GESA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 28 filings
Turnover
€126,253
EBIT margin
9.5%
Net result
€31,091▲ 124%
2024 · €13,895
Working capital
€47,971▼ 59.2%
2024 · €117,492
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€50,911
▲ 94.1%
2025
20182025
Net result
€31,091
▲ 124%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€210,088
▲ 17.4%
2025
highest quarter of the sector
20182025
Total assets
€362,351
▲ 6.8%
2025
middle half of the sector
20182025
Debt
€152,263
▼ 4.9%
2025
20182025
Working capital
€47,971
▼ 59.2%
2025
middle half of the sector
20182025
Solvency
58.0%
▲ 5.2pp
2025
middle half of the sector
20182025
Current ratio
1.32
▼ 2.86
2025
middle half of the sector
20182025
Return on assets (ROA)
8.6%
▲ 4.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€126,253
Operating result€3,330-€12,010▲ 261%€24,624▲ 105%€66,801▲ 171%€39,516▼ 40.8%€53,942▲ 36.5%€26,236▼ 51.4%€50,911▲ 94.1%
Net result€2,536-€7,165▲ 183%€18,020within the sector's middle half▲ 151%€49,481above the sector's middle half▲ 175%€27,984above the sector's middle half▼ 43.4%€36,139above the sector's middle half▲ 29.1%€13,895within the sector's middle half▼ 61.6%€31,091above the sector's middle half▲ 124%
EBIT margin9.5%
Equity€26,313-€33,478▲ 27.2%€51,498within the sector's middle half▲ 53.8%€100,979within the sector's middle half▲ 96.1%€128,963within the sector's middle half▲ 27.7%€165,102within the sector's middle half▲ 28.0%€178,997above the sector's middle half▲ 8.4%€210,088above the sector's middle half▲ 17.4%
Total assets€41,162-€62,611▲ 52.1%€86,099within the sector's middle half▲ 37.5%€132,109within the sector's middle half▲ 53.4%€296,433within the sector's middle half▲ 124%€312,013within the sector's middle half▲ 5.3%€339,150within the sector's middle half▲ 8.7%€362,351within the sector's middle half▲ 6.8%
Debt€14,850-€29,133▲ 96.2%€34,601▲ 18.8%€31,130▼ 10.0%€167,470▲ 438%€146,911▼ 12.3%€160,153▲ 9.0%€152,263▼ 4.9%
Working capital€18,467-€14,253▼ 22.8%€26,946within the sector's middle half▲ 89.1%€79,532within the sector's middle half▲ 195%€63,652within the sector's middle half▼ 20.0%€100,933within the sector's middle half▲ 58.6%€117,492within the sector's middle half▲ 16.4%€47,971within the sector's middle half▼ 59.2%
Solvency63.9%-53.5%▼ 10.5pp59.8%within the sector's middle half▲ 6.3pp76.4%above the sector's middle half▲ 16.6pp43.5%within the sector's middle half▼ 32.9pp52.9%within the sector's middle half▲ 9.4pp52.8%within the sector's middle half▼ 0.1pp58.0%within the sector's middle half▲ 5.2pp
Current ratio2.24-1.49▼ 0.751.78within the sector's middle half▲ 0.293.55above the sector's middle half▲ 1.783.52above the sector's middle half▼ 0.047.72above the sector's middle half▲ 4.204.17above the sector's middle half▼ 3.551.32within the sector's middle half▼ 2.86
Return on assets (ROA)6.2%-11.4%▲ 5.3pp20.9%above the sector's middle half▲ 9.5pp37.5%above the sector's middle half▲ 16.5pp9.4%within the sector's middle half▼ 28.0pp11.6%within the sector's middle half▲ 2.1pp4.1%within the sector's middle half▼ 7.5pp8.6%within the sector's middle half▲ 4.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 94% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €362,351
Fixed assets
€162,117 ▼ 12.2%
Current assets
€200,233 ▲ 29.6%
Equity and liabilities €362,351
Equity
€210,088 ▲ 17.4%
Debt
€152,263 ▼ 4.9%
Debt's share of the balance-sheet total falls from 47.2% to 42.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€61,399▲
2024 · €37,686
Cash flow
€41,579▲
2024 · €25,345
Quick ratio
1.25▼
2024 · 3.85
Debt to equity
0.72▼
2024 · 0.89
ROE
14.8%▲
2024 · 7.8%
Interest coverage
12.90▲
2024 · 7.47
Debt ≤ 1 year
€152,263▲
2024 · €37,052
Income taxes
€15,251▲
2024 · €7,294
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €195,000 | - | €3,000 | - |
| Depreciation and write-downs of the year | €3,104 | €6,207 | €11,450 | €11,450 | €10,489 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €126,253 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,975 | €5,212 | €3,173 | €3,104 | €6,207 | €11,450 | €11,450 | €10,489 | ▼ 8.4% |
| Other operating charges640/8 | - | - | - | €260 | €23,803 | €2,386 | €2,454 | €3,816 | ▲ 55.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €12,000 | - |
| Gross operating margin9900 | €5,712 | €18,369 | €29,768 | €70,164 | €69,525 | €67,778 | €40,139 | €77,216 | ▲ 92.4% |
| Operating profit (loss)9901 | €3,330 | €12,010 | €24,624 | €66,801 | €39,516 | €53,942 | €26,236 | €50,911 | ▲ 94.1% |
| Financial income75/76B | - | - | - | - | - | - | - | €192 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €192 | - |
| Financial charges65/66B | - | - | - | €13 | €1,898 | €4,792 | €5,047 | €4,760 | ▼ 5.7% |
| Recurring financial charges65 | - | €23 | €44 | €13 | €1,898 | €4,792 | €5,047 | €4,760 | ▼ 5.7% |
| Profit (loss) for the period before taxes9903 | €3,330 | €11,987 | €24,580 | €66,788 | €37,618 | €49,150 | €21,189 | €46,342 | ▲ 119% |
| Income taxes67/77 | €794 | €4,821 | €6,560 | €17,306 | €9,634 | €13,012 | €7,294 | €15,251 | ▲ 109% |
| Profit (loss) for the period9904 | €2,536 | €7,165 | €18,020 | €49,481 | €27,984 | €36,139 | €13,895 | €31,091 | ▲ 124% |
| Profit (loss) for the period to be appropriated9905 | €2,536 | €7,165 | €18,020 | €49,481 | €27,984 | €36,139 | €13,895 | €31,091 | ▲ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41,162 | €62,611 | €86,099 | €132,109 | €296,433 | €312,013 | €339,150 | €362,351 | ▲ 6.8% |
| Fixed assets21/28 | €7,846 | €19,225 | €24,552 | €21,448 | €207,506 | €196,056 | €184,606 | €162,117 | ▼ 12.2% |
| Tangible fixed assets22/27 | €5,111 | €16,490 | €21,817 | €18,713 | €207,506 | €196,056 | €184,606 | €162,117 | ▼ 12.2% |
| Land and buildings22 | - | - | - | - | €191,367 | €181,617 | €171,867 | €162,117 | ▼ 5.7% |
| Furniture and vehicles24 | - | - | - | €17,839 | €16,139 | €14,439 | €12,739 | - | - |
| Other tangible fixed assets26 | - | - | - | €874 | - | - | - | - | - |
| Financial fixed assets28 | €2,735 | €2,735 | €2,735 | €2,735 | - | - | - | - | - |
| Current assets29/58 | €33,316 | €43,387 | €61,548 | €110,662 | €88,927 | €115,957 | €154,545 | €200,233 | ▲ 29.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €12,443 | €12,443 | = |
| Other amounts receivable291 | - | - | - | - | - | - | €12,443 | €12,443 | = |
| Stocks and contracts in progress3 | €5,742 | €6,334 | €8,308 | €6,408 | €9,503 | €11,423 | €11,898 | €9,950 | ▼ 16.4% |
| Stocks30/36 | - | - | - | €6,408 | €9,503 | €11,423 | €11,898 | €9,950 | ▼ 16.4% |
| Amounts receivable within one year40/41 | €7,911 | €1,413 | €221 | - | - | - | €1,874 | €18,433 | ▲ 883% |
| Trade receivables40 | - | - | - | - | - | - | €168 | €17,457 | ▲ 104× |
| Other amounts receivable41 | - | - | - | - | - | - | €1,706 | €976 | ▼ 42.8% |
| Cash at bank and in hand54/58 | €19,664 | €35,640 | €53,019 | €104,254 | €79,425 | €104,534 | €128,015 | €159,378 | ▲ 24.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €315 | €31 | ▼ 90.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41,162 | €62,611 | €86,099 | €132,109 | €296,433 | €312,013 | €339,150 | €362,351 | ▲ 6.8% |
| Equity10/15 | €26,313 | €33,478 | €51,498 | €100,979 | €128,963 | €165,102 | €178,997 | €210,088 | ▲ 17.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €7,713 | €14,878 | €32,898 | €82,379 | €110,363 | €146,502 | €160,397 | €191,488 | ▲ 19.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €80,519 | €108,503 | €146,502 | €160,397 | €191,488 | ▲ 19.4% |
| Amounts payable17/49 | €14,850 | €29,133 | €34,601 | €31,130 | €167,470 | €146,911 | €160,153 | €152,263 | ▼ 4.9% |
| Amounts payable after more than one year17 | - | - | - | - | €140,101 | €131,887 | €123,101 | - | - |
| Financial debts170/4 | - | - | - | - | €140,101 | €131,887 | €123,101 | - | - |
| Amounts payable within one year42/48 | €14,850 | €29,133 | €34,601 | €31,130 | €25,275 | €15,025 | €37,052 | €152,263 | ▲ 311% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,951 | €7,160 | €7,731 | €122,681 | ▲ 16× |
| Trade debts44 | - | €16,132 | €15,785 | - | €57 | - | €22,070 | €22,367 | ▲ 1.3% |
| Suppliers440/4 | - | - | - | - | €57 | - | €22,070 | €22,367 | ▲ 1.3% |
| Taxes, remuneration and social security45 | - | - | - | €16,897 | €11,550 | €3,565 | €5,083 | €6,914 | ▲ 36.0% |
| Taxes450/3 | - | - | - | €16,897 | €11,550 | €3,565 | €5,083 | €6,914 | ▲ 36.0% |
| Other amounts payable47/48 | - | - | - | €14,233 | €5,716 | €4,300 | €2,169 | €300 | ▼ 86.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,094 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,536 | €7,165 | €18,020 | €49,481 | €27,984 | €36,139 | €13,895 | €31,091 | ▲ 124% |
| + Depreciation and write-downs630 | €1,975 | €5,212 | €3,173 | €3,104 | €6,207 | €11,450 | €11,450 | €10,489 | ▼ 8.4% |
| Operating cash flow (approximation) | €4,511 | €12,377 | €21,193 | €52,585 | €34,191 | €47,589 | €25,345 | €41,579 | ▲ 64.1% |
| Investment in fixed assets (approximation) | - | -€16,590 | -€8,500 | €0 | -€192,265 | €0 | €0 | €12,000 | - |
| Change in cash | - | €15,975 | €17,379 | €51,235 | -€24,829 | €25,109 | €23,481 | €31,363 | ▲ 33.6% |
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, 31,368 companies had the same profile as GESA 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.
That fits the bankruptcy probability of GESA itself: < 0.1% 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 31,368 companies, not a prediction for GESA. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00198736 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00312610 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00313788 | |
| 31-12-2022 | micro format | 07-08-2023 | 2023-00316711 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20151793 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61700092 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34900218 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34700463 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-30100580 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46900185 |