Summary
GELBOR is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.0m and a net result of -€55,270. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 55% of 2445 sector peers (fiscal year 2025). The company has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
15 d early
2023
5 d early
2022
18 d early
2021
5 d early
2020
44 d early
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 15 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 16 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€2.0m▼ 2.7%
2024 · €2.0m
Net result
-€55,270
2024 · €36,795
Total assets
€3.0m▲ 0.2%
2024 · €2.9m
Solvency
67.0%▼ 2.0pp
2024 · 69.0%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€47,338▼ 67.9%€57,668€52,102▼ 9.7%€61,164▲ 17.4%-€26,751
Net result-€56,307below the sector's middle half▼ 57.4%€614,987above the sector's middle half€27,083within the sector's middle half▼ 95.6%€36,795within the sector's middle half▲ 35.9%-€55,270below the sector's middle half
Equity€1.4mwithin the sector's middle half▼ 4.0%€2.0mabove the sector's middle half▲ 45.3%€2.0mwithin the sector's middle half▲ 1.4%€2.0mwithin the sector's middle half▲ 1.8%€2.0mwithin the sector's middle half▼ 2.7%
Total assets€3.0mwithin the sector's middle half▲ 0.7%€3.0mwithin the sector's middle half▼ 2.2%€3.0mwithin the sector's middle half▲ 2.4%€2.9mwithin the sector's middle half▼ 2.7%€3.0mwithin the sector's middle half▲ 0.2%
Debt€1.7m▲ 4.8%€987,360▼ 40.8%€1.0m▲ 4.3%€912,807▼ 11.4%€974,091▲ 6.7%
Working capital-€1.4mbelow the sector's middle half▼ 4.3%-€749,098below the sector's middle half▲ 45.3%-€769,133below the sector's middle half▼ 2.7%-€781,326below the sector's middle half▼ 1.6%-€881,752below the sector's middle half▼ 12.9%
Solvency44.8%within the sector's middle half▼ 2.2pp66.6%within the sector's middle half▲ 21.8pp66.0%within the sector's middle half▼ 0.6pp69.0%within the sector's middle half▲ 3.0pp67.0%within the sector's middle half▼ 2.0pp
Current ratio0.04below the sector's middle half▲ 0.030.02below the sector's middle half▼ 0.020.11below the sector's middle half▲ 0.090.03below the sector's middle half▼ 0.080.03below the sector's middle half▲ 0.01
Return on assets (ROA)-1.9%below the sector's middle half▼ 0.7pp20.8%above the sector's middle half▲ 22.6pp0.9%within the sector's middle half▼ 19.9pp1.2%within the sector's middle half▲ 0.4pp-1.9%below the sector's middle half▼ 3.1pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €26,751 after €61,164 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.0m
Fixed assets
€2.9m ▼ 0.1%
Current assets
€31,625 ▲ 40.1%
Equity and liabilities €3.0m
Equity
€2.0m ▼ 2.7%
Debt
€974,091 ▲ 6.7%
Debt's share of the balance-sheet total rises from 31.0% to 33.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-2.8%▼
2024 · 1.8%
Debt ≤ 1 year
€913,377▲
2024 · €803,894
Debt > 1 year
€60,714▼
2024 · €108,913
Income taxes
€464▼
2024 · €9,518
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €32,805 | €826 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,441 | €27,741 | €11,133 | €7,251 | €3,043 | ▼ 58.0% |
| Other operating charges640/8 | €8,310 | €9,640 | €5,050 | €3,226 | €2,095 | ▼ 35.0% |
| Gross operating margin9900 | -€10,587 | €95,050 | €68,286 | €71,641 | -€21,613 | ▼ 130% |
| Operating profit (loss)9901 | -€47,338 | €57,668 | €52,102 | €61,164 | -€26,751 | ▼ 144% |
| Financial income75/76B | - | €564,988 | €1,915 | €5,320 | €1,210 | ▼ 77.3% |
| Recurring financial income75 | - | €564,988 | €1,915 | €5,320 | €1,210 | ▼ 77.3% |
| Financial charges65/66B | €6,860 | €5,641 | €12,279 | €20,171 | €29,264 | ▲ 45.1% |
| Recurring financial charges65 | €6,860 | €5,641 | €12,279 | €20,171 | €29,264 | ▲ 45.1% |
| Profit (loss) for the period before taxes9903 | -€54,198 | €617,015 | €41,738 | €46,313 | -€54,806 | ▼ 218% |
| Income taxes67/77 | €2,109 | €2,028 | €14,655 | €9,518 | €464 | ▼ 95.1% |
| Profit (loss) for the period9904 | -€56,307 | €614,987 | €27,083 | €36,795 | -€55,270 | ▼ 250% |
| Profit (loss) for the period to be appropriated9905 | -€56,307 | €614,987 | €27,083 | €36,795 | -€55,270 | ▼ 250% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.0m | €3.0m | €3.0m | €2.9m | €3.0m | ▲ 0.2% |
| Fixed assets21/28 | €3.0m | €2.9m | €2.9m | €2.9m | €2.9m | ▼ 0.1% |
| Tangible fixed assets22/27 | €48,698 | €30,557 | €19,423 | €12,172 | €9,129 | ▼ 25.0% |
| Land and buildings22 | €48,698 | €21,548 | €15,215 | €12,172 | €9,129 | ▼ 25.0% |
| Furniture and vehicles24 | - | €9,008 | €4,208 | - | - | - |
| Financial fixed assets28 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | = |
| Current assets29/58 | €62,959 | €14,858 | €95,745 | €22,568 | €31,625 | ▲ 40.1% |
| Amounts receivable within one year40/41 | €53,494 | - | €84,995 | €18,791 | €29,475 | ▲ 56.9% |
| Trade receivables40 | €39,000 | - | - | €422 | €2,705 | ▲ 541% |
| Other amounts receivable41 | €14,494 | - | €84,995 | €18,369 | €26,770 | ▲ 45.7% |
| Cash at bank and in hand54/58 | €3,229 | €3,451 | €1,254 | €225 | €376 | ▲ 67.0% |
| Deferred charges and accrued income490/1 | €6,236 | €11,407 | €9,495 | €3,552 | €1,774 | ▼ 50.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.0m | €3.0m | €3.0m | €2.9m | €3.0m | ▲ 0.2% |
| Equity10/15 | €1.4m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 2.7% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Capital10 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Issued capital100 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €80,908 | €695,895 | €722,978 | €759,773 | €704,503 | ▼ 7.3% |
| Non-distributable reserves130/1 | €11,526 | €42,275 | €43,629 | €45,469 | €45,469 | = |
| Legal reserve130 | €11,526 | €42,275 | €43,629 | €45,469 | €45,469 | = |
| Distributable reserves133 | €69,382 | €653,620 | €679,348 | €714,304 | €659,034 | ▼ 7.7% |
| Amounts payable17/49 | €1.7m | €987,360 | €1.0m | €912,807 | €974,091 | ▲ 6.7% |
| Amounts payable after more than one year17 | €235,714 | €223,404 | €164,462 | €108,913 | €60,714 | ▼ 44.3% |
| Financial debts170/4 | €235,714 | €223,404 | €164,462 | €108,913 | €60,714 | ▼ 44.3% |
| Amounts payable within one year42/48 | €1.4m | €763,956 | €864,877 | €803,894 | €913,377 | ▲ 13.6% |
| Current portion of amounts payable after more than one year42 | €42,857 | €55,194 | €55,370 | €55,549 | €48,199 | ▼ 13.2% |
| Financial debts43 | €1,311 | - | - | €14,655 | - | - |
| Credit institutions430/8 | €1,311 | - | - | €14,655 | - | - |
| Trade debts44 | €2,162 | €7,113 | €6,410 | €20 | €329 | ▲ 1,561% |
| Suppliers440/4 | €2,162 | €7,113 | €6,410 | €20 | €329 | ▲ 1,561% |
| Taxes, remuneration and social security45 | €94,030 | €107,788 | €125,884 | €20,628 | €15,681 | ▼ 24.0% |
| Taxes450/3 | €84,030 | €97,788 | €125,884 | €20,628 | €15,681 | ▼ 24.0% |
| Remuneration and social security454/9 | €10,000 | €10,000 | - | - | - | - |
| Other amounts payable47/48 | €1.3m | €593,862 | €677,213 | €713,042 | €849,168 | ▲ 19.1% |
| Accrued charges and deferred income492/3 | €58 | - | €690 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€56,307 | €614,987 | €27,083 | €36,795 | -€55,270 | ▼ 250% |
| + Depreciation and write-downs630 | €28,441 | €27,741 | €11,133 | €7,251 | €3,043 | ▼ 58.0% |
| Operating cash flow (approximation) | -€27,866 | €642,728 | €38,216 | €44,046 | -€52,227 | ▼ 219% |
| Investment in fixed assets (approximation) | - | -€9,600 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | €222 | -€2,197 | -€1,029 | €151 | ▲ 115% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €2mEq €2.0m ▲1.8%
3 profitable years in a row build equity to €2.0m.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €614,987
Net result €614,987 after 2 loss-making years.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet -€56,307
Net result drops to -€56,307, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
01-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 62 days late
2018
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tongeren-Borgloon · 1 establishment unit since 2003
Ground area
427 m²
Building footprint
157 m²
Volume, LiDAR
653 m³
Parcel 73007B0668/00L000, Flanders · tallest building 7.2 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Tongersesteenweg 338, 3840 Tongeren-Borgloon
since 20032.123.210.729
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73007B0668/00L000 | Flanders | 426 m² | 1 · 157 m² | 7.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 holdings · 2 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
99.99%
-
0.01%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
MAC QUEEN 99.99%1 subsidiary
- MAC QUEEN PROJECTS 99.33%
According to the 2025 annual accounts of GELBOR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 10,965 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-12-2002
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0479047267
Also
9925:BE0479047267
Registered
16-08-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.