GEHOCO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 34 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €1.3m
Estimated: probably between €990,000 and €2.1m
EBIT margin
Not included in this filing
Net result
€261,717▲ 21.0%
2024 · €216,242
Working capital
€205,607▼ 65.0%
2024 · €587,075
In the rankings
#8 company by equity in Nieuwpoort, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€471,349
▲ 41.0%
2025
20182025
Net result
€261,717
▲ 21.0%
2025
highest quarter of the sector
20182025
Equity
€3.9m
▼ 1.0%
2025
highest quarter of the sector
20182025
Total assets
€7.0m
▲ 4.3%
2025
middle half of the sector
20182025
Debt
€586,605
▲ 163%
2025
20182025
Working capital
€205,607
▼ 65.0%
2025
middle half of the sector
20182025
Solvency
55.7%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.38
▼ 3.71
2025
middle half of the sector
20182025
Return on assets (ROA)
3.8%
▲ 0.5pp
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€0.3m-€0.2m▼ 28.1%€2.9m▲ 12×€0.4m▼ 87.2%€0.4m▼ 4.8%€0.5m▲ 33.3%€0.3m▼ 29.6%€0.5m▲ 41.0%
Net result€0.2m-€0.2m▼ 29.2%€2.2mabove the sector's middle half▲ 14×€0.3mabove the sector's middle half▼ 85.6%€0.3mabove the sector's middle half▼ 14.6%€0.4mabove the sector's middle half▲ 34.7%€0.2mabove the sector's middle half▼ 40.1%€0.3mabove the sector's middle half▲ 21.0%
Equity€1.7m-€1.8m▲ 9.5%€4.0mabove the sector's middle half▲ 119%€4.3mabove the sector's middle half▲ 7.8%€4.6mabove the sector's middle half▲ 6.2%€3.7mabove the sector's middle half▼ 19.4%€3.9mabove the sector's middle half▲ 5.8%€3.9mabove the sector's middle half▼ 1.0%
Total assets€3.0m-€2.4m▼ 21.1%€5.1mabove the sector's middle half▲ 116%€5.3mabove the sector's middle half▲ 3.0%€5.4mabove the sector's middle half▲ 2.6%€5.7mabove the sector's middle half▲ 5.6%€6.7mabove the sector's middle half▲ 16.8%€7.0mwithin the sector's middle half▲ 4.3%
Debt€1.2m-€0.5m▼ 63.2%€0.5m▲ 19.5%€0.4m▼ 28.5%€0.3m▼ 32.6%€1.5m▲ 455%€0.2m▼ 84.8%€0.6m▲ 163%
Working capital€0.2m-€0.4m▲ 70.4%€2.5mabove the sector's middle half▲ 537%€2.6mabove the sector's middle half▲ 6.4%€1.9mabove the sector's middle half▼ 28.5%€0.9mabove the sector's middle half▼ 51.7%€0.6mabove the sector's middle half▼ 35.9%€0.2mwithin the sector's middle half▼ 65.0%
Solvency55.6%-77.2%▲ 21.6pp78.3%above the sector's middle half▲ 1.0pp81.9%above the sector's middle half▲ 3.7pp84.8%above the sector's middle half▲ 2.9pp64.7%above the sector's middle half▼ 20.1pp58.7%within the sector's middle half▼ 6.1pp55.7%within the sector's middle half▼ 3.0pp
Current ratio1.28-5.29▲ 4.0111.00above the sector's middle half▲ 5.7117.62above the sector's middle half▲ 6.6120.30above the sector's middle half▲ 2.691.67within the sector's middle half▼ 18.635.09above the sector's middle half▲ 3.421.38within the sector's middle half▼ 3.71
Return on assets (ROA)7.5%-6.7%▼ 0.8pp42.6%above the sector's middle half▲ 35.9pp6.0%within the sector's middle half▼ 36.6pp5.0%within the sector's middle half▼ 1.0pp6.3%above the sector's middle half▲ 1.4pp3.2%within the sector's middle half▼ 3.1pp3.8%within the sector's middle half▲ 0.5pp
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 41% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.0m
Fixed assets
€6.2m ▲ 4.5%
Current assets
€751,381 ▲ 2.8%
Equity and liabilities €7.0m
Equity
€3.9m ▼ 1.0%
Provisions
€2.5m ▼ 1.4%
Debt
€586,605 ▲ 163%
Debt's share of the balance-sheet total rises from 3.3% to 8.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€618,254▲
2024 · €568,435
Cash flow
€408,622▼
2024 · €450,331
Debt to equity
0.15▲
2024 · 0.06
ROE
6.8%▲
2024 · 5.5%
Interest coverage
5.05▼
2024 · 12.29
Debt ≤ 1 year
€545,774▲
2024 · €143,586
Debt > 1 year
€1,200▼
2024 · €34,534
Income taxes
€108,606▲
2024 · €83,590
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €233,334 | €166,668 | - | €33,334 |
| Debts guaranteed by Belgian public bodies | - | - | - | €101,201 | - |
| Mortgages, amount registered | €1.1m | €1.1m | €1.1m | - | - |
| Carrying value of the mortgaged assets | €17,767 | €5,678 | €0 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €177,375 | €1.0m | €122,785 | €2.7m | €414,487 |
| Depreciation and write-downs of the year | €96,808 | €156,735 | €106,551 | €234,089 | €146,905 |
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 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 37.2% |
| Other operating charges640/8 | - | - | - | €0.08m | €0.08m | €0.09m | €0.1m | €0.1m | ▲ 17.9% |
| Gross operating margin9900 | €0.5m | €0.4m | €3.1m | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | ▲ 10.1% |
| Operating profit (loss)9901 | €0.3m | €0.2m | €2.9m | €0.4m | €0.4m | €0.5m | €0.3m | €0.5m | ▲ 41.0% |
| Financial income75/76B | - | - | - | €0.06m | €0 | €0.01m | €264 | €0 | ▼ 99.9% |
| Recurring financial income75 | €471 | €0 | - | €0.06m | €0 | €0.01m | €264 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.009m | €0.05m | €0.1m | ▲ 165% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.009m | €0.05m | €0.1m | ▲ 165% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.2m | €2.9m | €0.4m | €0.3m | €0.5m | €0.3m | €0.3m | ▲ 21.0% |
| Transfer from deferred taxes780 | - | - | - | €0.004m | €0.005m | €0.009m | €0.01m | €0.02m | ▲ 86.5% |
| Transfer to deferred taxes680 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €0.1m | €0.07m | €0.2m | €0.1m | €0.08m | €0.1m | €0.08m | €0.1m | ▲ 29.9% |
| Profit (loss) for the period9904 | €0.2m | €0.2m | €2.2m | €0.3m | €0.3m | €0.4m | €0.2m | €0.3m | ▲ 21.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.03m | €0.03m | €0.06m | ▲ 86.5% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.2m | €0.7m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▲ 30.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.0m | €2.4m | €5.1m | €5.3m | €5.4m | €5.7m | €6.7m | €7.0m | ▲ 4.3% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2.0m | €1.9m | €2.4m | €2.5m | €3.4m | €3.4m | €5.9m | €6.2m | ▲ 4.5% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.0m | €1.9m | €2.4m | €2.5m | €3.4m | €3.4m | €5.9m | €6.2m | ▲ 4.5% |
| Land and buildings22 | - | - | - | €2.5m | €3.2m | €3.1m | €4.8m | €5.9m | ▲ 24.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.3m | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.2m | €0.3m | €1.2m | €0 | ▼ 100% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €1.0m | €0.5m | €2.7m | €2.8m | €2.0m | €2.3m | €0.7m | €0.8m | ▲ 2.8% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.02m | €0.6m | €387 | €0.009m | €0.001m | €0.02m | €0.04m | ▲ 129% |
| Trade receivables40 | - | - | - | €387 | €0 | €448 | €0 | - | - |
| Other amounts receivable41 | - | - | - | - | €0.009m | €155 | €0.02m | €0.04m | ▲ 129% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.0m | €0.5m | €2.1m | €2.8m | €2.0m | €2.3m | €0.6m | €0.7m | ▲ 12.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.01m | €0.007m | €0.1m | €0.01m | ▼ 86.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.0m | €2.4m | €5.1m | €5.3m | €5.4m | €5.7m | €6.7m | €7.0m | ▲ 4.3% |
| Equity10/15 | €1.7m | €1.8m | €4.0m | €4.3m | €4.6m | €3.7m | €3.9m | €3.9m | ▼ 1.0% |
| Contributions10/11 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Capital10 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Issued capital100 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Reserves13 | €0.9m | €1.1m | €3.3m | €3.6m | €3.8m | €2.9m | €3.2m | €3.1m | ▼ 1.2% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €1.7m | €1.7m | €1.6m | €1.6m | €1.5m | ▼ 4.0% |
| Distributable reserves133 | - | - | - | €1.7m | €2.0m | €1.1m | €1.4m | €1.4m | ▲ 1.9% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0.08m | €0.08m | €0.6m | €0.6m | €0.6m | €0.5m | €2.5m | €2.5m | ▼ 1.4% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €2.0m | €2.0m | ▼ 0.8% |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €2.0m | €2.0m | ▼ 0.8% |
| Deferred taxes168 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 4.0% |
| Amounts payable17/49 | €1.2m | €0.5m | €0.5m | €0.4m | €0.3m | €1.5m | €0.2m | €0.6m | ▲ 163% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | €0.001m | ▼ 96.5% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.03m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Amounts payable within one year42/48 | €0.8m | €0.09m | €0.2m | €0.2m | €0.1m | €1.4m | €0.1m | €0.5m | ▲ 280% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.03m | ▼ 50.0% |
| Trade debts44 | €0.03m | €0.02m | €0.03m | €0.02m | €0.03m | €0.03m | €0.05m | €0.2m | ▲ 314% |
| Suppliers440/4 | - | - | - | €0.02m | €0.03m | €0.03m | €0.05m | €0.2m | ▲ 314% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0 | €0.02m | €0.02m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €0.07m | €0 | €0.02m | €0.02m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | - | €1.3m | €0.003m | €0.3m | ▲ 106× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.05m | €0.04m | ▼ 12.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €2.2m | €0.3m | €0.3m | €0.4m | €0.2m | €0.3m | ▲ 21.0% |
| + Depreciation and write-downs630 | €0.08m | €0.08m | €0.1m | €0.1m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 37.2% |
| Operating cash flow (approximation) | €0.3m | €0.2m | €2.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 9.3% |
| Investment in fixed assets (approximation) | - | €0 | -€0.6m | -€0.2m | -€1.1m | -€0.1m | -€2.7m | -€0.4m | ▲ 84.9% |
| Change in cash | - | -€0.5m | €1.7m | €0.7m | -€0.8m | €0.3m | -€1.7m | €0.08m | - |
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, 1,887 companies had the same profile as GEHOCO has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of GEHOCO 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 1,887 companies, not a prediction for GEHOCO. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00337513 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00132093 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00319334 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00236442 | |
| 31-12-2021 | abbreviated format | 06-07-2022 | 2022-20149990 | |
| 31-12-2020 | abbreviated format | 12-07-2021 | 2021-34100426 | |
| 31-12-2019 | abbreviated format | 23-09-2020 | 2020-55000068 | |
| 31-12-2018 | abbreviated format | 24-05-2019 | 2019-14400209 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-33000551 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-51000100 |