GroenOBJECT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-04-2026 PDF all 15 filings
Turnover
€89,143▲ 58.0%
2019 · €56,430
EBIT margin
44.7%▲ 259.9pp
2019 · -215.2%
Net result
€53,064▼ 6.6%
2024 · €56,794
Working capital
€110,386▲ 73.7%
2024 · €63,549
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€78,831
▲ 31.3%
2025
20192025
Net result
€53,064
▼ 6.6%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€131,688
▲ 67.5%
2025
middle half of the sector
20192025
Total assets
€146,840
▲ 69.4%
2025
middle half of the sector
20192025
Debt
€15,152
▲ 88.6%
2025
20192025
Working capital
€110,386
▲ 73.7%
2025
middle half of the sector
20192025
Solvency
89.7%
▼ 1.0pp
2025
highest quarter of the sector
20192025
Current ratio
8.29
▼ 0.63
2025
highest quarter of the sector
20192025
Return on assets (ROA)
36.1%
▼ 29.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€56,430-€89,143▲ 58.0%
Operating result-€121,421-€39,883€75,921▲ 90.4%€95,051▲ 25.2%€87,722▼ 7.7%€60,044▼ 31.6%€78,831▲ 31.3%
Net result-€135,958-€39,817within the sector's middle half€75,763within the sector's middle half▲ 90.3%€94,820above the sector's middle half▲ 25.2%€87,330above the sector's middle half▼ 7.9%€56,794above the sector's middle half▼ 35.0%€53,064above the sector's middle half▼ 6.6%
EBIT margin-215.2%-44.7%▲ 259.9pp
Equity-€275,900--€236,083below the sector's middle half▲ 14.4%-€160,320below the sector's middle half▲ 32.1%-€65,499below the sector's middle half▲ 59.1%€21,830within the sector's middle half€78,624within the sector's middle half▲ 260%€131,688within the sector's middle half▲ 67.5%
Total assets€128-€7,386below the sector's middle half▲ 58×€7,743below the sector's middle half▲ 4.8%€14,707below the sector's middle half▲ 89.9%€28,033below the sector's middle half▲ 90.6%€86,657within the sector's middle half▲ 209%€146,840within the sector's middle half▲ 69.4%
Debt€276,028-€243,469▼ 11.8%€168,062▼ 31.0%€80,206▼ 52.3%€6,203▼ 92.3%€8,033▲ 29.5%€15,152▲ 88.6%
Working capital-€275,900--€236,083below the sector's middle half▲ 14.4%-€161,037below the sector's middle half▲ 31.8%-€68,922below the sector's middle half▲ 57.2%€15,889within the sector's middle half€63,549within the sector's middle half▲ 300%€110,386within the sector's middle half▲ 73.7%
Solvency-445.4%below the sector's middle half77.9%above the sector's middle half▲ 523.2pp90.7%above the sector's middle half▲ 12.9pp89.7%above the sector's middle half▼ 1.0pp
Current ratio0.03below the sector's middle half0.04below the sector's middle half▲ 0.010.14below the sector's middle half▲ 0.103.56above the sector's middle half▲ 3.428.91above the sector's middle half▲ 5.358.29above the sector's middle half▼ 0.63
Return on assets (ROA)539.1%above the sector's middle half978.5%above the sector's middle half▲ 439.5pp644.7%above the sector's middle half▼ 333.8pp311.5%above the sector's middle half▼ 333.2pp65.5%above the sector's middle half▼ 246.0pp36.1%above the sector's middle half▼ 29.4pp
Staff (FTE)0
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 31% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €146,840
Fixed assets
€21,302 ▲ 41.3%
Current assets
€125,538 ▲ 75.4%
Equity and liabilities €146,840
Equity
€131,688 ▲ 67.5%
Debt
€15,152 ▲ 88.6%
Debt's share of the balance-sheet total rises from 9.3% to 10.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€83,173▲
2024 · €61,840
Cash flow
€57,406▼
2024 · €58,590
Debt to equity
0.12▲
2024 · 0.10
ROE
40.3%▼
2024 · 72.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€15,152▲
2024 · €8,033
Income taxes
€25,500▲
2024 · €3,022
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
| in full-time equivalents | 0 |
| Average over the year, in full-time equivalents | 0 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,141 | €4,019 | €10,930 | €10,569 |
| Depreciation and write-downs of the year | €435 | €1,501 | €1,796 | €4,342 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €56,430 | €89,143 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €315 | €435 | €1,501 | €1,796 | €4,342 | ▲ 142% |
| Other operating charges640/8 | - | - | - | €122 | €479 | €525 | €595 | ▲ 13.3% |
| Gross operating margin9900 | €51,917 | €40,002 | €77,051 | €95,608 | €89,702 | €62,365 | €83,768 | ▲ 34.3% |
| Operating profit (loss)9901 | -€121,421 | €39,883 | €75,921 | €95,051 | €87,722 | €60,044 | €78,831 | ▲ 31.3% |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | ▼ 88.9% |
| Recurring financial income75 | - | €114 | - | - | - | €0 | €0 | ▼ 88.9% |
| Financial charges65/66B | - | - | - | €231 | €392 | €228 | €267 | ▲ 17.0% |
| Recurring financial charges65 | €14,537 | €181 | €159 | €231 | €392 | €228 | €267 | ▲ 17.0% |
| Profit (loss) for the period before taxes9903 | -€135,958 | €39,817 | €75,763 | €94,820 | €87,330 | €59,816 | €78,564 | ▲ 31.3% |
| Income taxes67/77 | - | - | - | - | - | €3,022 | €25,500 | ▲ 744% |
| Profit (loss) for the period9904 | -€135,958 | €39,817 | €75,763 | €94,820 | €87,330 | €56,794 | €53,064 | ▼ 6.6% |
| Profit (loss) for the period to be appropriated9905 | -€135,958 | €39,817 | €75,763 | €94,820 | €87,330 | €56,794 | €53,064 | ▼ 6.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €128 | €7,386 | €7,743 | €14,707 | €28,033 | €86,657 | €146,840 | ▲ 69.4% |
| Fixed assets21/28 | - | - | €717 | €3,423 | €5,941 | €15,075 | €21,302 | ▲ 41.3% |
| Tangible fixed assets22/27 | - | - | €717 | €3,423 | €5,941 | €15,075 | €21,302 | ▲ 41.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,663 | €1,292 | ▼ 22.3% |
| Furniture and vehicles24 | - | - | - | €3,423 | €5,941 | €13,412 | €20,009 | ▲ 49.2% |
| Current assets29/58 | €128 | €7,386 | €7,025 | €11,284 | €22,092 | €71,582 | €125,538 | ▲ 75.4% |
| Amounts receivable within one year40/41 | - | €4,175 | €1,886 | €6,038 | €1,839 | €33,410 | €29,555 | ▼ 11.5% |
| Trade receivables40 | - | - | - | €4,641 | €1,776 | €0 | €200 | - |
| Other amounts receivable41 | - | - | - | €1,397 | €63 | €33,410 | €29,355 | ▼ 12.1% |
| Cash at bank and in hand54/58 | €128 | €2,575 | €4,763 | €5,247 | €20,253 | €38,172 | €95,984 | ▲ 151% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €128 | €7,386 | €7,743 | €14,707 | €28,033 | €86,657 | €146,840 | ▲ 69.4% |
| Equity10/15 | -€275,900 | -€236,083 | -€160,320 | -€65,499 | €21,830 | €78,624 | €131,688 | ▲ 67.5% |
| Contributions10/11 | €44,000 | €44,000 | - | €44,000 | €44,000 | €44,000 | €44,000 | = |
| Reserves13 | €51,270 | €51,270 | €51,270 | €51,270 | €51,270 | €34,624 | €87,688 | ▲ 153% |
| Non-distributable reserves130/1 | - | - | - | €4,400 | €4,400 | €4,400 | €4,400 | = |
| Reserves not available under the articles1311 | - | - | - | €4,400 | €4,400 | €4,400 | €4,400 | = |
| Distributable reserves133 | - | - | - | €46,870 | €46,870 | €30,224 | €83,288 | ▲ 176% |
| Profit (loss) carried forward14 | -€371,170 | -€331,353 | -€255,590 | -€160,770 | -€73,440 | €0 | - | - |
| Amounts payable17/49 | €276,028 | €243,469 | €168,062 | €80,206 | €6,203 | €8,033 | €15,152 | ▲ 88.6% |
| Amounts payable within one year42/48 | €276,028 | €243,469 | €168,062 | €80,206 | €6,203 | €8,033 | €15,152 | ▲ 88.6% |
| Trade debts44 | €79 | - | €460 | €117 | €123 | €5,011 | €402 | ▼ 92.0% |
| Suppliers440/4 | - | - | - | €117 | €123 | €5,011 | €402 | ▼ 92.0% |
| Taxes, remuneration and social security45 | - | - | - | €953 | €2,000 | €3,022 | €14,750 | ▲ 388% |
| Taxes450/3 | - | - | - | €953 | €2,000 | €3,022 | €6,194 | ▲ 105% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €8,556 | - |
| Other amounts payable47/48 | - | - | - | €79,136 | €4,080 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€135,958 | €39,817 | €75,763 | €94,820 | €87,330 | €56,794 | €53,064 | ▼ 6.6% |
| + Depreciation and write-downs630 | - | - | €315 | €435 | €1,501 | €1,796 | €4,342 | ▲ 142% |
| Operating cash flow (approximation) | -€135,958 | €39,817 | €76,078 | €95,256 | €88,830 | €58,590 | €57,406 | ▼ 2.0% |
| Investment in fixed assets (approximation) | - | - | - | -€3,141 | -€4,019 | -€10,930 | -€10,569 | ▲ 3.3% |
| Change in cash | - | €2,447 | €2,188 | €484 | €15,007 | €17,919 | €57,812 | ▲ 223% |
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, 34,693 companies had the same profile as GroenOBJECT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of GroenOBJECT 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 34,693 companies, not a prediction for GroenOBJECT. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-04-2026 | 2026-00071301 | |
| 30-09-2024 | micro format | 18-04-2025 | 2025-00076420 | |
| 30-09-2023 | micro format | 19-03-2024 | 2024-00046410 | |
| 30-09-2022 | micro format | 21-03-2023 | 2023-00042545 | |
| 30-09-2021 | abbreviated format | 23-03-2022 | 2022-08400281 | |
| 30-09-2020 | abbreviated format | 18-03-2021 | 2021-08000403 | |
| 30-09-2019 | abbreviated format | 16-03-2020 | 2020-06700303 | |
| 30-09-2018 | abbreviated format | 29-11-2019 | 2019-74700213 | |
| 30-09-2017 | abbreviated format | 02-05-2019 | 2019-11900387 | |
| 30-09-2016 | abbreviated format | 09-05-2017 | 2017-11600152 |