GORIK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 43 filings
Turnover
≈ €240,000
Estimated: probably between €180,000 and €290,000
Total assets
€525,329▼ 1.9%
2024 · €535,299
Net result
€16,663▼ 41.6%
2024 · €28,535
Working capital
-€24,403▲ 14.1%
2024 · -€28,417
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€29,908
▼ 22.2%
2025
20182025
Net result
€16,663
▼ 41.6%
2025
middle half of the sector
20182025
Equity
€332,730
▲ 5.3%
2025
highest quarter of the sector
20182025
Total assets
€525,329
▼ 1.9%
2025
highest quarter of the sector
20182025
Debt
€192,600
▼ 12.1%
2025
20182025
Working capital
-€24,403
▲ 14.1%
2025
middle half of the sector
20182025
Solvency
63.3%
▲ 4.3pp
2025
highest quarter of the sector
20182025
Current ratio
0.46
▲ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.2%
▼ 2.2pp
2025
middle half of the sector
20182025
Staff (FTE)
4.5
▲ 4.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€19,529-€26,354▲ 34.9%-€516-€1,638▼ 217%€12,380€15,694▲ 26.8%€38,434▲ 145%€29,908▼ 22.2%
Net result€8,623-€17,420▲ 102%-€8,827within the sector's middle half-€10,463below the sector's middle half▼ 18.5%€3,423within the sector's middle half€5,626within the sector's middle half▲ 64.3%€28,535above the sector's middle half▲ 407%€16,663within the sector's middle half▼ 41.6%
Equity€282,592-€297,772▲ 5.4%€288,945above the sector's middle half▼ 3.0%€278,482above the sector's middle half▼ 3.6%€281,905above the sector's middle half▲ 1.2%€287,531above the sector's middle half▲ 2.0%€316,066above the sector's middle half▲ 9.9%€332,730above the sector's middle half▲ 5.3%
Total assets€547,276-€547,324=€514,220above the sector's middle half▼ 6.0%€494,447above the sector's middle half▼ 3.8%€534,522above the sector's middle half▲ 8.1%€539,159above the sector's middle half▲ 0.9%€535,299above the sector's middle half▼ 0.7%€525,329above the sector's middle half▼ 1.9%
Debt€264,684-€249,553▼ 5.7%€225,275▼ 9.7%€215,966▼ 4.1%€252,617▲ 17.0%€251,628▼ 0.4%€219,232▼ 12.9%€192,600▼ 12.1%
Working capital-€6,023--€20,427▼ 239%-€26,722within the sector's middle half▼ 30.8%-€29,149below the sector's middle half▼ 9.1%-€33,418below the sector's middle half▼ 14.6%-€44,215below the sector's middle half▼ 32.3%-€28,417within the sector's middle half▲ 35.7%-€24,403within the sector's middle half▲ 14.1%
Solvency51.6%-54.4%▲ 2.8pp56.2%within the sector's middle half▲ 1.8pp56.3%within the sector's middle half▲ 0.1pp52.7%within the sector's middle half▼ 3.6pp53.3%within the sector's middle half▲ 0.6pp59.0%above the sector's middle half▲ 5.7pp63.3%above the sector's middle half▲ 4.3pp
Current ratio0.84-0.56▼ 0.280.15below the sector's middle half▼ 0.410.14below the sector's middle half▼ 0.020.13below the sector's middle half▼ 0.010.11below the sector's middle half▼ 0.020.38below the sector's middle half▲ 0.270.46below the sector's middle half▲ 0.09
Return on assets (ROA)1.6%-3.2%▲ 1.6pp-1.7%within the sector's middle half▼ 4.9pp-2.1%within the sector's middle half▼ 0.4pp0.6%within the sector's middle half▲ 2.8pp1.0%within the sector's middle half▲ 0.4pp5.3%within the sector's middle half▲ 4.3pp3.2%within the sector's middle half▼ 2.2pp
Staff (FTE)4.34.5▲ 4.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 22% lower than in 2024.
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 €525,329
Fixed assets
€504,332 ▼ 2.7%
Current assets
€20,998 ▲ 22.0%
Equity and liabilities €525,329
Equity
€332,730 ▲ 5.3%
Debt
€192,600 ▼ 12.1%
Debt's share of the balance-sheet total falls from 41.0% to 36.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,825▼
2024 · €60,742
Cash flow
€37,581▼
2024 · €50,843
Quick ratio
0.31▲
2024 · 0.29
Debt to equity
0.58▼
2024 · 0.69
ROE
5.0%▼
2024 · 9.0%
Interest coverage
6.65▲
2024 · 6.57
Debt ≤ 1 year
€45,400▼
2024 · €45,628
Debt > 1 year
€146,934▼
2024 · €173,411
Income taxes
€5,615▲
2024 · €719
Staff costs
€11,621▲
2024 · €10,283
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 4 | 1 |
| full-time | 0 | 0 |
| part-time | 4 | 1 |
| in full-time equivalents | 0.8 | 0.3 |
| Average over the year, in full-time equivalents | 0.7 | 0.7 |
| Joined | 15 | 46 |
| Left | 14 | 49 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €59,438 | €28,863 | €6,578 | €7,115 |
| Financial fixed assets | - | €178 | €40 | €80 | €47 |
| Depreciation and write-downs of the year | €19,983 | €19,996 | €24,594 | €22,308 | €20,918 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,617 | €4,039 | €7,277 | €10,283 | €11,621 | ▲ 13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,216 | €19,922 | €19,888 | €19,983 | €19,996 | €24,594 | €22,308 | €20,918 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €3,951 | €3,122 | €3,540 | €3,521 | €3,661 | ▲ 4.0% |
| Gross operating margin9900 | €41,535 | €52,308 | €25,636 | €25,913 | €39,537 | €51,104 | €74,546 | €66,107 | ▼ 11.3% |
| Operating profit (loss)9901 | €19,529 | €26,354 | -€516 | -€1,638 | €12,380 | €15,694 | €38,434 | €29,908 | ▼ 22.2% |
| Financial income75/76B | - | - | - | €9 | €821 | €59 | €61 | €11 | ▼ 82.3% |
| Recurring financial income75 | €892 | €2,074 | €973 | €9 | €821 | €59 | €61 | €11 | ▼ 82.3% |
| Financial charges65/66B | - | - | - | €8,385 | €8,954 | €9,449 | €9,240 | €7,640 | ▼ 17.3% |
| Recurring financial charges65 | €11,309 | €10,561 | €9,080 | €8,385 | €8,954 | €9,449 | €9,240 | €7,640 | ▼ 17.3% |
| Profit (loss) for the period before taxes9903 | €9,112 | €17,866 | -€8,624 | -€10,014 | €4,247 | €6,304 | €29,255 | €22,278 | ▼ 23.8% |
| Income taxes67/77 | €489 | €446 | €203 | €449 | €824 | €678 | €719 | €5,615 | ▲ 681% |
| Profit (loss) for the period9904 | €8,623 | €17,420 | -€8,827 | -€10,463 | €3,423 | €5,626 | €28,535 | €16,663 | ▼ 41.6% |
| Profit (loss) for the period to be appropriated9905 | €8,623 | €17,420 | -€8,827 | -€10,463 | €3,423 | €5,626 | €28,535 | €16,663 | ▼ 41.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €547,276 | €547,324 | €514,220 | €494,447 | €534,522 | €539,159 | €535,299 | €525,329 | ▼ 1.9% |
| Fixed assets21/28 | €514,739 | €521,038 | €509,388 | €489,809 | €529,428 | €533,737 | €518,087 | €504,332 | ▼ 2.7% |
| Tangible fixed assets22/27 | €514,560 | €520,666 | €509,166 | €489,609 | €529,051 | €533,320 | €517,590 | €503,787 | ▼ 2.7% |
| Land and buildings22 | - | - | - | €468,327 | €510,298 | €517,292 | €499,159 | €483,385 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | €11,681 | €8,455 | €2,905 | €2,595 | €2,573 | ▼ 0.9% |
| Furniture and vehicles24 | - | - | - | €9,602 | €10,298 | €13,123 | €15,836 | €17,829 | ▲ 12.6% |
| Financial fixed assets28 | €178 | €372 | €222 | €200 | €378 | €417 | €497 | €545 | ▲ 9.5% |
| Current assets29/58 | €32,537 | €26,286 | €4,832 | €4,638 | €5,094 | €5,422 | €17,211 | €20,998 | ▲ 22.0% |
| Stocks and contracts in progress3 | €3,205 | €4,357 | €547 | €1,616 | €3,204 | €3,749 | €4,189 | €7,074 | ▲ 68.8% |
| Stocks30/36 | - | - | - | €1,616 | €3,204 | €3,749 | €4,189 | €7,074 | ▲ 68.8% |
| Amounts receivable within one year40/41 | €13,523 | €13,378 | €2,219 | - | €1,226 | €752 | €8,021 | €9,131 | ▲ 13.8% |
| Trade receivables40 | - | - | - | - | €1,226 | €752 | €8,021 | €7,245 | ▼ 9.7% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €1,886 | - |
| Cash at bank and in hand54/58 | €14,408 | €6,783 | €1,917 | €2,367 | €429 | €252 | €3,269 | €3,114 | ▼ 4.7% |
| Deferred charges and accrued income490/1 | - | - | - | €654 | €235 | €669 | €1,732 | €1,678 | ▼ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €547,276 | €547,324 | €514,220 | €494,447 | €534,522 | €539,159 | €535,299 | €525,329 | ▼ 1.9% |
| Equity10/15 | €282,592 | €297,772 | €288,945 | €278,482 | €281,905 | €287,531 | €316,066 | €332,730 | ▲ 5.3% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Revaluation surpluses12 | - | - | - | €370,954 | €370,954 | €370,954 | €370,954 | €370,954 | = |
| Reserves13 | €40,716 | €40,716 | €40,716 | €40,716 | €40,716 | €40,716 | €40,716 | €40,716 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €0 | - | - |
| Distributable reserves133 | - | - | - | €38,857 | €38,857 | €38,857 | €40,716 | €40,716 | = |
| Profit (loss) carried forward14 | -€147,671 | -€132,491 | -€141,317 | -€151,781 | -€148,358 | -€142,732 | -€114,196 | -€97,533 | ▲ 14.6% |
| Amounts payable17/49 | €264,684 | €249,553 | €225,275 | €215,966 | €252,617 | €251,628 | €219,232 | €192,600 | ▼ 12.1% |
| Amounts payable after more than one year17 | €223,603 | €202,840 | €192,204 | €182,179 | €213,597 | €201,870 | €173,411 | €146,934 | ▼ 15.3% |
| Financial debts170/4 | - | - | - | €182,179 | €213,597 | €201,870 | €173,411 | €146,934 | ▼ 15.3% |
| Amounts payable within one year42/48 | €38,561 | €46,713 | €31,554 | €33,787 | €38,512 | €49,637 | €45,628 | €45,400 | ▼ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,556 | €17,731 | €28,043 | €28,459 | €26,476 | ▼ 7.0% |
| Financial debts43 | - | - | - | - | €1,236 | €993 | €0 | €1,389 | - |
| Credit institutions430/8 | - | - | - | - | €1,236 | €993 | €0 | €1,389 | - |
| Trade debts44 | €13,775 | €18,167 | €6,837 | €5,506 | €9,748 | €9,779 | €4,296 | €4,265 | ▼ 0.7% |
| Suppliers440/4 | - | - | - | €5,506 | €9,748 | €9,779 | €4,296 | €4,265 | ▼ 0.7% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €600 | - |
| Taxes, remuneration and social security45 | - | - | - | €2,725 | €5,237 | €5,406 | €6,328 | €5,104 | ▼ 19.4% |
| Taxes450/3 | - | - | - | €1,704 | €3,443 | €3,209 | €3,699 | €2,564 | ▼ 30.7% |
| Remuneration and social security454/9 | - | - | - | €1,022 | €1,794 | €2,197 | €2,630 | €2,540 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €7,999 | €4,560 | €5,416 | €6,544 | €7,566 | ▲ 15.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €508 | €121 | €194 | €265 | ▲ 36.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,623 | €17,420 | -€8,827 | -€10,463 | €3,423 | €5,626 | €28,535 | €16,663 | ▼ 41.6% |
| + Depreciation and write-downs630 | €16,216 | €19,922 | €19,888 | €19,983 | €19,996 | €24,594 | €22,308 | €20,918 | ▼ 6.2% |
| Operating cash flow (approximation) | €24,840 | €37,342 | €11,061 | €9,520 | €23,420 | €30,220 | €50,843 | €37,581 | ▼ 26.1% |
| Investment in fixed assets (approximation) | - | -€26,221 | -€8,237 | -€405 | -€59,615 | -€28,902 | -€6,658 | -€7,162 | ▼ 7.6% |
| Change in cash | - | -€7,625 | -€4,866 | €451 | -€1,938 | -€177 | €3,017 | -€155 | - |
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, 17,041 companies had the same profile as GORIK has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GORIK itself: 0.3% 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 17,041 companies, not a prediction for GORIK. 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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00319894 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00271054 | |
| 31-12-2023 | micro format | 23-06-2024 | 2024-00159407 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00336006 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20044707 | |
| 31-12-2020 | micro format | 17-07-2021 | 2021-39300490 | |
| 31-12-2019 | micro format | 13-08-2020 | 2020-40700528 | |
| 31-12-2018 | micro format | 06-08-2019 | 2019-44400342 | |
| 31-12-2017 | micro format | 28-07-2018 | 2018-40000286 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-24700341 |