GTE & Services
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 9 filings
Turnover
≈ €120,000
Estimated: probably between €96,000 and €170,000
Total assets
€101,831▼ 26.0%
2024 · €137,551
Net result
€35,132▼ 28.4%
2024 · €49,039
Working capital
€17,970▼ 69.7%
2024 · €59,346
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€45,473
▼ 27.5%
2025
20182025
Net result
€35,132
▼ 28.4%
2025
middle half of the sector
20182025
Equity
€40,974
▼ 55.4%
2025
middle half of the sector
20182025
Total assets
€101,831
▼ 26.0%
2025
middle half of the sector
20182025
Debt
€60,857
▲ 33.2%
2025
20182025
Working capital
€17,970
▼ 69.7%
2025
middle half of the sector
20182025
Solvency
40.2%
▼ 26.6pp
2025
middle half of the sector
20182025
Current ratio
1.30
▼ 1.00
2025
middle half of the sector
20182025
Return on assets (ROA)
34.5%
▼ 1.2pp
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
Operating result€24,637-€90,219▲ 266%€46,599▼ 48.3%€53,260▲ 14.3%€41,200▼ 22.6%€70,090▲ 70.1%€62,762▼ 10.5%€45,473▼ 27.5%
Net result€19,707-€71,547▲ 263%€32,294within the sector's middle half▼ 54.9%€40,978above the sector's middle half▲ 26.9%€31,816within the sector's middle half▼ 22.4%€62,698above the sector's middle half▲ 97.1%€49,039above the sector's middle half▼ 21.8%€35,132within the sector's middle half▼ 28.4%
Equity€19,119-€80,610▲ 322%€112,904within the sector's middle half▲ 40.1%€59,765within the sector's middle half▼ 47.1%€59,765within the sector's middle half=€122,463within the sector's middle half▲ 105%€91,873within the sector's middle half▼ 25.0%€40,974within the sector's middle half▼ 55.4%
Total assets€68,119-€129,705▲ 90.4%€161,428within the sector's middle half▲ 24.5%€184,722within the sector's middle half▲ 14.4%€119,916within the sector's middle half▼ 35.1%€175,234within the sector's middle half▲ 46.1%€137,551within the sector's middle half▼ 21.5%€101,831within the sector's middle half▼ 26.0%
Debt€49,000-€49,095▲ 0.2%€48,523▼ 1.2%€124,957▲ 158%€60,151▼ 51.9%€52,771▼ 12.3%€45,678▼ 13.4%€60,857▲ 33.2%
Working capital€22,656-€80,872▲ 257%€113,399above the sector's middle half▲ 40.2%€59,765within the sector's middle half▼ 47.3%€59,565within the sector's middle half▼ 0.3%€79,543within the sector's middle half▲ 33.5%€59,346within the sector's middle half▼ 25.4%€17,970within the sector's middle half▼ 69.7%
Solvency28.1%-62.1%▲ 34.1pp69.9%within the sector's middle half▲ 7.8pp32.4%within the sector's middle half▼ 37.6pp49.8%within the sector's middle half▲ 17.5pp69.9%within the sector's middle half▲ 20.0pp66.8%within the sector's middle half▼ 3.1pp40.2%within the sector's middle half▼ 26.6pp
Current ratio1.66-2.89▲ 1.233.42within the sector's middle half▲ 0.531.48within the sector's middle half▼ 1.941.99within the sector's middle half▲ 0.512.51within the sector's middle half▲ 0.522.30within the sector's middle half▼ 0.211.30within the sector's middle half▼ 1.00
Return on assets (ROA)28.9%-55.2%▲ 26.2pp20.0%within the sector's middle half▼ 35.2pp22.2%within the sector's middle half▲ 2.2pp26.5%above the sector's middle half▲ 4.3pp35.8%above the sector's middle half▲ 9.2pp35.7%above the sector's middle half▼ 0.1pp34.5%above the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 28% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
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 €101,831
Fixed assets
€23,005 ▼ 29.3%
Current assets
€78,826 ▼ 24.9%
Equity and liabilities €101,831
Equity
€40,974 ▼ 55.4%
Debt
€60,857 ▲ 33.2%
Debt's share of the balance-sheet total rises from 33.2% to 59.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€56,069▼
2024 · €73,154
Cash flow
€45,728▼
2024 · €59,431
Debt to equity
1.49▲
2024 · 0.50
ROE
85.7%▲
2024 · 53.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€60,857▲
2024 · €45,678
Income taxes
€9,889▼
2024 · €13,174
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 | - | €963 | €51,962 | - | €1,074 |
| Depreciation and write-downs of the year | €1,203 | €763 | €9,042 | €10,392 | €10,596 |
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 | - | - | - | - | €963 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,386 | €5,063 | €4,813 | €1,203 | €763 | €9,042 | €10,392 | €10,596 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €539 | €1,049 | €839 | €493 | €2,518 | ▲ 411% |
| Gross operating margin9900 | €30,268 | €96,405 | €52,224 | €55,002 | €43,011 | €79,971 | €73,647 | €58,587 | ▼ 20.4% |
| Operating profit (loss)9901 | €24,637 | €90,219 | €46,599 | €53,260 | €41,200 | €70,090 | €62,762 | €45,473 | ▼ 27.5% |
| Financial income75/76B | - | - | - | - | €314 | €9,755 | €25 | €13 | ▼ 49.1% |
| Recurring financial income75 | - | - | - | - | €314 | €0 | €25 | €13 | ▼ 49.1% |
| Non-recurring financial income76B | - | - | - | - | - | €9,755 | €0 | - | - |
| Financial charges65/66B | - | - | - | €624 | €373 | €303 | €574 | €465 | ▼ 19.0% |
| Recurring financial charges65 | €225 | €1,195 | €695 | €624 | €373 | €303 | €574 | €465 | ▼ 19.0% |
| Profit (loss) for the period before taxes9903 | €24,412 | €89,024 | €45,904 | €52,637 | €41,140 | €79,541 | €62,213 | €45,021 | ▼ 27.6% |
| Income taxes67/77 | €4,705 | €17,477 | €13,610 | €11,658 | €9,324 | €16,844 | €13,174 | €9,889 | ▼ 24.9% |
| Profit (loss) for the period9904 | €19,707 | €71,547 | €32,294 | €40,978 | €31,816 | €62,698 | €49,039 | €35,132 | ▼ 28.4% |
| Profit (loss) for the period to be appropriated9905 | €19,707 | €71,547 | €32,294 | €40,978 | €31,816 | €62,698 | €49,039 | €35,132 | ▼ 28.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €68,119 | €129,705 | €161,428 | €184,722 | €119,916 | €175,234 | €137,551 | €101,831 | ▼ 26.0% |
| Fixed assets21/28 | €11,079 | €6,016 | €1,203 | - | €200 | €42,920 | €32,528 | €23,005 | ▼ 29.3% |
| Tangible fixed assets22/27 | €11,079 | €6,016 | €1,203 | - | €200 | €42,920 | €32,528 | €23,005 | ▼ 29.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €870 | - |
| Furniture and vehicles24 | - | - | - | - | €200 | €42,920 | €32,528 | €22,135 | ▼ 31.9% |
| Current assets29/58 | €57,040 | €123,689 | €160,224 | €184,722 | €119,716 | €132,314 | €105,024 | €78,826 | ▼ 24.9% |
| Amounts receivable within one year40/41 | €40,379 | €45,896 | €18,183 | €31,248 | €8,063 | €26,846 | €33,090 | €43,420 | ▲ 31.2% |
| Trade receivables40 | - | - | - | €28,081 | €8,063 | €26,846 | €33,053 | €37,907 | ▲ 14.7% |
| Other amounts receivable41 | - | - | - | €3,168 | - | - | €37 | €5,513 | ▲ 150× |
| Cash at bank and in hand54/58 | €16,661 | €77,793 | €140,052 | €149,483 | €101,068 | €99,934 | €67,130 | €33,007 | ▼ 50.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,991 | €10,585 | €5,535 | €4,803 | €2,400 | ▼ 50.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €68,119 | €129,705 | €161,428 | €184,722 | €119,916 | €175,234 | €137,551 | €101,831 | ▼ 26.0% |
| Equity10/15 | €19,119 | €80,610 | €112,904 | €59,765 | €59,765 | €122,463 | €91,873 | €40,974 | ▼ 55.4% |
| Contributions10/11 | €8,680 | €8,680 | - | €8,680 | €8,680 | €8,680 | €8,680 | €8,680 | = |
| Reserves13 | €10,439 | €71,930 | €104,224 | €51,085 | €51,085 | €51,085 | €83,193 | €32,294 | ▼ 61.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €49,225 | €49,225 | €51,085 | €83,193 | €32,294 | ▼ 61.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | €62,698 | €0 | €0 | - |
| Amounts payable17/49 | €49,000 | €49,095 | €48,523 | €124,957 | €60,151 | €52,771 | €45,678 | €60,857 | ▲ 33.2% |
| Amounts payable after more than one year17 | €14,617 | €6,071 | €1,698 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €34,383 | €42,817 | €46,825 | €124,957 | €60,151 | €52,771 | €45,678 | €60,857 | ▲ 33.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,698 | - | - | - | - | - |
| Trade debts44 | €15,099 | €2,583 | €1,605 | €16,198 | €13,651 | €5,750 | €15,697 | €2,348 | ▼ 85.0% |
| Suppliers440/4 | - | - | - | €16,198 | €13,651 | €5,750 | €15,697 | €2,348 | ▼ 85.0% |
| Taxes, remuneration and social security45 | - | - | - | €27,061 | €25,601 | €47,020 | €29,981 | €20,382 | ▼ 32.0% |
| Taxes450/3 | - | - | - | €27,061 | €25,601 | €45,020 | €29,981 | €18,382 | ▼ 38.7% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,000 | €0 | €2,000 | - |
| Other amounts payable47/48 | - | - | - | €80,000 | €20,900 | €2 | €0 | €38,126 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,707 | €71,547 | €32,294 | €40,978 | €31,816 | €62,698 | €49,039 | €35,132 | ▼ 28.4% |
| + Depreciation and write-downs630 | €5,386 | €5,063 | €4,813 | €1,203 | €763 | €9,042 | €10,392 | €10,596 | ▲ 2.0% |
| Operating cash flow (approximation) | €25,093 | €76,610 | €37,107 | €42,181 | €32,578 | €71,740 | €59,431 | €45,728 | ▼ 23.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | -€51,762 | €0 | -€1,074 | - |
| Change in cash | - | €61,132 | €62,259 | €9,431 | -€48,415 | -€1,134 | -€32,803 | -€34,124 | ▼ 4.0% |
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 GTE & Services 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 GTE & Services 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 GTE & Services. 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 | micro format | 01-06-2026 | 2026-00131071 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00309045 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00449970 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00253649 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20242683 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-58200153 | |
| 31-12-2019 | micro format | 22-09-2020 | 2020-55400056 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40500417 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43100279 |