GIMS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-04-2026 PDF all 22 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€37,104▲ 26.4%
2022 · €29,364
EBIT margin
-35.1%▲ 346.5pp
2022 · -381.6%
Net result
€31,524
2024 · -€12,511
Working capital
€183,052▲ 21.6%
2024 · €150,574
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€31,519
2025
20192025
Net result
€31,524
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€179,386
▲ 21.3%
2025
middle half of the sector
20192025
Total assets
€200,100
▲ 16.3%
2025
middle half of the sector
20192025
Debt
€20,713
▼ 14.5%
2025
20192025
Working capital
€183,052
▲ 21.6%
2025
highest quarter of the sector
20192025
Solvency
89.6%
▲ 3.7pp
2025
highest quarter of the sector
20192025
Current ratio
22.66
▲ 9.77
2025
highest quarter of the sector
20192025
Return on assets (ROA)
15.8%
▲ 23.0pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€185,856-€47,208€29,364▼ 37.8%€37,104
Operating result-€10,186-€18,777-€30,928-€112,045▼ 262%-€32,109▲ 71.3%-€13,011▲ 59.5%€31,519
Net result-€9,180-€18,658within the sector's middle half-€25,741below the sector's middle half-€92,253below the sector's middle half▼ 258%-€29,967below the sector's middle half▲ 67.5%-€12,511below the sector's middle half▲ 58.3%€31,524within the sector's middle half
EBIT margin-5.5%--65.5%-381.6%▼ 316.1pp-35.1%
Equity€289,676-€308,334within the sector's middle half▲ 6.4%€282,594within the sector's middle half▼ 8.3%€190,340within the sector's middle half▼ 32.6%€160,373within the sector's middle half▼ 15.7%€147,862within the sector's middle half▼ 7.8%€179,386within the sector's middle half▲ 21.3%
Total assets€478,787-€406,841within the sector's middle half▼ 15.0%€357,783below the sector's middle half▼ 12.1%€269,891below the sector's middle half▼ 24.6%€223,635below the sector's middle half▼ 17.1%€172,100within the sector's middle half▼ 23.0%€200,100within the sector's middle half▲ 16.3%
Debt€189,110-€98,507▼ 47.9%€75,189▼ 23.7%€79,551▲ 5.8%€63,262▼ 20.5%€24,238▼ 61.7%€20,713▼ 14.5%
Working capital€250,669-€290,667within the sector's middle half▲ 16.0%€244,563within the sector's middle half▼ 15.9%€174,835within the sector's middle half▼ 28.5%€153,498within the sector's middle half▼ 12.2%€150,574above the sector's middle half▼ 1.9%€183,052above the sector's middle half▲ 21.6%
Solvency60.5%-75.8%above the sector's middle half▲ 15.3pp79.0%above the sector's middle half▲ 3.2pp70.5%within the sector's middle half▼ 8.5pp71.7%within the sector's middle half▲ 1.2pp85.9%above the sector's middle half▲ 14.2pp89.6%above the sector's middle half▲ 3.7pp
Current ratio2.42-4.38above the sector's middle half▲ 1.964.25above the sector's middle half▼ 0.133.20within the sector's middle half▼ 1.053.53within the sector's middle half▲ 0.3312.90above the sector's middle half▲ 9.3622.66above the sector's middle half▲ 9.77
Return on assets (ROA)-1.9%-4.6%within the sector's middle half▲ 6.5pp-7.2%below the sector's middle half▼ 11.8pp-34.2%below the sector's middle half▼ 27.0pp-13.4%below the sector's middle half▲ 20.8pp-7.3%below the sector's middle half▲ 6.1pp15.8%within the sector's middle half▲ 23.0pp
Staff (FTE)0.3below the sector's middle half1.3within the sector's middle half▲ 333%0.2below the sector's middle half▼ 84.6%0.4within the sector's middle half▲ 100%
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 a profit of €31,519, after a loss of €13,011 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €200,100
Fixed assets
€8,598 ▼ 3.1%
Current assets
€191,502 ▲ 17.3%
Equity and liabilities €200,100
Equity
€179,386 ▲ 21.3%
Debt
€20,713 ▼ 14.5%
Debt's share of the balance-sheet total falls from 14.1% to 10.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,891▲
2024 · -€10,356
Cash flow
€34,896▲
2024 · -€9,856
Debt to equity
0.12▼
2024 · 0.16
ROE
17.6%▲
2024 · -8.5%
Interest coverage
over 100▲
2024 · -90.41
Debt ≤ 1 year
€8,450▼
2024 · €12,656
Income taxes
€503▲
2024 · €154
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.2 | 0.2 | - |
| Average over the year, in full-time equivalents | 1.3 | 0.2 | 0.4 |
| Joined | 1 | - | - |
| Left | 1 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €33,836 | €6,969 | - | €2,000 | €3,100 |
| Depreciation and write-downs of the year | €21,223 | €15,046 | €3,360 | €2,655 | €3,372 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €185,856 | - | €47,208 | €29,364 | - | €37,104 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €74,334 | €109,286 | - | €44,963 | - | - |
| Remuneration, social security and pensions62 | - | - | €4,335 | €3,416 | €5,101 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,219 | €21,281 | €21,223 | €15,046 | €3,360 | €2,655 | €3,372 | ▲ 27.0% |
| Other operating charges640/8 | - | - | €1,148 | €3,031 | €2,673 | €2,667 | €402 | ▼ 84.9% |
| Non-recurring operating charges66A | - | - | €500 | €13,621 | - | - | - | - |
| Gross operating margin9900 | €44,924 | €51,913 | -€3,722 | -€76,930 | -€20,975 | -€7,690 | €35,293 | - |
| Operating profit (loss)9901 | -€10,186 | €18,777 | -€30,928 | -€112,045 | -€32,109 | -€13,011 | €31,519 | - |
| Financial income75/76B | - | - | €5,311 | €21,473 | €2,457 | €769 | €616 | ▼ 19.8% |
| Recurring financial income75 | €1,904 | €8,052 | €5,187 | €21,473 | €2,457 | €769 | €616 | ▼ 19.8% |
| Non-recurring financial income76B | - | - | €123 | - | - | - | - | - |
| Financial charges65/66B | - | - | €123 | €84 | €155 | €115 | €108 | ▼ 5.5% |
| Recurring financial charges65 | €646 | €510 | €123 | €84 | €155 | €115 | €108 | ▼ 5.5% |
| Profit (loss) for the period before taxes9903 | -€8,928 | €26,319 | -€25,741 | -€90,656 | -€29,808 | -€12,357 | €32,027 | - |
| Income taxes67/77 | €252 | €7,661 | - | €1,598 | €159 | €154 | €503 | ▲ 228% |
| Profit (loss) for the period9904 | -€9,180 | €18,658 | -€25,741 | -€92,253 | -€29,967 | -€12,511 | €31,524 | - |
| Profit (loss) for the period to be appropriated9905 | -€9,180 | €18,658 | -€25,741 | -€92,253 | -€29,967 | -€12,511 | €31,524 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €478,787 | €406,841 | €357,783 | €269,891 | €223,635 | €172,100 | €200,100 | ▲ 16.3% |
| Fixed assets21/28 | €51,507 | €30,167 | €38,030 | €15,505 | €9,525 | €8,870 | €8,598 | ▼ 3.1% |
| Tangible fixed assets22/27 | €51,142 | €29,802 | €37,665 | €15,140 | €9,525 | €8,870 | €8,598 | ▼ 3.1% |
| Plant, machinery and equipment23 | - | - | €9,589 | €9,173 | €4,402 | €4,591 | €5,163 | ▲ 12.5% |
| Furniture and vehicles24 | - | - | €25,727 | €3,617 | €2,773 | €1,929 | €1,085 | ▼ 43.8% |
| Other tangible fixed assets26 | - | - | €2,350 | €2,350 | €2,350 | €2,350 | €2,350 | = |
| Financial fixed assets28 | €365 | €365 | €365 | €365 | - | - | - | - |
| Current assets29/58 | €427,280 | €376,674 | €319,752 | €254,386 | €214,110 | €163,230 | €191,502 | ▲ 17.3% |
| Amounts receivable after more than one year29 | - | - | €133,114 | €94,334 | €87,418 | €87,418 | €77,000 | ▼ 11.9% |
| Other amounts receivable291 | - | - | €133,114 | €94,334 | €87,418 | €87,418 | €77,000 | ▼ 11.9% |
| Amounts receivable within one year40/41 | €17,846 | €14,541 | €13,616 | €24,715 | €29,229 | €54,613 | €92,349 | ▲ 69.1% |
| Trade receivables40 | - | - | €5,123 | €2,552 | €18,393 | €46,059 | €12,208 | ▼ 73.5% |
| Other amounts receivable41 | - | - | €8,493 | €22,163 | €10,836 | €8,554 | €80,141 | ▲ 837% |
| Current investments50/53 | €51,166 | €97,966 | €142,066 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €180,232 | €108,408 | €23,586 | €127,966 | €97,463 | €21,200 | €22,153 | ▲ 4.5% |
| Deferred charges and accrued income490/1 | - | - | €7,371 | €7,371 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €478,787 | €406,841 | €357,783 | €269,891 | €223,635 | €172,100 | €200,100 | ▲ 16.3% |
| Equity10/15 | €289,676 | €308,334 | €282,594 | €190,340 | €160,373 | €147,862 | €179,386 | ▲ 21.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | - | - | - | - |
| Capital10 | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €196,867 | €211,867 | €211,867 | €211,867 | €230,467 | €230,467 | €230,467 | = |
| Non-distributable reserves130/1 | - | - | €26,860 | €26,860 | €45,460 | €45,460 | €45,460 | = |
| Legal reserve130 | - | - | €26,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €26,860 | €45,460 | €45,460 | €45,460 | = |
| Own shares acquired1312 | - | - | - | - | €0 | - | €0 | - |
| Tax-exempt reserves132 | - | - | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Distributable reserves133 | - | - | €110,007 | €110,007 | €110,007 | €110,007 | €110,007 | = |
| Profit (loss) carried forward14 | €74,210 | €77,868 | €52,127 | -€40,126 | -€70,094 | -€82,604 | -€51,080 | ▲ 38.2% |
| Amounts payable17/49 | €189,110 | €98,507 | €75,189 | €79,551 | €63,262 | €24,238 | €20,713 | ▼ 14.5% |
| Amounts payable after more than one year17 | €12,500 | €12,500 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €176,610 | €86,007 | €75,189 | €79,551 | €60,612 | €12,656 | €8,450 | ▼ 33.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,400 | €2,400 | - | - | - |
| Trade debts44 | €115,570 | €9,937 | €13,552 | €14,607 | €3,274 | €2,277 | €1,160 | ▼ 49.0% |
| Suppliers440/4 | - | - | €13,552 | €14,607 | €3,274 | €2,277 | €1,160 | ▼ 49.0% |
| Taxes, remuneration and social security45 | - | - | €4,162 | €5,679 | €19,339 | €9,957 | €7,289 | ▼ 26.8% |
| Taxes450/3 | - | - | €909 | €2,889 | €3,438 | €7,199 | €7,289 | ▲ 1.3% |
| Remuneration and social security454/9 | - | - | €3,253 | €2,791 | €15,900 | €2,758 | - | - |
| Other amounts payable47/48 | - | - | €57,475 | €56,865 | €35,599 | €423 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,650 | €11,582 | €12,264 | ▲ 5.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,180 | €18,658 | -€25,741 | -€92,253 | -€29,967 | -€12,511 | €31,524 | - |
| + Depreciation and write-downs630 | €29,219 | €21,281 | €21,223 | €15,046 | €3,360 | €2,655 | €3,372 | ▲ 27.0% |
| Operating cash flow (approximation) | €20,038 | €39,939 | -€4,518 | -€77,207 | -€26,607 | -€9,856 | €34,896 | - |
| Investment in fixed assets (approximation) | - | €58 | -€29,086 | €7,479 | €2,620 | -€2,000 | -€3,100 | ▼ 55.0% |
| Change in cash | - | -€71,824 | -€84,822 | €104,380 | -€30,503 | -€76,263 | €953 | - |
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 GIMS 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 GIMS itself: < 0.1% 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 GIMS. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 24-04-2026 | 2026-00088500 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00083653 | |
| 30-09-2023 | abbreviated format | 14-03-2024 | 2024-00043349 | |
| 30-09-2022 | abbreviated format | 05-04-2023 | 2023-00054240 | |
| 30-09-2021 | abbreviated format | 20-04-2022 | 2022-20004770 | |
| 30-09-2020 | abbreviated format | 12-03-2021 | 2021-07500228 | |
| 30-09-2019 | abbreviated format | 01-05-2020 | 2020-11600514 | |
| 30-09-2018 | abbreviated format | 06-03-2019 | 2019-06400421 | |
| 30-09-2017 | micro format | 23-03-2018 | 2018-07900445 | |
| 30-09-2016 | abbreviated format | 31-05-2017 | 2017-14300034 |