GUIREC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-01-2026 PDF all 17 filings
Turnover
≈ €250,000
Estimated: probably between €210,000 and €290,000
Total assets
€904,336▲ 11.5%
2024 · €811,079
Net result
€100,031▼ 26.4%
2024 · €135,914
Working capital
€839,611▲ 13.5%
2024 · €739,580
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€144,271
▼ 10.3%
2025
20192025
Net result
€100,031
▼ 26.4%
2025
highest quarter of the sector
20192025
Equity
€839,611
▲ 13.5%
2025
highest quarter of the sector
20192025
Total assets
€904,336
▲ 11.5%
2025
highest quarter of the sector
20192025
Debt
€64,724
▼ 9.5%
2025
20192025
Working capital
€839,611
▲ 13.5%
2025
highest quarter of the sector
20192025
Solvency
92.8%
▲ 1.7pp
2025
highest quarter of the sector
20192025
Current ratio
13.97
▲ 2.63
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.1%
▼ 5.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€34,445--€25,218▲ 26.8%-€23,094▲ 8.4%-€31,434▼ 36.1%€91,810€160,861▲ 75.2%€144,271▼ 10.3%
Net result-€34,214--€24,863below the sector's middle half▲ 27.3%-€18,225below the sector's middle half▲ 26.7%-€31,784below the sector's middle half▼ 74.4%€89,926above the sector's middle half€135,914above the sector's middle half▲ 51.1%€100,031above the sector's middle half▼ 26.4%
Equity€582,413-€557,549above the sector's middle half▼ 4.3%€539,324above the sector's middle half▼ 3.3%€507,540above the sector's middle half▼ 5.9%€597,466above the sector's middle half▲ 17.7%€739,580above the sector's middle half▲ 23.8%€839,611above the sector's middle half▲ 13.5%
Total assets€637,208-€606,771above the sector's middle half▼ 4.8%€585,734above the sector's middle half▼ 3.5%€554,002above the sector's middle half▼ 5.4%€644,135above the sector's middle half▲ 16.3%€811,079above the sector's middle half▲ 25.9%€904,336above the sector's middle half▲ 11.5%
Debt€54,795-€49,222▼ 10.2%€46,410▼ 5.7%€46,462▲ 0.1%€46,669▲ 0.4%€71,499▲ 53.2%€64,724▼ 9.5%
Working capital€582,413-€557,549above the sector's middle half▼ 4.3%€539,324above the sector's middle half▼ 3.3%€507,540above the sector's middle half▼ 5.9%€597,466above the sector's middle half▲ 17.7%€739,580above the sector's middle half▲ 23.8%€839,611above the sector's middle half▲ 13.5%
Solvency91.4%-91.9%above the sector's middle half▲ 0.5pp92.1%above the sector's middle half▲ 0.2pp91.6%above the sector's middle half▼ 0.5pp92.8%above the sector's middle half▲ 1.1pp91.2%above the sector's middle half▼ 1.6pp92.8%above the sector's middle half▲ 1.7pp
Current ratio11.63-12.33above the sector's middle half▲ 0.7012.62above the sector's middle half▲ 0.2911.92above the sector's middle half▼ 0.7013.80above the sector's middle half▲ 1.8811.34above the sector's middle half▼ 2.4613.97above the sector's middle half▲ 2.63
Return on assets (ROA)-5.4%--4.1%below the sector's middle half▲ 1.3pp-3.1%below the sector's middle half▲ 1.0pp-5.7%below the sector's middle half▼ 2.6pp14.0%within the sector's middle half▲ 19.7pp16.8%within the sector's middle half▲ 2.8pp11.1%within the sector's middle half▼ 5.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 10% 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
Equity and liabilities €904,336
Equity
€839,611 ▲ 13.5%
Debt
€64,724 ▼ 9.5%
Debt's share of the balance-sheet total falls from 8.8% to 7.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.08▼
2024 · 0.10
ROE
11.9%▼
2024 · 18.4%
Debt ≤ 1 year
€64,724▼
2024 · €71,499
Income taxes
€48,817▲
2024 · €26,418
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €1,275 | €1,104 | €1,126 | €1,053 | ▼ 6.5% |
| Gross operating margin9900 | -€31,345 | -€24,581 | -€21,918 | -€30,159 | €92,914 | €161,987 | €145,324 | ▼ 10.3% |
| Operating profit (loss)9901 | -€34,445 | -€25,218 | -€23,094 | -€31,434 | €91,810 | €160,861 | €144,271 | ▼ 10.3% |
| Financial income75/76B | - | - | - | €101 | €105 | €1,703 | €4,826 | ▲ 183% |
| Recurring financial income75 | €890 | €685 | €427 | €101 | €105 | €1,703 | €4,826 | ▲ 183% |
| Financial charges65/66B | - | - | - | €225 | €192 | €231 | €249 | ▲ 7.8% |
| Recurring financial charges65 | €200 | €123 | €143 | €225 | €192 | €231 | €249 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | -€33,754 | -€24,656 | -€22,809 | -€31,558 | €91,723 | €162,333 | €148,848 | ▼ 8.3% |
| Income taxes67/77 | €460 | €207 | -€4,584 | €227 | €1,797 | €26,418 | €48,817 | ▲ 84.8% |
| Profit (loss) for the period9904 | -€34,214 | -€24,863 | -€18,225 | -€31,784 | €89,926 | €135,914 | €100,031 | ▼ 26.4% |
| Profit (loss) for the period to be appropriated9905 | -€34,214 | -€24,863 | -€18,225 | -€31,784 | €89,926 | €135,914 | €100,031 | ▼ 26.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €637,208 | €606,771 | €585,734 | €554,002 | €644,135 | €811,079 | €904,336 | ▲ 11.5% |
| Current assets29/58 | €637,208 | €606,771 | €585,734 | €554,002 | €644,135 | €811,079 | €904,336 | ▲ 11.5% |
| Amounts receivable within one year40/41 | €9,562 | €10,149 | €11,538 | €12,786 | €29,747 | €31,636 | €31,705 | ▲ 0.2% |
| Trade receivables40 | - | - | - | €342 | €16,106 | €16,465 | €15,000 | ▼ 8.9% |
| Other amounts receivable41 | - | - | - | €12,444 | €13,641 | €15,171 | €16,705 | ▲ 10.1% |
| Cash at bank and in hand54/58 | €626,523 | €595,493 | €573,065 | €540,063 | €613,693 | €778,717 | €871,874 | ▲ 12.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,154 | €695 | €727 | €756 | ▲ 4.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €637,208 | €606,771 | €585,734 | €554,002 | €644,135 | €811,079 | €904,336 | ▲ 11.5% |
| Equity10/15 | €582,413 | €557,549 | €539,324 | €507,540 | €597,466 | €739,580 | €839,611 | ▲ 13.5% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €568,800 | €568,800 | €568,800 | €568,800 | €583,800 | €718,800 | €817,800 | ▲ 13.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €566,940 | €581,940 | €716,940 | €815,940 | ▲ 13.8% |
| Profit (loss) carried forward14 | €1,213 | -€23,650 | -€41,876 | -€73,660 | €1,266 | €2,181 | €3,212 | ▲ 47.3% |
| Amounts payable17/49 | €54,795 | €49,222 | €46,410 | €46,462 | €46,669 | €71,499 | €64,724 | ▼ 9.5% |
| Amounts payable within one year42/48 | €54,795 | €49,222 | €46,410 | €46,462 | €46,669 | €71,499 | €64,724 | ▼ 9.5% |
| Trade debts44 | €1,687 | €42 | €69 | €741 | €1,243 | €1,511 | €762 | ▼ 49.6% |
| Suppliers440/4 | - | - | - | €741 | €1,243 | €1,511 | €762 | ▼ 49.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,165 | €1,780 | €26,400 | €21,500 | ▼ 18.6% |
| Taxes450/3 | - | - | - | €260 | €1,780 | €26,400 | €21,500 | ▼ 18.6% |
| Remuneration and social security454/9 | - | - | - | €905 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €44,556 | €43,646 | €43,588 | €42,462 | ▼ 2.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,214 | -€24,863 | -€18,225 | -€31,784 | €89,926 | €135,914 | €100,031 | ▼ 26.4% |
| Operating cash flow (approximation) | -€34,214 | -€24,863 | -€18,225 | -€31,784 | €89,926 | €135,914 | €100,031 | ▼ 26.4% |
| Change in cash | - | -€31,030 | -€22,428 | -€33,002 | €73,630 | €165,024 | €93,158 | ▼ 43.5% |
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, 17,811 companies had the same profile as GUIREC has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of GUIREC 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 17,811 companies, not a prediction for GUIREC. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-01-2026 | 2026-00008091 | |
| 30-06-2024 | micro format | 22-01-2025 | 2025-00008127 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00542747 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20542088 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81100127 | |
| 30-06-2020 | micro format | 26-02-2021 | 2021-06200064 | |
| 30-06-2019 | micro format | 25-02-2020 | 2020-05500329 | |
| 30-06-2018 | micro format | 19-02-2019 | 2019-05200184 | |
| 30-06-2017 | micro format | 07-02-2018 | 2018-04500253 | |
| 30-06-2016 | full format | 07-02-2017 | 2017-03900248 |