Public limited company · founded 1992 · 34 yrs activeKorte Keppestraat 23, 9320 Aalst, BelgiumKBO/BCE: BE 0446.846.831
Summary
Gerardo has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €44,067 and a net result of €18,619. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 60% of 65 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability100▲+100
Solvency100▲+100
Growth52▲+17
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.4%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity ample (current ratio 3.54 against 1.97 in 2024; short-term debt: 23.7% of total assets), and 23.7% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 44 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 45% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
On 9 March 1992, Gerardo was incorporated.1The registered office moved to Haaltert-Kerksken in 2006, to Haaltert in 2009 and to Erembodegem in 2016.234The capital was increased 5 times between 2006 and 2025, most recently to EUR 807,741.256Of the 3 current board members, Pivanto BV has served longest, since 2024.7Revenue went from EUR 393,825 in 2018 to EUR 297,134 in 2020 and headcount from 3.2 full-time equivalents in 2018 to 0.2 in 2025.8
2024Total assets -83% on 2023.Cause not known from the registers.
2023Equity +388%, Total assets +188% on 2022.Cause not known from the registers.
2022Equity -77%, Total assets -56% on 2021.Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €20,778 after a loss of €177,043 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57,760
16.1%
83.9%
Fixed assets€9,286 ▼ 6.2%
Current assets€48,474 ▲ 8.7%
Equity and liabilities €57,760
76.3%
23.7%
Equity€44,067
Debt€13,694
Debt finances 23.7% of the balance-sheet total.
Key figures and ratios
2025 value · change against 2024
EBITDA
€21,397▲
2024 · -€170,469
Cash flow
€19,238▲
2024 · -€175,271
Current ratio
3.54▲
2024 · 1.97
Debt to equity
0.31▲
2024 · -0.98
ROE
42.3%
ROA
32.2%▲
2024 · -333.5%
Interest coverage
9.38▲
2024 · -16.10
Debt ≤ 1 year
€13,694▼
2024 · €22,590
Staff costs
€290▼
2024 · €29,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
Micro
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
0.4%went bankrupt
5.9%stopped otherwise
93%still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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%.
The companies in ten equal groups, from lowest to highest expected share.
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 31,324 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 52 lines
Balance sheetCode20242025
Assets
Total assets20/58€54,519€57,760▲
Fixed assets21/28€9,905€9,286▼
Tangible fixed assets22/27€1,805€1,186▼
Plant, machinery and equipment23€1,805€1,186▼
Financial fixed assets28€8,100€8,100=
Current assets29/58€44,614€48,474▲
Amounts receivable within one year40/41€37,415€45,914▲
Trade receivables40€394€589▲
Other amounts receivable41€37,021€45,325▲
Cash at bank and in hand54/58€2,386-
Deferred charges and accrued income490/1€4,812€2,560▼
Purpose change, De uitbating in het algemeen van sportweddenschappen en kansspelen in de ruimste zin, waaronder ten niet limitatieve titel: De uitbating van automatische spelen…
Share concentration, De vergadering bevestigt dat NAPOLEON GAMES, gelet op artikel 2:8, § 4 WVV, de enige aandeelhouder is van de vennootschap en dat de aandelen derhalve zijn veren…
Board report, Verslag opgemaakt overeenkomstig artikel 7:154 WVV door de raad van bestuur de dato 8 november 2024 in het kader van de voorgestelde wijziging van het voorwerp…
2024
31-12
FinancialWeakest financial yearnet -€181,844
Net result drops to -€181,844, the lowest in the series; recovery starts the following year.
22-11
State Gazette actAppointment: Pivanto BV (director)
Permanent representative: Philippe Joos · Mandate compensation3 facts ▸
Director appointment, Pivanto BV (director)
Permanent representative, Philippe Joos
Mandate compensation, Pivanto BV
21-06
NBB filingAnnual accounts filed
fiscal year 2023 · abbreviated schema
27-03
State Gazette actCapital & shares
Capital increase · Bank account · Capital6 facts ▸
General meeting, 29-12-2023
Capital increase, €300.000
Bank account, 28-12-2023
Capital, €759.241,38
Statutes amendment
Power of attorney, GERARDO
Show earlier events
2023
31-12
FinancialEquity above €150,000Eq €158,791 ▲388%
Equity rises from €32,541 to €158,791.
14-06
NBB filingAnnual accounts filed
fiscal year 2022 · abbreviated schema
18-04
State Gazette actReappointment: Odds&Overlay BV (director)
Permanent representative: Tom De Clercq2 facts ▸
Director reappointment, Odds&Overlay BV (director)
Permanent representative, Tom De Clercq
2022
14-12
State Gazette actResignation: Koen Sanders (director)
Capital increase · Capital · Power of attorney4 facts ▸
General meeting, 28-12-2020
Capital increase, €350.000
Capital, €459.241,38
Power of attorney, Bestuursorgaan
2020
31-12
FinancialLiquidity times 37current ratio 7.55
Current ratio from 0.21 to 7.55; short-term debt falls from €182,046 to €31,296.
31-12
FinancialEquity above €200,000Eq €234,256
Equity rises from -€97,333 to €234,256.
22-10
State Gazette actStatutes amendment
Capital3 facts ▸
General meeting, 29-09-2020
Statutes amendment
Capital, €109.241,38
18-06
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
13-02
State Gazette actResignations: Tom De Clercq (director) and Tim de Borle (director)
Appointment: Koen Sanders (director) · Power of attorney8 facts ▸
General meeting, 19-12-2019
Director resignation, Tom De Clercq (director)
Director resignation, Tim de Borle (director)
Director appointment, Koen Sanders (director)
Power of attorney, Geert Van de Velde
Power of attorney, Susana Gonzalez Melon
Power of attorney, Matthieu Maselis
Power of attorney, Allen & Overy (Belgium) LLP
2019
28-06
NBB filingAnnual accounts filed
fiscal year 2018 · full schema
2018
16-08
State Gazette actReappointments: Tom De Clercq (director) and Ernst & Young Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representative: Paul Eelen3 facts ▸
Director reappointment, Tom De Clercq (director)
Auditor reappointment, Ernst & Young Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representative, Paul Eelen
14-06
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
2017
28-07
NBB filingAnnual accounts filed
fiscal year 2016 · full schema
18-05
State Gazette actCapital & shares · Statutes amendment
Capital · Representation · Prior approval6 facts ▸
General meeting, 21-02-2017
Capital, €109.241,38
Statutes amendment
Representation, een bestuurder van GERARDO en één bestuurder van NGG benoemd op voordracht van de klasse A aandeelhouders van NGG, gezamenlijk handelend
Prior approval, Bestuursaangelegenheden vereisen voorafgaande goedkeuring door de raad van bestuur van NGG
Prior approval, Aandeelhoudersaangelegenheden vereisen voorafgaande goedkeuring door de raad van bestuur van NGG
10-04
State Gazette actAppointment: Odds & Overlay BVBA (director)
Permanent representative: Tom De Clercq · Resignation: Speelhal.net NV (director)5 facts ▸
General meeting, 20-12-2016
Director appointment, Odds & Overlay BVBA (director)
Permanent representative, Tom De Clercq
Director resignation, Speelhal.net NV (director)
Permanent representative, Tom De Clercq
2016
18-08
State Gazette actAppointments: Ernst & Young Bedrijfsrevisoren BV ow. CVBA (statutory auditor) and Tim De Borle (director)
Permanent representatives: Paul Eelen and Tom De Clercq · Resignation: Mieke Michiels (director) · Mandate compensation12 facts ▸
General meeting, 30-12-2015
Auditor appointment, Ernst & Young Bedrijfsrevisoren BV ow. CVBA (statutory auditor)
Permanent representative, Paul Eelen
Mandate compensation, Ernst & Young Bedrijfsrevisoren BV ow. CVBA
State Gazette actResignation: MICHIELS Mieke Els (gedelegeerde tot het dagelijks bestuur)
Appointment: Odds & Overlay (afgevaardigde tot het dagelijks bestuur) · Permanent representative: DE CLERCQ Tom Yves Marcel · Capital increase10 facts ▸
General meeting, 03-09-2015
Capital increase, €37.241,38
Capital, €109.241,38
Statutes amendment
Director resignation, MICHIELS Mieke Els (gedelegeerde tot het dagelijks bestuur)
Director appointment, Odds & Overlay (afgevaardigde tot het dagelijks bestuur)
Permanent representative, DE CLERCQ Tom Yves Marcel
Mandate compensation, Odds & Overlay
Power of attorney, Allen & Overy LLP
Representation, een bestuurder en één vertegenwoordiger van Betco, gezamenlijk optredend
01-07
State Gazette actResignation: De Ryck Lisette Annette (director)
Appointment: Speelhal.net (director) · Permanent representative: Tom De Clercq · Director discharge5 facts ▸
General meeting, 19-06-2015
Director resignation, De Ryck Lisette Annette (director)
Director discharge, De Ryck Lisette Annette
Director appointment, Speelhal.net (director)
Permanent representative, Tom De Clercq
23-06
State Gazette actAppointment: De Ryck Lisette Annette (director)
2 facts ▸
General meeting, 10-06-2015
Director appointment, De Ryck Lisette Annette (director)
2012
23-07
State Gazette actReappointments: Mieke Michiels (director and managing director) and Tom De Clercq (director)
3 facts ▸
General meeting, 08-06-2012
Director reappointment, Mieke Michiels (director and managing director)
Director reappointment, Tom De Clercq (director)
07-02
State Gazette actCapital & shares · Statutes amendment
Power of attorney5 facts ▸
General meeting, 30-12-2011
Statutes amendment
Statutes amendment
Statutes amendment
Power of attorney, GERARDO
2009
12-01
State Gazette actRegistered office
Registered-office move2 facts ▸
General meeting, 29-12-2008
Registered-office move, Stationsstraat 162a te 9450 Haaltert
2006
22-05
State Gazette actCapital & shares · Purpose · Statutes amendment
Registered-office move, 9451 Haaltert-Kerksken, Ferdinand Van Hoeymissenstraat, 40
Purpose change, De vennootschap heeft tot doel: De handel, onder al zijn vormen, van café- en gezelschapsspelen, lunaparken, kansspelinrichtingen klasse II, kansspelen, muzieki…
Capital, €71.889,12
Capital increase, €110,88
Statutes amendment
Statutes amendment
Statutes amendment
2005
24-01
State Gazette actReappointments: Deryck Kamiel, Sonck Liliane and Deryck Geert
Director appointment, Deryck Kamiel (managing director)
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
25 of 25 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
2 directors, 1 in day-to-day management, no change since 2025
Board 2
PB
Pivanto BV
Director · since 02-09-2024 · Legal entity · perm. rep.: Philippe Joos
Current
O&
Odds & Overlay BV
Director · Legal entity · perm. rep.: Tom De Clercq
Current
5 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
De handel, onder al zijn vormen, van café- en gezelschapsspelen, lunaparken, kansspelinrichtingen klasse II, kansspelen, muziekinstallaties, automaten in de horecasector en in het…
Full purpose
De handel, onder al zijn vormen, van café- en gezelschapsspelen, lunaparken, kansspelinrichtingen klasse II, kansspelen, muziekinstallaties, automaten in de horecasector en in het algemeen van alle daarmee verband houdende zaken en bedrijven, zoals het uitbaten van café, brasserie, en andere horecabedrijven. De verrichtingen in rechtstreeks of onrechtstreeks verband met de aankoop, het plaatsen, de uitbating van automatische spelen, elektronische spelen, caféspelen, biljarten, de herstelling en onderhoud van deze apparaten, de organisatie van alle onderhoudsdiensten, zonder dat hetgeen voorafgaat zou beperkend zijn. Alle aannemingen, onderaannemingen, uitvoeringen en herstellingen ervan, de studie, de fabricatie, het vormen, de in- en uit- en doorvoer van alle producten of artikelen. De vennootschap mag alle industriële, commerciële, financiële, roerende of onroerende bewerkingen doen die rechtstreeks of onrechtstreeks, geheel of gedeeltelijk in betrekking staan met haar voorwerp. De vennootschap mag haar voorwerp verwezenlijken, zowel in België als in het buitenland, op gelijk welke wijze en volgens de modaliteiten die haar best voorkomen. Zij mag belangen nemen, hetzij door deelneming, inbreng of elke andere wijze in alle vennootschappen, ondernemingen of groeperingen, bestaande of op te richten, zo in België als in het buitenland, die een gelijkluidend, soortgelijk of aanvullend voorwerp nastreven, of die van aard zijn de ontwikkeling van haar onderneming te bevorderen.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of Gerardo and those 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
25 connected companies
Depth
Shared directorsBundled connections
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 506 companies in sector 92000 we hold annual accounts for 302. 175 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.