Summary
GERDO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €72,955 and a net result of €62,955. Equity is growing by about 31% per year across the filed financial years. Its solvency ranks better than 20% of 9,668 sector peers (NACE 64, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€72,955▼ 22.8%
2024 · €94,500
Net result
€62,955▲ 183%
2024 · €22,223
Total assets
€511,799▼ 20.9%
2024 · €646,983
Solvency
14.3%▼ 0.4pp
2024 · 14.6%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 151% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€79,600
2025
Net result€62,955
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€511,799
2025
Equity€72,955
2025
Debt€438,844
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€121,249
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)12.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency14.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.36
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€181--€4,272€35,904€30,463▼ 15.2%€24,718▼ 18.9%€31,712▲ 28.3%€79,600▲ 151%
Net result-€2,126--€6,522below the sector's middle half▼ 207%€30,442within the sector's middle half€29,000within the sector's middle half▼ 4.7%€15,978within the sector's middle half▼ 44.9%€22,223within the sector's middle half▲ 39.1%€62,955within the sector's middle half▲ 183%
Equity€3,377--€3,144below the sector's middle half€27,298below the sector's middle half€56,298within the sector's middle half▲ 106%€72,277within the sector's middle half▲ 28.4%€94,500within the sector's middle half▲ 30.7%€72,955within the sector's middle half▼ 22.8%
Total assets€82,736-€111,990below the sector's middle half▲ 35.4%€431,329within the sector's middle half▲ 285%€614,990within the sector's middle half▲ 42.6%€623,880within the sector's middle half▲ 1.4%€646,983within the sector's middle half▲ 3.7%€511,799within the sector's middle half▼ 20.9%
Debt€79,359-€115,134▲ 45.1%€404,031▲ 251%€558,692▲ 38.3%€551,603▼ 1.3%€552,483▲ 0.2%€438,844▼ 20.6%
Working capital-€55,501--€44,530below the sector's middle half▲ 19.8%-€375,291below the sector's middle half▼ 743%-€475,164below the sector's middle half▼ 26.6%€15,592within the sector's middle half€95,785within the sector's middle half▲ 514%-€121,249below the sector's middle half
Solvency4.1%--2.8%below the sector's middle half▼ 6.9pp6.3%below the sector's middle half▲ 9.1pp9.2%below the sector's middle half▲ 2.8pp11.6%below the sector's middle half▲ 2.4pp14.6%below the sector's middle half▲ 3.0pp14.3%below the sector's middle half▼ 0.4pp
Current ratio0.30-0.61within the sector's middle half▲ 0.310.07below the sector's middle half▼ 0.540.15below the sector's middle half▲ 0.081.15within the sector's middle half▲ 1.001.93within the sector's middle half▲ 0.780.36below the sector's middle half▼ 1.58
Return on assets (ROA)-2.6%--5.8%below the sector's middle half▼ 3.3pp7.1%within the sector's middle half▲ 12.9pp4.7%within the sector's middle half▼ 2.3pp2.6%within the sector's middle half▼ 2.2pp3.4%within the sector's middle half▲ 0.9pp12.3%within the sector's middle half▲ 8.9pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €511,799
Fixed assets
€444,204 ▼ 1.0%
Current assets
€67,595 ▼ 65.9%
Equity and liabilities €511,799
Equity
€72,955 ▼ 22.8%
Debt
€438,844 ▼ 20.6%
Debt's share of the balance-sheet total rises from 85.4% to 85.7%. Equity and debt are lower.
Key figures and ratios
ROE
86.3%▲
2024 · 23.5%
Debt ≤ 1 year
€188,844▲
2024 · €102,483
Debt > 1 year
€250,000▼
2024 · €450,000
Income taxes
€16,564▲
2024 · €9,378
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €32,389 | €0 | - | €2,878 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,710 | €18,936 | €34,908 | €55,145 | €62,242 | €63,639 | €42,404 | ▼ 33.4% |
| Other operating charges640/8 | - | - | €1,718 | €1,322 | €1,244 | €1,098 | €1,208 | ▲ 10.0% |
| Gross operating margin9900 | €20,809 | €16,582 | €72,530 | €86,931 | €88,204 | €96,448 | €123,212 | ▲ 27.7% |
| Operating profit (loss)9901 | €181 | -€4,272 | €35,904 | €30,463 | €24,718 | €31,712 | €79,600 | ▲ 151% |
| Financial income75/76B | - | - | €91 | €51 | €0 | €26 | €40 | ▲ 56.2% |
| Recurring financial income75 | - | €25 | €91 | €51 | €0 | €26 | €40 | ▲ 56.2% |
| Financial charges65/66B | - | - | €166 | €120 | €183 | €137 | €122 | ▼ 10.9% |
| Recurring financial charges65 | €54 | €67 | €166 | €120 | €183 | €137 | €122 | ▼ 10.9% |
| Profit (loss) for the period before taxes9903 | €127 | -€4,315 | €35,829 | €30,395 | €24,535 | €31,601 | €79,519 | ▲ 152% |
| Income taxes67/77 | €2,253 | €2,207 | €5,387 | €1,394 | €8,557 | €9,378 | €16,564 | ▲ 76.6% |
| Profit (loss) for the period9904 | -€2,126 | -€6,522 | €30,442 | €29,000 | €15,978 | €22,223 | €62,955 | ▲ 183% |
| Profit (loss) for the period to be appropriated9905 | -€2,126 | -€6,522 | €30,442 | €29,000 | €15,978 | €22,223 | €62,955 | ▲ 183% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €82,736 | €111,990 | €431,329 | €614,990 | €623,880 | €646,983 | €511,799 | ▼ 20.9% |
| Fixed assets21/28 | €59,278 | €41,786 | €402,613 | €531,462 | €506,685 | €448,715 | €444,204 | ▼ 1.0% |
| Intangible fixed assets21 | - | €1,218 | €929 | €640 | €352 | €63 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €57,278 | €38,568 | €399,684 | €529,813 | €505,324 | €447,643 | €443,195 | ▼ 1.0% |
| Land and buildings22 | - | - | €367,342 | €415,988 | €411,977 | €380,750 | €371,263 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | €0 | - | €949 | €1,949 | €896 | ▼ 54.0% |
| Furniture and vehicles24 | - | - | €32,342 | €113,825 | €92,398 | €64,943 | €71,036 | ▲ 9.4% |
| Financial fixed assets28 | €2,000 | €2,000 | €2,000 | €1,009 | €1,009 | €1,009 | €1,009 | = |
| Current assets29/58 | €23,458 | €70,204 | €28,716 | €83,528 | €117,195 | €198,268 | €67,595 | ▼ 65.9% |
| Amounts receivable within one year40/41 | €11,528 | €23,779 | €15,272 | €19,708 | €16,931 | €13,770 | €20,991 | ▲ 52.4% |
| Trade receivables40 | - | - | €13,552 | €14,399 | €15,488 | €11,368 | €18,433 | ▲ 62.1% |
| Other amounts receivable41 | - | - | €1,720 | €5,309 | €1,443 | €2,402 | €2,558 | ▲ 6.5% |
| Cash at bank and in hand54/58 | €10,123 | €45,099 | €10,037 | €60,891 | €98,102 | €180,821 | €43,084 | ▼ 76.2% |
| Deferred charges and accrued income490/1 | - | - | €3,407 | €2,929 | €2,162 | €3,678 | €3,521 | ▼ 4.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €82,736 | €111,990 | €431,329 | €614,990 | €623,880 | €646,983 | €511,799 | ▼ 20.9% |
| Equity10/15 | €3,377 | -€3,144 | €27,298 | €56,298 | €72,277 | €94,500 | €72,955 | ▼ 22.8% |
| Contributions10/11 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | - | - | €17,298 | €46,298 | €62,277 | €84,500 | €62,955 | ▼ 25.5% |
| Distributable reserves133 | - | - | €17,298 | €46,298 | €62,277 | €84,500 | €62,955 | ▼ 25.5% |
| Profit (loss) carried forward14 | -€6,623 | -€13,144 | €0 | - | - | - | €0 | - |
| Amounts payable17/49 | €79,359 | €115,134 | €404,031 | €558,692 | €551,603 | €552,483 | €438,844 | ▼ 20.6% |
| Amounts payable after more than one year17 | - | - | - | - | €450,000 | €450,000 | €250,000 | ▼ 44.4% |
| Financial debts170/4 | - | - | - | - | €450,000 | €450,000 | €250,000 | ▼ 44.4% |
| Amounts payable within one year42/48 | €78,959 | €114,734 | €404,007 | €558,692 | €101,603 | €102,483 | €188,844 | ▲ 84.3% |
| Trade debts44 | €1,100 | €31,950 | €2,637 | €6,776 | €654 | €3,116 | €861 | ▼ 72.4% |
| Suppliers440/4 | - | - | €2,637 | €6,776 | €654 | €3,116 | €861 | ▼ 72.4% |
| Taxes, remuneration and social security45 | - | - | €2,062 | €2,756 | €1,668 | €0 | €16,838 | - |
| Taxes450/3 | - | - | €2,062 | €2,756 | €1,668 | €0 | €16,838 | - |
| Other amounts payable47/48 | - | - | €399,308 | €549,159 | €99,281 | €99,367 | €171,145 | ▲ 72.2% |
| Accrued charges and deferred income492/3 | - | - | €24 | €0 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,126 | -€6,522 | €30,442 | €29,000 | €15,978 | €22,223 | €62,955 | ▲ 183% |
| + Depreciation and write-downs630 | €18,710 | €18,936 | €34,908 | €55,145 | €62,242 | €63,639 | €42,404 | ▼ 33.4% |
| Operating cash flow (approximation) | €16,584 | €12,414 | €65,350 | €84,146 | €78,220 | €85,862 | €105,359 | ▲ 22.7% |
| Investment in fixed assets (approximation) | - | -€1,443 | -€395,735 | -€183,995 | -€37,465 | -€5,669 | -€37,893 | ▼ 568% |
| Change in cash | - | €34,976 | -€35,062 | €50,854 | €37,211 | €82,719 | -€137,737 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00159286 |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115425 |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00153728 |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00190108 |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20106009 |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34400202 |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18400470 |
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Of the 24,460 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,973. 11,655 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.