GERMACO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-12-2025 PDF all 32 filings
Turnover
≈ €1.1m
Estimated: probably between €780,000 and €1.6m
Total assets
€2.6m▲ 16.1%
2024 · €2.3m
Net result
€334,841▲ 496%
2024 · €56,159
Working capital
€1.1m▲ 83.4%
2024 · €612,225
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€475,338
▲ 11×
2025
20192025
Net result
€334,841
▲ 496%
2025
20192025
Equity
€2.5m
▲ 15.4%
2025
20192025
Total assets
€2.6m
▲ 16.1%
2025
20192025
Debt
€72,290
▲ 92.1%
2025
20192025
Working capital
€1.1m
▲ 83.4%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.06m▼ 42.3%€0.1m▲ 80.7%€0.04m▼ 58.1%€0.03m▼ 30.3%€0.04m▲ 42.2%€0.5m▲ 11×
Net result€0.06m-€0.006m▼ 89.6%€0.08m▲ 13×-€0.001m€0.03m€0.06m▲ 86.0%€0.3m▲ 496%
Equity€2.0m-€2.0m▲ 0.3%€2.1m▲ 4.5%€2.1m▼ 0.1%€2.1m▲ 1.4%€2.2m▲ 2.6%€2.5m▲ 15.4%
Total assets€2.5m-€2.3m▼ 7.4%€2.3m▲ 1.0%€2.3m▼ 1.3%€2.3m▲ 2.4%€2.3m▼ 3.1%€2.6m▲ 16.1%
Debt€0.4m-€0.2m▼ 46.3%€0.2m▼ 24.4%€0.1m▼ 16.1%€0.2m▲ 19.6%€0.04m▼ 77.1%€0.07m▲ 92.1%
Working capital€0.2m-€0.2m▲ 36.4%€0.4m▲ 60.5%€0.4m▲ 16.0%€0.5m▲ 12.7%€0.6m▲ 23.8%€1.1m▲ 83.4%
The operating result for 2025 is over 11 times that of 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Net result +496% on 2024. The 2025 profit included a one-off income of €469,990.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€1.4m ▼ 11.0%
Current assets
€1.2m ▲ 84.1%
Equity and liabilities €2.6m
Equity
€2.5m ▲ 15.4%
Provisions
€55,602 ▼ 3.8%
Debt
€72,290 ▲ 92.1%
Debt's share of the balance-sheet total rises from 1.7% to 2.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€541,206▲
2024 · €111,794
Cash flow
€400,709▲
2024 · €125,813
Current ratio
16.54▼
2024 · 17.53
Debt to equity
0.03▲
2024 · 0.02
ROE
13.3%▲
2024 · 2.6%
ROA
12.7%▲
2024 · 2.5%
Interest coverage
over 100▲
2024 · -5.28
Debt ≤ 1 year
€72,290▲
2024 · €37,030
Income taxes
€152,998▲
2024 · €20,793
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-08-2022 | 31-08-2023 | 31-08-2024 | 31-08-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,002 | €45,690 | €6,520 | €17,031 |
| Depreciation and write-downs of the year | €73,158 | €73,495 | €69,653 | €65,868 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | €469,990 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98,782 | €80,026 | €72,517 | €73,158 | €73,495 | €69,653 | €65,868 | ▼ 5.4% |
| Other operating charges640/8 | - | - | - | €15,506 | €16,900 | €16,772 | €18,494 | ▲ 10.3% |
| Gross operating margin9900 | €208,695 | €151,380 | €189,024 | €131,164 | €120,024 | €128,566 | €559,700 | ▲ 335% |
| Operating profit (loss)9901 | €97,233 | €56,118 | €101,432 | €42,501 | €29,629 | €42,141 | €475,338 | ▲ 11× |
| Financial income75/76B | - | - | - | €8,262 | €11,980 | €11,427 | €13,556 | ▲ 18.6% |
| Recurring financial income75 | €3,827 | €6,164 | €5,074 | €8,262 | €11,980 | €11,427 | €13,556 | ▲ 18.6% |
| Financial charges65/66B | - | - | - | €39,990 | -€1,457 | -€21,192 | €3,248 | - |
| Recurring financial charges65 | €15,809 | €41,291 | -€27,575 | €39,990 | -€1,457 | -€21,192 | €3,248 | - |
| Profit (loss) for the period before taxes9903 | €85,251 | €20,991 | €134,080 | €10,772 | €43,065 | €74,760 | €485,647 | ▲ 550% |
| Transfer from deferred taxes780 | - | - | - | €2,193 | €2,193 | €2,193 | €2,193 | = |
| Income taxes67/77 | €165 | €17,659 | €57,563 | €14,437 | €15,068 | €20,793 | €152,998 | ▲ 636% |
| Profit (loss) for the period9904 | €57,051 | €5,926 | €78,710 | -€1,472 | €30,190 | €56,159 | €334,841 | ▲ 496% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,578 | €6,578 | €6,578 | €6,578 | = |
| Profit (loss) for the period to be appropriated9905 | -€9,691 | €12,102 | €85,288 | €5,106 | €36,768 | €62,737 | €341,419 | ▲ 444% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.6m | ▲ 16.1% |
| Fixed assets21/28 | €1.9m | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | €1.4m | ▼ 11.0% |
| Tangible fixed assets22/27 | €1.9m | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | €1.4m | ▼ 11.0% |
| Land and buildings22 | - | - | - | €1.6m | €1.6m | €1.5m | €1.3m | ▼ 11.8% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.004m | €0.003m | €0.001m | ▼ 53.1% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.6m | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | €1.2m | ▲ 84.1% |
| Amounts receivable within one year40/41 | €0.001m | €0 | €131 | €0.01m | €0.007m | €0.003m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.007m | €0.003m | €0 | ▼ 100% |
| Current investments50/53 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 1.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.09m | €0.1m | €0.2m | €0.3m | €0.1m | €0.6m | ▲ 555% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.003m | €0.005m | €0.005m | ▼ 8.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.6m | ▲ 16.1% |
| Equity10/15 | €2.0m | €2.0m | €2.1m | €2.1m | €2.1m | €2.2m | €2.5m | ▲ 15.4% |
| Contributions10/11 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Capital10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Issued capital100 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves13 | €1.9m | €1.9m | €2.0m | €2.0m | €2.0m | €2.1m | €2.4m | ▲ 16.0% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.009m | €0.009m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.009m | €0.009m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.8% |
| Distributable reserves133 | - | - | - | €1.8m | €1.8m | €1.9m | €2.3m | ▲ 17.9% |
| Provisions and deferred taxes16 | €0.08m | €0.08m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 3.8% |
| Deferred taxes168 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | ▼ 3.8% |
| Amounts payable17/49 | €0.4m | €0.2m | €0.2m | €0.1m | €0.2m | €0.04m | €0.07m | ▲ 92.1% |
| Amounts payable within one year42/48 | €0.4m | €0.2m | €0.2m | €0.1m | €0.2m | €0.04m | €0.07m | ▲ 95.2% |
| Financial debts43 | - | - | - | - | - | - | €0.02m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.02m | - |
| Trade debts44 | €0.01m | €0.02m | €0.02m | €0.003m | €0.02m | €0.02m | €0.02m | ▲ 1.5% |
| Suppliers440/4 | - | - | - | €0.003m | €0.02m | €0.02m | €0.02m | ▲ 1.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.01m | €0.007m | €0.02m | ▲ 225% |
| Taxes450/3 | - | - | - | €0.002m | €0.01m | €0.007m | €0.02m | ▲ 225% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.007m | €0.004m | ▼ 39.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | €0.001m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,051 | €5,926 | €78,710 | -€1,472 | €30,190 | €56,159 | €334,841 | ▲ 496% |
| + Depreciation and write-downs630 | €98,782 | €80,026 | €72,517 | €73,158 | €73,495 | €69,653 | €65,868 | ▼ 5.4% |
| Operating cash flow (approximation) | €155,833 | €85,951 | €151,227 | €71,685 | €103,685 | €125,813 | €400,709 | ▲ 218% |
| Investment in fixed assets (approximation) | - | -€20,467 | -€7,531 | -€8,002 | -€45,690 | -€6,520 | €112,979 | - |
| Change in cash | - | -€95,918 | €51,545 | €49,715 | €74,182 | -€165,926 | €543,258 | - |
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, 20,136 companies had the same profile as GERMACO has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of GERMACO itself: < 0.1% 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 20,136 companies, not a prediction for GERMACO. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | micro format | 08-12-2025 | 2025-00578631 | |
| 31-08-2024 | micro format | 17-12-2024 | 2024-00620160 | |
| 31-08-2023 | micro format | 15-01-2024 | 2024-00002475 | |
| 31-08-2022 | micro format | 15-12-2022 | 2022-20544399 | |
| 31-08-2021 | micro format | 18-03-2022 | 2022-08100434 | |
| 31-08-2020 | micro format | 20-01-2021 | 2021-01400031 | |
| 31-08-2019 | micro format | 03-02-2020 | 2020-04500322 | |
| 31-08-2018 | micro format | 01-02-2019 | 2019-04000111 | |
| 31-08-2017 | micro format | 09-03-2018 | 2018-06500456 | |
| 31-08-2016 | abbreviated format | 05-01-2017 | 2017-00300207 |