GUFF
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00493130.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 20 filings
Turnover
€162,433▼ 10.9%
2018 · €182,390
EBIT margin
10.3%▲ 9.3pp
2018 · 1.0%
Net result
-€31,947▼ 720%
2024 · -€3,896
Working capital
€14,838▼ 8.1%
2024 · €16,137
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€26,201
▼ 11,039%
2025
20182025
Net result
-€31,947
▼ 720%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€48,621
▼ 192%
2025
lowest quarter of the sector
20182025
Total assets
€170,403
▲ 19.7%
2025
middle half of the sector
20182025
Debt
€219,023
▲ 37.7%
2025
20182025
Working capital
€14,838
▼ 8.1%
2025
middle half of the sector
20182025
Solvency
-28.5%
▼ 16.8pp
2025
lowest quarter of the sector
20182025
Current ratio
1.12
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
-18.7%
▼ 16.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.4
▼ 21.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€182,390-€162,433▼ 10.9%
Operating result€1,856-€16,802▲ 805%-€4,291€5,414-€6,507-€16,069▼ 147%-€235▲ 98.5%-€26,201▼ 11,039%
Net result-€248-€11,975-€2,531below the sector's middle half-€2,011below the sector's middle half▲ 20.5%-€8,024below the sector's middle half▼ 299%-€16,958below the sector's middle half▼ 111%-€3,896below the sector's middle half▲ 77.0%-€31,947below the sector's middle half▼ 720%
EBIT margin1.0%-10.3%▲ 9.3pp
Equity-€1,027-€10,948€8,417below the sector's middle half▼ 23.1%€6,406below the sector's middle half▼ 23.9%€4,181below the sector's middle half▼ 34.7%-€12,777below the sector's middle half-€16,673below the sector's middle half▼ 30.5%-€48,621below the sector's middle half▼ 192%
Total assets€41,940-€41,877▼ 0.2%€37,787below the sector's middle half▼ 9.8%€57,904below the sector's middle half▲ 53.2%€36,642below the sector's middle half▼ 36.7%€135,422within the sector's middle half▲ 270%€142,397within the sector's middle half▲ 5.2%€170,403within the sector's middle half▲ 19.7%
Debt€42,967-€30,929▼ 28.0%€29,371▼ 5.0%€51,498▲ 75.3%€32,462▼ 37.0%€148,199▲ 357%€159,071▲ 7.3%€219,023▲ 37.7%
Working capital-€1,127-€10,848€8,319below the sector's middle half▼ 23.3%€3,806below the sector's middle half▼ 54.3%-€3,740below the sector's middle half€1,930below the sector's middle half€16,137within the sector's middle half▲ 736%€14,838within the sector's middle half▼ 8.1%
Solvency-2.4%-26.1%▲ 28.6pp22.3%within the sector's middle half▼ 3.9pp11.1%below the sector's middle half▼ 11.2pp11.4%below the sector's middle half▲ 0.3pp-9.4%below the sector's middle half▼ 20.8pp-11.7%below the sector's middle half▼ 2.3pp-28.5%below the sector's middle half▼ 16.8pp
Current ratio0.97-1.35▲ 0.381.28within the sector's middle half▼ 0.071.07below the sector's middle half▼ 0.210.88below the sector's middle half▼ 0.191.03below the sector's middle half▲ 0.151.25within the sector's middle half▲ 0.221.12within the sector's middle half▼ 0.13
Return on assets (ROA)-0.6%-28.6%▲ 29.2pp-6.7%below the sector's middle half▼ 35.3pp-3.5%below the sector's middle half▲ 3.2pp-21.9%below the sector's middle half▼ 18.4pp-12.5%below the sector's middle half▲ 9.4pp-2.7%below the sector's middle half▲ 9.8pp-18.7%below the sector's middle half▼ 16.0pp
Staff (FTE)0.85.6▲ 600%4.4▼ 21.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €26,201, larger than the loss of €235 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €170,403
Fixed assets
€29,509 ▼ 52.5%
Current assets
€140,894 ▲ 75.6%
Equity and liabilities
Equity-€48,621
Debt€219,023
Equity is negative. Debt (€219,023) exceeds the balance-sheet total (€170,403).
Key figures and ratios
EBITDA
-€11,811▼
2024 · €19,207
Cash flow
-€17,557▼
2024 · €15,546
Quick ratio
1.08▼
2024 · 1.18
Interest coverage
-2.05▼
2024 · 6.65
Debt ≤ 1 year
€126,056▲
2024 · €64,089
Debt > 1 year
€69,357▼
2024 · €77,806
Income taxes
€341▼
2024 · €906
Staff costs
€15,887▼
2024 · €18,701
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 5 | 4 |
| full-time | - | 0 | 0 |
| part-time | - | 5 | 4 |
| in full-time equivalents | - | 0.7 | 0.6 |
| Average over the year, in full-time equivalents | 0.3 | 1.2 | 1 |
| Joined | 6 | 33 | 4 |
| Left | 6 | 29 | 9 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,671 | €7,079 | €56,442 | €8,702 | €1,706 |
| Intangible fixed assets | - | - | €21,372 | - | €3,976 |
| Financial fixed assets | €275 | €100 | - | - | €0 |
| Depreciation and write-downs of the year | €146 | €2,058 | €12,824 | €19,442 | €14,391 |
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 | €182,390 | €162,433 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €2,000 | €3,143 | ▲ 57.2% |
| Goods, raw materials, services and sundry goods60/61 | - | €144,082 | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | - | €2,825 | €18,701 | €15,887 | ▼ 15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €146 | €2,058 | €12,824 | €19,442 | €14,391 | ▼ 26.0% |
| Other operating charges640/8 | - | €1,549 | - | €5,956 | €2,495 | €1,080 | €2,425 | €1,599 | ▼ 34.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €3,125 | €13,302 | ▲ 326% |
| Gross operating margin9900 | €6,041 | €18,351 | -€3,523 | €11,515 | -€1,955 | €661 | €43,458 | €18,978 | ▼ 56.3% |
| Operating profit (loss)9901 | €1,856 | €16,802 | -€4,291 | €5,414 | -€6,507 | -€16,069 | -€235 | -€26,201 | ▼ 11,039% |
| Financial income75/76B | - | - | - | €37 | €1,096 | €669 | €132 | €359 | ▲ 171% |
| Recurring financial income75 | €20 | - | €3,969 | €37 | €1,096 | €669 | €132 | €359 | ▲ 171% |
| Financial charges65/66B | - | €299 | - | €4,780 | €2,098 | €1,559 | €2,887 | €5,764 | ▲ 99.6% |
| Recurring financial charges65 | €320 | €299 | €507 | €1,117 | €2,098 | €1,559 | €2,887 | €5,764 | ▲ 99.6% |
| Non-recurring financial charges66B | - | - | - | €3,663 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1,556 | €16,503 | -€829 | €671 | -€7,509 | -€16,958 | -€2,990 | -€31,606 | ▼ 957% |
| Income taxes67/77 | €1,804 | €4,528 | €1,702 | €2,683 | €515 | €0 | €906 | €341 | ▼ 62.3% |
| Profit (loss) for the period9904 | -€248 | €11,975 | -€2,531 | -€2,011 | -€8,024 | -€16,958 | -€3,896 | -€31,947 | ▼ 720% |
| Profit (loss) for the period to be appropriated9905 | -€248 | €11,975 | -€2,531 | -€2,011 | -€8,024 | -€16,958 | -€3,896 | -€31,947 | ▼ 720% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41,940 | €41,877 | €37,787 | €57,904 | €36,642 | €135,422 | €142,397 | €170,403 | ▲ 19.7% |
| Fixed assets21/28 | €100 | €100 | €100 | €2,800 | €7,921 | €72,912 | €62,171 | €29,509 | ▼ 52.5% |
| Intangible fixed assets21 | - | - | - | - | - | €20,245 | €15,970 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | - | €2,525 | €7,546 | €52,292 | €45,826 | €29,134 | ▼ 36.4% |
| Plant, machinery and equipment23 | - | - | - | €1,432 | €817 | €2,622 | €5,700 | €4,918 | ▼ 13.7% |
| Furniture and vehicles24 | - | - | - | €764 | €6,467 | €49,476 | €40,000 | €24,157 | ▼ 39.6% |
| Other tangible fixed assets26 | - | - | - | €330 | €262 | €194 | €126 | €59 | ▼ 53.6% |
| Financial fixed assets28 | €100 | €100 | €100 | €275 | €375 | €375 | €375 | €375 | = |
| Current assets29/58 | €41,840 | €41,777 | €37,687 | €55,103 | €28,722 | €62,510 | €80,226 | €140,894 | ▲ 75.6% |
| Stocks and contracts in progress3 | €2,035 | €2,388 | €4,880 | €4,265 | €4,985 | €5,635 | €4,885 | €4,535 | ▼ 7.2% |
| Stocks30/36 | - | €2,388 | - | €4,265 | €4,985 | €5,635 | €4,885 | €4,535 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €31,997 | €34,264 | €25,981 | €36,552 | €19,048 | €29,443 | €36,945 | €81,290 | ▲ 120% |
| Trade receivables40 | - | €24,134 | - | €28,464 | €14,050 | €27,350 | €36,895 | €50,526 | ▲ 36.9% |
| Other amounts receivable41 | - | €10,130 | - | €8,088 | €4,997 | €2,093 | €50 | €30,764 | ▲ 618× |
| Current investments50/53 | - | - | - | - | - | - | - | €147 | - |
| Cash at bank and in hand54/58 | €7,808 | €5,125 | €6,827 | €3,668 | €3,512 | €3,476 | €23,302 | €41,813 | ▲ 79.4% |
| Deferred charges and accrued income490/1 | - | - | - | €10,618 | €1,177 | €23,956 | €15,094 | €13,109 | ▼ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41,940 | €41,877 | €37,787 | €57,904 | €36,642 | €135,422 | €142,397 | €170,403 | ▲ 19.7% |
| Equity10/15 | -€1,027 | €10,948 | €8,417 | €6,406 | €4,181 | -€12,777 | -€16,673 | -€48,621 | ▼ 192% |
| Contributions10/11 | €12,801 | €12,801 | €12,801 | €12,801 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €12,801 | - | - | - | - | - | - | - |
| Issued capital100 | - | €18,600 | - | - | - | - | - | - | - |
| Uncalled capital101 | - | €5,799 | - | - | - | - | - | - | - |
| Reserves13 | €318 | €318 | €318 | €318 | €318 | €318 | €318 | €318 | = |
| Non-distributable reserves130/1 | - | €318 | - | €318 | €318 | €318 | €318 | €318 | = |
| Legal reserve130 | - | €318 | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €318 | €318 | €318 | €318 | €318 | = |
| Profit (loss) carried forward14 | -€14,146 | -€2,171 | -€4,702 | -€6,713 | -€14,737 | -€31,695 | -€35,591 | -€67,539 | ▼ 89.8% |
| Amounts payable17/49 | €42,967 | €30,929 | €29,371 | €51,498 | €32,462 | €148,199 | €159,071 | €219,023 | ▲ 37.7% |
| Amounts payable after more than one year17 | - | - | - | - | - | €86,759 | €77,806 | €69,357 | ▼ 10.9% |
| Financial debts170/4 | - | - | - | - | - | €86,759 | €77,806 | €69,357 | ▼ 10.9% |
| Amounts payable within one year42/48 | €42,967 | €30,929 | €29,369 | €51,298 | €32,462 | €60,580 | €64,089 | €126,056 | ▲ 96.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €7,417 | €8,272 | €8,449 | ▲ 2.1% |
| Financial debts43 | - | - | - | - | €3,343 | €1,727 | €46 | €1,013 | ▲ 22× |
| Credit institutions430/8 | - | - | - | - | €3,343 | €1,727 | €46 | €1,013 | ▲ 22× |
| Trade debts44 | €20,815 | €5,662 | €5,592 | €23,612 | €2,524 | €29,381 | €40,544 | €100,962 | ▲ 149% |
| Suppliers440/4 | - | €5,662 | - | €23,612 | €2,524 | €29,381 | €40,544 | €100,962 | ▲ 149% |
| Taxes, remuneration and social security45 | - | €22,574 | - | €7,083 | €5,015 | €8,834 | €10,767 | €14,626 | ▲ 35.8% |
| Taxes450/3 | - | €14,204 | - | €7,083 | €5,015 | €8,765 | €9,436 | €14,626 | ▲ 55.0% |
| Remuneration and social security454/9 | - | €8,370 | - | €0 | - | €69 | €1,332 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €2,693 | - | €20,603 | €21,579 | €13,222 | €4,460 | €1,007 | ▼ 77.4% |
| Accrued charges and deferred income492/3 | - | - | - | €200 | €0 | €860 | €17,176 | €23,610 | ▲ 37.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€248 | €11,975 | -€2,531 | -€2,011 | -€8,024 | -€16,958 | -€3,896 | -€31,947 | ▼ 720% |
| + Depreciation and write-downs630 | - | - | - | €146 | €2,058 | €12,824 | €19,442 | €14,391 | ▼ 26.0% |
| Operating cash flow (approximation) | -€248 | €11,975 | -€2,531 | -€1,866 | -€5,966 | -€4,135 | €15,546 | -€17,557 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,846 | -€7,179 | -€77,815 | -€8,702 | €18,272 | - |
| Change in cash | - | -€2,683 | €1,702 | -€3,158 | -€156 | -€37 | €19,827 | €18,511 | ▼ 6.6% |
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, 6,619 companies had the same profile as GUFF has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GUFF itself: 3.4% 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 6,619 companies, not a prediction for GUFF. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00493130 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00463778 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00361161 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00409466 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20394494 | |
| 31-12-2020 | full format | 07-09-2021 | 2021-66600379 | |
| 31-12-2019 | micro format | 20-06-2022 | 2022-20091206 | |
| 31-12-2018 | full format | 19-11-2019 | 2019-73900455 | |
| 31-12-2017 | full format | 09-12-2019 | 2019-75600165 | |
| 31-12-2016 | full format | 15-02-2018 | 2018-05000405 |