GIULI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 6 filings
Equity
-€19,394
2024 · €4,871
Total assets
€33,681▼ 26.2%
2024 · €45,631
Net result
-€24,265▼ 97.6%
2024 · -€12,279
Working capital
-€40,244▼ 71.3%
2024 · -€23,500
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€20,228
▼ 95.9%
2025
20202025
Net result
-€24,265
▼ 97.6%
2025
lowest quarter of the sector
20202025
Equity
-€19,394
2025
lowest quarter of the sector
20202025
Total assets
€33,681
▼ 26.2%
2025
lowest quarter of the sector
20202025
Debt
€53,075
▲ 30.2%
2025
20202025
Working capital
-€40,244
▼ 71.3%
2025
lowest quarter of the sector
20202025
Solvency
-57.6%
▼ 68.3pp
2025
lowest quarter of the sector
20202025
Current ratio
0.22
▼ 0.01
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-72.0%
▼ 45.1pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€4,869-€19,765€3,929▼ 80.1%-€2,736-€10,326▼ 277%-€20,228▼ 95.9%
Net result-€4,963within the sector's middle half-€19,470within the sector's middle half€3,147within the sector's middle half▼ 83.8%-€5,503within the sector's middle half-€12,279below the sector's middle half▼ 123%-€24,265below the sector's middle half▼ 97.6%
Equity€37within the sector's middle half-€19,506within the sector's middle half▲ 534×€22,654within the sector's middle half▲ 16.1%€17,150within the sector's middle half▼ 24.3%€4,871within the sector's middle half▼ 71.6%-€19,394below the sector's middle half
Total assets€18,407below the sector's middle half-€31,030below the sector's middle half▲ 68.6%€51,384within the sector's middle half▲ 65.6%€53,615within the sector's middle half▲ 4.3%€45,631below the sector's middle half▼ 14.9%€33,681below the sector's middle half▼ 26.2%
Debt€18,370-€11,523▼ 37.3%€28,730▲ 149%€36,464▲ 26.9%€40,760▲ 11.8%€53,075▲ 30.2%
Working capital-€14,986within the sector's middle half-€1,452within the sector's middle half€14,560within the sector's middle half▲ 903%-€14,717within the sector's middle half-€23,500within the sector's middle half▼ 59.7%-€40,244below the sector's middle half▼ 71.3%
Solvency0.2%within the sector's middle half-62.9%above the sector's middle half▲ 62.7pp44.1%within the sector's middle half▼ 18.8pp32.0%within the sector's middle half▼ 12.1pp10.7%within the sector's middle half▼ 21.3pp-57.6%below the sector's middle half▼ 68.3pp
Current ratio0.18below the sector's middle half-1.13within the sector's middle half▲ 0.941.93within the sector's middle half▲ 0.800.34below the sector's middle half▼ 1.590.23below the sector's middle half▼ 0.110.22below the sector's middle half▼ 0.01
Return on assets (ROA)-27.0%below the sector's middle half-62.7%above the sector's middle half▲ 89.7pp6.1%within the sector's middle half▼ 56.6pp-10.3%below the sector's middle half▼ 16.4pp-26.9%below the sector's middle half▼ 16.6pp-72.0%below the sector's middle half▼ 45.1pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 loss of €20,228, larger than the loss of €10,326 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33,681
Fixed assets
€22,290 ▼ 42.1%
Current assets
€11,391 ▲ 62.5%
Equity and liabilities
Equity-€19,394
Debt€53,075
Equity is negative. Debt (€53,075) exceeds the balance-sheet total (€33,681).
Key figures and ratios
EBITDA
-€15,630▼
2024 · -€735
Cash flow
-€19,667▼
2024 · -€2,688
Quick ratio
0.20▲
2024 · 0.19
Interest coverage
-4.11▼
2024 · -0.43
Debt ≤ 1 year
€51,635▲
2024 · €30,511
Debt > 1 year
€0▼
2024 · €10,248
Income taxes
€235▼
2024 · €240
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,527 | €6,031 | €32,794 | €2,076 | €1,254 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,495 | €2,992 | €7,753 | €9,591 | €4,598 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,227 | €2,495 | €2,992 | €7,753 | €9,591 | €4,598 | ▼ 52.1% |
| Other operating charges640/8 | - | €1,137 | €3,250 | €3,321 | €3,581 | €13,050 | ▲ 264% |
| Gross operating margin9900 | -€3,338 | €23,397 | €10,171 | €8,338 | €2,846 | -€2,579 | - |
| Operating profit (loss)9901 | -€4,869 | €19,765 | €3,929 | -€2,736 | -€10,326 | -€20,228 | ▼ 95.9% |
| Financial income75/76B | - | - | - | - | €1 | €0 | ▼ 82.9% |
| Recurring financial income75 | €1 | - | - | - | €1 | €0 | ▼ 82.9% |
| Financial charges65/66B | - | €295 | €533 | €2,574 | €1,715 | €3,802 | ▲ 122% |
| Recurring financial charges65 | €95 | €295 | €533 | €2,574 | €1,715 | €3,802 | ▲ 122% |
| Profit (loss) for the period before taxes9903 | -€4,963 | €19,470 | €3,396 | -€5,311 | -€12,039 | -€24,030 | ▼ 99.6% |
| Income taxes67/77 | - | - | €248 | €193 | €240 | €235 | ▼ 2.1% |
| Profit (loss) for the period9904 | -€4,963 | €19,470 | €3,147 | -€5,503 | -€12,279 | -€24,265 | ▼ 97.6% |
| Profit (loss) for the period to be appropriated9905 | -€4,963 | €19,470 | €3,147 | -€5,503 | -€12,279 | -€24,265 | ▼ 97.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €18,407 | €31,030 | €51,384 | €53,615 | €45,631 | €33,681 | ▼ 26.2% |
| Formation expenses20 | €1,560 | €1,197 | €834 | €470 | €107 | €0 | ▼ 100% |
| Fixed assets21/28 | €13,462 | €16,857 | €20,260 | €45,664 | €38,512 | €22,290 | ▼ 42.1% |
| Tangible fixed assets22/27 | €10,962 | €14,357 | €17,760 | €43,164 | €36,012 | €19,790 | ▼ 45.0% |
| Plant, machinery and equipment23 | - | €4,289 | €5,730 | €3,976 | €3,217 | €1,914 | ▼ 40.5% |
| Furniture and vehicles24 | - | €3,497 | €4,833 | €30,686 | €24,560 | €10,818 | ▼ 56.0% |
| Other tangible fixed assets26 | - | €6,571 | €7,196 | €8,502 | €8,234 | €7,058 | ▼ 14.3% |
| Financial fixed assets28 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Current assets29/58 | €3,385 | €12,976 | €30,291 | €7,481 | €7,012 | €11,391 | ▲ 62.5% |
| Stocks and contracts in progress3 | €1,244 | €1,603 | €1,396 | €1,426 | €1,087 | €1,141 | ▲ 4.9% |
| Stocks30/36 | - | €1,603 | €1,396 | €1,426 | €1,087 | €1,141 | ▲ 4.9% |
| Amounts receivable within one year40/41 | €1,599 | €3,567 | €8,039 | €3,877 | €4,839 | €3,179 | ▼ 34.3% |
| Trade receivables40 | - | €2,255 | €4,864 | €87 | €2,036 | €352 | ▼ 82.7% |
| Other amounts receivable41 | - | €1,312 | €3,175 | €3,791 | €2,803 | €2,827 | ▲ 0.9% |
| Current investments50/53 | - | - | - | - | - | €26 | - |
| Cash at bank and in hand54/58 | €542 | €7,806 | €14,547 | €1,413 | €832 | €2,675 | ▲ 221% |
| Deferred charges and accrued income490/1 | - | - | €6,308 | €764 | €253 | €4,370 | ▲ 17× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €18,407 | €31,030 | €51,384 | €53,615 | €45,631 | €33,681 | ▼ 26.2% |
| Equity10/15 | €37 | €19,506 | €22,654 | €17,150 | €4,871 | -€19,394 | - |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Capital10 | - | - | €5,000 | - | - | - | - |
| Issued capital100 | - | - | €5,000 | - | - | - | - |
| Contributions outside capital11 | - | €5,000 | - | €5,000 | €5,000 | - | - |
| Other1109/19 | - | €5,000 | - | €5,000 | €5,000 | - | - |
| Profit (loss) carried forward14 | -€4,963 | €14,506 | €17,654 | €12,150 | -€129 | -€24,394 | ▼ 18,844% |
| Amounts payable17/49 | €18,370 | €11,523 | €28,730 | €36,464 | €40,760 | €53,075 | ▲ 30.2% |
| Amounts payable after more than one year17 | - | - | - | €14,267 | €10,248 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €14,267 | €10,248 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €18,370 | €11,523 | €15,730 | €22,198 | €30,511 | €51,635 | ▲ 69.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,722 | €4,018 | €0 | ▼ 100% |
| Trade debts44 | €2,802 | €5,526 | €12,734 | €11,548 | €6,284 | €8,310 | ▲ 32.2% |
| Suppliers440/4 | - | €5,526 | €12,734 | €11,548 | €6,284 | €8,310 | ▲ 32.2% |
| Taxes, remuneration and social security45 | - | €1,738 | €2,368 | €719 | €5,541 | €5,505 | ▼ 0.7% |
| Taxes450/3 | - | €1,738 | €2,368 | €719 | €4,241 | €5,005 | ▲ 18.0% |
| Remuneration and social security454/9 | - | - | - | - | €1,300 | €500 | ▼ 61.5% |
| Other amounts payable47/48 | - | €4,260 | €629 | €6,208 | €14,668 | €37,820 | ▲ 158% |
| Accrued charges and deferred income492/3 | - | - | €13,000 | - | - | €1,440 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,963 | €19,470 | €3,147 | -€5,503 | -€12,279 | -€24,265 | ▼ 97.6% |
| + Depreciation and write-downs630 | €1,227 | €2,495 | €2,992 | €7,753 | €9,591 | €4,598 | ▼ 52.1% |
| Operating cash flow (approximation) | -€3,737 | €21,965 | €6,140 | €2,250 | -€2,688 | -€19,667 | ▼ 632% |
| Investment in fixed assets (approximation) | - | -€5,890 | -€6,395 | -€33,157 | -€2,439 | €11,624 | - |
| Change in cash | - | €7,264 | €6,742 | -€13,134 | -€581 | €1,843 | - |
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, 6,008 companies had the same profile as GIULI has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GIULI itself: 4.4% 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 6,008 companies, not a prediction for GIULI. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00158923 | |
| 31-12-2024 | micro format | 12-06-2025 | 2025-00133323 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00136361 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00105645 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20179657 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-54300217 |