GESFORM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 24 filings
Turnover
≈ €1.5m
Estimated: probably between €1.2m and €1.9m
EBIT margin
Not included in this filing
Net result
€275,592▲ 17.0%
2024 · €235,543
Working capital
€43,341▼ 66.7%
2024 · €130,149
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€374,946
▲ 24.1%
2025
20182025
Net result
€275,592
▲ 17.0%
2025
highest quarter of the sector
20182025
Equity
€156,266
▲ 29.5%
2025
middle half of the sector
20182025
Total assets
€966,990
▲ 3.7%
2025
middle half of the sector
20182025
Debt
€810,724
▼ 0.2%
2025
20182025
Working capital
€43,341
▼ 66.7%
2025
middle half of the sector
20182025
Solvency
16.2%
▲ 3.2pp
2025
middle half of the sector
20182025
Current ratio
1.08
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
28.5%
▲ 3.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
7
▲ 79.5%
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-€9,014--€41,248▼ 358%-€26,375▲ 36.1%-€103,856▼ 294%€72,112€193,362▲ 168%€302,020▲ 56.2%€374,946▲ 24.1%
Net result-€14,064--€46,793▼ 233%-€32,251within the sector's middle half▲ 31.1%-€110,465below the sector's middle half▼ 243%€60,684within the sector's middle half€182,782above the sector's middle half▲ 201%€235,543above the sector's middle half▲ 28.9%€275,592above the sector's middle half▲ 17.0%
Equity€111,175-€64,382▼ 42.1%€32,130within the sector's middle half▼ 50.1%-€78,335below the sector's middle half-€17,651below the sector's middle half▲ 77.5%€115,131within the sector's middle half€120,674within the sector's middle half▲ 4.8%€156,266within the sector's middle half▲ 29.5%
Total assets€411,899-€611,859▲ 48.5%€539,186within the sector's middle half▼ 11.9%€409,369within the sector's middle half▼ 24.1%€579,627within the sector's middle half▲ 41.6%€792,607within the sector's middle half▲ 36.7%€932,649within the sector's middle half▲ 17.7%€966,990within the sector's middle half▲ 3.7%
Debt€300,725-€547,477▲ 82.1%€507,055▼ 7.4%€487,704▼ 3.8%€597,279▲ 22.5%€677,476▲ 13.4%€811,975▲ 19.9%€810,724▼ 0.2%
Working capital-€113,156--€112,945▲ 0.2%-€83,966below the sector's middle half▲ 25.7%-€109,828below the sector's middle half▼ 30.8%€38,427within the sector's middle half€162,775within the sector's middle half▲ 324%€130,149within the sector's middle half▼ 20.0%€43,341within the sector's middle half▼ 66.7%
Solvency27.0%-10.5%▼ 16.5pp6.0%within the sector's middle half▼ 4.6pp-19.1%below the sector's middle half▼ 25.1pp-3.0%below the sector's middle half▲ 16.1pp14.5%within the sector's middle half▲ 17.6pp12.9%within the sector's middle half▼ 1.6pp16.2%within the sector's middle half▲ 3.2pp
Current ratio0.25-0.42▲ 0.170.50below the sector's middle half▲ 0.070.37below the sector's middle half▼ 0.131.20within the sector's middle half▲ 0.831.58within the sector's middle half▲ 0.381.27within the sector's middle half▼ 0.301.08within the sector's middle half▼ 0.19
Return on assets (ROA)-3.4%--7.6%▼ 4.2pp-6.0%within the sector's middle half▲ 1.7pp-27.0%below the sector's middle half▼ 21.0pp10.5%above the sector's middle half▲ 37.5pp23.1%above the sector's middle half▲ 12.6pp25.3%above the sector's middle half▲ 2.2pp28.5%above the sector's middle half▲ 3.2pp
Staff (FTE)1.9-1.9=3.1below the sector's middle half▲ 63.2%3.1below the sector's middle half=3.6below the sector's middle half▲ 16.1%3.6within the sector's middle half=3.9within the sector's middle half▲ 8.3%7within the sector's middle half▲ 79.5%
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 24% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €966,990
Fixed assets
€393,448 ▲ 19.6%
Current assets
€573,542 ▼ 5.0%
Equity and liabilities €966,990
Equity
€156,266 ▲ 29.5%
Debt
€810,724 ▼ 0.2%
Debt's share of the balance-sheet total falls from 87.1% to 83.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€439,456▲
2024 · €397,442
Cash flow
€340,102▲
2024 · €330,964
Debt to equity
5.19▼
2024 · 6.73
ROE
176.4%▼
2024 · 195.2%
Interest coverage
36.28▲
2024 · 33.73
Debt ≤ 1 year
€530,201▲
2024 · €473,449
Debt > 1 year
€278,571▼
2024 · €337,956
Income taxes
€91,624▲
2024 · €62,046
Staff costs
€399,572▲
2024 · €323,885
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 17 | 17 | 19 | 20 | 15 |
| full-time | 1 | 1 | 1 | 2 | 2 |
| part-time | 16 | 16 | 18 | 18 | 13 |
| in full-time equivalents | 3.3 | 4.5 | 3.9 | 4.1 | 7.2 |
| Average over the year, in full-time equivalents | 3.1 | 3.6 | 3.6 | 3.9 | 7 |
| On a permanent contract | 11 | 14 | 16 | 14 | 10 |
| Joined | 17 | 40 | 26 | 55 | 89 |
| Left | 13 | 40 | 24 | 54 | 87 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €418,386 | €479,131 | €459,730 | €399,808 | €341,440 |
| Mortgages, amount registered | €783,814 | €783,814 | €783,814 | €783,814 | €783,814 |
| Carrying value of the mortgaged assets | €176,950 | €189,675 | €199,692 | €227,716 | €315,765 |
| Pledge on the business | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €29,256 | €102,874 | €98,173 | €75,546 | €128,907 |
| Depreciation and write-downs of the year | €141,651 | €97,019 | €99,190 | €95,421 | €64,510 |
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 | - | - | - | - | €45,055 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €116,703 | €236,355 | €274,476 | €323,885 | €399,572 | ▲ 23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €96,757 | €91,579 | €138,431 | €141,651 | €97,019 | €99,190 | €95,421 | €64,510 | ▼ 32.4% |
| Other operating charges640/8 | - | - | - | €18,219 | €16,028 | €14,603 | €23,628 | €30,997 | ▲ 31.2% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Gross operating margin9900 | €217,819 | €199,420 | €253,408 | €172,718 | €421,514 | €581,631 | €744,954 | €870,025 | ▲ 16.8% |
| Operating profit (loss)9901 | -€9,014 | -€41,248 | -€26,375 | -€103,856 | €72,112 | €193,362 | €302,020 | €374,946 | ▲ 24.1% |
| Financial income75/76B | - | - | - | €1 | €15 | €1,179 | €7,351 | €4,382 | ▼ 40.4% |
| Recurring financial income75 | €7 | €37 | €19 | €1 | €15 | €1,179 | €7,351 | €4,382 | ▼ 40.4% |
| Financial charges65/66B | - | - | - | €6,610 | €11,444 | €11,759 | €11,782 | €12,112 | ▲ 2.8% |
| Recurring financial charges65 | €5,056 | €5,582 | €5,894 | €6,610 | €11,352 | €11,759 | €11,782 | €12,112 | ▲ 2.8% |
| Non-recurring financial charges66B | - | - | - | - | €91 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€14,064 | -€46,793 | -€32,251 | -€110,465 | €60,684 | €182,782 | €297,589 | €367,216 | ▲ 23.4% |
| Income taxes67/77 | €1 | €1 | €0 | €0 | - | €0 | €62,046 | €91,624 | ▲ 47.7% |
| Profit (loss) for the period9904 | -€14,064 | -€46,793 | -€32,251 | -€110,465 | €60,684 | €182,782 | €235,543 | €275,592 | ▲ 17.0% |
| Profit (loss) for the period to be appropriated9905 | -€14,064 | -€46,793 | -€32,251 | -€110,465 | €60,684 | €182,782 | €235,543 | €275,592 | ▲ 17.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €411,899 | €611,859 | €539,186 | €409,369 | €579,627 | €792,607 | €932,649 | €966,990 | ▲ 3.7% |
| Formation expenses20 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €373,511 | €529,493 | €456,430 | €344,695 | €350,549 | €348,926 | €329,051 | €393,448 | ▲ 19.6% |
| Intangible fixed assets21 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €371,955 | €527,937 | €454,724 | €342,989 | €348,843 | €347,826 | €327,951 | €392,348 | ▲ 19.6% |
| Land and buildings22 | - | - | - | €55,776 | €55,776 | €55,776 | €55,776 | €55,776 | = |
| Plant, machinery and equipment23 | - | - | - | €121,174 | €133,899 | €143,916 | €171,940 | €259,989 | ▲ 51.2% |
| Furniture and vehicles24 | - | - | - | €150,524 | €145,638 | €133,191 | €87,653 | €66,362 | ▼ 24.3% |
| Other tangible fixed assets26 | - | - | - | €15,515 | €13,530 | €14,943 | €12,582 | €10,221 | ▼ 18.8% |
| Financial fixed assets28 | €1,556 | €1,556 | €1,706 | €1,706 | €1,706 | €1,100 | €1,100 | €1,100 | = |
| Current assets29/58 | €38,388 | €82,366 | €82,756 | €64,674 | €229,078 | €443,681 | €603,598 | €573,542 | ▼ 5.0% |
| Amounts receivable within one year40/41 | €10,959 | €24,263 | €19,958 | €10,132 | €61,680 | €143,922 | €76,161 | €17,752 | ▼ 76.7% |
| Trade receivables40 | - | - | - | €7,851 | €8,998 | €53,145 | €25,867 | €16,818 | ▼ 35.0% |
| Other amounts receivable41 | - | - | - | €2,280 | €52,682 | €90,777 | €50,294 | €934 | ▼ 98.1% |
| Cash at bank and in hand54/58 | €25,993 | €54,489 | €59,484 | €48,704 | €163,739 | €294,231 | €520,122 | €532,205 | ▲ 2.3% |
| Deferred charges and accrued income490/1 | - | - | - | €5,838 | €3,659 | €5,527 | €7,315 | €23,586 | ▲ 222% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €411,899 | €611,859 | €539,186 | €409,369 | €579,627 | €792,607 | €932,649 | €966,990 | ▲ 3.7% |
| Equity10/15 | €111,175 | €64,382 | €32,130 | -€78,335 | -€17,651 | €115,131 | €120,674 | €156,266 | ▲ 29.5% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €49,150 | €49,150 | €49,150 | €49,150 | €49,150 | €49,150 | €49,150 | €49,150 | = |
| Non-distributable reserves130/1 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Distributable reserves133 | - | - | - | €43,000 | €43,000 | €43,000 | €43,000 | €43,000 | = |
| Profit (loss) carried forward14 | €525 | -€46,268 | -€78,520 | -€188,985 | -€128,301 | €4,481 | €10,024 | €45,616 | ▲ 355% |
| Amounts payable17/49 | €300,725 | €547,477 | €507,055 | €487,704 | €597,279 | €677,476 | €811,975 | €810,724 | ▼ 0.2% |
| Amounts payable after more than one year17 | €148,933 | €351,912 | €340,165 | €312,942 | €406,429 | €396,367 | €337,956 | €278,571 | ▼ 17.6% |
| Financial debts170/4 | - | - | - | €312,942 | €406,429 | €396,367 | €337,956 | €278,571 | ▼ 17.6% |
| Amounts payable within one year42/48 | €151,544 | €195,311 | €166,722 | €174,502 | €190,651 | €280,906 | €473,449 | €530,201 | ▲ 12.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €105,444 | €72,701 | €63,362 | €61,852 | €62,869 | ▲ 1.6% |
| Financial debts43 | - | - | - | - | €26,452 | €44,751 | €39,062 | €96,094 | ▲ 146% |
| Credit institutions430/8 | - | - | - | - | €26,452 | €44,751 | €39,062 | €96,094 | ▲ 146% |
| Trade debts44 | €41,288 | €49,060 | €30,582 | €25,388 | €20,103 | €39,970 | €45,666 | €28,821 | ▼ 36.9% |
| Suppliers440/4 | - | - | - | €25,388 | €20,103 | €39,970 | €45,666 | €28,821 | ▼ 36.9% |
| Advances received on contracts in progress46 | - | - | - | - | €314 | - | - | €983 | - |
| Taxes, remuneration and social security45 | - | - | - | €35,600 | €51,585 | €61,523 | €69,169 | €78,428 | ▲ 13.4% |
| Taxes450/3 | - | - | - | €3,462 | €3,146 | €8,748 | €9,323 | €29,173 | ▲ 213% |
| Remuneration and social security454/9 | - | - | - | €32,138 | €48,439 | €52,775 | €59,846 | €49,254 | ▼ 17.7% |
| Other amounts payable47/48 | - | - | - | €8,070 | €19,495 | €71,300 | €257,700 | €263,005 | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | €259 | €198 | €203 | €570 | €1,952 | ▲ 242% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,064 | -€46,793 | -€32,251 | -€110,465 | €60,684 | €182,782 | €235,543 | €275,592 | ▲ 17.0% |
| + Depreciation and write-downs630 | €96,757 | €91,579 | €138,431 | €141,651 | €97,019 | €99,190 | €95,421 | €64,510 | ▼ 32.4% |
| Operating cash flow (approximation) | €82,693 | €44,785 | €106,180 | €31,186 | €157,703 | €281,972 | €330,964 | €340,102 | ▲ 2.8% |
| Investment in fixed assets (approximation) | - | -€247,561 | -€65,368 | -€29,916 | -€102,874 | -€97,567 | -€75,546 | -€128,907 | ▼ 70.6% |
| Change in cash | - | €28,495 | €4,995 | -€10,780 | €115,034 | €130,492 | €225,891 | €12,083 | ▼ 94.7% |
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, 3,818 companies had the same profile as GESFORM has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GESFORM 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 3,818 companies, not a prediction for GESFORM. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-07-2026 | 2026-00305815 | |
| 31-12-2024 | full format | 18-08-2025 | 2025-00383824 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00202770 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00400389 | |
| 31-12-2021 | full format | 18-08-2022 | 2022-20293939 | |
| 31-12-2020 | full format | 18-08-2021 | 2021-50500140 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-47200206 | |
| 31-12-2018 | micro format | 15-07-2019 | 2019-34000357 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-26700543 | |
| 31-12-2016 | micro format | 13-07-2017 | 2017-31500503 |