GIFIMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 20 filings
Turnover
€59,899
EBIT margin
22.8%
Net result
€18,662▼ 51.5%
2024 · €38,466
Working capital
-€50,615▲ 6.0%
2024 · -€53,852
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€28,329
▼ 49.9%
2025
20182025
Net result
€18,662
▼ 51.5%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€232,002
▲ 7.9%
2025
highest quarter of the sector
20182025
Total assets
€321,883
▼ 4.4%
2025
middle half of the sector
20182025
Debt
€89,880
▼ 26.1%
2025
20182025
Working capital
-€50,615
▲ 6.0%
2025
lowest quarter of the sector
20182025
Solvency
72.1%
▲ 8.2pp
2025
middle half of the sector
20182025
Current ratio
0.42
▲ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.8%
▼ 5.6pp
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€59,899-
Operating result€13,685-€37,965▲ 177%€6,740▼ 82.2%€13,203▲ 95.9%€9,129▼ 30.9%€13,918▲ 52.5%€56,581▲ 307%€28,329▼ 49.9%
Net result€2,588-€23,454▲ 806%-€2,762below the sector's middle half€3,018within the sector's middle half€1,279below the sector's middle half▼ 57.6%€7,015within the sector's middle half▲ 449%€38,466within the sector's middle half▲ 448%€18,662within the sector's middle half▼ 51.5%
EBIT margin22.8%-
Equity€150,802-€171,256▲ 13.6%€168,495within the sector's middle half▼ 1.6%€171,513within the sector's middle half▲ 1.8%€172,791within the sector's middle half▲ 0.7%€178,207within the sector's middle half▲ 3.1%€215,006within the sector's middle half▲ 20.7%€232,002above the sector's middle half▲ 7.9%
Total assets€462,481-€464,062▲ 0.3%€444,144within the sector's middle half▼ 4.3%€432,084within the sector's middle half▼ 2.7%€376,252within the sector's middle half▼ 12.9%€350,689within the sector's middle half▼ 6.8%€336,650within the sector's middle half▼ 4.0%€321,883within the sector's middle half▼ 4.4%
Debt€301,679-€282,806▼ 6.3%€265,650▼ 6.1%€250,571▼ 5.7%€203,460▼ 18.8%€172,482▼ 15.2%€121,644▼ 29.5%€89,880▼ 26.1%
Working capital-€39,786--€27,165▲ 31.7%-€39,317below the sector's middle half▼ 44.7%-€46,884below the sector's middle half▼ 19.2%-€68,715below the sector's middle half▼ 46.6%-€75,553below the sector's middle half▼ 10.0%-€53,852below the sector's middle half▲ 28.7%-€50,615below the sector's middle half▲ 6.0%
Solvency32.6%-36.9%▲ 4.3pp37.9%within the sector's middle half▲ 1.0pp39.7%within the sector's middle half▲ 1.8pp45.9%within the sector's middle half▲ 6.2pp50.8%within the sector's middle half▲ 4.9pp63.9%within the sector's middle half▲ 13.1pp72.1%within the sector's middle half▲ 8.2pp
Current ratio0.44-0.67▲ 0.230.58below the sector's middle half▼ 0.080.58below the sector's middle half▼ 0.010.30below the sector's middle half▼ 0.280.24below the sector's middle half▼ 0.050.36below the sector's middle half▲ 0.110.42below the sector's middle half▲ 0.06
Return on assets (ROA)0.6%-5.1%▲ 4.5pp-0.6%below the sector's middle half▼ 5.7pp0.7%below the sector's middle half▲ 1.3pp0.3%below the sector's middle half▼ 0.4pp2.0%within the sector's middle half▲ 1.7pp11.4%within the sector's middle half▲ 9.4pp5.8%within the sector's middle half▼ 5.6pp
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.
The operating result for 2025 is 50% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €321,883
Fixed assets
€285,558 ▼ 6.9%
Current assets
€36,325 ▲ 21.3%
Equity and liabilities €321,883
Equity
€232,002 ▲ 7.9%
Debt
€89,880 ▼ 26.1%
Debt's share of the balance-sheet total falls from 36.1% to 27.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49,481▼
2024 · €77,545
Cash flow
€39,813▼
2024 · €59,430
Debt to equity
0.39▼
2024 · 0.57
ROE
8.0%▼
2024 · 17.9%
Interest coverage
17.55▼
2024 · 22.01
Debt ≤ 1 year
€86,940▲
2024 · €83,793
Debt > 1 year
€2,941▼
2024 · €37,843
Income taxes
€6,848▼
2024 · €14,596
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €250,000 | €250,000 | - | - |
| Mortgage mandates | - | €250,000 | €250,000 | - | - |
| Carrying value of the mortgaged assets | - | €347,066 | €326,208 | - | - |
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 | - | - | - | €1,465 | - |
| Depreciation and write-downs of the year | €20,858 | €20,858 | €20,858 | €20,964 | €21,151 |
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 | €59,899 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,634 | €21,634 | €21,049 | €20,858 | €20,858 | €20,858 | €20,964 | €21,151 | ▲ 0.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€10,000 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,021 | €3,848 | €4,675 | €4,332 | €3,742 | ▼ 13.6% |
| Gross operating margin9900 | €38,110 | €62,347 | €30,756 | €37,082 | €23,835 | €39,451 | €81,877 | €53,222 | ▼ 35.0% |
| Operating profit (loss)9901 | €13,685 | €37,965 | €6,740 | €13,203 | €9,129 | €13,918 | €56,581 | €28,329 | ▼ 49.9% |
| Financial income75/76B | - | - | - | - | - | - | €3 | €0 | ▼ 99.7% |
| Recurring financial income75 | €456 | €215 | €0 | - | - | - | €3 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €7,094 | €4,826 | €4,589 | €3,523 | €2,820 | ▼ 20.0% |
| Recurring financial charges65 | €10,832 | €9,031 | €9,438 | €7,094 | €4,826 | €4,589 | €3,523 | €2,820 | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | €3,309 | €29,149 | -€2,698 | €6,109 | €4,303 | €9,329 | €53,061 | €25,510 | ▼ 51.9% |
| Income taxes67/77 | €721 | €5,694 | €64 | €3,091 | €3,024 | €2,314 | €14,596 | €6,848 | ▼ 53.1% |
| Profit (loss) for the period9904 | €2,588 | €23,454 | -€2,762 | €3,018 | €1,279 | €7,015 | €38,466 | €18,662 | ▼ 51.5% |
| Profit (loss) for the period to be appropriated9905 | €2,588 | €23,454 | -€2,762 | €3,018 | €1,279 | €7,015 | €38,466 | €18,662 | ▼ 51.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €462,481 | €464,062 | €444,144 | €432,084 | €376,252 | €350,689 | €336,650 | €321,883 | ▼ 4.4% |
| Fixed assets21/28 | €431,467 | €409,832 | €388,783 | €367,925 | €347,066 | €326,208 | €306,709 | €285,558 | ▼ 6.9% |
| Tangible fixed assets22/27 | €431,467 | €409,832 | €388,783 | €367,925 | €347,066 | €326,208 | €306,709 | €285,558 | ▼ 6.9% |
| Land and buildings22 | - | - | - | €367,925 | €347,066 | €326,208 | €306,709 | €285,558 | ▼ 6.9% |
| Current assets29/58 | €31,014 | €54,230 | €55,361 | €64,159 | €29,185 | €24,481 | €29,941 | €36,325 | ▲ 21.3% |
| Stocks and contracts in progress3 | - | - | - | - | €1,800 | - | - | - | - |
| Stocks30/36 | - | - | - | - | €1,800 | - | - | - | - |
| Amounts receivable within one year40/41 | €28,381 | €51,526 | €52,713 | €61,974 | €24,102 | €21,564 | €24,821 | €33,787 | ▲ 36.1% |
| Trade receivables40 | - | - | - | €26,208 | €22,164 | €21,564 | €16,974 | €25,940 | ▲ 52.8% |
| Other amounts receivable41 | - | - | - | €35,766 | €1,938 | - | €7,847 | €7,847 | = |
| Cash at bank and in hand54/58 | €3 | €152 | €10 | €0 | €854 | €136 | €2,235 | €105 | ▼ 95.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,185 | €2,428 | €2,781 | €2,885 | €2,433 | ▼ 15.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €462,481 | €464,062 | €444,144 | €432,084 | €376,252 | €350,689 | €336,650 | €321,883 | ▼ 4.4% |
| Equity10/15 | €150,802 | €171,256 | €168,495 | €171,513 | €172,791 | €178,207 | €215,006 | €232,002 | ▲ 7.9% |
| Contributions10/11 | €123,000 | €123,000 | - | €123,000 | €123,000 | €123,000 | €123,000 | €123,000 | = |
| Reserves13 | €15,090 | €48,256 | €48,256 | €48,513 | €49,700 | €55,200 | €92,000 | €109,000 | ▲ 18.5% |
| Non-distributable reserves130/1 | - | - | - | €1,390 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves not available under the articles1311 | - | - | - | €1,390 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Distributable reserves133 | - | - | - | €47,123 | €48,200 | €53,700 | €90,500 | €107,500 | ▲ 18.8% |
| Profit (loss) carried forward14 | €12,712 | - | -€2,762 | - | €91 | €7 | €6 | €2 | ▼ 65.9% |
| Provisions and deferred taxes16 | €10,000 | €10,000 | €10,000 | €10,000 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €10,000 | - | - | - | - | - |
| Environmental obligations163 | - | - | - | €10,000 | - | - | - | - | - |
| Amounts payable17/49 | €301,679 | €282,806 | €265,650 | €250,571 | €203,460 | €172,482 | €121,644 | €89,880 | ▼ 26.1% |
| Amounts payable after more than one year17 | €230,879 | €201,411 | €170,972 | €139,528 | €105,560 | €72,045 | €37,843 | €2,941 | ▼ 92.2% |
| Financial debts170/4 | - | - | - | €139,528 | €105,560 | €72,045 | €37,843 | €2,941 | ▼ 92.2% |
| Amounts payable within one year42/48 | €70,800 | €81,394 | €94,678 | €111,043 | €97,900 | €100,033 | €83,793 | €86,940 | ▲ 3.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,443 | €32,843 | €33,515 | €34,202 | €34,902 | ▲ 2.0% |
| Financial debts43 | - | - | - | €7,873 | €7,889 | €4,661 | €4,902 | €4,722 | ▼ 3.7% |
| Credit institutions430/8 | - | - | - | €7,873 | €7,889 | €4,661 | €4,902 | €4,722 | ▼ 3.7% |
| Trade debts44 | €8,123 | €3,216 | €24,707 | €66,737 | €28,302 | €20,161 | €19,046 | €11,359 | ▼ 40.4% |
| Suppliers440/4 | - | - | - | €66,737 | €28,302 | €20,161 | €19,046 | €11,359 | ▼ 40.4% |
| Taxes, remuneration and social security45 | - | - | - | €3,651 | €3,552 | €8,754 | €23,977 | €25,149 | ▲ 4.9% |
| Taxes450/3 | - | - | - | €3,651 | €3,552 | €8,754 | €23,977 | €25,149 | ▲ 4.9% |
| Other amounts payable47/48 | - | - | - | €1,339 | €25,314 | €32,942 | €1,666 | €10,808 | ▲ 549% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €404 | €8 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,588 | €23,454 | -€2,762 | €3,018 | €1,279 | €7,015 | €38,466 | €18,662 | ▼ 51.5% |
| + Depreciation and write-downs630 | €21,634 | €21,634 | €21,049 | €20,858 | €20,858 | €20,858 | €20,964 | €21,151 | ▲ 0.9% |
| Operating cash flow (approximation) | €24,223 | €45,089 | €18,287 | €23,876 | €22,137 | €27,874 | €59,430 | €39,813 | ▼ 33.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€1,465 | €0 | - |
| Change in cash | - | €149 | -€142 | -€10 | €854 | -€719 | €2,100 | -€2,130 | - |
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, 31,368 companies had the same profile as GIFIMO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GIFIMO 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 31,368 companies, not a prediction for GIFIMO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00168191 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00204777 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00138042 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00191725 | |
| 31-12-2021 | micro format | 31-10-2022 | 2022-20483948 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53600474 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-66600102 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-60200373 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-59900436 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-53800273 |