GEMOGA
ActiveSummary
GEMOGA has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €597,969 and a net result of -€793. Equity is growing by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 95% of 9268 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability19▲+19
Solvency100=
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 54.15 against 4.94 in 2024; short-term debt: 1.7% and cash: 0.1% of total assets), and 1.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
98.3%
Return on assets
-0.1%
Age of the figures
10 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€793
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 23-04-2026, 68 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
68 d early
2024
41 d early
2023
26 d early
2022
4 d early
2021
70 d early
2020
51 d early
2019
12 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 39 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-11-2026 close30-06-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€597,969▼ 0.1%
2024 · €598,762
Total assets
€608,474▼ 17.7%
2024 · €739,292
Net result
-€793▲ 99.7%
2024 · -€255,576
Working capital
€558,276▲ 0.7%
2024 · €554,172
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€22,741▼ 98.5%€142,808▲ 528%€243,627▲ 70.6%-€273,473-€19,824▲ 92.8%
Net result€26,280▼ 98.1%€121,515▲ 362%€231,588▲ 90.6%-€255,576-€793▲ 99.7%
Equity€781,236▲ 3.5%€822,750▲ 5.3%€854,338▲ 3.8%€598,762▼ 29.9%€597,969▼ 0.1%
Total assets€1.2m▼ 44.0%€1.6m▲ 32.8%€1.5m▼ 8.5%€739,292▼ 49.2%€608,474▼ 17.7%
Debt€367,773▼ 72.5%€719,242▲ 95.6%€551,869▼ 23.3%€140,530▼ 74.5%€10,505▼ 92.5%
Working capital€831,236▲ 3.3%€872,750▲ 5.0%€904,338▲ 3.6%€554,172▼ 38.7%€558,276▲ 0.7%
Staff (FTE)00
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2025 Net result +100% on 2024. Cause not known from the registers.
- 2023 Net result +91% on 2022. Cause not known from the registers.
- 2021 Net result -98% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €19,824 in 2025 against €273,473 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €608,474
Fixed assets
€39,694 ▼ 11.0%
Current assets
€568,780 ▼ 18.1%
Equity and liabilities €608,474
Equity
€597,969 ▼ 0.1%
Debt
€10,505 ▼ 92.5%
Debt's share of the balance-sheet total falls from 19.0% to 1.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€14,927▲
2024 · -€269,095
Cash flow
€4,104▲
2024 · -€251,198
Current ratio
54.15▲
2024 · 4.94
Quick ratio
45.83▲
2024 · 4.32
Debt to equity
0.02▼
2024 · 0.23
ROE
-0.1%▲
2024 · -42.7%
ROA
-0.1%▲
2024 · -34.6%
Interest coverage
-523.77▼
2024 · -276.74
Debt ≤ 1 year
€10,505▼
2024 · €140,530
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,594 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
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 8,594 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €4,378 | €4,897 | ▲ 11.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €0 | - | - | -€50,000 | €0 | ▲ 100% |
| Other operating charges640/8 | €1,055 | €1,057 | €1,159 | €1,183 | €1,218 | ▲ 2.9% |
| Non-recurring operating charges66A | - | - | - | €1,140 | €0 | ▼ 100% |
| Gross operating margin9900 | €23,796 | €143,864 | €244,786 | -€316,772 | -€13,710 | ▲ 95.7% |
| Operating profit (loss)9901 | €22,741 | €142,808 | €243,627 | -€273,473 | -€19,824 | ▲ 92.8% |
| Financial income75/76B | €14,607 | €22,162 | €7,535 | €18,869 | €19,060 | ▲ 1.0% |
| Recurring financial income75 | €14,607 | €22,162 | €7,535 | €18,869 | €19,060 | ▲ 1.0% |
| Non-recurring financial income76B | €0 | - | - | - | - | - |
| Financial charges65/66B | €1,756 | €29,630 | €8,206 | €972 | €29 | ▼ 97.1% |
| Recurring financial charges65 | €1,756 | €29,630 | €8,206 | €972 | €29 | ▼ 97.1% |
| Profit (loss) for the period before taxes9903 | €35,592 | €135,339 | €242,956 | -€255,576 | -€793 | ▲ 99.7% |
| Income taxes67/77 | €9,312 | €13,825 | €11,368 | €0 | - | - |
| Profit (loss) for the period9904 | €26,280 | €121,515 | €231,588 | -€255,576 | -€793 | ▲ 99.7% |
| Profit (loss) for the period to be appropriated9905 | €26,280 | €121,515 | €231,588 | -€255,576 | -€793 | ▲ 99.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.6m | €1.5m | €739,292 | €608,474 | ▼ 17.7% |
| Fixed assets21/28 | - | - | - | €44,591 | €39,694 | ▼ 11.0% |
| Intangible fixed assets21 | - | - | - | €44,591 | €39,694 | ▼ 11.0% |
| Current assets29/58 | €1.2m | €1.6m | €1.5m | €694,702 | €568,780 | ▼ 18.1% |
| Stocks and contracts in progress3 | €670,807 | €1.3m | €371,691 | €87,319 | €87,319 | = |
| Stocks30/36 | €670,807 | €1.3m | €371,691 | €87,319 | €87,319 | = |
| Amounts receivable within one year40/41 | €457,494 | €137,707 | €527,775 | €494,891 | €481,093 | ▼ 2.8% |
| Trade receivables40 | - | €135,458 | €527,775 | €0 | - | - |
| Other amounts receivable41 | €457,494 | €2,249 | €0 | €494,891 | €481,093 | ▼ 2.8% |
| Cash at bank and in hand54/58 | €70,708 | €149,519 | €556,741 | €112,491 | €368 | ▼ 99.7% |
| Deferred charges and accrued income490/1 | €0 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.6m | €1.5m | €739,292 | €608,474 | ▼ 17.7% |
| Equity10/15 | €781,236 | €822,750 | €854,338 | €598,762 | €597,969 | ▼ 0.1% |
| Contributions10/11 | €64,500 | €64,500 | €64,500 | €64,500 | €64,500 | = |
| Capital10 | €64,500 | €64,500 | €64,500 | €64,500 | €64,500 | = |
| Issued capital100 | €64,500 | €64,500 | €64,500 | €64,500 | €64,500 | = |
| Reserves13 | €6,450 | €6,450 | €6,450 | €6,450 | €6,450 | = |
| Non-distributable reserves130/1 | €6,450 | €6,450 | €6,450 | €6,450 | €6,450 | = |
| Legal reserve130 | €6,450 | €6,450 | €6,450 | €6,450 | €6,450 | = |
| Profit (loss) carried forward14 | €710,286 | €751,800 | €783,388 | €527,812 | €527,019 | ▼ 0.2% |
| Provisions and deferred taxes16 | €50,000 | €50,000 | €50,000 | €0 | - | - |
| Provisions for liabilities and charges160/5 | €50,000 | €50,000 | €50,000 | €0 | - | - |
| Other liabilities and charges164/5 | €50,000 | €50,000 | €50,000 | €0 | - | - |
| Amounts payable17/49 | €367,773 | €719,242 | €551,869 | €140,530 | €10,505 | ▼ 92.5% |
| Amounts payable within one year42/48 | €367,773 | €719,242 | €551,869 | €140,530 | €10,505 | ▼ 92.5% |
| Trade debts44 | €61,995 | €594,330 | €219,379 | €83,703 | €10,505 | ▼ 87.5% |
| Suppliers440/4 | €61,995 | €594,330 | €219,379 | €83,703 | €10,505 | ▼ 87.5% |
| Advances received on contracts in progress46 | €70,000 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €9,312 | €8,663 | €52,583 | €0 | - | - |
| Taxes450/3 | €9,312 | €8,663 | €52,583 | €0 | - | - |
| Remuneration and social security454/9 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €226,466 | €116,250 | €279,906 | €56,827 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,280 | €121,515 | €231,588 | -€255,576 | -€793 | ▲ 99.7% |
| + Depreciation and write-downs630 | - | - | - | €4,378 | €4,897 | ▲ 11.9% |
| Operating cash flow (approximation) | €26,280 | €121,515 | €231,588 | -€251,198 | €4,104 | ▲ 102% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - |
| Change in cash | - | €78,811 | €407,221 | -€444,249 | -€112,123 | ▲ 74.8% |
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
23-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-11
Financial
Liquidity times 11current ratio 54.15
Current ratio from 4.94 to 54.15; short-term debt falls from €140,530 to €10,505.
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-11
Financial
Weakest financial yearnet -€255,576
Net result drops to -€255,576, the lowest in the series; recovery starts the following year.
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
21-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-11
Financial
Liquidity doublescurrent ratio 3.26
Current ratio from 1.60 to 3.26; short-term debt falls from €1.3m to €367,773.
10-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-11
Financial
Highest result since 2018net €1.4m ▲1,395%
Operating result €1.5m, net result €1.4m, both a record.
30-11
Financial
Liquidity times 7current ratio 1.60
Current ratio from 0.22 to 1.60; short-term debt falls from €2.7m to €1.3m.
30-11
Financial
Equity above €500,000Eq €754,956 ▲89.9%
2 profitable years in a row build equity to €754,956.
Show earlier events
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-11
Financial
Back to profitnet €90,803
Net result €90,803 after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
15-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Aalst · 1 establishment unit since 2000
Ground area
1.2 ha
Building footprint
1,767 m²
Volume, LiDAR
13,053 m³
2 parcels, Flanders · tallest building 14.4 m, ±4 floors. Linked by address, not a title deed.
21
companies at this address
See who is registered here
1 establishment unit
Ninovesteenweg 198, 9320 Aalst
since 20002.096.629.165
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B0950/00M002 | Flanders | 7,939 m² | 1 · 615 m² | 3.8 m |
| 41342B0950/00K002 | Flanders | 3,791 m² | 1 · 1,152 m² | 14.4 m · 4 fl. |
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.
Structure & network
Owners and holdings
1 ownerChain of control
- MakHzen
- GEMOGA
Highest known parent: MakHzen. The sources do not say who stands above it.
Owners 1
- MakHzenparentSourceaccounts MakHzen 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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 1,294 companies in sector 68122 we hold annual accounts for 903. 575 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded19-06-2000
Fiscal year end30-11
Activities, NACEBEL 2025
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0472139976
Registered
27-03-2026
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.