GF TRONICS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 22 filings
Turnover
≈ €540,000
Estimated: probably between €310,000 and €910,000
EBIT margin
Not included in this filing
Net result
€12,411▼ 25.1%
2024 · €16,567
Working capital
-€1,147
2024 · €17,294
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,610
▼ 30.6%
2025
20192025
Net result
€12,411
▼ 25.1%
2025
middle half of the sector
20192025
Equity
€176,981
▼ 0.9%
2025
highest quarter of the sector
20192025
Total assets
€348,626
▼ 6.5%
2025
highest quarter of the sector
20192025
Debt
€171,646
▼ 11.7%
2025
20192025
Working capital
-€1,147
2025
middle half of the sector
20192025
Solvency
50.8%
▲ 2.9pp
2025
middle half of the sector
20192025
Current ratio
0.99
▼ 0.19
2025
middle half of the sector
20192025
Return on assets (ROA)
3.6%
▼ 0.9pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€34,659-€25,145▼ 27.4%€40,716▲ 61.9%€43,534▲ 6.9%€29,742▼ 31.7%€29,707▼ 0.1%€20,610▼ 30.6%
Net result€20,876-€13,966within the sector's middle half▼ 33.1%€23,387within the sector's middle half▲ 67.5%€24,431above the sector's middle half▲ 4.5%€9,021within the sector's middle half▼ 63.1%€16,567within the sector's middle half▲ 83.7%€12,411within the sector's middle half▼ 25.1%
Equity€91,165-€105,131within the sector's middle half▲ 15.3%€128,518above the sector's middle half▲ 22.2%€152,949above the sector's middle half▲ 19.0%€161,970above the sector's middle half▲ 5.9%€178,536above the sector's middle half▲ 10.2%€176,981above the sector's middle half▼ 0.9%
Total assets€394,751-€459,534within the sector's middle half▲ 16.4%€554,719above the sector's middle half▲ 20.7%€453,053above the sector's middle half▼ 18.3%€420,380above the sector's middle half▼ 7.2%€373,031above the sector's middle half▼ 11.3%€348,626above the sector's middle half▼ 6.5%
Debt€303,586-€354,403▲ 16.7%€426,201▲ 20.3%€300,104▼ 29.6%€258,411▼ 13.9%€194,494▼ 24.7%€171,646▼ 11.7%
Working capital€25,683-€17,937within the sector's middle half▼ 30.2%-€21,900below the sector's middle half€44,001within the sector's middle half€12,166within the sector's middle half▼ 72.3%€17,294within the sector's middle half▲ 42.1%-€1,147within the sector's middle half
Solvency23.1%-22.9%within the sector's middle half▼ 0.2pp23.2%within the sector's middle half▲ 0.3pp33.8%within the sector's middle half▲ 10.6pp38.5%within the sector's middle half▲ 4.8pp47.9%within the sector's middle half▲ 9.3pp50.8%within the sector's middle half▲ 2.9pp
Current ratio1.31-1.12within the sector's middle half▼ 0.190.92within the sector's middle half▼ 0.211.37within the sector's middle half▲ 0.451.11within the sector's middle half▼ 0.251.18within the sector's middle half▲ 0.070.99within the sector's middle half▼ 0.19
Return on assets (ROA)5.3%-3.0%within the sector's middle half▼ 2.2pp4.2%within the sector's middle half▲ 1.2pp5.4%within the sector's middle half▲ 1.2pp2.1%within the sector's middle half▼ 3.2pp4.4%within the sector's middle half▲ 2.3pp3.6%within the sector's middle half▼ 0.9pp
Staff (FTE)1-
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 31% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €348,626
Fixed assets
€235,647 ▼ 10.0%
Current assets
€112,979 ▲ 1.7%
Equity and liabilities €348,626
Equity
€176,981 ▼ 0.9%
Debt
€171,646 ▼ 11.7%
Debt's share of the balance-sheet total falls from 52.1% to 49.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€51,791▼
2024 · €62,718
Cash flow
€43,591▼
2024 · €49,577
Quick ratio
0.80▼
2024 · 0.95
Debt to equity
0.97▼
2024 · 1.09
ROE
7.0%▼
2024 · 9.3%
Interest coverage
6.26▼
2024 · 7.53
Debt ≤ 1 year
€114,127▲
2024 · €93,840
Debt > 1 year
€6,017▼
2024 · €41,723
Income taxes
€7,145▲
2024 · €4,812
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €54,408 | €4,223 | €57,702 | €7,000 | €4,931 |
| Depreciation and write-downs of the year | €29,221 | €33,247 | €45,534 | €33,011 | €31,181 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €47,876 | €48,527 | €62,272 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,490 | €23,539 | €29,221 | €33,247 | €45,534 | €33,011 | €31,181 | ▼ 5.5% |
| Other operating charges640/8 | - | - | €8,966 | €10,695 | €8,100 | €12,688 | €21,073 | ▲ 66.1% |
| Gross operating margin9900 | €140,088 | €96,206 | €126,780 | €136,003 | €145,648 | €75,405 | €72,864 | ▼ 3.4% |
| Operating profit (loss)9901 | €34,659 | €25,145 | €40,716 | €43,534 | €29,742 | €29,707 | €20,610 | ▼ 30.6% |
| Financial income75/76B | - | - | - | €160 | €163 | - | €7,222 | - |
| Recurring financial income75 | €1,202 | €5,502 | - | €160 | €163 | - | €7,222 | - |
| Financial charges65/66B | - | - | €7,819 | €6,086 | €9,026 | €8,328 | €8,276 | ▼ 0.6% |
| Recurring financial charges65 | €7,344 | €5,264 | €7,819 | €6,086 | €9,026 | €8,328 | €8,276 | ▼ 0.6% |
| Profit (loss) for the period before taxes9903 | €28,517 | €25,383 | €32,897 | €37,608 | €20,879 | €21,379 | €19,556 | ▼ 8.5% |
| Income taxes67/77 | €7,641 | €11,417 | €9,510 | €13,177 | €11,858 | €4,812 | €7,145 | ▲ 48.5% |
| Profit (loss) for the period9904 | €20,876 | €13,966 | €23,387 | €24,431 | €9,021 | €16,567 | €12,411 | ▼ 25.1% |
| Profit (loss) for the period to be appropriated9905 | €20,876 | €13,966 | €23,387 | €24,431 | €9,021 | €16,567 | €12,411 | ▼ 25.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €394,751 | €459,534 | €554,719 | €453,053 | €420,380 | €373,031 | €348,626 | ▼ 6.5% |
| Fixed assets21/28 | €286,450 | €293,628 | €318,815 | €289,791 | €301,959 | €261,896 | €235,647 | ▼ 10.0% |
| Intangible fixed assets21 | €333 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €286,117 | €293,628 | €318,815 | €289,791 | €301,959 | €261,896 | €235,647 | ▼ 10.0% |
| Land and buildings22 | - | - | €243,245 | €223,020 | €197,739 | €177,514 | €157,289 | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | €3,276 | €2,401 | €15,540 | €14,560 | €10,636 | ▼ 27.0% |
| Furniture and vehicles24 | - | - | €27,129 | €21,259 | €18,890 | €2,462 | €6,389 | ▲ 160% |
| Other tangible fixed assets26 | - | - | €45,165 | €43,111 | €69,790 | €67,360 | €61,333 | ▼ 8.9% |
| Current assets29/58 | €108,301 | €165,906 | €235,904 | €163,263 | €118,421 | €111,134 | €112,979 | ▲ 1.7% |
| Stocks and contracts in progress3 | €12,061 | €16,811 | €38,141 | €52,199 | €28,378 | €21,812 | €21,924 | ▲ 0.5% |
| Stocks30/36 | - | - | €38,141 | €52,199 | €28,378 | €21,812 | €21,924 | ▲ 0.5% |
| Amounts receivable within one year40/41 | €48,286 | €53,251 | €88,316 | €52,755 | €56,595 | €29,982 | €49,386 | ▲ 64.7% |
| Trade receivables40 | - | - | €82,301 | €38,852 | €6,574 | €18,880 | €47,321 | ▲ 151% |
| Other amounts receivable41 | - | - | €6,015 | €13,903 | €50,021 | €11,102 | €2,065 | ▼ 81.4% |
| Cash at bank and in hand54/58 | €39,297 | €92,879 | €101,012 | €52,796 | €31,729 | €57,873 | €20,208 | ▼ 65.1% |
| Deferred charges and accrued income490/1 | - | - | €8,434 | €5,513 | €1,719 | €1,467 | €21,461 | ▲ 15× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €394,751 | €459,534 | €554,719 | €453,053 | €420,380 | €373,031 | €348,626 | ▼ 6.5% |
| Equity10/15 | €91,165 | €105,131 | €128,518 | €152,949 | €161,970 | €178,536 | €176,981 | ▼ 0.9% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Other1109/19 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €1,860 | €15,826 | €39,213 | €63,644 | €72,664 | €89,231 | €87,675 | ▼ 1.7% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €37,353 | €61,784 | €70,804 | €87,371 | €85,815 | ▼ 1.8% |
| Profit (loss) carried forward14 | €70,705 | €70,705 | €70,705 | €70,705 | €70,705 | €70,705 | €70,705 | = |
| Amounts payable17/49 | €303,586 | €354,403 | €426,201 | €300,104 | €258,411 | €194,494 | €171,646 | ▼ 11.7% |
| Amounts payable after more than one year17 | €220,188 | €206,434 | €168,398 | €129,673 | €80,278 | €41,723 | €6,017 | ▼ 85.6% |
| Financial debts170/4 | - | - | €168,398 | €129,673 | €80,278 | €41,723 | €6,017 | ▼ 85.6% |
| Amounts payable within one year42/48 | €82,618 | €147,969 | €257,803 | €119,261 | €106,255 | €93,840 | €114,127 | ▲ 21.6% |
| Current portion of amounts payable after more than one year42 | - | - | €38,036 | €38,725 | €39,604 | €38,555 | €35,707 | ▼ 7.4% |
| Financial debts43 | - | - | - | - | €123 | €161 | - | - |
| Other loans439 | - | - | - | - | €123 | €161 | - | - |
| Trade debts44 | €34,736 | €34,801 | €153,165 | €29,679 | €50,366 | €31,974 | €39,086 | ▲ 22.2% |
| Suppliers440/4 | - | - | €153,165 | €29,679 | €50,366 | €31,974 | €39,086 | ▲ 22.2% |
| Advances received on contracts in progress46 | - | - | €33,217 | €33,247 | €771 | €613 | - | - |
| Taxes, remuneration and social security45 | - | - | €25,346 | €14,293 | €15,351 | €8,540 | €9,645 | ▲ 12.9% |
| Taxes450/3 | - | - | €15,939 | €4,770 | €15,351 | €8,540 | €9,645 | ▲ 12.9% |
| Remuneration and social security454/9 | - | - | €9,406 | €9,523 | - | - | - | - |
| Other amounts payable47/48 | - | - | €8,039 | €3,317 | €40 | €13,998 | €29,689 | ▲ 112% |
| Accrued charges and deferred income492/3 | - | - | - | €51,170 | €71,878 | €58,931 | €51,502 | ▼ 12.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,876 | €13,966 | €23,387 | €24,431 | €9,021 | €16,567 | €12,411 | ▼ 25.1% |
| + Depreciation and write-downs630 | €23,490 | €23,539 | €29,221 | €33,247 | €45,534 | €33,011 | €31,181 | ▼ 5.5% |
| Operating cash flow (approximation) | €44,366 | €37,505 | €52,608 | €57,678 | €54,554 | €49,577 | €43,591 | ▼ 12.1% |
| Investment in fixed assets (approximation) | - | -€30,717 | -€54,408 | -€4,223 | -€57,702 | €7,052 | -€4,931 | - |
| Change in cash | - | €53,582 | €8,133 | -€48,216 | -€21,066 | €26,144 | -€37,666 | - |
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, 17,041 companies had the same profile as GF TRONICS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GF TRONICS 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 17,041 companies, not a prediction for GF TRONICS. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00185678 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00529758 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00427633 | |
| 30-09-2022 | micro format | 16-05-2023 | 2023-00088025 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20011719 | |
| 30-09-2020 | full format | 26-05-2021 | 2021-15300171 | |
| 30-09-2019 | micro format | 10-04-2020 | 2020-09200107 | |
| 30-09-2017 | micro format | 28-03-2018 | 2018-08400035 | |
| 30-09-2016 | full format | 16-05-2017 | 2017-12300310 | |
| 30-09-2015 | full format | 28-04-2016 | 2016-11200063 |