GUIVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 24 filings
Turnover
≈ €98,000
Estimated: probably between €85,000 and €130,000
Total assets
€508,937▼ 7.6%
2024 · €550,952
Net result
€34,308▲ 60.5%
2024 · €21,379
Working capital
€281,134▼ 1.5%
2024 · €285,464
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€31,211
▲ 57.6%
2025
20182025
Net result
€34,308
▲ 60.5%
2025
highest quarter of the sector
20182025
Equity
€433,457
▼ 5.6%
2025
highest quarter of the sector
20182025
Total assets
€508,937
▼ 7.6%
2025
middle half of the sector
20182025
Debt
€75,480
▼ 17.8%
2025
20182025
Working capital
€281,134
▼ 1.5%
2025
highest quarter of the sector
20182025
Solvency
85.2%
▲ 1.8pp
2025
highest quarter of the sector
20182025
Current ratio
12.43
▲ 1.37
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.7%
▲ 2.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€68,875--€51,753▲ 24.9%-€24,454▲ 52.7%-€36,712▼ 50.1%-€22,844▲ 37.8%-€13,151▲ 42.4%€19,804€31,211▲ 57.6%
Net result-€84,074--€31,742▲ 62.2%-€43,026below the sector's middle half▼ 35.6%-€40,754below the sector's middle half▲ 5.3%-€21,522below the sector's middle half▲ 47.2%-€13,570below the sector's middle half▲ 36.9%€21,379within the sector's middle half€34,308above the sector's middle half▲ 60.5%
Equity€588,383-€556,642▼ 5.4%€513,615above the sector's middle half▼ 7.7%€472,861above the sector's middle half▼ 7.9%€451,340above the sector's middle half▼ 4.6%€437,770above the sector's middle half▼ 3.0%€459,149above the sector's middle half▲ 4.9%€433,457above the sector's middle half▼ 5.6%
Total assets€802,342-€687,273▼ 14.3%€596,774within the sector's middle half▼ 13.2%€615,785within the sector's middle half▲ 3.2%€565,314within the sector's middle half▼ 8.2%€538,522within the sector's middle half▼ 4.7%€550,952within the sector's middle half▲ 2.3%€508,937within the sector's middle half▼ 7.6%
Debt€213,959-€130,631▼ 38.9%€83,158▼ 36.3%€142,923▲ 71.9%€113,974▼ 20.3%€100,752▼ 11.6%€91,803▼ 8.9%€75,480▼ 17.8%
Working capital€215,875-€158,358▼ 26.6%€123,440above the sector's middle half▼ 22.1%€135,075above the sector's middle half▲ 9.4%€187,780above the sector's middle half▲ 39.0%€239,365above the sector's middle half▲ 27.5%€285,464above the sector's middle half▲ 19.3%€281,134above the sector's middle half▼ 1.5%
Solvency73.3%-81.0%▲ 7.7pp86.1%above the sector's middle half▲ 5.1pp76.8%above the sector's middle half▼ 9.3pp79.8%above the sector's middle half▲ 3.0pp81.3%above the sector's middle half▲ 1.5pp83.3%above the sector's middle half▲ 2.0pp85.2%above the sector's middle half▲ 1.8pp
Current ratio2.55-2.83▲ 0.282.83above the sector's middle half▲ 0.014.15above the sector's middle half▲ 1.328.23above the sector's middle half▲ 4.0810.60above the sector's middle half▲ 2.3611.06above the sector's middle half▲ 0.4612.43above the sector's middle half▲ 1.37
Return on assets (ROA)-10.5%--4.6%▲ 5.9pp-7.2%below the sector's middle half▼ 2.6pp-6.6%below the sector's middle half▲ 0.6pp-3.8%below the sector's middle half▲ 2.8pp-2.5%within the sector's middle half▲ 1.3pp3.9%within the sector's middle half▲ 6.4pp6.7%within the sector's middle half▲ 2.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 58% higher than in 2024 and the highest since 2021. It is the fourth rise 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 €508,937
Fixed assets
€203,199 ▼ 14.3%
Current assets
€305,738 ▼ 2.6%
Equity and liabilities €508,937
Equity
€433,457 ▼ 5.6%
Debt
€75,480 ▼ 17.8%
Debt's share of the balance-sheet total falls from 16.7% to 14.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€65,125▼
2024 · €66,149
Cash flow
€68,223▲
2024 · €67,724
Debt to equity
0.17▼
2024 · 0.20
ROE
7.9%▲
2024 · 4.7%
Interest coverage
35.57▲
2024 · 29.18
Debt ≤ 1 year
€24,604▼
2024 · €28,375
Debt > 1 year
€50,876▼
2024 · €63,428
Income taxes
€166▲
2024 · €142
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 | €116,794 | - | €8,774 | €9,246 | - |
| Depreciation and write-downs of the year | €84,973 | €86,267 | €86,134 | €46,345 | €33,915 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,276 | €71,442 | €71,556 | €84,973 | €86,267 | €86,134 | €46,345 | €33,915 | ▼ 26.8% |
| Other operating charges640/8 | - | - | - | €13,301 | €12,438 | €10,217 | €10,558 | €10,888 | ▲ 3.1% |
| Gross operating margin9900 | -€9,670 | €21,305 | €56,676 | €61,561 | €75,862 | €83,200 | €76,706 | €76,014 | ▼ 0.9% |
| Operating profit (loss)9901 | -€68,875 | -€51,753 | -€24,454 | -€36,712 | -€22,844 | -€13,151 | €19,804 | €31,211 | ▲ 57.6% |
| Financial income75/76B | - | - | - | €7,311 | €3,966 | €2,274 | €3,984 | €5,094 | ▲ 27.9% |
| Recurring financial income75 | €4,602 | €1,798 | €936 | €7,311 | €3,966 | €2,274 | €3,984 | €5,094 | ▲ 27.9% |
| Financial charges65/66B | - | - | - | €11,189 | €2,494 | €2,554 | €2,267 | €1,831 | ▼ 19.2% |
| Recurring financial charges65 | €15,593 | €4,893 | €3,587 | €2,920 | €2,494 | €2,554 | €2,267 | €1,831 | ▼ 19.2% |
| Non-recurring financial charges66B | - | - | - | €8,269 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€79,867 | -€54,848 | -€47,060 | -€40,589 | -€21,371 | -€13,431 | €21,521 | €34,474 | ▲ 60.2% |
| Income taxes67/77 | €4,207 | -€23,106 | -€4,034 | €165 | €150 | €138 | €142 | €166 | ▲ 17.1% |
| Profit (loss) for the period9904 | -€84,074 | -€31,742 | -€43,026 | -€40,754 | -€21,522 | -€13,570 | €21,379 | €34,308 | ▲ 60.5% |
| Profit (loss) for the period to be appropriated9905 | -€84,074 | -€31,742 | -€43,026 | -€40,754 | -€21,522 | -€13,570 | €21,379 | €34,308 | ▲ 60.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €802,342 | €687,273 | €596,774 | €615,785 | €565,314 | €538,522 | €550,952 | €508,937 | ▼ 7.6% |
| Fixed assets21/28 | €447,203 | €442,267 | €406,019 | €437,841 | €351,573 | €274,213 | €237,114 | €203,199 | ▼ 14.3% |
| Intangible fixed assets21 | - | - | €2,655 | €2,077 | €1,500 | €923 | €345 | - | - |
| Tangible fixed assets22/27 | €447,203 | €442,267 | €403,364 | €435,763 | €350,073 | €273,290 | €236,768 | €203,199 | ▼ 14.2% |
| Land and buildings22 | - | - | - | €414,497 | €339,032 | €269,757 | €234,376 | €201,683 | ▼ 13.9% |
| Furniture and vehicles24 | - | - | - | €21,266 | €11,041 | €3,533 | €2,392 | €1,515 | ▼ 36.7% |
| Current assets29/58 | €355,139 | €245,006 | €190,755 | €177,944 | €213,740 | €264,309 | €313,838 | €305,738 | ▼ 2.6% |
| Amounts receivable within one year40/41 | €36 | €15,363 | €4,090 | €3,686 | €3,637 | €1,270 | €1,951 | €14,088 | ▲ 622% |
| Trade receivables40 | - | - | - | €1,552 | €300 | €1,099 | €715 | €10,861 | ▲ 15× |
| Other amounts receivable41 | - | - | - | €2,133 | €3,337 | €171 | €1,236 | €3,227 | ▲ 161% |
| Current investments50/53 | €291,839 | €212,596 | €181,029 | €87,640 | €154,700 | €154,700 | €154,700 | €154,700 | = |
| Cash at bank and in hand54/58 | €63,264 | €10,748 | €2,250 | €84,793 | €52,417 | €106,317 | €155,067 | €133,950 | ▼ 13.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,825 | €2,986 | €2,022 | €2,121 | €3,001 | ▲ 41.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €802,342 | €687,273 | €596,774 | €615,785 | €565,314 | €538,522 | €550,952 | €508,937 | ▼ 7.6% |
| Equity10/15 | €588,383 | €556,642 | €513,615 | €472,861 | €451,340 | €437,770 | €459,149 | €433,457 | ▼ 5.6% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €53,898 | ▼ 13.1% |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €614,440 | €614,440 | €614,440 | €614,440 | €614,440 | €614,440 | €614,440 | €562,542 | ▼ 8.4% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Distributable reserves133 | - | - | - | €608,240 | €608,240 | €608,240 | €614,440 | €562,542 | ▼ 8.4% |
| Profit (loss) carried forward14 | -€88,057 | -€119,798 | -€162,825 | -€203,579 | -€225,100 | -€238,670 | -€217,291 | -€182,983 | ▲ 15.8% |
| Amounts payable17/49 | €213,959 | €130,631 | €83,158 | €142,923 | €113,974 | €100,752 | €91,803 | €75,480 | ▼ 17.8% |
| Amounts payable after more than one year17 | €74,694 | €41,683 | €13,543 | €100,054 | €88,013 | €75,808 | €63,428 | €50,876 | ▼ 19.8% |
| Financial debts170/4 | - | - | - | €100,054 | €88,013 | €75,808 | €63,428 | €50,876 | ▼ 19.8% |
| Amounts payable within one year42/48 | €139,264 | €86,648 | €67,315 | €42,869 | €25,961 | €24,944 | €28,375 | €24,604 | ▼ 13.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,252 | €12,041 | €12,206 | €12,380 | €12,553 | ▲ 1.4% |
| Trade debts44 | €67,074 | €8,256 | €6,252 | €2,192 | €2,998 | €7,106 | €10,550 | €7,359 | ▼ 30.2% |
| Suppliers440/4 | - | - | - | €2,192 | €2,998 | €7,106 | €10,550 | €7,359 | ▼ 30.2% |
| Taxes, remuneration and social security45 | - | - | - | €27,425 | €6,976 | €4,975 | €3,288 | €2,536 | ▼ 22.9% |
| Taxes450/3 | - | - | - | €24,196 | €4,440 | €2,475 | €753 | - | - |
| Remuneration and social security454/9 | - | - | - | €3,229 | €2,536 | €2,500 | €2,536 | €2,536 | = |
| Other amounts payable47/48 | - | - | - | - | €3,947 | €657 | €2,157 | €2,157 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€84,074 | -€31,742 | -€43,026 | -€40,754 | -€21,522 | -€13,570 | €21,379 | €34,308 | ▲ 60.5% |
| + Depreciation and write-downs630 | €58,276 | €71,442 | €71,556 | €84,973 | €86,267 | €86,134 | €46,345 | €33,915 | ▼ 26.8% |
| Operating cash flow (approximation) | -€25,799 | €39,701 | €28,529 | €44,219 | €64,746 | €72,565 | €67,724 | €68,223 | ▲ 0.7% |
| Investment in fixed assets (approximation) | - | -€66,506 | -€35,308 | -€116,794 | €0 | -€8,774 | -€9,246 | €0 | - |
| Change in cash | - | -€52,517 | -€8,498 | €82,543 | -€32,376 | €53,899 | €48,750 | -€21,117 | - |
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, 20,136 companies had the same profile as GUIVAN has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of GUIVAN 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 20,136 companies, not a prediction for GUIVAN. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00128693 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00114902 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00137194 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00121300 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20089037 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28900472 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20100376 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57800430 | |
| 31-12-2017 | abbreviated format | 08-05-2018 | 2018-12400156 | |
| 31-12-2016 | abbreviated format | 08-05-2017 | 2017-11600596 |