GERFIN
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 2 November 2026.
Annual accounts 2024 filed on 30-09-2025 PDF all 25 filings
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result for 2024 is a loss of €4,105, larger than the loss of €1,586 in 2023. It is the lowest result since 2020.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €1,048 | €348 | €348 | €770 | €427 | €1,000 | ▲ 134% |
| Gross operating margin9900 | -€7,191 | -€9,601 | -€2,329 | -€927 | -€2,042 | -€1,159 | -€3,106 | ▼ 168% |
| Operating profit (loss)9901 | -€7,371 | -€10,650 | -€2,677 | -€1,275 | -€2,813 | -€1,586 | -€4,105 | ▼ 159% |
| Financial income75/76B | - | €8,724 | €2,676 | - | - | - | - | - |
| Recurring financial income75 | €17,379 | €8,724 | €2,676 | - | - | - | - | - |
| Financial charges65/66B | - | €513 | €75 | €37 | €144 | €42 | €89 | ▲ 114% |
| Recurring financial charges65 | €19,840 | €513 | €75 | €37 | €144 | €42 | €89 | ▲ 114% |
| Profit (loss) for the period before taxes9903 | -€9,832 | -€2,438 | -€76 | -€1,311 | -€2,957 | -€1,627 | -€4,194 | ▼ 158% |
| Income taxes67/77 | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€9,832 | -€2,438 | -€76 | -€1,311 | -€2,957 | -€1,627 | -€4,194 | ▼ 158% |
| Profit (loss) for the period to be appropriated9905 | -€9,832 | -€2,438 | -€76 | -€1,311 | -€2,957 | -€1,627 | -€4,194 | ▼ 158% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €264,966 | €184,601 | €186,937 | €186,900 | €182,704 | €180,766 | €61,234 | ▼ 66.1% |
| Current assets29/58 | €264,966 | €184,601 | €186,937 | €186,900 | €182,704 | €180,766 | €61,234 | ▼ 66.1% |
| Amounts receivable within one year40/41 | €35,484 | €176,532 | €186,626 | €186,626 | €182,573 | €180,677 | €61,234 | ▼ 66.1% |
| Other amounts receivable41 | - | €176,532 | €186,626 | €186,626 | €182,573 | €180,677 | €61,234 | ▼ 66.1% |
| Cash at bank and in hand54/58 | €16,664 | €8,068 | €311 | €274 | €130 | €89 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €264,966 | €184,601 | €186,937 | €186,900 | €182,704 | €180,766 | €61,234 | ▼ 66.1% |
| Equity10/15 | -€83,375 | -€85,814 | -€85,890 | -€87,201 | -€90,157 | -€91,785 | -€95,979 | ▼ 4.6% |
| Contributions10/11 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | -€89,573 | -€92,011 | -€92,087 | -€93,398 | -€96,355 | -€97,982 | -€102,177 | ▼ 4.3% |
| Amounts payable17/49 | €348,341 | €270,414 | €272,827 | €274,101 | €272,861 | €272,551 | €157,214 | ▼ 42.3% |
| Amounts payable after more than one year17 | €248,015 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €25,326 | €270,414 | €272,827 | €274,101 | €272,861 | €272,551 | €157,214 | ▼ 42.3% |
| Trade debts44 | €4,865 | €1,915 | €3,427 | €4,702 | €3,462 | €3,152 | €2,814 | ▼ 10.7% |
| Suppliers440/4 | - | €1,915 | €3,427 | €4,702 | €3,462 | €3,152 | €2,814 | ▼ 10.7% |
| Other amounts payable47/48 | - | €268,499 | €269,399 | €269,399 | €269,399 | €269,399 | €154,399 | ▼ 42.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,832 | -€2,438 | -€76 | -€1,311 | -€2,957 | -€1,627 | -€4,194 | ▼ 158% |
| Operating cash flow (approximation) | -€9,832 | -€2,438 | -€76 | -€1,311 | -€2,957 | -€1,627 | -€4,194 | ▼ 158% |
| Change in cash | - | -€8,596 | -€7,757 | -€37 | -€144 | -€42 | -€89 | ▼ 114% |
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, 2,796 companies had the same profile as GERFIN has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
Another 1.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GERFIN itself is higher: 4.3% within 12 months. It rests on far more data about GERFIN 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 2,796 companies, not a prediction for GERFIN. 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 |
|---|---|---|---|---|
| 31-12-2024 | micro format | 30-09-2025 | 2025-00530227 | |
| 31-12-2023 | micro format | 10-10-2024 | 2024-00504032 | |
| 31-12-2022 | micro format | 30-11-2023 | 2023-00523516 | |
| 31-12-2021 | abbreviated format | 24-02-2023 | 2023-00034245 | |
| 31-12-2020 | abbreviated format | 24-02-2023 | 2023-00034246 | |
| 31-12-2019 | abbreviated format | 24-02-2023 | 2023-00034247 | |
| 31-12-2018 | abbreviated format | 20-12-2019 | 2019-77400561 | |
| 31-12-2017 | abbreviated format | 08-11-2018 | 2018-71900458 | |
| 31-12-2016 | abbreviated format | 22-09-2017 | 2017-63200406 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-39600495 |