GEDEM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-07-2026 at the NBB all 34 filings
Turnover
≈ €67,000
Estimated: probably between €47,000 and €91,000
Total assets
€256,063▲ 0.7%
2024 · €254,210
Net result
-€2,779
2024 · €65
Working capital
€175,910▲ 14.2%
2024 · €154,048
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,422
2025
20182025
Net result
-€2,779
2025
lowest quarter of the sector
20182025
Equity
€193,379
▼ 1.4%
2025
middle half of the sector
20182025
Total assets
€256,063
▲ 0.7%
2025
lowest quarter of the sector
20182025
Debt
€4,135
▼ 35.8%
2025
20182025
Working capital
€175,910
▲ 14.2%
2025
middle half of the sector
20182025
Solvency
75.5%
▼ 1.6pp
2025
highest quarter of the sector
20182025
Current ratio
54.46
▲ 26.07
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.1%
▼ 1.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€38,398-€21,337▼ 44.4%€59,000▲ 177%€24,961▼ 57.7%€27,675▲ 10.9%€21,554▼ 22.1%-€674€2,422
Net result€33,774-€14,124▼ 58.2%€43,662within the sector's middle half▲ 209%€18,528within the sector's middle half▼ 57.6%€20,946within the sector's middle half▲ 13.1%€15,393within the sector's middle half▼ 26.5%€65below the sector's middle half▼ 99.6%-€2,779below the sector's middle half
Equity€83,249-€97,373▲ 17.0%€141,226within the sector's middle half▲ 45.0%€159,754within the sector's middle half▲ 13.1%€180,700within the sector's middle half▲ 13.1%€196,092within the sector's middle half▲ 8.5%€196,158within the sector's middle half=€193,379within the sector's middle half▼ 1.4%
Total assets€231,587-€206,380▼ 10.9%€235,216within the sector's middle half▲ 14.0%€226,056within the sector's middle half▼ 3.9%€235,899within the sector's middle half▲ 4.4%€251,858within the sector's middle half▲ 6.8%€254,210within the sector's middle half▲ 0.9%€256,063below the sector's middle half▲ 0.7%
Debt€124,330-€85,000▼ 31.6%€69,983▼ 17.7%€24,607▼ 64.8%€12,784▼ 48.0%€8,424▼ 34.1%€6,446▼ 23.5%€4,135▼ 35.8%
Working capital-€60,836--€31,248▲ 48.6%€24,522within the sector's middle half€76,123within the sector's middle half▲ 210%€109,178within the sector's middle half▲ 43.4%€137,916within the sector's middle half▲ 26.3%€154,048within the sector's middle half▲ 11.7%€175,910within the sector's middle half▲ 14.2%
Solvency35.9%-47.2%▲ 11.2pp60.0%within the sector's middle half▲ 12.9pp70.7%within the sector's middle half▲ 10.6pp76.6%within the sector's middle half▲ 5.9pp77.9%above the sector's middle half▲ 1.3pp77.2%within the sector's middle half▼ 0.7pp75.5%above the sector's middle half▼ 1.6pp
Current ratio0.51-0.63▲ 0.121.35within the sector's middle half▲ 0.724.19within the sector's middle half▲ 2.849.54above the sector's middle half▲ 5.3519.08above the sector's middle half▲ 9.5428.40above the sector's middle half▲ 9.3254.46above the sector's middle half▲ 26.07
Return on assets (ROA)14.6%-6.8%▼ 7.7pp18.6%within the sector's middle half▲ 11.7pp8.2%within the sector's middle half▼ 10.4pp8.9%within the sector's middle half▲ 0.7pp6.1%within the sector's middle half▼ 2.8pp0.0%below the sector's middle half▼ 6.1pp-1.1%below the sector's middle half▼ 1.1pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 profit of €2,422, after a loss of €674 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 €256,063
Fixed assets
€76,863 ▼ 18.7%
Current assets
€179,200 ▲ 12.2%
Equity and liabilities €256,063
Equity
€193,379 ▼ 1.4%
Provisions
€58,549 ▲ 13.5%
Debt
€4,135 ▼ 35.8%
Debt's share of the balance-sheet total falls from 2.5% to 1.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€14,679▲
2024 · €11,640
Cash flow
€9,478▼
2024 · €12,380
Debt to equity
0.02▼
2024 · 0.03
ROE
-1.4%▼
2024 · 0.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€3,290▼
2024 · €5,622
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €293 | €146 | €4,691 | €541 | €307 |
| Depreciation and write-downs of the year | €14,899 | €12,315 | €12,315 | €12,315 | €12,257 |
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 | €13,631 | €14,692 | €14,750 | €14,899 | €12,315 | €12,315 | €12,315 | €12,257 | ▼ 0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €28 | - | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €17,687 | €720 | €4,928 | €4,264 | €6,942 | ▲ 62.8% |
| Other operating charges640/8 | - | - | - | €4,492 | €4,338 | €4,685 | €4,868 | €5,019 | ▲ 3.1% |
| Gross operating margin9900 | €56,367 | €40,014 | €77,906 | €62,039 | €45,048 | €43,510 | €20,773 | €26,641 | ▲ 28.2% |
| Operating profit (loss)9901 | €38,398 | €21,337 | €59,000 | €24,961 | €27,675 | €21,554 | -€674 | €2,422 | - |
| Financial income75/76B | - | - | - | - | - | €271 | €448 | €555 | ▲ 23.8% |
| Recurring financial income75 | €56 | €44 | €0 | - | - | €271 | €448 | €555 | ▲ 23.8% |
| Financial charges65/66B | - | - | - | €37 | €54 | €57 | €21 | €5,755 | ▲ 274× |
| Recurring financial charges65 | €287 | €232 | €136 | €37 | €54 | €57 | €21 | €29 | ▲ 39.8% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €5,726 | - |
| Profit (loss) for the period before taxes9903 | €38,167 | €21,148 | €58,864 | €24,924 | €27,621 | €21,769 | -€247 | -€2,779 | ▼ 1,024% |
| Income taxes67/77 | €4,393 | €7,024 | €15,201 | €6,396 | €6,675 | €6,377 | -€312 | - | - |
| Profit (loss) for the period9904 | €33,774 | €14,124 | €43,662 | €18,528 | €20,946 | €15,393 | €65 | -€2,779 | - |
| Profit (loss) for the period to be appropriated9905 | €33,774 | €14,124 | €43,662 | €18,528 | €20,946 | €15,393 | €65 | -€2,779 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €231,587 | €206,380 | €235,216 | €226,056 | €235,899 | €251,858 | €254,210 | €256,063 | ▲ 0.7% |
| Fixed assets21/28 | €168,092 | €153,399 | €140,711 | €126,105 | €113,936 | €106,313 | €94,539 | €76,863 | ▼ 18.7% |
| Tangible fixed assets22/27 | €167,497 | €152,804 | €140,116 | €125,218 | €112,903 | €100,588 | €88,273 | €76,016 | ▼ 13.9% |
| Land and buildings22 | - | - | - | €123,245 | €111,195 | €99,144 | €87,093 | €75,043 | ▼ 13.8% |
| Plant, machinery and equipment23 | - | - | - | €1,798 | €1,592 | €1,386 | €1,180 | €974 | ▼ 17.5% |
| Furniture and vehicles24 | - | - | - | €174 | €116 | €58 | - | - | - |
| Financial fixed assets28 | €595 | €595 | €595 | €887 | €1,034 | €5,725 | €6,266 | €847 | ▼ 86.5% |
| Current assets29/58 | €63,495 | €52,981 | €94,505 | €99,951 | €121,962 | €145,545 | €159,671 | €179,200 | ▲ 12.2% |
| Amounts receivable within one year40/41 | €21,562 | €8,626 | €51,719 | €5,962 | €8,055 | €10,869 | €36,466 | €27,811 | ▼ 23.7% |
| Trade receivables40 | - | - | - | €4,747 | €6,888 | €8,468 | €20,507 | €507 | ▼ 97.5% |
| Other amounts receivable41 | - | - | - | €1,214 | €1,167 | €2,401 | €15,959 | €27,304 | ▲ 71.1% |
| Cash at bank and in hand54/58 | €41,933 | €44,355 | €42,540 | €93,490 | €113,658 | €134,285 | €122,183 | €151,389 | ▲ 23.9% |
| Deferred charges and accrued income490/1 | - | - | - | €500 | €249 | €391 | €1,021 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €231,587 | €206,380 | €235,216 | €226,056 | €235,899 | €251,858 | €254,210 | €256,063 | ▲ 0.7% |
| Equity10/15 | €83,249 | €97,373 | €141,226 | €159,754 | €180,700 | €196,092 | €196,158 | €193,379 | ▼ 1.4% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €15,049 | €29,173 | €73,026 | €91,554 | €112,500 | €127,892 | €127,958 | €125,179 | ▼ 2.2% |
| Provisions and deferred taxes16 | €24,007 | €24,007 | €24,007 | €41,695 | €42,415 | €47,342 | €51,606 | €58,549 | ▲ 13.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €41,695 | €42,415 | €47,342 | €51,606 | €58,549 | ▲ 13.5% |
| Major repairs and maintenance162 | - | - | - | €41,695 | €42,415 | €47,342 | €51,606 | €58,549 | ▲ 13.5% |
| Amounts payable17/49 | €124,330 | €85,000 | €69,983 | €24,607 | €12,784 | €8,424 | €6,446 | €4,135 | ▼ 35.8% |
| Amounts payable within one year42/48 | €124,330 | €84,229 | €69,983 | €23,828 | €12,784 | €7,629 | €5,622 | €3,290 | ▼ 41.5% |
| Financial debts43 | - | - | - | €16 | €16 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €16 | €16 | - | - | - | - |
| Trade debts44 | €44,472 | €64,383 | €38,769 | €12,640 | €7,828 | €4,740 | €4,266 | €3,290 | ▼ 22.9% |
| Suppliers440/4 | - | - | - | €12,640 | €7,828 | €4,740 | €4,266 | €3,290 | ▼ 22.9% |
| Taxes, remuneration and social security45 | - | - | - | €203 | €907 | €977 | €1,356 | - | - |
| Taxes450/3 | - | - | - | €203 | €907 | €977 | €1,356 | - | - |
| Other amounts payable47/48 | - | - | - | €10,970 | €4,034 | €1,912 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €779 | - | €795 | €824 | €845 | ▲ 2.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,774 | €14,124 | €43,662 | €18,528 | €20,946 | €15,393 | €65 | -€2,779 | - |
| + Depreciation and write-downs630 | €13,631 | €14,692 | €14,750 | €14,899 | €12,315 | €12,315 | €12,315 | €12,257 | ▼ 0.5% |
| Operating cash flow (approximation) | €47,406 | €28,817 | €58,412 | €33,426 | €33,260 | €27,707 | €12,380 | €9,478 | ▼ 23.4% |
| Investment in fixed assets (approximation) | - | €0 | -€2,062 | -€293 | -€146 | -€4,691 | -€541 | €5,420 | - |
| Change in cash | - | €2,422 | -€1,815 | €50,949 | €20,168 | €20,628 | -€12,102 | €29,206 | - |
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, 12,322 companies had the same profile as GEDEM has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEDEM 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 12,322 companies, not a prediction for GEDEM. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-07-2026 | 2026-00282672 | |
| 31-12-2024 | micro format | 05-07-2025 | 2025-00234154 | |
| 31-12-2023 | micro format | 27-07-2024 | 2024-00292773 | |
| 31-12-2022 | micro format | 17-06-2023 | 2023-00133647 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20146115 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25400437 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37400248 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-36200392 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-36500016 | |
| 31-12-2016 | micro format | 20-06-2017 | 2017-19500592 |