Gecotrans
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-07-2026 at the NBB all 6 filings
Turnover
≈ €530,000
Estimated: probably between €400,000 and €740,000
Total assets
€497,576▼ 14.1%
2024 · €578,995
Net result
€39,178▼ 21.4%
2024 · €49,847
Working capital
-€42,107▲ 43.6%
2024 · -€74,649
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€65,130
▼ 8.7%
2025
20202025
Net result
€39,178
▼ 21.4%
2025
highest quarter of the sector
20202025
Equity
€278,730
▲ 16.4%
2025
highest quarter of the sector
20202025
Total assets
€497,576
▼ 14.1%
2025
highest quarter of the sector
20202025
Debt
€218,846
▼ 35.5%
2025
20202025
Working capital
-€42,107
▲ 43.6%
2025
lowest quarter of the sector
20202025
Solvency
56.0%
▲ 14.6pp
2025
middle half of the sector
20202025
Current ratio
0.75
▲ 0.13
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
7.9%
▼ 0.7pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€51,769-€55,256▲ 6.7%€46,346▼ 16.1%€71,564▲ 54.4%€71,347▼ 0.3%€65,130▼ 8.7%
Net result€44,935above the sector's middle half-€41,142above the sector's middle half▼ 8.4%€32,728above the sector's middle half▼ 20.4%€47,524above the sector's middle half▲ 45.2%€49,847above the sector's middle half▲ 4.9%€39,178above the sector's middle half▼ 21.4%
Equity€68,311within the sector's middle half-€109,453within the sector's middle half▲ 60.2%€142,181above the sector's middle half▲ 29.9%€189,705above the sector's middle half▲ 33.4%€239,552above the sector's middle half▲ 26.3%€278,730above the sector's middle half▲ 16.4%
Total assets€267,414within the sector's middle half-€315,061above the sector's middle half▲ 17.8%€292,809within the sector's middle half▼ 7.1%€409,499above the sector's middle half▲ 39.9%€578,995above the sector's middle half▲ 41.4%€497,576above the sector's middle half▼ 14.1%
Debt€199,103-€205,608▲ 3.3%€150,628▼ 26.7%€219,794▲ 45.9%€339,443▲ 54.4%€218,846▼ 35.5%
Working capital€1,898below the sector's middle half--€19,840below the sector's middle half€20,198within the sector's middle half€17,316within the sector's middle half▼ 14.3%-€74,649below the sector's middle half-€42,107below the sector's middle half▲ 43.6%
Solvency25.5%within the sector's middle half-34.7%within the sector's middle half▲ 9.2pp48.6%within the sector's middle half▲ 13.8pp46.3%within the sector's middle half▼ 2.2pp41.4%within the sector's middle half▼ 5.0pp56.0%within the sector's middle half▲ 14.6pp
Current ratio1.02below the sector's middle half-0.84below the sector's middle half▼ 0.181.19within the sector's middle half▲ 0.351.13within the sector's middle half▼ 0.060.62below the sector's middle half▼ 0.510.75below the sector's middle half▲ 0.13
Return on assets (ROA)16.8%above the sector's middle half-13.1%within the sector's middle half▼ 3.7pp11.2%within the sector's middle half▼ 1.9pp11.6%within the sector's middle half▲ 0.4pp8.6%within the sector's middle half▼ 3.0pp7.9%within the sector's middle half▼ 0.7pp
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 9% lower than in 2024. It is the second fall in a row.
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 €497,576
Fixed assets
€371,194 ▼ 19.0%
Current assets
€126,382 ▲ 4.8%
Equity and liabilities €497,576
Equity
€278,730 ▲ 16.4%
Debt
€218,846 ▼ 35.5%
Debt's share of the balance-sheet total falls from 58.6% to 44.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€155,583▲
2024 · €136,206
Cash flow
€129,632▲
2024 · €114,706
Debt to equity
0.79▼
2024 · 1.42
ROE
14.1%▼
2024 · 20.8%
Interest coverage
18.23▲
2024 · 13.95
Debt ≤ 1 year
€168,489▼
2024 · €195,199
Debt > 1 year
€50,357▼
2024 · €144,244
Income taxes
€17,418▲
2024 · €11,771
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €63,550 | - | €144,514 | €322,650 | €3,240 |
| Financial fixed assets | - | - | €3,000 | - | - |
| Depreciation and write-downs of the year | €35,949 | €42,706 | €55,946 | €64,859 | €90,454 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,086 | €35,949 | €42,706 | €55,946 | €64,859 | €90,454 | ▲ 39.5% |
| Other operating charges640/8 | - | €310 | €429 | €7,429 | €7,877 | €5,635 | ▼ 28.5% |
| Gross operating margin9900 | €77,883 | €91,515 | €89,482 | €134,939 | €144,082 | €161,218 | ▲ 11.9% |
| Operating profit (loss)9901 | €51,769 | €55,256 | €46,346 | €71,564 | €71,347 | €65,130 | ▼ 8.7% |
| Financial income75/76B | - | - | - | €0 | €34 | - | - |
| Recurring financial income75 | - | - | - | €0 | €34 | - | - |
| Financial charges65/66B | - | €1,220 | €1,168 | €4,254 | €9,763 | €8,534 | ▼ 12.6% |
| Recurring financial charges65 | €1,020 | €1,220 | €1,168 | €4,254 | €9,763 | €8,534 | ▼ 12.6% |
| Profit (loss) for the period before taxes9903 | €50,749 | €54,037 | €45,179 | €67,311 | €61,618 | €56,596 | ▼ 8.2% |
| Income taxes67/77 | €5,814 | €12,895 | €12,450 | €19,787 | €11,771 | €17,418 | ▲ 48.0% |
| Profit (loss) for the period9904 | €44,935 | €41,142 | €32,728 | €47,524 | €49,847 | €39,178 | ▼ 21.4% |
| Profit (loss) for the period to be appropriated9905 | €44,935 | €41,142 | €32,728 | €47,524 | €49,847 | €39,178 | ▼ 21.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €267,414 | €315,061 | €292,809 | €409,499 | €578,995 | €497,576 | ▼ 14.1% |
| Fixed assets21/28 | €183,414 | €211,016 | €168,310 | €259,878 | €458,444 | €371,194 | ▼ 19.0% |
| Tangible fixed assets22/27 | €183,414 | €211,016 | €168,310 | €256,878 | €458,309 | €371,096 | ▼ 19.0% |
| Plant, machinery and equipment23 | - | €3,630 | €2,580 | €1,530 | €480 | - | - |
| Furniture and vehicles24 | - | €61,554 | €49,625 | €37,697 | €55,774 | €38,313 | ▼ 31.3% |
| Leasing and similar rights25 | - | €145,831 | €116,104 | €217,651 | €402,055 | €332,782 | ▼ 17.2% |
| Financial fixed assets28 | - | - | - | €3,000 | €135 | €98 | ▼ 27.2% |
| Current assets29/58 | €84,000 | €104,046 | €124,499 | €149,621 | €120,550 | €126,382 | ▲ 4.8% |
| Amounts receivable within one year40/41 | €27,659 | €41,946 | €25,120 | €61,654 | €65,666 | €48,591 | ▼ 26.0% |
| Trade receivables40 | - | €41,946 | €25,120 | €61,654 | €60,664 | €43,580 | ▼ 28.2% |
| Other amounts receivable41 | - | - | - | - | €5,002 | €5,011 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €56,341 | €62,100 | €99,379 | €87,966 | €54,884 | €77,791 | ▲ 41.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €267,414 | €315,061 | €292,809 | €409,499 | €578,995 | €497,576 | ▼ 14.1% |
| Equity10/15 | €68,311 | €109,453 | €142,181 | €189,705 | €239,552 | €278,730 | ▲ 16.4% |
| Contributions10/11 | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | - | €41,142 | €73,870 | €121,393 | €171,241 | €210,419 | ▲ 22.9% |
| Distributable reserves133 | - | €41,142 | €73,870 | €121,393 | €171,241 | €210,419 | ▲ 22.9% |
| Profit (loss) carried forward14 | €43,311 | €43,311 | €43,311 | €43,311 | €43,311 | €43,311 | = |
| Amounts payable17/49 | €199,103 | €205,608 | €150,628 | €219,794 | €339,443 | €218,846 | ▼ 35.5% |
| Amounts payable after more than one year17 | €117,001 | €81,723 | €46,326 | €87,490 | €144,244 | €50,357 | ▼ 65.1% |
| Financial debts170/4 | - | €81,723 | €46,326 | €87,490 | €144,244 | €50,357 | ▼ 65.1% |
| Amounts payable within one year42/48 | €82,102 | €123,885 | €104,301 | €132,305 | €195,199 | €168,489 | ▼ 13.7% |
| Current portion of amounts payable after more than one year42 | - | €87,028 | €74,723 | €83,980 | €157,876 | €130,597 | ▼ 17.3% |
| Trade debts44 | €6,155 | €14,352 | €17,223 | €28,266 | €21,653 | €20,939 | ▼ 3.3% |
| Suppliers440/4 | - | €14,352 | €17,223 | €28,266 | €21,653 | €20,939 | ▼ 3.3% |
| Taxes, remuneration and social security45 | - | €8,863 | €3,277 | €14,697 | €10,308 | €12,918 | ▲ 25.3% |
| Taxes450/3 | - | €8,863 | €3,277 | €12,993 | €10,308 | €12,918 | ▲ 25.3% |
| Remuneration and social security454/9 | - | - | - | €1,704 | - | - | - |
| Other amounts payable47/48 | - | €13,642 | €9,078 | €5,361 | €5,361 | €4,035 | ▼ 24.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,935 | €41,142 | €32,728 | €47,524 | €49,847 | €39,178 | ▼ 21.4% |
| + Depreciation and write-downs630 | €25,086 | €35,949 | €42,706 | €55,946 | €64,859 | €90,454 | ▲ 39.5% |
| Operating cash flow (approximation) | €70,021 | €77,090 | €75,434 | €103,470 | €114,706 | €129,632 | ▲ 13.0% |
| Investment in fixed assets (approximation) | - | -€63,550 | €0 | -€147,514 | -€263,425 | -€3,203 | ▲ 98.8% |
| Change in cash | - | €5,759 | €37,279 | -€11,413 | -€33,082 | €22,907 | - |
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 Gecotrans 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 Gecotrans itself: 0.2% 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 6,782 companies, not a prediction for Gecotrans. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-07-2026 | 2026-00313955 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00354949 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00367576 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00293623 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20322079 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41300089 |