| Group 1 | Group 2 | Group 3 | Group 4 | |||||||||
| No GCO | Yes GCO | p-value§ | No GCO | Yes GCO | p-value§ | No GCO | Yes GCO | p-value§ | No GCO | Yes GCO | p-value§ | |
| Net sales (Teur) | 368.00 | 313.90 | 0.1273 | 465.00 | 480.35 | 0.5000 | 575.00 | 652.00 | 0.3804 | 526.00 | 773.50 | 0.3139 |
| Total assets (Teur) | 82.20 | 139.00 | 0.0663 | 152.00 | 160.50 | 0.3010 | 174.35 | 340.60 | 0.0422 | 219.20 | 392.50 | 0.0604 |
| Growth of net sales (%) | −9.80 | −14.90 | 0.0626 | −3.90 | −12.10 | 0.0886 | 3.10 | −4.55 | 0.2967 | 0.70 | 3.30 | 0.4564 |
| Number of employees | 5.00 | 5.00 | 0.4527 | 5.00 | 6.00 | 0.2743 | 5.00 | 7.00 | 0.3717 | 6.50 | 9.00 | 0.1627 |
| Net sales per employee (Teur) | 57.70 | 76.00 | 0.3752 | 100.75 | 76.00 | 0.2520 | 95.50 | 99.25 | 0.4743 | 100.85 | 89.90 | 0.2242 |
| Gross profit (Teur) | 204.65 | 124.50 | 0.1453 | 213.00 | 245.50 | 0.1485 | 278.50 | 379.00 | 0.1654 | 241.50 | 441.60 | 0.1661 |
| Growth of gross profit (%) | −1.00 | −18.10 | 0.1092 | −14.05 | −8.70 | 0.5000 | 4.35 | 7.90 | 0.5000 | 0.30 | 5.80 | 0.3561 |
| Gross profit per employee (Teur) | 33.90 | 37.65 | 0.4184 | 40.85 | 46.55 | 0.2734 | 51.85 | 61.60 | 0.1969 | 50.40 | 56.60 | 0.0589 |
| EBITDA per net sales (%) | −8.60 | −10.30 | 0.2712 | −9.20 | −12.50 | 0.2834 | 3.90 | 1.00 | 0.0294 | 2.90 | 0.65 | 0.1932 |
| EBIT per net sales (%) | −14.85 | −13.20 | 0.3260 | −11.85 | −14.00 | 0.0529 | 2.70 | −1.15 | 0.0087 | 0.00 | −3.25 | 0.0879 |
| Traditional cash flow per net sales (%) | −12.10 | −11.74 | 0.5000 | −12.79 | −13.72 | 0.1479 | 1.68 | −2.10 | 0.0409 | 1.07 | −2.33 | 0.0831 |
| Quick ratio | 0.30 | 0.20 | 0.1453 | 0.50 | 0.30 | 0.0085 | 0.70 | 0.30 | 0.0482 | 0.80 | 0.55 | 0.1581 |
| Current ratio | 0.45 | 0.40 | 0.1954 | 0.70 | 0.40 | 0.0206 | 1.00 | 0.90 | 0.0548 | 1.00 | 0.90 | 0.1101 |
| Return on investment ratio (%) | −25.45 | −38.90 | 0.2732 | −22.00 | −34.50 | 0.2843 | 7.20 | −8.20 | 0.0052 | 0.00 | −3.65 | 0.0898 |
| Return on assets (%) | −22.10 | −21.70 | 0.4696 | −16.10 | −24.20 | 0.1376 | 5.05 | −7.50 | 0.0052 | 0.00 | −3.00 | 0.0898 |
| Equity ratio (%) | −89.75 | −85.40 | 0.4696 | −84.50 | −82.40 | 0.3186 | 12.20 | −7.20 | 0.0000 | 9.00 | −8.05 | 0.0000 |
| Net gearing | −1.60 | −1.30 | 0.0211 | −1.35 | −1.30 | 0.2773 | 1.20 | −4.30 | 0.0094 | 2.50 | −4.40 | 0.0002 |
| Debt to net sales ratio (%) | 65.40 | 73.25 | 0.2975 | 79.45 | 54.90 | 0.0584 | 30.90 | 42.00 | 0.0958 | 39.40 | 63.75 | 0.0550 |
| Working capital (%) | 1.65 | −0.05 | 0.1438 | −0.45 | −1.10 | 0.5000 | 8.25 | 5.20 | 0.2435 | 5.40 | 7.90 | 0.0550 |
| Inventories per net sales (%) | 7.40 | 5.15 | 0.3274 | 3.30 | 7.15 | 0.4111 | 11.40 | 10.20 | 0.3817 | 7.50 | 20.60 | 0.1241 |
| Collection period of receivables (days) | 11.50 | 16.00 | 0.3175 | 21.00 | 18.00 | 0.2439 | 29.00 | 23.50 | 0.1682 | 21.00 | 36.00 | 0.1234 |
| Payment period of payables (days) | 44.00 | 124.00 | 0.1394 | 81.50 | 115.50 | 0.1446 | 54.00 | 71.50 | 0.1609 | 56.00 | 84.00 | 0.0606 |