GEDECE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 11-06-2026 PDF all 33 filings
Equity
€1.4m▼ 2.8%
2024 · €1.4m
Total assets
€1.5m▼ 0.8%
2024 · €1.5m
Net result
-€39,993▼ 171%
2024 · -€14,776
Working capital
€1.3m▼ 1.2%
2024 · €1.3m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€32,038
▼ 67.3%
2025
20182025
Net result
-€39,993
▼ 171%
2025
20182025
Equity
€1.4m
▼ 2.8%
2025
20182025
Total assets
€1.5m
▼ 0.8%
2025
20182025
Debt
€67,493
▲ 72.4%
2025
20182025
Working capital
€1.3m
▼ 1.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.01m--€0.01m▲ 16.6%-€0.01m▼ 11.3%-€0.01m▼ 6.4%-€0.01m▲ 4.0%-€0.02m▼ 23.8%-€0.02m▼ 17.9%-€0.03m▼ 67.3%
Net result-€0.05m-€0.06m-€0.006m-€0.009m▼ 56.0%-€0.08m▼ 818%-€0.003m▲ 96.3%-€0.01m▼ 393%-€0.04m▼ 171%
Equity€1.5m-€1.6m▲ 4.3%€1.6m▼ 0.4%€1.5m▼ 0.6%€1.5m▼ 5.3%€1.5m▼ 0.2%€1.4m▼ 1.0%€1.4m▼ 2.8%
Total assets€1.5m-€1.6m▲ 4.4%€1.6m▼ 0.4%€1.6m▼ 0.3%€1.5m▼ 2.8%€1.5m▼ 0.5%€1.5m▼ 1.6%€1.5m▼ 0.8%
Debt€0.01m-€0.01m▲ 9.7%€0.01m▼ 3.2%€0.01m▲ 32.5%€0.05m▲ 265%€0.05m▼ 9.0%€0.04m▼ 19.2%€0.07m▲ 72.4%
Working capital€1.3m-€1.4m▲ 5.1%€1.4m▼ 1.0%€1.4m▼ 0.1%€1.3m▼ 3.7%€1.3m▲ 0.1%€1.3m▼ 1.5%€1.3m▼ 1.2%
The operating result for 2025 is a loss of €32,038, larger than the loss of €19,153 in 2024. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€187,085 =
Current assets
€1.3m ▼ 0.9%
Equity and liabilities €1.5m
Equity
€1.4m ▼ 2.8%
Debt
€67,493 ▲ 72.4%
Debt's share of the balance-sheet total rises from 2.6% to 4.6%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.05▲
2024 · 0.03
ROE
-2.8%▼
2024 · -1.0%
ROA
-2.7%▼
2024 · -1.0%
Debt ≤ 1 year
€5,363▲
2024 · €1,050
A ratio outside any meaningful range has been withheld (balance sheet total €1.5m, equity €1.4m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €868 | €868 | €960 | €968 | €998 | ▲ 3.2% |
| Gross operating margin9900 | -€12,961 | -€10,670 | -€11,969 | -€12,796 | -€12,255 | -€15,284 | -€18,186 | -€31,040 | ▼ 70.7% |
| Operating profit (loss)9901 | -€13,829 | -€11,538 | -€12,837 | -€13,664 | -€13,123 | -€16,244 | -€19,153 | -€32,038 | ▼ 67.3% |
| Financial income75/76B | - | - | - | €82,013 | €5,200 | €62,148 | €3,961 | - | - |
| Recurring financial income75 | €20,238 | €35,833 | €29,534 | €81,729 | €5,200 | €5,200 | €3,961 | - | - |
| Non-recurring financial income76B | - | - | - | €284 | - | €56,948 | - | - | - |
| Financial charges65/66B | - | - | - | €66,332 | €74,239 | €35,484 | €521 | €7,955 | ▲ 15× |
| Recurring financial charges65 | €69,294 | €22,058 | €19,269 | €26,448 | €7,486 | €1,799 | €521 | €7,955 | ▲ 15× |
| Non-recurring financial charges66B | - | - | - | €39,884 | €66,753 | €33,685 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€44,923 | €69,045 | -€155 | €2,016 | -€82,162 | €10,419 | -€15,714 | -€39,993 | ▼ 155% |
| Income taxes67/77 | €3,578 | €4,470 | €5,585 | €10,971 | - | €13,419 | -€937 | - | - |
| Profit (loss) for the period9904 | -€48,501 | €64,576 | -€5,740 | -€8,955 | -€82,162 | -€3,000 | -€14,776 | -€39,993 | ▼ 171% |
| Profit (loss) for the period to be appropriated9905 | -€48,501 | €64,576 | -€5,740 | -€8,955 | -€82,162 | -€3,000 | -€14,776 | -€39,993 | ▼ 171% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.6m | €1.6m | €1.6m | €1.5m | €1.5m | €1.5m | €1.5m | ▼ 0.8% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €1.3m | €1.4m | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 0.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.2m | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | - | - | €0.2m | €0.2m | - | - | - |
| Other amounts receivable41 | - | - | - | - | €0.2m | €0.2m | - | - | - |
| Current investments50/53 | €1.3m | €1.3m | €1.4m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 1.8% |
| Cash at bank and in hand54/58 | €0.009m | €0.08m | €0.008m | €0.02m | €0.02m | €0.01m | €0.2m | €0.2m | ▼ 9.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.01m | €0.02m | €0.02m | €0.005m | ▼ 73.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.6m | €1.6m | €1.6m | €1.5m | €1.5m | €1.5m | €1.5m | ▼ 0.8% |
| Equity10/15 | €1.5m | €1.6m | €1.6m | €1.5m | €1.5m | €1.5m | €1.4m | €1.4m | ▼ 2.8% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | €0.8m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 5.3% |
| Amounts payable17/49 | €0.01m | €0.01m | €0.01m | €0.01m | €0.05m | €0.05m | €0.04m | €0.07m | ▲ 72.4% |
| Amounts payable within one year42/48 | €0.007m | €0.006m | €0.01m | €0.007m | €0.01m | €0.006m | €0.001m | €0.005m | ▲ 411% |
| Financial debts43 | - | - | - | - | €0.008m | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.008m | - | - | - | - |
| Trade debts44 | €0.007m | €0.006m | €0.01m | €0.007m | €0.006m | €0.006m | €0.001m | €0.005m | ▲ 411% |
| Suppliers440/4 | - | - | - | €0.007m | €0.006m | €0.006m | €0.001m | €0.005m | ▲ 411% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.04m | €0.04m | €0.04m | €0.06m | ▲ 63.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,501 | €64,576 | -€5,740 | -€8,955 | -€82,162 | -€3,000 | -€14,776 | -€39,993 | ▼ 171% |
| Operating cash flow (approximation) | -€48,501 | €64,576 | -€5,740 | -€8,955 | -€82,162 | -€3,000 | -€14,776 | -€39,993 | ▼ 171% |
| Investment in fixed assets (approximation) | - | -€202 | -€2,638 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €70,406 | -€71,370 | €9,308 | €4,741 | -€9,638 | €179,137 | -€18,295 | - |
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, 8,617 companies had the same profile as GEDECE has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEDECE 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 8,617 companies, not a prediction for GEDECE. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | abbreviated format | 11-06-2026 | 2026-00152506 | |
| 30-12-2024 | abbreviated format | 19-06-2025 | 2025-00151774 | |
| 30-12-2023 | abbreviated format | 29-04-2024 | 2024-00075278 | |
| 31-12-2022 | abbreviated format | 12-06-2023 | 2023-00121554 | |
| 31-12-2021 | abbreviated format | 19-08-2022 | 2022-20300171 | |
| 30-12-2020 | abbreviated format | 05-07-2021 | 2021-33000030 | |
| 30-12-2019 | abbreviated format | 20-08-2020 | 2020-45100099 | |
| 30-12-2018 | abbreviated format | 01-08-2019 | 2019-42900592 | |
| 30-12-2017 | abbreviated format | 22-08-2018 | 2018-48600070 | |
| 30-12-2016 | abbreviated format | 12-06-2017 | 2017-16800525 |