GLOECA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00488262.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 17 filings
Turnover
≈ €71,000
Estimated: probably between €57,000 and €92,000
Total assets
€128,695▲ 115%
2024 · €59,930
Net result
€19,726▼ 16.7%
2024 · €23,671
Working capital
€5,458
2024 · -€20,291
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,903
▼ 16.3%
2025
20182025
Net result
€19,726
▼ 16.7%
2025
highest quarter of the sector
20182025
Equity
€11,994
2025
middle half of the sector
20182025
Total assets
€128,695
▲ 115%
2025
middle half of the sector
20182025
Debt
€116,700
▲ 72.5%
2025
20182025
Working capital
€5,458
2025
middle half of the sector
20182025
Solvency
9.3%
▲ 22.2pp
2025
middle half of the sector
20182025
Current ratio
1.05
▲ 0.35
2025
middle half of the sector
20182025
Return on assets (ROA)
15.3%
▼ 24.2pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,250-€20,963▲ 299%€12,383▼ 40.9%€764▼ 93.8%-€35,213-€7,699▲ 78.1%€23,790€19,903▼ 16.3%
Net result€4,728-€20,509▲ 334%€12,317above the sector's middle half▼ 39.9%€700within the sector's middle half▼ 94.3%-€35,329below the sector's middle half-€7,843below the sector's middle half▲ 77.8%€23,671above the sector's middle half€19,726above the sector's middle half▼ 16.7%
Equity-€21,757--€1,248▲ 94.3%€11,069within the sector's middle half€11,769within the sector's middle half▲ 6.3%-€23,560below the sector's middle half-€31,402below the sector's middle half▼ 33.3%-€7,731below the sector's middle half▲ 75.4%€11,994within the sector's middle half
Total assets€62,608-€54,411▼ 13.1%€40,463within the sector's middle half▼ 25.6%€47,288within the sector's middle half▲ 16.9%€24,116within the sector's middle half▼ 49.0%€18,072below the sector's middle half▼ 25.1%€59,930within the sector's middle half▲ 232%€128,695within the sector's middle half▲ 115%
Debt€84,365-€55,659▼ 34.0%€29,394▼ 47.2%€35,519▲ 20.8%€47,676▲ 34.2%€49,475▲ 3.8%€67,661▲ 36.8%€116,700▲ 72.5%
Working capital-€69,623--€42,944▲ 38.3%-€24,457within the sector's middle half▲ 43.0%-€13,189within the sector's middle half▲ 46.1%-€46,871below the sector's middle half▼ 255%-€48,851below the sector's middle half▼ 4.2%-€20,291within the sector's middle half▲ 58.5%€5,458within the sector's middle half
Solvency-34.8%--2.3%▲ 32.5pp27.4%within the sector's middle half▲ 29.6pp24.9%within the sector's middle half▼ 2.5pp-97.7%below the sector's middle half▼ 122.6pp-173.8%below the sector's middle half▼ 76.1pp-12.9%within the sector's middle half▲ 160.9pp9.3%within the sector's middle half▲ 22.2pp
Current ratio0.17-0.23▲ 0.050.17below the sector's middle half▼ 0.060.58within the sector's middle half▲ 0.410.02below the sector's middle half▼ 0.560.01below the sector's middle half=0.70within the sector's middle half▲ 0.691.05within the sector's middle half▲ 0.35
Return on assets (ROA)7.6%-37.7%▲ 30.1pp30.4%above the sector's middle half▼ 7.3pp1.5%within the sector's middle half▼ 29.0pp-146.5%below the sector's middle half▼ 148.0pp-43.4%below the sector's middle half▲ 103.1pp39.5%above the sector's middle half▲ 82.9pp15.3%within the sector's middle half▼ 24.2pp
Staff (FTE)2.8-2.2▼ 21.4%2within the sector's middle half▼ 9.1%2.3▲ 15.0%0.8▼ 65.2%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 16% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €128,695
Fixed assets
€6,536 ▼ 48.0%
Current assets
€122,158 ▲ 158%
Equity and liabilities €128,695
Equity
€11,994
Debt
€116,700
Debt's share of the balance-sheet total is 90.7%.
Key figures and ratios
EBITDA
€25,945▼
2024 · €29,684
Cash flow
€25,769▼
2024 · €29,565
Debt to equity
9.73
ROE
164.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€116,700▲
2024 · €67,642
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 |
|---|---|---|
| Employees at the balance-sheet date | 3 | - |
| full-time | 3 | - |
| in full-time equivalents | 3 | - |
| Average over the year, in full-time equivalents | 2.3 | 0.8 |
| On a permanent contract | 1 | - |
| Joined | 2 | 0 |
| Left | 1 | 3 |
| Training hours | 448 | 446 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,024 | - |
| Depreciation and write-downs of the year | €6,107 | €6,107 | €5,838 | €5,893 | €6,043 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €59,644 | €21,641 | €98 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,756 | €6,170 | €6,170 | €6,107 | €6,107 | €5,838 | €5,893 | €6,043 | ▲ 2.5% |
| Other operating charges640/8 | - | - | - | €4,501 | €339 | €348 | €1,262 | €544 | ▼ 56.9% |
| Gross operating margin9900 | €103,667 | €115,249 | €67,545 | €71,017 | -€7,125 | -€1,415 | €30,946 | €26,489 | ▼ 14.4% |
| Operating profit (loss)9901 | €5,250 | €20,963 | €12,383 | €764 | -€35,213 | -€7,699 | €23,790 | €19,903 | ▼ 16.3% |
| Financial charges65/66B | - | - | - | €64 | €116 | €144 | €119 | €177 | ▲ 48.1% |
| Recurring financial charges65 | €522 | €94 | €69 | €64 | €116 | €144 | €119 | €177 | ▲ 48.1% |
| Profit (loss) for the period before taxes9903 | €4,728 | €20,869 | €12,314 | €700 | -€35,329 | -€7,843 | €23,671 | €19,726 | ▼ 16.7% |
| Income taxes67/77 | - | €360 | -€3 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €4,728 | €20,509 | €12,317 | €700 | -€35,329 | -€7,843 | €23,671 | €19,726 | ▼ 16.7% |
| Profit (loss) for the period to be appropriated9905 | €4,728 | €20,509 | €12,317 | €700 | -€35,329 | -€7,843 | €23,671 | €19,726 | ▼ 16.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,608 | €54,411 | €40,463 | €47,288 | €24,116 | €18,072 | €59,930 | €128,695 | ▲ 115% |
| Fixed assets21/28 | €47,866 | €41,696 | €35,526 | €29,419 | €23,311 | €17,449 | €12,579 | €6,536 | ▼ 48.0% |
| Tangible fixed assets22/27 | €47,842 | €41,672 | €35,502 | €29,394 | €23,287 | €17,449 | €12,579 | €6,536 | ▼ 48.0% |
| Plant, machinery and equipment23 | - | - | - | €29,125 | €23,287 | €17,449 | €11,611 | €5,773 | ▼ 50.3% |
| Furniture and vehicles24 | - | - | - | €269 | - | - | €969 | €764 | ▼ 21.1% |
| Financial fixed assets28 | €24 | €24 | €24 | €24 | €24 | - | - | - | - |
| Current assets29/58 | €14,742 | €12,715 | €4,937 | €17,870 | €805 | €623 | €47,351 | €122,158 | ▲ 158% |
| Stocks and contracts in progress3 | - | €1,750 | €750 | €4,250 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €4,250 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €5,977 | €6,461 | €3,133 | €3,174 | €377 | €622 | €44,004 | €78,686 | ▲ 78.8% |
| Trade receivables40 | - | - | - | €3,174 | - | - | €42,400 | €70,000 | ▲ 65.1% |
| Other amounts receivable41 | - | - | - | - | €377 | €622 | €1,604 | €8,686 | ▲ 441% |
| Cash at bank and in hand54/58 | €8,056 | €3,799 | €93 | €7,752 | €429 | €2 | €3,346 | €43,472 | ▲ 13× |
| Deferred charges and accrued income490/1 | - | - | - | €2,693 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,608 | €54,411 | €40,463 | €47,288 | €24,116 | €18,072 | €59,930 | €128,695 | ▲ 115% |
| Equity10/15 | -€21,757 | -€1,248 | €11,069 | €11,769 | -€23,560 | -€31,402 | -€7,731 | €11,994 | - |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€40,357 | -€19,848 | -€7,531 | -€6,831 | -€42,160 | -€50,002 | -€26,331 | -€6,606 | ▲ 74.9% |
| Amounts payable17/49 | €84,365 | €55,659 | €29,394 | €35,519 | €47,676 | €49,475 | €67,661 | €116,700 | ▲ 72.5% |
| Amounts payable within one year42/48 | €84,365 | €55,659 | €29,394 | €31,059 | €47,676 | €49,475 | €67,642 | €116,700 | ▲ 72.5% |
| Trade debts44 | - | - | - | - | €98 | - | €20,157 | €26,816 | ▲ 33.0% |
| Suppliers440/4 | - | - | - | - | €98 | - | €20,157 | €26,816 | ▲ 33.0% |
| Taxes, remuneration and social security45 | - | - | - | €14,262 | €984 | - | - | - | - |
| Taxes450/3 | - | - | - | €5,110 | - | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €9,152 | €984 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €16,797 | €46,594 | €49,475 | €47,485 | €89,885 | ▲ 89.3% |
| Accrued charges and deferred income492/3 | - | - | - | €4,460 | - | - | €20 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,728 | €20,509 | €12,317 | €700 | -€35,329 | -€7,843 | €23,671 | €19,726 | ▼ 16.7% |
| + Depreciation and write-downs630 | €7,756 | €6,170 | €6,170 | €6,107 | €6,107 | €5,838 | €5,893 | €6,043 | ▲ 2.5% |
| Operating cash flow (approximation) | €12,485 | €26,679 | €18,487 | €6,807 | -€29,222 | -€2,005 | €29,565 | €25,769 | ▼ 12.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €24 | -€1,024 | €0 | - |
| Change in cash | - | -€4,257 | -€3,706 | €7,659 | -€7,324 | -€427 | €3,345 | €40,126 | ▲ 12× |
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, 1,325 companies had the same profile as GLOECA has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GLOECA itself: 0.3% 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 1,325 companies, not a prediction for GLOECA. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00488262 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00516064 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00400739 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00384019 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20361435 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69900491 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66800304 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55100245 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20000148 | |
| 31-12-2016 | abbreviated format | 18-08-2017 | 2017-44100296 |