GEYBELS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 30 filings
Turnover
≈ €1.1m
Estimated: probably between €770,000 and €1.5m
Total assets
€572,579▼ 2.3%
2024 · €585,931
Net result
€86,427▼ 25.0%
2024 · €115,246
Working capital
€441,685▼ 3.0%
2024 · €455,317
In the rankings
#9 company by equity in Meerhout, Wholesale and retail trade sector#10 oldest company in Meerhout, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€119,519
▼ 11.3%
2025
20182025
Net result
€86,427
▼ 25.0%
2025
highest quarter of the sector
20182025
Equity
€458,355
▲ 0.4%
2025
highest quarter of the sector
20182025
Total assets
€572,579
▼ 2.3%
2025
highest quarter of the sector
20182025
Debt
€114,224
▼ 11.8%
2025
20182025
Working capital
€441,685
▼ 3.0%
2025
highest quarter of the sector
20182025
Solvency
80.1%
▲ 2.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.87
▲ 0.35
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.1%
▼ 4.6pp
2025
highest 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€20,604-€27,471▲ 33.3%€40,114▲ 46.0%€45,445▲ 13.3%€74,737▲ 64.5%€108,918▲ 45.7%€134,705▲ 23.7%€119,519▼ 11.3%
Net result€16,960-€26,284▲ 55.0%€33,015above the sector's middle half▲ 25.6%€36,443above the sector's middle half▲ 10.4%€61,615above the sector's middle half▲ 69.1%€94,851above the sector's middle half▲ 53.9%€115,246above the sector's middle half▲ 21.5%€86,427above the sector's middle half▼ 25.0%
Equity€160,063-€186,347▲ 16.4%€216,118above the sector's middle half▲ 16.0%€252,560above the sector's middle half▲ 16.9%€251,816above the sector's middle half▼ 0.3%€346,667above the sector's middle half▲ 37.7%€456,413above the sector's middle half▲ 31.7%€458,355above the sector's middle half▲ 0.4%
Total assets€247,927-€278,147▲ 12.2%€294,679within the sector's middle half▲ 5.9%€355,045above the sector's middle half▲ 20.5%€370,134above the sector's middle half▲ 4.2%€470,994above the sector's middle half▲ 27.2%€585,931above the sector's middle half▲ 24.4%€572,579above the sector's middle half▼ 2.3%
Debt€87,864-€91,800▲ 4.5%€78,561▼ 14.4%€102,485▲ 30.5%€118,318▲ 15.4%€124,327▲ 5.1%€129,518▲ 4.2%€114,224▼ 11.8%
Working capital€123,612-€139,923▲ 13.2%€183,580above the sector's middle half▲ 31.2%€233,909above the sector's middle half▲ 27.4%€246,909above the sector's middle half▲ 5.6%€346,532above the sector's middle half▲ 40.3%€455,317above the sector's middle half▲ 31.4%€441,685above the sector's middle half▼ 3.0%
Solvency64.6%-67.0%▲ 2.4pp73.3%above the sector's middle half▲ 6.3pp71.1%above the sector's middle half▼ 2.2pp68.0%above the sector's middle half▼ 3.1pp73.6%above the sector's middle half▲ 5.6pp77.9%above the sector's middle half▲ 4.3pp80.1%above the sector's middle half▲ 2.2pp
Current ratio2.41-2.52▲ 0.123.34above the sector's middle half▲ 0.813.28above the sector's middle half▼ 0.053.09above the sector's middle half▼ 0.203.79above the sector's middle half▲ 0.704.52above the sector's middle half▲ 0.734.87above the sector's middle half▲ 0.35
Return on assets (ROA)6.8%-9.4%▲ 2.6pp11.2%within the sector's middle half▲ 1.8pp10.3%within the sector's middle half▼ 0.9pp16.6%above the sector's middle half▲ 6.4pp20.1%above the sector's middle half▲ 3.5pp19.7%above the sector's middle half▼ 0.5pp15.1%above the sector's middle half▼ 4.6pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 11% lower than in 2024.
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 €572,579
Fixed assets
€16,670 ▲ 15×
Current assets
€555,909 ▼ 4.9%
Equity and liabilities €572,579
Equity
€458,355 ▲ 0.4%
Debt
€114,224 ▼ 11.8%
Debt's share of the balance-sheet total falls from 22.1% to 19.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€122,445▼
2024 · €134,736
Cash flow
€89,352▼
2024 · €115,278
Quick ratio
4.77▲
2024 · 4.44
Debt to equity
0.25▼
2024 · 0.28
ROE
18.9%▼
2024 · 25.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€114,224▼
2024 · €129,518
Income taxes
€33,906▼
2024 · €47,727
Staff costs
€981▲
2024 · €261
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 | - | - | €0 | €992 | €18,500 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €13,886 | €13,745 | €4,772 | €32 | €2,926 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €341 awarded · €341 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €113 | €113 |
| 2024 | 1 | €228 | €228 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €5,000 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €261 | €981 | ▲ 276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,364 | €13,886 | €13,886 | €13,886 | €13,745 | €4,772 | €32 | €2,926 | ▲ 92× |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,492 | €0 | €8,908 | - |
| Other operating charges640/8 | - | - | - | €2,235 | €1,802 | €2,824 | €4,898 | €3,033 | ▼ 38.1% |
| Gross operating margin9900 | €34,666 | €52,487 | €56,682 | €61,567 | €90,284 | €118,006 | €139,895 | €135,367 | ▼ 3.2% |
| Operating profit (loss)9901 | €20,604 | €27,471 | €40,114 | €45,445 | €74,737 | €108,918 | €134,705 | €119,519 | ▼ 11.3% |
| Financial income75/76B | - | - | - | €5,357 | €10,770 | €24,537 | €28,396 | €1,986 | ▼ 93.0% |
| Recurring financial income75 | €6,480 | €8,370 | €4,406 | €5,357 | €10,770 | €24,537 | €28,396 | €1,986 | ▼ 93.0% |
| Financial charges65/66B | - | - | - | €562 | €244 | -€25 | €126 | €1,172 | ▲ 827% |
| Recurring financial charges65 | €3,137 | €547 | €186 | €562 | €244 | -€25 | €126 | €1,172 | ▲ 827% |
| Profit (loss) for the period before taxes9903 | €23,947 | €35,294 | €44,334 | €50,240 | €85,262 | €133,480 | €162,974 | €120,333 | ▼ 26.2% |
| Income taxes67/77 | €6,987 | €9,010 | €11,319 | €13,797 | €23,647 | €38,629 | €47,727 | €33,906 | ▼ 29.0% |
| Profit (loss) for the period9904 | €16,960 | €26,284 | €33,015 | €36,443 | €61,615 | €94,851 | €115,246 | €86,427 | ▼ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €16,960 | €26,284 | €33,015 | €36,443 | €61,615 | €94,851 | €115,246 | €86,427 | ▼ 25.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €247,927 | €278,147 | €294,679 | €355,045 | €370,134 | €470,994 | €585,931 | €572,579 | ▼ 2.3% |
| Fixed assets21/28 | €36,451 | €46,424 | €32,538 | €18,652 | €4,907 | €135 | €1,096 | €16,670 | ▲ 15× |
| Tangible fixed assets22/27 | €36,316 | €46,289 | €32,403 | €18,517 | €4,772 | €0 | €961 | €16,535 | ▲ 17× |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €961 | €16,535 | ▲ 17× |
| Furniture and vehicles24 | - | - | - | €18,517 | €4,772 | €0 | - | - | - |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €211,476 | €231,723 | €262,141 | €336,394 | €365,227 | €470,859 | €584,836 | €555,909 | ▼ 4.9% |
| Stocks and contracts in progress3 | €3,749 | €4,559 | €3,978 | €5,473 | €6,094 | €6,457 | €9,551 | €10,799 | ▲ 13.1% |
| Stocks30/36 | - | - | - | €5,473 | €6,094 | €6,457 | €9,551 | €10,799 | ▲ 13.1% |
| Amounts receivable within one year40/41 | €90,466 | €112,052 | €90,311 | €112,635 | €149,487 | €158,057 | €192,251 | €99,092 | ▼ 48.5% |
| Trade receivables40 | - | - | - | €112,079 | €147,854 | €157,986 | €187,949 | €93,326 | ▼ 50.3% |
| Other amounts receivable41 | - | - | - | €556 | €1,633 | €71 | €4,302 | €5,766 | ▲ 34.0% |
| Current investments50/53 | €26,027 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €91,234 | €115,112 | €167,852 | €218,286 | €209,646 | €306,345 | €383,034 | €440,765 | ▲ 15.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €5,254 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €247,927 | €278,147 | €294,679 | €355,045 | €370,134 | €470,994 | €585,931 | €572,579 | ▼ 2.3% |
| Equity10/15 | €160,063 | €186,347 | €216,118 | €252,560 | €251,816 | €346,667 | €456,413 | €458,355 | ▲ 0.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €141,471 | €167,755 | €197,526 | €233,968 | €233,224 | €328,075 | €437,821 | €439,763 | ▲ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | - | €1,859 | - |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,859 | - | - | - |
| Own shares acquired1312 | - | - | - | - | - | - | - | €1,859 | - |
| Tax-exempt reserves132 | - | - | - | €23,550 | €23,550 | €23,550 | €23,550 | €23,550 | = |
| Distributable reserves133 | - | - | - | €208,559 | €207,815 | €302,666 | €414,271 | €414,354 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €87,864 | €91,800 | €78,561 | €102,485 | €118,318 | €124,327 | €129,518 | €114,224 | ▼ 11.8% |
| Amounts payable within one year42/48 | €87,864 | €91,800 | €78,561 | €102,485 | €118,318 | €124,327 | €129,518 | €114,224 | ▼ 11.8% |
| Trade debts44 | €82,641 | €84,459 | €66,405 | €95,543 | €109,529 | €104,291 | €111,542 | €93,196 | ▼ 16.4% |
| Suppliers440/4 | - | - | - | €95,543 | €109,529 | €104,291 | €111,542 | €93,196 | ▼ 16.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €485 | €9,598 | €13,002 | €13,994 | ▲ 7.6% |
| Taxes450/3 | - | - | - | - | €485 | €9,598 | €13,002 | €13,994 | ▲ 7.6% |
| Other amounts payable47/48 | - | - | - | €6,942 | €8,304 | €10,438 | €4,974 | €7,034 | ▲ 41.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,960 | €26,284 | €33,015 | €36,443 | €61,615 | €94,851 | €115,246 | €86,427 | ▼ 25.0% |
| + Depreciation and write-downs630 | €12,364 | €13,886 | €13,886 | €13,886 | €13,745 | €4,772 | €32 | €2,926 | ▲ 92× |
| Operating cash flow (approximation) | €29,325 | €40,171 | €46,901 | €50,329 | €75,360 | €99,623 | €115,278 | €89,352 | ▼ 22.5% |
| Investment in fixed assets (approximation) | - | -€23,859 | €0 | €0 | €0 | €0 | -€992 | -€18,500 | ▼ 1,764% |
| Change in cash | - | €23,878 | €52,740 | €50,434 | -€8,640 | €96,699 | €76,689 | €57,731 | ▼ 24.7% |
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, 20,136 companies had the same profile as GEYBELS 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 GEYBELS 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 20,136 companies, not a prediction for GEYBELS. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00246240 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00302522 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311861 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00254878 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20204857 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44300201 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39100567 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-36200515 | |
| 31-12-2017 | micro format | 02-08-2018 | 2018-43000428 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-36000287 |