GILLICO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 173% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| 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)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| 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% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| 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 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| 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.
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
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.
| 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.