €3,569 | €1,961 | €9,514 | €6,451 | €12,240 | ▲ 89.7% |
| Furniture and vehicles24 | - | - | - | €17,291 | €8,351 | €1,715 | €922 | €38,213 | ▲ 41× |
| Other tangible fixed assets26 | - | - | - | €12,144 | €17,161 | €15,094 | €27,906 | €25,627 | ▼ 8.2% |
| Financial fixed assets28 | - | - | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | €1,800 | = |
| Current assets29/58 | €26,510 | €55,982 | €33,900 | €49,818 | €92,562 | €99,285 | €169,494 | €244,269 | ▲ 44.1% |
| Stocks and contracts in progress3 | €842 | €3,335 | €3,445 | €13,802 | €16,571 | €12,728 | €22,678 | €25,224 | ▲ 11.2% |
| Stocks30/36 | - | - | - | €3,802 | €8,571 | €12,728 | €22,678 | €25,224 | ▲ 11.2% |
| Contracts in progress37 | - | - | - | €10,000 | €8,000 | - | - | - | - |
| Amounts receivable within one year40/41 | €5,685 | €21,476 | €4,976 | €5,757 | €53,678 | €46,484 | €37,500 | €73,412 | ▲ 95.8% |
| Trade receivables40 | - | - | - | €2,421 | €46,260 | €30,748 | €20,933 | €52,336 | ▲ 150% |
| Other amounts receivable41 | - | - | - | €3,337 | €7,417 | €15,737 | €16,566 | €21,077 | ▲ 27.2% |
| Cash at bank and in hand54/58 | €19,983 | €29,708 | €23,975 | €27,288 | €19,320 | €37,299 | €106,714 | €138,256 | ▲ 29.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,971 | €2,993 | €2,774 | €2,603 | €7,376 | ▲ 183% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,469 | €109,666 | €95,899 | €105,483 | €135,159 | €133,194 | €209,586 | €328,251 | ▲ 56.6% |
| Equity10/15 | €27,298 | €36,466 | €34,949 | €28,449 | €49,659 | €73,235 | €146,907 | €161,983 | ▲ 10.3% |
| Contributions10/11 | €12,400 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €1,855 | €17,916 | €16,399 | €9,899 | €31,109 | €54,685 | €128,357 | €143,433 | ▲ 11.7% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | €8,044 | €29,254 | €54,685 | €128,357 | €143,433 | ▲ 11.7% |
| Profit (loss) carried forward14 | €13,043 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €3,171 | €73,200 | €60,951 | €77,033 | €85,500 | €59,959 | €62,679 | €166,268 | ▲ 165% |
| Amounts payable after more than one year17 | - | €33,467 | €25,889 | €23,140 | €14,391 | €10,112 | €1,902 | €28,394 | ▲ 15× |
| Financial debts170/4 | - | - | - | €23,140 | €14,391 | €10,112 | €1,902 | €28,394 | ▲ 15× |
| Amounts payable within one year42/48 | €3,171 | €39,733 | €35,061 | €53,893 | €71,109 | €49,847 | €60,777 | €137,874 | ▲ 127% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,749 | €8,750 | €11,458 | €8,210 | €12,942 | ▲ 57.6% |
| Financial debts43 | - | - | - | - | - | - | €1,344 | €4,690 | ▲ 249% |
| Credit institutions430/8 | - | - | - | - | - | - | €1,344 | €4,690 | ▲ 249% |
| Trade debts44 | €3,171 | €7,608 | €2,169 | €10,880 | €30,574 | €25,340 | €34,842 | €67,503 | ▲ 93.7% |
| Suppliers440/4 | - | - | - | €10,880 | €30,574 | €25,340 | €34,842 | €67,503 | ▲ 93.7% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €1,950 | €16,381 | €19,735 | ▲ 20.5% |
| Taxes450/3 | - | - | - | - | - | - | €16,381 | €19,735 | ▲ 20.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,950 | - | - | - |
| Other amounts payable47/48 | - | - | - | €33,264 | €31,785 | €11,099 | - | €33,005 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,898 | €3,018 | -€1,517 | -€6,499 | €21,209 | €23,576 | €73,671 | €56,683 | ▼ 23.1% |
| + Depreciation and write-downs630 | €1,621 | €14,739 | €16,824 | €20,616 | €20,679 | €19,697 | €9,457 | €17,600 | ▲ 86.1% |
| Operating cash flow (approximation) | €16,519 | €17,757 | €15,307 | €14,117 | €41,889 | €43,273 | €83,128 | €74,283 | ▼ 10.6% |
| Investment in fixed assets (approximation) | - | -€64,464 | -€25,139 | -€14,282 | -€7,611 | -€11,009 | -€15,639 | -€61,491 | ▼ 293% |
| Change in cash | - | €9,725 | -€5,734 | €3,313 | -€7,968 | €17,979 | €69,415 | €31,542 | ▼ 54.6% |
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, 26,972 companies had the same profile as GauVan has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GauVan itself is lower: 0.1% within 12 months. It rests on far more data about GauVan than the profile alone.
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 26,972 companies, not a prediction for GauVan. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00301327 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00227568 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00215104 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00215583 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20158696 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37800498 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25600202 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-29100245 |