GECA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-03-2026 PDF all 25 filings
Turnover
≈ €57,000
Estimated: probably between €27,000 and €100,000
Total assets
€109,155▲ 19.8%
2024 · €91,125
Net result
-€975▲ 96.8%
2024 · -€30,773
Working capital
-€239,273▼ 5.0%
2024 · -€227,825
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€763
▲ 97.5%
2025
20192025
Net result
-€975
▲ 96.8%
2025
middle half of the sector
20192025
Equity
-€140,820
▼ 0.7%
2025
lowest quarter of the sector
20192025
Total assets
€109,155
▲ 19.8%
2025
middle half of the sector
20192025
Debt
€249,975
▲ 8.2%
2025
20192025
Working capital
-€239,273
▼ 5.0%
2025
lowest quarter of the sector
20192025
Solvency
-129.0%
▲ 24.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.04
▲ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-0.9%
▲ 32.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€16,090--€16,617▼ 3.3%€2,371-€1,812-€25,012▼ 1,280%-€30,576▼ 22.2%-€763▲ 97.5%
Net result-€16,140--€16,677below the sector's middle half▼ 3.3%€2,298within the sector's middle half-€1,946below the sector's middle half-€25,200below the sector's middle half▼ 1,195%-€30,773below the sector's middle half▼ 22.1%-€975within the sector's middle half▲ 96.8%
Equity-€67,548--€84,225below the sector's middle half▼ 24.7%-€81,927below the sector's middle half▲ 2.7%-€83,873below the sector's middle half▼ 2.4%-€109,072below the sector's middle half▼ 30.0%-€139,845below the sector's middle half▼ 28.2%-€140,820below the sector's middle half▼ 0.7%
Total assets€122,019-€112,816within the sector's middle half▼ 7.5%€107,462within the sector's middle half▼ 4.7%€104,734within the sector's middle half▼ 2.5%€98,489within the sector's middle half▼ 6.0%€91,125within the sector's middle half▼ 7.5%€109,155within the sector's middle half▲ 19.8%
Debt€189,567-€197,041▲ 3.9%€189,389▼ 3.9%€188,607▼ 0.4%€207,561▲ 10.0%€230,970▲ 11.3%€249,975▲ 8.2%
Working capital-€175,046--€175,609below the sector's middle half▼ 0.3%-€171,027below the sector's middle half▲ 2.6%-€172,972below the sector's middle half▼ 1.1%-€198,048below the sector's middle half▼ 14.5%-€227,825below the sector's middle half▼ 15.0%-€239,273below the sector's middle half▼ 5.0%
Solvency-55.4%--74.7%below the sector's middle half▼ 19.3pp-76.2%below the sector's middle half▼ 1.6pp-80.1%below the sector's middle half▼ 3.8pp-110.7%below the sector's middle half▼ 30.7pp-153.5%below the sector's middle half▼ 42.7pp-129.0%below the sector's middle half▲ 24.5pp
Current ratio0.08-0.11below the sector's middle half▲ 0.030.10below the sector's middle half▼ 0.010.08below the sector's middle half▼ 0.010.05below the sector's middle half▼ 0.040.01below the sector's middle half▼ 0.040.04below the sector's middle half▲ 0.03
Return on assets (ROA)-13.2%--14.8%below the sector's middle half▼ 1.6pp2.1%within the sector's middle half▲ 16.9pp-1.9%below the sector's middle half▼ 4.0pp-25.6%below the sector's middle half▼ 23.7pp-33.8%below the sector's middle half▼ 8.2pp-0.9%below the sector's middle half▲ 32.9pp
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 €763, smaller than the loss of €30,576 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 €109,155
Fixed assets
€98,454 ▲ 10.7%
Current assets
€10,702 ▲ 398%
Equity and liabilities
Equity-€140,820
Debt€249,975
Equity is negative. Debt (€249,975) exceeds the balance-sheet total (€109,155).
Key figures and ratios
EBITDA
-€304
Cash flow
-€516
Interest coverage
-1.43
Debt ≤ 1 year
€249,975▲
2024 · €229,975
Income taxes
€0▲
2024 · €0
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €9,937 |
| Depreciation and write-downs of the year | - | - | - | €459 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,113 | €16,113 | - | - | - | - | €459 | - |
| Other operating charges640/8 | - | - | - | €2,363 | €17,722 | €9,874 | €11,160 | ▲ 13.0% |
| Gross operating margin9900 | €5,614 | €7,566 | €12,522 | €551 | -€7,289 | -€20,702 | €10,856 | - |
| Operating profit (loss)9901 | -€16,090 | -€16,617 | €2,371 | -€1,812 | -€25,012 | -€30,576 | -€763 | ▲ 97.5% |
| Financial income75/76B | - | - | - | - | - | €0 | €1 | ▲ 142% |
| Recurring financial income75 | - | - | - | - | - | €0 | €1 | ▲ 142% |
| Financial charges65/66B | - | - | - | €134 | €188 | €197 | €212 | ▲ 7.8% |
| Recurring financial charges65 | €50 | €60 | €74 | €134 | €188 | €197 | €212 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | -€16,140 | -€16,677 | €2,298 | -€1,946 | -€25,200 | -€30,772 | -€974 | ▲ 96.8% |
| Income taxes67/77 | - | - | - | - | - | €0 | €0 | ▲ 136% |
| Profit (loss) for the period9904 | -€16,140 | -€16,677 | €2,298 | -€1,946 | -€25,200 | -€30,773 | -€975 | ▲ 96.8% |
| Profit (loss) for the period to be appropriated9905 | -€16,140 | -€16,677 | €2,298 | -€1,946 | -€25,200 | -€30,773 | -€975 | ▲ 96.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €122,019 | €112,816 | €107,462 | €104,734 | €98,489 | €91,125 | €109,155 | ▲ 19.8% |
| Fixed assets21/28 | €107,498 | €91,384 | €89,100 | €89,100 | €88,976 | €88,976 | €98,454 | ▲ 10.7% |
| Tangible fixed assets22/27 | €107,374 | €91,261 | €88,976 | €88,976 | €88,976 | €88,976 | €98,454 | ▲ 10.7% |
| Land and buildings22 | - | - | - | €88,976 | €88,976 | €88,976 | €88,976 | = |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €9,478 | - |
| Financial fixed assets28 | €124 | €124 | €124 | €124 | €0 | - | - | - |
| Current assets29/58 | €14,521 | €21,432 | €18,362 | €15,635 | €9,513 | €2,150 | €10,702 | ▲ 398% |
| Cash at bank and in hand54/58 | €10,125 | €18,340 | €15,214 | €14,531 | €7,784 | €1,067 | €9,609 | ▲ 801% |
| Deferred charges and accrued income490/1 | - | - | - | €1,103 | €1,728 | €1,083 | €1,092 | ▲ 0.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €122,019 | €112,816 | €107,462 | €104,734 | €98,489 | €91,125 | €109,155 | ▲ 19.8% |
| Equity10/15 | -€67,548 | -€84,225 | -€81,927 | -€83,873 | -€109,072 | -€139,845 | -€140,820 | ▼ 0.7% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€167,548 | -€184,225 | -€181,927 | -€183,873 | -€209,072 | -€239,845 | -€240,820 | ▼ 0.4% |
| Amounts payable17/49 | €189,567 | €197,041 | €189,389 | €188,607 | €207,561 | €230,970 | €249,975 | ▲ 8.2% |
| Amounts payable within one year42/48 | €189,567 | €197,041 | €189,389 | €188,607 | €207,561 | €229,975 | €249,975 | ▲ 8.7% |
| Trade debts44 | €1,592 | €9,066 | €1,414 | €632 | €9,586 | €0 | - | - |
| Suppliers440/4 | - | - | - | €632 | €9,586 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €187,975 | €197,975 | €229,975 | €249,975 | ▲ 8.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €995 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,140 | -€16,677 | €2,298 | -€1,946 | -€25,200 | -€30,773 | -€975 | ▲ 96.8% |
| + Depreciation and write-downs630 | €16,113 | €16,113 | - | - | - | - | €459 | - |
| Operating cash flow (approximation) | -€27 | -€564 | €2,298 | -€1,946 | -€25,200 | -€30,773 | -€516 | ▲ 98.3% |
| Investment in fixed assets (approximation) | - | €0 | €2,285 | €0 | €124 | €0 | -€9,937 | - |
| Change in cash | - | €8,215 | -€3,126 | -€682 | -€6,747 | -€6,718 | €8,543 | - |
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, 2,796 companies had the same profile as GECA has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GECA itself: 1.7% 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 2,796 companies, not a prediction for GECA. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 06-03-2026 | 2026-00050677 | |
| 30-09-2024 | micro format | 10-03-2025 | 2025-00047892 | |
| 30-09-2023 | micro format | 01-03-2024 | 2024-00039701 | |
| 30-09-2022 | micro format | 14-03-2023 | 2023-00040254 | |
| 30-09-2021 | micro format | 08-03-2022 | 2022-07300037 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-13300381 | |
| 30-09-2019 | micro format | 09-03-2020 | 2020-06400262 | |
| 30-09-2018 | micro format | 06-03-2019 | 2019-06600361 | |
| 30-09-2017 | micro format | 02-03-2018 | 2018-06100498 | |
| 30-09-2016 | abbreviated format | 06-03-2017 | 2017-05800189 |