GFI
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 13 days after the deadline Filed on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399637.
Annual accounts 2025 filed on 13-08-2026 at the NBB all 30 filings
Turnover
≈ €770,000
Estimated: probably between €600,000 and €1.4m
EBIT margin
Not included in this filing
Net result
€152,275▲ 51.4%
2024 · €100,604
Working capital
-€1.0m▲ 18.7%
2024 · -€1.3m
Multi-year overview
2019 to 2025, 8 financial yearsOperating result
€293,358
▲ 23.2%
2025
20192025
Net result
€152,275
▲ 51.4%
2025
middle half of the sector
20192025
Equity
€1.4m
▲ 11.8%
2025
middle half of the sector
20192025
Total assets
€4.6m
▲ 3.3%
2025
middle half of the sector
20192025
Debt
€3.1m
▲ 0.1%
2025
20192025
Working capital
-€1.0m
▲ 18.7%
2025
lowest quarter of the sector
20192025
Solvency
31.3%
▲ 2.4pp
2025
middle half of the sector
20192025
Current ratio
0.65
▲ 0.09
2025
middle half of the sector
20192025
Return on assets (ROA)
3.3%
▲ 1.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202320242025
Operating result€0.2m-€0.2m▼ 3.8%€0.3m▲ 56.4%€0.2m▼ 25.2%€0.2m▼ 0.8%€0.07m-€0.2m▲ 235%€0.3m▲ 23.2%
Net result€0.2m-€0.2m▼ 3.5%€0.3mabove the sector's middle half▲ 80.0%€0.1mwithin the sector's middle half▼ 49.2%€0.07mwithin the sector's middle half▼ 47.8%€0.02mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 370%€0.2mwithin the sector's middle half▲ 51.4%
Equity€0.9m-€0.9m▼ 0.5%€0.9mwithin the sector's middle half▲ 4.5%€1.1mwithin the sector's middle half▲ 15.5%€1.1mwithin the sector's middle half▲ 7.0%€1.1mwithin the sector's middle half-€1.3mwithin the sector's middle half▲ 13.6%€1.4mwithin the sector's middle half▲ 11.8%
Total assets€3.2m-€3.7m▲ 14.9%€3.4mabove the sector's middle half▼ 7.7%€3.6mabove the sector's middle half▲ 5.9%€4.2mabove the sector's middle half▲ 17.0%€4.2mabove the sector's middle half-€4.5mabove the sector's middle half▲ 5.1%€4.6mwithin the sector's middle half▲ 3.3%
Debt€2.3m-€2.8m▲ 20.8%€2.5m▼ 11.6%€2.5m▲ 2.3%€3.1m▲ 21.2%€3.1m-€3.1m▼ 0.5%€3.1m▲ 0.1%
Working capital-€1.2m--€1.1m▲ 3.0%-€1.3mbelow the sector's middle half▼ 17.5%-€1.1mbelow the sector's middle half▲ 13.6%-€1.5mbelow the sector's middle half▼ 34.1%-€1.5mbelow the sector's middle half--€1.3mbelow the sector's middle half▲ 14.2%-€1.0mbelow the sector's middle half▲ 18.7%
Solvency27.6%-23.9%▼ 3.7pp27.1%within the sector's middle half▲ 3.2pp29.5%within the sector's middle half▲ 2.5pp27.0%within the sector's middle half▼ 2.5pp26.8%within the sector's middle half-28.9%within the sector's middle half▲ 2.1pp31.3%within the sector's middle half▲ 2.4pp
Current ratio0.40-0.54▲ 0.140.39below the sector's middle half▼ 0.150.49below the sector's middle half▲ 0.100.46below the sector's middle half▼ 0.040.49below the sector's middle half-0.56below the sector's middle half▲ 0.070.65within the sector's middle half▲ 0.09
Return on assets (ROA)5.0%-4.2%▼ 0.8pp8.3%within the sector's middle half▲ 4.0pp4.0%within the sector's middle half▼ 4.3pp1.8%within the sector's middle half▼ 2.2pp0.5%within the sector's middle half-2.3%within the sector's middle half▲ 1.8pp3.3%within the sector's middle half▲ 1.1pp
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.
Several financial years end in the same calendar year, so there is no annual trend.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.6m
Fixed assets
€2.7m ▼ 5.3%
Current assets
€1.9m ▲ 18.3%
Equity and liabilities €4.6m
Equity
€1.4m ▲ 11.8%
Provisions
€68,974 ▼ 12.1%
Debt
€3.1m ▲ 0.1%
Debt's share of the balance-sheet total falls from 69.3% to 67.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€484,207▲
2024 · €420,376
Cash flow
€343,123▲
2024 · €282,947
Debt to equity
2.14▼
2024 · 2.39
ROE
10.6%▲
2024 · 7.8%
Interest coverage
3.62▲
2024 · 2.92
Debt ≤ 1 year
€2.9m▲
2024 · €2.9m
Debt > 1 year
€144,847▼
2024 · €182,005
Income taxes
€56,735▲
2024 · €37,748
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,070 | €565,339 | €581,270 | €291,802 | €41,235 |
| Depreciation and write-downs of the year | €88,484 | €131,560 | €86,037 | €182,343 | €190,849 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €148 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,449 | €76,709 | €79,369 | €88,484 | €131,560 | €86,037 | €182,343 | €190,849 | ▲ 4.7% |
| Other operating charges640/8 | - | - | - | €10,410 | €11,441 | €5,992 | €19,820 | €21,453 | ▲ 8.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,614 | - |
| Gross operating margin9900 | €295,266 | €277,455 | €395,693 | €328,133 | €370,387 | €163,100 | €440,196 | €507,274 | ▲ 15.2% |
| Operating profit (loss)9901 | €203,915 | €196,097 | €306,637 | €229,239 | €227,387 | €71,071 | €238,033 | €293,358 | ▲ 23.2% |
| Financial income75/76B | - | - | - | €5,318 | €1,291 | €15,124 | €34,955 | €40,110 | ▲ 14.7% |
| Recurring financial income75 | €9,440 | €10,106 | €7,800 | €5,318 | €1,291 | €15,124 | €34,955 | €40,110 | ▲ 14.7% |
| Financial charges65/66B | - | - | - | €43,708 | €129,069 | €63,383 | €144,109 | €133,931 | ▼ 7.1% |
| Recurring financial charges65 | €52,811 | €46,010 | €42,889 | €43,708 | €129,069 | €63,383 | €144,109 | €133,931 | ▼ 7.1% |
| Profit (loss) for the period before taxes9903 | €160,545 | €160,193 | €287,708 | €190,849 | €99,610 | €22,811 | €128,879 | €199,537 | ▲ 54.8% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €9,473 | €9,473 | = |
| Income taxes67/77 | -€398 | €4,830 | €8,007 | €48,721 | €25,473 | €1,419 | €37,748 | €56,735 | ▲ 50.3% |
| Profit (loss) for the period9904 | €160,942 | €155,363 | €279,701 | €142,128 | €74,137 | €21,393 | €100,604 | €152,275 | ▲ 51.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €18,396 | €18,396 | = |
| Profit (loss) for the period to be appropriated9905 | €160,942 | €155,363 | €279,701 | €142,128 | €74,137 | €21,393 | €119,000 | €170,671 | ▲ 43.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.2m | €3.7m | €3.4m | €3.6m | €4.2m | €4.2m | €4.5m | €4.6m | ▲ 3.3% |
| Fixed assets21/28 | €2.4m | €2.3m | €2.5m | €2.5m | €2.9m | €2.8m | €2.8m | €2.7m | ▼ 5.3% |
| Tangible fixed assets22/27 | €1.8m | €1.7m | €1.9m | €1.8m | €2.3m | €2.2m | €2.8m | €2.6m | ▼ 5.4% |
| Land and buildings22 | - | - | - | €1.8m | €2.2m | €2.1m | €2.7m | €2.6m | ▼ 4.8% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.002m | €0.009m | €0.007m | €0.005m | ▼ 30.2% |
| Furniture and vehicles24 | - | - | - | - | €0.08m | €0.07m | €0.05m | €0.03m | ▼ 34.7% |
| Financial fixed assets28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.05m | €0.05m | = |
| Current assets29/58 | €0.8m | €1.3m | €0.8m | €1.1m | €1.3m | €1.4m | €1.6m | €1.9m | ▲ 18.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 27.8% |
| Trade receivables290 | - | - | - | €0.3m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 27.8% |
| Amounts receivable within one year40/41 | €0.4m | €0.7m | €0.3m | €0.3m | €0.2m | €0.06m | €0.05m | €0.1m | ▲ 126% |
| Trade receivables40 | - | - | - | €0.05m | €0.07m | €0.02m | €0.03m | €0.09m | ▲ 203% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.08m | €0.03m | €0.02m | €0.02m | ▲ 8.0% |
| Current investments50/53 | €0.01m | €0.01m | €0.01m | €0.01m | €0.5m | €0.7m | €0.7m | €0.7m | ▼ 10.4% |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.3m | €0.5m | €0.04m | €0.04m | €0.2m | €0.3m | ▲ 71.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.01m | €0.006m | €0.006m | €0.006m | ▲ 4.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.2m | €3.7m | €3.4m | €3.6m | €4.2m | €4.2m | €4.5m | €4.6m | ▲ 3.3% |
| Equity10/15 | €0.9m | €0.9m | €0.9m | €1.1m | €1.1m | €1.1m | €1.3m | €1.4m | ▲ 11.8% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 5.1% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.2m | €0.1m | ▼ 12.1% |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.09m | €0.08m | €0.1m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 38.0% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.08m | €0.07m | ▼ 12.1% |
| Deferred taxes168 | - | - | - | - | - | - | €0.08m | €0.07m | ▼ 12.1% |
| Amounts payable17/49 | €2.3m | €2.8m | €2.5m | €2.5m | €3.1m | €3.1m | €3.1m | €3.1m | ▲ 0.1% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 20.4% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 20.4% |
| Amounts payable within one year42/48 | €1.9m | €2.4m | €2.2m | €2.2m | €2.8m | €2.9m | €2.9m | €2.9m | ▲ 2.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.6% |
| Trade debts44 | €0.02m | €0.05m | €0.005m | €0.2m | €0.009m | €0.005m | €0.003m | €0.004m | ▲ 32.2% |
| Suppliers440/4 | - | - | - | €0.2m | €0.009m | €0.005m | €0.003m | €0.004m | ▲ 32.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.05m | €0.04m | €0.05m | ▲ 18.5% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.05m | €0.04m | €0.05m | ▲ 18.5% |
| Other amounts payable47/48 | - | - | - | €1.9m | €2.7m | €2.8m | €2.8m | €2.8m | ▲ 1.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.008m | €0.004m | €0.02m | €0.004m | ▼ 82.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €160,942 | €155,363 | €279,701 | €142,128 | €74,137 | €21,393 | €100,604 | €152,275 | ▲ 51.4% |
| + Depreciation and write-downs630 | €77,449 | €76,709 | €79,369 | €88,484 | €131,560 | €86,037 | €182,343 | €190,849 | ▲ 4.7% |
| Operating cash flow (approximation) | €238,391 | €232,073 | €359,070 | €230,613 | €205,696 | €107,429 | €282,947 | €343,123 | ▲ 21.3% |
| Investment in fixed assets (approximation) | - | -€7,527 | -€276,574 | -€16,070 | -€565,339 | - | -€185,924 | -€41,235 | ▲ 77.8% |
| Change in cash | - | €49,207 | -€78,298 | €243,454 | -€503,871 | - | €144,746 | €133,374 | ▼ 7.9% |
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, 14,766 companies had the same profile as GFI has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GFI 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 14,766 companies, not a prediction for GFI. 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 | full format | 13-08-2026 | 2026-00399637 | |
| 31-12-2024 | abbreviated format | 26-08-2025 | 2025-00439148 | |
| 31-12-2023 | abbreviated format | 18-03-2024 | 2024-00046527 | |
| 30-06-2023 | abbreviated format | 19-01-2024 | 2024-00005163 | |
| 30-06-2022 | abbreviated format | 12-01-2023 | 2023-20557087 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-04300416 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-04100111 | |
| 30-06-2019 | abbreviated format | 17-01-2020 | 2020-01600434 | |
| 30-06-2018 | abbreviated format | 15-01-2019 | 2019-01400430 | |
| 30-06-2017 | abbreviated format | 09-02-2018 | 2018-04800121 |