GoCreate
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 74 days after the deadline Filed on 13 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00561032.
Annual accounts 2025 filed on 13-10-2026 at the NBB all 10 filings
Equity
-€42,130
2024 · €87,392
Total assets
€89,730▼ 73.5%
2024 · €338,259
Net result
-€129,522
2024 · €64,384
Working capital
-€16,016
2024 · €88,701
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€121,887
2025
20182025
Net result
-€129,522
2025
lowest quarter of the sector
20182025
Equity
-€42,130
2025
lowest quarter of the sector
20182025
Total assets
€89,730
▼ 73.5%
2025
lowest quarter of the sector
20182025
Debt
€131,860
▼ 47.4%
2025
20182025
Working capital
-€16,016
2025
lowest quarter of the sector
20182025
Solvency
-47.0%
▼ 72.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.82
▼ 0.59
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-144.3%
▼ 163.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.9
▼ 19.4%
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€3,346-€29,820▲ 791%€2,232▼ 92.5%€11,105▲ 398%€6,331▼ 43.0%-€32,568€90,862-€121,887
Net result€684-€17,854▲ 26×-€1,843below the sector's middle half€3,527within the sector's middle half-€3,217within the sector's middle half-€40,197below the sector's middle half▼ 1,150%€64,384within the sector's middle half-€129,522below the sector's middle half
Equity€46,884-€64,738▲ 38.1%€62,895within the sector's middle half▼ 2.8%€66,422within the sector's middle half▲ 5.6%€63,205within the sector's middle half▼ 4.8%€23,008below the sector's middle half▼ 63.6%€87,392below the sector's middle half▲ 280%-€42,130below the sector's middle half
Total assets€79,634-€120,395▲ 51.2%€197,438within the sector's middle half▲ 64.0%€222,681within the sector's middle half▲ 12.8%€347,210above the sector's middle half▲ 55.9%€301,723below the sector's middle half▼ 13.1%€338,259below the sector's middle half▲ 12.1%€89,730below the sector's middle half▼ 73.5%
Debt€32,751-€55,658▲ 69.9%€134,543▲ 142%€156,260▲ 16.1%€284,005▲ 81.8%€278,715▼ 1.9%€250,866▼ 10.0%€131,860▼ 47.4%
Working capital€32,736-€59,794▲ 82.7%€47,100within the sector's middle half▼ 21.2%€87,408above the sector's middle half▲ 85.6%€49,045within the sector's middle half▼ 43.9%-€28,011below the sector's middle half€88,701within the sector's middle half-€16,016below the sector's middle half
Solvency58.9%-53.8%▼ 5.1pp31.9%within the sector's middle half▼ 21.9pp29.8%within the sector's middle half▼ 2.0pp18.2%within the sector's middle half▼ 11.6pp7.6%below the sector's middle half▼ 10.6pp25.8%within the sector's middle half▲ 18.2pp-47.0%below the sector's middle half▼ 72.8pp
Current ratio2.12-2.18▲ 0.061.38within the sector's middle half▼ 0.801.70within the sector's middle half▲ 0.321.18within the sector's middle half▼ 0.520.90below the sector's middle half▼ 0.281.42within the sector's middle half▲ 0.520.82below the sector's middle half▼ 0.59
Return on assets (ROA)0.9%-14.8%▲ 14.0pp-0.9%within the sector's middle half▼ 15.8pp1.6%within the sector's middle half▲ 2.5pp-0.9%within the sector's middle half▼ 2.5pp-13.3%below the sector's middle half▼ 12.4pp19.0%above the sector's middle half▲ 32.4pp-144.3%below the sector's middle half▼ 163.4pp
Staff (FTE)0.31within the sector's middle half▲ 233%2.3▲ 130%3▲ 30.4%2.7within the sector's middle half▼ 10.0%3.6within the sector's middle half▲ 33.3%2.9within the sector's middle half▼ 19.4%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €121,887, after a profit of €90,862 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €89,730
Fixed assets
€15,719 ▼ 57.4%
Current assets
€74,011 ▼ 75.4%
Equity and liabilities
Equity-€42,130
Debt€131,860
Equity is negative. Debt (€131,860) exceeds the balance-sheet total (€89,730).
Key figures and ratios
EBITDA
-€103,338▼
2024 · €114,810
Cash flow
-€110,972▼
2024 · €88,332
Interest coverage
-13.41▼
2024 · 8.98
Debt ≤ 1 year
€90,027▼
2024 · €212,669
Debt > 1 year
€18,985▼
2024 · €27,997
Income taxes
€186▼
2024 · €14,184
Staff costs
€75,303▼
2024 · €265,131
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 2 | 4 | 2 |
| full-time | 3 | 3 | 2 | 4 | 1 |
| part-time | - | 0 | 0 | 0 | 1 |
| in full-time equivalents | 3 | 3 | 2 | 4 | 1.8 |
| Average over the year, in full-time equivalents | 2.3 | 3 | 2.7 | 3.6 | 2.9 |
| On a permanent contract | 3 | 3 | 2 | 4 | 2 |
| Joined | 5 | 1 | 0 | 2 | 0 |
| Left | 3 | 1 | 1 | 0 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,364 | €23,811 | €46,618 | €6,949 | - |
| Depreciation and write-downs of the year | €10,983 | €11,555 | €8,637 | €23,948 | €18,549 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €2,534 awarded · €2,534 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,031 | €1,031 |
| 2022 | 1 | €1,503 | €1,503 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,831 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €106,389 | €169,835 | €168,235 | €265,131 | €75,303 | ▼ 71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,199 | €8,902 | €8,516 | €10,983 | €11,555 | €8,637 | €23,948 | €18,549 | ▼ 22.5% |
| Other operating charges640/8 | - | - | - | €1,364 | €1,571 | €4,451 | €1,122 | €3,189 | ▲ 184% |
| Gross operating margin9900 | €16,205 | €55,999 | €61,448 | €129,841 | €189,292 | €148,755 | €381,063 | -€24,846 | - |
| Operating profit (loss)9901 | €3,346 | €29,820 | €2,232 | €11,105 | €6,331 | -€32,568 | €90,862 | -€121,887 | - |
| Financial income75/76B | - | - | - | €258 | €198 | €320 | €486 | €255 | ▼ 47.4% |
| Recurring financial income75 | €77 | €13 | €655 | €258 | €198 | €320 | €486 | €255 | ▼ 47.4% |
| Financial charges65/66B | - | - | - | €3,253 | €5,975 | €7,717 | €12,779 | €7,704 | ▼ 39.7% |
| Recurring financial charges65 | €1,525 | €2,229 | €2,911 | €3,253 | €5,975 | €7,717 | €12,779 | €7,704 | ▼ 39.7% |
| Profit (loss) for the period before taxes9903 | €1,898 | €27,605 | -€25 | €8,110 | €555 | -€39,965 | €78,569 | -€129,336 | - |
| Income taxes67/77 | €1,214 | €9,751 | €1,818 | €4,583 | €3,771 | €232 | €14,184 | €186 | ▼ 98.7% |
| Profit (loss) for the period9904 | €684 | €17,854 | -€1,843 | €3,527 | -€3,217 | -€40,197 | €64,384 | -€129,522 | - |
| Profit (loss) for the period to be appropriated9905 | €684 | €17,854 | -€1,843 | €3,527 | -€3,217 | -€40,197 | €64,384 | -€129,522 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,634 | €120,395 | €197,438 | €222,681 | €347,210 | €301,723 | €338,259 | €89,730 | ▼ 73.5% |
| Fixed assets21/28 | €17,692 | €9,883 | €27,141 | €10,193 | €19,097 | €53,888 | €36,889 | €15,719 | ▼ 57.4% |
| Tangible fixed assets22/27 | €16,372 | €9,883 | €27,141 | €10,193 | €19,097 | €53,888 | €36,889 | €15,719 | ▼ 57.4% |
| Plant, machinery and equipment23 | - | - | - | €1,900 | €1,355 | €809 | €264 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,038 | €9,693 | €47,502 | €31,721 | €11,487 | ▼ 63.8% |
| Leasing and similar rights25 | - | - | - | €7,254 | €1,801 | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €6,249 | €5,576 | €4,904 | €4,232 | ▼ 13.7% |
| Financial fixed assets28 | €1,320 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €61,942 | €110,512 | €170,297 | €212,489 | €328,113 | €247,835 | €301,370 | €74,011 | ▼ 75.4% |
| Stocks and contracts in progress3 | €9,840 | €31,481 | €49,054 | €47,764 | €49,453 | €31,677 | €0 | - | - |
| Stocks30/36 | - | - | - | €47,764 | €49,453 | €31,677 | €0 | - | - |
| Amounts receivable within one year40/41 | €32,871 | €67,891 | €98,460 | €121,477 | €254,893 | €179,806 | €290,764 | €64,751 | ▼ 77.7% |
| Trade receivables40 | - | - | - | €120,837 | €244,803 | €156,708 | €276,929 | €54,126 | ▼ 80.5% |
| Other amounts receivable41 | - | - | - | €640 | €10,090 | €23,098 | €13,835 | €10,625 | ▼ 23.2% |
| Cash at bank and in hand54/58 | €10,984 | €9,725 | €16,871 | €31,986 | €20,126 | €35,467 | €10,477 | €9,260 | ▼ 11.6% |
| Deferred charges and accrued income490/1 | - | - | - | €11,262 | €3,641 | €885 | €129 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,634 | €120,395 | €197,438 | €222,681 | €347,210 | €301,723 | €338,259 | €89,730 | ▼ 73.5% |
| Equity10/15 | €46,884 | €64,738 | €62,895 | €66,422 | €63,205 | €23,008 | €87,392 | -€42,130 | - |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €34,484 | €52,338 | €50,495 | €50,495 | €50,495 | €50,495 | €50,495 | €50,495 | = |
| 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 | €0 | ▼ 100% |
| Other1319 | - | - | - | - | - | - | - | €1,860 | - |
| Distributable reserves133 | - | - | - | €48,635 | €48,635 | €48,635 | €48,635 | €48,635 | = |
| Profit (loss) carried forward14 | - | - | - | €3,527 | €310 | -€39,887 | €24,498 | -€105,024 | - |
| Amounts payable17/49 | €32,751 | €55,658 | €134,543 | €156,260 | €284,005 | €278,715 | €250,866 | €131,860 | ▼ 47.4% |
| Amounts payable after more than one year17 | €2,044 | - | €8,121 | €27,666 | €1,671 | €128 | €27,997 | €18,985 | ▼ 32.2% |
| Financial debts170/4 | - | - | - | €27,666 | €1,671 | €128 | €27,997 | €18,985 | ▼ 32.2% |
| Amounts payable within one year42/48 | €29,207 | €50,718 | €123,197 | €125,081 | €279,068 | €275,846 | €212,669 | €90,027 | ▼ 57.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,625 | €80,893 | €116,481 | €47,526 | €47,961 | ▲ 0.9% |
| Financial debts43 | - | - | - | €3,324 | €150 | €3,360 | €35,433 | €3,500 | ▼ 90.1% |
| Credit institutions430/8 | - | - | - | €3,324 | €150 | €3,360 | €35,433 | €3,500 | ▼ 90.1% |
| Trade debts44 | €16,675 | €22,495 | €83,226 | €64,767 | €167,310 | €41,214 | €28,515 | €12,873 | ▼ 54.9% |
| Suppliers440/4 | - | - | - | €64,767 | €167,310 | €41,214 | €28,515 | €12,873 | ▼ 54.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | €59,440 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €49,155 | €30,715 | €30,351 | €76,195 | €693 | ▼ 99.1% |
| Taxes450/3 | - | - | - | €25,361 | €4,583 | €0 | €33,937 | €693 | ▼ 98.0% |
| Remuneration and social security454/9 | - | - | - | €23,794 | €26,132 | €30,351 | €42,258 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €210 | €0 | €25,000 | €25,000 | €25,000 | = |
| Accrued charges and deferred income492/3 | - | - | - | €3,513 | €3,266 | €2,740 | €10,200 | €22,848 | ▲ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €684 | €17,854 | -€1,843 | €3,527 | -€3,217 | -€40,197 | €64,384 | -€129,522 | - |
| + Depreciation and write-downs630 | €11,199 | €8,902 | €8,516 | €10,983 | €11,555 | €8,637 | €23,948 | €18,549 | ▼ 22.5% |
| Operating cash flow (approximation) | €11,883 | €26,756 | €6,673 | €14,510 | €8,338 | -€31,560 | €88,332 | -€110,972 | - |
| Investment in fixed assets (approximation) | - | -€1,093 | -€25,774 | €5,965 | -€20,459 | -€43,427 | -€6,949 | €2,621 | - |
| Change in cash | - | -€1,260 | €7,146 | €15,115 | -€11,860 | €15,341 | -€24,990 | -€1,217 | ▲ 95.1% |
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, 6,907 companies had the same profile as GoCreate has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GoCreate itself: 6.9% 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 6,907 companies, not a prediction for GoCreate. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-10-2026 | 2026-00561032 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00461350 | |
| 31-12-2023 | abbreviated format | 07-08-2024 | 2024-00338436 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00398326 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20165325 | |
| 31-12-2020 | micro format | 16-06-2021 | 2021-21100429 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-19700146 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-30100510 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-37100579 | |
| 31-12-2016 | abbreviated format | 11-07-2017 | 2017-30600069 |