Gemmlogic
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 31-08-2025 PDF all 11 filings
Turnover
≈ €77,000
Estimated: probably between €48,000 and €100,000
Total assets
€186,675▲ 19.5%
2023 · €156,272
Net result
€20,643▼ 25.0%
2023 · €27,517
Working capital
€149,793▲ 13.6%
2023 · €131,867
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€28,722
▼ 27.9%
2024
20182024
Net result
€20,643
▼ 25.0%
2024
middle half of the sector
20182024
Equity
€156,085
▲ 14.6%
2024
middle half of the sector
20182024
Total assets
€186,675
▲ 19.5%
2024
middle half of the sector
20182024
Debt
€30,590
▲ 52.7%
2024
20182024
Working capital
€149,793
▲ 13.6%
2024
highest quarter of the sector
20182024
Solvency
83.6%
▼ 3.6pp
2024
highest quarter of the sector
20182024
Current ratio
5.90
▼ 1.69
2024
highest quarter of the sector
20182024
Return on assets (ROA)
11.1%
▼ 6.6pp
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€3,152-€1,593€50,862▲ 32×€26,910▼ 47.1%€77,445▲ 188%€39,843▼ 48.6%€28,722▼ 27.9%
Net result-€2,653-€2,251€35,476above the sector's middle half▲ 16×€18,881within the sector's middle half▼ 46.8%€55,664above the sector's middle half▲ 195%€27,517within the sector's middle half▼ 50.6%€20,643within the sector's middle half▼ 25.0%
Equity€6,954-€9,205▲ 32.4%€34,181within the sector's middle half▲ 271%€53,061within the sector's middle half▲ 55.2%€108,725within the sector's middle half▲ 105%€136,242within the sector's middle half▲ 25.3%€156,085within the sector's middle half▲ 14.6%
Total assets€7,650-€10,065▲ 31.6%€59,525within the sector's middle half▲ 491%€61,151within the sector's middle half▲ 2.7%€146,212within the sector's middle half▲ 139%€156,272within the sector's middle half▲ 6.9%€186,675within the sector's middle half▲ 19.5%
Debt€696-€861▲ 23.6%€25,345▲ 29×€8,090▼ 68.1%€37,487▲ 363%€20,029▼ 46.6%€30,590▲ 52.7%
Working capital€6,954-€9,205▲ 32.4%€32,411within the sector's middle half▲ 252%€50,955within the sector's middle half▲ 57.2%€105,828above the sector's middle half▲ 108%€131,867above the sector's middle half▲ 24.6%€149,793above the sector's middle half▲ 13.6%
Solvency90.9%-91.4%▲ 0.5pp57.4%within the sector's middle half▼ 34.0pp86.8%above the sector's middle half▲ 29.3pp74.4%above the sector's middle half▼ 12.4pp87.2%above the sector's middle half▲ 12.8pp83.6%above the sector's middle half▼ 3.6pp
Current ratio10.99-11.70▲ 0.712.28within the sector's middle half▼ 9.427.30above the sector's middle half▲ 5.023.82above the sector's middle half▼ 3.487.58above the sector's middle half▲ 3.765.90above the sector's middle half▼ 1.69
Return on assets (ROA)-34.7%-22.4%▲ 57.0pp59.6%above the sector's middle half▲ 37.2pp30.9%above the sector's middle half▼ 28.7pp38.1%above the sector's middle half▲ 7.2pp17.6%within the sector's middle half▼ 20.5pp11.1%within the sector's middle half▼ 6.6pp
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 2024 is 28% lower than in 2023. It is the second fall in a row.
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
2024 in colour, 2023 as the grey bar beneath
Assets €186,675
Fixed assets
€6,292 ▲ 43.8%
Current assets
€180,384 ▲ 18.8%
Equity and liabilities €186,675
Equity
€156,085 ▲ 14.6%
Debt
€30,590 ▲ 52.7%
Debt's share of the balance-sheet total rises from 12.8% to 16.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€30,401▼
2023 · €41,102
Cash flow
€22,322▼
2023 · €28,776
Debt to equity
0.20▲
2023 · 0.15
ROE
13.2%▼
2023 · 20.2%
Interest coverage
over 100▲
2023 · 79.31
Debt ≤ 1 year
€30,590▲
2023 · €20,029
Income taxes
€10,826▼
2023 · €13,605
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €863 | €1,900 | €2,737 | €3,595 |
| Depreciation and write-downs of the year | €526 | €1,108 | €1,259 | €1,679 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €64 | €526 | €1,108 | €1,259 | €1,679 | ▲ 33.3% |
| Other operating charges640/8 | - | - | - | €237 | €102 | €406 | €668 | ▲ 64.3% |
| Gross operating margin9900 | -€2,608 | €1,593 | €51,926 | €27,674 | €78,655 | €41,508 | €31,068 | ▼ 25.2% |
| Operating profit (loss)9901 | -€3,152 | €1,593 | €50,862 | €26,910 | €77,445 | €39,843 | €28,722 | ▼ 27.9% |
| Financial income75/76B | - | - | - | €0 | €2,547 | €1,798 | €2,904 | ▲ 61.6% |
| Recurring financial income75 | €631 | €685 | €58 | €0 | €2,547 | €1,798 | €2,904 | ▲ 61.6% |
| Financial charges65/66B | - | - | - | €222 | €302 | €518 | €157 | ▼ 69.6% |
| Recurring financial charges65 | €132 | €27 | €36 | €222 | €302 | €518 | €157 | ▼ 69.6% |
| Profit (loss) for the period before taxes9903 | -€2,653 | €2,251 | €50,884 | €26,689 | €79,690 | €41,122 | €31,469 | ▼ 23.5% |
| Income taxes67/77 | - | - | €15,408 | €7,808 | €24,026 | €13,605 | €10,826 | ▼ 20.4% |
| Profit (loss) for the period9904 | -€2,653 | €2,251 | €35,476 | €18,881 | €55,664 | €27,517 | €20,643 | ▼ 25.0% |
| Profit (loss) for the period to be appropriated9905 | -€2,653 | €2,251 | €35,476 | €18,881 | €55,664 | €27,517 | €20,643 | ▼ 25.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €7,650 | €10,065 | €59,525 | €61,151 | €146,212 | €156,272 | €186,675 | ▲ 19.5% |
| Fixed assets21/28 | - | - | €1,769 | €2,106 | €2,898 | €4,376 | €6,292 | ▲ 43.8% |
| Tangible fixed assets22/27 | - | - | €1,769 | €2,106 | €2,898 | €4,376 | €6,292 | ▲ 43.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €3,385 | - |
| Furniture and vehicles24 | - | - | - | €2,106 | €2,898 | €4,376 | €2,907 | ▼ 33.6% |
| Current assets29/58 | €7,650 | €10,065 | €57,756 | €59,045 | €143,315 | €151,896 | €180,384 | ▲ 18.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €72,229 | €74,035 | ▲ 2.5% |
| Other amounts receivable291 | - | - | - | - | - | €72,229 | €74,035 | ▲ 2.5% |
| Amounts receivable within one year40/41 | €7,611 | €10,057 | €16,923 | €22,509 | €78,686 | €4,762 | €21,283 | ▲ 347% |
| Trade receivables40 | - | - | - | €14,520 | - | €4,104 | €21,283 | ▲ 419% |
| Other amounts receivable41 | - | - | - | €7,989 | €78,686 | €658 | - | - |
| Cash at bank and in hand54/58 | €39 | €8 | €40,332 | €36,036 | €64,129 | €74,405 | €84,566 | ▲ 13.7% |
| Deferred charges and accrued income490/1 | - | - | - | €500 | €500 | €500 | €500 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €7,650 | €10,065 | €59,525 | €61,151 | €146,212 | €156,272 | €186,675 | ▲ 19.5% |
| Equity10/15 | €6,954 | €9,205 | €34,181 | €53,061 | €108,725 | €136,242 | €156,085 | ▲ 14.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | - | - | €24,976 | €40,661 | €96,325 | €123,842 | €143,685 | ▲ 16.0% |
| Distributable reserves133 | - | - | - | €40,661 | €96,325 | €123,842 | €143,685 | ▲ 16.0% |
| Profit (loss) carried forward14 | -€5,446 | -€3,196 | -€3,196 | - | - | - | - | - |
| Amounts payable17/49 | €696 | €861 | €25,345 | €8,090 | €37,487 | €20,029 | €30,590 | ▲ 52.7% |
| Amounts payable within one year42/48 | €696 | €861 | €25,345 | €8,090 | €37,487 | €20,029 | €30,590 | ▲ 52.7% |
| Trade debts44 | €255 | €861 | - | €282 | €445 | €6,424 | €3,049 | ▼ 52.5% |
| Suppliers440/4 | - | - | - | €282 | €445 | €6,424 | €3,049 | ▼ 52.5% |
| Taxes, remuneration and social security45 | - | - | - | €7,808 | €37,042 | €13,605 | €26,981 | ▲ 98.3% |
| Taxes450/3 | - | - | - | €7,808 | €34,042 | €13,605 | €26,981 | ▲ 98.3% |
| Remuneration and social security454/9 | - | - | - | - | €3,000 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €560 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,653 | €2,251 | €35,476 | €18,881 | €55,664 | €27,517 | €20,643 | ▼ 25.0% |
| + Depreciation and write-downs630 | - | - | €64 | €526 | €1,108 | €1,259 | €1,679 | ▲ 33.3% |
| Operating cash flow (approximation) | -€2,653 | €2,251 | €35,540 | €19,407 | €56,772 | €28,776 | €22,322 | ▼ 22.4% |
| Investment in fixed assets (approximation) | - | - | - | -€863 | -€1,900 | -€2,737 | -€3,595 | ▼ 31.3% |
| Change in cash | - | -€30 | €40,324 | -€4,296 | €28,093 | €10,276 | €10,161 | ▼ 1.1% |
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, 34,693 companies had the same profile as Gemmlogic has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Gemmlogic itself: 0.2% 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 34,693 companies, not a prediction for Gemmlogic. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 31-08-2025 | 2025-00455746 | |
| 31-12-2023 | micro format | 19-12-2024 | 2024-00619624 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00348748 | |
| 31-12-2021 | micro format | 10-01-2023 | 2023-20555721 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-27000397 | |
| 31-12-2019 | micro format | 28-09-2020 | 2020-56600143 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-53100128 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-35500521 | |
| 31-12-2016 | micro format | 01-08-2017 | 2017-39600340 | |
| 31-12-2015 | abbreviated format | 19-07-2016 | 2016-32900433 |