GFC CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 8 filings
Turnover
€132,391▼ 51.2%
2024 · €271,492
EBIT margin
3.4%▼ 1.0pp
2024 · 4.4%
Net result
€3,362▼ 43.7%
2024 · €5,967
Working capital
€31,610▼ 5.3%
2024 · €33,365
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€132,391
▼ 51.2%
2025
20182025
Operating result
€4,516
▼ 62.1%
2025
20182025
Net result
€3,362
▼ 43.7%
2025
middle half of the sector
20182025
EBIT margin
3.4%
▼ 1.0pp
2025
20182025
Equity
€37,458
▲ 9.9%
2025
middle half of the sector
20182025
Total assets
€52,422
▼ 15.9%
2025
lowest quarter of the sector
20182025
Debt
€14,964
▼ 47.0%
2025
20182025
Working capital
€31,610
▼ 5.3%
2025
middle half of the sector
20182025
Solvency
71.5%
▲ 16.7pp
2025
highest quarter of the sector
20182025
Current ratio
3.11
▲ 0.93
2025
middle half of the sector
20182025
Return on assets (ROA)
6.4%
▼ 3.2pp
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
Turnover€150,114€359,549▲ 140%€291,630▼ 18.9%€298,849▲ 2.5%€386,657▲ 29.4%€271,492▼ 29.8%€132,391▼ 51.2%
Operating result€43,100-€2,661▼ 93.8%€1,593▼ 40.2%€3,833▲ 141%€3,414▼ 10.9%€3,233▼ 5.3%€11,923▲ 269%€4,516▼ 62.1%
Net result€39,392-€843▼ 97.9%€626within the sector's middle half▼ 25.8%€1,778within the sector's middle half▲ 184%€2,113within the sector's middle half▲ 18.8%€2,176within the sector's middle half▲ 3.0%€5,967within the sector's middle half▲ 174%€3,362within the sector's middle half▼ 43.7%
EBIT margin1.8%0.4%▼ 1.3pp1.3%▲ 0.9pp1.1%▼ 0.2pp0.8%▼ 0.3pp4.4%▲ 3.6pp3.4%▼ 1.0pp
Equity€20,592-€21,436▲ 4.1%€22,061within the sector's middle half▲ 2.9%€23,840within the sector's middle half▲ 8.1%€25,953within the sector's middle half▲ 8.9%€28,129within the sector's middle half▲ 8.4%€34,096within the sector's middle half▲ 21.2%€37,458within the sector's middle half▲ 9.9%
Total assets€75,429-€79,357▲ 5.2%€84,258within the sector's middle half▲ 6.2%€79,840within the sector's middle half▼ 5.2%€83,249within the sector's middle half▲ 4.3%€123,528within the sector's middle half▲ 48.4%€62,325below the sector's middle half▼ 49.5%€52,422below the sector's middle half▼ 15.9%
Debt€54,837-€57,921▲ 5.6%€62,196▲ 7.4%€56,001▼ 10.0%€57,296▲ 2.3%€95,399▲ 66.5%€28,229▼ 70.4%€14,964▼ 47.0%
Working capital€18,735-€12,362▼ 34.0%€14,259within the sector's middle half▲ 15.3%€16,145within the sector's middle half▲ 13.2%€21,505within the sector's middle half▲ 33.2%€27,299within the sector's middle half▲ 26.9%€33,365within the sector's middle half▲ 22.2%€31,610within the sector's middle half▼ 5.3%
Solvency27.3%-27.0%▼ 0.3pp26.2%within the sector's middle half▼ 0.8pp29.9%within the sector's middle half▲ 3.7pp31.2%within the sector's middle half▲ 1.3pp22.8%below the sector's middle half▼ 8.4pp54.7%within the sector's middle half▲ 31.9pp71.5%above the sector's middle half▲ 16.7pp
Current ratio1.55-1.50▼ 0.051.35within the sector's middle half▼ 0.151.34within the sector's middle half▼ 0.011.38within the sector's middle half▲ 0.031.29within the sector's middle half▼ 0.092.18within the sector's middle half▲ 0.903.11within the sector's middle half▲ 0.93
Return on assets (ROA)52.2%-1.1%▼ 51.2pp0.7%within the sector's middle half▼ 0.3pp2.2%within the sector's middle half▲ 1.5pp2.5%within the sector's middle half▲ 0.3pp1.8%within the sector's middle half▼ 0.8pp9.6%within the sector's middle half▲ 7.8pp6.4%within the sector's middle half▼ 3.2pp
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 62% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €52,422
Fixed assets
€5,848 ▲ 700%
Current assets
€46,573 ▼ 24.4%
Equity and liabilities €52,422
Equity
€37,458 ▲ 9.9%
Debt
€14,964 ▼ 47.0%
Debt's share of the balance-sheet total falls from 45.3% to 28.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5,554▼
2024 · €12,021
Cash flow
€4,400▼
2024 · €6,066
Debt to equity
0.40▼
2024 · 0.83
ROE
9.0%▼
2024 · 17.5%
Interest coverage
19.31▼
2024 · 22.85
Debt ≤ 1 year
€14,964▼
2024 · €28,229
Income taxes
€897▼
2024 · €2,279
Customer credit
20 days▼
2024 · 44 days
Supplier credit
35 days▲
2024 · 29 days
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 | - | €493 | - | - | €6,155 |
| Depreciation and write-downs of the year | €12,597 | €12,661 | €3,619 | €99 | €1,038 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €150,114 | €359,549 | €291,630 | €298,849 | €386,657 | €271,492 | €132,391 | ▼ 51.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €274,456 | €282,299 | €379,066 | €258,139 | €125,998 | ▼ 51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,861 | €9,381 | €12,901 | €12,597 | €12,661 | €3,619 | €99 | €1,038 | ▲ 953% |
| Other operating charges640/8 | - | - | - | €743 | €474 | €739 | €1,333 | €839 | ▼ 37.0% |
| Gross operating margin9900 | €48,961 | €12,734 | €15,241 | €17,174 | €16,549 | €7,590 | €13,354 | €6,393 | ▼ 52.1% |
| Operating profit (loss)9901 | €43,100 | €2,661 | €1,593 | €3,833 | €3,414 | €3,233 | €11,923 | €4,516 | ▼ 62.1% |
| Financial income75/76B | - | - | - | - | €0 | - | - | €1,060 | - |
| Recurring financial income75 | €19 | €0 | €781 | - | €0 | - | - | €62 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €998 | - |
| Financial charges65/66B | - | - | - | €722 | €548 | €278 | €3,676 | €1,317 | ▼ 64.2% |
| Recurring financial charges65 | €38 | €990 | €993 | €722 | €548 | €278 | €526 | €288 | ▼ 45.3% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €3,150 | €1,030 | ▼ 67.3% |
| Profit (loss) for the period before taxes9903 | €43,081 | €1,671 | €1,381 | €3,111 | €2,866 | €2,955 | €8,246 | €4,259 | ▼ 48.4% |
| Income taxes67/77 | €3,689 | €828 | €755 | €1,333 | €753 | €779 | €2,279 | €897 | ▼ 60.7% |
| Profit (loss) for the period9904 | €39,392 | €843 | €626 | €1,778 | €2,113 | €2,176 | €5,967 | €3,362 | ▼ 43.7% |
| Profit (loss) for the period to be appropriated9905 | €39,392 | €843 | €626 | €1,778 | €2,113 | €2,176 | €5,967 | €3,362 | ▼ 43.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €75,429 | €79,357 | €84,258 | €79,840 | €83,249 | €123,528 | €62,325 | €52,422 | ▼ 15.9% |
| Fixed assets21/28 | €22,836 | €42,275 | €29,214 | €16,617 | €4,449 | €830 | €731 | €5,848 | ▲ 700% |
| Tangible fixed assets22/27 | €22,836 | €41,615 | €28,714 | €16,117 | €3,949 | €330 | €231 | €5,348 | ▲ 23× |
| Plant, machinery and equipment23 | - | - | - | - | €429 | €330 | €231 | €4,592 | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €16,117 | €3,520 | - | - | €756 | - |
| Financial fixed assets28 | - | €660 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €52,593 | €37,082 | €55,044 | €63,224 | €78,800 | €122,698 | €61,594 | €46,573 | ▼ 24.4% |
| Amounts receivable within one year40/41 | €36,385 | €30,190 | €51,935 | €55,627 | €37,548 | €86,721 | €34,492 | €10,471 | ▼ 69.6% |
| Trade receivables40 | - | - | - | €54,538 | €37,548 | €86,721 | €32,970 | €7,169 | ▼ 78.3% |
| Other amounts receivable41 | - | - | - | €1,089 | - | - | €1,522 | €3,303 | ▲ 117% |
| Cash at bank and in hand54/58 | €16,208 | €4,884 | €1,088 | €4,360 | €38,367 | €1,233 | €23,974 | €27,186 | ▲ 13.4% |
| Deferred charges and accrued income490/1 | - | - | - | €3,236 | €2,886 | €34,744 | €3,127 | €8,916 | ▲ 185% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €75,429 | €79,357 | €84,258 | €79,840 | €83,249 | €123,528 | €62,325 | €52,422 | ▼ 15.9% |
| Equity10/15 | €20,592 | €21,436 | €22,061 | €23,840 | €25,953 | €28,129 | €34,096 | €37,458 | ▲ 9.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €12,532 | €13,376 | €14,001 | €15,780 | €17,893 | €20,069 | €26,036 | €29,398 | ▲ 12.9% |
| Amounts payable17/49 | €54,837 | €57,921 | €62,196 | €56,001 | €57,296 | €95,399 | €28,229 | €14,964 | ▼ 47.0% |
| Amounts payable after more than one year17 | €20,979 | €33,201 | €21,411 | €8,922 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,922 | - | - | - | - | - |
| Amounts payable within one year42/48 | €33,858 | €24,720 | €40,785 | €47,079 | €57,296 | €95,399 | €28,229 | €14,964 | ▼ 47.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,258 | €8,922 | €452 | - | - | - |
| Financial debts43 | - | - | - | - | - | €4,944 | €1,316 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €4,944 | €1,316 | - | - |
| Trade debts44 | €148 | €3,764 | €24,710 | €33,865 | €42,624 | €76,323 | €20,303 | €11,964 | ▼ 41.1% |
| Suppliers440/4 | - | - | - | €31,091 | €34,572 | €57,711 | €14,696 | - | - |
| Bills of exchange payable441 | - | - | - | €2,775 | €8,052 | €18,611 | €5,607 | €11,964 | ▲ 113% |
| Taxes, remuneration and social security45 | - | - | - | €779 | €5,750 | €3,247 | €2,279 | €3,000 | ▲ 31.6% |
| Taxes450/3 | - | - | - | €779 | €4,920 | €2,347 | €2,279 | - | - |
| Remuneration and social security454/9 | - | - | - | - | €830 | €900 | - | €3,000 | - |
| Other amounts payable47/48 | - | - | - | €176 | - | €10,434 | €4,331 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,392 | €843 | €626 | €1,778 | €2,113 | €2,176 | €5,967 | €3,362 | ▼ 43.7% |
| + Depreciation and write-downs630 | €5,861 | €9,381 | €12,901 | €12,597 | €12,661 | €3,619 | €99 | €1,038 | ▲ 953% |
| Operating cash flow (approximation) | €45,253 | €10,224 | €13,527 | €14,375 | €14,775 | €5,794 | €6,066 | €4,400 | ▼ 27.5% |
| Investment in fixed assets (approximation) | - | -€28,819 | €160 | €0 | -€493 | €0 | €0 | -€6,155 | - |
| Change in cash | - | -€11,324 | -€3,796 | €3,273 | €34,006 | -€37,133 | €22,741 | €3,212 | ▼ 85.9% |
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, 26,972 companies had the same profile as GFC CONSTRUCT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GFC CONSTRUCT 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 26,972 companies, not a prediction for GFC CONSTRUCT. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00201738 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00193950 | |
| 31-12-2023 | micro format | 16-09-2024 | 2024-00462148 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00180778 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093578 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25500535 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-32300384 | |
| 31-12-2018 | micro format | 03-10-2019 | 2019-68700008 |