Global COMPANY
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 12 filings
Turnover
≈ €1.1m
Estimated: probably between €660,000 and €1.7m
EBIT margin
Not included in this filing
Net result
€93,733▲ 181%
2024 · €33,353
Working capital
€330,485▲ 28.4%
2024 · €257,447
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€145,811
▲ 68.0%
2025
20182025
Net result
€93,733
▲ 181%
2025
middle half of the sector
20182025
Equity
€397,100
▲ 30.9%
2025
middle half of the sector
20182025
Total assets
€1.0m
▼ 10.1%
2025
middle half of the sector
20182025
Debt
€639,790
▼ 24.8%
2025
20182025
Working capital
€330,485
▲ 28.4%
2025
middle half of the sector
20182025
Solvency
38.3%
▲ 12.0pp
2025
middle half of the sector
20182025
Current ratio
1.55
▲ 0.25
2025
middle half of the sector
20182025
Return on assets (ROA)
9.0%
▲ 6.1pp
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€0.02m-€0.3m▲ 17×€0.2m▼ 27.1%€0.1m▼ 53.1%€0.09m▼ 10.2%€0.3m▲ 184%€0.09m▼ 67.2%€0.1m▲ 68.0%
Net result€0.01m-€0.2m▲ 15×€0.1mabove the sector's middle half▼ 28.1%€0.07mwithin the sector's middle half▼ 54.2%€0.04mwithin the sector's middle half▼ 40.7%€0.2mabove the sector's middle half▲ 315%€0.03mwithin the sector's middle half▼ 80.1%€0.09mwithin the sector's middle half▲ 181%
Equity€0.04m-€0.2m▲ 539%€0.4mwithin the sector's middle half▲ 60.6%€0.5mwithin the sector's middle half▲ 17.3%€0.5mwithin the sector's middle half▲ 8.7%€0.3mwithin the sector's middle half▼ 46.3%€0.3mwithin the sector's middle half▲ 12.4%€0.4mwithin the sector's middle half▲ 30.9%
Total assets€0.2m-€1.3m▲ 448%€1.2mwithin the sector's middle half▼ 4.9%€1.5mwithin the sector's middle half▲ 24.1%€1.5mwithin the sector's middle half▼ 2.4%€1.8mwithin the sector's middle half▲ 23.0%€1.2mwithin the sector's middle half▼ 36.3%€1.0mwithin the sector's middle half▼ 10.1%
Debt€0.2m-€1.0m▲ 430%€0.8m▼ 20.4%€1.0m▲ 27.4%€1.0m▼ 7.4%€1.5m▲ 58.9%€0.9m▼ 44.8%€0.6m▼ 24.8%
Working capital€0.07m-€0.2m▲ 222%€0.4mabove the sector's middle half▲ 66.1%€0.5mabove the sector's middle half▲ 26.1%€0.5mabove the sector's middle half▲ 1.4%€0.2mwithin the sector's middle half▼ 49.9%€0.3mwithin the sector's middle half▲ 12.1%€0.3mwithin the sector's middle half▲ 28.4%
Solvency16.5%-19.2%▲ 2.7pp32.4%within the sector's middle half▲ 13.2pp30.6%within the sector's middle half▼ 1.8pp34.1%within the sector's middle half▲ 3.5pp14.9%below the sector's middle half▼ 19.2pp26.3%within the sector's middle half▲ 11.4pp38.3%within the sector's middle half▲ 12.0pp
Current ratio1.49-1.21▼ 0.281.44within the sector's middle half▲ 0.231.46within the sector's middle half▲ 0.021.47within the sector's middle half▲ 0.011.15within the sector's middle half▼ 0.321.30within the sector's middle half▲ 0.151.55within the sector's middle half▲ 0.25
Return on assets (ROA)5.7%-16.2%▲ 10.5pp12.2%above the sector's middle half▼ 4.0pp4.5%within the sector's middle half▼ 7.7pp2.7%within the sector's middle half▼ 1.8pp9.2%within the sector's middle half▲ 6.5pp2.9%within the sector's middle half▼ 6.3pp9.0%within the sector's middle half▲ 6.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 68% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Net result -80% on 2023. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€106,632 ▲ 132%
Current assets
€930,257 ▼ 16.0%
Equity and liabilities €1.0m
Equity
€397,100 ▲ 30.9%
Debt
€639,790 ▼ 24.8%
Debt's share of the balance-sheet total falls from 73.7% to 61.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€164,419▲
2024 · €106,091
Cash flow
€112,340▲
2024 · €52,645
Debt to equity
1.61▼
2024 · 2.80
ROE
23.6%▲
2024 · 11.0%
Interest coverage
12.95▲
2024 · 5.26
Debt ≤ 1 year
€599,772▼
2024 · €850,560
Debt > 1 year
€40,018
Income taxes
€39,467▲
2024 · €33,376
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €44,000 | - | - | - | - |
| Mortgage mandates | €340,000 | - | - | - | - |
| Carrying value of the mortgaged assets | €315,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €56,156 | - | €14,699 | €24,556 | €79,319 |
| Financial fixed assets | €10,964 | - | €4,500 | - | - |
| Depreciation and write-downs of the year | €31,655 | €27,016 | €22,433 | €19,291 | €18,607 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,081 | €19,783 | €31,108 | €31,655 | €27,016 | €22,433 | €19,291 | €18,607 | ▼ 3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €99,848 | - | €32,560 | €117,533 | -€12,010 | - |
| Other operating charges640/8 | - | - | - | €33,196 | €22,257 | €6,797 | €19,426 | €76,975 | ▲ 296% |
| Non-recurring operating charges66A | - | - | - | €10,373 | - | - | - | - | - |
| Gross operating margin9900 | €48,924 | €357,638 | €261,978 | €278,544 | €142,231 | €326,212 | €243,049 | €229,383 | ▼ 5.6% |
| Operating profit (loss)9901 | €17,362 | €302,412 | €220,472 | €103,472 | €92,958 | €264,422 | €86,799 | €145,811 | ▲ 68.0% |
| Financial income75/76B | - | - | - | €577 | €1,367 | €332 | €97 | €85 | ▼ 12.7% |
| Recurring financial income75 | - | €3,070 | €0 | €577 | €1,367 | €332 | €97 | €85 | ▼ 12.7% |
| Financial charges65/66B | - | - | - | €15,295 | €20,330 | €29,850 | €20,167 | €12,697 | ▼ 37.0% |
| Recurring financial charges65 | €1,957 | €3,373 | €2,339 | €15,295 | €20,330 | €29,850 | €20,167 | €12,697 | ▼ 37.0% |
| Profit (loss) for the period before taxes9903 | €15,404 | €302,108 | €218,133 | €88,754 | €73,995 | €234,904 | €66,729 | €133,199 | ▲ 99.6% |
| Income taxes67/77 | €2,004 | €95,044 | €69,334 | €20,676 | €33,640 | €67,604 | €33,376 | €39,467 | ▲ 18.2% |
| Profit (loss) for the period9904 | €13,400 | €207,065 | €148,799 | €68,078 | €40,355 | €167,300 | €33,353 | €93,733 | ▲ 181% |
| Profit (loss) for the period to be appropriated9905 | €13,400 | €207,065 | €148,799 | €68,078 | €40,355 | €167,300 | €33,353 | €93,733 | ▲ 181% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €1.3m | €1.2m | €1.5m | €1.5m | €1.8m | €1.2m | €1.0m | ▼ 10.1% |
| Fixed assets21/28 | €0.03m | €0.03m | €0.04m | €0.07m | €0.04m | €0.04m | €0.05m | €0.1m | ▲ 132% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.03m | €0.06m | €0.03m | €0.02m | €0.03m | €0.09m | ▲ 208% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.002m | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.03m | €0.02m | €0.03m | €0.09m | ▲ 208% |
| Financial fixed assets28 | €0.003m | €0.001m | €0.001m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €0.2m | €1.2m | €1.2m | €1.4m | €1.4m | €1.8m | €1.1m | €0.9m | ▼ 16.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.1m | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.1m | €0.1m | - | - | - |
| Stocks and contracts in progress3 | - | - | €0.3m | €0.3m | €0.7m | €0.2m | - | - | - |
| Stocks30/36 | - | - | - | €0.3m | €0.7m | €0.2m | - | - | - |
| Amounts receivable within one year40/41 | €0.07m | €0.7m | €0.6m | €0.6m | €0.6m | €1.4m | €1.0m | €0.9m | ▼ 5.2% |
| Trade receivables40 | - | - | - | €0.5m | €0.6m | €1.1m | €0.8m | €0.5m | ▼ 40.9% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.07m | €0.3m | €0.2m | €0.4m | ▲ 171% |
| Cash at bank and in hand54/58 | €0.1m | €0.5m | €0.3m | €0.5m | €0.006m | €0.09m | €0.1m | €0.008m | ▼ 94.4% |
| Deferred charges and accrued income490/1 | - | - | - | €241 | €0.001m | €0.001m | €208 | €384 | ▲ 84.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €1.3m | €1.2m | €1.5m | €1.5m | €1.8m | €1.2m | €1.0m | ▼ 10.1% |
| Equity10/15 | €0.04m | €0.2m | €0.4m | €0.5m | €0.5m | €0.3m | €0.3m | €0.4m | ▲ 30.9% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.02m | €0.2m | €0.4m | €0.4m | €0.5m | €0.2m | €0.3m | €0.4m | ▲ 33.1% |
| Amounts payable17/49 | €0.2m | €1.0m | €0.8m | €1.0m | €1.0m | €1.5m | €0.9m | €0.6m | ▼ 24.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €0.04m | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €0.04m | - |
| Amounts payable within one year42/48 | €0.1m | €1.0m | €0.8m | €1.0m | €1.0m | €1.5m | €0.9m | €0.6m | ▼ 29.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.01m | - |
| Financial debts43 | - | - | - | €0.3m | €0.3m | - | €17 | - | - |
| Credit institutions430/8 | - | - | - | €0.3m | €0.3m | - | €17 | - | - |
| Trade debts44 | €0.07m | €0.7m | €0.4m | €0.5m | €0.5m | €1.0m | €0.7m | €0.4m | ▼ 43.1% |
| Suppliers440/4 | - | - | - | €0.5m | €0.5m | €1.0m | €0.7m | €0.4m | ▼ 43.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.008m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.07m | €0.1m | €0.2m | €0.2m | ▼ 9.4% |
| Taxes450/3 | - | - | - | €0.09m | €0.07m | €0.1m | €0.2m | €0.2m | ▼ 8.6% |
| Remuneration and social security454/9 | - | - | - | €0.001m | - | €0.001m | €0.002m | - | - |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.02m | €0.4m | €0.02m | €0.06m | ▲ 247% |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €57 | €325 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,400 | €207,065 | €148,799 | €68,078 | €40,355 | €167,300 | €33,353 | €93,733 | ▲ 181% |
| + Depreciation and write-downs630 | €25,081 | €19,783 | €31,108 | €31,655 | €27,016 | €22,433 | €19,291 | €18,607 | ▼ 3.5% |
| Operating cash flow (approximation) | €38,481 | €226,848 | €179,907 | €99,733 | €67,371 | €189,734 | €52,645 | €112,340 | ▲ 113% |
| Investment in fixed assets (approximation) | - | -€20,178 | -€37,047 | -€67,120 | €0 | -€19,199 | -€24,556 | -€79,319 | ▼ 223% |
| Change in cash | - | €364,554 | -€242,611 | €266,607 | -€518,689 | €82,416 | €45,733 | -€126,956 | - |
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, 17,811 companies had the same profile as Global COMPANY has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of Global COMPANY itself: 0.5% 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 17,811 companies, not a prediction for Global COMPANY. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00233393 | |
| 31-12-2024 | abbreviated format | 22-01-2026 | 2026-00011444 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00404631 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00400339 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00381869 | |
| 31-12-2021 | full format | 19-08-2022 | 2022-20297947 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-26600351 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57500536 | |
| 31-12-2018 | full format | 27-08-2019 | 2019-52400526 | |
| 31-12-2017 | full format | 25-06-2018 | 2018-22600126 |