Summary
GEMAD 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 €651,136 and a net result of €6,737. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 58% of 5585 sector peers (fiscal year 2025). The company has been active since 1989 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 30-09-2025 was due by 30-04-2026 and was filed on 21-04-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
1 d early
2023
1 d early
2022
6 d early
2021
43 d early
2020
10 d early
2019
21 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 13 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 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 24 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#4 oldest company in Ledegem, Finance and insurance sector
Equity
€651,136▲ 1.0%
2024 · €644,399
Net result
€6,737▲ 65.3%
2024 · €4,075
Total assets
€1.1m▲ 5.2%
2024 · €1.0m
Solvency
59.6%▼ 2.5pp
2024 · 62.0%
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€14,964▼ 47.7%€34,583▲ 131%€11,786▼ 65.9%€28,359▲ 141%€36,376▲ 28.3%
Net result€6,523within the sector's middle half▼ 66.3%€20,135within the sector's middle half▲ 209%-€1,474below the sector's middle half€4,075below the sector's middle half€6,737within the sector's middle half▲ 65.3%
Equity€724,200within the sector's middle half▼ 6.7%€641,797within the sector's middle half▼ 11.4%€640,323within the sector's middle half▼ 0.2%€644,399within the sector's middle half▲ 0.6%€651,136within the sector's middle half▲ 1.0%
Total assets€1.0mwithin the sector's middle half▲ 6.5%€1.2mwithin the sector's middle half▲ 11.8%€1.1mwithin the sector's middle half▼ 2.8%€1.0mwithin the sector's middle half▼ 7.9%€1.1mwithin the sector's middle half▲ 5.2%
Debt€313,531▲ 57.9%€518,241▲ 65.3%€487,746▼ 5.9%€394,551▼ 19.1%€442,099▲ 12.1%
Working capital€297,744above the sector's middle half▼ 15.0%€166,814within the sector's middle half▼ 44.0%€158,265within the sector's middle half▼ 5.1%€129,277within the sector's middle half▼ 18.3%€155,307within the sector's middle half▲ 20.1%
Solvency69.8%within the sector's middle half▼ 9.8pp55.3%within the sector's middle half▼ 14.5pp56.8%within the sector's middle half▲ 1.4pp62.0%within the sector's middle half▲ 5.3pp59.6%within the sector's middle half▼ 2.5pp
Current ratio1.99within the sector's middle half▼ 0.831.33within the sector's middle half▼ 0.651.34within the sector's middle half▲ 0.011.33within the sector's middle half▼ 0.011.36within the sector's middle half▲ 0.03
Return on assets (ROA)0.6%within the sector's middle half▼ 1.4pp1.7%within the sector's middle half▲ 1.1pp-0.1%below the sector's middle half▼ 1.9pp0.4%within the sector's middle half▲ 0.5pp0.6%within the sector's middle half▲ 0.2pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
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.
Turnover and EBIT margin not published: the abbreviated 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 28% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€503,922 ▼ 2.7%
Current assets
€589,314 ▲ 13.1%
Equity and liabilities €1.1m
Equity
€651,136 ▲ 1.0%
Debt
€442,099 ▲ 12.1%
Debt's share of the balance-sheet total rises from 38.0% to 40.4%. Equity and debt are higher.
Key figures and ratios
ROE
1.0%▲
2024 · 0.6%
Debt ≤ 1 year
€434,007▲
2024 · €391,667
Income taxes
€4,599▲
2024 · €3,356
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 | - | €7,750 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,548 | €15,770 | €18,061 | €18,809 | €19,819 | ▲ 5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,453 | - |
| Other operating charges640/8 | - | €16,932 | €17,831 | €19,289 | €4,259 | ▼ 77.9% |
| Gross operating margin9900 | €62,452 | €67,285 | €47,679 | €66,457 | €64,906 | ▼ 2.3% |
| Operating profit (loss)9901 | €14,964 | €34,583 | €11,786 | €28,359 | €36,376 | ▲ 28.3% |
| Financial income75/76B | - | €2,501 | €2,456 | €1,965 | €1,993 | ▲ 1.4% |
| Recurring financial income75 | €2,221 | €2,501 | €2,456 | €1,965 | €1,993 | ▲ 1.4% |
| Financial charges65/66B | - | €8,013 | €14,012 | €22,893 | €27,033 | ▲ 18.1% |
| Recurring financial charges65 | €3,009 | €8,013 | €14,012 | €22,893 | €27,033 | ▲ 18.1% |
| Profit (loss) for the period before taxes9903 | €14,176 | €29,071 | €230 | €7,431 | €11,336 | ▲ 52.5% |
| Income taxes67/77 | €7,653 | €8,936 | €1,704 | €3,356 | €4,599 | ▲ 37.0% |
| Profit (loss) for the period9904 | €6,523 | €20,135 | -€1,474 | €4,075 | €6,737 | ▲ 65.3% |
| Transfer from tax-exempt reserves789 | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €16,258 | €20,135 | -€1,474 | €4,075 | €6,737 | ▲ 65.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.2m | €1.1m | €1.0m | €1.1m | ▲ 5.2% |
| Fixed assets21/28 | €438,456 | €494,019 | €507,018 | €518,006 | €503,922 | ▼ 2.7% |
| Tangible fixed assets22/27 | €425,467 | €481,030 | €494,029 | €505,017 | €490,933 | ▼ 2.8% |
| Land and buildings22 | - | €481,030 | €494,029 | €505,017 | €485,564 | ▼ 3.9% |
| Furniture and vehicles24 | - | €0 | - | - | €5,368 | - |
| Financial fixed assets28 | €12,989 | €12,989 | €12,989 | €12,989 | €12,989 | = |
| Current assets29/58 | €599,275 | €666,018 | €621,050 | €520,944 | €589,314 | ▲ 13.1% |
| Amounts receivable within one year40/41 | €593,568 | €662,957 | €584,826 | €514,985 | €585,832 | ▲ 13.8% |
| Trade receivables40 | - | €173,294 | €92,755 | €118,305 | €181,803 | ▲ 53.7% |
| Other amounts receivable41 | - | €489,663 | €492,071 | €396,680 | €404,028 | ▲ 1.9% |
| Current investments50/53 | €94 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €5,278 | €1,210 | €34,834 | €949 | €2,031 | ▲ 114% |
| Deferred charges and accrued income490/1 | - | €1,851 | €1,391 | €5,009 | €1,451 | ▼ 71.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.2m | €1.1m | €1.0m | €1.1m | ▲ 5.2% |
| Equity10/15 | €724,200 | €641,797 | €640,323 | €644,399 | €651,136 | ▲ 1.0% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €704,200 | €621,797 | €620,323 | €624,399 | €631,136 | ▲ 1.1% |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | €0 | - | - |
| Reserves not available under the articles1311 | - | €2,000 | €2,000 | €0 | - | - |
| Distributable reserves133 | - | €619,797 | €618,323 | €624,399 | €631,136 | ▲ 1.1% |
| Profit (loss) carried forward14 | - | €0 | €0 | - | - | - |
| Amounts payable17/49 | €313,531 | €518,241 | €487,746 | €394,551 | €442,099 | ▲ 12.1% |
| Amounts payable within one year42/48 | €301,531 | €499,204 | €462,785 | €391,667 | €434,007 | ▲ 10.8% |
| Trade debts44 | €112,960 | €185,166 | €127,469 | €32,885 | €9,946 | ▼ 69.8% |
| Suppliers440/4 | - | €185,166 | €127,469 | €32,885 | €9,946 | ▼ 69.8% |
| Taxes, remuneration and social security45 | - | €17,384 | €9,429 | €11,679 | €15,805 | ▲ 35.3% |
| Taxes450/3 | - | €17,384 | €9,429 | €11,679 | €15,805 | ▲ 35.3% |
| Other amounts payable47/48 | - | €296,654 | €325,888 | €347,103 | €408,256 | ▲ 17.6% |
| Accrued charges and deferred income492/3 | - | €19,037 | €24,960 | €2,884 | €8,093 | ▲ 181% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,523 | €20,135 | -€1,474 | €4,075 | €6,737 | ▲ 65.3% |
| + Depreciation and write-downs630 | €29,548 | €15,770 | €18,061 | €18,809 | €19,819 | ▲ 5.4% |
| Operating cash flow (approximation) | €36,071 | €35,905 | €16,588 | €22,884 | €26,557 | ▲ 16.0% |
| Investment in fixed assets (approximation) | - | -€71,333 | -€31,060 | -€29,796 | -€5,735 | ▲ 80.8% |
| Change in cash | - | -€4,068 | €33,624 | -€33,885 | €1,083 | ▲ 103% |
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
21-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Back to profitnet €4,075
Net result €4,075 after one loss-making year.
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Weakest financial yearnet -€1,474
Net result drops to -€1,474, the lowest in the series; recovery starts the following year.
24-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
18-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
20-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
28-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-03
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.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Ledegem · 1 establishment unit since 1989
Ground area
3,736 m²
Building footprint
272 m²
Volume, LiDAR
1,515 m³
Parcel 36018A1000/00Z002, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Gootstraat 17, 8880 Ledegem
since 19892.045.347.047
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36018A1000/00Z002 | Flanders | 3,736 m² | 1 · 272 m² | 8.1 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
1 holdingOwners 0
The accounts to 30-09-2025 list no shareholders, and no other source names one.
Holdings 1
-
0.79%
According to the annual accounts to 30-09-2025 of GEMAD 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 24,728 companies in sector 64210 we hold annual accounts for 19,805. 13,403 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
Founded20-09-1989
Fiscal year end30-09
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0438400903
Also
9925:BE0438400903
Registered
23-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.