Guud
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 6 filings
Turnover
≈ €95,000
Estimated: probably between €68,000 and €130,000
Total assets
€562,932▼ 40.2%
2024 · €941,574
Net result
-€317,454▲ 55.8%
2024 · -€718,388
Working capital
-€38,057
2024 · €239,229
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€238,218
▲ 64.3%
2025
20202025
Net result
-€317,454
▲ 55.8%
2025
lowest quarter of the sector
20202025
Equity
-€271,394
2025
lowest quarter of the sector
20202025
Total assets
€562,932
▼ 40.2%
2025
middle half of the sector
20202025
Debt
€834,326
▼ 6.8%
2025
20202025
Working capital
-€38,057
2025
lowest quarter of the sector
20202025
Solvency
-48.2%
▼ 53.1pp
2025
lowest quarter of the sector
20202025
Current ratio
0.89
▼ 0.66
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-56.4%
▲ 19.9pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
2.8
▲ 16.7%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.06m--€0.06m▼ 17.1%-€0.08m▼ 19.4%-€0.3m▼ 279%-€0.7m▼ 128%-€0.2m▲ 64.3%
Net result-€0.06mbelow the sector's middle half--€0.07mbelow the sector's middle half▼ 24.1%-€0.1mbelow the sector's middle half▼ 94.2%-€0.4mbelow the sector's middle half▼ 162%-€0.7mbelow the sector's middle half▼ 104%-€0.3mbelow the sector's middle half▲ 55.8%
Equity€0.02mbelow the sector's middle half--€0.05mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 298%€0.8mwithin the sector's middle half€0.05mbelow the sector's middle half▼ 94.0%-€0.3mbelow the sector's middle half
Total assets€0.03mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 471%€0.3mbelow the sector's middle half▲ 65.0%€1.3mwithin the sector's middle half▲ 401%€0.9mwithin the sector's middle half▼ 26.8%€0.6mwithin the sector's middle half▼ 40.2%
Debt€0.003m-€0.2m▲ 66×€0.4m▲ 117%€0.5m▲ 19.6%€0.9m▲ 71.5%€0.8m▼ 6.8%
Working capital€0.02mbelow the sector's middle half-€0.04mbelow the sector's middle half▲ 126%€0.03mbelow the sector's middle half▼ 13.2%€0.9mwithin the sector's middle half▲ 29×€0.2mwithin the sector's middle half▼ 73.5%-€0.04mbelow the sector's middle half
Solvency88.8%above the sector's middle half--28.9%below the sector's middle half▼ 117.7pp-69.9%below the sector's middle half▼ 41.0pp59.4%within the sector's middle half▲ 129.3pp4.9%below the sector's middle half▼ 54.5pp-48.2%below the sector's middle half▼ 53.1pp
Current ratio6.13above the sector's middle half-4.11within the sector's middle half▼ 2.021.28below the sector's middle half▼ 2.835.01within the sector's middle half▲ 3.731.55within the sector's middle half▼ 3.460.89below the sector's middle half▼ 0.66
Return on assets (ROA)-204.7%below the sector's middle half--44.5%below the sector's middle half▲ 160.3pp-52.3%below the sector's middle half▼ 7.9pp-27.4%below the sector's middle half▲ 25.0pp-76.3%below the sector's middle half▼ 48.9pp-56.4%below the sector's middle half▲ 19.9pp
Staff (FTE)0.6below the sector's middle half1within the sector's middle half▲ 66.7%2.4within the sector's middle half▲ 140%2.8within the sector's middle half▲ 16.7%
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 €238,218, smaller than the loss of €666,423 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €562,932
Fixed assets
€261,795 ▼ 2.5%
Current assets
€301,137 ▼ 55.3%
Equity and liabilities
Equity-€271,394
Debt€834,326
Equity is negative. Debt (€834,326) exceeds the balance-sheet total (€562,932).
Key figures and ratios
EBITDA
-€151,082▲
2024 · -€606,888
Cash flow
-€230,318▲
2024 · -€658,854
Quick ratio
0.55▼
2024 · 1.29
Interest coverage
-2.00▲
2024 · -8.45
Debt ≤ 1 year
€339,194▼
2024 · €433,705
Debt > 1 year
€493,804▲
2024 · €461,809
Income taxes
€5,889▲
2024 · -€5,820
Staff costs
€163,191▲
2024 · €142,085
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 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 4 | - |
| full-time | 0 | 0 | 3 | - |
| part-time | 1 | 1 | 1 | - |
| in full-time equivalents | 0.6 | 0.6 | 3.6 | - |
| Average over the year, in full-time equivalents | 0.6 | 1 | 2.4 | 2.8 |
| On a permanent contract | 1 | 1 | 4 | - |
| Joined | 1 | 1 | 4 | 1 |
| Left | 0 | 1 | 1 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €100,000 | €100,000 | €58,889 | €275,432 | €221,560 |
| Debts guaranteed by Belgian public bodies | - | €75,000 | - | - | - |
| Pledge on other assets, amount secured | - | - | €100,000 | €350,000 | €350,000 |
| Carrying value of the other pledged assets | - | - | €12,785 | €12,250 | €7,958 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,264 | - | €15,316 | €3,247 | - |
| Intangible fixed assets | €110,798 | €35,315 | €62,047 | €151,981 | €95,426 |
| Financial fixed assets | €1,125 | - | - | €15,135 | €0 |
| Depreciation and write-downs of the year | €12,863 | €26,470 | €36,124 | €59,535 | €87,136 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €50,000 awarded · €50,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €25,000 |
| 2022 | 1 | €50,000 | €25,000 |
Schemes
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €278 | - |
| Remuneration, social security and pensions62 | - | - | €61,918 | €62,322 | €142,085 | €163,191 | ▲ 14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,317 | €12,863 | €26,470 | €36,124 | €59,535 | €87,136 | ▲ 46.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €514 | - |
| Other operating charges640/8 | - | €650 | €994 | €1,374 | €8,332 | €20,118 | ▲ 141% |
| Gross operating margin9900 | -€52,751 | -€50,998 | €12,345 | -€192,045 | -€456,472 | €32,741 | - |
| Operating profit (loss)9901 | -€55,103 | -€64,511 | -€77,037 | -€291,865 | -€666,423 | -€238,218 | ▲ 64.3% |
| Financial income75/76B | - | €0 | €134 | €5,440 | €14,023 | €2,139 | ▼ 84.7% |
| Recurring financial income75 | €106 | €0 | €134 | €5,440 | €14,023 | €2,139 | ▼ 84.7% |
| Financial charges65/66B | - | €4,754 | €57,589 | €65,801 | €71,808 | €75,487 | ▲ 5.1% |
| Recurring financial charges65 | €669 | €4,754 | €57,589 | €65,801 | €71,808 | €75,487 | ▲ 5.1% |
| Profit (loss) for the period before taxes9903 | -€55,665 | -€69,264 | -€134,493 | -€352,226 | -€724,208 | -€311,565 | ▲ 57.0% |
| Income taxes67/77 | €136 | €0 | - | €4 | -€5,820 | €5,889 | - |
| Profit (loss) for the period9904 | -€55,802 | -€69,264 | -€134,493 | -€352,231 | -€718,388 | -€317,454 | ▲ 55.8% |
| Profit (loss) for the period to be appropriated9905 | -€55,802 | -€69,264 | -€134,493 | -€352,231 | -€718,388 | -€317,454 | ▲ 55.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.03m | €0.2m | €0.3m | €1.3m | €0.9m | €0.6m | ▼ 40.2% |
| Fixed assets21/28 | €0.009m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 2.5% |
| Intangible fixed assets21 | €0.009m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 5.2% |
| Tangible fixed assets22/27 | - | €0.001m | €0.001m | €0.01m | €0.01m | €0.008m | ▼ 35.0% |
| Plant, machinery and equipment23 | - | - | - | - | €0.003m | €0.002m | ▼ 38.2% |
| Furniture and vehicles24 | - | €0.001m | €0.001m | €0.01m | €0.009m | €0.006m | ▼ 34.1% |
| Financial fixed assets28 | - | €0.001m | €0 | - | €0.02m | €0 | ▼ 100% |
| Current assets29/58 | €0.02m | €0.05m | €0.1m | €1.1m | €0.7m | €0.3m | ▼ 55.3% |
| Stocks and contracts in progress3 | - | €0.02m | €0.07m | €0.2m | €0.1m | €0.1m | ▲ 2.3% |
| Stocks30/36 | - | €0.02m | €0.07m | €0.2m | €0.1m | €0.1m | ▲ 2.3% |
| Amounts receivable within one year40/41 | €0.003m | €0.02m | €0.02m | €0.02m | €0.1m | €0.03m | ▼ 71.6% |
| Trade receivables40 | - | €0.006m | €0.007m | €0.002m | €0.04m | €0.002m | ▼ 96.0% |
| Other amounts receivable41 | - | €0.01m | €0.01m | €0.02m | €0.06m | €0.03m | ▼ 53.6% |
| Current investments50/53 | - | - | - | €0.8m | €0.4m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.02m | €0.009m | €0.05m | €0.1m | €0.05m | €0.2m | ▲ 197% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.01m | €0.01m | €0.007m | ▼ 38.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.03m | €0.2m | €0.3m | €1.3m | €0.9m | €0.6m | ▼ 40.2% |
| Equity10/15 | €0.02m | -€0.05m | -€0.2m | €0.8m | €0.05m | -€0.3m | - |
| Contributions10/11 | - | €0.08m | €0.08m | €1.4m | €1.4m | €1.4m | = |
| Profit (loss) carried forward14 | -€0.06m | -€0.1m | -€0.3m | -€0.6m | -€1.3m | -€1.6m | ▼ 23.9% |
| Amounts payable17/49 | €0.003m | €0.2m | €0.4m | €0.5m | €0.9m | €0.8m | ▼ 6.8% |
| Amounts payable after more than one year17 | - | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | ▲ 6.9% |
| Financial debts170/4 | - | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | ▲ 6.9% |
| Amounts payable within one year42/48 | €0.003m | €0.01m | €0.1m | €0.2m | €0.4m | €0.3m | ▼ 21.8% |
| Current portion of amounts payable after more than one year42 | - | €0.008m | €0.03m | €0.05m | €0.2m | €0.2m | ▲ 22.7% |
| Financial debts43 | - | €0 | €0.02m | €0 | €0.008m | €0 | ▼ 100% |
| Credit institutions430/8 | - | €0 | €0.02m | €0 | €0.008m | €0 | ▼ 100% |
| Trade debts44 | €0.002m | €0.003m | €0.05m | €0.2m | €0.2m | €0.1m | ▼ 42.5% |
| Suppliers440/4 | - | €0.003m | €0.05m | €0.2m | €0.2m | €0.1m | ▼ 42.5% |
| Advances received on contracts in progress46 | - | - | - | €202 | €200 | €148 | ▼ 25.7% |
| Taxes, remuneration and social security45 | - | €0 | €0.001m | €0.008m | €0.02m | €0.002m | ▼ 89.7% |
| Taxes450/3 | - | €0 | €0.001m | €0.003m | €0.003m | €0.002m | ▼ 20.4% |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0.02m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €0 | €0.001m | €0.001m | €0 | €0.001m | - |
| Accrued charges and deferred income492/3 | - | €0.003m | €0.01m | €0 | - | €0.001m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€55,802 | -€69,264 | -€134,493 | -€352,231 | -€718,388 | -€317,454 | ▲ 55.8% |
| + Depreciation and write-downs630 | €2,317 | €12,863 | €26,470 | €36,124 | €59,535 | €87,136 | ▲ 46.4% |
| Operating cash flow (approximation) | -€53,485 | -€56,402 | -€108,023 | -€316,106 | -€658,854 | -€230,318 | ▲ 65.0% |
| Investment in fixed assets (approximation) | - | -€113,186 | -€34,190 | -€77,364 | -€170,363 | -€80,291 | ▲ 52.9% |
| Change in cash | - | -€7,346 | €41,156 | €91,228 | -€90,033 | €100,735 | - |
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, 6,008 companies had the same profile as Guud has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Guud itself is lower: 1.5% within 12 months. It rests on far more data about Guud than the profile alone.
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 6,008 companies, not a prediction for Guud. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00149874 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00156814 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00317634 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00290652 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20237336 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41500019 |