GORBOUW
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 March 2026, deadline 28 February 2026 (7 months after the close on 31 July 2025, Companies Code art. 3:10). Source: NBB, 2026-00048034.
Annual accounts 2025 filed on 02-03-2026 PDF all 5 filings
Turnover
≈ €170,000
Estimated: probably between €110,000 and €280,000
Total assets
€140,278▲ 17.7%
2024 · €119,210
Net result
€562▼ 88.8%
2024 · €5,001
Working capital
-€6,078
2024 · €32,357
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€4,659
▼ 50.3%
2025
20212025
Net result
€562
▼ 88.8%
2025
middle half of the sector
20212025
Equity
€19,817
▼ 66.6%
2025
lowest quarter of the sector
20212025
Total assets
€140,278
▲ 17.7%
2025
middle half of the sector
20212025
Debt
€120,461
▲ 101%
2025
20212025
Working capital
-€6,078
2025
lowest quarter of the sector
20212025
Solvency
14.1%
▼ 35.6pp
2025
lowest quarter of the sector
20212025
Current ratio
0.91
▼ 1.25
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
0.4%
▼ 3.8pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€16,443-€17,943▲ 9.1%€28,152▲ 56.9%€9,378▼ 66.7%€4,659▼ 50.3%
Net result€15,190within the sector's middle half-€13,056within the sector's middle half▼ 14.0%€21,008within the sector's middle half▲ 60.9%€5,001within the sector's middle half▼ 76.2%€562within the sector's middle half▼ 88.8%
Equity€20,190below the sector's middle half-€33,247within the sector's middle half▲ 64.7%€54,255within the sector's middle half▲ 63.2%€59,255within the sector's middle half▲ 9.2%€19,817below the sector's middle half▼ 66.6%
Total assets€55,854below the sector's middle half-€85,776within the sector's middle half▲ 53.6%€111,323within the sector's middle half▲ 29.8%€119,210within the sector's middle half▲ 7.1%€140,278within the sector's middle half▲ 17.7%
Debt€35,663-€52,529▲ 47.3%€57,068▲ 8.6%€59,955▲ 5.1%€120,461▲ 101%
Working capital€11,546within the sector's middle half-€8,131within the sector's middle half▼ 29.6%€29,461within the sector's middle half▲ 262%€32,357within the sector's middle half▲ 9.8%-€6,078below the sector's middle half
Solvency36.1%within the sector's middle half-38.8%within the sector's middle half▲ 2.6pp48.7%within the sector's middle half▲ 10.0pp49.7%within the sector's middle half▲ 1.0pp14.1%below the sector's middle half▼ 35.6pp
Current ratio1.59within the sector's middle half-1.20within the sector's middle half▼ 0.391.86within the sector's middle half▲ 0.652.16within the sector's middle half▲ 0.300.91below the sector's middle half▼ 1.25
Return on assets (ROA)27.2%above the sector's middle half-15.2%within the sector's middle half▼ 12.0pp18.9%above the sector's middle half▲ 3.6pp4.2%within the sector's middle half▼ 14.7pp0.4%below the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 50% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €140,278
Fixed assets
€76,057 ▲ 28.8%
Current assets
€64,221 ▲ 6.7%
Equity and liabilities €140,278
Equity
€19,817 ▼ 66.6%
Debt
€120,461 ▲ 101%
Debt's share of the balance-sheet total rises from 50.3% to 85.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€24,987▼
2024 · €27,064
Cash flow
€20,890▼
2024 · €22,687
Quick ratio
0.70▼
2024 · 2.16
Debt to equity
6.08▲
2024 · 1.01
ROE
2.8%▼
2024 · 8.4%
Interest coverage
5.46▼
2024 · 9.11
Debt ≤ 1 year
€70,299▲
2024 · €27,823
Debt > 1 year
€49,662▲
2024 · €32,132
Income taxes
-€461▼
2024 · €1,405
Supplier credit
4 days▲
2024 · 0 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €23,956 | €31,988 | €32,721 | €55,226 |
| Depreciation and write-downs of the year | €10,985 | €12,393 | €17,687 | €20,328 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €5,721 | €459 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €358,403 | €277,243 | €229,858 | €194,956 | ▼ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,651 | €10,985 | €12,393 | €17,687 | €20,328 | ▲ 14.9% |
| Other operating charges640/8 | - | €2,151 | €2,136 | €1,026 | €2,676 | ▲ 161% |
| Gross operating margin9900 | €19,653 | €31,079 | €42,680 | €28,091 | €27,663 | ▼ 1.5% |
| Operating profit (loss)9901 | €16,443 | €17,943 | €28,152 | €9,378 | €4,659 | ▼ 50.3% |
| Financial income75/76B | - | €4 | €1 | €0 | €21 | ▲ 228× |
| Recurring financial income75 | €1,156 | €4 | €1 | €0 | €21 | ▲ 228× |
| Financial charges65/66B | - | €1,555 | €1,998 | €2,972 | €4,578 | ▲ 54.1% |
| Recurring financial charges65 | €220 | €1,555 | €1,998 | €2,972 | €4,578 | ▲ 54.1% |
| Profit (loss) for the period before taxes9903 | €17,378 | €16,392 | €26,155 | €6,406 | €101 | ▼ 98.4% |
| Income taxes67/77 | €2,188 | €3,336 | €5,147 | €1,405 | -€461 | - |
| Profit (loss) for the period9904 | €15,190 | €13,056 | €21,008 | €5,001 | €562 | ▼ 88.8% |
| Profit (loss) for the period to be appropriated9905 | €15,190 | €13,056 | €21,008 | €5,001 | €562 | ▼ 88.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €55,854 | €85,776 | €111,323 | €119,210 | €140,278 | ▲ 17.7% |
| Fixed assets21/28 | €24,750 | €37,721 | €47,537 | €59,031 | €76,057 | ▲ 28.8% |
| Tangible fixed assets22/27 | €24,750 | €37,721 | €47,537 | €59,031 | €76,057 | ▲ 28.8% |
| Plant, machinery and equipment23 | - | €2,018 | €3,940 | €4,837 | €4,608 | ▼ 4.7% |
| Furniture and vehicles24 | - | €18,536 | €6,627 | €1,554 | €47,581 | ▲ 31× |
| Leasing and similar rights25 | - | €17,167 | €36,969 | €52,640 | €23,868 | ▼ 54.7% |
| Current assets29/58 | €31,104 | €48,055 | €63,786 | €60,179 | €64,221 | ▲ 6.7% |
| Stocks and contracts in progress3 | €10,650 | - | - | - | €15,000 | - |
| Contracts in progress37 | - | - | - | - | €15,000 | - |
| Amounts receivable within one year40/41 | €6,318 | €24,952 | €51,699 | €24,218 | €2,493 | ▼ 89.7% |
| Trade receivables40 | - | €15,699 | €51,389 | €15,510 | - | - |
| Other amounts receivable41 | - | €9,253 | €310 | €8,708 | €2,493 | ▼ 71.4% |
| Cash at bank and in hand54/58 | €14,136 | €23,103 | €12,087 | €34,645 | €44,101 | ▲ 27.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,317 | €2,627 | ▲ 99.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €55,854 | €85,776 | €111,323 | €119,210 | €140,278 | ▲ 17.7% |
| Equity10/15 | €20,190 | €33,247 | €54,255 | €59,255 | €19,817 | ▼ 66.6% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Contributions outside capital11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Other1109/19 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €15,190 | €28,247 | €49,255 | €54,255 | €14,817 | ▼ 72.7% |
| Amounts payable17/49 | €35,663 | €52,529 | €57,068 | €59,955 | €120,461 | ▲ 101% |
| Amounts payable after more than one year17 | €16,106 | €12,606 | €22,743 | €32,132 | €49,662 | ▲ 54.6% |
| Financial debts170/4 | - | €12,606 | €22,743 | €32,132 | €49,662 | ▲ 54.6% |
| Amounts payable within one year42/48 | €19,558 | €39,924 | €34,325 | €27,823 | €70,299 | ▲ 153% |
| Current portion of amounts payable after more than one year42 | - | €3,681 | €9,512 | €14,723 | €19,105 | ▲ 29.8% |
| Trade debts44 | €3,919 | €15,787 | €3,200 | €188 | €2,293 | ▲ 12× |
| Suppliers440/4 | - | €15,787 | €3,200 | €188 | €2,293 | ▲ 12× |
| Advances received on contracts in progress46 | - | €2,000 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €5,093 | €9,101 | €4,009 | €7,037 | ▲ 75.5% |
| Taxes450/3 | - | €5,093 | €9,101 | €4,009 | €7,037 | ▲ 75.5% |
| Other amounts payable47/48 | - | €13,362 | €12,513 | €8,902 | €41,864 | ▲ 370% |
| Accrued charges and deferred income492/3 | - | - | - | - | €500 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,190 | €13,056 | €21,008 | €5,001 | €562 | ▼ 88.8% |
| + Depreciation and write-downs630 | €2,651 | €10,985 | €12,393 | €17,687 | €20,328 | ▲ 14.9% |
| Operating cash flow (approximation) | €17,842 | €24,041 | €33,400 | €22,687 | €20,890 | ▼ 7.9% |
| Investment in fixed assets (approximation) | - | -€23,956 | -€22,209 | -€29,180 | -€37,355 | ▼ 28.0% |
| Change in cash | - | €8,967 | -€11,016 | €22,558 | €9,456 | ▼ 58.1% |
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, 3,274 companies had the same profile as GORBOUW has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GORBOUW itself: 0.9% 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 3,274 companies, not a prediction for GORBOUW. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 02-03-2026 | 2026-00048034 | |
| 31-07-2024 | micro format | 05-03-2025 | 2025-00044650 | |
| 31-07-2023 | micro format | 04-03-2024 | 2024-00039198 | |
| 31-07-2022 | micro format | 28-02-2023 | 2023-00033708 | |
| 31-07-2021 | micro format | 30-03-2022 | 2022-09500020 |