GILLTECH
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 28 filings
Turnover
€0
EBIT margin
Not included in this filing
Net result
€87,346▲ 4.3%
2024 · €83,762
Working capital
€218,983▲ 54.1%
2024 · €142,087
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€0
2025
20182025
Operating result
€134,485
▲ 5.8%
2025
20182025
Net result
€87,346
▲ 4.3%
2025
middle half of the sector
20182025
Equity
€251,434
▲ 53.2%
2025
middle half of the sector
20182025
Total assets
€593,143
▲ 23.6%
2025
middle half of the sector
20182025
Debt
€341,709
▲ 8.2%
2025
20182025
Working capital
€218,983
▲ 54.1%
2025
middle half of the sector
20182025
Solvency
42.4%
▲ 8.2pp
2025
middle half of the sector
20182025
Current ratio
1.66
▲ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
14.7%
▼ 2.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
▲ 100%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0
Operating result-€6,399--€2,070▲ 67.7%-€272▲ 86.9%-€10,210▼ 3,656%€47,174€87,420▲ 85.3%€127,081▲ 45.4%€134,485▲ 5.8%
Net result-€6,924--€2,235▲ 67.7%-€292below the sector's middle half▲ 86.9%-€10,310below the sector's middle half▼ 3,432%€34,637within the sector's middle half€57,366within the sector's middle half▲ 65.6%€83,762within the sector's middle half▲ 46.0%€87,346within the sector's middle half▲ 4.3%
Equity€1,907--€328-€620below the sector's middle half▼ 89.0%-€10,930below the sector's middle half▼ 1,664%€23,707within the sector's middle half€80,326below the sector's middle half▲ 239%€164,088within the sector's middle half▲ 104%€251,434within the sector's middle half▲ 53.2%
Total assets€5,547-€274▼ 95.1%€0below the sector's middle half▼ 99.9%€26,870below the sector's middle half▲ 74,640×€118,462within the sector's middle half▲ 341%€324,451below the sector's middle half▲ 174%€479,968below the sector's middle half▲ 47.9%€593,143within the sector's middle half▲ 23.6%
Debt€3,640-€602▼ 83.5%€620▲ 3.0%€37,800▲ 61×€94,755▲ 151%€244,124▲ 158%€315,879▲ 29.4%€341,709▲ 8.2%
Working capital€1,907--€328-€620below the sector's middle half▼ 89.0%-€34,514below the sector's middle half▼ 5,469%€9,086within the sector's middle half€66,222within the sector's middle half▲ 629%€142,087within the sector's middle half▲ 115%€218,983within the sector's middle half▲ 54.1%
Solvency34.4%--40.7%below the sector's middle half20.0%below the sector's middle half▲ 60.7pp24.8%within the sector's middle half▲ 4.7pp34.2%within the sector's middle half▲ 9.4pp42.4%within the sector's middle half▲ 8.2pp
Current ratio1.52-0.09below the sector's middle half1.12within the sector's middle half▲ 1.041.29within the sector's middle half▲ 0.171.48within the sector's middle half▲ 0.191.66within the sector's middle half▲ 0.18
Return on assets (ROA)-124.8%--38.4%below the sector's middle half29.2%above the sector's middle half▲ 67.6pp17.7%above the sector's middle half▼ 11.6pp17.5%above the sector's middle half▼ 0.2pp14.7%above the sector's middle half▼ 2.7pp
Staff (FTE)0.3-0.5below the sector's middle half1below the sector's middle half▲ 100%
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 6% higher than in 2024 and the highest since 2018. It is the fourth rise in a row, after the fall in 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €593,143
Fixed assets
€41,409 ▼ 4.0%
Current assets
€551,734 ▲ 26.3%
Equity and liabilities €593,143
Equity
€251,434 ▲ 53.2%
Debt
€341,709 ▲ 8.2%
Debt's share of the balance-sheet total falls from 65.8% to 57.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€148,501▲
2024 · €136,900
Cash flow
€101,362▲
2024 · €93,581
Quick ratio
0.89▲
2024 · 0.82
Debt to equity
1.36▼
2024 · 1.93
ROE
34.7%▼
2024 · 51.0%
Interest coverage
63.53▼
2024 · 64.75
Debt ≤ 1 year
€332,751▲
2024 · €294,763
Debt > 1 year
€8,958▼
2024 · €21,116
Income taxes
€45,471▲
2024 · €41,794
Staff costs
€28,009▲
2024 · €14,583
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 4 |
| part-time | 1 | 4 |
| in full-time equivalents | 0.3 | 1.4 |
| Average over the year, in full-time equivalents | 0.5 | 1 |
| On a permanent contract | 1 | - |
| Joined | 4 | 7 |
| Left | 6 | 4 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €20,625 | €33,401 | €21,116 |
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 | €28,679 | €36,040 | - | €24,992 | €6,848 |
| Intangible fixed assets | - | - | - | - | €5,460 |
| Depreciation and write-downs of the year | €5,095 | €794 | €7,301 | €9,819 | €14,016 |
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 | - | - | - | - | - | - | - | €0 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €0 | - |
| Remuneration, social security and pensions62 | - | - | - | - | €0 | - | €14,583 | €28,009 | ▲ 92.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €5,095 | €794 | €7,301 | €9,819 | €14,016 | ▲ 42.8% |
| Other operating charges640/8 | - | - | - | €224 | €843 | €1,981 | €5,287 | €1,643 | ▼ 68.9% |
| Gross operating margin9900 | €16,496 | -€1,462 | - | -€4,891 | €48,811 | €96,702 | €156,770 | €178,153 | ▲ 13.6% |
| Operating profit (loss)9901 | -€6,399 | -€2,070 | -€272 | -€10,210 | €47,174 | €87,420 | €127,081 | €134,485 | ▲ 5.8% |
| Financial income75/76B | - | - | - | - | €18 | €224 | €589 | €669 | ▲ 13.6% |
| Recurring financial income75 | €3 | - | - | - | €18 | €224 | €589 | €669 | ▲ 13.6% |
| Financial charges65/66B | - | - | - | €100 | €1,149 | €1,974 | €2,114 | €2,337 | ▲ 10.6% |
| Recurring financial charges65 | €508 | €165 | €20 | €100 | €1,149 | €1,974 | €2,114 | €2,337 | ▲ 10.6% |
| Profit (loss) for the period before taxes9903 | -€6,904 | -€2,235 | -€292 | -€10,310 | €46,043 | €85,670 | €125,556 | €132,817 | ▲ 5.8% |
| Income taxes67/77 | €20 | - | - | - | €11,406 | €28,304 | €41,794 | €45,471 | ▲ 8.8% |
| Profit (loss) for the period9904 | -€6,924 | -€2,235 | -€292 | -€10,310 | €34,637 | €57,366 | €83,762 | €87,346 | ▲ 4.3% |
| Profit (loss) for the period to be appropriated9905 | -€6,924 | -€2,235 | -€292 | -€10,310 | €34,637 | €57,366 | €83,762 | €87,346 | ▲ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5,547 | €274 | €0 | €26,870 | €118,462 | €324,451 | €479,968 | €593,143 | ▲ 23.6% |
| Fixed assets21/28 | - | - | - | €23,584 | €35,246 | €27,945 | €43,117 | €41,409 | ▼ 4.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €5,151 | - |
| Tangible fixed assets22/27 | - | - | - | €23,584 | €35,246 | €27,945 | €43,117 | €36,258 | ▼ 15.9% |
| Plant, machinery and equipment23 | - | - | - | €1,288 | €639 | €406 | €976 | €3,015 | ▲ 209% |
| Furniture and vehicles24 | - | - | - | €22,296 | €26,290 | €20,890 | €37,161 | €29,930 | ▼ 19.5% |
| Other tangible fixed assets26 | - | - | - | - | €8,317 | €6,649 | €4,981 | €3,313 | ▼ 33.5% |
| Current assets29/58 | €5,547 | €274 | €0 | €3,286 | €83,217 | €296,506 | €436,851 | €551,734 | ▲ 26.3% |
| Stocks and contracts in progress3 | - | - | - | - | €7,747 | €90,777 | €195,969 | €255,004 | ▲ 30.1% |
| Stocks30/36 | - | - | - | - | €7,747 | €90,777 | €195,969 | €255,004 | ▲ 30.1% |
| Amounts receivable within one year40/41 | €4,423 | €272 | - | €180 | €62,477 | €148,574 | €165,632 | €276,910 | ▲ 67.2% |
| Trade receivables40 | - | - | - | €180 | €62,407 | €147,885 | €164,787 | €268,565 | ▲ 63.0% |
| Other amounts receivable41 | - | - | - | - | €70 | €689 | €845 | €8,344 | ▲ 887% |
| Cash at bank and in hand54/58 | €1,124 | €2 | €0 | €2,837 | €11,514 | €55,609 | €72,786 | €15,231 | ▼ 79.1% |
| Deferred charges and accrued income490/1 | - | - | - | €269 | €1,478 | €1,547 | €2,463 | €4,589 | ▲ 86.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5,547 | €274 | €0 | €26,870 | €118,462 | €324,451 | €479,968 | €593,143 | ▲ 23.6% |
| Equity10/15 | €1,907 | -€328 | -€620 | -€10,930 | €23,707 | €80,326 | €164,088 | €251,434 | ▲ 53.2% |
| Contributions10/11 | €29,747 | €29,747 | - | €29,747 | €29,747 | €29,000 | €29,000 | €29,000 | = |
| Reserves13 | €2,975 | €2,975 | €2,975 | €2,975 | €0 | €51,325 | €135,025 | €222,325 | ▲ 64.7% |
| Non-distributable reserves130/1 | - | - | - | €2,975 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,975 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €0 | €51,325 | €135,025 | €222,325 | ▲ 64.7% |
| Profit (loss) carried forward14 | -€30,815 | -€33,050 | -€33,342 | -€43,652 | -€6,040 | €1 | €63 | €109 | ▲ 72.1% |
| Amounts payable17/49 | €3,640 | €602 | €620 | €37,800 | €94,755 | €244,124 | €315,879 | €341,709 | ▲ 8.2% |
| Amounts payable after more than one year17 | - | - | - | - | €20,625 | €13,841 | €21,116 | €8,958 | ▼ 57.6% |
| Financial debts170/4 | - | - | - | - | €20,625 | €13,841 | €21,116 | €8,958 | ▼ 57.6% |
| Amounts payable within one year42/48 | €3,640 | €602 | €620 | €37,800 | €74,131 | €230,284 | €294,763 | €332,751 | ▲ 12.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,500 | €6,784 | €12,285 | €12,159 | ▼ 1.0% |
| Trade debts44 | €2,418 | €522 | - | €1,458 | €38,516 | €180,045 | €232,877 | €304,692 | ▲ 30.8% |
| Suppliers440/4 | - | - | - | €1,458 | €38,516 | €180,045 | €232,877 | €304,692 | ▲ 30.8% |
| Taxes, remuneration and social security45 | - | - | - | €456 | €10,266 | €27,870 | €34,011 | €9,934 | ▼ 70.8% |
| Taxes450/3 | - | - | - | €456 | €10,266 | €27,870 | €32,480 | €7,853 | ▼ 75.8% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,531 | €2,082 | ▲ 36.0% |
| Other amounts payable47/48 | - | - | - | €35,886 | €18,849 | €15,585 | €15,591 | €5,966 | ▼ 61.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,924 | -€2,235 | -€292 | -€10,310 | €34,637 | €57,366 | €83,762 | €87,346 | ▲ 4.3% |
| + Depreciation and write-downs630 | - | - | - | €5,095 | €794 | €7,301 | €9,819 | €14,016 | ▲ 42.8% |
| Operating cash flow (approximation) | -€6,924 | -€2,235 | -€292 | -€5,215 | €35,431 | €64,668 | €93,581 | €101,362 | ▲ 8.3% |
| Investment in fixed assets (approximation) | - | - | - | - | -€12,456 | €0 | -€24,992 | -€12,308 | ▲ 50.8% |
| Change in cash | - | -€1,122 | -€2 | €2,837 | €8,677 | €44,095 | €17,178 | -€57,555 | - |
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 GILLTECH 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 GILLTECH 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 GILLTECH. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00257920 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00300114 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00215288 | |
| 31-12-2022 | micro format | 10-02-2023 | 2023-00027272 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20158502 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47900383 | |
| 31-12-2019 | micro format | 16-10-2020 | 2020-61700301 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26800055 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-30900164 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51300566 |