GREENVIEW
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 9 filings
Turnover
€470,093
EBIT margin
0.6%
Net result
-€8,423▼ 2,997%
2024 · -€272
Working capital
€60,432▼ 3.3%
2024 · €62,483
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€225
▼ 98.6%
2025
20182025
Net result
-€8,423
▼ 2,997%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€3,090
▼ 73.2%
2025
lowest quarter of the sector
20182025
Total assets
€468,634
▼ 2.5%
2025
middle half of the sector
20182025
Debt
€465,544
▼ 0.7%
2025
20182025
Working capital
€60,432
▼ 3.3%
2025
middle half of the sector
20182025
Solvency
0.7%
▼ 1.7pp
2025
lowest quarter of the sector
20182025
Current ratio
1.22
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.8%
▼ 1.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.9
▼ 8.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€470,093-
Operating result€3,031-€6,521▲ 115%€4,440▼ 31.9%€21,122▲ 376%€7,987▼ 62.2%€19,680▲ 146%€16,157▼ 17.9%€225▼ 98.6%
Net result-€2,460-€343€1,266within the sector's middle half▲ 269%€13,428within the sector's middle half▲ 961%-€8,264below the sector's middle half€2,556within the sector's middle half-€272below the sector's middle half-€8,423below the sector's middle half▼ 2,997%
EBIT margin0.6%-
Equity€2,456-€2,799▲ 14.0%€4,065below the sector's middle half▲ 45.2%€17,493within the sector's middle half▲ 330%€9,229below the sector's middle half▼ 47.2%€11,785below the sector's middle half▲ 27.7%€11,513below the sector's middle half▼ 2.3%€3,090below the sector's middle half▼ 73.2%
Total assets€315,570-€334,264▲ 5.9%€466,756above the sector's middle half▲ 39.6%€514,808above the sector's middle half▲ 10.3%€498,310above the sector's middle half▼ 3.2%€562,041above the sector's middle half▲ 12.8%€480,426above the sector's middle half▼ 14.5%€468,634within the sector's middle half▼ 2.5%
Debt€313,114-€331,465▲ 5.9%€462,691▲ 39.6%€497,315▲ 7.5%€489,081▼ 1.7%€550,256▲ 12.5%€468,913▼ 14.8%€465,544▼ 0.7%
Working capital-€34,015--€27,155▲ 20.2%-€4,170within the sector's middle half▲ 84.6%€8,741within the sector's middle half€14,748within the sector's middle half▲ 68.7%€8,690within the sector's middle half▼ 41.1%€62,483within the sector's middle half▲ 619%€60,432within the sector's middle half▼ 3.3%
Solvency0.8%-0.8%▲ 0.1pp0.9%below the sector's middle half=3.4%below the sector's middle half▲ 2.5pp1.9%below the sector's middle half▼ 1.5pp2.1%below the sector's middle half▲ 0.2pp2.4%below the sector's middle half▲ 0.3pp0.7%below the sector's middle half▼ 1.7pp
Current ratio0.74-0.80▲ 0.060.98within the sector's middle half▲ 0.181.04within the sector's middle half▲ 0.061.06within the sector's middle half▲ 0.021.03within the sector's middle half▼ 0.021.28within the sector's middle half▲ 0.241.22within the sector's middle half▼ 0.06
Return on assets (ROA)-0.8%-0.1%▲ 0.9pp0.3%below the sector's middle half▲ 0.2pp2.6%within the sector's middle half▲ 2.3pp-1.7%below the sector's middle half▼ 4.3pp0.5%within the sector's middle half▲ 2.1pp-0.1%below the sector's middle half▼ 0.5pp-1.8%below the sector's middle half▼ 1.7pp
Staff (FTE)3.3-5.3▲ 60.6%11.511.5=14.1▲ 22.6%12.9above the sector's middle half▼ 8.5%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 99% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €468,634
Fixed assets
€128,253 ▼ 32.9%
Current assets
€340,381 ▲ 17.7%
Equity and liabilities €468,634
Equity
€3,090 ▼ 73.2%
Debt
€465,544 ▼ 0.7%
Debt's share of the balance-sheet total rises from 97.6% to 99.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€66,834▼
2024 · €103,765
Cash flow
€58,186▼
2024 · €87,336
Quick ratio
0.47▼
2024 · 1.00
ROE
-272.6%▼
2024 · -2.4%
Interest coverage
10.01▲
2024 · 8.14
Debt ≤ 1 year
€279,949▲
2024 · €226,776
Debt > 1 year
€184,963▼
2024 · €241,634
Income taxes
€2,396▼
2024 · €3,688
Staff costs
€504,881▼
2024 · €508,328
A ratio outside any meaningful range has been withheld (balance sheet total €468,634, equity €3,090).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 14 | 15 | 11 |
| full-time | 12 | 14 | 13 | 11 |
| part-time | - | - | 2 | - |
| in full-time equivalents | 12 | 14 | 14.6 | 11 |
| Average over the year, in full-time equivalents | 11.5 | 11.5 | 14.1 | 12.9 |
| On a permanent contract | 9 | 8 | 11 | 7 |
| Joined | 8 | 14 | 6 | 10 |
| Left | 6 | 12 | 5 | 14 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €89,624 | €34,062 | €158,626 | €1,200 | €5,861 |
| Intangible fixed assets | - | €3,832 | - | - | - |
| Depreciation and write-downs of the year | €95,151 | €87,299 | €91,955 | €87,608 | €66,609 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €470,093 | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €268,680 | €358,587 | €376,257 | €508,328 | €504,881 | ▼ 0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,314 | €61,997 | €75,386 | €95,151 | €87,299 | €91,955 | €87,608 | €66,609 | ▼ 24.0% |
| Other operating charges640/8 | - | - | - | €2,578 | €3,358 | €4,532 | €4,295 | €4,868 | ▲ 13.3% |
| Gross operating margin9900 | €153,860 | €197,714 | €263,737 | €387,531 | €457,231 | €492,424 | €616,388 | €576,583 | ▼ 6.5% |
| Operating profit (loss)9901 | €3,031 | €6,521 | €4,440 | €21,122 | €7,987 | €19,680 | €16,157 | €225 | ▼ 98.6% |
| Financial income75/76B | - | - | - | €118 | €80 | - | - | €425 | - |
| Recurring financial income75 | - | €1,677 | €244 | €118 | €80 | - | - | €425 | - |
| Financial charges65/66B | - | - | - | €7,812 | €16,331 | €16,634 | €12,741 | €6,677 | ▼ 47.6% |
| Recurring financial charges65 | €5,491 | €7,855 | €3,418 | €7,812 | €16,331 | €16,634 | €12,741 | €6,677 | ▼ 47.6% |
| Profit (loss) for the period before taxes9903 | -€2,460 | €343 | €1,266 | €13,428 | -€8,264 | €3,046 | €3,416 | -€6,027 | - |
| Income taxes67/77 | - | - | - | - | - | €490 | €3,688 | €2,396 | ▼ 35.0% |
| Profit (loss) for the period9904 | -€2,460 | €343 | €1,266 | €13,428 | -€8,264 | €2,556 | -€272 | -€8,423 | ▼ 2,997% |
| Profit (loss) for the period to be appropriated9905 | -€2,460 | €343 | €1,266 | €13,428 | -€8,264 | €2,556 | -€272 | -€8,423 | ▼ 2,997% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €315,570 | €334,264 | €466,756 | €514,808 | €498,310 | €562,041 | €480,426 | €468,634 | ▼ 2.5% |
| Fixed assets21/28 | €219,445 | €227,601 | €276,873 | €271,346 | €221,941 | €277,575 | €191,167 | €128,253 | ▼ 32.9% |
| Intangible fixed assets21 | - | - | €2,273 | €1,504 | €3,300 | €1,288 | €11 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €218,445 | €226,601 | €273,100 | €268,342 | €217,141 | €274,787 | €189,656 | €126,753 | ▼ 33.2% |
| Land and buildings22 | - | - | - | €72,632 | €64,904 | €57,177 | €49,462 | €42,216 | ▼ 14.6% |
| Plant, machinery and equipment23 | - | - | - | €2,978 | €1,542 | €935 | €404 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €71,053 | €69,638 | €164,533 | €115,498 | €82,870 | ▼ 28.2% |
| Leasing and similar rights25 | - | - | - | €121,679 | €81,057 | €52,142 | €24,292 | €1,667 | ▼ 93.1% |
| Financial fixed assets28 | €1,000 | €1,000 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €96,125 | €106,663 | €189,883 | €243,462 | €276,369 | €284,466 | €289,259 | €340,381 | ▲ 17.7% |
| Stocks and contracts in progress3 | - | - | €8,000 | €25,000 | €185,002 | €100,002 | €63,360 | €208,210 | ▲ 229% |
| Stocks30/36 | - | - | - | €25,000 | €50,001 | €50,001 | €46,359 | €51,209 | ▲ 10.5% |
| Contracts in progress37 | - | - | - | - | €135,001 | €50,001 | €17,001 | €157,001 | ▲ 823% |
| Amounts receivable within one year40/41 | €59,789 | €102,238 | €82,674 | €74,732 | €47,786 | €86,867 | €142,989 | €51,741 | ▼ 63.8% |
| Trade receivables40 | - | - | - | €57,543 | €30,251 | €69,223 | €135,856 | €45,184 | ▼ 66.7% |
| Other amounts receivable41 | - | - | - | €17,189 | €17,535 | €17,644 | €7,133 | €6,557 | ▼ 8.1% |
| Cash at bank and in hand54/58 | €32,045 | €4,425 | €93,469 | €143,730 | €43,581 | €97,597 | €58,422 | €61,227 | ▲ 4.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €24,488 | €19,203 | ▼ 21.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €315,570 | €334,264 | €466,756 | €514,808 | €498,310 | €562,041 | €480,426 | €468,634 | ▼ 2.5% |
| Equity10/15 | €2,456 | €2,799 | €4,065 | €17,493 | €9,229 | €11,785 | €11,513 | €3,090 | ▼ 73.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€3,744 | -€3,401 | -€2,135 | €11,293 | €3,029 | €5,585 | €5,313 | -€3,110 | - |
| Amounts payable17/49 | €313,114 | €331,465 | €462,691 | €497,315 | €489,081 | €550,256 | €468,913 | €465,544 | ▼ 0.7% |
| Amounts payable after more than one year17 | €182,974 | €197,647 | €268,638 | €262,090 | €226,956 | €273,977 | €241,634 | €184,963 | ▼ 23.5% |
| Financial debts170/4 | - | - | - | €262,090 | €226,956 | €273,977 | €241,634 | €184,963 | ▼ 23.5% |
| Amounts payable within one year42/48 | €130,140 | €133,818 | €194,053 | €234,721 | €261,621 | €275,776 | €226,776 | €279,949 | ▲ 23.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €89,723 | €97,567 | €112,954 | €89,478 | €71,090 | ▼ 20.6% |
| Trade debts44 | €19,262 | €4,616 | €28,203 | €732 | €25,100 | €49,496 | €9,612 | €59,627 | ▲ 520% |
| Suppliers440/4 | - | - | - | €732 | €25,100 | €49,496 | €9,612 | €59,627 | ▲ 520% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €8,530 | - |
| Taxes, remuneration and social security45 | - | - | - | €85,107 | €102,595 | €85,391 | €101,850 | €97,069 | ▼ 4.7% |
| Taxes450/3 | - | - | - | €52,054 | €33,026 | €39,328 | €36,782 | €24,088 | ▼ 34.5% |
| Remuneration and social security454/9 | - | - | - | €33,053 | €69,569 | €46,063 | €65,068 | €72,981 | ▲ 12.2% |
| Other amounts payable47/48 | - | - | - | €59,159 | €36,359 | €27,935 | €25,836 | €43,633 | ▲ 68.9% |
| Accrued charges and deferred income492/3 | - | - | - | €504 | €504 | €503 | €503 | €632 | ▲ 25.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,460 | €343 | €1,266 | €13,428 | -€8,264 | €2,556 | -€272 | -€8,423 | ▼ 2,997% |
| + Depreciation and write-downs630 | €58,314 | €61,997 | €75,386 | €95,151 | €87,299 | €91,955 | €87,608 | €66,609 | ▼ 24.0% |
| Operating cash flow (approximation) | €55,854 | €62,340 | €76,652 | €108,579 | €79,035 | €94,511 | €87,336 | €58,186 | ▼ 33.4% |
| Investment in fixed assets (approximation) | - | -€70,153 | -€124,658 | -€89,624 | -€37,894 | -€147,589 | -€1,200 | -€3,695 | ▼ 208% |
| Change in cash | - | -€27,620 | €89,044 | €50,261 | -€100,149 | €54,016 | -€39,175 | €2,805 | - |
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, 912 companies had the same profile as GREENVIEW has now. Two years later, 95.3% were still going and 2.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a small loss
95.3%
was still going
2.1%
stopped otherwise
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GREENVIEW itself: 2.5% 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 912 companies, not a prediction for GREENVIEW. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00341184 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00403976 | |
| 31-12-2023 | micro format | 07-11-2024 | 2024-00530413 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00383628 | |
| 31-12-2021 | micro format | 27-08-2022 | 2022-20328621 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60700338 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-46800596 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-43000424 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-54800390 |