GERMANUS
ActiveSummary
GERMANUS has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14.7m and a net result of -€215,424. Equity is growing by ~9.8% per year across the filed fiscal years. Its solvency ranks better than 56% of 4577 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-2
Solvency70=
Growth35▼-17
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.24 in 2024; short-term debt: 48.2% and cash: 1.6% of total assets), and 54.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
45.4%
Return on assets
-0.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
30 d late
2023
on the day
2022
on the day
2021
3 d early
2020
9 d early
2019
16 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average on the deadline day; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€1.1m▼ 27.4%
2024 · €1.5m
EBIT margin
-59.3%▼ 16.6pp
2024 · -42.6%
Net result
-€215,424
2024 · €617,677
Working capital
€3.5m▼ 8.8%
2024 · €3.8m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€458,169▼ 83.1%€911,423▲ 98.9%€428,388▼ 53.0%€1.5m▲ 250%€1.1m▼ 27.4%
Operating result-€497,207▲ 29.6%€186,728-€528,868-€639,107▼ 20.8%-€645,363▼ 1.0%
Net result-€154,267▲ 80.2%€468,051€418,677▼ 10.5%€617,677▲ 47.5%-€215,424
EBIT margin-108.5%▼ 82.4pp20.5%▲ 129.0pp-123.5%▼ 143.9pp-42.6%▲ 80.8pp-59.3%▼ 16.6pp
Equity€13.4m▲ 70.5%€13.9m▲ 3.5%€14.3m▲ 3.0%€14.9m▲ 4.3%€14.7m▼ 1.4%
Total assets€28.0m▲ 44.5%€27.3m▼ 2.4%€31.6m▲ 15.8%€33.3m▲ 5.3%€32.4m▼ 2.8%
Debt€14.6m▲ 26.8%€13.4m▼ 7.9%€17.3m▲ 29.0%€18.4m▲ 6.1%€17.7m▼ 3.9%
Working capital-€839,104€5.2m€2.7m▼ 47.5%€3.8m▲ 40.0%€3.5m▼ 8.8%
Staff (FTE)1=1.3▲ 30.0%1.6▲ 23.1%1.5▼ 6.3%1▼ 33.3%
Why a figure moved sharply
- 2023 Turnover -53% on 2022. The previous fiscal year ran 18 months, this one 12.
- 2022 Turnover +99% on 2021. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €645,363 in 2025 against €639,107 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32.4m
Fixed assets
€13.3m ▼ 1.2%
Current assets
€19.1m ▼ 3.8%
Equity and liabilities €32.4m
Equity
€14.7m ▼ 1.4%
Debt
€17.7m ▼ 3.9%
Debt's share of the balance-sheet total falls from 55.2% to 54.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€266,302▼
2024 · -€193,576
Cash flow
€163,637▼
2024 · €1.1m
Current ratio
1.22▼
2024 · 1.24
Quick ratio
1.18▲
2024 · 1.15
Debt to equity
1.20▼
2024 · 1.23
ROE
-1.5%▼
2024 · 4.1%
ROA
-0.7%▼
2024 · 1.9%
Interest coverage
-0.54▼
2024 · -0.39
Debt ≤ 1 year
€15.6m▼
2024 · €16.0m
Debt > 1 year
€2.1m▼
2024 · €2.3m
Income taxes
€1,316▲
2024 · €0
Staff costs
€120,831▼
2024 · €147,023
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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%.
| 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 12,304 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €2.1m | €610,133 | €2.0m | €1.3m | ▼ 35.1% |
| Turnover70 | €458,169 | €911,423 | €428,388 | €1.5m | €1.1m | ▼ 27.4% |
| Other operating income74 | - | €192,724 | €181,744 | €236,009 | €224,088 | ▼ 5.1% |
| Non-recurring operating income76A | - | €1.0m | €0 | €289,942 | €872 | ▼ 99.7% |
| Operating charges60/66A | - | €1.9m | €1.1m | €2.7m | €2.0m | ▼ 26.5% |
| Goods for resale, raw materials and consumables60 | - | €504,532 | €76,428 | €1.3m | €963,016 | ▼ 27.3% |
| Purchases600/8 | - | €564,752 | €1.1m | €1.2m | €190,000 | ▼ 84.1% |
| Change in stocks: decrease (increase)609 | - | -€60,219 | -€991,786 | €127,013 | €773,016 | ▲ 509% |
| Services and other goods61 | - | €638,231 | €319,349 | €507,255 | €321,120 | ▼ 36.7% |
| Remuneration, social security and pensions62 | - | €172,266 | €150,833 | €147,023 | €120,831 | ▼ 17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €322,944 | €528,776 | €445,650 | €445,531 | €379,061 | ▼ 14.9% |
| Other operating charges640/8 | - | €69,564 | €146,740 | €240,614 | €158,162 | ▼ 34.3% |
| Non-recurring operating charges66A | - | €4,048 | €0 | - | €17,341 | - |
| Operating profit (loss)9901 | -€497,207 | €186,728 | -€528,868 | -€639,107 | -€645,363 | ▼ 1.0% |
| Financial income75/76B | - | €4.2m | €1.4m | €1.8m | €931,961 | ▼ 47.9% |
| Recurring financial income75 | €864,154 | €4.2m | €1.4m | €1.8m | €931,961 | ▼ 47.9% |
| Income from financial fixed assets750 | - | €3.4m | €626,531 | €1.2m | €27,851 | ▼ 97.6% |
| Income from current assets751 | - | €742,790 | €820,069 | €622,693 | €903,563 | ▲ 45.1% |
| Other financial income752/9 | - | €0 | €4 | €113 | €547 | ▲ 385% |
| Financial charges65/66B | - | €3.9m | €320,991 | €531,797 | €500,706 | ▼ 5.8% |
| Recurring financial charges65 | €520,147 | €3.9m | €320,991 | €521,798 | €500,706 | ▼ 4.0% |
| Debt charges650 | €508,411 | €454,539 | €312,511 | €499,071 | €495,207 | ▼ 0.8% |
| Other financial charges652/9 | - | €3.4m | €8,480 | €22,727 | €5,500 | ▼ 75.8% |
| Non-recurring financial charges66B | - | - | - | €9,999 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | -€153,199 | €470,788 | €596,745 | €617,677 | -€214,108 | ▼ 135% |
| Income taxes67/77 | €1,068 | €2,737 | €178,068 | €0 | €1,316 | - |
| Taxes670/3 | - | €2,737 | €178,068 | €0 | €1,316 | - |
| Profit (loss) for the period9904 | -€154,267 | €468,051 | €418,677 | €617,677 | -€215,424 | ▼ 135% |
| Profit (loss) for the period to be appropriated9905 | -€154,267 | €468,051 | €418,677 | €617,677 | -€215,424 | ▼ 135% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28.0m | €27.3m | €31.6m | €33.3m | €32.4m | ▼ 2.8% |
| Fixed assets21/28 | €17.1m | €10.1m | €12.5m | €13.5m | €13.3m | ▼ 1.2% |
| Tangible fixed assets22/27 | €3.3m | €4.2m | €6.2m | €6.4m | €6.0m | ▼ 6.3% |
| Land and buildings22 | - | €3.8m | €5.5m | €5.7m | €5.3m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | €7,263 | €3,330 | €3,201 | €10,067 | ▲ 215% |
| Furniture and vehicles24 | - | €369,576 | €681,241 | €727,979 | €648,388 | ▼ 10.9% |
| Financial fixed assets28 | €13.8m | €6.0m | €6.3m | €7.1m | €7.3m | ▲ 3.3% |
| Affiliated companies280/1 | - | €6.0m | €6.3m | €7.1m | €7.3m | ▲ 3.3% |
| Participating interests280 | - | €6.0m | €6.3m | €7.1m | €7.3m | ▲ 3.3% |
| Companies linked by participating interests282/3 | - | - | €10,001 | €0 | - | - |
| Participating interests282 | - | - | €10,001 | €0 | - | - |
| Other financial fixed assets284/8 | - | €0 | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €0 | - | - | - | - |
| Current assets29/58 | €10.9m | €17.2m | €19.1m | €19.8m | €19.1m | ▼ 3.8% |
| Amounts receivable after more than one year29 | - | €1.0m | €1.6m | €2.5m | €3.1m | ▲ 24.3% |
| Trade receivables290 | - | - | - | €0 | - | - |
| Other amounts receivable291 | - | €1.0m | €1.6m | €2.5m | €3.1m | ▲ 24.3% |
| Stocks and contracts in progress3 | €316,361 | €952,081 | €1.9m | €1.4m | €582,587 | ▼ 57.0% |
| Stocks30/36 | - | €952,081 | €1.9m | €1.4m | €582,587 | ▼ 57.0% |
| Goods purchased for resale34 | - | €952,081 | €1.9m | €1.4m | €582,587 | ▼ 57.0% |
| Amounts receivable within one year40/41 | €9.9m | €15.0m | €15.5m | €15.4m | €14.9m | ▼ 3.1% |
| Trade receivables40 | - | €579,581 | €772,067 | €1.1m | €1.0m | ▼ 9.1% |
| Other amounts receivable41 | - | €14.4m | €14.8m | €14.3m | €13.9m | ▼ 2.7% |
| Cash at bank and in hand54/58 | €6,477 | €223,360 | €14,460 | €593,540 | €508,908 | ▼ 14.3% |
| Deferred charges and accrued income490/1 | - | €13,421 | €10,606 | €30,741 | €15,418 | ▼ 49.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28.0m | €27.3m | €31.6m | €33.3m | €32.4m | ▼ 2.8% |
| Equity10/15 | €13.4m | €13.9m | €14.3m | €14.9m | €14.7m | ▼ 1.4% |
| Contributions10/11 | - | €8.9m | €8.9m | €8.9m | €8.9m | = |
| Reserves13 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Tax-exempt reserves132 | - | €5,419 | €5,419 | €5,419 | €5,419 | = |
| Distributable reserves133 | - | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Profit (loss) carried forward14 | €3.3m | €3.8m | €4.2m | €4.8m | €4.6m | ▼ 4.4% |
| Amounts payable17/49 | €14.6m | €13.4m | €17.3m | €18.4m | €17.7m | ▼ 3.9% |
| Amounts payable after more than one year17 | €2.5m | €1.4m | €902,581 | €2.3m | €2.1m | ▼ 11.2% |
| Financial debts170/4 | - | €1.4m | €902,581 | €2.3m | €2.0m | ▼ 11.3% |
| Credit institutions173 | - | €1.4m | €902,581 | €2.3m | €2.0m | ▼ 11.3% |
| Other amounts payable178/9 | - | - | - | €3,700 | €5,400 | ▲ 45.9% |
| Amounts payable within one year42/48 | €11.7m | €12.0m | €16.4m | €16.0m | €15.6m | ▼ 2.7% |
| Current portion of amounts payable after more than one year42 | - | €466,418 | €1.5m | €2.9m | €3.1m | ▲ 5.9% |
| Financial debts43 | - | - | - | - | €59 | - |
| Credit institutions430/8 | - | - | - | - | €59 | - |
| Trade debts44 | €11,584 | €186,669 | €532,713 | €741,465 | €982,791 | ▲ 32.5% |
| Suppliers440/4 | - | €186,669 | €532,713 | €741,465 | €982,791 | ▲ 32.5% |
| Advances received on contracts in progress46 | - | - | €84,175 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €19,475 | €27,047 | €78,612 | €153,618 | ▲ 95.4% |
| Taxes450/3 | - | €15,958 | €24,968 | €78,612 | €138,984 | ▲ 76.8% |
| Remuneration and social security454/9 | - | €3,517 | €2,079 | €0 | €14,634 | - |
| Other amounts payable47/48 | - | €11.4m | €14.3m | €12.3m | €11.4m | ▼ 7.4% |
| Accrued charges and deferred income492/3 | - | €30,849 | €7,449 | €31,252 | €5,751 | ▼ 81.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€154,267 | €468,051 | €418,677 | €617,677 | -€215,424 | ▼ 135% |
| + Depreciation and write-downs630 | €322,944 | €528,776 | €445,650 | €445,531 | €379,061 | ▼ 14.9% |
| Operating cash flow (approximation) | €168,678 | €996,827 | €864,327 | €1.1m | €163,637 | ▼ 84.6% |
| Investment in fixed assets (approximation) | - | €6.4m | -€2.8m | -€1.4m | -€212,164 | ▲ 85.0% |
| Change in cash | - | €216,883 | -€208,900 | €579,080 | -€84,632 | ▼ 115% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
State Gazette act
General meeting · Auditor waived
Declaration · Shareholding
11-08
State Gazette act
General meeting · Registered-office move
Director resignation · Permanent representative
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 30 days late
2024
31-12
Financial
Highest result since 2019net €617,677 ▲47.5%
Net result €617,677, the highest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €468,051
Net result €468,051 after 2 loss-making years.
28-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
Financial
Equity above €10mEq €13.4m ▲70.5%
Equity rises from €7.9m to €13.4m.
22-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-06
Financial
Weakest financial yearnet -€780,526
Net result drops to -€780,526, the lowest in the series; recovery starts the following year.
Show earlier events
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
27-08
State Gazette act
Board meeting · Director resignation
Director appointment · Permanent representative
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
22-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
17-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2011
25-01
State Gazette act
General meeting · Statutes amendment
Capital increase · Bank account · Isabelle Mostaert
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leuven · 1 establishment unit since 1994
Ground area
1,274 m²
Building footprint
149 m²
Volume, LiDAR
1,326 m³
Parcel 24433E0019/00Y013, Flanders · tallest building 12.5 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Germanus
since 19942.066.939.940
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24433E0019/00Y013 | Flanders | 1,274 m² | 1 · 149 m² | 12.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
16 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 16
-
100%
-
100%
-
100%
-
80%
-
75%
-
60%
-
60%
-
60%
-
50%
-
50%
Show 6 more holdings
-
39.11%
-
37.1%
-
33.72%
-
33.33%
-
33.33%
-
0%
According to the 2025 annual accounts of GERMANUS 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
The group is listed under Ownership & control below; here you explore it as a network.
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Ownership & control
3 board mandatesBoard mandates of this companythis company sits on their board3
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Of 12,042 companies in sector 68203 we hold annual accounts for 5,995. 1,475 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded05-05-1994
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
70200Business and other management consultancy
47811Retail sale of cars and light vans (up to 3.5 tonnes)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452646144
Also
9925:BE0452646144
Registered
19-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.