Gio-Project
ActiveFinancials · financial year 2024, full format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 21-10-2025 PDF all 7 filings
Turnover
≈ €310,000
Estimated: probably between €130,000 and €670,000
EBIT margin
Not included in this filing
Net result
-€32,020
2023 · €4,163
Working capital
€34,685▼ 26.0%
2023 · €46,844
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€46,352
2024
20182024
Net result
-€32,020
2024
lowest quarter of the sector
20182024
Equity
€61,885
▼ 34.1%
2024
lowest quarter of the sector
20182024
Total assets
€101,510
▼ 29.2%
2024
lowest quarter of the sector
20182024
Debt
€39,625
▼ 20.0%
2024
20182024
Working capital
€34,685
▼ 26.0%
2024
lowest quarter of the sector
20182024
Solvency
61.0%
▼ 4.5pp
2024
middle half of the sector
20182024
Current ratio
2.77
▲ 0.13
2024
middle half of the sector
20182024
Return on assets (ROA)
-31.5%
▼ 34.4pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
2
▼ 37.5%
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€9,101-€19,379▲ 113%€56,394▲ 191%€12,838▼ 77.2%€9,914▼ 22.8%€5,363▼ 45.9%-€46,352
Net result€8,029-€18,493▲ 130%€50,356within the sector's middle half▲ 172%-€6,097below the sector's middle half€361below the sector's middle half€4,163within the sector's middle half▲ 12×-€32,020below the sector's middle half
Equity€26,629-€45,122▲ 69.4%€95,478below the sector's middle half▲ 112%€89,381below the sector's middle half▼ 6.4%€89,742below the sector's middle half▲ 0.4%€93,905below the sector's middle half▲ 4.6%€61,885below the sector's middle half▼ 34.1%
Total assets€72,809-€135,682▲ 86.4%€155,412below the sector's middle half▲ 14.5%€154,362below the sector's middle half▼ 0.7%€163,384below the sector's middle half▲ 5.8%€143,458below the sector's middle half▼ 12.2%€101,510below the sector's middle half▼ 29.2%
Debt€46,180-€90,560▲ 96.1%€59,934▼ 33.8%€64,980▲ 8.4%€73,642▲ 13.3%€49,552▼ 32.7%€39,625▼ 20.0%
Working capital€21,692-€33,276▲ 53.4%€90,602within the sector's middle half▲ 172%€44,341below the sector's middle half▼ 51.1%€51,607below the sector's middle half▲ 16.4%€46,844below the sector's middle half▼ 9.2%€34,685below the sector's middle half▼ 26.0%
Solvency36.6%-33.3%▼ 3.3pp61.4%within the sector's middle half▲ 28.2pp57.9%within the sector's middle half▼ 3.5pp54.9%within the sector's middle half▼ 3.0pp65.5%above the sector's middle half▲ 10.5pp61.0%within the sector's middle half▼ 4.5pp
Current ratio1.70-1.53▼ 0.173.10above the sector's middle half▲ 1.571.86within the sector's middle half▼ 1.252.18within the sector's middle half▲ 0.332.64within the sector's middle half▲ 0.452.77within the sector's middle half▲ 0.13
Return on assets (ROA)11.0%-13.6%▲ 2.6pp32.4%above the sector's middle half▲ 18.8pp-3.9%below the sector's middle half▼ 36.4pp0.2%below the sector's middle half▲ 4.2pp2.9%within the sector's middle half▲ 2.7pp-31.5%below the sector's middle half▼ 34.4pp
Staff (FTE)1.8-2.4▲ 33.3%2.9below the sector's middle half▲ 20.8%4within the sector's middle half▲ 37.9%3.6within the sector's middle half▼ 10.0%3.2below the sector's middle half▼ 11.1%2below the sector's middle half▼ 37.5%
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 2024 is a loss of €46,352, after a profit of €5,363 in 2023. It is the lowest result since 2020.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €101,510
Fixed assets
€47,200 ▼ 30.6%
Current assets
€54,310 ▼ 28.1%
Equity and liabilities €101,510
Equity
€61,885 ▼ 34.1%
Debt
€39,625 ▼ 20.0%
Debt's share of the balance-sheet total rises from 34.5% to 39.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€31,577▼
2023 · €20,536
Cash flow
-€17,246▼
2023 · €19,336
Quick ratio
2.45▲
2023 · 2.36
Debt to equity
0.64▲
2023 · 0.53
ROE
-51.7%▼
2023 · 4.4%
Interest coverage
-33.09▼
2023 · 16.75
Debt ≤ 1 year
€19,625▼
2023 · €28,640
Debt > 1 year
€20,000▼
2023 · €20,913
Income taxes
€3,309▼
2023 · €4,491
Staff costs
€60,257▼
2023 · €145,193
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 2 |
| full-time | 4 | 3 | 4 | 2 |
| part-time | 0 | 1 | 0 | 0 |
| in full-time equivalents | 4 | 3.8 | 4 | 2 |
| Average over the year, in full-time equivalents | 3.6 | 3.1 | 3.2 | 2 |
| On a permanent contract | 3 | 3 | 3 | 1 |
| Joined | 3 | 1 | 2 | 2 |
| Left | 4 | 1 | 0 | 3 |
| Training hours | 1,832 | 88 | - | - |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €9,900 | €28,322 | €17,106 | - |
| Financial fixed assets | €41,000 | - | - | - |
| Depreciation and write-downs of the year | €14,361 | €18,470 | €15,173 | €14,774 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €107,792 | €131,622 | €145,193 | €60,257 | ▼ 58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,360 | €18,129 | €18,129 | €14,361 | €18,470 | €15,173 | €14,774 | ▼ 2.6% |
| Other operating charges640/8 | - | - | - | €3,287 | €4,513 | €2,475 | €11,734 | ▲ 374% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €4 | - |
| Gross operating margin9900 | €109,440 | €116,433 | €185,297 | €138,278 | €164,519 | €168,204 | €40,417 | ▼ 76.0% |
| Operating profit (loss)9901 | €9,101 | €19,379 | €56,394 | €12,838 | €9,914 | €5,363 | -€46,352 | - |
| Financial income75/76B | - | - | - | €390 | €183 | €4,806 | €18,595 | ▲ 287% |
| Recurring financial income75 | - | - | - | €390 | €183 | €4,806 | €18,595 | ▲ 287% |
| Non-recurring financial income76B | - | - | - | €390 | €183 | €4,806 | €18,595 | ▲ 287% |
| Financial charges65/66B | - | - | - | €1,258 | €1,491 | €1,515 | €954 | ▼ 37.0% |
| Recurring financial charges65 | €1,285 | €1,090 | €1,041 | €1,255 | €1,458 | €1,226 | €954 | ▼ 22.2% |
| Non-recurring financial charges66B | - | - | - | €3 | €33 | €289 | - | - |
| Profit (loss) for the period before taxes9903 | €8,029 | €18,493 | €55,355 | €11,970 | €8,605 | €8,654 | -€28,711 | - |
| Income taxes67/77 | - | - | €4,999 | €18,066 | €8,245 | €4,491 | €3,309 | ▼ 26.3% |
| Profit (loss) for the period9904 | €8,029 | €18,493 | €50,356 | -€6,097 | €361 | €4,163 | -€32,020 | - |
| Profit (loss) for the period to be appropriated9905 | €8,029 | €18,493 | €50,356 | -€6,097 | €361 | €4,163 | -€32,020 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €72,809 | €135,682 | €155,412 | €154,362 | €163,384 | €143,458 | €101,510 | ▼ 29.2% |
| Fixed assets21/28 | €20,200 | €39,879 | €21,749 | €58,289 | €68,140 | €67,974 | €47,200 | ▼ 30.6% |
| Tangible fixed assets22/27 | €20,200 | €39,879 | €21,749 | €17,289 | €27,140 | €26,974 | €12,200 | ▼ 54.8% |
| Plant, machinery and equipment23 | - | - | - | €878 | €13,874 | €7,924 | €1,150 | ▼ 85.5% |
| Furniture and vehicles24 | - | - | - | €16,410 | €13,266 | €19,050 | €11,050 | ▼ 42.0% |
| Financial fixed assets28 | - | - | - | €41,000 | €41,000 | €41,000 | €35,000 | ▼ 14.6% |
| Current assets29/58 | €52,609 | €95,803 | €133,662 | €96,073 | €95,244 | €75,484 | €54,310 | ▼ 28.1% |
| Stocks and contracts in progress3 | €6,059 | €19,300 | €7,212 | €35,590 | €17,215 | €7,785 | €6,228 | ▼ 20.0% |
| Stocks30/36 | - | - | - | €35,590 | €17,215 | €7,785 | €6,228 | ▼ 20.0% |
| Amounts receivable within one year40/41 | €23,189 | €21,999 | €62,369 | €33,916 | €40,512 | €53,978 | €37,477 | ▼ 30.6% |
| Trade receivables40 | - | - | - | €22,902 | €35,512 | €44,502 | €27,769 | ▼ 37.6% |
| Other amounts receivable41 | - | - | - | €11,014 | €5,000 | €9,476 | €9,708 | ▲ 2.5% |
| Cash at bank and in hand54/58 | €22,921 | €53,882 | €63,541 | €26,004 | €17,785 | €7,412 | €4,407 | ▼ 40.5% |
| Deferred charges and accrued income490/1 | - | - | - | €563 | €19,732 | €6,308 | €6,198 | ▼ 1.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €72,809 | €135,682 | €155,412 | €154,362 | €163,384 | €143,458 | €101,510 | ▼ 29.2% |
| Equity10/15 | €26,629 | €45,122 | €95,478 | €89,381 | €89,742 | €93,905 | €61,885 | ▼ 34.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €401 | €1,326 | €3,844 | €3,844 | €3,844 | €3,844 | €3,844 | = |
| Non-distributable reserves130/1 | - | - | - | €3,844 | €3,844 | €3,844 | €3,844 | = |
| Legal reserve130 | - | - | - | - | €3,844 | €3,844 | €3,844 | = |
| Reserves not available under the articles1311 | - | - | - | €3,844 | - | - | - | - |
| Profit (loss) carried forward14 | €7,628 | €25,196 | €73,034 | €66,937 | €67,298 | €71,461 | €39,441 | ▼ 44.8% |
| Amounts payable17/49 | €46,180 | €90,560 | €59,934 | €64,980 | €73,642 | €49,552 | €39,625 | ▼ 20.0% |
| Amounts payable after more than one year17 | €15,264 | €28,033 | €16,874 | €13,249 | €30,006 | €20,913 | €20,000 | ▼ 4.4% |
| Financial debts170/4 | - | - | - | €13,249 | €5,006 | €913 | - | - |
| Other amounts payable178/9 | - | - | - | - | €25,000 | €20,000 | €20,000 | = |
| Amounts payable within one year42/48 | €30,916 | €62,527 | €43,060 | €51,731 | €43,636 | €28,640 | €19,625 | ▼ 31.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,520 | €8,561 | €4,212 | €923 | ▼ 78.1% |
| Trade debts44 | €3,754 | €6,336 | €7,484 | €17,316 | €16,505 | €7,267 | €10,661 | ▲ 46.7% |
| Suppliers440/4 | - | - | - | €17,316 | €16,505 | €7,267 | €10,661 | ▲ 46.7% |
| Taxes, remuneration and social security45 | - | - | - | €13,729 | €653 | €7,043 | €2,925 | ▼ 58.5% |
| Taxes450/3 | - | - | - | €5,301 | €390 | €1,042 | €1,317 | ▲ 26.3% |
| Remuneration and social security454/9 | - | - | - | €8,428 | €263 | €6,001 | €1,608 | ▼ 73.2% |
| Other amounts payable47/48 | - | - | - | €8,167 | €17,917 | €10,117 | €5,117 | ▼ 49.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,029 | €18,493 | €50,356 | -€6,097 | €361 | €4,163 | -€32,020 | - |
| + Depreciation and write-downs630 | €15,360 | €18,129 | €18,129 | €14,361 | €18,470 | €15,173 | €14,774 | ▼ 2.6% |
| Operating cash flow (approximation) | €23,389 | €36,622 | €68,485 | €8,264 | €18,831 | €19,336 | -€17,246 | - |
| Investment in fixed assets (approximation) | - | -€37,808 | €0 | -€50,900 | -€28,322 | -€15,006 | €6,000 | - |
| Change in cash | - | €30,961 | €9,659 | -€37,537 | -€8,219 | -€10,373 | -€3,005 | ▲ 71.0% |
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, 3,591 companies had the same profile as Gio-Project has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Gio-Project itself is higher: 4.1% within 12 months. It rests on far more data about Gio-Project 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 3,591 companies, not a prediction for Gio-Project. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | full format | 21-10-2025 | 2025-00546367 | |
| 31-12-2023 | full format | 30-09-2024 | 2024-00480792 | |
| 31-12-2022 | full format | 26-10-2023 | 2023-00492811 | |
| 31-12-2021 | full format | 21-09-2022 | 2022-20434573 | |
| 31-12-2020 | full format | 31-10-2021 | 2021-75200571 | |
| 31-12-2019 | full format | 17-11-2020 | 2020-70400143 | |
| 31-12-2018 | full format | 31-10-2019 | 2019-72900487 |