GOLDTIMERS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 9 filings
Turnover
≈ €480,000
Estimated: probably between €290,000 and €1.1m
EBIT margin
Not included in this filing
Net result
€16,682▲ 523%
2024 · €2,679
Working capital
€10,133
2024 · -€7,084
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,252
▲ 134×
2025
20192025
Net result
€16,682
▲ 523%
2025
middle half of the sector
20192025
Equity
€11,766
2025
middle half of the sector
20192025
Total assets
€88,372
▼ 18.0%
2025
middle half of the sector
20192025
Debt
€76,606
▼ 32.1%
2025
20192025
Working capital
€10,133
2025
middle half of the sector
20192025
Solvency
13.3%
▲ 17.9pp
2025
middle half of the sector
20192025
Current ratio
1.13
▲ 0.20
2025
middle half of the sector
20192025
Return on assets (ROA)
18.9%
▲ 16.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1,830--€5,276-€17,187▼ 226%€2,317€7,279▲ 214%€129▼ 98.2%€17,252▲ 134×
Net result€936--€5,767below the sector's middle half-€17,339below the sector's middle half▼ 201%€2,192within the sector's middle half€5,599within the sector's middle half▲ 155%€2,679within the sector's middle half▼ 52.2%€16,682within the sector's middle half▲ 523%
Equity€7,720-€1,953below the sector's middle half▼ 74.7%-€15,386below the sector's middle half-€13,194below the sector's middle half▲ 14.2%-€7,595below the sector's middle half▲ 42.4%-€4,916below the sector's middle half▲ 35.3%€11,766within the sector's middle half
Total assets€75,363-€77,708below the sector's middle half▲ 3.1%€63,283within the sector's middle half▼ 18.6%€82,061within the sector's middle half▲ 29.7%€138,944within the sector's middle half▲ 69.3%€107,823within the sector's middle half▼ 22.4%€88,372within the sector's middle half▼ 18.0%
Debt€67,643-€75,755▲ 12.0%€78,669▲ 3.8%€95,255▲ 21.1%€146,539▲ 53.8%€112,739▼ 23.1%€76,606▼ 32.1%
Working capital€6,727-€2,126within the sector's middle half▼ 68.4%-€17,147below the sector's middle half-€16,432below the sector's middle half▲ 4.2%-€10,631within the sector's middle half▲ 35.3%-€7,084within the sector's middle half▲ 33.4%€10,133within the sector's middle half
Solvency10.2%-2.5%below the sector's middle half▼ 7.7pp-24.3%below the sector's middle half▼ 26.8pp-16.1%below the sector's middle half▲ 8.2pp-5.5%below the sector's middle half▲ 10.6pp-4.6%below the sector's middle half▲ 0.9pp13.3%within the sector's middle half▲ 17.9pp
Current ratio1.10-1.03within the sector's middle half▼ 0.070.78below the sector's middle half▼ 0.250.83below the sector's middle half▲ 0.040.93within the sector's middle half▲ 0.100.94within the sector's middle half▲ 0.011.13within the sector's middle half▲ 0.20
Return on assets (ROA)1.2%--7.4%below the sector's middle half▼ 8.7pp-27.4%below the sector's middle half▼ 20.0pp2.7%within the sector's middle half▲ 30.1pp4.0%within the sector's middle half▲ 1.4pp2.5%within the sector's middle half▼ 1.5pp18.9%above the sector's middle half▲ 16.4pp
Staff (FTE)1-1below the sector's middle half=11=1=1=
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 134 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €88,372
Fixed assets
€1,833 ▼ 44.6%
Current assets
€86,539 ▼ 17.2%
Equity and liabilities €88,372
Equity
€11,766
Debt
€76,606
Debt's share of the balance-sheet total is 86.7%.
Key figures and ratios
EBITDA
€18,730▲
2024 · €1,595
Cash flow
€18,160▲
2024 · €4,145
Quick ratio
0.25▲
2024 · 0.10
Debt to equity
6.51
ROE
141.8%
Interest coverage
31.91▲
2024 · 3.68
Debt ≤ 1 year
€76,406▼
2024 · €111,596
Staff costs
€42,756▼
2024 · €42,944
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,800 | - | €1,549 | - |
| Depreciation and write-downs of the year | €371 | €1,134 | €1,466 | €1,478 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €21,782 | €39,018 | €42,944 | €42,756 | ▼ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €994 | €993 | €67 | €371 | €1,134 | €1,466 | €1,478 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €1,533 | €1,053 | €1,308 | €1,684 | ▲ 28.7% |
| Gross operating margin9900 | €6,135 | €21,151 | -€147 | €26,003 | €48,484 | €45,847 | €63,170 | ▲ 37.8% |
| Operating profit (loss)9901 | €1,830 | -€5,276 | -€17,187 | €2,317 | €7,279 | €129 | €17,252 | ▲ 134× |
| Financial income75/76B | - | - | - | €326 | €260 | €2,984 | €17 | ▼ 99.4% |
| Recurring financial income75 | €2 | €11 | €19 | €326 | €260 | €2,984 | €17 | ▼ 99.4% |
| Financial charges65/66B | - | - | - | €451 | €1,940 | €434 | €587 | ▲ 35.3% |
| Recurring financial charges65 | €250 | €502 | €171 | €451 | €1,940 | €434 | €587 | ▲ 35.3% |
| Profit (loss) for the period before taxes9903 | €1,582 | -€5,767 | -€17,339 | €2,192 | €5,599 | €2,679 | €16,682 | ▲ 523% |
| Income taxes67/77 | €646 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €936 | -€5,767 | -€17,339 | €2,192 | €5,599 | €2,679 | €16,682 | ▲ 523% |
| Profit (loss) for the period to be appropriated9905 | €936 | -€5,767 | -€17,339 | €2,192 | €5,599 | €2,679 | €16,682 | ▲ 523% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €75,363 | €77,708 | €63,283 | €82,061 | €138,944 | €107,823 | €88,372 | ▼ 18.0% |
| Fixed assets21/28 | €993 | - | €1,933 | €4,362 | €3,228 | €3,311 | €1,833 | ▼ 44.6% |
| Tangible fixed assets22/27 | €993 | - | €1,933 | €4,362 | €3,228 | €3,311 | €1,833 | ▼ 44.6% |
| Plant, machinery and equipment23 | - | - | - | €2,629 | €1,695 | €1,978 | €700 | ▼ 64.6% |
| Other tangible fixed assets26 | - | - | - | €1,733 | €1,533 | €1,333 | €1,133 | ▼ 15.0% |
| Current assets29/58 | €74,370 | €77,708 | €61,350 | €77,699 | €135,716 | €104,512 | €86,539 | ▼ 17.2% |
| Stocks and contracts in progress3 | €53,440 | €51,840 | €41,090 | €73,119 | €101,319 | €93,503 | €67,414 | ▼ 27.9% |
| Stocks30/36 | - | - | - | €50,056 | €78,569 | €69,803 | €44,214 | ▼ 36.7% |
| Contracts in progress37 | - | - | - | €23,063 | €22,750 | €23,700 | €23,200 | ▼ 2.1% |
| Amounts receivable within one year40/41 | €148 | €15 | €6,229 | €125 | €28,644 | €6,571 | €7,133 | ▲ 8.6% |
| Trade receivables40 | - | - | - | - | €28,083 | €3,796 | €3,439 | ▼ 9.4% |
| Other amounts receivable41 | - | - | - | €125 | €561 | €2,775 | €3,694 | ▲ 33.1% |
| Cash at bank and in hand54/58 | €1,168 | €447 | €64 | €3,711 | €4,384 | €3,237 | €11,448 | ▲ 254% |
| Deferred charges and accrued income490/1 | - | - | - | €744 | €1,369 | €1,201 | €544 | ▼ 54.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €75,363 | €77,708 | €63,283 | €82,061 | €138,944 | €107,823 | €88,372 | ▼ 18.0% |
| Equity10/15 | €7,720 | €1,953 | -€15,386 | -€13,194 | -€7,595 | -€4,916 | €11,766 | - |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,520 | - | - | - | - | - | €5,566 | - |
| Distributable reserves133 | - | - | - | - | - | - | €5,566 | - |
| Profit (loss) carried forward14 | - | -€4,247 | -€21,586 | -€19,394 | -€13,795 | -€11,116 | - | - |
| Amounts payable17/49 | €67,643 | €75,755 | €78,669 | €95,255 | €146,539 | €112,739 | €76,606 | ▼ 32.1% |
| Amounts payable within one year42/48 | €67,643 | €75,582 | €78,497 | €94,131 | €146,347 | €111,596 | €76,406 | ▼ 31.5% |
| Trade debts44 | €5,390 | €17,587 | €6,051 | €7,032 | €28,418 | €15,135 | €7,036 | ▼ 53.5% |
| Suppliers440/4 | - | - | - | €7,032 | €28,418 | €15,135 | €7,036 | ▼ 53.5% |
| Advances received on contracts in progress46 | - | - | - | €3,600 | €14,250 | €3,800 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €24,358 | €49,557 | €36,856 | €39,462 | ▲ 7.1% |
| Taxes450/3 | - | - | - | €5,854 | €18,937 | €11,842 | €18,953 | ▲ 60.0% |
| Remuneration and social security454/9 | - | - | - | €18,504 | €30,620 | €25,014 | €20,509 | ▼ 18.0% |
| Other amounts payable47/48 | - | - | - | €59,141 | €54,122 | €55,805 | €29,908 | ▼ 46.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,124 | €192 | €1,143 | €200 | ▼ 82.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €936 | -€5,767 | -€17,339 | €2,192 | €5,599 | €2,679 | €16,682 | ▲ 523% |
| + Depreciation and write-downs630 | €994 | €993 | €67 | €371 | €1,134 | €1,466 | €1,478 | ▲ 0.8% |
| Operating cash flow (approximation) | €1,930 | -€4,774 | -€17,272 | €2,563 | €6,733 | €4,145 | €18,160 | ▲ 338% |
| Investment in fixed assets (approximation) | - | - | - | -€2,800 | €0 | -€1,549 | €0 | - |
| Change in cash | - | -€721 | -€383 | €3,647 | €673 | -€1,147 | €8,211 | - |
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, 5,053 companies had the same profile as GOLDTIMERS has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GOLDTIMERS itself: 0.8% 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 5,053 companies, not a prediction for GOLDTIMERS. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00020124 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00630136 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00014681 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011258 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02800424 | |
| 30-06-2020 | full format | 30-01-2021 | 2021-03200585 | |
| 30-06-2019 | full format | 14-01-2020 | 2020-00900318 | |
| 30-06-2018 | full format | 27-02-2019 | 2019-05800050 | |
| 30-06-2017 | full format | 15-01-2018 | 2018-01100450 |