GETOVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 16 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €260,000
Total assets
€311,548▼ 2.7%
2024 · €320,179
Net result
€36,380▲ 50.0%
2024 · €24,249
Working capital
€126,979▲ 28.2%
2024 · €99,061
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€53,129
▲ 44.9%
2025
20182025
Net result
€36,380
▲ 50.0%
2025
middle half of the sector
20182025
Equity
€237,194
▲ 1.1%
2025
highest quarter of the sector
20182025
Total assets
€311,548
▼ 2.7%
2025
middle half of the sector
20182025
Debt
€74,353
▼ 13.1%
2025
20182025
Working capital
€126,979
▲ 28.2%
2025
middle half of the sector
20182025
Solvency
76.1%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
3.29
▲ 0.25
2025
middle half of the sector
20182025
Return on assets (ROA)
11.7%
▲ 4.1pp
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€41,028-€55,205▲ 34.6%€48,715▼ 11.8%€49,041▲ 0.7%€35,135▼ 28.4%€32,066▼ 8.7%€36,678▲ 14.4%€53,129▲ 44.9%
Net result€28,943-€37,537▲ 29.7%€33,756within the sector's middle half▼ 10.1%€34,323within the sector's middle half▲ 1.7%€23,275within the sector's middle half▼ 32.2%€17,778within the sector's middle half▼ 23.6%€24,249within the sector's middle half▲ 36.4%€36,380within the sector's middle half▲ 50.0%
Equity€174,215-€211,752▲ 21.5%€227,308within the sector's middle half▲ 7.3%€224,645within the sector's middle half▼ 1.2%€247,920above the sector's middle half▲ 10.4%€247,858above the sector's middle half=€234,570within the sector's middle half▼ 5.4%€237,194above the sector's middle half▲ 1.1%
Total assets€283,700-€304,805▲ 7.4%€328,258within the sector's middle half▲ 7.7%€342,558within the sector's middle half▲ 4.4%€410,045within the sector's middle half▲ 19.7%€368,254within the sector's middle half▼ 10.2%€320,179within the sector's middle half▼ 13.1%€311,548within the sector's middle half▼ 2.7%
Debt€109,485-€93,053▼ 15.0%€100,950▲ 8.5%€117,913▲ 16.8%€162,125▲ 37.5%€120,396▼ 25.7%€85,608▼ 28.9%€74,353▼ 13.1%
Working capital€48,139-€86,737▲ 80.2%€95,592within the sector's middle half▲ 10.2%€80,403within the sector's middle half▼ 15.9%€60,664within the sector's middle half▼ 24.6%€89,642within the sector's middle half▲ 47.8%€99,061within the sector's middle half▲ 10.5%€126,979within the sector's middle half▲ 28.2%
Solvency61.4%-69.5%▲ 8.1pp69.2%within the sector's middle half▼ 0.2pp65.6%within the sector's middle half▼ 3.7pp60.5%within the sector's middle half▼ 5.1pp67.3%within the sector's middle half▲ 6.8pp73.3%within the sector's middle half▲ 6.0pp76.1%within the sector's middle half▲ 2.9pp
Current ratio3.01-4.39▲ 1.392.86within the sector's middle half▼ 1.541.93within the sector's middle half▼ 0.931.80within the sector's middle half▼ 0.132.39within the sector's middle half▲ 0.593.04within the sector's middle half▲ 0.663.29within the sector's middle half▲ 0.25
Return on assets (ROA)10.2%-12.3%▲ 2.1pp10.3%within the sector's middle half▼ 2.0pp10.0%within the sector's middle half▼ 0.3pp5.7%within the sector's middle half▼ 4.3pp4.8%within the sector's middle half▼ 0.8pp7.6%within the sector's middle half▲ 2.7pp11.7%within the sector's middle half▲ 4.1pp
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 45% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €311,548
Fixed assets
€129,103 ▼ 25.2%
Current assets
€182,444 ▲ 23.6%
Equity and liabilities €311,548
Equity
€237,194 ▲ 1.1%
Debt
€74,353 ▼ 13.1%
Debt's share of the balance-sheet total falls from 26.7% to 23.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€97,406▲
2024 · €80,827
Cash flow
€80,656▲
2024 · €68,399
Debt to equity
0.31▼
2024 · 0.36
ROE
15.3%▲
2024 · 10.3%
Interest coverage
51.82▲
2024 · 31.37
Debt ≤ 1 year
€55,465▲
2024 · €48,510
Debt > 1 year
€18,888▼
2024 · €37,098
Income taxes
€14,870▲
2024 · €9,852
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 | €18,020 | €123,599 | €7,157 | €2,858 | €773 |
| Depreciation and write-downs of the year | €23,495 | €26,014 | €43,860 | €44,150 | €44,276 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,220 | €21,639 | €22,331 | €23,495 | €26,014 | €43,860 | €44,150 | €44,276 | ▲ 0.3% |
| Other operating charges640/8 | - | - | - | €1,027 | €1,017 | €1,319 | €1,383 | €1,653 | ▲ 19.5% |
| Gross operating margin9900 | €63,383 | €77,655 | €72,004 | €73,563 | €62,166 | €77,244 | €82,211 | €99,059 | ▲ 20.5% |
| Operating profit (loss)9901 | €41,028 | €55,205 | €48,715 | €49,041 | €35,135 | €32,066 | €36,678 | €53,129 | ▲ 44.9% |
| Recurring financial income75 | €30 | €8 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €883 | €2,220 | €6,316 | €2,577 | €1,880 | ▼ 27.1% |
| Recurring financial charges65 | €3,129 | €2,382 | €1,104 | €883 | €2,220 | €4,857 | €2,577 | €1,880 | ▼ 27.1% |
| Non-recurring financial charges66B | - | - | - | - | - | €1,459 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €37,929 | €52,830 | €47,610 | €48,158 | €32,915 | €25,750 | €34,101 | €51,250 | ▲ 50.3% |
| Income taxes67/77 | €8,986 | €15,293 | €13,854 | €13,835 | €9,640 | €7,972 | €9,852 | €14,870 | ▲ 50.9% |
| Profit (loss) for the period9904 | €28,943 | €37,537 | €33,756 | €34,323 | €23,275 | €17,778 | €24,249 | €36,380 | ▲ 50.0% |
| Profit (loss) for the period to be appropriated9905 | €28,943 | €37,537 | €33,756 | €34,323 | €23,275 | €17,778 | €24,249 | €36,380 | ▲ 50.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €283,700 | €304,805 | €328,258 | €342,558 | €410,045 | €368,254 | €320,179 | €311,548 | ▼ 2.7% |
| Fixed assets21/28 | €211,576 | €192,515 | €181,217 | €175,742 | €273,327 | €213,899 | €172,607 | €129,103 | ▼ 25.2% |
| Tangible fixed assets22/27 | €211,576 | €192,515 | €181,217 | €175,742 | €273,327 | €213,899 | €172,607 | €129,103 | ▼ 25.2% |
| Land and buildings22 | - | - | - | €170,176 | €150,577 | €128,918 | €107,258 | €85,598 | ▼ 20.2% |
| Plant, machinery and equipment23 | - | - | - | €3,575 | €2,806 | €2,002 | €3,073 | €2,412 | ▼ 21.5% |
| Furniture and vehicles24 | - | - | - | €1,991 | €119,944 | €82,979 | €62,276 | €41,093 | ▼ 34.0% |
| Current assets29/58 | €72,124 | €112,290 | €147,042 | €166,816 | €136,718 | €154,356 | €147,572 | €182,444 | ▲ 23.6% |
| Amounts receivable within one year40/41 | €31,622 | €30,661 | €33,212 | €22,491 | €28,510 | €12,473 | €36,912 | €31,566 | ▼ 14.5% |
| Trade receivables40 | - | - | - | €12,800 | €14,800 | €11,760 | €31,680 | €30,580 | ▼ 3.5% |
| Other amounts receivable41 | - | - | - | €9,691 | €13,710 | €713 | €5,232 | €986 | ▼ 81.2% |
| Current investments50/53 | €38,955 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €79,968 | €112,108 | €142,507 | €105,630 | €139,113 | €107,560 | €147,594 | ▲ 37.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,818 | €2,579 | €2,770 | €3,099 | €3,285 | ▲ 6.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €283,700 | €304,805 | €328,258 | €342,558 | €410,045 | €368,254 | €320,179 | €311,548 | ▼ 2.7% |
| Equity10/15 | €174,215 | €211,752 | €227,308 | €224,645 | €247,920 | €247,858 | €234,570 | €237,194 | ▲ 1.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €74,886 | €112,424 | €127,980 | €125,316 | €148,592 | €148,530 | €135,241 | €137,866 | ▲ 1.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €123,456 | €146,732 | €148,530 | €135,241 | €137,866 | ▲ 1.9% |
| Profit (loss) carried forward14 | €80,729 | €80,729 | €80,729 | €80,729 | €80,729 | €80,729 | €80,729 | €80,729 | = |
| Amounts payable17/49 | €109,485 | €93,053 | €100,950 | €117,913 | €162,125 | €120,396 | €85,608 | €74,353 | ▼ 13.1% |
| Amounts payable after more than one year17 | €85,500 | €67,500 | €49,500 | €31,500 | €85,074 | €54,654 | €37,098 | €18,888 | ▼ 49.1% |
| Financial debts170/4 | - | - | - | €31,500 | €85,074 | €54,654 | €37,098 | €18,888 | ▼ 49.1% |
| Amounts payable within one year42/48 | €23,985 | €25,553 | €51,450 | €86,413 | €76,054 | €64,714 | €48,510 | €55,465 | ▲ 14.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,000 | €34,319 | €30,419 | €17,556 | €18,210 | ▲ 3.7% |
| Trade debts44 | €2,172 | - | €2,305 | €8,114 | €2,297 | €3,047 | €2,296 | €2,755 | ▲ 20.0% |
| Suppliers440/4 | - | - | - | €8,114 | €2,297 | €3,047 | €2,296 | €2,755 | ▲ 20.0% |
| Taxes, remuneration and social security45 | - | - | - | €0 | €427 | €913 | €2,352 | €745 | ▼ 68.3% |
| Taxes450/3 | - | - | - | €0 | €427 | €913 | €2,352 | €745 | ▼ 68.3% |
| Other amounts payable47/48 | - | - | - | €60,299 | €39,011 | €30,335 | €26,306 | €33,756 | ▲ 28.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €997 | €1,028 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,943 | €37,537 | €33,756 | €34,323 | €23,275 | €17,778 | €24,249 | €36,380 | ▲ 50.0% |
| + Depreciation and write-downs630 | €21,220 | €21,639 | €22,331 | €23,495 | €26,014 | €43,860 | €44,150 | €44,276 | ▲ 0.3% |
| Operating cash flow (approximation) | €50,162 | €59,176 | €56,087 | €57,818 | €49,289 | €61,637 | €68,399 | €80,656 | ▲ 17.9% |
| Investment in fixed assets (approximation) | - | -€2,577 | -€11,033 | -€18,020 | -€123,599 | €15,569 | -€2,858 | -€773 | ▲ 73.0% |
| Change in cash | - | - | €32,140 | €30,399 | -€36,878 | €33,484 | -€31,553 | €40,034 | - |
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, 34,693 companies had the same profile as GETOVAN has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of GETOVAN 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 34,693 companies, not a prediction for GETOVAN. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00292558 | |
| 31-12-2024 | micro format | 12-06-2025 | 2025-00138441 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00232961 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00111956 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20065654 | |
| 31-12-2020 | micro format | 10-06-2021 | 2021-18700246 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-21300563 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31000171 | |
| 31-12-2017 | micro format | 12-09-2018 | 2018-63000590 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-47200160 |