GOVADO
ActiveSummary
GOVADO has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.73M and a net result of €127k. Equity remains stable across the filed fiscal years (±2.2% per year). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72=
Solvency58▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110k at 30 days acceptable
Liquidity short (current ratio 0.04 against 0.01 in 2024; short-term debt: 12.2% and cash: 0.3% of total assets), and 66.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
33.3%
Return on assets
2.4%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.73M
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
31 d early
2023
75 d early
2022
21 d late
2021
2 d early
2020
31 d late
2019
21 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€127k▼ 7.1%
2024 · €137k
2018: €44k
2019: €176k▲ +301% vs 2018highest in 8 years
2020: €-80k▼ -146% vs 2019lowest in 8 years
2021: €-12k▲ +85.6% vs 2020
2022: €50k▲ +527% vs 2021
2023: €-52k▼ -205% vs 2022
2024: €137k▲ +364% vs 2023
2025: €127k▼ -7.1% vs 2024
2018 → 2025
Working capital
€-609k▲ 7.6%
2024 · €-659k
2018: €610k
2019: €845k▲ +38.7% vs 2018highest in 8 years
2020: €-360k▼ -143% vs 2019
2021: €-429k▼ -19.1% vs 2020
2022: €-181k▲ +57.9% vs 2021
2023: €-729k▼ -303% vs 2022lowest in 8 years
2024: €-659k▲ +9.5% vs 2023
2025: €-609k▲ +7.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.47M-€1.52M▲ 3.4%€1.47M▼ 3.4%€1.61M▲ 9.3%€1.73M▲ 7.9%
2021: €1.47M
2022: €1.52M▲ +3.4% vs 2021
2023: €1.47M▼ -3.4% vs 2022lowest in 5 years
2024: €1.61M▲ +9.3% vs 2023
2025: €1.73M▲ +7.9% vs 2024highest in 5 years
Operating result€103k-€214k▲ 108%€34k▼ 83.9%€263k▲ 665%€248k▼ 5.5%
2021: €103k
2022: €214k▲ +108% vs 2021
2023: €34k▼ -83.9% vs 2022lowest in 5 years
2024: €263k▲ +665% vs 2023highest in 5 years
2025: €248k▼ -5.5% vs 2024
Net result€-12k-€50k€-52k€137k€127k▼ 7.1%
2021: €-12k
2022: €50k▲ +527% vs 2021
2023: €-52k▼ -205% vs 2022lowest in 5 years
2024: €137k▲ +364% vs 2023highest in 5 years
2025: €127k▼ -7.1% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 5% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.21M
Fixed assets
€5.18M ▼ 3.7%
Current assets
€24k ▲ 269%
Equity and liabilities €5.21M
Equity
€1.73M ▲ 7.9%
Debt
€3.47M ▼ 8.1%
Debt's share of the balance-sheet total falls from 70.2% to 66.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€447k▼
2024 · €461k
Cash flow
€326k▼
2024 · €335k
Current ratio
0.04▲
2024 · 0.01
Debt to equity
2.00▼
2024 · 2.36
ROE
7.3%▼
2024 · 8.5%
ROA
2.4%▼
2024 · 2.5%
Interest coverage
6.81▲
2024 · 6.11
Debt ≤ 1 year
€633k▼
2024 · €666k
Debt > 1 year
€2.83M▼
2024 · €3.11M
Income taxes
€61k▲
2024 · €50k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5.39M€5.21M▼
Fixed assets21/28€5.38M€5.18M▼
Tangible fixed assets22/27€5.38M€5.18M▼
Land and buildings22€5.38M€5.18M▼
Financial fixed assets28€2k€2k=
Current assets29/58€7k€24k▲
Amounts receivable within one year40/41€166€9k▲
Other amounts receivable41€166€9k▲
Cash at bank and in hand54/58€6k€15k▲
Equity and liabilities
Total equity and liabilities10/49€5.39M€5.21M▼
Equity10/15€1.61M€1.73M▲
Contributions10/11€950k€950k=
Capital10€950k€950k=
Issued capital100€950k€950k=
Reserves13€656k€783k▲
Non-distributable reserves130/1€95k€95k=
Legal reserve130€95k€95k=
Tax-exempt reserves132€38k€38k=
Distributable reserves133€523k€650k▲
Profit (loss) carried forward14€124€124=
Amounts payable17/49€3.78M€3.47M▼
Amounts payable after more than one year17€3.11M€2.83M▼
Financial debts170/4€1.47M€1.20M▼
Other amounts payable178/9€1.63M€1.63M=
Amounts payable within one year42/48€666k€633k▼
Current portion of amounts payable after more than one year42€317k€273k▼
Financial debts43-€35k
Credit institutions430/8-€35k
Trade debts44€5k€4k▼
Suppliers440/4€5k€4k▼
Taxes, remuneration and social security45€50k€22k▼
Taxes450/3€50k€22k▼
Other amounts payable47/48€294k€299k▲
Accrued charges and deferred income492/3€9k€6k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€199k€199k=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-121k-
Other operating charges640/8€300k€5k▼
Gross operating margin9900€641k€452k▼
Operating profit (loss)9901€263k€248k▼
Financial income75/76B€30€5k▲
Recurring financial income75€30€5k▲
Financial charges65/66B€76k€66k▼
Recurring financial charges65€76k€66k▼
Profit (loss) for the period before taxes9903€187k€188k▲
Income taxes67/77€50k€61k▲
Profit (loss) for the period9904€137k€127k▼
Profit (loss) for the period to be appropriated9905€137k€127k▼
Appropriation of the result
Profit (loss) to be appropriated9906€137k€127k▼
Profit (loss) brought forward from the previous period14P€117€124▲
Transfer to equity691/2€137k€127k▼
To other reserves6921€137k€127k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €222k | €209k | €209k | €199k | €199k | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €82k | - | - | €-121k | - | - |
| Other operating charges640/8 | €67k | €29k | €7k | €300k | €5k | ▼ 98.3% |
| Gross operating margin9900 | €474k | €452k | €250k | €641k | €452k | ▼ 29.5% |
| Operating profit (loss)9901 | €103k | €214k | €34k | €263k | €248k | ▼ 5.5% |
| Financial income75/76B | €833 | - | €4 | €30 | €5k | ▲ 16,582% |
| Recurring financial income75 | €833 | - | €4 | €30 | €5k | ▲ 16,582% |
| Financial charges65/66B | €115k | €159k | €86k | €76k | €66k | ▼ 13.1% |
| Recurring financial charges65 | €115k | €159k | €86k | €76k | €66k | ▼ 13.1% |
| Profit (loss) for the period before taxes9903 | €-12k | €54k | €-52k | €187k | €188k | ▲ 0.3% |
| Income taxes67/77 | - | €5k | - | €50k | €61k | ▲ 20.3% |
| Profit (loss) for the period9904 | €-12k | €50k | €-52k | €137k | €127k | ▼ 7.1% |
| Profit (loss) for the period to be appropriated9905 | €-12k | €50k | €-52k | €137k | €127k | ▼ 7.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.73M | €6.17M | €5.95M | €5.39M | €5.21M | ▼ 3.4% |
| Fixed assets21/28 | €6.34M | €5.84M | €5.63M | €5.38M | €5.18M | ▼ 3.7% |
| Tangible fixed assets22/27 | €6.33M | €5.84M | €5.63M | €5.38M | €5.18M | ▼ 3.7% |
| Land and buildings22 | €6.33M | €5.84M | €5.63M | €5.38M | €5.18M | ▼ 3.7% |
| Furniture and vehicles24 | €209 | - | - | - | - | - |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €393k | €329k | €322k | €7k | €24k | ▲ 269% |
| Stocks and contracts in progress3 | €145k | €145k | €145k | - | - | - |
| Stocks30/36 | €145k | €145k | €145k | - | - | - |
| Amounts receivable within one year40/41 | €244k | €167k | €175k | €166 | €9k | ▲ 5,521% |
| Trade receivables40 | €221k | €143k | €151k | - | - | - |
| Other amounts receivable41 | €23k | €24k | €24k | €166 | €9k | ▲ 5,521% |
| Cash at bank and in hand54/58 | €4k | €17k | €2k | €6k | €15k | ▲ 132% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.73M | €6.17M | €5.95M | €5.39M | €5.21M | ▼ 3.4% |
| Equity10/15 | €1.47M | €1.52M | €1.47M | €1.61M | €1.73M | ▲ 7.9% |
| Contributions10/11 | €950k | €950k | €950k | €950k | €950k | = |
| Capital10 | €950k | €950k | €950k | €950k | €950k | = |
| Issued capital100 | €950k | €950k | €950k | €950k | €950k | = |
| Reserves13 | €521k | €570k | €519k | €656k | €783k | ▲ 19.4% |
| Non-distributable reserves130/1 | €95k | €95k | €95k | €95k | €95k | = |
| Legal reserve130 | €95k | €95k | €95k | €95k | €95k | = |
| Tax-exempt reserves132 | €38k | €38k | €38k | €38k | €38k | = |
| Distributable reserves133 | €388k | €438k | €387k | €523k | €650k | ▲ 24.3% |
| Profit (loss) carried forward14 | €921 | €924 | €117 | €124 | €124 | = |
| Amounts payable17/49 | €5.26M | €4.65M | €4.48M | €3.78M | €3.47M | ▼ 8.1% |
| Amounts payable after more than one year17 | €4.43M | €4.13M | €3.42M | €3.11M | €2.83M | ▼ 8.8% |
| Financial debts170/4 | €2.39M | €2.10M | €1.79M | €1.47M | €1.20M | ▼ 18.5% |
| Other amounts payable178/9 | €2.03M | €2.03M | €1.63M | €1.63M | €1.63M | = |
| Amounts payable within one year42/48 | €822k | €510k | €1.05M | €666k | €633k | ▼ 4.9% |
| Current portion of amounts payable after more than one year42 | €286k | €295k | €306k | €317k | €273k | ▼ 14.0% |
| Financial debts43 | - | - | €25k | - | €35k | - |
| Credit institutions430/8 | - | - | €25k | - | €35k | - |
| Trade debts44 | €18k | €50k | €49k | €5k | €4k | ▼ 28.6% |
| Suppliers440/4 | €18k | €50k | €49k | €5k | €4k | ▼ 28.6% |
| Taxes, remuneration and social security45 | €165k | €5k | €5k | €50k | €22k | ▼ 55.5% |
| Taxes450/3 | €165k | €5k | €5k | €50k | €22k | ▼ 55.5% |
| Other amounts payable47/48 | €353k | €160k | €666k | €294k | €299k | ▲ 2.0% |
| Accrued charges and deferred income492/3 | €9k | €5k | €7k | €9k | €6k | ▼ 30.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-12k | €50k | €-52k | €137k | €127k | ▼ 7.1% |
| + Depreciation and write-downs630 | €222k | €209k | €209k | €199k | €199k | = |
| Operating cash flow (approximation) | €210k | €258k | €157k | €335k | €326k | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | €289k | €0 | €49k | €0 | ▼ 100% |
| Change in cash | - | €14k | €-16k | €5k | €8k | ▲ 85.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 25 days late
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €137k
Net result €137k after one loss-making year.
17-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 21 days late
2022
31-12
Financial
Back to profitnet €50k
Net result €50k after 2 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-80k
Net result drops to €-80k, the lowest in the series; recovery starts the following year.
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 21 days late
2019
31-12
Financial
Highest result since 2018net €176k ▲301%
Operating result €364k, net result €176k, both a record.
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 20 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
31-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Eeklo · 1 establishment unit since 2001
Ground area
1.0 ha
Building footprint
1,746 m²
Volume, LiDAR
9,880 m³
2 parcels, Flanders · tallest building 16.6 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Industrielaan 13, 9900 Eeklo
since 20012.093.346.508
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43005D0157/00Y000 | Flanders | 5,939 m² | 1 · 346 m² | 16.6 m · 4 fl. |
| 43352F0398/00L000 | Flanders | 4,415 m² | 1 · 1,400 m² | 5.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Care and welfare
1 service · 0 liveGovado
Identification & contact
Identification
Legal formPublic limited company
Founded07-06-2000
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.