GERLIMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 28 filings
Equity
€373,291▼ 15.9%
2024 · €443,783
Total assets
€803,663▲ 44.4%
2024 · €556,631
Net result
-€50,492
2024 · €7,662
Working capital
€125,966▼ 56.5%
2024 · €289,360
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€49,421
2025
20192025
Net result
-€50,492
2025
20192025
Equity
€373,291
▼ 15.9%
2025
20192025
Total assets
€803,663
▲ 44.4%
2025
20192025
Debt
€409,539
▲ 345%
2025
20192025
Working capital
€125,966
▼ 56.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€10,082-€152,082€49,972▼ 67.1%€5,762▼ 88.5%€2,930▼ 49.2%€5,564▲ 89.9%-€49,421
Net result-€6,001-€109,560€25,751▼ 76.5%-€856-€3,349▼ 291%€7,662-€50,492
Equity€347,054-€436,014▲ 25.6%€440,326▲ 1.0%€439,470▼ 0.2%€436,121▼ 0.8%€443,783▲ 1.8%€373,291▼ 15.9%
Total assets€368,115-€657,157▲ 78.5%€905,600▲ 37.8%€587,425▼ 35.1%€563,047▼ 4.1%€556,631▼ 1.1%€803,663▲ 44.4%
Debt€21,061-€175,549▲ 734%€398,844▲ 127%€81,525▼ 79.6%€60,496▼ 25.8%€92,011▲ 52.1%€409,539▲ 345%
Working capital€117,532-€205,039▲ 74.5%€162,893▼ 20.6%€343,562▲ 111%€334,602▼ 2.6%€289,360▼ 13.5%€125,966▼ 56.5%
The operating result for 2025 is a loss of €49,421, after a profit of €5,564 in 2024. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €803,663
Fixed assets
€587,857 ▲ 173%
Current assets
€215,806 ▼ 36.8%
Equity and liabilities €803,663
Equity
€373,291 ▼ 15.9%
Provisions
€20,833 =
Debt
€409,539 ▲ 345%
Debt's share of the balance-sheet total rises from 16.5% to 51.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€46,900▼
2024 · €8,047
Cash flow
-€47,972▼
2024 · €10,146
Current ratio
2.40▼
2024 · 6.58
Debt to equity
1.10▲
2024 · 0.21
ROE
-13.5%▼
2024 · 1.7%
ROA
-6.3%▼
2024 · 1.4%
Interest coverage
-34.03▼
2024 · 5.17
Debt ≤ 1 year
€89,840▲
2024 · €51,894
Debt > 1 year
€319,699▲
2024 · €40,118
Income taxes
€90▼
2024 · €42,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €375,000 |
| Depreciation and write-downs of the year | €3,343 | €2,483 | €2,483 | €2,521 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,817 | €19,969 | €17,649 | €3,343 | €2,483 | €2,483 | €2,521 | ▲ 1.5% |
| Other operating charges640/8 | - | - | - | €15,195 | €905 | €2,200 | €43,777 | ▲ 20× |
| Gross operating margin9900 | €10,466 | €179,430 | €86,174 | €24,300 | €6,318 | €10,247 | -€3,123 | - |
| Operating profit (loss)9901 | -€10,082 | €152,082 | €49,972 | €5,762 | €2,930 | €5,564 | -€49,421 | - |
| Financial income75/76B | - | - | - | €122 | €0 | €63 | €393 | ▲ 529% |
| Recurring financial income75 | €5,232 | €6,340 | - | €122 | €0 | €63 | €393 | ▲ 529% |
| Financial charges65/66B | - | - | - | €2,270 | €6,279 | €1,558 | €1,378 | ▼ 11.5% |
| Recurring financial charges65 | €185 | €4,182 | €2,916 | €2,270 | €6,279 | €1,558 | €1,378 | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | -€5,034 | €154,239 | €47,056 | €3,614 | -€3,349 | €4,068 | -€50,406 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | €45,594 | €3 | ▼ 100.0% |
| Income taxes67/77 | €967 | -€915 | €469 | €4,469 | - | €42,000 | €90 | ▼ 99.8% |
| Profit (loss) for the period9904 | -€6,001 | €109,560 | €25,751 | -€856 | -€3,349 | €7,662 | -€50,492 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €111,627 | €10 | ▼ 100.0% |
| Profit (loss) for the period to be appropriated9905 | -€6,001 | -€2,067 | -€36,758 | -€856 | -€3,349 | €119,289 | -€50,482 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €368,115 | €657,157 | €905,600 | €587,425 | €563,047 | €556,631 | €803,663 | ▲ 44.4% |
| Fixed assets21/28 | €235,625 | €351,631 | €410,499 | €220,344 | €217,861 | €215,378 | €587,857 | ▲ 173% |
| Tangible fixed assets22/27 | €235,501 | €351,631 | €410,499 | €220,344 | €217,861 | €215,378 | €587,857 | ▲ 173% |
| Land and buildings22 | - | - | - | €220,344 | €217,861 | €215,378 | €587,857 | ▲ 173% |
| Financial fixed assets28 | €124 | - | - | - | - | - | - | - |
| Current assets29/58 | €132,490 | €305,526 | €495,101 | €367,081 | €345,186 | €341,253 | €215,806 | ▼ 36.8% |
| Amounts receivable within one year40/41 | €118,123 | €175,775 | €380,689 | €284,943 | €238,298 | €247,549 | €170,869 | ▼ 31.0% |
| Trade receivables40 | - | - | - | €35,002 | €92,357 | €61,382 | €96,804 | ▲ 57.7% |
| Other amounts receivable41 | - | - | - | €249,941 | €145,941 | €186,167 | €74,065 | ▼ 60.2% |
| Cash at bank and in hand54/58 | €13,711 | €129,751 | €113,890 | €56,817 | €106,133 | €93,019 | €43,885 | ▼ 52.8% |
| Deferred charges and accrued income490/1 | - | - | - | €25,320 | €755 | €685 | €1,052 | ▲ 53.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €368,115 | €657,157 | €905,600 | €587,425 | €563,047 | €556,631 | €803,663 | ▲ 44.4% |
| Equity10/15 | €347,054 | €436,014 | €440,326 | €439,470 | €436,121 | €443,783 | €373,291 | ▼ 15.9% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Revaluation surpluses12 | - | - | - | €86,309 | €80,649 | €80,649 | €80,649 | = |
| Reserves13 | €125,987 | €245,711 | €286,857 | €291,661 | €293,971 | €301,634 | €231,141 | ▼ 23.4% |
| Non-distributable reserves130/1 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Tax-exempt reserves132 | - | - | - | €174,136 | €174,136 | €62,509 | €62,499 | = |
| Distributable reserves133 | - | - | - | €111,375 | €113,685 | €232,974 | €162,493 | ▼ 30.3% |
| Profit (loss) carried forward14 | €11,803 | €9,736 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | €45,594 | €66,430 | €66,430 | €66,430 | €20,836 | €20,833 | = |
| Deferred taxes168 | - | - | - | €66,430 | €66,430 | €20,836 | €20,833 | = |
| Amounts payable17/49 | €21,061 | €175,549 | €398,844 | €81,525 | €60,496 | €92,011 | €409,539 | ▲ 345% |
| Amounts payable after more than one year17 | - | €75,062 | €66,636 | €58,006 | €49,912 | €40,118 | €319,699 | ▲ 697% |
| Financial debts170/4 | - | - | - | €58,006 | €49,912 | €40,118 | €319,699 | ▲ 697% |
| Amounts payable within one year42/48 | €14,958 | €100,487 | €332,208 | €23,519 | €10,584 | €51,894 | €89,840 | ▲ 73.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,630 | €8,094 | €9,051 | €20,419 | ▲ 126% |
| Trade debts44 | €9,118 | €43,800 | €219,854 | €7,651 | €252 | - | €31,542 | - |
| Suppliers440/4 | - | - | - | €7,651 | €252 | - | €31,542 | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €41,000 | €29,090 | ▼ 29.0% |
| Taxes450/3 | - | - | - | - | - | €41,000 | €29,090 | ▼ 29.0% |
| Other amounts payable47/48 | - | - | - | €7,238 | €2,238 | €1,843 | €8,789 | ▲ 377% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,001 | €109,560 | €25,751 | -€856 | -€3,349 | €7,662 | -€50,492 | - |
| + Depreciation and write-downs630 | €15,817 | €19,969 | €17,649 | €3,343 | €2,483 | €2,483 | €2,521 | ▲ 1.5% |
| Operating cash flow (approximation) | €9,815 | €129,529 | €43,400 | €2,487 | -€866 | €10,146 | -€47,972 | - |
| Investment in fixed assets (approximation) | - | -€135,975 | -€76,517 | €186,812 | €0 | €0 | -€375,000 | - |
| Change in cash | - | €116,040 | -€15,861 | -€57,073 | €49,315 | -€13,113 | -€49,134 | ▼ 275% |
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 GERLIMMO 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 GERLIMMO 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 GERLIMMO. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00034646 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00030232 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00028121 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00020450 | |
| 30-06-2021 | micro format | 22-02-2022 | 2022-06000491 | |
| 30-06-2020 | micro format | 26-04-2021 | 2021-11200285 | |
| 30-06-2019 | micro format | 24-12-2019 | 2019-78000241 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01700445 | |
| 30-06-2016 | abbreviated format | 28-01-2017 | 2017-02500520 | |
| 30-06-2015 | abbreviated format | 26-01-2016 | 2016-02600513 |