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GILLICO

Active
Private limited companyfounded 2022active for 4 yearsKapselstraat 4, 2390 Malle, BelgiumKBO/BCE: BE 0792.579.080

Financials · financial year 2025, full format

Annual accounts 2025 filed on 20-07-2026 at the NBB all 3 filings

Turnover
€137,274
EBIT margin
20.4%
Net result
€28,236▲ 180%
2024 · €10,072
Working capital
-€805▲ 98.9%
2024 · -€76,031
Multi-year overview
2023 to 2025, 3 financial years
Turnover
€137,274
2025
20232025
Operating result
€28,042
▲ 173% 2025
20232025
Net result
€28,236
▲ 180% 2025
middle half of the sector
20232025
EBIT margin
20.4%
2025
20232025
Equity
€24,303
2025
lowest quarter of the sector
20232025
Total assets
€57,207
▼ 35.3% 2025
lowest quarter of the sector
20232025
Debt
€32,904
▼ 64.4% 2025
20232025
Working capital
-€805
▲ 98.9% 2025
lowest quarter of the sector
20232025
Solvency
42.5%
▲ 46.9pp 2025
middle half of the sector
20232025
Current ratio
0.94
▲ 0.77 2025
lowest quarter of the sector
20232025
Return on assets (ROA)
49.4%
▲ 38.0pp 2025
highest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202320242025
Turnover€137,274
Operating result-€15,454-€10,270€28,042▲ 173%
Net result-€15,506below the sector's middle half-€10,072within the sector's middle half€28,236within the sector's middle half▲ 180%
EBIT margin20.4%
Equity-€14,006below the sector's middle half--€3,933below the sector's middle half▲ 71.9%€24,303below the sector's middle half
Total assets€79,384below the sector's middle half-€88,377below the sector's middle half▲ 11.3%€57,207below the sector's middle half▼ 35.3%
Debt€93,390-€92,310▼ 1.2%€32,904▼ 64.4%
Working capital-€76,798below the sector's middle half--€76,031below the sector's middle half▲ 1.0%-€805below the sector's middle half▲ 98.9%
Solvency-17.6%below the sector's middle half--4.5%below the sector's middle half▲ 13.2pp42.5%within the sector's middle half▲ 46.9pp
Current ratio0.18below the sector's middle half-0.18below the sector's middle half=0.94below the sector's middle half▲ 0.77
Return on assets (ROA)-19.5%below the sector's middle half-11.4%above the sector's middle half▲ 30.9pp49.4%above the sector's middle half▲ 38.0pp
above within below The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 173% higher than in 2024 and the highest since 2023. It is the second rise in a row.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57,207
Fixed assets €43,719 ▼ 39.4%
Current assets €13,488 ▼ 17.1%
Equity and liabilities €57,207
Equity €24,303
Debt €32,904
Debt's share of the balance-sheet total is 57.5%.
Key figures and ratios
2025 value · change against 2024
EBITDA
€58,359▲
2024 · €28,109
Cash flow
€58,553▲
2024 · €27,911
Debt to equity
1.35
ROE
116.2%
Debt ≤ 1 year
€14,293▼
2024 · €92,310
Customer credit
16 days
Supplier credit
27 days
Staff costs
€18,900=
2024 · €18,900
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item202320242025
Tangible fixed assets€75,350€27,145€1,938
Depreciation and write-downs of the year€12,558€17,839€30,317

Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 40 lines
Balance sheet Code20242025
Assets
Total assets20/58€88,377€57,207▼
Fixed assets21/28€72,098€43,719▼
Tangible fixed assets22/27€72,098€43,719▼
Furniture and vehicles24€72,098€43,719▼
Current assets29/58€16,279€13,488▼
Amounts receivable within one year40/41€15,022€11,771▼
Trade receivables40€9,672€6,018▼
Other amounts receivable41€5,350€5,753▲
Current investments50/53€434-
Cash at bank and in hand54/58-€893
Deferred charges and accrued income490/1€823€824▲
Equity and liabilities
Total equity and liabilities10/49€88,377€57,207▼
Equity10/15-€3,933€24,303▲
Contributions10/11€1,500€1,500=
Capital10€1,500€1,500=
Issued capital100€1,500€1,500=
Profit (loss) carried forward14-€5,433€22,803▲
Amounts payable17/49€92,310€32,904▼
Amounts payable within one year42/48€92,310€14,293▼
Trade debts44€43,178€4,170▼
Suppliers440/4€43,178€4,170▼
Other amounts payable47/48€49,132€10,123▼
Accrued charges and deferred income492/3-€18,611
Income statement Code20242025
Turnover70-€137,274
Goods, raw materials, services and sundry goods60/61-€57,184
Remuneration, social security and pensions62€18,900€18,900=
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17,839€30,317▲
Other operating charges640/8€2,884€2,829▼
Gross operating margin9900€49,893€80,088▲
Operating profit (loss)9901€10,270€28,042▲
Financial income75/76B-€194
Recurring financial income75-€194
Non-recurring financial income76B-€194
Financial charges65/66B€198-
Recurring financial charges65€198-
Profit (loss) for the period before taxes9903€10,072€28,236▲
Profit (loss) for the period9904€10,072€28,236▲
Profit (loss) for the period to be appropriated9905€10,072€28,236▲
Appropriation of the result
Profit (loss) to be appropriated9906-€5,433€22,803▲
Profit (loss) brought forward from the previous period14P-€15,505-€5,433▲

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 20-07-2026.

Line202320242025Change
Turnover70--€137,274-
Goods, raw materials, services and sundry goods60/61--€57,184-
Remuneration, social security and pensions62€18,900€18,900€18,900=
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12,558€17,839€30,317▲ 69.9%
Other operating charges640/8€7,513€2,884€2,829▼ 1.9%
Gross operating margin9900€23,518€49,893€80,088▲ 60.5%
Operating profit (loss)9901-€15,454€10,270€28,042▲ 173%
Financial income75/76B€1-€194-
Recurring financial income75€1-€194-
Non-recurring financial income76B--€194-
Financial charges65/66B€53€198--
Recurring financial charges65€53€198--
Profit (loss) for the period before taxes9903-€15,506€10,072€28,236▲ 180%
Profit (loss) for the period9904-€15,506€10,072€28,236▲ 180%
Profit (loss) for the period to be appropriated9905-€15,506€10,072€28,236▲ 180%
Line202320242025Change
Assets
Total assets20/58€79,384€88,377€57,207▼ 35.3%
Fixed assets21/28€62,792€72,098€43,719▼ 39.4%
Tangible fixed assets22/27€62,792€72,098€43,719▼ 39.4%
Furniture and vehicles24€62,792€72,098€43,719▼ 39.4%
Current assets29/58€16,592€16,279€13,488▼ 17.1%
Amounts receivable within one year40/41€15,771€15,022€11,771▼ 21.6%
Trade receivables40€1,785€9,672€6,018▼ 37.8%
Other amounts receivable41€13,986€5,350€5,753▲ 7.5%
Current investments50/53-€434--
Cash at bank and in hand54/58€536-€893-
Deferred charges and accrued income490/1€285€823€824▲ 0.1%
Equity and liabilities
Total equity and liabilities10/49€79,384€88,377€57,207▼ 35.3%
Equity10/15-€14,006-€3,933€24,303-
Contributions10/11€1,500€1,500€1,500=
Capital10€1,500€1,500€1,500=
Issued capital100€1,500€1,500€1,500=
Profit (loss) carried forward14-€15,506-€5,433€22,803-
Amounts payable17/49€93,390€92,310€32,904▼ 64.4%
Amounts payable within one year42/48€93,390€92,310€14,293▼ 84.5%
Trade debts44€23,642€43,178€4,170▼ 90.3%
Suppliers440/4€23,642€43,178€4,170▼ 90.3%
Taxes, remuneration and social security45€11,042---
Taxes450/3€11,042---
Other amounts payable47/48€58,706€49,132€10,123▼ 79.4%
Accrued charges and deferred income492/3--€18,611-
Line202320242025Change
Profit (loss) for the period9904-€15,506€10,072€28,236▲ 180%
+ Depreciation and write-downs630€12,558€17,839€30,317▲ 69.9%
Operating cash flow (approximation)-€2,947€27,911€58,553▲ 110%
Investment in fixed assets (approximation)--€27,145-€1,938▲ 92.9%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 39,278 companies had the same profile as GILLICO has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
95.8% was still going
2.3% stopped otherwise
1.8% went bankrupt

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of GILLICO itself: 1.9% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 39,278 companies, not a prediction for GILLICO. 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 (3)
Financial year Type Filed Reference Document
31-12-2025 full format 20-07-2026 2026-00310603 PDF
31-12-2024 abbreviated format 27-06-2025 2025-00187285 PDF
31-12-2023 abbreviated format 22-06-2024 2024-00151322 PDF

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