GODNET
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-12-2025 PDF all 21 filings
Turnover
≈ €230,000
Estimated: probably between €170,000 and €350,000
Total assets
€292,628▲ 2.0%
2024 · €286,868
Net result
€48,048▼ 3.9%
2024 · €49,996
Working capital
€212,425▲ 10.0%
2024 · €193,100
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€82,615
▲ 12.2%
2025
20192025
Net result
€48,048
▼ 3.9%
2025
highest quarter of the sector
20192025
Equity
€254,695
▲ 4.8%
2025
highest quarter of the sector
20192025
Total assets
€292,628
▲ 2.0%
2025
middle half of the sector
20192025
Debt
€37,933
▼ 13.6%
2025
20192025
Working capital
€212,425
▲ 10.0%
2025
highest quarter of the sector
20192025
Solvency
87.0%
▲ 2.3pp
2025
highest quarter of the sector
20192025
Current ratio
6.61
▲ 1.19
2025
highest quarter of the sector
20192025
Return on assets (ROA)
16.4%
▼ 1.0pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€27,008-€53,163▲ 96.8%€68,088▲ 28.1%€14,498▼ 78.7%€54,601▲ 277%€73,650▲ 34.9%€82,615▲ 12.2%
Net result€21,456-€42,270above the sector's middle half▲ 97.0%€47,312above the sector's middle half▲ 11.9%-€4,093below the sector's middle half€39,122above the sector's middle half€49,996above the sector's middle half▲ 27.8%€48,048above the sector's middle half▼ 3.9%
Equity€160,110-€184,880above the sector's middle half▲ 15.5%€232,192above the sector's middle half▲ 25.6%€228,098above the sector's middle half▼ 1.8%€267,221above the sector's middle half▲ 17.2%€242,973above the sector's middle half▼ 9.1%€254,695above the sector's middle half▲ 4.8%
Total assets€182,755-€210,646within the sector's middle half▲ 15.3%€276,241within the sector's middle half▲ 31.1%€246,177within the sector's middle half▼ 10.9%€291,859within the sector's middle half▲ 18.6%€286,868within the sector's middle half▼ 1.7%€292,628within the sector's middle half▲ 2.0%
Debt€22,645-€25,766▲ 13.8%€44,050▲ 71.0%€18,079▼ 59.0%€24,639▲ 36.3%€43,895▲ 78.2%€37,933▼ 13.6%
Working capital€150,533-€173,935above the sector's middle half▲ 15.5%€215,359above the sector's middle half▲ 23.8%€214,621above the sector's middle half▼ 0.3%€213,853above the sector's middle half▼ 0.4%€193,100above the sector's middle half▼ 9.7%€212,425above the sector's middle half▲ 10.0%
Solvency87.6%-87.8%above the sector's middle half▲ 0.2pp84.1%above the sector's middle half▼ 3.7pp92.7%above the sector's middle half▲ 8.6pp91.6%above the sector's middle half▼ 1.1pp84.7%above the sector's middle half▼ 6.9pp87.0%above the sector's middle half▲ 2.3pp
Current ratio7.65-7.86above the sector's middle half▲ 0.225.90above the sector's middle half▼ 1.9712.92above the sector's middle half▲ 7.0210.70above the sector's middle half▼ 2.225.42above the sector's middle half▼ 5.286.61above the sector's middle half▲ 1.19
Return on assets (ROA)11.7%-20.1%above the sector's middle half▲ 8.3pp17.1%above the sector's middle half▼ 2.9pp-1.7%below the sector's middle half▼ 18.8pp13.4%within the sector's middle half▲ 15.1pp17.4%above the sector's middle half▲ 4.0pp16.4%above the sector's middle half▼ 1.0pp
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 12% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €292,628
Fixed assets
€42,344 ▼ 15.4%
Current assets
€250,284 ▲ 5.7%
Equity and liabilities €292,628
Equity
€254,695 ▲ 4.8%
Debt
€37,933 ▼ 13.6%
Debt's share of the balance-sheet total falls from 15.3% to 13.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€95,133▲
2024 · €85,754
Cash flow
€60,567▼
2024 · €62,100
Debt to equity
0.15▼
2024 · 0.18
ROE
18.9%▼
2024 · 20.6%
Interest coverage
12.54▼
2024 · over 100
Debt ≤ 1 year
€37,859▼
2024 · €43,693
Income taxes
€30,527▲
2024 · €25,241
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €47,662 | €13,932 | €4,788 |
| Depreciation and write-downs of the year | €3,355 | €5,254 | €12,104 | €12,519 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €92 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,913 | €2,749 | €3,197 | €3,355 | €5,254 | €12,104 | €12,519 | ▲ 3.4% |
| Other operating charges640/8 | - | - | - | €839 | €3,318 | €5,843 | €849 | ▼ 85.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,304 | - | - |
| Gross operating margin9900 | €31,692 | €56,691 | €76,796 | €18,692 | €63,173 | €93,902 | €95,983 | ▲ 2.2% |
| Operating profit (loss)9901 | €27,008 | €53,163 | €68,088 | €14,498 | €54,601 | €73,650 | €82,615 | ▲ 12.2% |
| Financial income75/76B | - | - | - | €3 | €319 | €1,906 | €3,545 | ▲ 86.0% |
| Recurring financial income75 | €985 | €58 | €0 | €3 | €319 | €1,906 | €3,545 | ▲ 86.0% |
| Financial charges65/66B | - | - | - | €242 | €474 | €319 | €7,585 | ▲ 24× |
| Recurring financial charges65 | €301 | €229 | €321 | €242 | €474 | €319 | €7,585 | ▲ 24× |
| Profit (loss) for the period before taxes9903 | €27,692 | €52,992 | €67,767 | €14,259 | €54,447 | €75,237 | €78,575 | ▲ 4.4% |
| Income taxes67/77 | €6,236 | €10,722 | €20,455 | €18,352 | €15,324 | €25,241 | €30,527 | ▲ 20.9% |
| Profit (loss) for the period9904 | €21,456 | €42,270 | €47,312 | -€4,093 | €39,122 | €49,996 | €48,048 | ▼ 3.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €46,500 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €11,556 | €24,770 | €47,312 | €42,407 | €39,122 | €49,996 | €48,048 | ▼ 3.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €182,755 | €210,646 | €276,241 | €246,177 | €291,859 | €286,868 | €292,628 | ▲ 2.0% |
| Fixed assets21/28 | €9,577 | €11,365 | €16,906 | €13,551 | €55,959 | €50,075 | €42,344 | ▼ 15.4% |
| Tangible fixed assets22/27 | €4,542 | €6,330 | €11,871 | €8,516 | €50,924 | €50,040 | €42,309 | ▼ 15.4% |
| Furniture and vehicles24 | - | - | - | €8,516 | €50,924 | €40,668 | €32,917 | ▼ 19.1% |
| Other tangible fixed assets26 | - | - | - | - | - | €9,372 | €9,392 | ▲ 0.2% |
| Financial fixed assets28 | €5,035 | €5,035 | €5,035 | €5,035 | €5,035 | €35 | €35 | = |
| Current assets29/58 | €173,178 | €199,281 | €259,335 | €232,625 | €235,900 | €236,793 | €250,284 | ▲ 5.7% |
| Amounts receivable within one year40/41 | €898 | €20,029 | €40,492 | €57,503 | €12,008 | €6,271 | €20,535 | ▲ 227% |
| Trade receivables40 | - | - | - | €44,872 | €5,620 | €605 | €9,669 | ▲ 16× |
| Other amounts receivable41 | - | - | - | €12,632 | €6,388 | €5,666 | €10,866 | ▲ 91.8% |
| Current investments50/53 | - | - | - | - | - | - | €113,543 | - |
| Cash at bank and in hand54/58 | €153,534 | €178,334 | €217,756 | €174,797 | €222,151 | €228,333 | €114,310 | ▼ 49.9% |
| Deferred charges and accrued income490/1 | - | - | - | €325 | €1,741 | €2,190 | €1,895 | ▼ 13.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €182,755 | €210,646 | €276,241 | €246,177 | €291,859 | €286,868 | €292,628 | ▲ 2.0% |
| Equity10/15 | €160,110 | €184,880 | €232,192 | €228,098 | €267,221 | €242,973 | €254,695 | ▲ 4.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €79,666 | €104,436 | €151,748 | €147,655 | €186,777 | €236,773 | €248,495 | ▲ 5.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €14,750 | €14,750 | €14,750 | €14,750 | = |
| Distributable reserves133 | - | - | - | €131,045 | €170,167 | €222,023 | €233,745 | ▲ 5.3% |
| Profit (loss) carried forward14 | €74,244 | €74,244 | €74,244 | €74,244 | €74,244 | - | - | - |
| Amounts payable17/49 | €22,645 | €25,766 | €44,050 | €18,079 | €24,639 | €43,895 | €37,933 | ▼ 13.6% |
| Amounts payable within one year42/48 | €22,645 | €25,345 | €43,976 | €18,004 | €22,047 | €43,693 | €37,859 | ▼ 13.4% |
| Trade debts44 | €1,649 | €3,428 | €1,621 | €2,463 | €3,172 | €3,079 | €1,672 | ▼ 45.7% |
| Suppliers440/4 | - | - | - | €2,463 | €3,172 | €3,079 | €1,672 | ▼ 45.7% |
| Taxes, remuneration and social security45 | - | - | - | €15,399 | €18,874 | €40,614 | €11,417 | ▼ 71.9% |
| Taxes450/3 | - | - | - | €15,399 | €18,874 | €40,614 | €11,417 | ▼ 71.9% |
| Other amounts payable47/48 | - | - | - | €143 | - | - | €24,770 | - |
| Accrued charges and deferred income492/3 | - | - | - | €74 | €2,592 | €203 | €74 | ▼ 63.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,456 | €42,270 | €47,312 | -€4,093 | €39,122 | €49,996 | €48,048 | ▼ 3.9% |
| + Depreciation and write-downs630 | €3,913 | €2,749 | €3,197 | €3,355 | €5,254 | €12,104 | €12,519 | ▲ 3.4% |
| Operating cash flow (approximation) | €25,369 | €45,019 | €50,509 | -€738 | €44,376 | €62,100 | €60,567 | ▼ 2.5% |
| Investment in fixed assets (approximation) | - | -€4,537 | -€8,738 | €0 | -€47,662 | -€6,220 | -€4,788 | ▲ 23.0% |
| Change in cash | - | €24,800 | €39,422 | -€42,959 | €47,354 | €6,182 | -€114,022 | - |
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, 31,368 companies had the same profile as GODNET has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GODNET itself: < 0.1% 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 31,368 companies, not a prediction for GODNET. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-12-2025 | 2025-00581536 | |
| 30-06-2024 | micro format | 27-01-2025 | 2025-00010671 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00010863 | |
| 30-06-2022 | micro format | 17-01-2023 | 2023-00000272 | |
| 30-06-2021 | micro format | 17-01-2022 | 2022-01100283 | |
| 30-06-2020 | micro format | 24-01-2021 | 2021-01700013 | |
| 30-06-2019 | micro format | 15-01-2020 | 2020-01300422 | |
| 30-06-2018 | micro format | 18-01-2019 | 2019-01900121 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00800275 | |
| 30-06-2016 | full format | 27-12-2016 | 2016-71700585 |