GolfTechnics
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 6 filings
Turnover
€10,478
EBIT margin
-69.5%
Net result
€5,253
2024 · -€6,738
Working capital
€32,105▲ 21.5%
2024 · €26,423
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€7,302
2025
20202025
Net result
€5,253
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€41,676
▲ 14.4%
2025
middle half of the sector
20202025
Total assets
€123,940
▲ 68.0%
2025
middle half of the sector
20202025
Debt
€82,263
▲ 120%
2025
20202025
Working capital
€32,105
▲ 21.5%
2025
middle half of the sector
20202025
Solvency
33.6%
▼ 15.7pp
2025
middle half of the sector
20202025
Current ratio
1.39
▼ 0.31
2025
middle half of the sector
20202025
Return on assets (ROA)
4.2%
▲ 13.4pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€10,478
Operating result€12,439-€2,342▼ 81.2%-€4,489-€7,277▼ 62.1%-€5,576▲ 23.4%€7,302
Net result€6,545within the sector's middle half-€460within the sector's middle half▼ 93.0%-€5,636below the sector's middle half-€8,208below the sector's middle half▼ 45.6%-€6,738below the sector's middle half▲ 17.9%€5,253within the sector's middle half
EBIT margin-69.5%
Equity€56,545within the sector's middle half-€57,005within the sector's middle half▲ 0.8%€51,369within the sector's middle half▼ 9.9%€43,161within the sector's middle half▼ 16.0%€36,423within the sector's middle half▼ 15.6%€41,676within the sector's middle half▲ 14.4%
Total assets€313,435within the sector's middle half-€90,826within the sector's middle half▼ 71.0%€79,364within the sector's middle half▼ 12.6%€84,644within the sector's middle half▲ 6.7%€73,782within the sector's middle half▼ 12.8%€123,940within the sector's middle half▲ 68.0%
Debt€256,890-€33,821▼ 86.8%€27,995▼ 17.2%€41,483▲ 48.2%€37,359▼ 9.9%€82,263▲ 120%
Working capital€56,545within the sector's middle half-€57,005within the sector's middle half▲ 0.8%€51,369within the sector's middle half▼ 9.9%€33,161within the sector's middle half▼ 35.4%€26,423within the sector's middle half▼ 20.3%€32,105within the sector's middle half▲ 21.5%
Solvency18.0%within the sector's middle half-62.8%above the sector's middle half▲ 44.7pp64.7%above the sector's middle half▲ 2.0pp51.0%within the sector's middle half▼ 13.7pp49.4%within the sector's middle half▼ 1.6pp33.6%within the sector's middle half▼ 15.7pp
Current ratio1.22within the sector's middle half-2.69within the sector's middle half▲ 1.472.83above the sector's middle half▲ 0.151.80within the sector's middle half▼ 1.041.71within the sector's middle half▼ 0.091.39within the sector's middle half▼ 0.31
Return on assets (ROA)2.1%within the sector's middle half-0.5%within the sector's middle half▼ 1.6pp-7.1%below the sector's middle half▼ 7.6pp-9.7%below the sector's middle half▼ 2.6pp-9.1%below the sector's middle half▲ 0.6pp4.2%within the sector's middle half▲ 13.4pp
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 profit of €7,302, after a loss of €5,576 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €123,940
Fixed assets
€10,000 =
Current assets
€113,940 ▲ 78.6%
Equity and liabilities €123,940
Equity
€41,676 ▲ 14.4%
Debt
€82,263 ▲ 120%
Debt's share of the balance-sheet total rises from 50.6% to 66.4%. Equity and debt are higher.
Key figures and ratios
Debt to equity
1.97▲
2024 · 1.03
ROE
12.6%▲
2024 · -18.5%
Debt ≤ 1 year
€81,835▲
2024 · €37,359
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €10,478 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €17,309 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €384 | €0 | - | - |
| Other operating charges640/8 | - | €62 | €62 | €62 | €574 | €587 | ▲ 2.2% |
| Gross operating margin9900 | €13,059 | €2,404 | -€4,427 | -€6,831 | -€5,002 | €7,889 | - |
| Operating profit (loss)9901 | €12,439 | €2,342 | -€4,489 | -€7,277 | -€5,576 | €7,302 | - |
| Financial charges65/66B | - | €1,153 | €1,168 | €931 | €1,162 | €2,049 | ▲ 76.4% |
| Recurring financial charges65 | €3,694 | €1,153 | €1,168 | €931 | €1,162 | €2,049 | ▲ 76.4% |
| Profit (loss) for the period before taxes9903 | €8,745 | €1,189 | -€5,657 | -€8,208 | -€6,738 | €5,253 | - |
| Income taxes67/77 | €2,200 | €729 | -€21 | - | - | - | - |
| Profit (loss) for the period9904 | €6,545 | €460 | -€5,636 | -€8,208 | -€6,738 | €5,253 | - |
| Profit (loss) for the period to be appropriated9905 | €6,545 | €460 | -€5,636 | -€8,208 | -€6,738 | €5,253 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €313,435 | €90,826 | €79,364 | €84,644 | €73,782 | €123,940 | ▲ 68.0% |
| Fixed assets21/28 | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Financial fixed assets28 | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Current assets29/58 | €313,435 | €90,826 | €79,364 | €74,644 | €63,782 | €113,940 | ▲ 78.6% |
| Stocks and contracts in progress3 | €33,578 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €279,857 | €85,151 | €64,994 | €74,644 | €62,795 | €112,933 | ▲ 79.8% |
| Trade receivables40 | - | €2,644 | €2,644 | €2,644 | €2,644 | €2,644 | = |
| Other amounts receivable41 | - | €82,507 | €62,350 | €72,000 | €60,150 | €110,289 | ▲ 83.4% |
| Current investments50/53 | - | €5,675 | €14,370 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €987 | €1,006 | ▲ 1.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €313,435 | €90,826 | €79,364 | €84,644 | €73,782 | €123,940 | ▲ 68.0% |
| Equity10/15 | €56,545 | €57,005 | €51,369 | €43,161 | €36,423 | €41,676 | ▲ 14.4% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,500 | €50,500 | = |
| Capital10 | - | €50,000 | €50,000 | - | - | - | - |
| Issued capital100 | - | €50,000 | €50,000 | - | - | - | - |
| Reserves13 | €6,545 | €7,005 | €7,005 | €7,005 | €6,505 | €6,505 | = |
| Non-distributable reserves130/1 | - | €500 | €500 | €0 | - | - | - |
| Legal reserve130 | - | €500 | €500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - |
| Distributable reserves133 | - | €6,505 | €6,505 | €7,005 | €6,505 | €6,505 | = |
| Profit (loss) carried forward14 | - | - | -€5,636 | -€13,844 | -€20,582 | -€15,329 | ▲ 25.5% |
| Amounts payable17/49 | €256,890 | €33,821 | €27,995 | €41,483 | €37,359 | €82,263 | ▲ 120% |
| Amounts payable within one year42/48 | €256,890 | €33,821 | €27,995 | €41,483 | €37,359 | €81,835 | ▲ 119% |
| Financial debts43 | - | - | - | €2,109 | €6,019 | €50,521 | ▲ 739% |
| Credit institutions430/8 | - | - | - | €2,109 | €6,019 | €50,521 | ▲ 739% |
| Trade debts44 | €122,630 | €30,892 | €27,995 | €28,270 | €30,117 | €30,091 | ▼ 0.1% |
| Suppliers440/4 | - | €30,892 | €27,995 | €28,270 | €30,117 | €30,091 | ▼ 0.1% |
| Taxes, remuneration and social security45 | - | €2,929 | - | €623 | €0 | - | - |
| Taxes450/3 | - | €2,929 | - | €623 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €10,481 | €1,222 | €1,222 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €429 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,545 | €460 | -€5,636 | -€8,208 | -€6,738 | €5,253 | - |
| Operating cash flow (approximation) | €6,545 | €460 | -€5,636 | -€8,208 | -€6,738 | €5,253 | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | - |
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, 5,047 companies had the same profile as GolfTechnics has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GolfTechnics itself: 1.7% 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 5,047 companies, not a prediction for GolfTechnics. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00199836 | |
| 31-12-2024 | micro format | 08-08-2025 | 2025-00366243 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00447277 | |
| 31-12-2022 | micro format | 26-10-2023 | 2023-00493064 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371978 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57700282 |