GHISPAS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-06-2026 PDF all 33 filings
Turnover
≈ €77,000
Estimated: probably between €38,000 and €240,000
EBIT margin
Not included in this filing
Net result
€299,948
2024 · -€5,796
Working capital
€1.3m▲ 48.5%
2024 · €869,925
In the rankings
#3 company by equity in Jemeppe-sur-Sambre, Real estate sector#4 oldest company in Jemeppe-sur-Sambre, Real estate sector#5 company by total assets in Jemeppe-sur-Sambre, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€20,757
▲ 34.1%
2025
20182025
Net result
€299,948
2025
highest quarter of the sector
20182025
Equity
€1.6m
▲ 19.2%
2025
middle half of the sector
20182025
Total assets
€1.9m
▲ 29.4%
2025
middle half of the sector
20182025
Debt
€179,853
▲ 49×
2025
20182025
Working capital
€1.3m
▲ 48.5%
2025
highest quarter of the sector
20182025
Solvency
85.2%
▼ 7.3pp
2025
highest quarter of the sector
20182025
Current ratio
8.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.8%
▲ 16.2pp
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-€0.006m--€0.02m▼ 134%-€0.02m▼ 1.8%-€0.02m▼ 22.8%€499-€0.02m-€0.03m▼ 41.2%-€0.02m▲ 34.1%
Net result€0.005m--€0.03m-€0.005mwithin the sector's middle half▲ 84.0%-€0.02mwithin the sector's middle half▼ 249%€0.02mwithin the sector's middle half-€0.02mwithin the sector's middle half-€0.006mwithin the sector's middle half▲ 63.8%€0.3mabove the sector's middle half
Equity€1.4m-€1.4m▼ 2.2%€1.4mwithin the sector's middle half▼ 0.4%€1.4mwithin the sector's middle half▼ 1.2%€1.4mwithin the sector's middle half▲ 1.6%€1.4mwithin the sector's middle half▼ 1.2%€1.4mwithin the sector's middle half▼ 0.4%€1.6mwithin the sector's middle half▲ 19.2%
Total assets€1.6m-€1.5m▼ 2.7%€1.5mwithin the sector's middle half▼ 0.6%€1.5mwithin the sector's middle half▼ 1.6%€1.5mwithin the sector's middle half▲ 1.2%€1.5mwithin the sector's middle half▼ 1.6%€1.5mwithin the sector's middle half▼ 0.8%€1.9mwithin the sector's middle half▲ 29.4%
Debt€0.01m-€0.006m▼ 54.0%€0.007m▲ 28.7%€0.006m▼ 18.0%€0.007m▲ 9.6%€0.004m▼ 41.7%€0.004m▼ 3.2%€0.2m▲ 49×
Working capital€0.8m-€0.8m▼ 1.3%€0.8mwithin the sector's middle half▼ 1.0%€0.8mwithin the sector's middle half▲ 0.1%€0.8mwithin the sector's middle half▲ 2.2%€0.9mwithin the sector's middle half▲ 1.8%€0.9mwithin the sector's middle half▲ 1.1%€1.3mabove the sector's middle half▲ 48.5%
Solvency90.4%-90.9%▲ 0.5pp91.1%above the sector's middle half▲ 0.2pp91.4%above the sector's middle half▲ 0.3pp91.8%above the sector's middle half▲ 0.4pp92.2%above the sector's middle half▲ 0.4pp92.5%above the sector's middle half▲ 0.3pp85.2%above the sector's middle half▼ 7.3pp
Current ratio87.79-8.29above the sector's middle half
Return on assets (ROA)0.3%--2.0%▼ 2.3pp-0.3%within the sector's middle half▲ 1.7pp-1.1%within the sector's middle half▼ 0.8pp1.5%within the sector's middle half▲ 2.6pp-1.1%within the sector's middle half▼ 2.5pp-0.4%within the sector's middle half▲ 0.7pp15.8%above the sector's middle half▲ 16.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €20,757, smaller than the loss of €31,487 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€430,676 ▼ 27.8%
Current assets
€1.5m ▲ 68.7%
Equity and liabilities €1.9m
Equity
€1.6m ▲ 19.2%
Provisions
€100,641 ▼ 5.0%
Debt
€179,853 ▲ 49×
Debt's share of the balance-sheet total rises from 0.3% to 9.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,144▲
2024 · €4,853
Cash flow
€332,849▲
2024 · €30,544
Debt to equity
0.11▲
2024 · 0.00
ROE
18.5%▲
2024 · -0.4%
Interest coverage
1.83▲
2024 · 0.89
Debt ≤ 1 year
€177,353▲
2024 · €1,180
Income taxes
€147,721▲
2024 · €1,260
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 | €13,552 | €29,990 | - | €15,651 | €44,524 |
| Depreciation and write-downs of the year | €36,351 | €31,539 | €36,110 | €36,340 | €32,901 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €20,000 | - | - | €14,647 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,894 | €31,786 | €34,401 | €36,351 | €31,539 | €36,110 | €36,340 | €32,901 | ▼ 9.5% |
| Other operating charges640/8 | - | - | - | €4,674 | €5,564 | €5,759 | €5,819 | €6,370 | ▲ 9.5% |
| Gross operating margin9900 | €33,128 | €22,408 | €23,860 | €22,105 | €37,602 | €19,567 | €10,672 | €18,514 | ▲ 73.5% |
| Operating profit (loss)9901 | -€6,472 | -€15,134 | -€15,412 | -€18,920 | €499 | -€22,301 | -€31,487 | -€20,757 | ▲ 34.1% |
| Financial income75/76B | - | - | - | €13,098 | €25,305 | €9,466 | €27,159 | €469,794 | ▲ 17× |
| Recurring financial income75 | €4,444 | €7,581 | €10,469 | €13,098 | €9,169 | €9,452 | €27,159 | €22,886 | ▼ 15.7% |
| Non-recurring financial income76B | - | - | - | - | €16,136 | €14 | - | €446,909 | - |
| Financial charges65/66B | - | - | - | €14,617 | €4,051 | €7,460 | €5,481 | €6,641 | ▲ 21.2% |
| Recurring financial charges65 | €6,759 | €30,161 | €2,979 | €3,574 | €3,169 | €3,687 | €5,481 | €6,641 | ▲ 21.2% |
| Non-recurring financial charges66B | - | - | - | €11,043 | €882 | €3,773 | - | - | - |
| Profit (loss) for the period before taxes9903 | €5,579 | -€35,627 | -€7,923 | -€20,440 | €21,753 | -€20,296 | -€9,810 | €442,396 | - |
| Transfer from deferred taxes780 | - | - | - | €5,273 | €5,273 | €5,273 | €5,273 | €5,273 | = |
| Income taxes67/77 | €6,193 | €230 | €2,233 | €1,871 | €5,230 | €981 | €1,260 | €147,721 | ▲ 117× |
| Profit (loss) for the period9904 | €4,659 | -€30,583 | -€4,883 | -€17,037 | €21,797 | -€16,003 | -€5,796 | €299,948 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €10,241 | €10,241 | €10,241 | €10,241 | €10,241 | = |
| Profit (loss) for the period to be appropriated9905 | €14,900 | -€20,342 | €5,358 | -€6,796 | €32,038 | -€5,763 | €4,445 | €310,189 | ▲ 70× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.9m | ▲ 29.4% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.4m | ▼ 27.8% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €0.4m | ▼ 27.8% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | €0.4m | ▼ 32.2% |
| Furniture and vehicles24 | - | - | - | - | €0.03m | €0.02m | €0.007m | €0.03m | ▲ 366% |
| Current assets29/58 | €0.9m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €1.5m | ▲ 68.7% |
| Amounts receivable within one year40/41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.004m | - | - |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.004m | - | - |
| Current investments50/53 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.4m | ▼ 24.4% |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.3m | €1.0m | ▲ 249% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.9m | ▲ 29.4% |
| Equity10/15 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.6m | ▲ 19.2% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | - | - | - | - | - |
| Issued capital100 | - | - | - | €1.1m | - | - | - | - | - |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 84.5% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.06m | €0.05m | €0.05m | €0.3m | ▲ 472% |
| Legal reserve130 | - | - | - | €0.01m | - | - | - | - | - |
| Other1319 | - | - | - | €0.04m | €0.06m | €0.05m | €0.05m | €0.3m | ▲ 472% |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.0% |
| Distributable reserves133 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.002m | -€0.02m | -€0.01m | -€0.02m | €0.002m | -€0.004m | €212 | €0.04m | ▲ 178× |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.0% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.0% |
| Amounts payable17/49 | €0.01m | €0.006m | €0.007m | €0.006m | €0.007m | €0.004m | €0.004m | €0.2m | ▲ 49× |
| Amounts payable within one year42/48 | €0.01m | €0.003m | €0.005m | €0.003m | €0.004m | €0.001m | €0.001m | €0.2m | ▲ 150× |
| Trade debts44 | - | €0.001m | €0.003m | €0.002m | €0.003m | - | - | - | - |
| Suppliers440/4 | - | - | - | €0.002m | €0.003m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €0.1m | - |
| Taxes450/3 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.03m | ▲ 28× |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,659 | -€30,583 | -€4,883 | -€17,037 | €21,797 | -€16,003 | -€5,796 | €299,948 | - |
| + Depreciation and write-downs630 | €28,894 | €31,786 | €34,401 | €36,351 | €31,539 | €36,110 | €36,340 | €32,901 | ▼ 9.5% |
| Operating cash flow (approximation) | €33,553 | €1,202 | €29,518 | €19,314 | €53,336 | €20,106 | €30,544 | €332,849 | ▲ 990% |
| Investment in fixed assets (approximation) | - | -€7,150 | -€32,433 | -€13,552 | -€29,990 | €0 | -€15,651 | €133,247 | - |
| Change in cash | - | €5,922 | -€6,571 | -€24,644 | €35,550 | -€143,282 | -€100,393 | €741,325 | - |
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 GHISPAS 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 GHISPAS 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 GHISPAS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-06-2026 | 2026-00135743 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00159412 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00180167 | |
| 31-12-2022 | full format | 09-06-2023 | 2023-00120065 | |
| 31-12-2021 | full format | 19-07-2022 | 2022-20207415 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-40400308 | |
| 31-12-2019 | full format | 19-08-2020 | 2020-42300459 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-41200265 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-50200547 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-49800131 |