GPRS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 26 filings
Turnover
≈ €370,000
Estimated: probably between €240,000 and €570,000
Total assets
€3.1m▼ 1.5%
2024 · €3.1m
Net result
€17,402▲ 4.1%
2024 · €16,714
Working capital
€36,077▼ 66.4%
2024 · €107,238
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,574
▼ 1.6%
2025
20182025
Net result
€17,402
▲ 4.1%
2025
20182025
Equity
€2.2m
▼ 3.4%
2025
20182025
Total assets
€3.1m
▼ 1.5%
2025
20182025
Debt
€681,522
▲ 5.4%
2025
20182025
Working capital
€36,077
▼ 66.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.8m▲ 16×€0.001m▼ 99.9%-€0.07m-€0.03m▲ 61.5%€0.02m€0.03m▲ 34.9%€0.03m▼ 1.6%
Net result€0.03m-€0.6m▲ 19×-€178-€0.07m▼ 40,139%-€0.03m▲ 60.6%€0.02m€0.02m▼ 5.7%€0.02m▲ 4.1%
Equity€1.7m-€2.3m▲ 37.1%€2.3m=€2.3m▼ 3.1%€2.2m▼ 1.3%€2.3m▲ 0.8%€2.3m▲ 0.7%€2.2m▼ 3.4%
Total assets€1.7m-€2.6m▲ 47.4%€3.1m▲ 21.9%€3.3m▲ 4.4%€3.2m▼ 2.5%€3.1m▼ 1.2%€3.1m▼ 1.0%€3.1m▼ 1.5%
Debt€0.03m-€0.006m▼ 79.3%€0.6m▲ 95×€0.8m▲ 37.7%€0.7m▼ 6.1%€0.7m▼ 6.7%€0.6m▼ 5.8%€0.7m▲ 5.4%
Working capital€0.2m-€1.6m▲ 918%€1.2m▼ 26.1%€0.4m▼ 64.7%€0.001m▼ 99.7%€0.05m▲ 45×€0.1m▲ 98.4%€0.04m▼ 66.4%
The operating result for 2025 is 2% 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 €3.1m
Fixed assets
€2.9m ▼ 2.1%
Current assets
€185,885 ▲ 8.0%
Equity and liabilities €3.1m
Equity
€2.2m ▼ 3.4%
Provisions
€181,084 ▼ 3.5%
Debt
€681,522 ▲ 5.4%
Debt's share of the balance-sheet total rises from 20.8% to 22.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€128,206▲
2024 · €121,577
Cash flow
€115,033▲
2024 · €107,229
Current ratio
1.24▼
2024 · 2.65
Debt to equity
0.31▲
2024 · 0.28
ROE
0.8%▲
2024 · 0.7%
ROA
0.6%▲
2024 · 0.5%
Interest coverage
18.50▲
2024 · 16.31
Debt ≤ 1 year
€149,808▲
2024 · €64,871
Debt > 1 year
€522,343▼
2024 · €572,172
Income taxes
€15,841▲
2024 · €14,910
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €962,693 | €412,897 | - | €829 | €36,000 |
| Financial fixed assets | €1,024 | - | - | - | - |
| Depreciation and write-downs of the year | €89,224 | €90,300 | €91,299 | €90,515 | €97,632 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,559 | - | €12,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72,841 | €67,016 | €64,378 | €89,224 | €90,300 | €91,299 | €90,515 | €97,632 | ▲ 7.9% |
| Other operating charges640/8 | - | - | - | €7,369 | €13,245 | €13,880 | €17,776 | €18,529 | ▲ 4.2% |
| Non-recurring operating charges66A | - | - | - | €106 | - | - | - | - | - |
| Gross operating margin9900 | €144,179 | €934,464 | €68,882 | €29,279 | €77,572 | €128,206 | €139,353 | €146,734 | ▲ 5.3% |
| Operating profit (loss)9901 | €53,331 | €848,648 | €948 | -€67,420 | -€25,973 | €23,027 | €31,062 | €30,574 | ▼ 1.6% |
| Financial income75/76B | - | - | - | €0 | - | - | €1,439 | €3,021 | ▲ 110% |
| Recurring financial income75 | €0 | €0 | €312 | €0 | - | - | €1,439 | €3,021 | ▲ 110% |
| Financial charges65/66B | - | - | - | €9,123 | €8,465 | €7,886 | €7,456 | €6,931 | ▼ 7.0% |
| Recurring financial charges65 | €149 | €151 | €908 | €9,123 | €8,465 | €7,886 | €7,456 | €6,931 | ▼ 7.0% |
| Profit (loss) for the period before taxes9903 | €53,183 | €848,497 | €353 | -€76,544 | -€34,438 | €15,141 | €25,046 | €26,664 | ▲ 6.5% |
| Transfer from deferred taxes780 | - | - | - | €5,362 | €6,603 | €6,603 | €6,579 | €6,579 | = |
| Income taxes67/77 | €19,893 | €300 | €910 | €402 | €405 | €4,027 | €14,910 | €15,841 | ▲ 6.2% |
| Profit (loss) for the period9904 | €33,290 | €635,007 | -€178 | -€71,584 | -€28,240 | €17,716 | €16,714 | €17,402 | ▲ 4.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,085 | €19,810 | €19,810 | €19,737 | €19,737 | = |
| Profit (loss) for the period to be appropriated9905 | €33,290 | -€4,562 | €961 | -€55,500 | -€8,430 | €37,526 | €36,451 | €37,138 | ▲ 1.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €2.6m | €3.1m | €3.3m | €3.2m | €3.1m | €3.1m | €3.1m | ▼ 1.5% |
| Fixed assets21/28 | €1.6m | €1.0m | €1.9m | €2.8m | €3.1m | €3.0m | €2.9m | €2.9m | ▼ 2.1% |
| Tangible fixed assets22/27 | €1.6m | €1.0m | €1.9m | €2.8m | €3.1m | €3.0m | €2.9m | €2.9m | ▼ 2.1% |
| Land and buildings22 | - | - | - | €2.8m | €3.1m | €3.0m | €2.9m | €2.8m | ▼ 3.0% |
| Furniture and vehicles24 | - | - | - | €0.006m | €166 | - | €0.001m | €0.03m | ▲ 35× |
| Financial fixed assets28 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.2m | €1.6m | €1.2m | €0.5m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 8.0% |
| Amounts receivable within one year40/41 | €0.005m | €0.005m | €0.02m | €297 | - | €27 | - | €0.001m | - |
| Trade receivables40 | - | - | - | €297 | - | €27 | - | €263 | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.001m | - |
| Current investments50/53 | - | - | - | - | - | - | €0.1m | - | - |
| Cash at bank and in hand54/58 | €0.2m | €1.6m | €1.2m | €0.5m | €0.06m | €0.1m | €0.03m | €0.2m | ▲ 494% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.003m | €0.001m | €0.001m | €253 | ▼ 77.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €2.6m | €3.1m | €3.3m | €3.2m | €3.1m | €3.1m | €3.1m | ▼ 1.5% |
| Equity10/15 | €1.7m | €2.3m | €2.3m | €2.3m | €2.2m | €2.3m | €2.3m | €2.2m | ▼ 3.4% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €0.9m | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | ▼ 5.4% |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Tax-exempt reserves132 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 3.5% |
| Distributable reserves133 | - | - | - | €0.7m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 7.3% |
| Profit (loss) carried forward14 | €0.001m | - | €0.001m | - | - | €149 | €224 | €485 | ▲ 117% |
| Provisions and deferred taxes16 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.5% |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.5% |
| Amounts payable17/49 | €0.03m | €0.006m | €0.6m | €0.8m | €0.7m | €0.7m | €0.6m | €0.7m | ▲ 5.4% |
| Amounts payable after more than one year17 | - | - | €0.5m | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 8.7% |
| Financial debts170/4 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 9.1% |
| Other amounts payable178/9 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.003m | ▲ 183% |
| Amounts payable within one year42/48 | €0.009m | €0.004m | €0.03m | €0.05m | €0.06m | €0.06m | €0.06m | €0.1m | ▲ 131% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 1.0% |
| Trade debts44 | €0.004m | €0.001m | €39 | €190 | €0.001m | €137 | €0.003m | €0.003m | ▲ 5.6% |
| Suppliers440/4 | - | - | - | €190 | €0.001m | €137 | €0.003m | €0.003m | ▲ 5.6% |
| Taxes, remuneration and social security45 | - | - | - | €421 | €405 | €0.004m | €0.009m | €0.001m | ▼ 91.0% |
| Taxes450/3 | - | - | - | €421 | €405 | €0.004m | €0.009m | €0.001m | ▼ 91.0% |
| Other amounts payable47/48 | - | - | - | €0.003m | €0.008m | €0.004m | €0.001m | €0.09m | ▲ 64× |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.001m | €0.004m | €0.009m | €0.009m | ▲ 1.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.6m | -€178 | -€0.07m | -€0.03m | €0.02m | €0.02m | €0.02m | ▲ 4.1% |
| + Depreciation and write-downs630 | €0.07m | €0.07m | €0.06m | €0.09m | €0.09m | €0.09m | €0.09m | €0.1m | ▲ 7.9% |
| Operating cash flow (approximation) | €0.1m | €0.7m | €0.06m | €0.02m | €0.06m | €0.1m | €0.1m | €0.1m | ▲ 7.3% |
| Investment in fixed assets (approximation) | - | €0.5m | -€1.0m | -€1.0m | -€0.4m | €0 | -€0.001m | -€0.04m | ▼ 4,243% |
| Change in cash | - | €1.4m | -€0.4m | -€0.7m | -€0.4m | €0.05m | -€0.08m | €0.2m | - |
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, 14,766 companies had the same profile as GPRS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GPRS 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 14,766 companies, not a prediction for GPRS. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00132166 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00101154 | |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00094506 | |
| 31-12-2022 | micro format | 22-05-2023 | 2023-00090858 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20134891 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28500442 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27900211 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31000061 | |
| 31-12-2017 | micro format | 07-06-2018 | 2018-16400585 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56700469 |