GILBERT FT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-01-2026 PDF all 13 filings
Turnover
≈ €130,000
Estimated: probably between €58,000 and €300,000
Total assets
€127,756▼ 7.1%
2024 · €137,579
Net result
-€1,057
2024 · €51,189
Working capital
€1,867▼ 44.1%
2024 · €3,341
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€1,375
2025
20192025
Net result
-€1,057
2025
middle half of the sector
20192025
Equity
€61,627
▼ 1.7%
2025
middle half of the sector
20192025
Total assets
€127,756
▼ 7.1%
2025
middle half of the sector
20192025
Debt
€62,229
▼ 10.7%
2025
20192025
Working capital
€1,867
▼ 44.1%
2025
middle half of the sector
20192025
Solvency
48.2%
▲ 2.7pp
2025
middle half of the sector
20192025
Current ratio
1.03
▼ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
-0.8%
▼ 38.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€7,467--€9,107▼ 22.0%-€3,247▲ 64.3%-€6,077▼ 87.1%€23,043€61,357▲ 166%-€1,375
Net result-€3,022--€7,770below the sector's middle half▼ 157%-€1,928within the sector's middle half▲ 75.2%-€5,018below the sector's middle half▼ 160%€23,341within the sector's middle half€51,189above the sector's middle half▲ 119%-€1,057within the sector's middle half
Equity€7,160--€2,002below the sector's middle half-€5,322below the sector's middle half▼ 166%-€11,476below the sector's middle half▼ 116%€11,495below the sector's middle half€62,684within the sector's middle half▲ 445%€61,627within the sector's middle half▼ 1.7%
Total assets€46,628-€36,982below the sector's middle half▼ 20.7%€36,662below the sector's middle half▼ 0.9%€28,030below the sector's middle half▼ 23.5%€53,039below the sector's middle half▲ 89.2%€137,579within the sector's middle half▲ 159%€127,756within the sector's middle half▼ 7.1%
Debt€39,469-€38,984▼ 1.2%€41,984▲ 7.7%€39,506▼ 5.9%€41,544▲ 5.2%€69,695▲ 67.8%€62,229▼ 10.7%
Working capital-€26,836--€24,794within the sector's middle half▲ 7.6%-€17,023within the sector's middle half▲ 31.3%-€16,614within the sector's middle half▲ 2.4%€9,022within the sector's middle half€3,341within the sector's middle half▼ 63.0%€1,867within the sector's middle half▼ 44.1%
Solvency15.4%--5.4%below the sector's middle half▼ 20.8pp-14.5%below the sector's middle half▼ 9.1pp-40.9%below the sector's middle half▼ 26.4pp21.7%within the sector's middle half▲ 62.6pp45.6%within the sector's middle half▲ 23.9pp48.2%within the sector's middle half▲ 2.7pp
Current ratio0.31-0.36below the sector's middle half▲ 0.050.59below the sector's middle half▲ 0.230.58below the sector's middle half▼ 0.021.22within the sector's middle half▲ 0.641.05within the sector's middle half▼ 0.171.03within the sector's middle half▼ 0.02
Return on assets (ROA)-6.5%--21.0%below the sector's middle half▼ 14.5pp-5.3%below the sector's middle half▲ 15.8pp-17.9%below the sector's middle half▼ 12.6pp44.0%above the sector's middle half▲ 61.9pp37.2%above the sector's middle half▼ 6.8pp-0.8%within the sector's middle half▼ 38.0pp
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 €1,375, after a profit of €61,357 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €127,756
Fixed assets
€63,854 ▼ 1.4%
Current assets
€63,902 ▼ 12.3%
Equity and liabilities €127,756
Equity
€61,627 ▼ 1.7%
Provisions
€3,900 ▼ 25.0%
Debt
€62,229 ▼ 10.7%
Debt's share of the balance-sheet total falls from 50.7% to 48.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€16,184▼
2024 · €70,295
Cash flow
€16,502▼
2024 · €60,127
Debt to equity
1.01▼
2024 · 1.11
ROE
-1.7%▼
2024 · 81.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€62,035▼
2024 · €69,504
Income taxes
€882▼
2024 · €4,877
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 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,732 | €1,383 | €71,007 | €16,678 |
| Depreciation and write-downs of the year | €9,295 | €4,030 | €8,938 | €17,559 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,474 | €11,474 | €11,091 | €9,295 | €4,030 | €8,938 | €17,559 | ▲ 96.4% |
| Other operating charges640/8 | - | - | - | €375 | €366 | €383 | €390 | ▲ 1.7% |
| Gross operating margin9900 | €4,355 | €2,540 | €8,181 | €3,593 | €27,438 | €70,678 | €16,574 | ▼ 76.5% |
| Operating profit (loss)9901 | -€7,467 | -€9,107 | -€3,247 | -€6,077 | €23,043 | €61,357 | -€1,375 | - |
| Financial income75/76B | - | - | - | €1,136 | €371 | €0 | €0 | ▲ 200% |
| Recurring financial income75 | €5,184 | €1,392 | €1,392 | €1,136 | €371 | €0 | €0 | ▲ 200% |
| Financial charges65/66B | - | - | - | €77 | €73 | €91 | €101 | ▲ 11.0% |
| Recurring financial charges65 | €740 | €54 | €72 | €77 | €73 | €91 | €101 | ▲ 11.0% |
| Profit (loss) for the period before taxes9903 | -€3,022 | -€7,770 | -€1,928 | -€5,018 | €23,341 | €61,266 | -€1,475 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | €1,300 | €1,300 | = |
| Transfer to deferred taxes680 | - | - | - | - | - | €6,500 | €0 | ▼ 100% |
| Income taxes67/77 | - | - | - | - | - | €4,877 | €882 | ▼ 81.9% |
| Profit (loss) for the period9904 | -€3,022 | -€7,770 | -€1,928 | -€5,018 | €23,341 | €51,189 | -€1,057 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €3,900 | €3,900 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €19,500 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€3,022 | -€7,770 | -€1,928 | -€5,018 | €23,341 | €35,589 | €2,843 | ▼ 92.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €46,628 | €36,982 | €36,662 | €28,030 | €53,039 | €137,579 | €127,756 | ▼ 7.1% |
| Fixed assets21/28 | €34,439 | €22,965 | €11,874 | €5,312 | €2,665 | €64,734 | €63,854 | ▼ 1.4% |
| Tangible fixed assets22/27 | €34,439 | €22,965 | €11,874 | €5,312 | €2,665 | €64,734 | €63,854 | ▼ 1.4% |
| Land and buildings22 | - | - | - | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,467 | €2,665 | €64,734 | €63,854 | ▼ 1.4% |
| Furniture and vehicles24 | - | - | - | €2,845 | €0 | - | - | - |
| Current assets29/58 | €12,189 | €14,016 | €24,788 | €22,718 | €50,374 | €72,845 | €63,902 | ▼ 12.3% |
| Amounts receivable within one year40/41 | €3,957 | €1,999 | €2,431 | €7,871 | €5,751 | €0 | €3,826 | - |
| Trade receivables40 | - | - | - | €5,857 | €3,609 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €2,014 | €2,142 | €0 | €3,826 | - |
| Cash at bank and in hand54/58 | €8,231 | €11,824 | €22,043 | €14,518 | €44,623 | €72,490 | €59,713 | ▼ 17.6% |
| Deferred charges and accrued income490/1 | - | - | - | €330 | €0 | €354 | €363 | ▲ 2.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €46,628 | €36,982 | €36,662 | €28,030 | €53,039 | €137,579 | €127,756 | ▼ 7.1% |
| Equity10/15 | €7,160 | -€2,002 | -€5,322 | -€11,476 | €11,495 | €62,684 | €61,627 | ▼ 1.7% |
| Contributions10/11 | €18,600 | €0 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €4,622 | €4,622 | €4,622 | €4,622 | €4,622 | €44,084 | €43,027 | ▼ 2.4% |
| Non-distributable reserves130/1 | - | - | - | €677 | €677 | €677 | €677 | = |
| Reserves not available under the articles1311 | - | - | - | €677 | €677 | €677 | €677 | = |
| Tax-exempt reserves132 | - | - | - | - | - | €15,600 | €11,700 | ▼ 25.0% |
| Distributable reserves133 | - | - | - | €3,945 | €3,945 | €27,807 | €30,650 | ▲ 10.2% |
| Profit (loss) carried forward14 | -€20,353 | -€28,123 | -€30,050 | -€35,068 | -€11,727 | €0 | - | - |
| Investment grants15 | - | - | - | €370 | €0 | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €5,200 | €3,900 | ▼ 25.0% |
| Deferred taxes168 | - | - | - | - | - | €5,200 | €3,900 | ▼ 25.0% |
| Amounts payable17/49 | €39,469 | €38,984 | €41,984 | €39,506 | €41,544 | €69,695 | €62,229 | ▼ 10.7% |
| Amounts payable within one year42/48 | €39,025 | €38,810 | €41,810 | €39,332 | €41,352 | €69,504 | €62,035 | ▼ 10.7% |
| Financial debts43 | - | - | - | €35,600 | €35,600 | €55,600 | €55,600 | = |
| Other loans439 | - | - | - | €35,600 | €35,600 | €55,600 | €55,600 | = |
| Trade debts44 | €12 | €0 | €3,000 | €0 | - | €45 | €623 | ▲ 14× |
| Suppliers440/4 | - | - | - | €0 | - | €45 | €623 | ▲ 14× |
| Taxes, remuneration and social security45 | - | - | - | €293 | €293 | €8,399 | €293 | ▼ 96.5% |
| Taxes450/3 | - | - | - | €293 | €293 | €8,399 | €293 | ▼ 96.5% |
| Other amounts payable47/48 | - | - | - | €3,439 | €5,459 | €5,459 | €5,519 | ▲ 1.1% |
| Accrued charges and deferred income492/3 | - | - | - | €174 | €192 | €191 | €194 | ▲ 1.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,022 | -€7,770 | -€1,928 | -€5,018 | €23,341 | €51,189 | -€1,057 | - |
| + Depreciation and write-downs630 | €11,474 | €11,474 | €11,091 | €9,295 | €4,030 | €8,938 | €17,559 | ▲ 96.4% |
| Operating cash flow (approximation) | €8,451 | €3,704 | €9,163 | €4,277 | €27,371 | €60,127 | €16,502 | ▼ 72.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,732 | -€1,383 | -€71,007 | -€16,678 | ▲ 76.5% |
| Change in cash | - | €3,592 | €10,219 | -€7,525 | €30,105 | €27,868 | -€12,777 | - |
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, 6,908 companies had the same profile as GILBERT FT has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GILBERT FT itself is lower: < 0.1% within 12 months. It rests on far more data about GILBERT FT 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 6,908 companies, not a prediction for GILBERT FT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 19-01-2026 | 2026-00010636 | |
| 30-06-2024 | micro format | 20-12-2024 | 2024-00620851 | |
| 30-06-2023 | micro format | 12-12-2023 | 2023-00526032 | |
| 30-06-2022 | micro format | 15-12-2022 | 2022-20539058 | |
| 30-06-2021 | micro format | 21-01-2022 | 2022-01400200 | |
| 30-06-2020 | micro format | 15-12-2020 | 2020-75600187 | |
| 30-06-2019 | micro format | 09-01-2020 | 2020-00700494 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-75000303 | |
| 30-06-2017 | micro format | 19-12-2017 | 2017-72500215 | |
| 30-06-2016 | full format | 20-12-2016 | 2016-71100482 |