GEMBALIM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 12 days after the deadline Filed on 12 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00402837.
Annual accounts 2025 filed on 12-08-2026 at the NBB all 10 filings
Turnover
≈ €8.4m
Estimated: probably between €6.8m and €11.0m
EBIT margin
Not included in this filing
Net result
€264,646▲ 819%
2024 · €28,786
Working capital
€102,991▲ 202%
2024 · €34,109
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€332,740
▲ 657%
2025
20182025
Net result
€264,646
▲ 819%
2025
highest quarter of the sector
20182025
Equity
€228,613
▲ 487%
2025
middle half of the sector
20182025
Total assets
€799,062
▲ 95.6%
2025
middle half of the sector
20182025
Debt
€570,449
▲ 54.4%
2025
20182025
Working capital
€102,991
▲ 202%
2025
middle half of the sector
20182025
Solvency
28.6%
▲ 19.1pp
2025
middle half of the sector
20182025
Current ratio
1.18
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
33.1%
▲ 26.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3.1
▼ 65.6%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€66,342-€28,102▼ 57.6%€23,771▼ 15.4%-€139,449-€64,385▲ 53.8%€135,176€43,929▼ 67.5%€332,740▲ 657%
Net result€27,733-€14,509▼ 47.7%€3,045within the sector's middle half▼ 79.0%-€158,126below the sector's middle half-€90,294below the sector's middle half▲ 42.9%€98,584within the sector's middle half€28,786within the sector's middle half▼ 70.8%€264,646above the sector's middle half▲ 819%
Equity€142,463-€156,972▲ 10.2%€160,017within the sector's middle half▲ 1.9%€1,892below the sector's middle half▼ 98.8%-€88,402below the sector's middle half€10,182below the sector's middle half€38,968below the sector's middle half▲ 283%€228,613within the sector's middle half▲ 487%
Total assets€826,683-€937,581▲ 13.4%€845,332within the sector's middle half▼ 9.8%€717,010within the sector's middle half▼ 15.2%€629,313within the sector's middle half▼ 12.2%€459,740within the sector's middle half▼ 26.9%€408,459below the sector's middle half▼ 11.2%€799,062within the sector's middle half▲ 95.6%
Debt€684,220-€780,609▲ 14.1%€685,315▼ 12.2%€715,118▲ 4.3%€717,715▲ 0.4%€449,558▼ 37.4%€369,491▼ 17.8%€570,449▲ 54.4%
Working capital€176,430-€332,300▲ 88.3%€369,963within the sector's middle half▲ 11.3%€203,483within the sector's middle half▼ 45.0%€66,368within the sector's middle half▼ 67.4%€75,477within the sector's middle half▲ 13.7%€34,109within the sector's middle half▼ 54.8%€102,991within the sector's middle half▲ 202%
Solvency17.2%-16.7%▼ 0.5pp18.9%within the sector's middle half▲ 2.2pp0.3%below the sector's middle half▼ 18.7pp-14.0%below the sector's middle half▼ 14.3pp2.2%below the sector's middle half▲ 16.3pp9.5%below the sector's middle half▲ 7.3pp28.6%within the sector's middle half▲ 19.1pp
Current ratio1.54-1.95▲ 0.412.21within the sector's middle half▲ 0.261.48within the sector's middle half▼ 0.741.13within the sector's middle half▼ 0.351.23within the sector's middle half▲ 0.101.10within the sector's middle half▼ 0.121.18within the sector's middle half▲ 0.08
Return on assets (ROA)3.4%-1.5%▼ 1.8pp0.4%within the sector's middle half▼ 1.2pp-22.1%below the sector's middle half▼ 22.4pp-14.3%below the sector's middle half▲ 7.7pp21.4%above the sector's middle half▲ 35.8pp7.0%within the sector's middle half▼ 14.4pp33.1%above the sector's middle half▲ 26.1pp
Staff (FTE)10.8-10.8=12within the sector's middle half▲ 11.1%13within the sector's middle half▲ 8.3%11within the sector's middle half▼ 15.4%9within the sector's middle half▼ 18.2%9within the sector's middle half=3.1within the sector's middle half▼ 65.6%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 7.6 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Net result +819%, Staff (FTE) -66% on 2024. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €799,062
Fixed assets
€125,739 ▲ 235%
Current assets
€673,323 ▲ 81.5%
Equity and liabilities €799,062
Equity
€228,613 ▲ 487%
Debt
€570,449 ▲ 54.4%
Debt's share of the balance-sheet total falls from 90.5% to 71.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€336,284▲
2024 · €57,768
Cash flow
€268,190▲
2024 · €42,626
Debt to equity
2.50▼
2024 · 9.48
ROE
115.8%▲
2024 · 73.9%
Interest coverage
82.45▲
2024 · 3.93
Debt ≤ 1 year
€570,332▲
2024 · €336,846
Income taxes
€65,886▲
2024 · €461
Staff costs
€212,349▼
2024 · €490,703
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 12 | 12 | 10 | - |
| full-time | 9 | 11 | 5 | 7 | - |
| part-time | 7 | 1 | 7 | 3 | - |
| in full-time equivalents | 14 | 11 | 9 | 9.9 | - |
| Average over the year, in full-time equivalents | 13 | 11 | 9.2 | 9 | 3.1 |
| On a permanent contract | 10 | 10 | 8 | 9 | - |
| Joined | 6 | 5 | 5 | 8 | 1 |
| Left | 4 | 7 | 4 | 7 | 11 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,058 | €14,206 | €28,284 | €1,053 | €125,247 |
| Financial fixed assets | €300 | - | - | - | - |
| Depreciation and write-downs of the year | €93,624 | €56,845 | €14,081 | €13,840 | €3,544 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €285,733 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €497,205 | €496,911 | €481,300 | €490,703 | €212,349 | ▼ 56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98,485 | €92,132 | €92,635 | €93,624 | €56,845 | €14,081 | €13,840 | €3,544 | ▼ 74.4% |
| Other operating charges640/8 | - | - | - | €1,003 | €11,884 | €9,493 | €5,550 | €325,501 | ▲ 59× |
| Non-recurring operating charges66A | - | - | - | - | - | €2,000 | - | €5,578 | - |
| Gross operating margin9900 | €568,989 | €574,670 | €572,941 | €452,383 | €501,255 | €642,050 | €554,021 | €879,712 | ▲ 58.8% |
| Operating profit (loss)9901 | €66,342 | €28,102 | €23,771 | -€139,449 | -€64,385 | €135,176 | €43,929 | €332,740 | ▲ 657% |
| Financial income75/76B | - | - | - | €177 | €34 | €3,267 | - | €1,870 | - |
| Recurring financial income75 | €240 | €202 | €198 | €177 | €34 | €1,767 | - | €1,870 | - |
| Non-recurring financial income76B | - | - | - | - | - | €1,500 | - | - | - |
| Financial charges65/66B | - | - | - | €16,764 | €25,697 | €39,169 | €14,682 | €4,079 | ▼ 72.2% |
| Recurring financial charges65 | €25,349 | €19,326 | €23,195 | €16,764 | €25,697 | €39,169 | €14,682 | €4,079 | ▼ 72.2% |
| Profit (loss) for the period before taxes9903 | €41,233 | €19,258 | €775 | -€156,037 | -€90,048 | €99,273 | €29,247 | €330,531 | ▲ 11× |
| Income taxes67/77 | €13,500 | €4,749 | -€2,271 | €2,088 | €246 | €689 | €461 | €65,886 | ▲ 143× |
| Profit (loss) for the period9904 | €27,733 | €14,509 | €3,045 | -€158,126 | -€90,294 | €98,584 | €28,786 | €264,646 | ▲ 819% |
| Profit (loss) for the period to be appropriated9905 | €27,733 | €14,509 | €3,045 | -€158,126 | -€90,294 | €98,584 | €28,786 | €264,646 | ▲ 819% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €826,683 | €937,581 | €845,332 | €717,010 | €629,313 | €459,740 | €408,459 | €799,062 | ▲ 95.6% |
| Fixed assets21/28 | €325,676 | €256,918 | €170,051 | €85,785 | €43,146 | €50,290 | €37,504 | €125,739 | ▲ 235% |
| Tangible fixed assets22/27 | €312,201 | €243,443 | €156,576 | €72,010 | €29,371 | €50,290 | €37,504 | €125,739 | ▲ 235% |
| Land and buildings22 | - | - | - | - | - | - | - | €122,330 | - |
| Plant, machinery and equipment23 | - | - | - | €4,486 | €1,969 | €1,412 | €856 | - | - |
| Furniture and vehicles24 | - | - | - | €15,880 | €22,111 | €44,214 | €32,611 | - | - |
| Other tangible fixed assets26 | - | - | - | €51,644 | €5,292 | €4,664 | €4,037 | €3,409 | ▼ 15.5% |
| Financial fixed assets28 | €13,475 | €13,475 | €13,475 | €13,775 | €13,775 | - | - | - | - |
| Current assets29/58 | €501,007 | €680,663 | €675,281 | €631,225 | €586,167 | €409,449 | €370,955 | €673,323 | ▲ 81.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €400,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €400,000 | - |
| Stocks and contracts in progress3 | €226,608 | €247,109 | €251,140 | €278,135 | €251,016 | €251,592 | €245,579 | - | - |
| Stocks30/36 | - | - | - | €278,135 | €251,016 | €251,592 | €245,579 | - | - |
| Amounts receivable within one year40/41 | €87,812 | €135,857 | €155,582 | €157,577 | €128,195 | €56,829 | €75,723 | €115,574 | ▲ 52.6% |
| Trade receivables40 | - | - | - | €44,181 | €37,319 | €39,411 | €39,312 | €57,973 | ▲ 47.5% |
| Other amounts receivable41 | - | - | - | €113,396 | €90,876 | €17,418 | €36,412 | €57,601 | ▲ 58.2% |
| Cash at bank and in hand54/58 | €183,107 | €141,757 | €185,268 | €186,987 | €196,498 | €98,194 | €45,876 | €156,008 | ▲ 240% |
| Deferred charges and accrued income490/1 | - | - | - | €8,526 | €10,458 | €2,835 | €3,777 | €1,742 | ▼ 53.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €826,683 | €937,581 | €845,332 | €717,010 | €629,313 | €459,740 | €408,459 | €799,062 | ▲ 95.6% |
| Equity10/15 | €142,463 | €156,972 | €160,017 | €1,892 | -€88,402 | €10,182 | €38,968 | €228,613 | ▲ 487% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €42,463 | €46,972 | €50,017 | -€108,108 | -€198,402 | -€99,818 | -€71,032 | €118,613 | - |
| Amounts payable17/49 | €684,220 | €780,609 | €685,315 | €715,118 | €717,715 | €449,558 | €369,491 | €570,449 | ▲ 54.4% |
| Amounts payable after more than one year17 | €359,643 | €432,246 | €379,996 | €287,376 | €197,916 | €115,585 | €32,645 | - | - |
| Financial debts170/4 | - | - | - | €287,376 | €197,916 | €115,585 | €32,645 | - | - |
| Amounts payable within one year42/48 | €324,577 | €348,363 | €305,319 | €427,742 | €519,799 | €333,973 | €336,846 | €570,332 | ▲ 69.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €127,766 | €129,052 | €103,508 | €88,940 | - | - |
| Financial debts43 | - | - | - | €99,111 | €58,178 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €99,111 | €58,178 | - | - | - | - |
| Trade debts44 | €138,452 | €100,102 | €109,002 | €134,472 | €176,060 | €154,045 | €119,742 | €156,394 | ▲ 30.6% |
| Suppliers440/4 | - | - | - | €134,472 | €176,060 | €154,045 | €119,742 | €156,394 | ▲ 30.6% |
| Taxes, remuneration and social security45 | - | - | - | €64,893 | €72,487 | €62,477 | €80,393 | €66,857 | ▼ 16.8% |
| Taxes450/3 | - | - | - | - | €186 | €423 | €7,164 | €66,857 | ▲ 833% |
| Remuneration and social security454/9 | - | - | - | €64,893 | €72,301 | €62,054 | €73,228 | - | - |
| Other amounts payable47/48 | - | - | - | €1,500 | €84,023 | €13,943 | €47,771 | €347,081 | ▲ 627% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €117 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,733 | €14,509 | €3,045 | -€158,126 | -€90,294 | €98,584 | €28,786 | €264,646 | ▲ 819% |
| + Depreciation and write-downs630 | €98,485 | €92,132 | €92,635 | €93,624 | €56,845 | €14,081 | €13,840 | €3,544 | ▼ 74.4% |
| Operating cash flow (approximation) | €126,218 | €106,641 | €95,681 | -€64,501 | -€33,449 | €112,665 | €42,626 | €268,190 | ▲ 529% |
| Investment in fixed assets (approximation) | - | -€23,374 | -€5,768 | -€9,358 | -€14,206 | -€21,225 | -€1,053 | -€91,780 | ▼ 8,616% |
| Change in cash | - | -€41,350 | €43,511 | €1,719 | €9,511 | -€98,304 | -€52,318 | €110,132 | - |
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, 5,053 companies had the same profile as GEMBALIM has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GEMBALIM itself is lower: 0.2% within 12 months. It rests on far more data about GEMBALIM than the profile alone.
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 5,053 companies, not a prediction for GEMBALIM. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-08-2026 | 2026-00402837 | |
| 31-12-2024 | full format | 18-08-2025 | 2025-00383508 | |
| 31-12-2023 | full format | 17-06-2024 | 2024-00143619 | |
| 31-12-2022 | full format | 02-06-2023 | 2023-00110385 | |
| 31-12-2021 | full format | 08-08-2022 | 2022-20281847 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-64100309 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-27200281 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-34200199 | |
| 31-12-2017 | full format | 23-07-2018 | 2018-36700230 | |
| 31-12-2016 | full format | 25-07-2017 | 2017-36100168 |