GHALI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 7 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 6% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €6,684 | €20,172 | €20,309 |
| Overdue social security (RSZ) debts | - | - | €0 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | €0 | €0 | €0 |
| Mortgages, amount registered | - | - | €0 | €0 | €0 |
| Mortgage mandates | - | - | €0 | €0 | €0 |
| Carrying value of the mortgaged assets | - | - | €0 | €0 | €0 |
| Pledge on the business | - | - | €0 | €0 | €0 |
| Mandates to pledge the business | - | - | €0 | €0 | €0 |
| Pledge on other assets, amount secured | - | - | €0 | €0 | €0 |
| Carrying value of the other pledged assets | - | - | €0 | €0 | €0 |
| Guarantees given for others' debts | - | - | €0 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €0 | €0 | €0 |
| Intangible fixed assets | - | - | €0 | €0 | €0 |
| Financial fixed assets | - | - | €0 | €0 | €0 |
| Depreciation and write-downs of the year | - | - | €0 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €104,164 | €86,312 | €58,168 | €80,963 | €138,600 | €144,699 | €148,850 | ▲ 2.9% |
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €39,130 | €59,561 | €68,242 | €73,871 | €73,628 | ▼ 0.3% |
| Remuneration, social security and pensions62 | - | - | - | - | €0 | €0 | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €0 | €0 | €0 | - |
| Other operating charges640/8 | - | - | €95 | €3,069 | €2,617 | €2,355 | €2,501 | ▲ 6.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | - | - |
| Gross operating margin9900 | €36,867 | €19,142 | €19,038 | €21,402 | €70,358 | €70,828 | €75,222 | ▲ 6.2% |
| Operating profit (loss)9901 | €36,769 | €19,050 | €18,943 | €18,333 | €67,741 | €68,473 | €72,721 | ▲ 6.2% |
| Financial income75/76B | - | - | - | - | €0 | €0 | €0 | - |
| Recurring financial income75 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Non-recurring financial income76B | - | - | - | - | €0 | €0 | €0 | - |
| Financial charges65/66B | - | - | €127 | €173 | €128 | €188 | €219 | ▲ 16.7% |
| Recurring financial charges65 | €139 | €124 | €127 | €173 | €128 | €188 | €219 | ▲ 16.7% |
| Non-recurring financial charges66B | - | - | - | - | - | €0 | €0 | - |
| Profit (loss) for the period before taxes9903 | €36,630 | €18,926 | €18,817 | €18,160 | €67,613 | €68,285 | €72,501 | ▲ 6.2% |
| Transfer from deferred taxes780 | - | - | - | - | €0 | €0 | €0 | - |
| Transfer to deferred taxes680 | - | - | - | - | €0 | €0 | €0 | - |
| Income taxes67/77 | €8,064 | €4,785 | €5,000 | €8,000 | €15,640 | €18,000 | €19,000 | ▲ 5.6% |
| Profit (loss) for the period9904 | €28,565 | €14,141 | €13,817 | €10,160 | €51,973 | €50,285 | €53,501 | ▲ 6.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €0 | €0 | €0 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0 | €0 | €0 | - |
| Profit (loss) for the period to be appropriated9905 | €28,565 | €14,141 | €13,817 | €10,160 | €51,973 | €50,285 | €53,501 | ▲ 6.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €54,677 | €69,537 | €73,000 | €97,003 | €147,655 | €141,038 | €136,205 | ▼ 3.4% |
| Formation expenses20 | €1,105 | €1,105 | €1,105 | €1,105 | €1,105 | €1,105 | €1,105 | = |
| Fixed assets21/28 | - | - | - | - | €0 | €0 | €0 | - |
| Intangible fixed assets21 | - | - | - | - | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | - | - | - | - | €0 | €0 | €0 | - |
| Land and buildings22 | - | - | - | - | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | - | €0 | €0 | €0 | - |
| Leasing and similar rights25 | - | - | - | - | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | - | €0 | €0 | €0 | - |
| Assets under construction and advance payments27 | - | - | - | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Current assets29/58 | €53,573 | €68,432 | €71,895 | €95,898 | €146,550 | €139,933 | €135,100 | ▼ 3.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €0 | €0 | €0 | - |
| Trade receivables290 | - | - | - | - | €0 | €0 | €0 | - |
| Other amounts receivable291 | - | - | - | - | €0 | €0 | €0 | - |
| Stocks and contracts in progress3 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Stocks30/36 | - | - | - | - | €0 | €0 | €0 | - |
| Contracts in progress37 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €1,810 | €15,758 | €42 | €11,314 | €21,616 | €15,679 | €15,863 | ▲ 1.2% |
| Trade receivables40 | - | - | - | €11,314 | €11,616 | €13,923 | €14,107 | ▲ 1.3% |
| Other amounts receivable41 | - | - | €42 | €0 | €10,000 | €1,756 | €1,756 | = |
| Current investments50/53 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Cash at bank and in hand54/58 | €51,763 | €52,674 | €71,853 | €84,584 | €123,577 | €116,800 | €116,098 | ▼ 0.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €1,357 | €7,454 | €3,139 | ▼ 57.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €54,677 | €69,537 | €73,000 | €97,003 | €147,655 | €141,038 | €136,205 | ▼ 3.4% |
| Equity10/15 | €40,965 | €55,106 | €68,923 | €80,083 | €78,256 | €69,541 | €69,041 | ▼ 0.7% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | €6,200 | €6,200 | €0 | €0 | €0 | - |
| Contributions outside capital11 | - | - | - | - | €0 | €0 | €0 | - |
| Share premium1100/10 | - | - | - | - | €0 | €0 | €0 | - |
| Other1109/19 | - | - | - | - | €0 | €0 | €0 | - |
| Revaluation surpluses12 | - | - | - | - | €0 | €0 | €0 | - |
| Reserves13 | €10,000 | €20,000 | €30,000 | €40,000 | €50,000 | €50,000 | €50,000 | = |
| Non-distributable reserves130/1 | - | - | - | - | €0 | €0 | €0 | - |
| Legal reserve130 | - | - | - | - | €0 | €0 | €0 | - |
| Reserves not available under the articles1311 | - | - | - | - | €0 | €0 | €0 | - |
| Own shares acquired1312 | - | - | - | - | €0 | €0 | €0 | - |
| Financial assistance1313 | - | - | - | - | €0 | €0 | €0 | - |
| Other1319 | - | - | - | - | €0 | €0 | €0 | - |
| Tax-exempt reserves132 | - | - | - | - | €0 | €0 | €0 | - |
| Distributable reserves133 | - | - | €30,000 | €40,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | €18,565 | €22,706 | €26,523 | €27,683 | €9,656 | €941 | €441 | ▼ 53.1% |
| Investment grants15 | - | - | - | - | €0 | €0 | €0 | - |
| Advance to shareholders on the distribution of net assets19 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0 | €0 | €0 | - |
| Pensions and similar obligations160 | - | - | - | - | €0 | €0 | €0 | - |
| Taxes161 | - | - | - | - | €0 | €0 | €0 | - |
| Major repairs and maintenance162 | - | - | - | - | €0 | €0 | €0 | - |
| Environmental obligations163 | - | - | - | - | €0 | €0 | €0 | - |
| Other liabilities and charges164/5 | - | - | - | - | €0 | €0 | €0 | - |
| Deferred taxes168 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €13,712 | €14,431 | €4,077 | €16,920 | €69,399 | €71,497 | €67,163 | ▼ 6.1% |
| Amounts payable after more than one year17 | - | - | - | - | €0 | €0 | €0 | - |
| Financial debts170/4 | - | - | - | - | €0 | €0 | €0 | - |
| Trade debts175 | - | - | - | - | €0 | €0 | €0 | - |
| Advances received on contracts in progress176 | - | - | - | - | €0 | €0 | €0 | - |
| Other amounts payable178/9 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable within one year42/48 | €13,712 | €14,431 | €4,077 | €16,920 | €69,399 | €71,497 | €67,163 | ▼ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0 | €0 | €0 | - |
| Financial debts43 | - | - | - | - | €0 | €0 | €0 | - |
| Credit institutions430/8 | - | - | - | - | €0 | €0 | €0 | - |
| Other loans439 | - | - | - | - | €0 | €0 | €0 | - |
| Trade debts44 | €7,648 | €7,082 | €574 | €6,213 | €2,716 | €175 | €1,274 | ▲ 628% |
| Suppliers440/4 | - | - | €574 | €6,213 | €2,716 | €175 | €1,274 | ▲ 628% |
| Bills of exchange payable441 | - | - | - | - | €0 | €0 | €0 | - |
| Advances received on contracts in progress46 | - | - | - | - | €0 | €0 | €0 | - |
| Taxes, remuneration and social security45 | - | - | €3,503 | €10,706 | €6,684 | €20,172 | €20,309 | ▲ 0.7% |
| Taxes450/3 | - | - | €3,503 | €10,706 | €6,684 | €20,172 | €20,309 | ▲ 0.7% |
| Remuneration and social security454/9 | - | - | - | - | €0 | €0 | €0 | - |
| Other amounts payable47/48 | - | - | - | - | €60,000 | €51,150 | €45,580 | ▼ 10.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,565 | €14,141 | €13,817 | €10,160 | €51,973 | €50,285 | €53,501 | ▲ 6.4% |
| + Depreciation and write-downs630 | €0 | €0 | - | - | €0 | €0 | €0 | - |
| Operating cash flow (approximation) | €28,565 | €14,141 | €13,817 | €10,160 | €51,973 | €50,285 | €53,501 | ▲ 6.4% |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | €0 | - |
| Change in cash | - | €911 | €19,179 | €12,731 | €38,993 | -€6,777 | -€702 | ▲ 89.6% |
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 GHALI has now. Two years later, 1.6% had gone bankrupt and 94.9% were still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GHALI itself is lower: < 0.1% within 12 months. It rests on far more data about GHALI than the profile alone.
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 GHALI. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00353030 | |
| 31-12-2024 | micro format | 27-07-2025 | 2025-00328761 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00326211 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00177589 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20243403 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74500427 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-66500427 |