GEMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-03-2026 PDF all 36 filings
Turnover
≈ €100,000
Estimated: probably between €84,000 and €140,000
Total assets
€503,450▼ 29.4%
2024 · €713,410
Net result
€5,869▼ 69.0%
2024 · €18,958
Working capital
€71,295▼ 35.7%
2024 · €110,925
In the rankings
#3 oldest company in Edegem, Administrative and support services sector#8 company by equity in Edegem, Administrative and support services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€240
▼ 99.1%
2025
20192025
Net result
€5,869
▼ 69.0%
2025
middle half of the sector
20192025
Equity
€412,610
▲ 1.4%
2025
highest quarter of the sector
20192025
Total assets
€503,450
▼ 29.4%
2025
highest quarter of the sector
20192025
Debt
€49,475
▼ 81.1%
2025
20192025
Working capital
€71,295
▼ 35.7%
2025
middle half of the sector
20192025
Solvency
82.0%
▲ 24.9pp
2025
highest quarter of the sector
20192025
Current ratio
3.74
▲ 2.24
2025
middle half of the sector
20192025
Return on assets (ROA)
1.2%
▼ 1.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.007m--€0.04m-€0.006m▲ 85.5%-€0.003m▲ 56.2%-€0.005m▼ 85.6%€0.03m€240▼ 99.1%
Net result€0.009m--€0.04mbelow the sector's middle half€0.003mwithin the sector's middle half-€0.002mbelow the sector's middle half-€0.004mbelow the sector's middle half▼ 83.6%€0.02mwithin the sector's middle half€0.006mwithin the sector's middle half▼ 69.0%
Equity€0.6m-€0.6mabove the sector's middle half▼ 6.6%€0.6mabove the sector's middle half▼ 3.2%€0.6mabove the sector's middle half▼ 0.4%€0.6mabove the sector's middle half▼ 1.7%€0.4mabove the sector's middle half▼ 28.6%€0.4mabove the sector's middle half▲ 1.4%
Total assets€1.1m-€0.9mabove the sector's middle half▼ 18.0%€0.8mabove the sector's middle half▼ 5.6%€0.8mabove the sector's middle half▼ 8.7%€0.7mabove the sector's middle half▼ 4.2%€0.7mabove the sector's middle half▼ 1.3%€0.5mabove the sector's middle half▼ 29.4%
Debt€0.3m-€0.2m▼ 46.5%€0.2m▲ 15.1%€0.1m▼ 34.6%€0.1m▼ 14.7%€0.3m▲ 149%€0.05m▼ 81.1%
Working capital€0.3m-€0.2mabove the sector's middle half▼ 21.8%€0.3mabove the sector's middle half▲ 29.4%€0.3mabove the sector's middle half▼ 16.1%€0.3mabove the sector's middle half▼ 1.2%€0.1mabove the sector's middle half▼ 58.4%€0.07mwithin the sector's middle half▼ 35.7%
Solvency60.2%-68.6%within the sector's middle half▲ 8.3pp70.3%within the sector's middle half▲ 1.8pp76.7%above the sector's middle half▲ 6.4pp78.7%above the sector's middle half▲ 2.0pp57.0%within the sector's middle half▼ 21.7pp82.0%above the sector's middle half▲ 24.9pp
Current ratio3.73-9.82above the sector's middle half▲ 6.094.63above the sector's middle half▼ 5.196.98above the sector's middle half▲ 2.356.78above the sector's middle half▼ 0.201.50within the sector's middle half▼ 5.283.74within the sector's middle half▲ 2.24
Return on assets (ROA)0.9%--4.9%below the sector's middle half▼ 5.8pp0.4%within the sector's middle half▲ 5.3pp-0.3%below the sector's middle half▼ 0.7pp-0.5%below the sector's middle half▼ 0.3pp2.7%within the sector's middle half▲ 3.2pp1.2%within the sector's middle half▼ 1.5pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 99% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €503,450
Fixed assets
€406,102 ▲ 6.9%
Current assets
€97,348 ▼ 70.8%
Equity and liabilities €503,450
Equity
€412,610 ▲ 1.4%
Provisions
€41,365 ▼ 8.3%
Debt
€49,475 ▼ 81.1%
Debt's share of the balance-sheet total falls from 36.7% to 9.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32,320▼
2024 · €56,514
Cash flow
€37,949▼
2024 · €49,096
Debt to equity
0.12▼
2024 · 0.64
ROE
1.4%▼
2024 · 4.7%
Interest coverage
34.88▼
2024 · 37.46
Debt ≤ 1 year
€26,053▼
2024 · €222,537
Debt > 1 year
€22,622▼
2024 · €38,206
Income taxes
€8,367▼
2024 · €14,290
Staff costs
€5,277▼
2024 · €19,533
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €56,095 | €1,404 | - | €58,234 |
| Depreciation and write-downs of the year | €30,565 | €32,658 | €31,118 | €30,139 | €32,080 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €19,533 | €5,277 | ▼ 73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,751 | €34,751 | €30,565 | €32,658 | €31,118 | €30,139 | €32,080 | ▲ 6.4% |
| Other operating charges640/8 | - | - | €7,266 | €6,186 | €7,635 | €6,536 | €12,963 | ▲ 98.3% |
| Gross operating margin9900 | €59,728 | -€1,328 | €31,417 | €36,038 | €33,543 | €82,583 | €50,560 | ▼ 38.8% |
| Operating profit (loss)9901 | €7,104 | -€44,349 | -€6,414 | -€2,807 | -€5,210 | €26,375 | €240 | ▼ 99.1% |
| Financial income75/76B | - | - | €4,938 | €4,938 | €6,181 | €4,620 | €11,161 | ▲ 142% |
| Recurring financial income75 | - | - | €4,938 | €4,938 | €6,181 | €4,620 | €11,161 | ▲ 142% |
| Financial charges65/66B | - | - | €4,237 | €2,054 | €2,015 | €1,509 | €927 | ▼ 38.6% |
| Recurring financial charges65 | €19,339 | €6,121 | €4,237 | €2,054 | €2,015 | €1,509 | €927 | ▼ 38.6% |
| Profit (loss) for the period before taxes9903 | -€12,236 | -€50,091 | -€5,714 | €77 | -€1,044 | €29,487 | €10,475 | ▼ 64.5% |
| Transfer from deferred taxes780 | - | - | €18,490 | €4,716 | €3,799 | €3,760 | €3,760 | = |
| Income taxes67/77 | €62,590 | €91 | €9,470 | €6,874 | €6,575 | €14,290 | €8,367 | ▼ 41.5% |
| Profit (loss) for the period9904 | €9,394 | -€42,744 | €3,306 | -€2,081 | -€3,821 | €18,958 | €5,869 | ▼ 69.0% |
| Transfer from tax-exempt reserves789 | - | - | €39,886 | €13,127 | €11,355 | €11,281 | €11,281 | = |
| Profit (loss) for the period to be appropriated9905 | €175,287 | -€30,961 | €43,192 | €11,046 | €7,535 | €30,239 | €17,150 | ▼ 43.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.5m | ▼ 29.4% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 6.9% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 6.9% |
| Land and buildings22 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 7.8% |
| Furniture and vehicles24 | - | - | €0.004m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 21.0% |
| Leasing and similar rights25 | - | - | €0.002m | €0.001m | - | - | €0.005m | - |
| Financial fixed assets28 | €17 | €17 | €17 | €17 | €17 | €17 | €17 | = |
| Current assets29/58 | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 70.8% |
| Amounts receivable within one year40/41 | €0.02m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.06m | ▼ 77.4% |
| Trade receivables40 | - | - | €39 | €0.009m | - | - | - | - |
| Other amounts receivable41 | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.06m | ▼ 77.4% |
| Current investments50/53 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.04m | ▼ 54.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.02m | €0.1m | €0.07m | €0.003m | €0.003m | €0.003m | ▲ 10.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.5m | ▼ 29.4% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.4m | €0.4m | ▲ 1.4% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 2.3% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 8.3% |
| Distributable reserves133 | - | - | €0.3m | €0.3m | €0.3m | €0.1m | €0.1m | ▲ 14.2% |
| Profit (loss) carried forward14 | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.06m | €0.05m | €0.05m | €0.05m | €0.04m | ▼ 8.3% |
| Deferred taxes168 | - | - | €0.06m | €0.05m | €0.05m | €0.05m | €0.04m | ▼ 8.3% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.3m | €0.05m | ▼ 81.1% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.1m | €0.08m | €0.06m | €0.04m | €0.02m | ▼ 40.8% |
| Financial debts170/4 | - | - | €0.1m | €0.08m | €0.06m | €0.04m | €0.02m | ▼ 40.8% |
| Amounts payable within one year42/48 | €0.1m | €0.03m | €0.09m | €0.05m | €0.05m | €0.2m | €0.03m | ▼ 88.3% |
| Current portion of amounts payable after more than one year42 | - | - | €0.01m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 20.4% |
| Financial debts43 | - | - | - | - | €0.005m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €0.005m | €0 | - | - |
| Trade debts44 | €0.03m | €0.004m | €0.005m | €0.006m | €0.005m | €0.006m | €0.005m | ▼ 4.2% |
| Suppliers440/4 | - | - | €0.005m | €0.006m | €0.005m | €0.006m | €0.005m | ▼ 4.2% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.008m | €0.007m | €0.02m | €0.005m | ▼ 67.9% |
| Taxes450/3 | - | - | €0.008m | €0.007m | €0.007m | €0.02m | €0.005m | ▼ 67.9% |
| Remuneration and social security454/9 | - | - | €0.002m | €0.002m | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.06m | €0.004m | €0.006m | €0.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,394 | -€42,744 | €3,306 | -€2,081 | -€3,821 | €18,958 | €5,869 | ▼ 69.0% |
| + Depreciation and write-downs630 | €34,751 | €34,751 | €30,565 | €32,658 | €31,118 | €30,139 | €32,080 | ▲ 6.4% |
| Operating cash flow (approximation) | €44,145 | -€7,993 | €33,871 | €30,577 | €27,297 | €49,096 | €37,949 | ▼ 22.7% |
| Investment in fixed assets (approximation) | - | €0 | €151,872 | -€56,095 | -€1,404 | €0 | -€58,234 | - |
| Change in cash | - | -€394,819 | €90,780 | -€38,520 | -€65,443 | -€466 | €316 | - |
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, 14,766 companies had the same profile as GEMAR has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEMAR itself: 0.3% 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 14,766 companies, not a prediction for GEMAR. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 18-03-2026 | 2026-00059685 | |
| 30-09-2024 | micro format | 19-03-2025 | 2025-00050557 | |
| 30-09-2023 | micro format | 18-03-2024 | 2024-00046509 | |
| 30-09-2022 | micro format | 09-03-2023 | 2023-00040625 | |
| 30-09-2021 | micro format | 27-04-2022 | 2022-20009998 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-11900208 | |
| 30-09-2019 | micro format | 23-03-2020 | 2020-07400220 | |
| 30-09-2018 | micro format | 20-03-2019 | 2019-07400506 | |
| 30-09-2017 | micro format | 30-04-2018 | 2018-11500370 | |
| 30-09-2016 | abbreviated format | 11-04-2017 | 2017-09300563 |