GEMOGA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-04-2026 PDF all 24 filings
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
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€19,824
▲ 92.8%
2025
20182025
Net result
-€793
▲ 99.7%
2025
middle half of the sector
20182025
Equity
€597,969
▼ 0.1%
2025
middle half of the sector
20182025
Total assets
€608,474
▼ 17.7%
2025
middle half of the sector
20182025
Debt
€10,505
▼ 92.5%
2025
20182025
Working capital
€558,276
▲ 0.7%
2025
highest quarter of the sector
20182025
Solvency
98.3%
▲ 17.3pp
2025
highest quarter of the sector
20182025
Current ratio
54.15
▲ 49.20
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.1%
▲ 34.4pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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-€0.1m-€0.1m€1.5m▲ 15×€0.02m▼ 98.5%€0.1m▲ 528%€0.2m▲ 70.6%-€0.3m-€0.02m▲ 92.8%
Net result-€0.1m-€0.09m€1.4mabove the sector's middle half▲ 15×€0.03mwithin the sector's middle half▼ 98.1%€0.1mabove the sector's middle half▲ 362%€0.2mabove the sector's middle half▲ 90.6%-€0.3mbelow the sector's middle half-€0.001mwithin the sector's middle half▲ 99.7%
Equity€0.3m-€0.4m▲ 29.6%€0.8mwithin the sector's middle half▲ 89.9%€0.8mwithin the sector's middle half▲ 3.5%€0.8mwithin the sector's middle half▲ 5.3%€0.9mwithin the sector's middle half▲ 3.8%€0.6mwithin the sector's middle half▼ 29.9%€0.6mwithin the sector's middle half▼ 0.1%
Total assets€3.0m-€3.1m▲ 1.8%€2.1mwithin the sector's middle half▼ 30.7%€1.2mwithin the sector's middle half▼ 44.0%€1.6mwithin the sector's middle half▲ 32.8%€1.5mwithin the sector's middle half▼ 8.5%€0.7mwithin the sector's middle half▼ 49.2%€0.6mwithin the sector's middle half▼ 17.7%
Debt€2.7m-€2.7m▼ 1.3%€1.3m▼ 50.3%€0.4m▼ 72.5%€0.7m▲ 95.6%€0.6m▼ 23.3%€0.1m▼ 74.5%€0.01m▼ 92.5%
Working capital-€0.1m--€2.1m▼ 1,710%€0.8mabove the sector's middle half€0.8mabove the sector's middle half▲ 3.3%€0.9mabove the sector's middle half▲ 5.0%€0.9mabove the sector's middle half▲ 3.6%€0.6mwithin the sector's middle half▼ 38.7%€0.6mabove the sector's middle half▲ 0.7%
Solvency10.1%-12.9%▲ 2.8pp35.2%within the sector's middle half▲ 22.4pp65.2%above the sector's middle half▲ 29.9pp51.7%within the sector's middle half▼ 13.5pp58.7%within the sector's middle half▲ 7.0pp81.0%above the sector's middle half▲ 22.3pp98.3%above the sector's middle half▲ 17.3pp
Current ratio0.96-0.22▼ 0.731.60within the sector's middle half▲ 1.383.26above the sector's middle half▲ 1.662.21within the sector's middle half▼ 1.052.64within the sector's middle half▲ 0.434.94above the sector's middle half▲ 2.3054.15above the sector's middle half▲ 49.20
Return on assets (ROA)-3.6%-2.9%▲ 6.6pp63.4%above the sector's middle half▲ 60.4pp2.2%within the sector's middle half▼ 61.2pp7.6%above the sector's middle half▲ 5.4pp15.9%above the sector's middle half▲ 8.3pp-34.6%below the sector's middle half▼ 50.5pp-0.1%within the sector's middle half▲ 34.4pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €19,824, smaller than the loss of €273,473 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
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
Quick ratio
45.83▲
2024 · 4.32
Debt to equity
0.02▼
2024 · 0.23
ROE
-0.1%▲
2024 · -42.7%
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.
Investments
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | - | - | €48,968 | - |
| Depreciation and write-downs of the year | - | - | - | €4,378 | €4,897 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.09m | - | - | - | - | €0.004m | €0.005m | ▲ 11.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0 | - | - | -€0.05m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 2.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Gross operating margin9900 | -€0.08m | €0.2m | €1.6m | €0.02m | €0.1m | €0.2m | -€0.3m | -€0.01m | ▲ 95.7% |
| Operating profit (loss)9901 | -€0.1m | €0.1m | €1.5m | €0.02m | €0.1m | €0.2m | -€0.3m | -€0.02m | ▲ 92.8% |
| Financial income75/76B | - | - | - | €0.01m | €0.02m | €0.008m | €0.02m | €0.02m | ▲ 1.0% |
| Recurring financial income75 | - | - | - | €0.01m | €0.02m | €0.008m | €0.02m | €0.02m | ▲ 1.0% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.03m | €0.008m | €0.001m | €29 | ▼ 97.1% |
| Recurring financial charges65 | €429 | €0.009m | €0.002m | €0.002m | €0.03m | €0.008m | €0.001m | €29 | ▼ 97.1% |
| Profit (loss) for the period before taxes9903 | -€0.1m | €0.09m | €1.5m | €0.04m | €0.1m | €0.2m | -€0.3m | -€0.001m | ▲ 99.7% |
| Income taxes67/77 | -€0.003m | - | €0.1m | €0.009m | €0.01m | €0.01m | €0 | - | - |
| Profit (loss) for the period9904 | -€0.1m | €0.09m | €1.4m | €0.03m | €0.1m | €0.2m | -€0.3m | -€0.001m | ▲ 99.7% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | €0.09m | €1.4m | €0.03m | €0.1m | €0.2m | -€0.3m | -€0.001m | ▲ 99.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.0m | €3.1m | €2.1m | €1.2m | €1.6m | €1.5m | €0.7m | €0.6m | ▼ 17.7% |
| Fixed assets21/28 | €0.4m | €2.5m | - | - | - | - | €0.04m | €0.04m | ▼ 11.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.04m | €0.04m | ▼ 11.0% |
| Tangible fixed assets22/27 | €0.4m | €2.5m | - | - | - | - | - | - | - |
| Current assets29/58 | €2.6m | €0.6m | €2.1m | €1.2m | €1.6m | €1.5m | €0.7m | €0.6m | ▼ 18.1% |
| Stocks and contracts in progress3 | €2.1m | - | - | €0.7m | €1.3m | €0.4m | €0.09m | €0.09m | = |
| Stocks30/36 | - | - | - | €0.7m | €1.3m | €0.4m | €0.09m | €0.09m | = |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.2m | €0.5m | €0.1m | €0.5m | €0.5m | €0.5m | ▼ 2.8% |
| Trade receivables40 | - | - | - | - | €0.1m | €0.5m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.5m | €0.002m | €0 | €0.5m | €0.5m | ▼ 2.8% |
| Cash at bank and in hand54/58 | €0.003m | €0.2m | €1.9m | €0.07m | €0.1m | €0.6m | €0.1m | €368 | ▼ 99.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.0m | €3.1m | €2.1m | €1.2m | €1.6m | €1.5m | €0.7m | €0.6m | ▼ 17.7% |
| Equity10/15 | €0.3m | €0.4m | €0.8m | €0.8m | €0.8m | €0.9m | €0.6m | €0.6m | ▼ 0.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.7m | €0.7m | €0.8m | €0.8m | €0.5m | €0.5m | ▼ 0.2% |
| Provisions and deferred taxes16 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.05m | €0.05m | €0.05m | €0 | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.05m | €0.05m | €0.05m | €0 | - | - |
| Amounts payable17/49 | €2.7m | €2.7m | €1.3m | €0.4m | €0.7m | €0.6m | €0.1m | €0.01m | ▼ 92.5% |
| Amounts payable within one year42/48 | €2.7m | €2.7m | €1.3m | €0.4m | €0.7m | €0.6m | €0.1m | €0.01m | ▼ 92.5% |
| Trade debts44 | €1.9m | €1.9m | €0.07m | €0.06m | €0.6m | €0.2m | €0.08m | €0.01m | ▼ 87.5% |
| Suppliers440/4 | - | - | - | €0.06m | €0.6m | €0.2m | €0.08m | €0.01m | ▼ 87.5% |
| Advances received on contracts in progress46 | - | - | - | €0.07m | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.009m | €0.05m | €0 | - | - |
| Taxes450/3 | - | - | - | €0.009m | €0.009m | €0.05m | €0 | - | - |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.3m | €0.06m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | €0.09m | €1.4m | €0.03m | €0.1m | €0.2m | -€0.3m | -€0.001m | ▲ 99.7% |
| + Depreciation and write-downs630 | €0.02m | €0.09m | - | - | - | - | €0.004m | €0.005m | ▲ 11.9% |
| Operating cash flow (approximation) | -€0.09m | €0.2m | €1.4m | €0.03m | €0.1m | €0.2m | -€0.3m | €0.004m | - |
| Investment in fixed assets (approximation) | - | -€2.1m | - | - | - | - | - | €0 | - |
| Change in cash | - | €0.2m | €1.8m | -€1.9m | €0.08m | €0.4m | -€0.4m | -€0.1m | ▲ 74.8% |
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, 8,617 companies had the same profile as GEMOGA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GEMOGA 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 8,617 companies, not a prediction for GEMOGA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | abbreviated format | 23-04-2026 | 2026-00086031 | |
| 30-11-2024 | abbreviated format | 20-05-2025 | 2025-00099389 | |
| 30-11-2023 | abbreviated format | 04-06-2024 | 2024-00109418 | |
| 30-11-2022 | abbreviated format | 26-06-2023 | 2023-00156871 | |
| 30-11-2021 | abbreviated format | 21-04-2022 | 2022-20005841 | |
| 30-11-2020 | abbreviated format | 10-05-2021 | 2021-13700427 | |
| 30-11-2019 | abbreviated format | 18-06-2020 | 2020-17900552 | |
| 30-11-2018 | abbreviated format | 30-08-2019 | 2019-59400538 | |
| 30-11-2017 | abbreviated format | 15-06-2018 | 2018-19600279 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-38800348 |