GERRE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 25 filings
Turnover
≈ €160,000
Estimated: probably between €100,000 and €340,000
Total assets
€127,679▲ 21.3%
2024 · €105,272
Net result
-€7,936
2024 · €15,804
Working capital
€24,357▲ 12.3%
2024 · €21,686
In the rankings
#9 oldest company in Bekkevoort, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€5,725
2025
20192025
Net result
-€7,936
2025
lowest quarter of the sector
20192025
Equity
€56,001
▼ 12.4%
2025
middle half of the sector
20192025
Total assets
€127,679
▲ 21.3%
2025
middle half of the sector
20192025
Debt
€71,679
▲ 73.4%
2025
20192025
Working capital
€24,357
▲ 12.3%
2025
middle half of the sector
20192025
Solvency
43.9%
▼ 16.9pp
2025
middle half of the sector
20192025
Current ratio
1.91
▲ 0.38
2025
middle half of the sector
20192025
Return on assets (ROA)
-6.2%
▼ 21.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€14,662-€14,748▲ 0.6%€8,601▼ 41.7%-€1,096-€12,894▼ 1,076%€16,617-€5,725
Net result€13,047-€13,343within the sector's middle half▲ 2.3%€5,702within the sector's middle half▼ 57.3%-€1,103below the sector's middle half-€13,552below the sector's middle half▼ 1,128%€15,804within the sector's middle half-€7,936below the sector's middle half
Equity€43,743-€57,086within the sector's middle half▲ 30.5%€62,788within the sector's middle half▲ 10.0%€61,685within the sector's middle half▼ 1.8%€48,133within the sector's middle half▼ 22.0%€63,936within the sector's middle half▲ 32.8%€56,001within the sector's middle half▼ 12.4%
Total assets€52,042-€66,252below the sector's middle half▲ 27.3%€74,637within the sector's middle half▲ 12.7%€69,117within the sector's middle half▼ 7.4%€80,731within the sector's middle half▲ 16.8%€105,272within the sector's middle half▲ 30.4%€127,679within the sector's middle half▲ 21.3%
Debt€8,299-€9,166▲ 10.4%€11,849▲ 29.3%€7,433▼ 37.3%€32,598▲ 339%€41,335▲ 26.8%€71,679▲ 73.4%
Working capital€16,330-€26,158within the sector's middle half▲ 60.2%€41,154within the sector's middle half▲ 57.3%€46,820within the sector's middle half▲ 13.8%€18,619within the sector's middle half▼ 60.2%€21,686within the sector's middle half▲ 16.5%€24,357within the sector's middle half▲ 12.3%
Solvency84.1%-86.2%above the sector's middle half▲ 2.1pp84.1%above the sector's middle half▼ 2.0pp89.2%above the sector's middle half▲ 5.1pp59.6%within the sector's middle half▼ 29.6pp60.7%within the sector's middle half▲ 1.1pp43.9%within the sector's middle half▼ 16.9pp
Current ratio3.04-3.94above the sector's middle half▲ 0.904.47above the sector's middle half▲ 0.537.30above the sector's middle half▲ 2.831.73within the sector's middle half▼ 5.571.52within the sector's middle half▼ 0.201.91within the sector's middle half▲ 0.38
Return on assets (ROA)25.1%-20.1%above the sector's middle half▼ 4.9pp7.6%within the sector's middle half▼ 12.5pp-1.6%below the sector's middle half▼ 9.2pp-16.8%below the sector's middle half▼ 15.2pp15.0%within the sector's middle half▲ 31.8pp-6.2%below the sector's middle half▼ 21.2pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €5,725, after a profit of €16,617 in 2024.
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 €127,679
Fixed assets
€76,440 ▲ 80.9%
Current assets
€51,239 ▼ 18.7%
Equity and liabilities €127,679
Equity
€56,001 ▼ 12.4%
Debt
€71,679 ▲ 73.4%
Debt's share of the balance-sheet total rises from 39.3% to 56.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€10,026▼
2024 · €29,130
Cash flow
€7,815▼
2024 · €28,317
Debt to equity
1.28▲
2024 · 0.65
ROE
-14.2%▼
2024 · 24.7%
Interest coverage
4.78▼
2024 · 35.83
Debt ≤ 1 year
€26,882▼
2024 · €41,335
Debt > 1 year
€44,797
Income taxes
€1,495
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,240 | €36,532 | €24,793 | €67,500 |
| Depreciation and write-downs of the year | €9,573 | €8,009 | €14,808 | €12,513 | €15,751 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €395 awarded · €395 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,550 | €17,347 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,437 | €10,787 | €9,573 | €8,009 | €14,808 | €12,513 | €15,751 | ▲ 25.9% |
| Other operating charges640/8 | - | - | €1,685 | €796 | €3,644 | €2,042 | €220 | ▼ 89.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €17,559 | - |
| Gross operating margin9900 | €29,944 | €25,735 | €19,859 | €7,708 | €5,557 | €31,171 | €27,805 | ▼ 10.8% |
| Operating profit (loss)9901 | €14,662 | €14,748 | €8,601 | -€1,096 | -€12,894 | €16,617 | -€5,725 | - |
| Financial income75/76B | - | - | €0 | €0 | - | - | €1,384 | - |
| Recurring financial income75 | - | €10 | €0 | €0 | - | - | €1,384 | - |
| Financial charges65/66B | - | - | €172 | €670 | €657 | €813 | €2,099 | ▲ 158% |
| Recurring financial charges65 | €1,615 | €554 | €172 | €289 | €657 | €813 | €2,099 | ▲ 158% |
| Non-recurring financial charges66B | - | - | - | €382 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €13,047 | €14,204 | €8,429 | -€1,766 | -€13,552 | €15,804 | -€6,440 | - |
| Income taxes67/77 | - | €861 | €2,727 | -€663 | - | - | €1,495 | - |
| Profit (loss) for the period9904 | €13,047 | €13,343 | €5,702 | -€1,103 | -€13,552 | €15,804 | -€7,936 | - |
| Profit (loss) for the period to be appropriated9905 | €13,047 | €13,343 | €5,702 | -€1,103 | -€13,552 | €15,804 | -€7,936 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €52,042 | €66,252 | €74,637 | €69,117 | €80,731 | €105,272 | €127,679 | ▲ 21.3% |
| Fixed assets21/28 | €27,705 | €31,207 | €21,634 | €14,865 | €36,590 | €42,250 | €76,440 | ▲ 80.9% |
| Tangible fixed assets22/27 | €27,705 | €31,207 | €21,634 | €14,865 | €36,590 | €42,250 | €76,440 | ▲ 80.9% |
| Plant, machinery and equipment23 | - | - | €958 | €1,217 | €5,064 | €3,736 | €8,873 | ▲ 138% |
| Furniture and vehicles24 | - | - | €20,676 | €13,648 | €31,526 | €38,514 | €67,568 | ▲ 75.4% |
| Current assets29/58 | €24,337 | €35,045 | €53,003 | €54,253 | €44,141 | €63,022 | €51,239 | ▼ 18.7% |
| Amounts receivable within one year40/41 | €2,825 | €5,297 | €7,752 | €11,608 | €26,499 | €36,107 | €19,579 | ▼ 45.8% |
| Trade receivables40 | - | - | €7,752 | €9,997 | €20,994 | €35,956 | €19,579 | ▼ 45.5% |
| Other amounts receivable41 | - | - | - | €1,611 | €5,504 | €151 | - | - |
| Cash at bank and in hand54/58 | €21,511 | €29,748 | €44,746 | €42,645 | €17,232 | €24,135 | €31,077 | ▲ 28.8% |
| Deferred charges and accrued income490/1 | - | - | €506 | - | €410 | €2,779 | €582 | ▼ 79.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €52,042 | €66,252 | €74,637 | €69,117 | €80,731 | €105,272 | €127,679 | ▲ 21.3% |
| Equity10/15 | €43,743 | €57,086 | €62,788 | €61,685 | €48,133 | €63,936 | €56,001 | ▼ 12.4% |
| Contributions10/11 | €19,000 | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €24,743 | €38,086 | €43,788 | €42,685 | €29,133 | €44,936 | €37,001 | ▼ 17.7% |
| Non-distributable reserves130/1 | - | - | €1,900 | €1,900 | €1,900 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,900 | €1,900 | €1,900 | - | - | - |
| Distributable reserves133 | - | - | €41,888 | €40,785 | €27,233 | €44,936 | €37,001 | ▼ 17.7% |
| Amounts payable17/49 | €8,299 | €9,166 | €11,849 | €7,433 | €32,598 | €41,335 | €71,679 | ▲ 73.4% |
| Amounts payable after more than one year17 | - | - | - | - | €7,076 | - | €44,797 | - |
| Financial debts170/4 | - | - | - | - | €7,076 | - | €44,797 | - |
| Amounts payable within one year42/48 | €8,006 | €8,887 | €11,849 | €7,433 | €25,523 | €41,335 | €26,882 | ▼ 35.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,331 | €7,076 | €9,247 | ▲ 30.7% |
| Trade debts44 | - | €178 | - | €1,797 | €11,095 | €22,772 | €10,064 | ▼ 55.8% |
| Suppliers440/4 | - | - | - | €1,797 | €11,095 | €22,772 | €10,064 | ▼ 55.8% |
| Taxes, remuneration and social security45 | - | - | €4,939 | - | €2,973 | €5,913 | €2,130 | ▼ 64.0% |
| Taxes450/3 | - | - | €4,939 | - | - | €5,913 | €1,816 | ▼ 69.3% |
| Remuneration and social security454/9 | - | - | - | - | €2,973 | - | €314 | - |
| Other amounts payable47/48 | - | - | €6,910 | €5,636 | €4,123 | €5,575 | €5,440 | ▼ 2.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,047 | €13,343 | €5,702 | -€1,103 | -€13,552 | €15,804 | -€7,936 | - |
| + Depreciation and write-downs630 | €14,437 | €10,787 | €9,573 | €8,009 | €14,808 | €12,513 | €15,751 | ▲ 25.9% |
| Operating cash flow (approximation) | €27,484 | €24,130 | €15,275 | €6,906 | €1,256 | €28,317 | €7,815 | ▼ 72.4% |
| Investment in fixed assets (approximation) | - | -€14,289 | €0 | -€1,240 | -€36,532 | -€18,173 | -€49,941 | ▼ 175% |
| Change in cash | - | €8,237 | €14,997 | -€2,101 | -€25,412 | €6,903 | €6,942 | ▲ 0.6% |
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, 12,322 companies had the same profile as GERRE has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GERRE itself: 0.3% 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 12,322 companies, not a prediction for GERRE. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00088177 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00077458 | |
| 30-09-2023 | micro format | 18-03-2024 | 2024-00044717 | |
| 30-09-2022 | micro format | 20-04-2023 | 2023-00061929 | |
| 30-09-2021 | micro format | 26-04-2022 | 2022-20008471 | |
| 30-09-2020 | micro format | 30-03-2021 | 2021-09500408 | |
| 30-09-2019 | micro format | 23-03-2020 | 2020-07100548 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-09000465 | |
| 30-09-2017 | micro format | 22-02-2018 | 2018-05500319 | |
| 30-09-2016 | abbreviated format | 27-02-2017 | 2017-05700233 |