GEMACO
ActiveSummary
GEMACO has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €211,776 and a net result of -€24,668. Equity is growing by ~5.1% per year across the filed fiscal years. Its solvency ranks better than 49% of 18537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability64▼-27
Solvency58▼-42
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity short (current ratio 0.53 against 4.02 in 2024; short-term debt: 66.8% and cash: 17.8% of total assets), and 66.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
107 d early
2023
30 d late
2022
129 d early
2021
3 d early
2020
31 d late
2019
28 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 29 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€211,776▼ 22.3%
2024 · €272,444
Total assets
€636,990▲ 92.0%
2024 · €331,763
Net result
-€24,668
2024 · €58,032
Working capital
-€200,507
2024 · €179,429
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€34,280€97,121▲ 183%€102,095▲ 5.1%€84,759▼ 17.0%-€21,764
Net result€26,235€66,287▲ 153%€65,411▼ 1.3%€58,032▼ 11.3%-€24,668
Equity€173,414▼ 10.4%€153,001▼ 11.8%€214,412▲ 40.1%€272,444▲ 27.1%€211,776▼ 22.3%
Total assets€255,843▼ 8.9%€259,216▲ 1.3%€307,063▲ 18.5%€331,763▲ 8.0%€636,990▲ 92.0%
Debt€82,429▼ 5.5%€106,215▲ 28.9%€92,651▼ 12.8%€59,319▼ 36.0%€425,214▲ 617%
Working capital€57,295▼ 32.6%€45,547▼ 20.5%€114,288▲ 151%€179,429▲ 57.0%-€200,507
Staff (FTE)1=1=1.3▲ 30.0%3▲ 131%2.1▼ 30.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2025 Total assets +92% on 2024. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €21,764 after €84,759 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €636,990
Fixed assets
€412,284 ▲ 343%
Current assets
€224,707 ▼ 5.9%
Equity and liabilities €636,990
Equity
€211,776 ▼ 22.3%
Debt
€425,214 ▲ 617%
Debt's share of the balance-sheet total rises from 17.9% to 66.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€36,842▼
2024 · €91,867
Cash flow
€33,938▼
2024 · €65,141
Current ratio
0.53▼
2024 · 4.02
Quick ratio
0.31▼
2024 · 2.47
Debt to equity
2.01▲
2024 · 0.22
ROE
-11.6%▼
2024 · 21.3%
ROA
-3.9%▼
2024 · 17.5%
Interest coverage
12.69▼
2024 · 26.28
Debt ≤ 1 year
€425,214▲
2024 · €59,319
Staff costs
€76,837▲
2024 · €52,336
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,304 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,173 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €4,650 | €21,750 | €38,084 | €52,336 | €76,837 | ▲ 46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,665 | €8,665 | €7,330 | €7,109 | €58,606 | ▲ 724% |
| Other operating charges640/8 | €2,643 | €2,466 | €2,253 | €2,926 | €1,542 | ▼ 47.3% |
| Gross operating margin9900 | €50,239 | €130,002 | €149,762 | €147,129 | €115,220 | ▼ 21.7% |
| Operating profit (loss)9901 | €34,280 | €97,121 | €102,095 | €84,759 | -€21,764 | ▼ 126% |
| Financial charges65/66B | €2,490 | €3,472 | €3,143 | €3,496 | €2,904 | ▼ 16.9% |
| Recurring financial charges65 | €2,490 | €3,472 | €3,143 | €3,496 | €2,904 | ▼ 16.9% |
| Profit (loss) for the period before taxes9903 | €31,791 | €93,648 | €98,952 | €81,263 | -€24,668 | ▼ 130% |
| Income taxes67/77 | €5,556 | €27,361 | €33,541 | €23,231 | - | - |
| Profit (loss) for the period9904 | €26,235 | €66,287 | €65,411 | €58,032 | -€24,668 | ▼ 143% |
| Profit (loss) for the period to be appropriated9905 | €26,235 | €66,287 | €65,411 | €58,032 | -€24,668 | ▼ 143% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €255,843 | €259,216 | €307,063 | €331,763 | €636,990 | ▲ 92.0% |
| Fixed assets21/28 | €116,119 | €107,454 | €100,124 | €93,015 | €412,284 | ▲ 343% |
| Tangible fixed assets22/27 | €115,519 | €106,854 | €99,524 | €92,415 | €411,684 | ▲ 345% |
| Land and buildings22 | €113,742 | €106,633 | €99,524 | €92,415 | €410,180 | ▲ 344% |
| Plant, machinery and equipment23 | €1,081 | - | - | - | €1,503 | - |
| Furniture and vehicles24 | €696 | €221 | - | - | - | - |
| Financial fixed assets28 | €600 | €600 | €600 | €600 | €600 | = |
| Current assets29/58 | €139,724 | €151,762 | €206,939 | €238,748 | €224,707 | ▼ 5.9% |
| Stocks and contracts in progress3 | €100,350 | €85,826 | €78,557 | €92,070 | €90,903 | ▼ 1.3% |
| Stocks30/36 | €100,350 | €85,826 | €78,557 | €92,070 | €90,903 | ▼ 1.3% |
| Amounts receivable within one year40/41 | €2,521 | €7,711 | €6,401 | €22,965 | €20,572 | ▼ 10.4% |
| Trade receivables40 | €950 | €4,249 | - | €17,739 | €16,335 | ▼ 7.9% |
| Other amounts receivable41 | €1,571 | €3,462 | €6,401 | €5,226 | €4,237 | ▼ 18.9% |
| Cash at bank and in hand54/58 | €36,852 | €58,225 | €121,980 | €123,712 | €113,232 | ▼ 8.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €255,843 | €259,216 | €307,063 | €331,763 | €636,990 | ▲ 92.0% |
| Equity10/15 | €173,414 | €153,001 | €214,412 | €272,444 | €211,776 | ▼ 22.3% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €154,414 | €134,001 | €195,412 | €253,444 | €217,444 | ▼ 14.2% |
| Non-distributable reserves130/1 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Reserves not available under the articles1311 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Distributable reserves133 | €152,514 | €132,101 | €193,512 | €251,544 | €215,544 | ▼ 14.3% |
| Profit (loss) carried forward14 | - | - | - | - | -€24,668 | - |
| Amounts payable17/49 | €82,429 | €106,215 | €92,651 | €59,319 | €425,214 | ▲ 617% |
| Amounts payable within one year42/48 | €82,429 | €106,215 | €92,651 | €59,319 | €425,214 | ▲ 617% |
| Current portion of amounts payable after more than one year42 | €22,895 | - | - | - | - | - |
| Trade debts44 | €501 | €1,319 | €3,084 | €422 | €6,438 | ▲ 1,425% |
| Suppliers440/4 | €501 | €1,319 | €3,084 | €422 | €6,438 | ▲ 1,425% |
| Taxes, remuneration and social security45 | €14,093 | €59,371 | €79,253 | €57,340 | €66,596 | ▲ 16.1% |
| Taxes450/3 | €13,441 | €55,740 | €70,487 | €46,902 | €46,547 | ▼ 0.8% |
| Remuneration and social security454/9 | €652 | €3,631 | €8,766 | €10,438 | €20,049 | ▲ 92.1% |
| Other amounts payable47/48 | €44,940 | €45,525 | €10,314 | €1,556 | €352,180 | ▲ 22,533% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,235 | €66,287 | €65,411 | €58,032 | -€24,668 | ▼ 143% |
| + Depreciation and write-downs630 | €8,665 | €8,665 | €7,330 | €7,109 | €58,606 | ▲ 724% |
| Operating cash flow (approximation) | €34,900 | €74,953 | €72,741 | €65,141 | €33,938 | ▼ 47.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€377,874 | - |
| Change in cash | - | €21,372 | €63,756 | €1,732 | -€10,480 | ▼ 705% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€24,668
Net result drops to -€24,668, the lowest in the series.
15-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Equity above €200,000Eq €214,412 ▲40.1%
3 profitable years in a row build equity to €214,412.
24-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €26,235
Net result €26,235 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €74,324 ▲350%
Operating result €109,406, net result €74,324, both a record.
31-12
Financial
Equity above €200,000Eq €209,522 ▲55%
2 profitable years in a row build equity to €209,522.
Show earlier events
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-07
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 7 acts read
About the unread acts
We know of 7 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
7 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, Brussel · 1 establishment unit since 1995
Ground area
1,356 m²
Building footprint
1,335 m²
Volume, LiDAR
30,758 m³
2 parcels, Brussels · tallest building 34.4 m, ±10 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
GEMACO
since 19952.074.288.085
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B0892/00E000 | Brussels | 1,297 m² | 1 · 1,335 m² | 34.4 m · 10 fl. |
| 21802B1342/00N002 | Brussels | 59 m² | - | - |
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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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GOLDIN
BE 0451.714.647
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COLMAN KNOKKE
BE 0646.670.789
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MINE D'OR
BE 0450.340.910
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Of 2,016 companies in sector 47770 we hold annual accounts for 897. 690 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-12-1994
Fiscal year end31-12
Activities, NACEBEL 2025
47770Retail sale of watches and jewellery
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0454177754
Also
9925:BE0454177754
Registered
26-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.