GEFOTECH
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 25 filings
Turnover
≈ €1.3m
Estimated: probably between €1.0m and €1.8m
EBIT margin
Not included in this filing
Net result
€321▼ 98.3%
2024 · €18,665
Working capital
-€27,598
2024 · €34,746
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,031
▼ 65.6%
2025
20182025
Net result
€321
▼ 98.3%
2025
lowest quarter of the sector
20182025
Equity
€225,123
▼ 5.4%
2025
middle half of the sector
20182025
Total assets
€926,820
▲ 22.8%
2025
middle half of the sector
20182025
Debt
€701,697
▲ 35.7%
2025
20182025
Working capital
-€27,598
2025
lowest quarter of the sector
20182025
Solvency
24.3%
▼ 7.2pp
2025
middle half of the sector
20182025
Current ratio
0.93
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.0%
▼ 2.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
7.4
▼ 23.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€44,817-€45,890▲ 2.4%€13,617▼ 70.3%€72,069▲ 429%€66,621▼ 7.6%€46,173▼ 30.7%€37,843▼ 18.0%€13,031▼ 65.6%
Net result€34,301-€43,302▲ 26.2%€11,311within the sector's middle half▼ 73.9%€60,587above the sector's middle half▲ 436%€48,614within the sector's middle half▼ 19.8%€29,241within the sector's middle half▼ 39.9%€18,665within the sector's middle half▼ 36.2%€321below the sector's middle half▼ 98.3%
Equity€67,625-€110,927▲ 64.0%€126,244above the sector's middle half▲ 13.8%€175,146above the sector's middle half▲ 38.7%€208,775within the sector's middle half▲ 19.2%€236,249within the sector's middle half▲ 13.2%€237,855within the sector's middle half▲ 0.7%€225,123within the sector's middle half▼ 5.4%
Total assets€125,429-€576,304▲ 359%€559,145above the sector's middle half▼ 3.0%€737,389above the sector's middle half▲ 31.9%€785,071within the sector's middle half▲ 6.5%€816,171within the sector's middle half▲ 4.0%€754,860within the sector's middle half▼ 7.5%€926,820within the sector's middle half▲ 22.8%
Debt€57,804-€465,376▲ 705%€432,901▼ 7.0%€562,243▲ 29.9%€576,295▲ 2.5%€579,922▲ 0.6%€517,004▼ 10.8%€701,697▲ 35.7%
Working capital€54,398-€36,136▼ 33.6%€37,477within the sector's middle half▲ 3.7%€54,849within the sector's middle half▲ 46.4%€69,403within the sector's middle half▲ 26.5%€51,818within the sector's middle half▼ 25.3%€34,746within the sector's middle half▼ 32.9%-€27,598below the sector's middle half
Solvency53.9%-19.2%▼ 34.7pp22.6%within the sector's middle half▲ 3.3pp23.8%within the sector's middle half▲ 1.2pp26.6%within the sector's middle half▲ 2.8pp28.9%within the sector's middle half▲ 2.4pp31.5%within the sector's middle half▲ 2.6pp24.3%within the sector's middle half▼ 7.2pp
Current ratio1.94-1.21▼ 0.741.25within the sector's middle half▲ 0.041.24within the sector's middle half▼ 0.011.30within the sector's middle half▲ 0.061.19within the sector's middle half▼ 0.111.12below the sector's middle half▼ 0.070.93below the sector's middle half▼ 0.19
Return on assets (ROA)27.3%-7.5%▼ 19.8pp2.0%within the sector's middle half▼ 5.5pp8.2%within the sector's middle half▲ 6.2pp6.2%within the sector's middle half▼ 2.0pp3.6%within the sector's middle half▼ 2.6pp2.5%within the sector's middle half▼ 1.1pp0.0%below the sector's middle half▼ 2.4pp
Staff (FTE)2.3-2.5▲ 8.7%4.9above the sector's middle half▲ 96.0%7.8▲ 59.2%9.6within the sector's middle half▲ 23.1%8.2within the sector's middle half▼ 14.6%9.7within the sector's middle half▲ 18.3%7.4within the sector's middle half▼ 23.7%
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 66% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €926,820
Fixed assets
€564,524 ▲ 31.2%
Current assets
€362,295 ▲ 11.6%
Equity and liabilities €926,820
Equity
€225,123 ▼ 5.4%
Debt
€701,697 ▲ 35.7%
Debt's share of the balance-sheet total rises from 68.5% to 75.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€132,549▼
2024 · €139,821
Cash flow
€119,838▼
2024 · €120,642
Quick ratio
0.80▼
2024 · 0.95
Debt to equity
3.12▲
2024 · 2.17
ROE
0.1%▼
2024 · 7.8%
Interest coverage
11.77▼
2024 · 18.93
Debt ≤ 1 year
€389,893▲
2024 · €289,972
Debt > 1 year
€311,803▲
2024 · €227,033
Income taxes
€3,869▼
2024 · €14,212
Staff costs
€342,813▼
2024 · €433,163
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 9 | 9 | 10 | 7 |
| full-time | 8 | 9 | 9 | 10 | 7 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 8 | 9 | 9 | 10 | 7 |
| Average over the year, in full-time equivalents | 7.8 | 9.6 | 8.2 | 9.7 | 7.4 |
| On a permanent contract | 6 | 8 | 7 | 7 | 5 |
| Joined | 6 | 2 | 3 | 3 | 1 |
| Left | 4 | 1 | 3 | 2 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €153,414 | €112,901 | €112,579 | €38,753 | €259,710 |
| Financial fixed assets | €135 | - | €200 | - | €0 |
| Depreciation and write-downs of the year | €68,559 | €83,521 | €101,167 | €101,978 | €119,517 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €324,789 | €360,949 | €357,783 | €433,163 | €342,813 | ▼ 20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,364 | €45,447 | €51,991 | €68,559 | €83,521 | €101,167 | €101,978 | €119,517 | ▲ 17.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€243 | -€243 | -€202 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €1,713 | €991 | €0 | €1,618 | €416 | ▼ 74.3% |
| Gross operating margin9900 | €135,984 | €208,395 | €266,766 | €466,888 | €511,839 | €504,920 | €574,602 | €475,778 | ▼ 17.2% |
| Operating profit (loss)9901 | €44,817 | €45,890 | €13,617 | €72,069 | €66,621 | €46,173 | €37,843 | €13,031 | ▼ 65.6% |
| Financial income75/76B | - | - | - | €948 | €921 | €4,789 | €2,418 | €2,418 | = |
| Recurring financial income75 | €1,653 | €0 | €1,843 | €948 | €921 | €4,789 | €2,418 | €2,418 | = |
| Financial charges65/66B | - | - | - | €5,524 | €5,631 | €7,956 | €7,385 | €11,259 | ▲ 52.5% |
| Recurring financial charges65 | €781 | €2,380 | €3,991 | €5,524 | €5,631 | €7,956 | €7,385 | €11,259 | ▲ 52.5% |
| Profit (loss) for the period before taxes9903 | €45,688 | €43,509 | €11,469 | €67,493 | €61,911 | €43,005 | €32,877 | €4,190 | ▼ 87.3% |
| Income taxes67/77 | €11,387 | €207 | €158 | €6,907 | €13,297 | €13,765 | €14,212 | €3,869 | ▼ 72.8% |
| Profit (loss) for the period9904 | €34,301 | €43,302 | €11,311 | €60,587 | €48,614 | €29,241 | €18,665 | €321 | ▼ 98.3% |
| Profit (loss) for the period to be appropriated9905 | €34,301 | €43,302 | €11,311 | €60,587 | €48,614 | €29,241 | €18,665 | €321 | ▼ 98.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €125,429 | €576,304 | €559,145 | €737,389 | €785,071 | €816,171 | €754,860 | €926,820 | ▲ 22.8% |
| Fixed assets21/28 | €13,227 | €364,636 | €370,374 | €455,365 | €484,745 | €496,358 | €430,142 | €564,524 | ▲ 31.2% |
| Tangible fixed assets22/27 | €13,227 | €363,636 | €369,374 | €454,230 | €483,610 | €495,023 | €428,807 | €563,189 | ▲ 31.3% |
| Furniture and vehicles24 | - | - | - | €56,516 | €54,469 | €72,186 | €71,909 | €57,189 | ▼ 20.5% |
| Leasing and similar rights25 | - | - | - | €397,713 | €429,141 | €422,837 | €356,898 | €506,001 | ▲ 41.8% |
| Financial fixed assets28 | - | €1,000 | €1,000 | €1,135 | €1,135 | €1,335 | €1,335 | €1,335 | = |
| Current assets29/58 | €112,202 | €211,668 | €188,771 | €282,024 | €300,326 | €319,813 | €324,718 | €362,295 | ▲ 11.6% |
| Stocks and contracts in progress3 | €10,000 | €11,480 | €23,087 | €24,435 | €30,719 | €31,910 | €49,499 | €50,298 | ▲ 1.6% |
| Stocks30/36 | - | - | - | €24,435 | €30,719 | €31,910 | €49,499 | €50,298 | ▲ 1.6% |
| Amounts receivable within one year40/41 | €49,727 | €138,657 | €69,820 | €232,475 | €180,885 | €131,292 | €205,769 | €204,124 | ▼ 0.8% |
| Trade receivables40 | - | - | - | €26,167 | €151,712 | €123,057 | €143,121 | €104,200 | ▼ 27.2% |
| Other amounts receivable41 | - | - | - | €206,308 | €29,173 | €8,235 | €62,648 | €99,925 | ▲ 59.5% |
| Current investments50/53 | - | €720 | €720 | €720 | €720 | €84 | €84 | €84 | = |
| Cash at bank and in hand54/58 | €52,475 | €55,663 | €85,672 | €18,041 | €81,119 | €148,334 | €58,691 | €97,216 | ▲ 65.6% |
| Deferred charges and accrued income490/1 | - | - | - | €6,354 | €6,882 | €8,194 | €10,675 | €10,574 | ▼ 0.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €125,429 | €576,304 | €559,145 | €737,389 | €785,071 | €816,171 | €754,860 | €926,820 | ▲ 22.8% |
| Equity10/15 | €67,625 | €110,927 | €126,244 | €175,146 | €208,775 | €236,249 | €237,855 | €225,123 | ▼ 5.4% |
| Contributions10/11 | €48,700 | €48,700 | - | €53,570 | €53,570 | €53,570 | €53,570 | €53,570 | = |
| Reserves13 | €4,870 | €4,870 | €0 | - | - | - | - | - | - |
| Profit (loss) carried forward14 | €14,055 | €57,357 | €64,917 | €114,740 | €149,291 | €166,584 | €170,608 | €160,294 | ▼ 6.0% |
| Investment grants15 | - | - | - | €6,836 | €5,914 | €16,096 | €13,677 | €11,259 | ▼ 17.7% |
| Amounts payable17/49 | €57,804 | €465,376 | €432,901 | €562,243 | €576,295 | €579,922 | €517,004 | €701,697 | ▲ 35.7% |
| Amounts payable after more than one year17 | - | €289,845 | €281,606 | €335,068 | €345,373 | €311,927 | €227,033 | €311,803 | ▲ 37.3% |
| Financial debts170/4 | - | - | - | €335,068 | €345,373 | €311,927 | €227,033 | €311,803 | ▲ 37.3% |
| Amounts payable within one year42/48 | €57,804 | €175,531 | €151,294 | €227,175 | €230,923 | €267,995 | €289,972 | €389,893 | ▲ 34.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €61,625 | €79,227 | €92,416 | €90,003 | €121,871 | ▲ 35.4% |
| Trade debts44 | €15,588 | €41,057 | €37,751 | €65,775 | €29,423 | €61,162 | €66,519 | €49,300 | ▼ 25.9% |
| Suppliers440/4 | - | - | - | €65,775 | €29,423 | €61,162 | €66,519 | €49,300 | ▼ 25.9% |
| Taxes, remuneration and social security45 | - | - | - | €89,011 | €89,457 | €85,907 | €95,872 | €65,293 | ▼ 31.9% |
| Taxes450/3 | - | - | - | €27,799 | €20,648 | €13,313 | €13,698 | €9,768 | ▼ 28.7% |
| Remuneration and social security454/9 | - | - | - | €61,213 | €68,809 | €72,594 | €82,174 | €55,525 | ▼ 32.4% |
| Other amounts payable47/48 | - | - | - | €10,763 | €32,815 | €28,510 | €37,578 | €153,430 | ▲ 308% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,301 | €43,302 | €11,311 | €60,587 | €48,614 | €29,241 | €18,665 | €321 | ▼ 98.3% |
| + Depreciation and write-downs630 | €6,364 | €45,447 | €51,991 | €68,559 | €83,521 | €101,167 | €101,978 | €119,517 | ▲ 17.2% |
| Operating cash flow (approximation) | €40,665 | €88,749 | €63,303 | €129,145 | €132,135 | €130,407 | €120,642 | €119,838 | ▼ 0.7% |
| Investment in fixed assets (approximation) | - | -€396,856 | -€57,729 | -€153,549 | -€112,901 | -€112,779 | -€35,762 | -€253,900 | ▼ 610% |
| Change in cash | - | €3,188 | €30,009 | -€67,631 | €63,079 | €67,214 | -€89,643 | €38,524 | - |
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, 3,984 companies had the same profile as GEFOTECH has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of GEFOTECH itself: 0.9% 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 3,984 companies, not a prediction for GEFOTECH. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00212342 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00130745 | |
| 31-12-2023 | full format | 05-07-2024 | 2024-00212384 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00373617 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20075613 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-40100203 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-35200191 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-22200399 | |
| 31-12-2017 | full format | 04-06-2018 | 2018-16900444 | |
| 31-12-2016 | full format | 25-07-2017 | 2017-37900240 |