GEWISOL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-05-2026 PDF all 23 filings
Amounts without an identifiable currency are taken as euros.
Equity
€298,447▼ 21.4%
2024 · €379,886
Total assets
€1.1m▼ 3.6%
2024 · €1.1m
Net result
-€81,440▼ 91.5%
2024 · -€42,530
Working capital
€870,851▼ 3.8%
2024 · €905,441
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€71,493
▼ 115%
2025
20182025
Net result
-€81,440
▼ 91.5%
2025
lowest quarter of the sector
20182025
Equity
€298,447
▼ 21.4%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 3.6%
2025
middle half of the sector
20182025
Debt
€805,474
▲ 5.2%
2025
20182025
Working capital
€870,851
▼ 3.8%
2025
highest quarter of the sector
20182025
Solvency
27.0%
▼ 6.1pp
2025
middle half of the sector
20182025
Current ratio
7.46
▼ 3.07
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-7.4%
▼ 3.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.3
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.1m▲ 149%€0.1m▲ 6.6%€0.4m▲ 237%€0.4m▼ 20.8%€0.01m▼ 96.9%-€0.03m-€0.07m▼ 115%
Net result€0.04m-€0.1m▲ 147%€0.1mabove the sector's middle half▲ 23.6%€0.4mabove the sector's middle half▲ 227%€0.3mabove the sector's middle half▼ 16.9%€0.01mwithin the sector's middle half▼ 96.8%-€0.04mbelow the sector's middle half-€0.08mbelow the sector's middle half▼ 91.5%
Equity€0.4m-€0.4m▲ 22.2%€0.5mwithin the sector's middle half▲ 12.7%€0.6mwithin the sector's middle half▲ 27.1%€0.4mwithin the sector's middle half▼ 35.3%€0.4mwithin the sector's middle half▲ 2.7%€0.4mwithin the sector's middle half▼ 10.1%€0.3mwithin the sector's middle half▼ 21.4%
Total assets€0.5m-€0.6m▲ 7.4%€0.7mwithin the sector's middle half▲ 23.0%€1.1mwithin the sector's middle half▲ 50.2%€1.5mwithin the sector's middle half▲ 36.3%€1.3mwithin the sector's middle half▼ 11.8%€1.1mwithin the sector's middle half▼ 10.8%€1.1mwithin the sector's middle half▼ 3.6%
Debt€0.2m-€0.1m▼ 23.2%€0.2m▲ 57.4%€0.4m▲ 105%€1.0m▲ 142%€0.9m▼ 17.5%€0.8m▼ 11.2%€0.8m▲ 5.2%
Working capital€0.4m-€0.4m▲ 23.6%€0.5mabove the sector's middle half▲ 10.5%€0.6mabove the sector's middle half▲ 22.3%€0.3mwithin the sector's middle half▼ 43.0%€0.3mwithin the sector's middle half▼ 10.3%€0.9mabove the sector's middle half▲ 198%€0.9mabove the sector's middle half▼ 3.8%
Solvency67.6%-76.8%▲ 9.2pp70.3%above the sector's middle half▼ 6.5pp59.5%within the sector's middle half▼ 10.8pp28.2%within the sector's middle half▼ 31.3pp32.9%within the sector's middle half▲ 4.6pp33.2%within the sector's middle half▲ 0.3pp27.0%within the sector's middle half▼ 6.1pp
Current ratio3.12-4.29▲ 1.173.72above the sector's middle half▼ 0.572.57within the sector's middle half▼ 1.151.33within the sector's middle half▼ 1.241.38within the sector's middle half▲ 0.0510.53above the sector's middle half▲ 9.157.46above the sector's middle half▼ 3.07
Return on assets (ROA)7.6%-17.4%▲ 9.8pp17.5%above the sector's middle half▲ 0.1pp38.0%above the sector's middle half▲ 20.5pp23.1%above the sector's middle half▼ 14.8pp0.9%below the sector's middle half▼ 22.3pp-3.7%below the sector's middle half▼ 4.6pp-7.4%below the sector's middle half▼ 3.7pp
Staff (FTE)0-0below the sector's middle half0below the sector's middle half0.3below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €71,493, larger than the loss of €33,327 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€98,337 ▼ 32.2%
Current assets
€1.0m ▲ 0.5%
Equity and liabilities €1.1m
Equity
€298,447 ▼ 21.4%
Debt
€805,474 ▲ 5.2%
Debt's share of the balance-sheet total rises from 66.8% to 73.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€22,813▼
2024 · €20,518
Cash flow
-€32,760▼
2024 · €11,315
Quick ratio
7.38▼
2024 · 10.42
Debt to equity
2.70▲
2024 · 2.02
ROE
-27.3%▼
2024 · -11.2%
Interest coverage
-0.78▼
2024 · 0.70
Debt ≤ 1 year
€134,733▲
2024 · €94,999
Debt > 1 year
€667,050▼
2024 · €667,494
Income taxes
€55▲
2024 · €0
Staff costs
€6,691
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| part-time | 0 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.3 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 1 |
| Training hours | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €60,201 | €29,161 | €112,950 | €23,026 | €5,957 |
| Intangible fixed assets | - | - | - | - | €1,800 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,733 | €27,091 | €33,578 | €53,845 | €48,680 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €10,185 awarded · €10,185 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €2,847 | €2,847 |
| 2022 | 1 | €7,338 | €7,338 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €768 | €27,361 | €370 | €4,708 | €44,377 | ▲ 843% |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €6,691 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,683 | €9,634 | €7,791 | €11,733 | €27,091 | €33,578 | €53,845 | €48,680 | ▼ 9.6% |
| Other operating charges640/8 | - | - | - | €3,356 | €2,598 | €3,136 | €3,968 | €5,252 | ▲ 32.4% |
| Gross operating margin9900 | €70,003 | €143,079 | €144,686 | €459,857 | €381,923 | €47,561 | €24,486 | -€10,870 | - |
| Operating profit (loss)9901 | €49,547 | €123,600 | €131,788 | €444,767 | €352,233 | €10,847 | -€33,327 | -€71,493 | ▼ 115% |
| Financial income75/76B | - | - | - | €4,963 | €6,317 | €19,717 | €20,271 | €19,385 | ▼ 4.4% |
| Recurring financial income75 | €10,862 | €5,173 | €7,025 | €4,963 | €6,317 | €19,717 | €20,271 | €19,385 | ▼ 4.4% |
| Financial charges65/66B | - | - | - | €2,808 | €4,421 | €16,209 | €29,474 | €29,277 | ▼ 0.7% |
| Recurring financial charges65 | €6,160 | €1,583 | €2,789 | €2,808 | €4,421 | €16,209 | €29,474 | €29,277 | ▼ 0.7% |
| Profit (loss) for the period before taxes9903 | €54,249 | €127,190 | €136,023 | €446,922 | €354,130 | €14,355 | -€42,530 | -€81,385 | ▼ 91.4% |
| Income taxes67/77 | €13,589 | €26,655 | €11,797 | €41,204 | €17,083 | €3,408 | €0 | €55 | - |
| Profit (loss) for the period9904 | €40,660 | €100,536 | €124,226 | €405,718 | €337,047 | €10,947 | -€42,530 | -€81,440 | ▼ 91.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €23,000 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €40,660 | €100,536 | €124,226 | €428,718 | €337,047 | €10,947 | -€42,530 | -€81,440 | ▼ 91.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €0.7m | €1.1m | €1.5m | €1.3m | €1.1m | €1.1m | ▼ 3.6% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.01m | €0.004m | €0.05m | €0.09m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 32.2% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | €0.002m | - |
| Tangible fixed assets22/27 | €0.01m | €0.004m | €0.05m | €0.09m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.004m | €0.008m | €0.02m | €0.01m | ▼ 10.8% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.09m | €0.2m | €0.1m | €0.08m | ▼ 36.1% |
| Financial fixed assets28 | €6 | €6 | €6 | €6 | €6 | €6 | €0 | - | - |
| Current assets29/58 | €0.5m | €0.6m | €0.7m | €1.0m | €1.4m | €1.1m | €1.0m | €1.0m | ▲ 0.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 5.8% |
| Other amounts receivable291 | - | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 5.8% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | €0.01m | €0.01m | = |
| Stocks30/36 | - | - | - | - | - | - | €0.01m | €0.01m | = |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | €0.6m | ▲ 36.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 73.0% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 15.7% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.05m | €0.07m | €0.2m | €0.5m | €0.5m | €0.2m | €0.2m | €0.05m | ▼ 70.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.007m | €0.02m | €0.01m | €0.007m | ▼ 38.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €0.7m | €1.1m | €1.5m | €1.3m | €1.1m | €1.1m | ▼ 3.6% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.6m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 21.4% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | €0.002m | €0.002m | €0.002m | = |
| Other1319 | - | - | - | - | €0.002m | - | - | - | - |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.5m | €0.6m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 22.7% |
| Amounts payable17/49 | €0.2m | €0.1m | €0.2m | €0.4m | €1.0m | €0.9m | €0.8m | €0.8m | ▲ 5.2% |
| Amounts payable after more than one year17 | €0.006m | - | €0.03m | €0.05m | €0.02m | €0.05m | €0.7m | €0.7m | ▼ 0.1% |
| Financial debts170/4 | - | - | - | €0.05m | €0.02m | €0.05m | €0.7m | €0.7m | ▼ 0.1% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.2m | €0.4m | €1.0m | €0.8m | €0.09m | €0.1m | ▲ 41.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.04m | €0.01m | €0.01m | ▲ 4.8% |
| Trade debts44 | €0.1m | €0.09m | €0.1m | €0.06m | €0.1m | €0.08m | €0.08m | €0.1m | ▲ 47.7% |
| Suppliers440/4 | - | - | - | €0.06m | €0.1m | €0.08m | €0.08m | €0.1m | ▲ 47.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.003m | €52 | €0 | - | - |
| Taxes450/3 | - | - | - | €0.02m | €0.003m | €52 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.9m | €0.7m | €410 | €410 | = |
| Accrued charges and deferred income492/3 | - | - | - | €102 | - | €0.006m | €0.003m | €0.004m | ▲ 21.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,660 | €100,536 | €124,226 | €405,718 | €337,047 | €10,947 | -€42,530 | -€81,440 | ▼ 91.5% |
| + Depreciation and write-downs630 | €17,683 | €9,634 | €7,791 | €11,733 | €27,091 | €33,578 | €53,845 | €48,680 | ▼ 9.6% |
| Operating cash flow (approximation) | €58,343 | €110,169 | €132,017 | €417,452 | €364,138 | €44,525 | €11,315 | -€32,760 | - |
| Investment in fixed assets (approximation) | - | -€179 | -€49,670 | -€60,201 | -€29,161 | -€112,950 | -€23,020 | -€2,028 | ▲ 91.2% |
| Change in cash | - | €20,247 | €146,803 | €313,310 | €1,608 | -€357,676 | €9,735 | -€126,955 | - |
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, 2,450 companies had the same profile as GEWISOL has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEWISOL itself: 0.5% 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 2,450 companies, not a prediction for GEWISOL. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00124622 | |
| 31-12-2024 | abbreviated format | 29-07-2025 | 2025-00333317 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00329084 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00299187 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20257221 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-41200399 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-37200516 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-67500408 | |
| 31-12-2017 | abbreviated format | 14-08-2018 | 2018-45600366 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-57200093 |