GEMABEL
ActiveSummary
GEMABEL has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €838k and a net result of €155k. Equity is growing by ~9% per year across the filed fiscal years. Its solvency ranks better than 56% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78=
Solvency64▼-8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity short (current ratio 0.83 against 1.04 in 2024; short-term debt: 41% and cash: 11.2% of total assets), and 61.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.5%
Return on assets
7.1%
Age of the figures
9 mo
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
9 d early
2023
34 d early
2022
33 d early
2021
37 d early
2020
66 d early
2019
37 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€838k▼ 17.2%
2024 · €1.01M
2018: €675klowest in 8 years
2019: €759k▲ +12.5% vs 2018
2020: €846k▲ +11.5% vs 2019
2021: €923k▲ +9.1% vs 2020
2022: €1.22M▲ +31.7% vs 2021
2023: €1.36M▲ +11.6% vs 2022highest in 8 years
2024: €1.01M▼ -25.4% vs 2023
2025: €838k▼ -17.2% vs 2024
2018 → 2025
Total assets
€2.18M▲ 0.5%
2024 · €2.17M
2018: €998klowest in 8 years
2019: €1.08M▲ +8.1% vs 2018
2020: €1.09M▲ +0.7% vs 2019
2021: €1.47M▲ +34.9% vs 2020
2022: €2.07M▲ +41.0% vs 2021
2023: €2.06M▼ -0.5% vs 2022
2024: €2.17M▲ +5.3% vs 2023
2025: €2.18M▲ +0.5% vs 2024highest in 8 years
2018 → 2025
Net result
€155k▼ 7.0%
2024 · €166k
2018: €68klowest in 8 years
2019: €84k▲ +23.4% vs 2018
2020: €87k▲ +3.3% vs 2019
2021: €77k▼ -11.5% vs 2020
2022: €292k▲ +280% vs 2021highest in 8 years
2023: €141k▼ -51.9% vs 2022
2024: €166k▲ +18.2% vs 2023
2025: €155k▼ -7.0% vs 2024
2018 → 2025
Working capital
€-153k
2024 · €25k
2018: €120k
2019: €243k▲ +103% vs 2018
2020: €316k▲ +30.1% vs 2019
2021: €358k▲ +13.1% vs 2020
2022: €692k▲ +93.1% vs 2021
2023: €725k▲ +4.9% vs 2022highest in 8 years
2024: €25k▼ -96.6% vs 2023
2025: €-153k▼ -717% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€923k-€1.22M▲ 31.7%€1.36M▲ 11.6%€1.01M▼ 25.4%€838k▼ 17.2%
2021: €923k
2022: €1.22M▲ +31.7% vs 2021
2023: €1.36M▲ +11.6% vs 2022highest in 5 years
2024: €1.01M▼ -25.4% vs 2023
2025: €838k▼ -17.2% vs 2024lowest in 5 years
Operating result€113k-€354k▲ 212%€210k▼ 40.5%€221k▲ 5.0%€225k▲ 2.0%
2021: €113klowest in 5 years
2022: €354k▲ +212% vs 2021highest in 5 years
2023: €210k▼ -40.5% vs 2022
2024: €221k▲ +5.0% vs 2023
2025: €225k▲ +2.0% vs 2024
Net result€77k-€292k▲ 280%€141k▼ 51.9%€166k▲ 18.2%€155k▼ 7.0%
2021: €77klowest in 5 years
2022: €292k▲ +280% vs 2021highest in 5 years
2023: €141k▼ -51.9% vs 2022
2024: €166k▲ +18.2% vs 2023
2025: €155k▼ -7.0% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 2% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.18M
Fixed assets
€1.44M ▼ 4.6%
Current assets
€739k ▲ 12.2%
Equity and liabilities €2.18M
Equity
€838k ▼ 17.2%
Provisions
€67k ▼ 5.3%
Debt
€1.27M ▲ 17.4%
Debt's share of the balance-sheet total rises from 50.0% to 58.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€299k▲
2024 · €283k
Cash flow
€228k▼
2024 · €229k
Current ratio
0.83▼
2024 · 1.04
Debt to equity
1.52▲
2024 · 1.07
ROE
18.5%▲
2024 · 16.4%
ROA
7.1%▼
2024 · 7.7%
Interest coverage
19.55▼
2024 · 39.11
Debt ≤ 1 year
€892k▲
2024 · €634k
Debt > 1 year
€379k▼
2024 · €448k
Income taxes
€61k▲
2024 · €56k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.17M€2.18M▲
Fixed assets21/28€1.51M€1.44M▼
Tangible fixed assets22/27€1.51M€1.43M▼
Land and buildings22€1.51M€1.43M▼
Furniture and vehicles24-€3k
Financial fixed assets28€2k€2k▲
Current assets29/58€658k€739k▲
Amounts receivable within one year40/41€351k€297k▼
Trade receivables40€10k€17k▲
Other amounts receivable41€340k€280k▼
Current investments50/53€197k€198k▲
Cash at bank and in hand54/58€110k€244k▲
Deferred charges and accrued income490/1€1k€761▼
Equity and liabilities
Total equity and liabilities10/49€2.17M€2.18M▲
Equity10/15€1.01M€838k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€786k€776k▼
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Tax-exempt reserves132€175k€165k▼
Distributable reserves133€605k€605k=
Profit (loss) carried forward14€164k€51▼
Provisions and deferred taxes16€71k€67k▼
Deferred taxes168€71k€67k▼
Amounts payable17/49€1.08M€1.27M▲
Amounts payable after more than one year17€448k€379k▼
Financial debts170/4€448k€379k▼
Amounts payable within one year42/48€634k€892k▲
Current portion of amounts payable after more than one year42€68k€69k▲
Trade debts44€7k€4k▼
Suppliers440/4€7k€4k▼
Taxes, remuneration and social security45€48k€30k▼
Taxes450/3€48k€30k▼
Other amounts payable47/48€510k€787k▲
Accrued charges and deferred income492/3€554€481▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€62k€73k▲
Other operating charges640/8€8k€8k▲
Gross operating margin9900€291k€307k▲
Operating profit (loss)9901€221k€225k▲
Financial income75/76B€5k€2k▼
Recurring financial income75€5k€2k▼
Financial charges65/66B€7k€15k▲
Recurring financial charges65€7k€15k▲
Profit (loss) for the period before taxes9903€219k€212k▼
Transfer from deferred taxes780€4k€4k=
Income taxes67/77€56k€61k▲
Profit (loss) for the period9904€166k€155k▼
Transfer from tax-exempt reserves789€9k€9k=
Profit (loss) for the period to be appropriated9905€176k€164k▼
Appropriation of the result
Profit (loss) to be appropriated9906€674k€329k▼
Profit (loss) brought forward from the previous period14P€499k€164k▼
Profit to be distributed694/7€510k€329k▼
Return on contributions (dividend)694€510k€329k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41k | €62k | €59k | €62k | €73k | ▲ 17.5% |
| Other operating charges640/8 | €9k | €8k | €13k | €8k | €8k | ▲ 0.2% |
| Gross operating margin9900 | €164k | €424k | €282k | €291k | €307k | ▲ 5.3% |
| Operating profit (loss)9901 | €113k | €354k | €210k | €221k | €225k | ▲ 2.0% |
| Financial income75/76B | €3k | €4k | €5k | €5k | €2k | ▼ 57.8% |
| Recurring financial income75 | €3k | €4k | €5k | €5k | €2k | ▼ 57.8% |
| Financial charges65/66B | €3k | €9k | €8k | €7k | €15k | ▲ 111% |
| Recurring financial charges65 | €3k | €9k | €8k | €7k | €15k | ▲ 111% |
| Profit (loss) for the period before taxes9903 | €113k | €348k | €207k | €219k | €212k | ▼ 3.0% |
| Transfer from deferred taxes780 | €2k | €4k | €4k | €4k | €4k | = |
| Transfer to deferred taxes680 | - | €40k | - | - | - | - |
| Income taxes67/77 | €38k | €19k | €70k | €56k | €61k | ▲ 8.8% |
| Profit (loss) for the period9904 | €77k | €292k | €141k | €166k | €155k | ▼ 7.0% |
| Transfer from tax-exempt reserves789 | €3k | €9k | €9k | €9k | €9k | = |
| Transfer to tax-exempt reserves689 | - | €121k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €80k | €180k | €150k | €176k | €164k | ▼ 6.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.47M | €2.07M | €2.06M | €2.17M | €2.18M | ▲ 0.5% |
| Fixed assets21/28 | €952k | €1.28M | €1.22M | €1.51M | €1.44M | ▼ 4.6% |
| Tangible fixed assets22/27 | €951k | €1.28M | €1.22M | €1.51M | €1.43M | ▼ 4.7% |
| Land and buildings22 | €621k | €1.28M | €1.22M | €1.51M | €1.43M | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | - | €3k | - |
| Assets under construction and advance payments27 | €330k | - | - | - | - | - |
| Financial fixed assets28 | €561 | €1k | €2k | €2k | €2k | ▲ 35.0% |
| Current assets29/58 | €514k | €785k | €834k | €658k | €739k | ▲ 12.2% |
| Amounts receivable within one year40/41 | €207k | €165k | €414k | €351k | €297k | ▼ 15.4% |
| Trade receivables40 | €9k | €14k | €12k | €10k | €17k | ▲ 61.0% |
| Other amounts receivable41 | €197k | €151k | €402k | €340k | €280k | ▼ 17.8% |
| Current investments50/53 | €156k | €256k | €256k | €197k | €198k | ▲ 0.6% |
| Cash at bank and in hand54/58 | €151k | €364k | €163k | €110k | €244k | ▲ 122% |
| Deferred charges and accrued income490/1 | - | - | - | €1k | €761 | ▼ 28.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.47M | €2.07M | €2.06M | €2.17M | €2.18M | ▲ 0.5% |
| Equity10/15 | €923k | €1.22M | €1.36M | €1.01M | €838k | ▼ 17.2% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €356k | €654k | €795k | €786k | €776k | ▼ 1.2% |
| Non-distributable reserves130/1 | - | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | - | €6k | €6k | €6k | €6k | = |
| Tax-exempt reserves132 | €81k | €194k | €184k | €175k | €165k | ▼ 5.4% |
| Distributable reserves133 | €274k | €454k | €605k | €605k | €605k | = |
| Profit (loss) carried forward14 | €505k | €499k | €499k | €164k | €51 | ▼ 100.0% |
| Provisions and deferred taxes16 | €42k | €79k | €75k | €71k | €67k | ▼ 5.3% |
| Deferred taxes168 | €42k | €79k | €75k | €71k | €67k | ▼ 5.3% |
| Amounts payable17/49 | €501k | €772k | €626k | €1.08M | €1.27M | ▲ 17.4% |
| Amounts payable after more than one year17 | €345k | €678k | €511k | €448k | €379k | ▼ 15.5% |
| Financial debts170/4 | €245k | €578k | €511k | €448k | €379k | ▼ 15.5% |
| Other amounts payable178/9 | €100k | €100k | - | - | - | - |
| Amounts payable within one year42/48 | €156k | €94k | €109k | €634k | €892k | ▲ 40.7% |
| Current portion of amounts payable after more than one year42 | €55k | €67k | €68k | €68k | €69k | ▲ 1.3% |
| Trade debts44 | €58k | €13k | €6k | €7k | €4k | ▼ 36.3% |
| Suppliers440/4 | €58k | €13k | €6k | €7k | €4k | ▼ 36.3% |
| Taxes, remuneration and social security45 | €40k | €7k | €36k | €48k | €30k | ▼ 36.9% |
| Taxes450/3 | €40k | €7k | €36k | €48k | €30k | ▼ 36.9% |
| Other amounts payable47/48 | €3k | €7k | - | €510k | €787k | ▲ 54.4% |
| Accrued charges and deferred income492/3 | - | - | €6k | €554 | €481 | ▼ 13.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77k | €292k | €141k | €166k | €155k | ▼ 7.0% |
| + Depreciation and write-downs630 | €41k | €62k | €59k | €62k | €73k | ▲ 17.5% |
| Operating cash flow (approximation) | €118k | €355k | €199k | €229k | €228k | ▼ 0.3% |
| Investment in fixed assets (approximation) | - | €-391k | €-374 | €-347k | €-3k | ▲ 99.0% |
| Change in cash | - | €213k | €-201k | €-54k | €134k | ▲ 350% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €292k ▲280%
Operating result €354k, net result €292k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 8.38
Current ratio from 3.30 to 8.38; short-term debt falls from €156k to €94k.
31-12
Financial
Equity above €1MEq €1.22M ▲31.7%
5 profitable years in a row build equity to €1.22M.
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro 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, Chaudfontaine · 1 establishment unit since 1998
Ground area
2,238 m²
Building footprint
324 m²
Volume, LiDAR
1,509 m³
2 parcels, Wallonia · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
GEMABEL
since 19982.085.067.656
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62012A0049/00S000 | Wallonia | 1,494 m² | 1 · 223 m² | 6.8 m · 1 fl. |
| 62030A0004/00P013 | Wallonia | 744 m² | 1 · 101 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,218 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
Founded07-01-1998
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
66199Other activities auxiliary to financial services, excluding insurance and pension funding
68201Renting and operating of own or leased residential real estate, excluding social housing
68204Real estate activities
82100Office administrative and support services
Scores and ratios are computed by Checked and are not a credit decision.