GEODE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 12 filings
Turnover
≈ €470,000
Estimated: probably between €290,000 and €880,000
EBIT margin
Not included in this filing
Net result
-€41,363▼ 352%
2024 · -€9,161
Working capital
€292,533▼ 12.7%
2024 · €335,223
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€39,946
▼ 408%
2025
20182025
Net result
-€41,363
▼ 352%
2025
lowest quarter of the sector
20182025
Equity
€293,860
▼ 12.3%
2025
middle half of the sector
20182025
Total assets
€333,802
▼ 10.2%
2025
lowest quarter of the sector
20182025
Debt
€39,943
▲ 9.3%
2025
20182025
Working capital
€292,533
▼ 12.7%
2025
lowest quarter of the sector
20182025
Solvency
88.0%
▼ 2.1pp
2025
highest quarter of the sector
20182025
Current ratio
8.32
▼ 1.85
2025
middle half of the sector
20182025
Return on assets (ROA)
-12.4%
▼ 9.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.4
▲ 29.4%
2025
lowest 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€33,957-€66,654▲ 96.3%€115,491▲ 73.3%€58,174▼ 49.6%€37,907▼ 34.8%-€13,099-€7,870▲ 39.9%-€39,946▼ 408%
Net result€33,446-€66,582▲ 99.1%€111,519within the sector's middle half▲ 67.5%€56,497within the sector's middle half▼ 49.3%€38,409within the sector's middle half▼ 32.0%-€13,817within the sector's middle half-€9,161within the sector's middle half▲ 33.7%-€41,363below the sector's middle half▼ 352%
Equity€85,193-€151,776▲ 78.2%€263,295below the sector's middle half▲ 73.5%€319,792below the sector's middle half▲ 21.5%€358,200below the sector's middle half▲ 12.0%€344,383below the sector's middle half▼ 3.9%€335,223below the sector's middle half▼ 2.7%€293,860within the sector's middle half▼ 12.3%
Total assets€233,774-€309,424▲ 32.4%€352,489below the sector's middle half▲ 13.9%€404,617below the sector's middle half▲ 14.8%€431,111below the sector's middle half▲ 6.5%€403,898below the sector's middle half▼ 6.3%€371,781below the sector's middle half▼ 8.0%€333,802below the sector's middle half▼ 10.2%
Debt€148,581-€157,649▲ 6.1%€89,194▼ 43.4%€84,825▼ 4.9%€72,911▼ 14.0%€59,514▼ 18.4%€36,558▼ 38.6%€39,943▲ 9.3%
Working capital€88,876-€159,619▲ 79.6%€268,454below the sector's middle half▲ 68.2%€321,022below the sector's middle half▲ 19.6%€379,889below the sector's middle half▲ 18.3%€344,383below the sector's middle half▼ 9.3%€335,223below the sector's middle half▼ 2.7%€292,533below the sector's middle half▼ 12.7%
Solvency36.4%-49.1%▲ 12.6pp74.7%within the sector's middle half▲ 25.6pp79.0%within the sector's middle half▲ 4.3pp83.1%within the sector's middle half▲ 4.1pp85.3%within the sector's middle half▲ 2.2pp90.2%above the sector's middle half▲ 4.9pp88.0%above the sector's middle half▼ 2.1pp
Current ratio1.61-2.07▲ 0.454.19within the sector's middle half▲ 2.134.84within the sector's middle half▲ 0.658.42within the sector's middle half▲ 3.586.79within the sector's middle half▼ 1.6310.17within the sector's middle half▲ 3.388.32within the sector's middle half▼ 1.85
Return on assets (ROA)14.3%-21.5%▲ 7.2pp31.6%above the sector's middle half▲ 10.1pp14.0%above the sector's middle half▼ 17.7pp8.9%above the sector's middle half▼ 5.1pp-3.4%below the sector's middle half▼ 12.3pp-2.5%below the sector's middle half▲ 1.0pp-12.4%below the sector's middle half▼ 9.9pp
Staff (FTE)3below the sector's middle half2.9below the sector's middle half▼ 3.3%0below the sector's middle half▼ 100%3.4below the sector's middle half4.4below the sector's middle half▲ 29.4%
above
within
below
The sector band is the middle half of the companies in Activities of membership organisations (NACE 94). 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 €39,946, larger than the loss of €7,870 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €333,802
Fixed assets
€1,327
Current assets
€332,476
Equity and liabilities €333,802
Equity
€293,860 ▼ 12.3%
Debt
€39,943 ▲ 9.3%
Debt's share of the balance-sheet total rises from 9.8% to 12.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€39,454
Cash flow
-€40,871
Debt to equity
0.14▲
2024 · 0.11
ROE
-14.1%▼
2024 · -2.7%
Interest coverage
-27.65
Debt ≤ 1 year
€39,943▲
2024 · €36,558
Staff costs
€223,962▲
2024 · €200,738
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 0 | 4 | 4 |
| full-time | 3 | 0 | 4 | 4 |
| part-time | - | 0 | 0 | - |
| in full-time equivalents | 3 | 0 | 4 | 4 |
| Average over the year, in full-time equivalents | 2.9 | 0 | 3.4 | 4.4 |
| On a permanent contract | 3 | 0 | 4 | 4 |
| Joined | 3 | 0 | 3 | 3 |
| Left | 3 | 0 | 2 | 3 |
| Training hours | - | 0 | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €1,818 |
| Depreciation and write-downs of the year | - | - | - | - | €492 |
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 | - | - | - | €166,722 | €168,576 | €173,260 | €200,738 | €223,962 | ▲ 11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | - | €492 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €12,804 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €135 | - | €157 | €243 | €424 | ▲ 74.7% |
| Gross operating margin9900 | €54,571 | €100,378 | €203,300 | €225,030 | €206,483 | €173,122 | €193,111 | €184,932 | ▼ 4.2% |
| Operating profit (loss)9901 | €33,957 | €66,654 | €115,491 | €58,174 | €37,907 | -€13,099 | -€7,870 | -€39,946 | ▼ 408% |
| Financial income75/76B | - | - | - | €480 | €2,195 | €0 | - | €10 | - |
| Recurring financial income75 | - | - | €4 | €480 | €2,195 | €0 | - | €10 | - |
| Non-recurring financial income76B | - | - | - | €480 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,156 | €1,694 | €718 | €1,290 | €1,427 | ▲ 10.6% |
| Recurring financial charges65 | €511 | €72 | €3,975 | €2,156 | €1,694 | €718 | €1,290 | €1,427 | ▲ 10.6% |
| Profit (loss) for the period before taxes9903 | €33,446 | €66,582 | €111,519 | €56,497 | €38,409 | -€13,817 | -€9,161 | -€41,363 | ▼ 352% |
| Profit (loss) for the period9904 | €33,446 | €66,582 | €111,519 | €56,497 | €38,409 | -€13,817 | -€9,161 | -€41,363 | ▼ 352% |
| Profit (loss) for the period to be appropriated9905 | €33,446 | €66,582 | €111,519 | €56,497 | €38,409 | -€13,817 | -€9,161 | -€41,363 | ▼ 352% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €233,774 | €309,424 | €352,489 | €404,617 | €431,111 | €403,898 | €371,781 | €333,802 | ▼ 10.2% |
| Fixed assets21/28 | - | - | - | - | - | - | - | €1,327 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €1,327 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €1,327 | - |
| Current assets29/58 | €233,774 | €309,424 | €352,489 | €404,617 | €431,111 | €403,898 | €371,781 | €332,476 | ▼ 10.6% |
| Amounts receivable within one year40/41 | €54,645 | €70,758 | €140,415 | €99,765 | €5,750 | €3,696 | €5,707 | €2,802 | ▼ 50.9% |
| Trade receivables40 | - | - | - | €13,156 | €5,250 | €750 | €2,030 | €230 | ▼ 88.7% |
| Other amounts receivable41 | - | - | - | €86,609 | €500 | €2,946 | €3,677 | €2,572 | ▼ 30.1% |
| Cash at bank and in hand54/58 | €179,129 | €237,827 | €212,074 | €302,352 | €423,378 | €399,399 | €365,219 | €326,640 | ▼ 10.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,500 | €1,984 | €803 | €855 | €3,034 | ▲ 255% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €233,774 | €309,424 | €352,489 | €404,617 | €431,111 | €403,898 | €371,781 | €333,802 | ▼ 10.2% |
| Equity10/15 | €85,193 | €151,776 | €263,295 | €319,792 | €358,200 | €344,383 | €335,223 | €293,860 | ▼ 12.3% |
| Profit (loss) carried forward14 | €85,193 | €151,776 | €263,295 | €319,792 | €358,200 | €344,383 | €335,223 | €293,860 | ▼ 12.3% |
| Amounts payable17/49 | €148,581 | €157,649 | €89,194 | €84,825 | €72,911 | €59,514 | €36,558 | €39,943 | ▲ 9.3% |
| Amounts payable within one year42/48 | €144,898 | €149,805 | €84,035 | €83,595 | €51,223 | €59,514 | €36,558 | €39,943 | ▲ 9.3% |
| Trade debts44 | €138,270 | €129,101 | €49,270 | €58,517 | €29,554 | €45,895 | €17,212 | €19,497 | ▲ 13.3% |
| Suppliers440/4 | - | - | - | €58,517 | €29,554 | €45,895 | €17,212 | €19,497 | ▲ 13.3% |
| Taxes, remuneration and social security45 | - | - | - | €25,078 | €21,669 | €13,619 | €19,346 | €20,445 | ▲ 5.7% |
| Taxes450/3 | - | - | - | - | €1,560 | €2,444 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €25,078 | €20,109 | €11,175 | €19,346 | €20,445 | ▲ 5.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,230 | €21,688 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,446 | €66,582 | €111,519 | €56,497 | €38,409 | -€13,817 | -€9,161 | -€41,363 | ▼ 352% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €492 | - |
| Operating cash flow (approximation) | €33,446 | €66,582 | €111,519 | €56,497 | €38,409 | -€13,817 | -€9,161 | -€40,871 | ▼ 346% |
| Change in cash | - | €58,698 | -€25,753 | €90,278 | €121,026 | -€23,980 | -€34,180 | -€38,579 | ▼ 12.9% |
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, 4,805 companies had the same profile as GEODE has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GEODE itself is lower: < 0.1% within 12 months. It rests on far more data about GEODE than the profile alone.
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 4,805 companies, not a prediction for GEODE. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00206480 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00414524 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00319405 | |
| 31-12-2022 | abbreviated format | 12-06-2023 | 2023-00122477 | |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20154464 | |
| 31-12-2020 | abbreviated format | 16-09-2021 | 2021-67500127 | |
| 31-12-2019 | abbreviated format | 04-11-2020 | 2020-68500507 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45300269 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-20200186 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-39900366 |