GLOBAL FAIR & CONSTRUCT
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00542434.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 21 filings
Turnover
≈ €350,000
Estimated: probably between €190,000 and €490,000
Total assets
€365,364▼ 4.1%
2024 · €380,944
Net result
-€14,162
2024 · €1,590
Working capital
-€46,773▼ 101%
2024 · -€23,261
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,164
2025
20182025
Net result
-€14,162
2025
lowest quarter of the sector
20182025
Equity
€9,739
▼ 59.3%
2025
lowest quarter of the sector
20182025
Total assets
€365,364
▼ 4.1%
2025
lowest quarter of the sector
20182025
Debt
€355,626
▼ 0.4%
2025
20182025
Working capital
-€46,773
▼ 101%
2025
lowest quarter of the sector
20182025
Solvency
2.7%
▼ 3.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.81
▼ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.9%
▼ 4.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
▼ 16.7%
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€10,937-€11,343▲ 3.7%€20,189▲ 78.0%-€38,011€25,342€19,741▼ 22.1%€11,433▼ 42.1%-€5,164
Net result€6,671-€1,099▼ 83.5%€11,076within the sector's middle half▲ 908%-€46,098below the sector's middle half€8,761within the sector's middle half€11,092within the sector's middle half▲ 26.6%€1,590within the sector's middle half▼ 85.7%-€14,162below the sector's middle half
Equity€36,381-€37,480▲ 3.0%€48,556below the sector's middle half▲ 29.6%€2,458below the sector's middle half▼ 94.9%€11,219below the sector's middle half▲ 356%€22,310below the sector's middle half▲ 98.9%€23,900below the sector's middle half▲ 7.1%€9,739below the sector's middle half▼ 59.3%
Total assets€449,865-€469,845▲ 4.4%€610,432within the sector's middle half▲ 29.9%€482,186below the sector's middle half▼ 21.0%€546,587below the sector's middle half▲ 13.4%€481,857below the sector's middle half▼ 11.8%€380,944below the sector's middle half▼ 20.9%€365,364below the sector's middle half▼ 4.1%
Debt€413,484-€432,366▲ 4.6%€561,876▲ 30.0%€479,729▼ 14.6%€535,368▲ 11.6%€459,547▼ 14.2%€357,044▼ 22.3%€355,626▼ 0.4%
Working capital-€14,980--€16,129▼ 7.7%€23,448below the sector's middle half-€65,945below the sector's middle half-€48,601below the sector's middle half▲ 26.3%-€26,468below the sector's middle half▲ 45.5%-€23,261below the sector's middle half▲ 12.1%-€46,773below the sector's middle half▼ 101%
Solvency8.1%-8.0%▼ 0.1pp8.0%below the sector's middle half=0.5%below the sector's middle half▼ 7.4pp2.1%below the sector's middle half▲ 1.5pp4.6%below the sector's middle half▲ 2.6pp6.3%below the sector's middle half▲ 1.6pp2.7%below the sector's middle half▼ 3.6pp
Current ratio0.92-0.93▲ 0.011.07below the sector's middle half▲ 0.140.77below the sector's middle half▼ 0.300.87below the sector's middle half▲ 0.100.92below the sector's middle half▲ 0.050.89below the sector's middle half▼ 0.020.81below the sector's middle half▼ 0.09
Return on assets (ROA)1.5%-0.2%▼ 1.2pp1.8%within the sector's middle half▲ 1.6pp-9.6%below the sector's middle half▼ 11.4pp1.6%within the sector's middle half▲ 11.2pp2.3%within the sector's middle half▲ 0.7pp0.4%within the sector's middle half▼ 1.9pp-3.9%below the sector's middle half▼ 4.3pp
Staff (FTE)1.7-3.1▲ 82.4%3within the sector's middle half▼ 3.2%2.9within the sector's middle half▼ 3.3%3within the sector's middle half▲ 3.4%1.6within the sector's middle half▼ 46.7%1.2within the sector's middle half▼ 25.0%1within the sector's middle half▼ 16.7%
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 2025 is a loss of €5,164, after a profit of €11,433 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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
Assets €365,364
Fixed assets
€171,761 ▼ 6.2%
Current assets
€193,604 ▼ 2.1%
Equity and liabilities €365,364
Equity
€9,739 ▼ 59.3%
Debt
€355,626 ▼ 0.4%
Debt's share of the balance-sheet total rises from 93.7% to 97.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€30,736▼
2024 · €50,810
Cash flow
€21,738▼
2024 · €40,967
Quick ratio
0.51▼
2024 · 0.57
Debt to equity
36.52▲
2024 · 14.94
ROE
-145.4%▼
2024 · 6.7%
Interest coverage
3.43▼
2024 · 5.25
Debt ≤ 1 year
€240,376▲
2024 · €221,086
Debt > 1 year
€115,249▼
2024 · €135,959
Income taxes
€472▲
2024 · €405
Staff costs
€52,946▲
2024 · €52,138
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 | 2 | 3 | 1 | 1 | 1 |
| full-time | 2 | 3 | 1 | 1 | 1 |
| in full-time equivalents | 2 | 3 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 2.9 | 3 | 1.6 | 1.2 | 1 |
| On a permanent contract | 2 | 3 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €60,195 | €4,200 | €5,614 | €25,885 | €24,541 |
| Financial fixed assets | - | €10,000 | - | - | - |
| Depreciation and write-downs of the year | €40,221 | €39,475 | €40,324 | €39,377 | €35,900 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €51 awarded · €51 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €112,198 | €110,065 | €70,496 | €52,138 | €52,946 | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,300 | €33,706 | €31,676 | €40,221 | €39,475 | €40,324 | €39,377 | €35,900 | ▼ 8.8% |
| Other operating charges640/8 | - | - | - | €7,921 | €4,122 | €13,249 | €9,076 | €7,089 | ▼ 21.9% |
| Gross operating margin9900 | €113,842 | €181,944 | €208,973 | €122,328 | €179,005 | €143,810 | €112,024 | €90,771 | ▼ 19.0% |
| Operating profit (loss)9901 | €10,937 | €11,343 | €20,189 | -€38,011 | €25,342 | €19,741 | €11,433 | -€5,164 | - |
| Financial income75/76B | - | - | - | €58 | - | €1,305 | €243 | €445 | ▲ 83.3% |
| Recurring financial income75 | €2,413 | €348 | €544 | €58 | - | €1,305 | €243 | €445 | ▲ 83.3% |
| Financial charges65/66B | - | - | - | €7,872 | €16,185 | €9,492 | €9,680 | €8,970 | ▼ 7.3% |
| Recurring financial charges65 | €5,343 | €9,125 | €8,474 | €7,872 | €16,185 | €9,492 | €9,680 | €8,970 | ▼ 7.3% |
| Profit (loss) for the period before taxes9903 | €8,007 | €2,566 | €12,258 | -€45,825 | €9,158 | €11,554 | €1,995 | -€13,690 | - |
| Income taxes67/77 | €1,336 | €1,468 | €1,182 | €273 | €397 | €462 | €405 | €472 | ▲ 16.4% |
| Profit (loss) for the period9904 | €6,671 | €1,099 | €11,076 | -€46,098 | €8,761 | €11,092 | €1,590 | -€14,162 | - |
| Profit (loss) for the period to be appropriated9905 | €6,671 | €1,099 | €11,076 | -€46,098 | €8,761 | €11,092 | €1,590 | -€14,162 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €449,865 | €469,845 | €610,432 | €482,186 | €546,587 | €481,857 | €380,944 | €365,364 | ▼ 4.1% |
| Fixed assets21/28 | €273,415 | €257,775 | €244,520 | €264,494 | €231,322 | €196,612 | €183,120 | €171,761 | ▼ 6.2% |
| Tangible fixed assets22/27 | €273,415 | €257,775 | €244,520 | €264,494 | €221,322 | €186,612 | €173,120 | €161,761 | ▼ 6.6% |
| Land and buildings22 | - | - | - | €165,474 | €144,071 | €130,565 | €119,818 | €129,521 | ▲ 8.1% |
| Plant, machinery and equipment23 | - | - | - | €59,648 | €49,310 | €39,537 | €30,945 | €18,935 | ▼ 38.8% |
| Furniture and vehicles24 | - | - | - | €12,359 | €7,402 | €2,445 | - | - | - |
| Leasing and similar rights25 | - | - | - | €27,013 | €20,539 | €14,065 | €22,357 | €13,305 | ▼ 40.5% |
| Financial fixed assets28 | - | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Current assets29/58 | €176,450 | €212,071 | €365,913 | €217,692 | €315,265 | €285,245 | €197,825 | €193,604 | ▼ 2.1% |
| Stocks and contracts in progress3 | €12,649 | €44,239 | €45,449 | €84,949 | €75,144 | €67,023 | €70,834 | €70,434 | ▼ 0.6% |
| Stocks30/36 | - | - | - | €84,949 | €75,144 | €67,023 | €70,834 | €70,434 | ▼ 0.6% |
| Amounts receivable within one year40/41 | €163,284 | €162,696 | €269,485 | €128,692 | €240,121 | €218,222 | €121,767 | €115,670 | ▼ 5.0% |
| Trade receivables40 | - | - | - | €128,692 | €240,121 | €218,222 | €121,767 | €115,670 | ▼ 5.0% |
| Cash at bank and in hand54/58 | €499 | €5,131 | €3,936 | €4,051 | - | - | €5,223 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €7,500 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €449,865 | €469,845 | €610,432 | €482,186 | €546,587 | €481,857 | €380,944 | €365,364 | ▼ 4.1% |
| Equity10/15 | €36,381 | €37,480 | €48,556 | €2,458 | €11,219 | €22,310 | €23,900 | €9,739 | ▼ 59.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €15,921 | €17,020 | €28,096 | -€18,002 | -€9,241 | €1,850 | €3,440 | -€10,721 | - |
| Amounts payable17/49 | €413,484 | €432,366 | €561,876 | €479,729 | €535,368 | €459,547 | €357,044 | €355,626 | ▼ 0.4% |
| Amounts payable after more than one year17 | €222,054 | €204,166 | €182,837 | €196,091 | €171,502 | €147,834 | €135,959 | €115,249 | ▼ 15.2% |
| Financial debts170/4 | - | - | - | €196,091 | €171,502 | €147,834 | €135,959 | €115,249 | ▼ 15.2% |
| Amounts payable within one year42/48 | €191,430 | €228,200 | €342,465 | €283,637 | €363,866 | €311,713 | €221,086 | €240,376 | ▲ 8.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €36,983 | €24,995 | €23,668 | €27,094 | €21,475 | ▼ 20.7% |
| Financial debts43 | - | - | - | €3,018 | €9,548 | €16,329 | €1,745 | €19,912 | ▲ 11× |
| Credit institutions430/8 | - | - | - | €3,018 | €9,548 | €16,329 | €1,745 | €19,912 | ▲ 11× |
| Trade debts44 | €71,512 | €73,106 | €146,461 | €107,315 | €149,164 | €60,196 | €11,406 | €13,010 | ▲ 14.1% |
| Suppliers440/4 | - | - | - | €107,315 | €149,164 | €60,196 | €11,406 | €13,010 | ▲ 14.1% |
| Taxes, remuneration and social security45 | - | - | - | €67,031 | €42,012 | €19,347 | €20,561 | €13,305 | ▼ 35.3% |
| Taxes450/3 | - | - | - | €7,677 | €9,126 | €2,617 | €11,087 | €3,379 | ▼ 69.5% |
| Remuneration and social security454/9 | - | - | - | €59,354 | €32,886 | €16,730 | €9,473 | €9,926 | ▲ 4.8% |
| Other amounts payable47/48 | - | - | - | €69,290 | €138,148 | €192,173 | €160,279 | €172,676 | ▲ 7.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,671 | €1,099 | €11,076 | -€46,098 | €8,761 | €11,092 | €1,590 | -€14,162 | - |
| + Depreciation and write-downs630 | €36,300 | €33,706 | €31,676 | €40,221 | €39,475 | €40,324 | €39,377 | €35,900 | ▼ 8.8% |
| Operating cash flow (approximation) | €42,971 | €34,805 | €42,752 | -€5,877 | €48,236 | €51,416 | €40,967 | €21,738 | ▼ 46.9% |
| Investment in fixed assets (approximation) | - | -€18,066 | -€18,421 | -€60,195 | -€6,303 | -€5,614 | -€25,885 | -€24,541 | ▲ 5.2% |
| Change in cash | - | €4,632 | -€1,194 | €115 | - | - | - | - | - |
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, 974 companies had the same profile as GLOBAL FAIR & CONSTRUCT has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GLOBAL FAIR & CONSTRUCT itself: 1.6% 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 974 companies, not a prediction for GLOBAL FAIR & CONSTRUCT. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-09-2026 | 2026-00542434 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00459808 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00416656 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00420706 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20425273 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-56800457 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24800495 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20700229 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25800366 | |
| 31-12-2016 | abbreviated format | 15-06-2017 | 2017-17800268 |