GESA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00545633.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 18 filings
Turnover
≈ €210,000
Estimated: probably between €180,000 and €250,000
Total assets
€577,137▲ 30.2%
2024 · €443,415
Net result
€62,860▲ 24.9%
2024 · €50,334
Working capital
€257,335▲ 51.5%
2024 · €169,872
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€64,490
▼ 2.6%
2025
20182025
Net result
€62,860
▲ 24.9%
2025
middle half of the sector
20182025
Equity
€351,651
▲ 21.8%
2025
highest quarter of the sector
20182025
Total assets
€577,137
▲ 30.2%
2025
highest quarter of the sector
20182025
Debt
€225,486
▲ 45.8%
2025
20182025
Working capital
€257,335
▲ 51.5%
2025
highest quarter of the sector
20182025
Solvency
60.9%
▼ 4.2pp
2025
middle half of the sector
20182025
Current ratio
2.70
▼ 1.13
2025
middle half of the sector
20182025
Return on assets (ROA)
10.9%
▼ 0.5pp
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
Operating result€35,810-€80,835▲ 126%€137,694▲ 70.3%€40,339▼ 70.7%-€6,369€68,412€66,203▼ 3.2%€64,490▼ 2.6%
Net result€16,097-€46,063▲ 186%€87,267within the sector's middle half▲ 89.5%€15,728within the sector's middle half▼ 82.0%-€13,552below the sector's middle half€47,990within the sector's middle half€50,334within the sector's middle half▲ 4.9%€62,860within the sector's middle half▲ 24.9%
Equity€150,625-€196,688▲ 30.6%€283,955within the sector's middle half▲ 44.4%€242,861within the sector's middle half▼ 14.5%€219,687within the sector's middle half▼ 9.5%€254,553above the sector's middle half▲ 15.9%€288,791above the sector's middle half▲ 13.5%€351,651above the sector's middle half▲ 21.8%
Total assets€476,901-€467,470▼ 2.0%€542,881within the sector's middle half▲ 16.1%€428,670within the sector's middle half▼ 21.0%€445,494within the sector's middle half▲ 3.9%€475,389within the sector's middle half▲ 6.7%€443,415within the sector's middle half▼ 6.7%€577,137above the sector's middle half▲ 30.2%
Debt€326,277-€270,782▼ 17.0%€258,926▼ 4.4%€185,809▼ 28.2%€225,807▲ 21.5%€220,835▼ 2.2%€154,624▼ 30.0%€225,486▲ 45.8%
Working capital€36,461--€25,244€106,062within the sector's middle half€107,729within the sector's middle half▲ 1.6%€125,990within the sector's middle half▲ 17.0%€186,925above the sector's middle half▲ 48.4%€169,872above the sector's middle half▼ 9.1%€257,335above the sector's middle half▲ 51.5%
Solvency31.6%-42.1%▲ 10.5pp52.3%within the sector's middle half▲ 10.2pp56.7%within the sector's middle half▲ 4.3pp49.3%within the sector's middle half▼ 7.3pp53.5%within the sector's middle half▲ 4.2pp65.1%within the sector's middle half▲ 11.6pp60.9%within the sector's middle half▼ 4.2pp
Current ratio1.21-0.81▼ 0.401.79within the sector's middle half▲ 0.982.46within the sector's middle half▲ 0.671.99within the sector's middle half▼ 0.462.38within the sector's middle half▲ 0.393.83within the sector's middle half▲ 1.452.70within the sector's middle half▼ 1.13
Return on assets (ROA)3.4%-9.9%▲ 6.5pp16.1%above the sector's middle half▲ 6.2pp3.7%within the sector's middle half▼ 12.4pp-3.0%below the sector's middle half▼ 6.7pp10.1%within the sector's middle half▲ 13.1pp11.4%within the sector's middle half▲ 1.3pp10.9%within the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 3% lower than in 2024. It is the second fall in a row.
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 €577,137
Fixed assets
€168,091 ▼ 21.3%
Current assets
€409,046 ▲ 77.9%
Equity and liabilities €577,137
Equity
€351,651 ▲ 21.8%
Debt
€225,486 ▲ 45.8%
Debt's share of the balance-sheet total rises from 34.9% to 39.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€102,284▲
2024 · €98,020
Cash flow
€100,654▲
2024 · €82,152
Quick ratio
2.66▼
2024 · 3.74
Debt to equity
0.64▲
2024 · 0.54
ROE
17.9%▲
2024 · 17.4%
Interest coverage
4.72▼
2024 · 15.38
Debt ≤ 1 year
€151,711▲
2024 · €60,024
Debt > 1 year
€73,517▼
2024 · €94,600
Income taxes
€23,576▲
2024 · €19,721
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 | €5,994 | €1,920 | €16,177 | €91,932 | €1,826 |
| Financial fixed assets | - | - | - | - | €2,571 |
| Depreciation and write-downs of the year | €61,450 | €56,292 | €55,428 | €31,818 | €37,794 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,500 | €10,002 | €827 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | - | €4,107 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,630 | €64,991 | €62,696 | €61,450 | €56,292 | €55,428 | €31,818 | €37,794 | ▲ 18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | €412 | €0 | €10,740 | - |
| Other operating charges640/8 | - | - | - | €1,613 | €1,703 | €2,197 | €2,243 | €2,198 | ▼ 2.0% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | €10,791 | - |
| Gross operating margin9900 | €72,928 | €147,337 | €202,214 | €103,402 | €51,626 | €130,556 | €100,263 | €126,012 | ▲ 25.7% |
| Operating profit (loss)9901 | €35,810 | €80,835 | €137,694 | €40,339 | -€6,369 | €68,412 | €66,203 | €64,490 | ▼ 2.6% |
| Financial income75/76B | - | - | - | €429 | €1,864 | €5,642 | €10,225 | €43,611 | ▲ 326% |
| Recurring financial income75 | €1 | €749 | €641 | €429 | €1,864 | €5,642 | €10,225 | €43,611 | ▲ 326% |
| Financial charges65/66B | - | - | - | €4,165 | €3,635 | €4,510 | €6,373 | €21,665 | ▲ 240% |
| Recurring financial charges65 | €4,184 | €3,518 | €3,523 | €4,165 | €3,635 | €4,510 | €6,373 | €21,665 | ▲ 240% |
| Profit (loss) for the period before taxes9903 | €31,628 | €78,066 | €134,812 | €36,603 | -€8,140 | €69,543 | €70,055 | €86,436 | ▲ 23.4% |
| Income taxes67/77 | €15,531 | €32,003 | €47,545 | €20,875 | €5,412 | €21,553 | €19,721 | €23,576 | ▲ 19.5% |
| Profit (loss) for the period9904 | €16,097 | €46,063 | €87,267 | €15,728 | -€13,552 | €47,990 | €50,334 | €62,860 | ▲ 24.9% |
| Profit (loss) for the period to be appropriated9905 | €16,097 | €46,063 | €87,267 | €15,728 | -€13,552 | €47,990 | €50,334 | €62,860 | ▲ 24.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €476,901 | €467,470 | €542,881 | €428,670 | €445,494 | €475,389 | €443,415 | €577,137 | ▲ 30.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €265,980 | €358,980 | €302,483 | €247,027 | €192,655 | €153,404 | €213,519 | €168,091 | ▼ 21.3% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €265,980 | €358,980 | €302,483 | €247,027 | €192,655 | €153,404 | €213,519 | €165,520 | ▼ 22.5% |
| Land and buildings22 | - | - | - | €1,833 | €1,765 | €1,697 | €1,629 | €1,561 | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | €793 | €960 | €2,038 | €9,840 | €6,882 | ▼ 30.1% |
| Furniture and vehicles24 | - | - | - | €74,917 | €40,167 | €4,815 | €73,176 | €48,704 | ▼ 33.4% |
| Leasing and similar rights25 | - | - | - | €105,370 | €93,662 | €81,954 | €70,247 | €58,539 | ▼ 16.7% |
| Other tangible fixed assets26 | - | - | - | €64,115 | €56,102 | €62,900 | €58,627 | €49,835 | ▼ 15.0% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | €2,571 | - |
| Current assets29/58 | €210,922 | €108,490 | €240,398 | €181,643 | €252,839 | €321,984 | €229,896 | €409,046 | ▲ 77.9% |
| Stocks and contracts in progress3 | €2,022 | €1,915 | €1,377 | €1,451 | €5,276 | €6,969 | €5,420 | €5,328 | ▼ 1.7% |
| Stocks30/36 | - | - | - | €1,451 | €5,276 | €6,969 | €5,420 | €5,328 | ▼ 1.7% |
| Amounts receivable within one year40/41 | €81,578 | €48,102 | €43,528 | €64,727 | €98,156 | €73,225 | €63,519 | €184,061 | ▲ 190% |
| Trade receivables40 | - | - | - | €58,029 | €55,452 | €57,957 | €41,430 | €55,351 | ▲ 33.6% |
| Other amounts receivable41 | - | - | - | €6,697 | €42,704 | €15,268 | €22,089 | €128,710 | ▲ 483% |
| Current investments50/53 | €0 | - | €32,702 | €69,373 | €83,562 | €86,157 | €92,024 | €120,666 | ▲ 31.1% |
| Cash at bank and in hand54/58 | €127,322 | €52,821 | €151,466 | €41,512 | €60,492 | €152,782 | €65,530 | €92,606 | ▲ 41.3% |
| Deferred charges and accrued income490/1 | - | - | - | €4,580 | €5,353 | €2,852 | €3,404 | €6,386 | ▲ 87.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €476,901 | €467,470 | €542,881 | €428,670 | €445,494 | €475,389 | €443,415 | €577,137 | ▲ 30.2% |
| Equity10/15 | €150,625 | €196,688 | €283,955 | €242,861 | €219,687 | €254,553 | €288,791 | €351,651 | ▲ 21.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €97,524 | €143,587 | €230,854 | €189,760 | €180,139 | €215,005 | €249,243 | €312,103 | ▲ 25.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €187,900 | €178,279 | €215,005 | €249,243 | €312,103 | ▲ 25.2% |
| Profit (loss) carried forward14 | €34,501 | €34,501 | €34,501 | €34,501 | €20,948 | €20,948 | €20,948 | €20,948 | = |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €326,277 | €270,782 | €258,926 | €185,809 | €225,807 | €220,835 | €154,624 | €225,486 | ▲ 45.8% |
| Amounts payable after more than one year17 | €151,816 | €137,049 | €124,590 | €111,895 | €98,958 | €85,776 | €94,600 | €73,517 | ▼ 22.3% |
| Financial debts170/4 | - | - | - | €111,895 | €98,958 | €85,776 | €94,600 | €73,517 | ▼ 22.3% |
| Amounts payable within one year42/48 | €174,461 | €133,734 | €134,336 | €73,914 | €126,848 | €135,060 | €60,024 | €151,711 | ▲ 153% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,695 | €12,937 | €13,183 | €20,590 | €21,083 | ▲ 2.4% |
| Trade debts44 | €150,641 | €85,809 | €100,133 | €40,867 | €88,107 | €93,920 | €19,508 | €103,091 | ▲ 428% |
| Suppliers440/4 | - | - | - | €40,867 | €88,107 | €93,920 | €19,508 | €103,091 | ▲ 428% |
| Taxes, remuneration and social security45 | - | - | - | €20,214 | €25,805 | €27,957 | €19,926 | €27,537 | ▲ 38.2% |
| Taxes450/3 | - | - | - | €17,714 | €25,805 | €25,383 | €17,524 | €27,537 | ▲ 57.1% |
| Remuneration and social security454/9 | - | - | - | €2,500 | €0 | €2,574 | €2,403 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €139 | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €258 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,097 | €46,063 | €87,267 | €15,728 | -€13,552 | €47,990 | €50,334 | €62,860 | ▲ 24.9% |
| + Depreciation and write-downs630 | €35,630 | €64,991 | €62,696 | €61,450 | €56,292 | €55,428 | €31,818 | €37,794 | ▲ 18.8% |
| Operating cash flow (approximation) | €51,726 | €111,054 | €149,964 | €77,179 | €42,740 | €103,418 | €82,152 | €100,654 | ▲ 22.5% |
| Investment in fixed assets (approximation) | - | -€157,992 | -€6,200 | -€5,994 | -€1,920 | -€16,177 | -€91,932 | €7,634 | - |
| Change in cash | - | -€74,501 | €98,644 | -€109,953 | €18,979 | €92,290 | -€87,252 | €27,076 | - |
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, 17,811 companies had the same profile as GESA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
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 17,811 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-09-2026 | 2026-00545633 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00125078 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00144721 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00279438 | |
| 31-12-2021 | abbreviated format | 06-07-2022 | 2022-20140570 | |
| 31-12-2020 | abbreviated format | 11-06-2021 | 2021-18900005 | |
| 31-12-2019 | abbreviated format | 10-06-2020 | 2020-15600321 | |
| 31-12-2018 | abbreviated format | 29-07-2019 | 2019-38800213 | |
| 31-12-2017 | abbreviated format | 31-05-2018 | 2018-14500021 | |
| 31-12-2016 | abbreviated format | 01-08-2017 | 2017-38700094 |