GESTHE
ActiveFinancials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 04-06-2025 PDF all 31 filings
Every figure per financial year
The operating result for 2024 is a loss of €27,641, after a profit of €98,743 in 2023. It is the lowest result since 2019.
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €4,014 | €20,061 | ▲ 400% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,028 | €12,226 | €10,993 | €10,993 | €3,608 | €3,607 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€28,000 | - | - |
| Other operating charges640/8 | - | - | €3,091 | €2,192 | €17,007 | €3,973 | ▼ 76.6% |
| Non-recurring operating charges66A | - | - | - | - | €138,995 | - | - |
| Gross operating margin9900 | €63,373 | €24,565 | -€7,284 | €3,930 | €230,353 | -€20,061 | - |
| Operating profit (loss)9901 | €11,654 | €703 | -€21,369 | -€9,255 | €98,743 | -€27,641 | - |
| Financial income75/76B | - | - | - | €1,837 | €381 | - | - |
| Recurring financial income75 | - | €631 | - | €1,837 | €381 | - | - |
| Financial charges65/66B | - | - | €74 | €10 | €62,523 | - | - |
| Recurring financial charges65 | €7,998 | €516 | €74 | €10 | €62,523 | - | - |
| Profit (loss) for the period before taxes9903 | €3,656 | €818 | -€21,443 | -€7,428 | €36,601 | -€27,641 | - |
| Income taxes67/77 | - | €8,574 | - | - | €16,846 | - | - |
| Profit (loss) for the period9904 | €3,656 | -€7,756 | -€21,443 | -€7,428 | €19,755 | -€27,641 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €28,000 | - | - |
| Profit (loss) for the period to be appropriated9905 | €3,656 | -€7,756 | -€21,443 | -€7,428 | -€8,245 | -€27,641 | ▼ 235% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €444,465 | €411,093 | €365,546 | €364,136 | €217,603 | €201,858 | ▼ 7.2% |
| Formation expenses20 | - | - | €99,000 | €95,938 | €92,876 | €89,814 | ▼ 3.3% |
| Fixed assets21/28 | €275,401 | €263,175 | €243,018 | €235,086 | €95,545 | €95,000 | ▼ 0.6% |
| Tangible fixed assets22/27 | €275,401 | €263,175 | €243,018 | €235,086 | €95,545 | €95,000 | ▼ 0.6% |
| Land and buildings22 | - | - | €231,034 | €225,373 | €95,000 | €95,000 | = |
| Plant, machinery and equipment23 | - | - | €11,984 | €8,622 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €1,091 | €545 | - | - |
| Current assets29/58 | €169,064 | €147,918 | €23,528 | €33,112 | €29,182 | €17,043 | ▼ 41.6% |
| Amounts receivable within one year40/41 | €96,888 | €71,677 | €5,228 | €14,787 | €25,858 | €13,719 | ▼ 46.9% |
| Trade receivables40 | - | - | €5,228 | €14,787 | €13,719 | €13,719 | = |
| Other amounts receivable41 | - | - | - | - | €12,139 | - | - |
| Current investments50/53 | €15,000 | €15,000 | €15,000 | €15,000 | - | - | - |
| Cash at bank and in hand54/58 | €67 | €132 | - | €25 | €24 | €24 | ▲ 1.6% |
| Deferred charges and accrued income490/1 | - | - | €3,300 | €3,300 | €3,300 | €3,300 | = |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €444,465 | €411,093 | €365,546 | €364,136 | €217,603 | €201,858 | ▼ 7.2% |
| Equity10/15 | €204,482 | €196,726 | €163,197 | €155,768 | €175,523 | €147,883 | ▼ 15.7% |
| Contributions10/11 | €113,592 | €113,592 | €113,592 | €113,592 | €113,592 | €113,592 | = |
| Capital10 | - | - | €113,592 | €113,592 | €113,592 | €113,592 | = |
| Issued capital100 | - | - | €113,592 | €113,592 | €113,592 | €113,592 | = |
| Reserves13 | €90,890 | €83,134 | €71,048 | €71,047 | €99,047 | €99,048 | = |
| Non-distributable reserves130/1 | - | - | €11,359 | €11,359 | €11,359 | €11,359 | = |
| Legal reserve130 | - | - | €11,359 | €11,359 | €11,359 | €11,359 | = |
| Tax-exempt reserves132 | - | - | €52,080 | €52,080 | €80,080 | €80,080 | = |
| Distributable reserves133 | - | - | €7,608 | €7,608 | €7,608 | €7,608 | = |
| Profit (loss) carried forward14 | - | - | -€21,443 | -€28,871 | -€37,116 | -€64,757 | ▼ 74.5% |
| Amounts payable17/49 | €239,983 | €214,367 | €202,349 | €208,368 | €42,080 | €53,975 | ▲ 28.3% |
| Amounts payable after more than one year17 | €175,335 | €175,335 | €175,335 | €175,335 | - | - | - |
| Financial debts170/4 | - | - | €175,335 | €175,335 | - | - | - |
| Amounts payable within one year42/48 | €61,716 | €27,990 | €27,014 | €33,033 | €42,080 | €53,975 | ▲ 28.3% |
| Current portion of amounts payable after more than one year42 | - | - | €13,986 | €13,986 | - | - | - |
| Financial debts43 | - | - | €45 | - | - | - | - |
| Credit institutions430/8 | - | - | €45 | - | - | - | - |
| Trade debts44 | €20,712 | €12,063 | €6,793 | €9,088 | €2,171 | €8,820 | ▲ 306% |
| Suppliers440/4 | - | - | €6,793 | €9,088 | €2,171 | €8,820 | ▲ 306% |
| Taxes, remuneration and social security45 | - | - | €593 | - | €39,909 | €39,909 | = |
| Taxes450/3 | - | - | €593 | - | €39,909 | €39,909 | = |
| Other amounts payable47/48 | - | - | €5,597 | €9,959 | - | €5,246 | - |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,656 | -€7,756 | -€21,443 | -€7,428 | €19,755 | -€27,641 | - |
| + Depreciation and write-downs630 | €21,028 | €12,226 | €10,993 | €10,993 | €3,608 | €3,607 | = |
| Operating cash flow (approximation) | €24,684 | €4,470 | -€10,450 | €3,565 | €23,363 | -€24,034 | - |
| Investment in fixed assets (approximation) | - | €0 | - | -€3,061 | €135,933 | -€3,062 | - |
| Change in cash | - | €65 | - | - | -€1 | €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, 5,831 companies had the same profile as GESTHE has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GESTHE itself is higher: 2.5% within 12 months. It rests on far more data about GESTHE 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 5,831 companies, not a prediction for GESTHE. 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 |
|---|---|---|---|---|
| 31-12-2024 | full format | 04-06-2025 | 2025-00117906 | |
| 31-12-2023 | micro format | 24-08-2025 | 2025-00395886 | |
| 31-12-2022 | full format | 21-08-2025 | 2025-00389070 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20387098 | |
| 31-12-2019 | full format | 27-07-2020 | 2020-35400209 | |
| 31-12-2018 | full format | 30-06-2019 | 2019-26800155 | |
| 31-12-2016 | micro format | 14-12-2017 | 2017-72500023 | |
| 31-12-2015 | full format | 23-08-2016 | 2016-48300119 | |
| 31-12-2014 | full format | 29-07-2015 | 2015-38000320 | |
| 31-12-2013 | full format | 29-06-2015 | 2015-22700176 |