GUVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 20 filings
Turnover
≈ €210,000
Estimated: probably between €170,000 and €340,000
Total assets
€2.3m▼ 2.1%
2024 · €2.4m
Net result
€16,591▲ 978%
2024 · €1,539
Working capital
€531,598▲ 13.9%
2024 · €466,731
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,873
▼ 7.5%
2025
20182025
Net result
€16,591
▲ 978%
2025
middle half of the sector
20182025
Equity
€1.1m
▼ 0.9%
2025
highest quarter of the sector
20182025
Total assets
€2.3m
▼ 2.1%
2025
highest quarter of the sector
20182025
Debt
€928,469
▼ 0.7%
2025
20182025
Working capital
€531,598
▲ 13.9%
2025
highest quarter of the sector
20182025
Solvency
46.0%
▲ 0.5pp
2025
middle half of the sector
20182025
Current ratio
7.07
▲ 0.73
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.7%
▲ 0.6pp
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-€0.02m--€0.02m▲ 10.4%-€0.006m▲ 65.5%-€0.007m▼ 14.4%€0.02m€0.01m▼ 30.9%€0.02m▲ 107%€0.02m▼ 7.5%
Net result-€0.04m--€0.04m▲ 5.3%-€0.02mbelow the sector's middle half▲ 47.4%-€0.02mbelow the sector's middle half▼ 5.2%€0.01mwithin the sector's middle half-€0.01mbelow the sector's middle half€0.002mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 978%
Equity€1.2m-€1.1m▼ 3.3%€1.1mabove the sector's middle half▼ 1.8%€1.1mabove the sector's middle half▼ 2.0%€1.1mabove the sector's middle half▲ 0.9%€1.1mabove the sector's middle half▼ 1.0%€1.1mabove the sector's middle half▲ 0.1%€1.1mabove the sector's middle half▼ 0.9%
Total assets€3.6m-€3.4m▼ 4.7%€3.3mabove the sector's middle half▼ 2.5%€3.2mabove the sector's middle half▼ 4.0%€3.1mabove the sector's middle half▼ 3.8%€2.5mabove the sector's middle half▼ 19.5%€2.4mabove the sector's middle half▼ 3.8%€2.3mabove the sector's middle half▼ 2.1%
Debt€1.9m-€1.8m▼ 5.1%€1.7m▼ 1.7%€1.7m▼ 4.5%€1.6m▼ 6.0%€1.0m▼ 35.9%€0.9m▼ 6.3%€0.9m▼ 0.7%
Working capital€1.0m-€0.9m▼ 7.3%€0.9mabove the sector's middle half▼ 0.9%€0.8mabove the sector's middle half▼ 6.5%€0.8mabove the sector's middle half▲ 1.4%€0.4mabove the sector's middle half▼ 50.3%€0.5mabove the sector's middle half▲ 13.0%€0.5mabove the sector's middle half▲ 13.9%
Solvency32.5%-32.9%▲ 0.5pp33.1%within the sector's middle half▲ 0.2pp33.8%within the sector's middle half▲ 0.7pp35.5%within the sector's middle half▲ 1.7pp43.7%within the sector's middle half▲ 8.2pp45.5%within the sector's middle half▲ 1.8pp46.0%within the sector's middle half▲ 0.5pp
Current ratio9.41-7.71▼ 1.706.15above the sector's middle half▼ 1.564.92above the sector's middle half▼ 1.235.38above the sector's middle half▲ 0.464.43above the sector's middle half▼ 0.966.34above the sector's middle half▲ 1.917.07above the sector's middle half▲ 0.73
Return on assets (ROA)-1.1%--1.1%=-0.6%within the sector's middle half▲ 0.5pp-0.7%within the sector's middle half▼ 0.1pp0.3%within the sector's middle half▲ 1.0pp-0.4%within the sector's middle half▼ 0.7pp0.1%within the sector's middle half▲ 0.5pp0.7%within the sector's middle half▲ 0.6pp
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 8% 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
Assets €2.3m
Fixed assets
€1.7m ▼ 6.3%
Current assets
€619,181 ▲ 11.7%
Equity and liabilities €2.3m
Equity
€1.1m ▼ 0.9%
Provisions
€334,907 ▼ 9.1%
Debt
€928,469 ▼ 0.7%
Debt's share of the balance-sheet total rises from 39.1% to 39.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€137,870▼
2024 · €139,730
Cash flow
€131,588▲
2024 · €116,537
Debt to equity
0.86▲
2024 · 0.86
ROE
1.5%▲
2024 · 0.1%
Interest coverage
4.86▲
2024 · 4.66
Debt ≤ 1 year
€87,583▲
2024 · €87,414
Debt > 1 year
€786,305▼
2024 · €826,397
Income taxes
€38,082▲
2024 · €31,058
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €1.5m | €1.5m | €137,500 | €1.5m | - |
| Carrying value of the mortgaged assets | €2.1m | €2.0m | €1.8m | €1.7m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
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 | €116,470 | €116,431 | €114,997 | €114,997 | €114,997 | €114,997 | €114,997 | €114,997 | = |
| Other operating charges640/8 | - | - | - | €15,753 | €14,984 | €17,791 | €18,690 | €19,499 | ▲ 4.3% |
| Gross operating margin9900 | €106,875 | €113,309 | €123,728 | €124,132 | €147,255 | €144,732 | €158,420 | €157,369 | ▼ 0.7% |
| Operating profit (loss)9901 | -€18,713 | -€16,771 | -€5,783 | -€6,618 | €17,274 | €11,943 | €24,733 | €22,873 | ▼ 7.5% |
| Financial income75/76B | - | - | - | €9,500 | €28,773 | €10,638 | €4,383 | €26,702 | ▲ 509% |
| Recurring financial income75 | €7,182 | €13,068 | €14,667 | €9,500 | €28,773 | €10,638 | €4,383 | €26,702 | ▲ 509% |
| Financial charges65/66B | - | - | - | €36,287 | €34,949 | €38,571 | €29,995 | €28,379 | ▼ 5.4% |
| Recurring financial charges65 | €63,659 | €66,559 | €40,700 | €36,287 | €34,949 | €38,571 | €29,995 | €28,379 | ▼ 5.4% |
| Profit (loss) for the period before taxes9903 | -€75,191 | -€70,262 | -€31,817 | -€33,405 | €11,098 | -€15,990 | -€879 | €21,196 | - |
| Transfer from deferred taxes780 | - | - | - | €33,477 | €33,477 | €33,477 | €33,477 | €33,477 | = |
| Income taxes67/77 | - | €2,724 | €22,237 | €21,709 | €34,872 | €27,920 | €31,058 | €38,082 | ▲ 22.6% |
| Profit (loss) for the period9904 | -€41,288 | -€39,083 | -€20,577 | -€21,638 | €9,703 | -€10,433 | €1,539 | €16,591 | ▲ 978% |
| Transfer from tax-exempt reserves789 | - | - | - | €65,013 | €65,013 | €65,013 | €65,013 | €65,013 | = |
| Profit (loss) for the period to be appropriated9905 | €24,553 | €26,758 | €44,436 | €43,375 | €74,716 | €54,580 | €66,553 | €81,604 | ▲ 22.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.6m | €3.4m | €3.3m | €3.2m | €3.1m | €2.5m | €2.4m | €2.3m | ▼ 2.1% |
| Fixed assets21/28 | €2.5m | €2.4m | €2.3m | €2.2m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.3% |
| Tangible fixed assets22/27 | €2.5m | €2.4m | €2.3m | €2.2m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.3% |
| Other tangible fixed assets26 | - | - | - | €2.2m | €2.1m | €2.0m | €1.8m | €1.7m | ▼ 6.3% |
| Current assets29/58 | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €0.5m | €0.6m | €0.6m | ▲ 11.7% |
| Amounts receivable within one year40/41 | €0.005m | - | - | €0.02m | €0.004m | €0 | €0.001m | €0.001m | = |
| Other amounts receivable41 | - | - | - | €0.02m | €0.004m | €0 | €0.001m | €0.001m | = |
| Current investments50/53 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0.5m | €0.5m | €0.5m | = |
| Cash at bank and in hand54/58 | €0.06m | €0.04m | €0.07m | €0.03m | €0.009m | €0.04m | €0.06m | €0.1m | ▲ 117% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.01m | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.6m | €3.4m | €3.3m | €3.2m | €3.1m | €2.5m | €2.4m | €2.3m | ▼ 2.1% |
| Equity10/15 | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 0.9% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 1.0% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Tax-exempt reserves132 | - | - | - | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 9.1% |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 17.7% |
| Provisions and deferred taxes16 | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 9.1% |
| Deferred taxes168 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 9.1% |
| Amounts payable17/49 | €1.9m | €1.8m | €1.7m | €1.7m | €1.6m | €1.0m | €0.9m | €0.9m | ▼ 0.7% |
| Amounts payable after more than one year17 | €1.7m | €1.6m | €1.5m | €1.4m | €1.3m | €0.9m | €0.8m | €0.8m | ▼ 4.9% |
| Financial debts170/4 | - | - | - | €1.1m | €1.0m | €0.5m | €0.5m | €0.4m | ▼ 8.7% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | = |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.09m | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.06m | €0.04m | €0.04m | ▲ 1.8% |
| Financial debts43 | - | - | - | - | €0.009m | €0.03m | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.009m | €0.03m | - | - | - |
| Trade debts44 | - | - | - | €0.02m | €0.009m | €0.001m | €0.005m | €0.001m | ▼ 76.9% |
| Suppliers440/4 | - | - | - | €0.02m | €0.009m | €0.001m | €0.005m | €0.001m | ▼ 76.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.008m | €0.01m | €0.02m | ▲ 55.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.008m | €0.01m | €0.02m | ▲ 55.8% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.02m | €0.03m | €0.03m | €0.03m | ▼ 8.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 160% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€41,288 | -€39,083 | -€20,577 | -€21,638 | €9,703 | -€10,433 | €1,539 | €16,591 | ▲ 978% |
| + Depreciation and write-downs630 | €116,470 | €116,431 | €114,997 | €114,997 | €114,997 | €114,997 | €114,997 | €114,997 | = |
| Operating cash flow (approximation) | €75,183 | €77,348 | €94,420 | €93,359 | €124,700 | €104,564 | €116,537 | €131,588 | ▲ 12.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€27,039 | €30,231 | -€37,063 | -€19,524 | €26,641 | €19,773 | €65,037 | ▲ 229% |
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, 14,766 companies had the same profile as GUVAN has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GUVAN itself: 0.2% 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 14,766 companies, not a prediction for GUVAN. 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 | 29-06-2026 | 2026-00229097 | |
| 31-12-2024 | micro format | 23-02-2026 | 2026-00042901 | |
| 31-12-2023 | micro format | 12-12-2024 | 2024-00614858 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00119364 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20312147 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22700492 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59600085 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34300332 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-33600510 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14100146 |