GERRITS CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 13 days after the deadline Filed on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00395667.
Annual accounts 2025 filed on 13-08-2026 at the NBB all 31 filings
Turnover
≈ €290,000
Estimated: probably between €200,000 and €500,000
Total assets
€178,062▲ 27.9%
2024 · €139,269
Net result
€44,643▼ 17.8%
2024 · €54,314
Working capital
€79,322▲ 131%
2024 · €34,352
In the rankings
#3 oldest company in Heers, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€52,424
▼ 15.7%
2025
20182025
Net result
€44,643
▼ 17.8%
2025
highest quarter of the sector
20182025
Equity
€80,321
▲ 125%
2025
middle half of the sector
20182025
Total assets
€178,062
▲ 27.9%
2025
middle half of the sector
20182025
Debt
€97,741
▼ 5.6%
2025
20182025
Working capital
€79,322
▲ 131%
2025
middle half of the sector
20182025
Solvency
45.1%
▲ 19.5pp
2025
middle half of the sector
20182025
Current ratio
1.81
▲ 0.48
2025
middle half of the sector
20182025
Return on assets (ROA)
25.1%
▼ 13.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,906-€31,709▲ 166%€12,742▼ 59.8%€13,604▲ 6.8%€16,731▲ 23.0%€41,245▲ 147%€62,185▲ 50.8%€52,424▼ 15.7%
Net result€3,037-€21,707▲ 615%€5,190within the sector's middle half▼ 76.1%€6,678within the sector's middle half▲ 28.7%€10,200within the sector's middle half▲ 52.7%€28,865above the sector's middle half▲ 183%€54,314above the sector's middle half▲ 88.2%€44,643above the sector's middle half▼ 17.8%
Equity-€91,276--€69,569▲ 23.8%-€64,379below the sector's middle half▲ 7.5%-€57,701below the sector's middle half▲ 10.4%-€47,501below the sector's middle half▲ 17.7%-€18,636below the sector's middle half▲ 60.8%€35,678within the sector's middle half€80,321within the sector's middle half▲ 125%
Total assets€78,845-€55,404▼ 29.7%€77,200within the sector's middle half▲ 39.3%€90,290within the sector's middle half▲ 17.0%€89,133within the sector's middle half▼ 1.3%€89,785within the sector's middle half▲ 0.7%€139,269within the sector's middle half▲ 55.1%€178,062within the sector's middle half▲ 27.9%
Debt€170,121-€124,973▼ 26.5%€141,579▲ 13.3%€147,991▲ 4.5%€136,634▼ 7.7%€108,421▼ 20.6%€103,591▼ 4.5%€97,741▼ 5.6%
Working capital-€96,841--€73,397▲ 24.2%-€67,734below the sector's middle half▲ 7.7%-€60,522below the sector's middle half▲ 10.6%-€50,050below the sector's middle half▲ 17.3%-€22,377below the sector's middle half▲ 55.3%€34,352within the sector's middle half€79,322within the sector's middle half▲ 131%
Solvency-115.8%--125.6%▼ 9.8pp-83.4%below the sector's middle half▲ 42.2pp-63.9%below the sector's middle half▲ 19.5pp-53.3%below the sector's middle half▲ 10.6pp-20.8%below the sector's middle half▲ 32.5pp25.6%within the sector's middle half▲ 46.4pp45.1%within the sector's middle half▲ 19.5pp
Current ratio0.25-0.19▼ 0.060.41below the sector's middle half▲ 0.210.53below the sector's middle half▲ 0.120.60below the sector's middle half▲ 0.070.78below the sector's middle half▲ 0.191.33within the sector's middle half▲ 0.551.81within the sector's middle half▲ 0.48
Return on assets (ROA)3.9%-39.2%▲ 35.3pp6.7%within the sector's middle half▼ 32.5pp7.4%within the sector's middle half▲ 0.7pp11.4%within the sector's middle half▲ 4.0pp32.1%above the sector's middle half▲ 20.7pp39.0%above the sector's middle half▲ 6.9pp25.1%above the sector's middle half▼ 13.9pp
Staff (FTE)1-1=1within the sector's middle half=1.1▲ 10.0%0.9▼ 18.2%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 16% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €178,062
Fixed assets
€1,066 ▼ 23.4%
Current assets
€176,996 ▲ 28.4%
Equity and liabilities €178,062
Equity
€80,321 ▲ 125%
Debt
€97,741 ▼ 5.6%
Debt's share of the balance-sheet total falls from 74.4% to 54.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€52,769▼
2024 · €69,450
Cash flow
€44,988▼
2024 · €61,579
Debt to equity
1.22▼
2024 · 2.90
ROE
55.6%▼
2024 · 152.2%
Interest coverage
5.42▼
2024 · 6.68
Debt ≤ 1 year
€97,674▼
2024 · €103,525
Income taxes
€5,115▲
2024 · €2,496
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 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 0 |
| full-time | 1 | 0 |
| part-time | - | 0 |
| in full-time equivalents | 1 | 0 |
| Average over the year, in full-time equivalents | 1.1 | 0.9 |
| On a permanent contract | 1 | - |
| Joined | 1 | 0 |
| Left | 1 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,032 | - | - |
| Financial fixed assets | - | - | - | - | €19 |
| Depreciation and write-downs of the year | €7,751 | €7,277 | €7,157 | €7,265 | €345 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €2,764 awarded · €2,764 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €83 | €83 |
| 2022 | 1 | €2,681 | €2,681 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,066 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €33,355 | €28,146 | €1,102 | €9,876 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,219 | €9,218 | €8,924 | €7,751 | €7,277 | €7,157 | €7,265 | €345 | ▼ 95.3% |
| Other operating charges640/8 | - | - | - | €1,519 | €414 | €2,208 | €3,126 | €2,091 | ▼ 33.1% |
| Non-recurring operating charges66A | - | - | - | €2,739 | - | - | - | - | - |
| Gross operating margin9900 | €56,518 | €75,515 | €54,343 | €58,968 | €52,568 | €51,712 | €82,452 | €54,860 | ▼ 33.5% |
| Operating profit (loss)9901 | €11,906 | €31,709 | €12,742 | €13,604 | €16,731 | €41,245 | €62,185 | €52,424 | ▼ 15.7% |
| Financial income75/76B | - | - | - | €906 | €2,060 | €2,533 | €5,027 | €7,071 | ▲ 40.7% |
| Recurring financial income75 | - | €64 | €127 | €906 | €2,060 | €2,533 | €5,027 | €7,071 | ▲ 40.7% |
| Financial charges65/66B | - | - | - | €7,832 | €8,591 | €14,913 | €10,402 | €9,737 | ▼ 6.4% |
| Recurring financial charges65 | €8,441 | €9,644 | €7,679 | €7,832 | €8,591 | €14,913 | €10,402 | €9,737 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | €3,465 | €22,129 | €5,190 | €6,678 | €10,200 | €28,865 | €56,810 | €49,758 | ▼ 12.4% |
| Income taxes67/77 | €428 | €422 | - | - | - | - | €2,496 | €5,115 | ▲ 105% |
| Profit (loss) for the period9904 | €3,037 | €21,707 | €5,190 | €6,678 | €10,200 | €28,865 | €54,314 | €44,643 | ▼ 17.8% |
| Profit (loss) for the period to be appropriated9905 | €3,037 | €21,707 | €5,190 | €6,678 | €10,200 | €28,865 | €54,314 | €44,643 | ▼ 17.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €78,845 | €55,404 | €77,200 | €90,290 | €89,133 | €89,785 | €139,269 | €178,062 | ▲ 27.9% |
| Fixed assets21/28 | €46,209 | €37,728 | €30,455 | €22,559 | €15,282 | €8,657 | €1,392 | €1,066 | ▼ 23.4% |
| Tangible fixed assets22/27 | €46,155 | €36,937 | €29,078 | €21,327 | €14,050 | €7,925 | €660 | €315 | ▼ 52.3% |
| Land and buildings22 | - | - | - | €20,765 | €13,843 | €6,922 | - | - | - |
| Furniture and vehicles24 | - | - | - | €562 | €207 | €1,003 | €660 | €315 | ▼ 52.3% |
| Financial fixed assets28 | €54 | €791 | €1,377 | €1,232 | €1,232 | €732 | €732 | €751 | ▲ 2.6% |
| Current assets29/58 | €32,636 | €17,676 | €46,745 | €67,731 | €73,851 | €81,128 | €137,877 | €176,996 | ▲ 28.4% |
| Stocks and contracts in progress3 | €6,508 | - | €28,532 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €25,230 | €16,589 | €17,225 | €66,743 | €72,822 | €80,296 | €137,059 | €176,174 | ▲ 28.5% |
| Trade receivables40 | - | - | - | €42,085 | €34,854 | €19,726 | €29,103 | €19,726 | ▼ 32.2% |
| Other amounts receivable41 | - | - | - | €24,658 | €37,968 | €60,570 | €107,956 | €156,448 | ▲ 44.9% |
| Cash at bank and in hand54/58 | €311 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Deferred charges and accrued income490/1 | - | - | - | €488 | €529 | €332 | €318 | €322 | ▲ 1.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €78,845 | €55,404 | €77,200 | €90,290 | €89,133 | €89,785 | €139,269 | €178,062 | ▲ 27.9% |
| Equity10/15 | -€91,276 | -€69,569 | -€64,379 | -€57,701 | -€47,501 | -€18,636 | €35,678 | €80,321 | ▲ 125% |
| Contributions10/11 | €31,550 | €31,550 | - | €31,550 | €31,550 | €31,550 | €31,550 | €31,550 | = |
| Reserves13 | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | = |
| Non-distributable reserves130/1 | - | - | - | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | = |
| Reserves not available under the articles1311 | - | - | - | €3,155 | €3,155 | €3,155 | €3,155 | €3,155 | = |
| Profit (loss) carried forward14 | -€125,981 | -€104,274 | -€99,084 | -€92,406 | -€82,206 | -€53,341 | €973 | €45,616 | ▲ 47× |
| Amounts payable17/49 | €170,121 | €124,973 | €141,579 | €147,991 | €136,634 | €108,421 | €103,591 | €97,741 | ▼ 5.6% |
| Amounts payable after more than one year17 | €40,452 | €33,846 | €26,925 | €19,674 | €12,078 | €4,120 | - | - | - |
| Financial debts170/4 | - | - | - | €19,674 | €12,078 | €4,120 | - | - | - |
| Amounts payable within one year42/48 | €129,477 | €91,073 | €114,479 | €128,253 | €123,901 | €103,505 | €103,525 | €97,674 | ▼ 5.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,251 | €7,596 | €22,958 | €19,120 | €15,000 | ▼ 21.5% |
| Financial debts43 | - | - | - | €67,505 | €69,764 | €67,459 | €69,963 | €69,990 | = |
| Credit institutions430/8 | - | - | - | €67,505 | €69,764 | €67,459 | €69,963 | €69,990 | = |
| Trade debts44 | €36,504 | €13,745 | €39,508 | €39,738 | €29,750 | €8,139 | €13,611 | €7,569 | ▼ 44.4% |
| Suppliers440/4 | - | - | - | €39,738 | €29,750 | €8,139 | €13,611 | €7,569 | ▼ 44.4% |
| Taxes, remuneration and social security45 | - | - | - | €13,759 | €16,791 | €4,949 | €831 | €5,115 | ▲ 516% |
| Taxes450/3 | - | - | - | €10,803 | €14,277 | €4,949 | €831 | €5,115 | ▲ 516% |
| Remuneration and social security454/9 | - | - | - | €2,956 | €2,514 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €64 | €655 | €796 | €66 | €67 | ▲ 1.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,037 | €21,707 | €5,190 | €6,678 | €10,200 | €28,865 | €54,314 | €44,643 | ▼ 17.8% |
| + Depreciation and write-downs630 | €9,219 | €9,218 | €8,924 | €7,751 | €7,277 | €7,157 | €7,265 | €345 | ▼ 95.3% |
| Operating cash flow (approximation) | €12,256 | €30,925 | €14,114 | €14,429 | €17,477 | €36,022 | €61,579 | €44,988 | ▼ 26.9% |
| Investment in fixed assets (approximation) | - | -€737 | -€1,651 | €145 | €0 | -€532 | €0 | -€19 | - |
| Change in cash | - | €189 | €0 | €0 | €0 | €0 | €0 | €0 | - |
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, 31,368 companies had the same profile as GERRITS CONSTRUCT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GERRITS CONSTRUCT itself is higher: 0.8% within 12 months. It rests on far more data about GERRITS CONSTRUCT 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 31,368 companies, not a prediction for GERRITS CONSTRUCT. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-08-2026 | 2026-00395667 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00431771 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00411315 | |
| 31-12-2022 | micro format | 20-11-2023 | 2023-00513347 | |
| 31-12-2021 | micro format | 13-05-2023 | 2023-00086561 | |
| 31-12-2020 | micro format | 08-10-2021 | 2021-71500447 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-58600128 | |
| 31-12-2018 | abbreviated format | 25-09-2019 | 2019-66100413 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-58300252 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-38000527 |