GEFRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-05-2026 PDF all 33 filings
Turnover
≈ €68,000
Estimated: probably between €45,000 and €100,000
Total assets
€82,558▲ 3.2%
2024 · €80,001
Net result
€9,925▼ 31.9%
2024 · €14,578
Working capital
-€28,807▲ 7.6%
2024 · -€31,176
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,795
▼ 29.4%
2025
20182025
Net result
€9,925
▼ 31.9%
2025
middle half of the sector
20182025
Equity
€31,422
▲ 46.2%
2025
middle half of the sector
20182025
Total assets
€82,558
▲ 3.2%
2025
lowest quarter of the sector
20182025
Debt
€51,136
▼ 12.6%
2025
20182025
Working capital
-€28,807
▲ 7.6%
2025
middle half of the sector
20182025
Solvency
38.1%
▲ 11.2pp
2025
middle half of the sector
20182025
Current ratio
0.34
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
12.0%
▼ 6.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€28,351-€2,197€12,408▲ 465%€8,380▼ 32.5%€7,828▼ 6.6%€16,076▲ 105%€15,288▼ 4.9%€10,795▼ 29.4%
Net result-€30,279-€293€10,855within the sector's middle half▲ 37×€7,532within the sector's middle half▼ 30.6%€7,130within the sector's middle half▼ 5.3%€15,602within the sector's middle half▲ 119%€14,578within the sector's middle half▼ 6.6%€9,925within the sector's middle half▼ 31.9%
Equity-€34,492--€34,199▲ 0.8%-€23,345below the sector's middle half▲ 31.7%-€15,813below the sector's middle half▲ 32.3%-€8,683below the sector's middle half▲ 45.1%€6,919below the sector's middle half€21,497within the sector's middle half▲ 211%€31,422within the sector's middle half▲ 46.2%
Total assets€71,554-€59,186▼ 17.3%€57,330below the sector's middle half▼ 3.1%€68,741below the sector's middle half▲ 19.9%€78,664below the sector's middle half▲ 14.4%€66,795below the sector's middle half▼ 15.1%€80,001below the sector's middle half▲ 19.8%€82,558below the sector's middle half▲ 3.2%
Debt€106,046-€93,385▼ 11.9%€80,674▼ 13.6%€84,554▲ 4.8%€87,347▲ 3.3%€59,876▼ 31.4%€58,504▼ 2.3%€51,136▼ 12.6%
Working capital-€66,930--€68,399▼ 2.2%-€67,196within the sector's middle half▲ 1.8%-€47,676within the sector's middle half▲ 29.0%-€55,354within the sector's middle half▼ 16.1%-€42,166within the sector's middle half▲ 23.8%-€31,176within the sector's middle half▲ 26.1%-€28,807within the sector's middle half▲ 7.6%
Solvency-48.2%--57.8%▼ 9.6pp-40.7%below the sector's middle half▲ 17.1pp-23.0%below the sector's middle half▲ 17.7pp-11.0%below the sector's middle half▲ 12.0pp10.4%within the sector's middle half▲ 21.4pp26.9%within the sector's middle half▲ 16.5pp38.1%within the sector's middle half▲ 11.2pp
Current ratio0.13-0.07▼ 0.050.10below the sector's middle half▲ 0.030.24below the sector's middle half▲ 0.150.24below the sector's middle half=0.17below the sector's middle half▼ 0.070.30below the sector's middle half▲ 0.130.34below the sector's middle half▲ 0.04
Return on assets (ROA)-42.3%-0.5%▲ 42.8pp18.9%above the sector's middle half▲ 18.4pp11.0%above the sector's middle half▼ 8.0pp9.1%above the sector's middle half▼ 1.9pp23.4%above the sector's middle half▲ 14.3pp18.2%above the sector's middle half▼ 5.1pp12.0%above the sector's middle half▼ 6.2pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 29% lower than in 2024 and the lowest since 2022. 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 €82,558
Fixed assets
€67,422 ▲ 1.6%
Current assets
€15,136 ▲ 11.2%
Equity and liabilities €82,558
Equity
€31,422 ▲ 46.2%
Debt
€51,136 ▼ 12.6%
Debt's share of the balance-sheet total falls from 73.1% to 61.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,217▼
2024 · €19,427
Cash flow
€16,347▼
2024 · €18,717
Debt to equity
1.63▼
2024 · 2.72
ROE
31.6%▼
2024 · 67.8%
Interest coverage
24.82▼
2024 · 33.62
Debt ≤ 1 year
€43,943▼
2024 · €44,792
Debt > 1 year
€7,192▼
2024 · €13,712
Income taxes
€176▲
2024 · €140
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 | €7,797 | €9,036 | - | €12,508 | €7,459 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €4,397 | €1,341 | €2,970 | €4,139 | €6,422 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,205 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,281 | €8,101 | €3,841 | €4,397 | €1,341 | €2,970 | €4,139 | €6,422 | ▲ 55.1% |
| Other operating charges640/8 | - | - | - | €6,756 | €7,036 | €8,926 | €7,967 | €8,177 | ▲ 2.6% |
| Gross operating margin9900 | -€13,015 | €11,529 | €28,177 | €19,533 | €16,205 | €27,972 | €27,394 | €25,394 | ▼ 7.3% |
| Operating profit (loss)9901 | -€28,351 | €2,197 | €12,408 | €8,380 | €7,828 | €16,076 | €15,288 | €10,795 | ▼ 29.4% |
| Financial income75/76B | - | - | - | €25 | €0 | €2 | €8 | €0 | ▼ 100% |
| Recurring financial income75 | €25 | - | - | €25 | €0 | €2 | €8 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €874 | €549 | €312 | €578 | €694 | ▲ 20.0% |
| Recurring financial charges65 | €1,807 | €1,761 | €1,407 | €874 | €549 | €312 | €578 | €694 | ▲ 20.0% |
| Profit (loss) for the period before taxes9903 | -€30,132 | €436 | €11,000 | €7,532 | €7,279 | €15,766 | €14,718 | €10,101 | ▼ 31.4% |
| Income taxes67/77 | €146 | €143 | €145 | - | €149 | €164 | €140 | €176 | ▲ 26.2% |
| Profit (loss) for the period9904 | -€30,279 | €293 | €10,855 | €7,532 | €7,130 | €15,602 | €14,578 | €9,925 | ▼ 31.9% |
| Profit (loss) for the period to be appropriated9905 | -€30,279 | €293 | €10,855 | €7,532 | €7,130 | €15,602 | €14,578 | €9,925 | ▼ 31.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €71,554 | €59,186 | €57,330 | €68,741 | €78,664 | €66,795 | €80,001 | €82,558 | ▲ 3.2% |
| Fixed assets21/28 | €61,832 | €53,731 | €49,890 | €53,290 | €60,986 | €58,016 | €66,385 | €67,422 | ▲ 1.6% |
| Tangible fixed assets22/27 | €61,832 | €53,731 | €49,890 | €53,290 | €60,986 | €58,016 | €66,385 | €67,422 | ▲ 1.6% |
| Land and buildings22 | - | - | - | €46,049 | €46,049 | €46,049 | €54,176 | €53,305 | ▼ 1.6% |
| Plant, machinery and equipment23 | - | - | - | €3,893 | €3,496 | €3,098 | €5,913 | €4,251 | ▼ 28.1% |
| Furniture and vehicles24 | - | - | - | €3,348 | €11,441 | €8,868 | €6,296 | €9,867 | ▲ 56.7% |
| Current assets29/58 | €9,722 | €5,455 | €7,440 | €15,451 | €17,678 | €8,779 | €13,616 | €15,136 | ▲ 11.2% |
| Amounts receivable within one year40/41 | €3,975 | €1,217 | €4,071 | €3,192 | €14,278 | €5,889 | €7,590 | €6,531 | ▼ 14.0% |
| Trade receivables40 | - | - | - | €2,600 | €13,661 | €5,100 | €6,972 | €5,913 | ▼ 15.2% |
| Other amounts receivable41 | - | - | - | €592 | €617 | €789 | €617 | €617 | = |
| Current investments50/53 | €248 | €248 | €248 | €248 | €248 | €248 | €248 | €248 | = |
| Cash at bank and in hand54/58 | €5,499 | €2,783 | €1,776 | €11,205 | €3,152 | €2,642 | €5,779 | €8,358 | ▲ 44.6% |
| Deferred charges and accrued income490/1 | - | - | - | €806 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €71,554 | €59,186 | €57,330 | €68,741 | €78,664 | €66,795 | €80,001 | €82,558 | ▲ 3.2% |
| Equity10/15 | -€34,492 | -€34,199 | -€23,345 | -€15,813 | -€8,683 | €6,919 | €21,497 | €31,422 | ▲ 46.2% |
| Contributions10/11 | €89,242 | €89,242 | - | €89,242 | €89,242 | €89,242 | €89,242 | €89,242 | = |
| Reserves13 | €943 | €1,236 | €1,236 | €1,236 | €1,236 | €1,236 | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,236 | €1,236 | €1,236 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,236 | €1,236 | €1,236 | €0 | - | - |
| Profit (loss) carried forward14 | -€124,677 | -€124,677 | -€113,822 | -€106,290 | -€99,161 | -€83,559 | -€67,745 | -€57,820 | ▲ 14.7% |
| Amounts payable17/49 | €106,046 | €93,385 | €80,674 | €84,554 | €87,347 | €59,876 | €58,504 | €51,136 | ▼ 12.6% |
| Amounts payable after more than one year17 | €29,394 | €19,532 | €6,039 | €21,427 | €14,315 | €8,931 | €13,712 | €7,192 | ▼ 47.5% |
| Financial debts170/4 | - | - | - | €21,427 | €14,315 | €8,931 | €13,712 | €7,192 | ▼ 47.5% |
| Amounts payable within one year42/48 | €76,652 | €73,854 | €74,635 | €63,128 | €73,032 | €50,945 | €44,792 | €43,943 | ▼ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,400 | €7,112 | €5,384 | €7,635 | €6,520 | ▼ 14.6% |
| Trade debts44 | €6,834 | €4,445 | €9,893 | €3,241 | €14,370 | €7,196 | €0 | €1,451 | - |
| Suppliers440/4 | - | - | - | €3,241 | €14,370 | €7,196 | €0 | €1,451 | - |
| Advances received on contracts in progress46 | - | - | - | - | €45 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €592 | €616 | €314 | €1,133 | €1,308 | ▲ 15.4% |
| Taxes450/3 | - | - | - | €592 | €616 | €314 | €1,133 | €1,308 | ▲ 15.4% |
| Other amounts payable47/48 | - | - | - | €50,896 | €50,889 | €38,051 | €36,024 | €34,665 | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€30,279 | €293 | €10,855 | €7,532 | €7,130 | €15,602 | €14,578 | €9,925 | ▼ 31.9% |
| + Depreciation and write-downs630 | €11,281 | €8,101 | €3,841 | €4,397 | €1,341 | €2,970 | €4,139 | €6,422 | ▲ 55.1% |
| Operating cash flow (approximation) | -€18,998 | €8,394 | €14,696 | €11,929 | €8,470 | €18,571 | €18,717 | €16,347 | ▼ 12.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€7,797 | -€9,036 | €0 | -€12,508 | -€7,459 | ▲ 40.4% |
| Change in cash | - | -€2,715 | -€1,008 | €9,429 | -€8,053 | -€510 | €3,137 | €2,579 | ▼ 17.8% |
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, 31,368 companies had the same profile as GEFRA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEFRA 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 31,368 companies, not a prediction for GEFRA. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-05-2026 | 2026-00102241 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00274608 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00186891 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00227737 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20174280 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21300349 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-16400416 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20300264 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-38700134 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-34400223 |