GIN & C°
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 52 days after the deadline Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00520030.
Annual accounts 2025 filed on 21-09-2026 at the NBB all 25 filings
Turnover
≈ €1.0m
Estimated: probably between €810,000 and €1.7m
Total assets
€703,190▲ 1.5%
2024 · €692,835
Net result
€33,488▼ 54.6%
2024 · €73,775
Working capital
€345,412▼ 17.9%
2024 · €420,580
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,131
▼ 52.0%
2025
20182025
Net result
€33,488
▼ 54.6%
2025
middle half of the sector
20182025
Equity
€341,912
▼ 18.2%
2025
middle half of the sector
20182025
Total assets
€703,190
▲ 1.5%
2025
middle half of the sector
20182025
Debt
€361,278
▲ 31.5%
2025
20182025
Working capital
€345,412
▼ 17.9%
2025
middle half of the sector
20182025
Solvency
48.6%
▼ 11.7pp
2025
middle half of the sector
20182025
Current ratio
1.97
▼ 0.58
2025
middle half of the sector
20182025
Return on assets (ROA)
4.8%
▼ 5.9pp
2025
middle half of the sector
20182025
Staff (FTE)
5
▲ 8.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€52,535-€97,009▲ 84.7%€129,591▲ 33.6%€164,519▲ 27.0%€103,884▼ 36.9%€81,348▼ 21.7%€93,945▲ 15.5%€45,131▼ 52.0%
Net result€33,755-€54,604▲ 61.8%€112,101above the sector's middle half▲ 105%€111,554within the sector's middle half▼ 0.5%€75,640within the sector's middle half▼ 32.2%€58,713within the sector's middle half▼ 22.4%€73,775within the sector's middle half▲ 25.7%€33,488within the sector's middle half▼ 54.6%
Equity€166,891-€175,495▲ 5.2%€217,427within the sector's middle half▲ 23.9%€311,395within the sector's middle half▲ 43.2%€371,397within the sector's middle half▲ 19.3%€396,355within the sector's middle half▲ 6.7%€418,025within the sector's middle half▲ 5.5%€341,912within the sector's middle half▼ 18.2%
Total assets€402,646-€480,311▲ 19.3%€477,139within the sector's middle half▼ 0.7%€596,416within the sector's middle half▲ 25.0%€673,597within the sector's middle half▲ 12.9%€660,413within the sector's middle half▼ 2.0%€692,835within the sector's middle half▲ 4.9%€703,190within the sector's middle half▲ 1.5%
Debt€235,756-€304,816▲ 29.3%€259,712▼ 14.8%€285,021▲ 9.7%€302,199▲ 6.0%€264,058▼ 12.6%€274,809▲ 4.1%€361,278▲ 31.5%
Working capital€168,969-€180,173▲ 6.6%€217,264within the sector's middle half▲ 20.6%€315,580within the sector's middle half▲ 45.3%€370,490within the sector's middle half▲ 17.4%€397,442within the sector's middle half▲ 7.3%€420,580within the sector's middle half▲ 5.8%€345,412within the sector's middle half▼ 17.9%
Solvency41.4%-36.5%▼ 4.9pp45.6%within the sector's middle half▲ 9.0pp52.2%within the sector's middle half▲ 6.6pp55.1%within the sector's middle half▲ 2.9pp60.0%within the sector's middle half▲ 4.9pp60.3%within the sector's middle half▲ 0.3pp48.6%within the sector's middle half▼ 11.7pp
Current ratio1.73-1.60▼ 0.131.86within the sector's middle half▲ 0.252.14within the sector's middle half▲ 0.282.23within the sector's middle half▲ 0.092.53within the sector's middle half▲ 0.292.55within the sector's middle half▲ 0.021.97within the sector's middle half▼ 0.58
Return on assets (ROA)8.4%-11.4%▲ 3.0pp23.5%above the sector's middle half▲ 12.1pp18.7%above the sector's middle half▼ 4.8pp11.2%above the sector's middle half▼ 7.5pp8.9%within the sector's middle half▼ 2.3pp10.6%within the sector's middle half▲ 1.8pp4.8%within the sector's middle half▼ 5.9pp
Staff (FTE)4.1-4.7▲ 14.6%5within the sector's middle half▲ 6.4%5within the sector's middle half=4.3within the sector's middle half▼ 14.0%4within the sector's middle half▼ 7.0%4.6within the sector's middle half▲ 15.0%5within the sector's middle half▲ 8.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 52% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated 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
Equity and liabilities €703,190
Equity
€341,912 ▼ 18.2%
Debt
€361,278 ▲ 31.5%
Debt's share of the balance-sheet total rises from 39.7% to 51.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€46,076▼
2024 · €95,412
Cash flow
€34,433▼
2024 · €75,242
Quick ratio
1.85▼
2024 · 2.39
Debt to equity
1.06▲
2024 · 0.66
ROE
9.8%▼
2024 · 17.6%
Interest coverage
4.47▼
2024 · 8.29
Debt ≤ 1 year
€357,778▲
2024 · €271,309
Income taxes
€14,915▼
2024 · €28,948
Staff costs
€237,398▲
2024 · €231,040
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 6 | 6 | 9 | 10 |
| full-time | 2 | 1 | - | 0 | 0 |
| part-time | 8 | 5 | 6 | 9 | 10 |
| in full-time equivalents | 5.5 | 4.5 | 4 | 4.7 | 5 |
| Average over the year, in full-time equivalents | 5 | 4.3 | 4 | 4.6 | 5 |
| On a permanent contract | 5 | 6 | 5 | 4 | 4 |
| Joined | 9 | 12 | 14 | 20 | 3 |
| Left | 8 | 11 | 14 | 17 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €849 | - | - |
| Depreciation and write-downs of the year | €1,958 | €1,297 | €1,344 | €1,467 | €945 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,750 | €6,664 | - | €2,989 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €192,673 | €202,921 | €216,256 | €231,040 | €237,398 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,291 | €661 | €1,646 | €1,958 | €1,297 | €1,344 | €1,467 | €945 | ▼ 35.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,500 | -€1,000 | €1,232 | €45 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €13,696 | €7,454 | €10,587 | €7,536 | €4,481 | ▼ 40.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,130 | €0 | - | - |
| Gross operating margin9900 | €246,674 | €289,452 | €282,201 | €374,346 | €314,556 | €312,898 | €334,034 | €287,955 | ▼ 13.8% |
| Operating profit (loss)9901 | €52,535 | €97,009 | €129,591 | €164,519 | €103,884 | €81,348 | €93,945 | €45,131 | ▼ 52.0% |
| Financial income75/76B | - | - | - | €8,375 | €11,762 | €10,330 | €20,284 | €16,355 | ▼ 19.4% |
| Recurring financial income75 | €5,770 | €7,453 | €8,502 | €8,375 | €11,762 | €10,330 | €9,377 | €16,355 | ▲ 74.4% |
| Non-recurring financial income76B | - | - | - | - | - | - | €10,907 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €6,193 | €7,798 | €11,739 | €11,507 | €13,083 | ▲ 13.7% |
| Recurring financial charges65 | €9,349 | €5,321 | €5,854 | €6,193 | €7,798 | €11,739 | €11,507 | €10,312 | ▼ 10.4% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €2,771 | - |
| Profit (loss) for the period before taxes9903 | €48,956 | €77,154 | €154,917 | €166,701 | €107,848 | €79,939 | €102,723 | €48,403 | ▼ 52.9% |
| Income taxes67/77 | €15,200 | €22,550 | €42,816 | €55,147 | €32,208 | €21,227 | €28,948 | €14,915 | ▼ 48.5% |
| Profit (loss) for the period9904 | €33,755 | €54,604 | €112,101 | €111,554 | €75,640 | €58,713 | €73,775 | €33,488 | ▼ 54.6% |
| Profit (loss) for the period to be appropriated9905 | €33,755 | €54,604 | €112,101 | €111,554 | €75,640 | €58,713 | €73,775 | €33,488 | ▼ 54.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €402,646 | €480,311 | €477,139 | €596,416 | €673,597 | €660,413 | €692,835 | €703,190 | ▲ 1.5% |
| Fixed assets21/28 | €1,983 | €1,322 | €6,163 | €4,205 | €2,908 | €2,412 | €945 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €1,983 | €1,322 | €6,163 | €4,205 | €2,908 | €2,412 | €945 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | - | - | €802 | €945 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €4,205 | €2,908 | €1,610 | - | - | - |
| Current assets29/58 | €400,663 | €478,989 | €470,976 | €592,211 | €670,689 | €658,001 | €691,890 | €703,190 | ▲ 1.6% |
| Amounts receivable after more than one year29 | - | - | - | €193,500 | €293,500 | €293,500 | €293,500 | €193,500 | ▼ 34.1% |
| Other amounts receivable291 | - | - | - | €193,500 | €293,500 | €293,500 | €293,500 | €193,500 | ▼ 34.1% |
| Stocks and contracts in progress3 | €32,522 | €37,961 | €36,405 | €45,438 | €42,531 | €41,563 | €44,655 | €40,676 | ▼ 8.9% |
| Stocks30/36 | - | - | - | €45,438 | €42,531 | €41,563 | €44,655 | €40,676 | ▼ 8.9% |
| Amounts receivable within one year40/41 | €197,054 | €226,883 | €198,563 | €192,663 | €292,110 | €263,029 | €311,735 | €435,158 | ▲ 39.6% |
| Trade receivables40 | - | - | - | €38,755 | €94,231 | €119,688 | €131,861 | €231,017 | ▲ 75.2% |
| Other amounts receivable41 | - | - | - | €153,909 | €197,879 | €143,342 | €179,874 | €204,140 | ▲ 13.5% |
| Cash at bank and in hand54/58 | €43,169 | €57,813 | €81,091 | €145,634 | €23,433 | €36,860 | €31,044 | €12,604 | ▼ 59.4% |
| Deferred charges and accrued income490/1 | - | - | - | €14,975 | €19,115 | €23,048 | €10,956 | €21,252 | ▲ 94.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €402,646 | €480,311 | €477,139 | €596,416 | €673,597 | €660,413 | €692,835 | €703,190 | ▲ 1.5% |
| Equity10/15 | €166,891 | €175,495 | €217,427 | €311,395 | €371,397 | €396,355 | €418,025 | €341,912 | ▼ 18.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €161,508 | €170,112 | €212,044 | €306,012 | €366,014 | €390,971 | €412,642 | €336,529 | ▼ 18.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €304,152 | €364,154 | €389,111 | €410,782 | €334,669 | ▼ 18.5% |
| Profit (loss) carried forward14 | -€13,217 | -€13,217 | -€13,217 | -€13,217 | -€13,217 | -€13,217 | -€13,217 | -€13,217 | = |
| Amounts payable17/49 | €235,756 | €304,816 | €259,712 | €285,021 | €302,199 | €264,058 | €274,809 | €361,278 | ▲ 31.5% |
| Amounts payable within one year42/48 | €231,694 | €298,816 | €253,712 | €276,631 | €300,199 | €260,558 | €271,309 | €357,778 | ▲ 31.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €1,392 | €30,451 | ▲ 22× |
| Financial debts43 | - | - | - | €66,012 | €50,157 | €18,800 | - | - | - |
| Credit institutions430/8 | - | - | - | €66,012 | €50,157 | €18,800 | - | - | - |
| Trade debts44 | €120,964 | €165,531 | €88,183 | €93,502 | €116,342 | €100,886 | €140,276 | €171,181 | ▲ 22.0% |
| Suppliers440/4 | - | - | - | €93,502 | €116,342 | €100,886 | €140,276 | €171,181 | ▲ 22.0% |
| Taxes, remuneration and social security45 | - | - | - | €117,116 | €133,700 | €140,872 | €129,642 | €125,342 | ▼ 3.3% |
| Taxes450/3 | - | - | - | €70,884 | €108,099 | €82,188 | €100,305 | €97,691 | ▼ 2.6% |
| Remuneration and social security454/9 | - | - | - | €46,232 | €25,601 | €58,684 | €29,338 | €27,651 | ▼ 5.7% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €30,803 | - |
| Accrued charges and deferred income492/3 | - | - | - | €8,390 | €2,000 | €3,500 | €3,500 | €3,500 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,755 | €54,604 | €112,101 | €111,554 | €75,640 | €58,713 | €73,775 | €33,488 | ▼ 54.6% |
| + Depreciation and write-downs630 | €5,291 | €661 | €1,646 | €1,958 | €1,297 | €1,344 | €1,467 | €945 | ▼ 35.6% |
| Operating cash flow (approximation) | €39,047 | €55,265 | €113,747 | €113,512 | €76,937 | €60,057 | €75,242 | €34,433 | ▼ 54.2% |
| Investment in fixed assets (approximation) | - | €0 | -€6,487 | €0 | €0 | -€849 | €0 | €0 | - |
| Change in cash | - | €14,644 | €23,278 | €64,544 | -€122,201 | €13,427 | -€5,816 | -€18,439 | ▼ 217% |
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, 17,041 companies had the same profile as GIN & C° has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GIN & C° itself is higher: 1.0% within 12 months. It rests on far more data about GIN & C° 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 17,041 companies, not a prediction for GIN & C°. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-09-2026 | 2026-00520030 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00350703 | |
| 31-12-2023 | abbreviated format | 25-09-2024 | 2024-00474194 | |
| 31-12-2022 | abbreviated format | 28-08-2023 | 2023-00371905 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20411097 | |
| 31-12-2020 | abbreviated format | 30-09-2021 | 2021-70000360 | |
| 31-12-2019 | abbreviated format | 30-11-2020 | 2020-73800085 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-67800479 | |
| 31-12-2017 | abbreviated format | 17-08-2018 | 2018-46800285 | |
| 31-12-2016 | abbreviated format | 28-09-2017 | 2017-64700242 |