GENERAL TECHNICAL SERVICES FOR PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 25-03-2026 PDF all 21 filings
Turnover
≈ €8.9m
Estimated: probably between €6.0m and €15.0m
Total assets
€1.8m▲ 7.8%
2024 · €1.6m
Net result
€264,543▼ 3.6%
2024 · €274,336
Working capital
€236,956▼ 27.0%
2024 · €324,743
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€428,766
▼ 3.1%
2025
20182025
Net result
€264,543
▼ 3.6%
2025
highest quarter of the sector
20182025
Equity
€392,630
=
2025
middle half of the sector
20182025
Total assets
€1.8m
▲ 7.8%
2025
middle half of the sector
20182025
Debt
€1.4m
▲ 10.2%
2025
20182025
Working capital
€236,956
▼ 27.0%
2025
middle half of the sector
20182025
Solvency
22.2%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
1.18
▼ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
14.9%
▼ 1.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
89
▲ 5.1%
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€0.1m-€0.3m▲ 184%€0.1m▼ 69.1%€0.2m▲ 79.2%€0.4m▲ 126%€0.5m▲ 21.1%€0.4m▼ 11.2%€0.4m▼ 3.1%
Net result€0.05m-€0.2m▲ 256%€0.04mwithin the sector's middle half▼ 78.2%€0.09mwithin the sector's middle half▲ 151%€0.3mabove the sector's middle half▲ 175%€0.3mabove the sector's middle half▲ 25.8%€0.3mabove the sector's middle half▼ 13.3%€0.3mabove the sector's middle half▼ 3.6%
Equity€0.2m-€0.4m▲ 88.9%€0.4mwithin the sector's middle half=€0.4mwithin the sector's middle half▲ 10.2%€0.4mwithin the sector's middle half=€0.4mwithin the sector's middle half=€0.4mwithin the sector's middle half=€0.4mwithin the sector's middle half=
Total assets€1.0m-€1.5m▲ 46.9%€1.2mwithin the sector's middle half▼ 22.1%€1.4mwithin the sector's middle half▲ 14.0%€1.7mwithin the sector's middle half▲ 27.5%€1.9mwithin the sector's middle half▲ 7.9%€1.6mwithin the sector's middle half▼ 11.6%€1.8mwithin the sector's middle half▲ 7.8%
Debt€0.8m-€1.2m▲ 37.5%€0.8m▼ 28.8%€1.0m▲ 15.6%€1.3m▲ 38.8%€1.5m▲ 10.2%€1.3m▼ 14.7%€1.4m▲ 10.2%
Working capital€0.3m-€0.4m▲ 69.9%€0.4mwithin the sector's middle half▼ 11.1%€0.4mwithin the sector's middle half▲ 3.3%€0.4mwithin the sector's middle half▼ 7.0%€0.3mwithin the sector's middle half▼ 18.4%€0.3mwithin the sector's middle half▲ 3.7%€0.2mwithin the sector's middle half▼ 27.0%
Solvency18.2%-23.4%▲ 5.2pp30.0%within the sector's middle half▲ 6.6pp29.1%within the sector's middle half▼ 1.0pp22.8%within the sector's middle half▼ 6.3pp21.1%below the sector's middle half▼ 1.7pp23.9%within the sector's middle half▲ 2.8pp22.2%within the sector's middle half▼ 1.7pp
Current ratio1.38-1.45▲ 0.071.55within the sector's middle half▲ 0.101.46within the sector's middle half▼ 0.091.30within the sector's middle half▼ 0.171.22within the sector's middle half▼ 0.081.27within the sector's middle half▲ 0.051.18within the sector's middle half▼ 0.09
Return on assets (ROA)4.6%-11.0%▲ 6.5pp3.1%within the sector's middle half▼ 7.9pp6.8%within the sector's middle half▲ 3.7pp14.6%above the sector's middle half▲ 7.8pp17.0%above the sector's middle half▲ 2.4pp16.7%above the sector's middle half▼ 0.3pp14.9%above the sector's middle half▼ 1.8pp
Staff (FTE)98.8-77.6above the sector's middle half69.4above the sector's middle half▼ 10.6%82.4above the sector's middle half▲ 18.7%87.2above the sector's middle half▲ 5.8%84.7above the sector's middle half▼ 2.9%89above the sector's middle half▲ 5.1%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 3% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €1.8m
Fixed assets
€205,459 ▲ 96.7%
Current assets
€1.6m ▲ 1.7%
Equity and liabilities €1.8m
Equity
€392,630 =
Debt
€1.4m ▲ 10.2%
Debt's share of the balance-sheet total rises from 76.1% to 77.8%. Debt is higher.
Key figures and ratios
EBITDA
€472,354▲
2024 · €470,749
Cash flow
€308,131▲
2024 · €302,702
Quick ratio
1.17▼
2024 · 1.25
Debt to equity
3.51▲
2024 · 3.19
ROE
67.4%▼
2024 · 69.9%
Interest coverage
12.57▼
2024 · 12.76
Debt ≤ 1 year
€1.3m▲
2024 · €1.2m
Income taxes
€126,645▼
2024 · €131,159
Staff costs
€4.7m▲
2024 · €4.3m
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 | 72 | 95 | 89 | 86 | 87 |
| full-time | 69 | 92 | 86 | 83 | 84 |
| part-time | 3 | 3 | 3 | 3 | 3 |
| in full-time equivalents | 71.5 | 94.5 | 88.5 | 85.5 | 86.5 |
| Average over the year, in full-time equivalents | 69.4 | 82.4 | 87.2 | 84.7 | 89 |
| On a permanent contract | 60 | 64 | 76 | 78 | 75 |
| Joined | 41 | 61 | 50 | 29 | 47 |
| Left | 35 | 38 | 56 | 32 | 46 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,849 | €19,097 | €89,455 | €13,927 | €148,624 |
| Intangible fixed assets | - | - | €10,000 | €0 | €5,395 |
| Financial fixed assets | €4,800 | - | - | €400 | €0 |
| Depreciation and write-downs of the year | €20,383 | €21,262 | €25,120 | €28,366 | €43,588 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €13,088 awarded · €11,170 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,916 | €2,540 |
| 2024 | 1 | €3,030 | €2,448 |
| 2023 | 2 | €4,682 | €3,722 |
| 2022 | 1 | €2,460 | €2,460 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €4.1m | - | €2.8m | €3.8m | €4.3m | €4.3m | €4.7m | ▲ 9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | ▲ 53.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.02m | €440 | €0 | - | - |
| Other operating charges640/8 | - | €0.004m | - | €0.003m | €0.005m | €0.009m | €0.01m | €0.02m | ▲ 5.8% |
| Gross operating margin9900 | €4.5m | €4.5m | €2.5m | €3.0m | €4.2m | €4.9m | €4.8m | €5.2m | ▲ 8.5% |
| Operating profit (loss)9901 | €0.1m | €0.3m | €0.1m | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 3.1% |
| Financial income75/76B | - | €0 | - | €28 | €436 | €0 | - | €0 | - |
| Recurring financial income75 | €312 | €0 | €0.003m | €28 | €436 | €0 | - | €0 | - |
| Financial charges65/66B | - | €0.04m | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 1.9% |
| Recurring financial charges65 | €0.006m | €0.04m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 1.9% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.3m | €0.07m | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 3.5% |
| Income taxes67/77 | €0.06m | €0.1m | €0.03m | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.4% |
| Profit (loss) for the period9904 | €0.05m | €0.2m | €0.04m | €0.09m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.6% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | - | €0.04m | €0.09m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.5m | €1.2m | €1.4m | €1.7m | €1.9m | €1.6m | €1.8m | ▲ 7.8% |
| Fixed assets21/28 | €0.08m | €0.07m | €0.06m | €0.05m | €0.04m | €0.1m | €0.1m | €0.2m | ▲ 96.7% |
| Intangible fixed assets21 | €0.04m | €0.02m | €0.01m | €0.005m | €0 | €0.009m | €0.007m | €0.01m | ▲ 33.7% |
| Tangible fixed assets22/27 | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | €0.1m | €0.08m | €0.2m | ▲ 117% |
| Plant, machinery and equipment23 | - | €0.003m | - | €0.002m | €0.005m | €0.003m | €0.01m | €0.008m | ▼ 16.3% |
| Furniture and vehicles24 | - | €0.04m | - | €0.03m | €0.03m | €0.09m | €0.07m | €0.2m | ▲ 135% |
| Leasing and similar rights25 | - | - | - | - | - | €0.006m | - | - | - |
| Financial fixed assets28 | €0.009m | €0.009m | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €1.0m | €1.5m | €1.1m | €1.3m | €1.7m | €1.7m | €1.5m | €1.6m | ▲ 1.7% |
| Stocks and contracts in progress3 | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 7.1% |
| Stocks30/36 | - | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 7.1% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.5m | €0.7m | €0.9m | €0.9m | €0.8m | €0.7m | ▼ 18.9% |
| Trade receivables40 | - | €0.8m | - | €0.6m | €0.9m | €0.9m | €0.8m | €0.6m | ▼ 19.6% |
| Other amounts receivable41 | - | €0.01m | - | €0.06m | €0.02m | €0.008m | €0.01m | €0.02m | ▲ 23.3% |
| Cash at bank and in hand54/58 | €0.2m | €0.6m | €0.6m | €0.6m | €0.7m | €0.8m | €0.7m | €0.9m | ▲ 25.9% |
| Deferred charges and accrued income490/1 | - | €0.04m | - | €0.02m | €309 | €0.02m | €0.02m | €0.02m | ▼ 3.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.5m | €1.2m | €1.4m | €1.7m | €1.9m | €1.6m | €1.8m | ▲ 7.8% |
| Equity10/15 | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Profit (loss) carried forward14 | -€0.8m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | = |
| Amounts payable17/49 | €0.8m | €1.2m | €0.8m | €1.0m | €1.3m | €1.5m | €1.3m | €1.4m | ▲ 10.2% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.08m | €0.04m | €0.003m | €0 | - | - | - |
| Financial debts170/4 | - | €0.1m | - | €0.04m | €0.003m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €1.0m | €0.7m | €0.9m | €1.3m | €1.4m | €1.2m | €1.3m | ▲ 9.4% |
| Current portion of amounts payable after more than one year42 | - | €0.3m | - | €0.2m | €0.3m | €0.3m | €0 | - | - |
| Financial debts43 | - | - | - | - | - | - | €0.2m | €0.3m | ▲ 45.0% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.2m | €0.3m | ▲ 45.0% |
| Trade debts44 | €0.06m | €0.05m | €0.07m | €0.05m | €0.08m | €0.1m | €0.1m | €0.03m | ▼ 75.3% |
| Suppliers440/4 | - | €0.05m | - | €0.05m | €0.08m | €0.1m | €0.1m | €0.03m | ▼ 75.3% |
| Taxes, remuneration and social security45 | - | €0.6m | - | €0.5m | €0.7m | €0.7m | €0.6m | €0.7m | ▲ 18.4% |
| Taxes450/3 | - | €0.09m | - | €0.07m | €0.07m | €0.08m | €0.08m | €0.07m | ▼ 12.7% |
| Remuneration and social security454/9 | - | €0.5m | - | €0.4m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 22.8% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.6% |
| Accrued charges and deferred income492/3 | - | €0.04m | - | €0.02m | €0.03m | €0.04m | €0.04m | €0.05m | ▲ 36.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,149 | €167,664 | €36,472 | €91,476 | €251,485 | €316,272 | €274,336 | €264,543 | ▼ 3.6% |
| + Depreciation and write-downs630 | €26,173 | €23,651 | €22,570 | €20,383 | €21,262 | €25,120 | €28,366 | €43,588 | ▲ 53.7% |
| Operating cash flow (approximation) | €73,322 | €191,315 | €59,042 | €111,859 | €272,747 | €341,393 | €302,702 | €308,131 | ▲ 1.8% |
| Investment in fixed assets (approximation) | - | -€16,403 | -€10,354 | -€7,704 | -€19,097 | -€99,455 | -€13,928 | -€144,592 | ▼ 938% |
| Change in cash | - | €383,233 | €40,985 | -€28,018 | €164,065 | €46,982 | -€88,818 | €180,876 | - |
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, 378 companies had the same profile as GENERAL TECHNICAL SERVICES FOR PROJECTS has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.4%
was still going
2.4%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of GENERAL TECHNICAL SERVICES FOR PROJECTS itself: 0.2% 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 378 companies, not a prediction for GENERAL TECHNICAL SERVICES FOR PROJECTS. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-03-2026 | 2026-00061888 | |
| 31-12-2024 | abbreviated format | 28-04-2025 | 2025-00078273 | |
| 31-12-2023 | abbreviated format | 05-04-2024 | 2024-00059265 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00200405 | |
| 31-12-2021 | abbreviated format | 27-07-2022 | 2022-20230379 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-30300101 | |
| 31-12-2019 | abbreviated format | 19-08-2020 | 2020-43400341 | |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-36000468 | |
| 31-12-2017 | full format | 27-03-2018 | 2018-08200334 | |
| 31-12-2016 | full format | 03-05-2017 | 2017-11000141 |