Summary
GLADIATOR is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €5.0m and a net result of €344,490. Equity is growing by about 18% per year across the filed financial years. Its solvency ranks better than 93% of 39 sector peers (NACE 65, financial year 2025). The company has been active since 2013 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
Equity
€5.0m▲ 175%
2024 · €1.8m
Net result
€344,490▼ 35.4%
2024 · €533,005
Total assets
€5.4m▲ 148%
2024 · €2.2m
Solvency
92.1%▲ 9.2pp
2024 · 82.9%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €5,419 in 2025 against €2,769 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.005m
2025
Net result€0.3m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€5.4m
2025
Equity€5.0m
2025
Debt€0.4m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.4m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)6.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency92.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.01
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 65, Insurance, reinsurance and pension funding, except compulsory social security: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.06m-€0.06m▲ 8.9%€0.02m▼ 75.0%€0.003m▼ 78.6%€0.04m▲ 1,177%-€0.002m-€0.003m▼ 14.6%-€0.005m▼ 95.7%
Net result€0.2m-€0.2m▼ 19.9%€0.1mwithin the sector's middle half▼ 24.8%€0.1mwithin the sector's middle half▼ 18.9%€0.2mabove the sector's middle half▲ 126%€0.2mabove the sector's middle half▼ 14.7%€0.5mabove the sector's middle half▲ 150%€0.3mwithin the sector's middle half▼ 35.4%
Equity€1.0m-€1.2m▲ 18.3%€0.9mwithin the sector's middle half▼ 25.2%€1.0mwithin the sector's middle half▲ 11.2%€2.2mabove the sector's middle half▲ 125%€1.7mabove the sector's middle half▼ 24.2%€1.8mabove the sector's middle half▲ 10.2%€5.0mabove the sector's middle half▲ 175%
Total assets€1.7m-€1.9m▲ 11.7%€1.6mwithin the sector's middle half▼ 15.7%€1.5mwithin the sector's middle half▼ 1.8%€2.4mabove the sector's middle half▲ 52.1%€2.3mabove the sector's middle half▼ 3.7%€2.2mwithin the sector's middle half▼ 3.0%€5.4mabove the sector's middle half▲ 148%
Debt€0.7m-€0.7m▲ 2.2%€0.7m▲ 0.3%€0.6m▼ 17.9%€0.2m▼ 70.5%€0.6m▲ 260%€0.4m▼ 38.6%€0.4m▲ 14.5%
Working capital-€0.3m--€0.2m▲ 33.1%-€0.6mbelow the sector's middle half▼ 160%-€0.4mbelow the sector's middle half▲ 21.3%-€0.1mbelow the sector's middle half▲ 70.0%-€0.6mbelow the sector's middle half▼ 334%-€0.4mbelow the sector's middle half▲ 37.3%-€0.4mbelow the sector's middle half▼ 15.3%
Solvency59.1%-62.6%▲ 3.5pp55.5%within the sector's middle half▼ 7.1pp62.8%above the sector's middle half▲ 7.3pp92.8%above the sector's middle half▲ 30.0pp73.0%above the sector's middle half▼ 19.7pp82.9%above the sector's middle half▲ 9.9pp92.1%above the sector's middle half▲ 9.2pp
Current ratio0.50-0.66▲ 0.160.13below the sector's middle half▼ 0.530.14below the sector's middle half▲ 0.010.17below the sector's middle half▲ 0.020.03below the sector's middle half▼ 0.140.00below the sector's middle half▼ 0.030.01below the sector's middle half▲ 0.01
Return on assets (ROA)13.5%-9.7%▼ 3.8pp8.7%within the sector's middle half▼ 1.0pp7.1%within the sector's middle half▼ 1.5pp10.6%within the sector's middle half▲ 3.5pp9.4%within the sector's middle half▼ 1.2pp24.3%above the sector's middle half▲ 14.9pp6.3%within the sector's middle half▼ 17.9pp
above
within
below
the middle half of NACE 65, Insurance, reinsurance and pension funding, except compulsory social security: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2024 Net result +150% on 2023. The accounts now follow the full format, last year the micro format.
- 2022 Net result +126% on 2021. The accounts now follow the micro format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.4m
Fixed assets
€5.4m ▲ 148%
Current assets
€5,416 ▲ 1,558%
Equity and liabilities €5.4m
Equity
€5.0m ▲ 175%
Debt
€429,410 ▲ 14.5%
Debt's share of the balance-sheet total falls from 17.1% to 7.9%. Equity and debt are higher.
Key figures and ratios
ROE
6.9%▼
2024 · 29.3%
Debt ≤ 1 year
€429,410▲
2024 · €368,013
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,611 | €16,094 | €16,612 | €16,214 | €990 | €945 | €814 | - | - |
| Other operating charges640/8 | - | - | - | €899 | €1,231 | - | - | - | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €577 | - |
| Gross operating margin9900 | €71,289 | €78,260 | €32,717 | €20,339 | €43,419 | -€1,470 | -€1,955 | -€4,842 | ▼ 148% |
| Operating profit (loss)9901 | €55,373 | €60,299 | €15,085 | €3,225 | €41,198 | -€2,415 | -€2,769 | -€5,419 | ▼ 95.7% |
| Financial income75/76B | - | - | - | €132,511 | €213,032 | €217,026 | €537,950 | €350,000 | ▼ 34.9% |
| Recurring financial income75 | €198,551 | €140,333 | €168,315 | €132,511 | €213,032 | €217,026 | €537,950 | €350,000 | ▼ 34.9% |
| Financial charges65/66B | - | - | - | €15,288 | €7,421 | €109 | €91 | €91 | ▼ 0.2% |
| Recurring financial charges65 | €13,221 | €25,868 | €31,957 | €15,288 | €7,421 | €109 | €91 | €91 | ▼ 0.2% |
| Profit (loss) for the period before taxes9903 | €240,703 | €174,764 | €151,442 | €120,448 | €246,810 | €214,501 | €535,090 | €344,490 | ▼ 35.6% |
| Income taxes67/77 | €15,017 | -€6,108 | €15,384 | €10,079 | -€2,730 | €1,541 | €2,085 | - | - |
| Profit (loss) for the period9904 | €225,686 | €180,872 | €136,058 | €110,369 | €249,540 | €212,960 | €533,005 | €344,490 | ▼ 35.4% |
| Profit (loss) for the period to be appropriated9905 | €225,686 | €180,872 | €136,058 | €110,369 | €249,540 | €212,960 | €533,005 | €344,490 | ▼ 35.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.9m | €1.6m | €1.5m | €2.4m | €2.3m | €2.2m | €5.4m | ▲ 148% |
| Formation expenses20 | - | - | - | - | - | - | - | €0 | - |
| Fixed assets21/28 | €1.3m | €1.4m | €1.5m | €1.5m | €2.3m | €2.2m | €2.2m | €5.4m | ▲ 148% |
| Intangible fixed assets21 | - | - | - | €0 | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €0.04m | €0.04m | €0.03m | €0.01m | €0.005m | €0.004m | €0.003m | - | - |
| Land and buildings22 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | - | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.004m | €0.003m | €0.002m | - | - |
| Financial fixed assets28 | €1.3m | €1.4m | €1.5m | €1.5m | €2.3m | €2.2m | €2.2m | €5.4m | ▲ 148% |
| Current assets29/58 | €0.3m | €0.4m | €0.09m | €0.08m | €0.03m | €0.02m | €327 | €0.005m | ▲ 1,558% |
| Amounts receivable after more than one year29 | - | - | - | €0.005m | - | - | - | - | - |
| Trade receivables290 | - | - | - | €0.005m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.06m | €0.09m | €0.04m | €0.05m | €0.02m | €88 | €241 | - | - |
| Trade receivables40 | - | - | - | €0.04m | €0.02m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.007m | €0.008m | €88 | €241 | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.03m | €0.03m | €0.001m | €0.02m | €85 | €0.005m | ▲ 6,256% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.003m | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.9m | €1.6m | €1.5m | €2.4m | €2.3m | €2.2m | €5.4m | ▲ 148% |
| Equity10/15 | €1.0m | €1.2m | €0.9m | €1.0m | €2.2m | €1.7m | €1.8m | €5.0m | ▲ 175% |
| Contributions10/11 | €0.6m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Revaluation surpluses12 | - | - | - | - | €1.0m | €1.0m | €1.0m | €4.2m | ▲ 341% |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Other1319 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.4m | €0.5m | €0.7m | €0.2m | €0.4m | €0.3m | ▼ 22.6% |
| Amounts payable17/49 | €0.7m | €0.7m | €0.7m | €0.6m | €0.2m | €0.6m | €0.4m | €0.4m | ▲ 14.5% |
| Amounts payable after more than one year17 | €0.02m | €0.03m | €0.02m | €0.009m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.009m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.7m | €0.5m | €0.2m | €0.6m | €0.4m | €0.4m | ▲ 16.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.008m | - | - | - | - | - |
| Financial debts43 | - | - | - | €0.002m | €0.003m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.002m | €0.003m | - | - | - | - |
| Trade debts44 | €0.002m | €0.003m | €0.006m | €0.01m | €0.001m | €400 | €0.001m | €0.002m | ▲ 202% |
| Suppliers440/4 | - | - | - | €0.01m | €0.001m | €400 | €118 | €0.002m | ▲ 1,905% |
| Bills of exchange payable441 | - | - | - | - | - | - | €0.001m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | - | €0.002m | €50 | ▼ 97.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | - | €0.002m | €50 | ▼ 97.6% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.1m | €0.6m | €0.4m | €0.4m | ▲ 16.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.007m | €0.007m | €0.007m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.5m | €0.3m | ▼ 35.4% |
| + Depreciation and write-downs630 | €0.01m | €0.02m | €0.02m | €0.02m | €0.001m | €0.001m | €0.001m | - | - |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | €0.2m | €0.5m | €0.3m | ▼ 35.5% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.07m | €0 | -€0.9m | €0.07m | €0.05m | -€3.2m | - |
| Change in cash | - | €0.06m | -€0.3m | -€0.006m | -€0.02m | €0.02m | -€0.02m | €0.005m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 15-05-2026 | 2026-00112242 |
| 31-12-2024 | full format | 22-05-2025 | 2025-00102332 |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00272548 |
| 31-12-2022 | micro format | 03-05-2023 | 2023-00076890 |
| 31-12-2021 | full format | 16-05-2022 | 2022-20029431 |
| 31-12-2020 | full format | 24-05-2021 | 2021-15000458 |
| 31-12-2019 | full format | 01-07-2020 | 2020-24300108 |
| 31-12-2018 | full format | 08-05-2019 | 2019-12800359 |
| 31-12-2017 | full format | 03-05-2018 | 2018-12000307 |
| 31-12-2016 | full format | 30-06-2017 | 2017-26900205 |
Similar companies · same sector, comparable size
TigerRisk Partners (Europe)
BE 0730.848.181
Antwerpen · equity €6,289,093
Agentuur voor Brandherverzekering
BE 0403.552.761
Leuven · equity €2,963,805
ALULIM GROUP
BE 0779.564.749
Oudsbergen · equity €1,797,382
VANDER HAEGHEN en Co
BE 0427.765.248
Kraainem · equity €1,518,421
Neefs
BE 0727.819.506
Geel · equity €1,513,235
Of the 32 active companies whose main activity is insurance, reinsurance and pension funding, except compulsory social security (NACE 65200), figures are known for 11. 5 are within a factor 10 of this equity. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.