GESTIM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 41 days after the deadline Filed on 10 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00510020.
Annual accounts 2025 filed on 10-09-2026 at the NBB all 34 filings
Turnover
≈ €71,000
Estimated: probably between €45,000 and €96,000
Total assets
€450,267▲ 7.5%
2024 · €418,681
Net result
€30,943▼ 12.0%
2024 · €35,150
Working capital
€348,056▲ 9.8%
2024 · €317,113
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,120
▼ 16.7%
2025
20182025
Net result
€30,943
▼ 12.0%
2025
middle half of the sector
20182025
Equity
€417,191
▲ 8.0%
2025
middle half of the sector
20182025
Total assets
€450,267
▲ 7.5%
2025
middle half of the sector
20182025
Debt
€33,076
▲ 2.0%
2025
20182025
Working capital
€348,056
▲ 9.8%
2025
highest quarter of the sector
20182025
Solvency
92.7%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
11.52
▲ 0.75
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.9%
▼ 1.5pp
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€28,025-€28,217▲ 0.7%€23,846▼ 15.5%€24,668▲ 3.4%€24,408▼ 1.1%€28,355▲ 16.2%€28,955▲ 2.1%€24,120▼ 16.7%
Net result€27,306-€28,605▲ 4.8%€31,739within the sector's middle half▲ 11.0%€28,572within the sector's middle half▼ 10.0%€30,810within the sector's middle half▲ 7.8%€31,785within the sector's middle half▲ 3.2%€35,150within the sector's middle half▲ 10.6%€30,943within the sector's middle half▼ 12.0%
Equity€199,586-€228,191▲ 14.3%€259,930above the sector's middle half▲ 13.9%€288,502above the sector's middle half▲ 11.0%€319,312above the sector's middle half▲ 10.7%€351,097above the sector's middle half▲ 10.0%€386,248above the sector's middle half▲ 10.0%€417,191within the sector's middle half▲ 8.0%
Total assets€228,030-€255,970▲ 12.3%€289,842within the sector's middle half▲ 13.2%€315,942within the sector's middle half▲ 9.0%€347,373within the sector's middle half▲ 9.9%€377,477within the sector's middle half▲ 8.7%€418,681above the sector's middle half▲ 10.9%€450,267within the sector's middle half▲ 7.5%
Debt€28,444-€27,779▼ 2.3%€29,912▲ 7.7%€27,440▼ 8.3%€28,061▲ 2.3%€26,380▼ 6.0%€32,434▲ 22.9%€33,076▲ 2.0%
Working capital€130,451-€159,056▲ 21.9%€190,795above the sector's middle half▲ 20.0%€219,368above the sector's middle half▲ 15.0%€250,178above the sector's middle half▲ 14.0%€281,963above the sector's middle half▲ 12.7%€317,113above the sector's middle half▲ 12.5%€348,056above the sector's middle half▲ 9.8%
Solvency87.5%-89.1%▲ 1.6pp89.7%above the sector's middle half▲ 0.5pp91.3%above the sector's middle half▲ 1.6pp91.9%above the sector's middle half▲ 0.6pp93.0%above the sector's middle half▲ 1.1pp92.3%above the sector's middle half▼ 0.8pp92.7%above the sector's middle half▲ 0.4pp
Current ratio5.59-6.73▲ 1.147.38above the sector's middle half▲ 0.658.99above the sector's middle half▲ 1.629.92above the sector's middle half▲ 0.9211.69above the sector's middle half▲ 1.7710.78above the sector's middle half▼ 0.9111.52above the sector's middle half▲ 0.75
Return on assets (ROA)12.0%-11.2%▼ 0.8pp11.0%within the sector's middle half▼ 0.2pp9.0%within the sector's middle half▼ 1.9pp8.9%within the sector's middle half▼ 0.2pp8.4%within the sector's middle half▼ 0.4pp8.4%within the sector's middle half=6.9%within the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 17% lower than in 2024 and the lowest since 2021.
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 €450,267
Fixed assets
€69,135 =
Current assets
€381,132 ▲ 9.0%
Equity and liabilities €450,267
Equity
€417,191 ▲ 8.0%
Debt
€33,076 ▲ 2.0%
Debt's share of the balance-sheet total falls from 7.7% to 7.3%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.08▼
2024 · 0.08
ROE
7.4%▼
2024 · 9.1%
Debt ≤ 1 year
€33,076▲
2024 · €32,434
Income taxes
€11,299▼
2024 · €13,183
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €3,813 | €3,898 | €4,457 | €4,626 | €4,771 | ▲ 3.1% |
| Gross operating margin9900 | €32,083 | €32,349 | €27,634 | €28,482 | €28,306 | €32,812 | €33,581 | €28,891 | ▼ 14.0% |
| Operating profit (loss)9901 | €28,025 | €28,217 | €23,846 | €24,668 | €24,408 | €28,355 | €28,955 | €24,120 | ▼ 16.7% |
| Financial income75/76B | - | - | - | €14,675 | €18,095 | €15,502 | €19,936 | €18,665 | ▼ 6.4% |
| Recurring financial income75 | €12,291 | €14,540 | €19,769 | €14,675 | €18,095 | €15,502 | €19,936 | €18,665 | ▼ 6.4% |
| Financial charges65/66B | - | - | - | €397 | €345 | €502 | €558 | €543 | ▼ 2.6% |
| Recurring financial charges65 | €406 | €408 | €322 | €397 | €345 | €502 | €558 | €543 | ▼ 2.6% |
| Profit (loss) for the period before taxes9903 | €39,911 | €42,348 | €43,293 | €38,946 | €42,158 | €43,356 | €48,333 | €42,242 | ▼ 12.6% |
| Income taxes67/77 | €12,605 | €13,743 | €11,554 | €10,374 | €11,348 | €11,571 | €13,183 | €11,299 | ▼ 14.3% |
| Profit (loss) for the period9904 | €27,306 | €28,605 | €31,739 | €28,572 | €30,810 | €31,785 | €35,150 | €30,943 | ▼ 12.0% |
| Profit (loss) for the period to be appropriated9905 | €27,306 | €28,605 | €31,739 | €28,572 | €30,810 | €31,785 | €35,150 | €30,943 | ▼ 12.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €228,030 | €255,970 | €289,842 | €315,942 | €347,373 | €377,477 | €418,681 | €450,267 | ▲ 7.5% |
| Fixed assets21/28 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | = |
| Tangible fixed assets22/27 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | = |
| Land and buildings22 | - | - | - | €69,135 | €69,135 | €69,135 | €69,135 | €69,135 | = |
| Current assets29/58 | €158,896 | €186,835 | €220,708 | €246,808 | €278,238 | €308,342 | €349,547 | €381,132 | ▲ 9.0% |
| Amounts receivable within one year40/41 | €158,889 | €186,835 | €220,708 | €246,808 | €278,238 | €308,342 | €349,547 | €381,132 | ▲ 9.0% |
| Other amounts receivable41 | - | - | - | €246,808 | €278,238 | €308,342 | €349,547 | €381,132 | ▲ 9.0% |
| Cash at bank and in hand54/58 | €7 | - | - | - | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €228,030 | €255,970 | €289,842 | €315,942 | €347,373 | €377,477 | €418,681 | €450,267 | ▲ 7.5% |
| Equity10/15 | €199,586 | €228,191 | €259,930 | €288,502 | €319,312 | €351,097 | €386,248 | €417,191 | ▲ 8.0% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €137,586 | €166,191 | €197,930 | €226,502 | €257,312 | €289,097 | €324,248 | €355,191 | ▲ 9.5% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €220,302 | €251,112 | €282,897 | €318,048 | €348,991 | ▲ 9.7% |
| Amounts payable17/49 | €28,444 | €27,779 | €29,912 | €27,440 | €28,061 | €26,380 | €32,434 | €33,076 | ▲ 2.0% |
| Amounts payable within one year42/48 | €28,444 | €27,779 | €29,912 | €27,440 | €28,061 | €26,380 | €32,434 | €33,076 | ▲ 2.0% |
| Financial debts43 | - | - | - | €4,625 | €5,109 | €2,910 | €4,886 | €4,927 | ▲ 0.9% |
| Credit institutions430/8 | - | - | - | €4,625 | €5,109 | €2,910 | €4,886 | €4,927 | ▲ 0.9% |
| Trade debts44 | €500 | €500 | €500 | €888 | €1,307 | €2,898 | €2,794 | €3,667 | ▲ 31.2% |
| Suppliers440/4 | - | - | - | €888 | €1,307 | €2,898 | €2,794 | €3,667 | ▲ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €21,928 | €21,645 | €20,571 | €24,754 | €24,482 | ▼ 1.1% |
| Taxes450/3 | - | - | - | €21,928 | €21,645 | €20,571 | €24,754 | €24,482 | ▼ 1.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,306 | €28,605 | €31,739 | €28,572 | €30,810 | €31,785 | €35,150 | €30,943 | ▼ 12.0% |
| Operating cash flow (approximation) | €27,306 | €28,605 | €31,739 | €28,572 | €30,810 | €31,785 | €35,150 | €30,943 | ▼ 12.0% |
| Investment in fixed assets (approximation) | - | €0 | €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, 20,136 companies had the same profile as GESTIM has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of GESTIM itself: 0.3% 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 20,136 companies, not a prediction for GESTIM. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-09-2026 | 2026-00510020 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00404337 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00443705 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00413126 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20404519 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65200088 | |
| 31-12-2019 | micro format | 24-09-2020 | 2020-55600332 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57100400 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-45000011 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-48100525 |