GEFIME
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00432151.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 35 filings
Turnover
€151,092▲ 1.8%
2021 · €148,478
EBIT margin
-3.0%▼ 28.1pp
2021 · 25.2%
Net result
€835,206▼ 43.4%
2024 · €1.5m
Working capital
€527,782▼ 72.7%
2024 · €1.9m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€52,944
▲ 21.5%
2025
20182025
Net result
€835,206
▼ 43.4%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€3.1m
▲ 37.7%
2025
middle half of the sector
20182025
Total assets
€5.8m
▲ 144%
2025
middle half of the sector
20182025
Debt
€2.7m
▲ 18×
2025
20182025
Working capital
€527,782
▼ 72.7%
2025
middle half of the sector
20182025
Solvency
52.8%
▼ 40.8pp
2025
middle half of the sector
20182025
Current ratio
1.20
▼ 18.51
2025
middle half of the sector
20182025
Return on assets (ROA)
14.5%
▼ 47.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m€0.1m▼ 2.4%€0.1m▲ 3.1%€0.2m▲ 1.8%
Operating result€0.04m-€0.04m▲ 18.4%€0.03m▼ 23.5%€0.04m▲ 9.6%-€0.004m-€0.2m▼ 4,771%-€0.07m▲ 69.0%-€0.05m▲ 21.5%
Net result€0.01m-€0.02m▲ 85.7%€0.02mwithin the sector's middle half▼ 4.0%€0.03mwithin the sector's middle half▲ 64.7%-€0.08mbelow the sector's middle half-€1.1mbelow the sector's middle half▼ 1,164%€1.5mabove the sector's middle half€0.8mabove the sector's middle half▼ 43.4%
EBIT margin30.2%23.7%▼ 6.5pp25.2%▲ 1.5pp-3.0%▼ 28.1pp
Equity€1.4m-€1.5m▲ 1.3%€1.5mwithin the sector's middle half▲ 1.2%€1.5mwithin the sector's middle half▲ 2.0%€1.4mwithin the sector's middle half▼ 5.6%€0.3mwithin the sector's middle half▼ 75.4%€2.2mwithin the sector's middle half▲ 534%€3.1mwithin the sector's middle half▲ 37.7%
Total assets€7.3m-€7.3m▲ 0.2%€7.3mwithin the sector's middle half=€3.5mwithin the sector's middle half▼ 52.1%€3.9mwithin the sector's middle half▲ 10.8%€2.3mwithin the sector's middle half▼ 41.1%€2.4mwithin the sector's middle half▲ 3.0%€5.8mwithin the sector's middle half▲ 144%
Debt€5.9m-€5.9m▼ 0.1%€5.9m▼ 0.3%€2.0m▼ 65.6%€2.5m▲ 23.0%€1.9m▼ 21.5%€0.2m▼ 92.2%€2.7m▲ 18×
Working capital€4.2m-€4.2m▲ 0.7%€4.2mabove the sector's middle half▲ 0.5%€0.4mwithin the sector's middle half▼ 91.2%€0.7mwithin the sector's middle half▲ 86.1%-€1.3mbelow the sector's middle half€1.9mabove the sector's middle half€0.5mwithin the sector's middle half▼ 72.7%
Solvency19.6%-19.8%▲ 0.2pp20.1%within the sector's middle half▲ 0.2pp42.7%within the sector's middle half▲ 22.6pp36.4%within the sector's middle half▼ 6.3pp15.2%within the sector's middle half▼ 21.2pp93.6%above the sector's middle half▲ 78.4pp52.8%within the sector's middle half▼ 40.8pp
Current ratio25.75-26.13▲ 0.3827.68above the sector's middle half▲ 1.553.17within the sector's middle half▼ 24.504.82above the sector's middle half▲ 1.650.34below the sector's middle half▼ 4.4819.70above the sector's middle half▲ 19.361.20within the sector's middle half▼ 18.51
Return on assets (ROA)0.1%-0.2%▲ 0.1pp0.2%within the sector's middle half=0.8%within the sector's middle half▲ 0.6pp-2.2%below the sector's middle half▼ 3.0pp-46.5%below the sector's middle half▼ 44.3pp62.4%above the sector's middle half▲ 108.9pp14.5%above the sector's middle half▼ 47.9pp
Staff (FTE)1-1=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €52,944, smaller than the loss of €67,420 in 2024.
Large changes and their cause
- 2024 Equity +534% on 2023. Merger absorbing GODEFROID-SERON, Official Gazette 01-08-2024. Merger absorbing DELICE DES ARDENNES, effective 26-04-2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.8m
Fixed assets
€2.6m ▲ 671%
Current assets
€3.2m ▲ 58.0%
Equity and liabilities €5.8m
Equity
€3.1m ▲ 37.7%
Debt
€2.7m ▲ 18×
Debt's share of the balance-sheet total rises from 6.4% to 47.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€25,240▲
2024 · -€53,758
Cash flow
€862,910▼
2024 · €1.5m
Debt to equity
0.89▲
2024 · 0.07
ROE
27.4%▼
2024 · 66.6%
Interest coverage
-2.03▲
2024 · -4.08
Debt ≤ 1 year
€2.7m▲
2024 · €103,296
Debt > 1 year
€39,032▼
2024 · €48,458
Income taxes
€1,894▼
2024 · €7,258
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | - |
| part-time | 0 | 0 | 0 | - |
| in full-time equivalents | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | - |
| Joined | - | - | - | 0 |
| Left | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,498 | €92,300 | - | €74,038 | €45,875 |
| Financial fixed assets | - | - | €0 | - | €2.2m |
| Depreciation and write-downs of the year | €13,054 | €8,486 | €10,816 | €13,662 | €27,704 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Turnover70 | - | €0.1m | €0.1m | €0.1m | €0.2m | - | - | - | - |
| Other operating income74 | - | - | - | €0.005m | €0.003m | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.02m | - | - |
| Operating charges60/66A | - | - | - | €0.1m | €0.2m | - | - | - | - |
| Services and other goods61 | - | - | - | €0.02m | €0.07m | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.08m | €0.08m | €0.09m | €0.02m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | €0.01m | €0.01m | €0.03m | ▲ 103% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.04m | €0.002m | ▼ 95.5% |
| Gross operating margin9900 | €0.1m | - | - | - | - | -€0.1m | €0.005m | -€0.02m | - |
| Operating profit (loss)9901 | €0.04m | €0.04m | €0.03m | €0.04m | -€0.004m | -€0.2m | -€0.07m | -€0.05m | ▲ 21.5% |
| Financial income75/76B | - | - | - | €0.1m | €0.01m | €0.1m | €1.6m | €0.9m | ▼ 42.6% |
| Recurring financial income75 | €0.1m | €0.1m | €0.1m | €0.1m | €0.01m | €0.1m | €0.1m | €0.9m | ▲ 609% |
| Income from current assets751 | - | - | - | €0.1m | €0.01m | - | - | - | - |
| Other financial income752/9 | - | - | - | €0 | €3 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €1.4m | - | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €1.0m | €0.02m | €0.01m | ▼ 42.3% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.2m | €0.01m | €0.01m | ▼ 5.8% |
| Debt charges650 | - | €0.2m | €0.2m | €0.1m | €0.09m | - | - | - | - |
| Other financial charges652/9 | - | - | - | €325 | €0.001m | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | - | - | €0.8m | €0.008m | - | - |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.03m | €0.03m | €0.04m | -€0.08m | -€1.1m | €1.5m | €0.8m | ▼ 43.6% |
| Income taxes67/77 | €0.01m | €0.01m | €0.008m | €0.01m | €308 | €0 | €0.007m | €0.002m | ▼ 73.9% |
| Taxes670/3 | - | - | - | €0.01m | €330 | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €22 | - | - | - | - |
| Profit (loss) for the period9904 | €0.01m | €0.02m | €0.02m | €0.03m | -€0.08m | -€1.1m | €1.5m | €0.8m | ▼ 43.4% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.02m | €0.02m | €0.03m | -€0.08m | -€1.1m | €1.5m | €0.8m | ▼ 43.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.3m | €7.3m | €7.3m | €3.5m | €3.9m | €2.3m | €2.4m | €5.8m | ▲ 144% |
| Fixed assets21/28 | €3.0m | €3.0m | €2.9m | €3.0m | €3.0m | €1.6m | €0.3m | €2.6m | ▲ 671% |
| Tangible fixed assets22/27 | €0.09m | €0.08m | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 9.2% |
| Land and buildings22 | - | - | - | €0.06m | €0.09m | €0.09m | €0.08m | €0.1m | ▲ 45.9% |
| Furniture and vehicles24 | - | - | - | €0 | €0.05m | €0.05m | €0.1m | €0.09m | ▼ 18.2% |
| Assets under construction and advance payments27 | - | - | - | €0.04m | €0 | - | - | - | - |
| Financial fixed assets28 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €1.5m | €0.1m | €2.3m | ▲ 17× |
| Affiliated companies280/1 | - | - | - | €2.7m | €2.7m | - | - | - | - |
| Participating interests280 | - | - | - | €2.7m | €2.7m | - | - | - | - |
| Companies linked by participating interests282/3 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Participating interests282 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | - | - | - | - |
| Shares284 | - | - | - | €0.1m | €0.1m | - | - | - | - |
| Current assets29/58 | €4.4m | €4.4m | €4.4m | €0.5m | €0.9m | €0.7m | €2.0m | €3.2m | ▲ 58.0% |
| Amounts receivable after more than one year29 | - | - | - | €0 | €0.6m | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | €0.6m | €0 | - | - | - |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 13.6% |
| Trade receivables40 | - | - | - | €0.05m | €0.06m | €0.05m | €0.06m | €0.07m | ▲ 10.5% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 14.3% |
| Current investments50/53 | - | - | - | - | - | - | €1.7m | €2.7m | ▲ 65.5% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.2m | €0.02m | €0.4m | €0.007m | €0.05m | ▲ 690% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.01m | €0.001m | €142 | €0.002m | ▲ 15× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.3m | €7.3m | €7.3m | €3.5m | €3.9m | €2.3m | €2.4m | €5.8m | ▲ 144% |
| Equity10/15 | €1.4m | €1.5m | €1.5m | €1.5m | €1.4m | €0.3m | €2.2m | €3.1m | ▲ 37.7% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 28.2% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 28.2% |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 28.2% |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | -€0.8m | €0.8m | €1.6m | ▲ 104% |
| Amounts payable17/49 | €5.9m | €5.9m | €5.9m | €2.0m | €2.5m | €1.9m | €0.2m | €2.7m | ▲ 18× |
| Amounts payable after more than one year17 | €5.6m | €5.6m | €5.6m | €1.7m | €2.2m | €0 | €0.05m | €0.04m | ▼ 19.5% |
| Financial debts170/4 | - | - | - | €1.7m | €2.2m | €0 | €0.05m | €0.04m | ▼ 19.5% |
| Other loans174 | - | - | - | €1.7m | €2.2m | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €1.9m | €0.1m | €2.7m | ▲ 26× |
| Trade debts44 | €0.002m | €0.003m | €0.003m | €0.001m | €0.01m | €0.05m | €0.02m | €0.002m | ▼ 90.2% |
| Suppliers440/4 | - | - | - | €0.001m | €0.01m | €0.05m | €0.02m | €0.002m | ▼ 90.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.02m | €0.002m | €0.001m | ▼ 57.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.002m | €0.002m | €0.001m | ▼ 57.8% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.02m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €1.9m | €0.08m | €2.7m | ▲ 33× |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.09m | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.02m | €0.02m | €0.03m | -€0.08m | -€1.1m | €1.5m | €0.8m | ▼ 43.4% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | €0.01m | €0.01m | €0.03m | ▲ 103% |
| Operating cash flow (approximation) | €0.02m | €0.03m | €0.03m | €0.04m | -€0.08m | -€1.1m | €1.5m | €0.9m | ▼ 42.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€0.05m | -€0.06m | €1.4m | €1.3m | -€2.3m | - |
| Change in cash | - | €0.04m | €0.01m | -€0.004m | -€0.1m | €0.3m | -€0.4m | €0.05m | - |
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, 20,136 companies had the same profile as GEFIME has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of GEFIME 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 20,136 companies, not a prediction for GEFIME. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-08-2026 | 2026-00432151 | |
| 31-12-2024 | full format | 29-09-2025 | 2025-00510222 | |
| 31-12-2023 | full format | 08-07-2024 | 2024-00250063 | |
| 31-12-2022 | full format | 24-08-2023 | 2023-00362926 | |
| 31-12-2021 | full format | 19-08-2022 | 2022-20308294 | |
| 31-12-2020 | full format | 04-06-2021 | 2021-18500531 | |
| 31-12-2019 | full format | 16-06-2020 | 2020-17800407 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-29500224 | |
| 31-12-2017 | full format | 26-07-2018 | 2018-38700189 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-56400566 |