GOTRON
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-02-2026 PDF all 37 filings
Turnover
≈ €3.1m
Estimated: probably between €2.0m and €5.2m
Total assets
€3.2m▲ 7.3%
2024 · €2.9m
Net result
€197,378▼ 1.8%
2024 · €201,077
Working capital
€2.3m▼ 13.2%
2024 · €2.6m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€263,343
▼ 0.3%
2025
20192025
Net result
€197,378
▼ 1.8%
2025
highest quarter of the sector
20192025
Equity
€2.8m
▼ 3.2%
2025
highest quarter of the sector
20192025
Total assets
€3.2m
▲ 7.3%
2025
highest quarter of the sector
20192025
Debt
€379,110
▲ 404%
2025
20192025
Working capital
€2.3m
▼ 13.2%
2025
highest quarter of the sector
20192025
Solvency
88.0%
▼ 9.5pp
2025
highest quarter of the sector
20192025
Current ratio
7.03
▼ 29.66
2025
highest quarter of the sector
20192025
Return on assets (ROA)
6.3%
▼ 0.6pp
2025
middle half of the sector
20192025
Staff (FTE)
4
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.4m▲ 103%€0.5m▲ 5.5%€0.5m▲ 14.3%€0.3m▼ 35.9%€0.3m▼ 22.2%€0.3m▼ 0.3%
Net result€0.2m-€0.5mabove the sector's middle half▲ 222%€0.3mabove the sector's middle half▼ 33.0%€0.4mabove the sector's middle half▲ 14.7%€0.2mabove the sector's middle half▼ 35.5%€0.2mabove the sector's middle half▼ 16.7%€0.2mabove the sector's middle half▼ 1.8%
Equity€1.2m-€1.7mabove the sector's middle half▲ 39.5%€2.0mabove the sector's middle half▲ 19.0%€2.4mabove the sector's middle half▲ 18.3%€2.7mabove the sector's middle half▲ 10.0%€2.9mabove the sector's middle half▲ 7.6%€2.8mabove the sector's middle half▼ 3.2%
Total assets€1.8m-€2.1mwithin the sector's middle half▲ 14.3%€2.3mwithin the sector's middle half▲ 10.3%€2.7mwithin the sector's middle half▲ 14.5%€2.8mabove the sector's middle half▲ 4.5%€2.9mabove the sector's middle half▲ 5.9%€3.2mabove the sector's middle half▲ 7.3%
Debt€0.6m-€0.4m▼ 36.9%€0.3m▼ 28.9%€0.2m▼ 13.8%€0.1m▼ 52.3%€0.08m▼ 32.9%€0.4m▲ 404%
Working capital€0.7m-€1.3mabove the sector's middle half▲ 88.6%€1.7mabove the sector's middle half▲ 27.9%€2.1mabove the sector's middle half▲ 24.1%€2.4mabove the sector's middle half▲ 14.2%€2.6mabove the sector's middle half▲ 10.4%€2.3mabove the sector's middle half▼ 13.2%
Solvency67.0%-81.8%above the sector's middle half▲ 14.8pp88.2%above the sector's middle half▲ 6.5pp91.2%above the sector's middle half▲ 2.9pp96.0%above the sector's middle half▲ 4.8pp97.4%above the sector's middle half▲ 1.5pp88.0%above the sector's middle half▼ 9.5pp
Current ratio2.15-4.55above the sector's middle half▲ 2.407.86above the sector's middle half▲ 3.319.98above the sector's middle half▲ 2.1223.50above the sector's middle half▲ 13.5336.69above the sector's middle half▲ 13.187.03above the sector's middle half▼ 29.66
Return on assets (ROA)8.2%-23.2%above the sector's middle half▲ 14.9pp14.1%above the sector's middle half▼ 9.1pp14.1%above the sector's middle half=8.7%within the sector's middle half▼ 5.4pp6.8%within the sector's middle half▼ 1.9pp6.3%within the sector's middle half▼ 0.6pp
Staff (FTE)4.2-4.2within the sector's middle half=4.7within the sector's middle half▲ 11.9%5within the sector's middle half▲ 6.4%4within the sector's middle half▼ 20.0%4within the sector's middle half=4within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 0% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €3.2m
Fixed assets
€498,557 ▲ 104%
Current assets
€2.7m ▼ 1.5%
Equity and liabilities €3.2m
Equity
€2.8m ▼ 3.2%
Debt
€379,110 ▲ 404%
Debt's share of the balance-sheet total rises from 2.6% to 12.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€352,481▲
2024 · €315,707
Cash flow
€286,516▲
2024 · €252,536
Quick ratio
3.61▼
2024 · 18.17
Debt to equity
0.14▲
2024 · 0.03
ROE
7.1%▲
2024 · 7.0%
Interest coverage
41.66▼
2024 · 44.96
Debt ≤ 1 year
€377,778▲
2024 · €73,456
Income taxes
€89,499▼
2024 · €91,753
Staff costs
€248,785▲
2024 · €222,792
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 |
| full-time | 4 | 4 | 3 | 3 |
| part-time | 0 | 0 | 1 | 1 |
| in full-time equivalents | 4 | 4 | 3.9 | 3.9 |
| Average over the year, in full-time equivalents | 5 | 4 | 4 | 4 |
| On a permanent contract | 4 | 4 | 4 | 4 |
| Joined | 0 | - | - | - |
| Left | 2 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,975 | €6,910 | - | €302,768 |
| Depreciation and write-downs of the year | €59,485 | €56,750 | €51,460 | €89,138 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €4,505 awarded · €2,335 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,718 | €1,063 |
| 2024 | 1 | €2,513 | €998 |
| 2023 | 1 | €179 | €179 |
| 2022 | 1 | €95 | €95 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €145 | €7 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €236,109 | €235,575 | €222,792 | €248,785 | ▲ 11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €78,858 | €67,928 | €66,754 | €59,485 | €56,750 | €51,460 | €89,138 | ▲ 73.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€9,423 | -€37,148 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €9,853 | €18,666 | €4,349 | €5,315 | ▲ 22.2% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €511,754 | €694,838 | €783,753 | €825,788 | €613,447 | €542,847 | €606,580 | ▲ 11.7% |
| Operating profit (loss)9901 | €216,157 | €439,366 | €463,498 | €529,765 | €339,604 | €264,247 | €263,343 | ▼ 0.3% |
| Financial income75/76B | - | - | - | €28,464 | €23,945 | €35,605 | €31,996 | ▼ 10.1% |
| Recurring financial income75 | €22,928 | €227,813 | €24,797 | €28,464 | €23,945 | €35,605 | €31,996 | ▼ 10.1% |
| Financial charges65/66B | - | - | - | €10,929 | €10,899 | €7,022 | €8,462 | ▲ 20.5% |
| Recurring financial charges65 | €5,190 | €6,350 | €15,048 | €10,929 | €10,899 | €7,022 | €8,462 | ▲ 20.5% |
| Profit (loss) for the period before taxes9903 | €233,895 | €660,829 | €473,247 | €547,300 | €352,651 | €292,829 | €286,878 | ▼ 2.0% |
| Income taxes67/77 | €82,570 | €173,488 | €146,814 | €172,718 | €111,130 | €91,753 | €89,499 | ▼ 2.5% |
| Profit (loss) for the period9904 | €151,325 | €487,341 | €326,433 | €374,582 | €241,520 | €201,077 | €197,378 | ▼ 1.8% |
| Profit (loss) for the period to be appropriated9905 | €151,325 | €487,341 | €326,433 | €374,582 | €241,520 | €201,077 | €197,378 | ▼ 1.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.8m | €2.1m | €2.3m | €2.7m | €2.8m | €2.9m | €3.2m | ▲ 7.3% |
| Fixed assets21/28 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.5m | ▲ 104% |
| Intangible fixed assets21 | €0.007m | €0.002m | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.5m | ▲ 104% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.5m | ▲ 128% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.009m | €0.005m | €0.002m | ▼ 67.9% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.01m | €0.006m | ▼ 54.7% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.02m | €0.01m | €0.008m | ▼ 45.2% |
| Financial fixed assets28 | €0.06m | €0 | - | - | - | - | - | - |
| Current assets29/58 | €1.3m | €1.7m | €1.9m | €2.3m | €2.5m | €2.7m | €2.7m | ▼ 1.5% |
| Stocks and contracts in progress3 | €0.9m | €1.0m | €1.0m | €1.3m | €1.4m | €1.4m | €1.3m | ▼ 5.2% |
| Stocks30/36 | - | - | - | €1.3m | €1.4m | €1.4m | €1.3m | ▼ 5.2% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 43.9% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 48.2% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.03m | €0.02m | €0.02m | ▲ 5.7% |
| Current investments50/53 | €0 | - | - | - | €0.5m | €0.5m | €0.5m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.5m | €0.7m | €0.6m | €0.3m | €0.6m | €0.5m | ▼ 12.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.001m | €0 | €0.007m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.8m | €2.1m | €2.3m | €2.7m | €2.8m | €2.9m | €3.2m | ▲ 7.3% |
| Equity10/15 | €1.2m | €1.7m | €2.0m | €2.4m | €2.7m | €2.9m | €2.8m | ▼ 3.2% |
| Contributions10/11 | €0.04m | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €1.2m | €1.7m | €2.0m | €2.4m | €2.6m | €2.8m | €2.7m | ▼ 3.2% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €2.4m | €2.6m | €2.8m | €2.7m | ▼ 3.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.6m | €0.4m | €0.3m | €0.2m | €0.1m | €0.08m | €0.4m | ▲ 404% |
| Amounts payable within one year42/48 | €0.6m | €0.4m | €0.2m | €0.2m | €0.1m | €0.07m | €0.4m | ▲ 414% |
| Financial debts43 | - | - | - | €0.1m | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €0.1m | €0 | - | - | - |
| Trade debts44 | €0.3m | €0.1m | €0.03m | €0.02m | €0.004m | €0.002m | €0.03m | ▲ 15× |
| Suppliers440/4 | - | - | - | €0.02m | €0.004m | €0.002m | €0.03m | ▲ 15× |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.09m | €0.05m | €0.07m | ▲ 50.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.05m | €0.03m | €0.03m | ▲ 15.9% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0.02m | €0.04m | ▲ 95.2% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.01m | €0.03m | €0.3m | ▲ 966% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.007m | €0.002m | €0.001m | ▼ 22.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,325 | €487,341 | €326,433 | €374,582 | €241,520 | €201,077 | €197,378 | ▼ 1.8% |
| + Depreciation and write-downs630 | €78,858 | €67,928 | €66,754 | €59,485 | €56,750 | €51,460 | €89,138 | ▲ 73.2% |
| Operating cash flow (approximation) | €230,183 | €555,269 | €393,188 | €434,067 | €298,270 | €252,536 | €286,516 | ▲ 13.5% |
| Investment in fixed assets (approximation) | - | €50,020 | -€41,646 | -€5,975 | -€6,910 | €0 | -€343,414 | - |
| Change in cash | - | €303,093 | €166,814 | -€110,413 | -€301,717 | €331,936 | -€76,987 | - |
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 GOTRON 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 GOTRON 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 GOTRON. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | abbreviated format | 06-02-2026 | 2026-00034767 | |
| 31-07-2024 | abbreviated format | 28-02-2025 | 2025-00041554 | |
| 31-07-2023 | abbreviated format | 29-02-2024 | 2024-00036916 | |
| 31-07-2022 | abbreviated format | 20-02-2023 | 2023-00029115 | |
| 31-07-2021 | abbreviated format | 08-02-2022 | 2022-05100587 | |
| 31-07-2020 | abbreviated format | 02-03-2021 | 2021-06700050 | |
| 31-07-2019 | abbreviated format | 28-02-2020 | 2020-05900351 | |
| 31-07-2018 | abbreviated format | 04-02-2019 | 2019-04400253 | |
| 31-07-2017 | abbreviated format | 30-01-2018 | 2018-03300411 | |
| 31-07-2016 | abbreviated format | 06-02-2017 | 2017-04000263 |