GERMARE
ActiveSummary
GERMARE has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €964,410 and a net result of €301,420. Equity is growing by ~37.8% per year across the filed fiscal years. Its solvency ranks better than 50% of 3330 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-4
Solvency69▼-13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 1.81 against 2.31 in 2024; short-term debt: 54.7% and cash: 70.9% of total assets), but 55.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
44.5%
Return on assets
13.9%
Age of the figures
9 mo
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
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 30-04-2026, 92 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
92 d early
2024
134 d early
2023
133 d early
2022
66 d early
2021
58 d early
2020
8 d early
2019
21 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 73 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€964,410▲ 29.2%
2024 · €746,285
Total assets
€2.2m▲ 66.9%
2024 · €1.3m
Net result
€301,420▲ 39.3%
2024 · €216,424
Working capital
€965,327▲ 33.5%
2024 · €723,322
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€124,624▼ 11.4%€453,468▲ 264%€626,825▲ 38.2%€223,522▼ 64.3%€450,339▲ 101%
Net result€80,635within the sector's middle half▼ 17.5%€334,175above the sector's middle half▲ 314%€490,716above the sector's middle half▲ 46.8%€216,424within the sector's middle half▼ 55.9%€301,420above the sector's middle half▲ 39.3%
Equity€292,242within the sector's middle half▲ 38.1%€486,495within the sector's middle half▲ 66.5%€777,211within the sector's middle half▲ 59.8%€746,285within the sector's middle half▼ 4.0%€964,410above the sector's middle half▲ 29.2%
Total assets€1.1mwithin the sector's middle half▼ 14.2%€1.2mwithin the sector's middle half▲ 11.3%€1.4mwithin the sector's middle half▲ 14.0%€1.3mwithin the sector's middle half▼ 4.3%€2.2mabove the sector's middle half▲ 66.9%
Debt€776,764▼ 24.9%€703,276▼ 9.5%€579,704▼ 17.6%€551,977▼ 4.8%€1.2m▲ 118%
Working capital€387,607within the sector's middle half▲ 20.9%€521,465within the sector's middle half▲ 34.5%€742,298above the sector's middle half▲ 42.3%€723,322above the sector's middle half▼ 2.6%€965,327above the sector's middle half▲ 33.5%
Solvency27.3%within the sector's middle half▲ 10.3pp40.9%within the sector's middle half▲ 13.6pp57.3%within the sector's middle half▲ 16.4pp57.5%within the sector's middle half▲ 0.2pp44.5%within the sector's middle half▼ 13.0pp
Current ratio1.69within the sector's middle half▲ 0.261.86within the sector's middle half▲ 0.182.28within the sector's middle half▲ 0.422.31within the sector's middle half▲ 0.031.81within the sector's middle half▼ 0.50
Return on assets (ROA)7.5%within the sector's middle half▼ 0.3pp28.1%above the sector's middle half▲ 20.5pp36.2%above the sector's middle half▲ 8.1pp16.7%within the sector's middle half▼ 19.5pp13.9%within the sector's middle half▼ 2.8pp
Staff (FTE)5within the sector's middle half▼ 5.7%5within the sector's middle half=5within the sector's middle half=4.5within the sector's middle half▼ 10.0%5.1within the sector's middle half▲ 13.3%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 101% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€15,993 ▼ 30.4%
Current assets
€2.2m ▲ 68.7%
Equity and liabilities €2.2m
Equity
€964,410 ▲ 29.2%
Debt
€1.2m ▲ 118%
Debt's share of the balance-sheet total rises from 42.5% to 55.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€457,309▲
2024 · €235,473
Cash flow
€308,389▲
2024 · €228,375
Debt to equity
1.25▲
2024 · 0.74
ROE
31.3%▲
2024 · 29.0%
Interest coverage
123.40▲
2024 · 47.78
Debt ≤ 1 year
€1.2m▲
2024 · €551,977
Income taxes
€148,522▲
2024 · €26,756
Staff costs
€263,061▲
2024 · €226,713
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
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 0.1% 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 497,662 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% | 1.7% |
| 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 75% 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 34,679 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €193,500 | €0 | - | €7,520 | - |
| Remuneration, social security and pensions62 | €247,865 | €222,022 | €246,302 | €226,713 | €263,061 | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €52,447 | €52,447 | €32,412 | €11,951 | €6,969 | ▼ 41.7% |
| Other operating charges640/8 | €1,237 | €1,980 | €6,630 | €3,199 | €3,290 | ▲ 2.9% |
| Gross operating margin9900 | €426,173 | €729,918 | €912,170 | €465,385 | €723,659 | ▲ 55.5% |
| Operating profit (loss)9901 | €124,624 | €453,468 | €626,825 | €223,522 | €450,339 | ▲ 101% |
| Financial income75/76B | €109 | €58 | €4,087 | €24,586 | €3,309 | ▼ 86.5% |
| Recurring financial income75 | €109 | €58 | €4,087 | €24,586 | €3,309 | ▼ 86.5% |
| Financial charges65/66B | €15,361 | €9,952 | €8,581 | €4,928 | €3,706 | ▼ 24.8% |
| Recurring financial charges65 | €15,361 | €9,952 | €8,581 | €4,928 | €3,706 | ▼ 24.8% |
| Profit (loss) for the period before taxes9903 | €109,372 | €443,574 | €622,332 | €243,180 | €449,942 | ▲ 85.0% |
| Income taxes67/77 | €28,736 | €109,399 | €131,616 | €26,756 | €148,522 | ▲ 455% |
| Profit (loss) for the period9904 | €80,635 | €334,175 | €490,716 | €216,424 | €301,420 | ▲ 39.3% |
| Profit (loss) for the period to be appropriated9905 | €80,635 | €334,175 | €490,716 | €216,424 | €301,420 | ▲ 39.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.2m | €1.4m | €1.3m | €2.2m | ▲ 66.9% |
| Fixed assets21/28 | €116,281 | €63,984 | €34,913 | €22,962 | €15,993 | ▼ 30.4% |
| Intangible fixed assets21 | €61,463 | €20,675 | €0 | - | - | - |
| Tangible fixed assets22/27 | €53,918 | €42,258 | €31,977 | €20,026 | €13,057 | ▼ 34.8% |
| Plant, machinery and equipment23 | - | €21,385 | €12,596 | €3,807 | €0 | ▼ 100% |
| Furniture and vehicles24 | €30,173 | - | - | - | - | - |
| Other tangible fixed assets26 | €23,745 | €20,874 | €19,381 | €16,219 | €13,057 | ▼ 19.5% |
| Financial fixed assets28 | €900 | €1,050 | €2,936 | €2,936 | €2,936 | = |
| Current assets29/58 | €952,724 | €1.1m | €1.3m | €1.3m | €2.2m | ▲ 68.7% |
| Amounts receivable within one year40/41 | €848,708 | €538,337 | €605,527 | €228,325 | €519,337 | ▲ 127% |
| Trade receivables40 | €88,456 | €0 | €238,586 | €144,700 | €497,979 | ▲ 244% |
| Other amounts receivable41 | €760,251 | €538,337 | €366,941 | €83,625 | €21,358 | ▼ 74.5% |
| Current investments50/53 | - | €92,400 | €92,400 | €92,400 | €92,400 | = |
| Cash at bank and in hand54/58 | €101,403 | €494,489 | €620,797 | €954,025 | €1.5m | ▲ 61.1% |
| Deferred charges and accrued income490/1 | €2,613 | €562 | €3,279 | €549 | €2,969 | ▲ 441% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.4m | €1.3m | €2.2m | ▲ 66.9% |
| Equity10/15 | €292,242 | €486,495 | €777,211 | €746,285 | €964,410 | ▲ 29.2% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €278,369 | €466,495 | €757,211 | €726,285 | €944,410 | ▲ 30.0% |
| Non-distributable reserves130/1 | - | €92,400 | €92,400 | €92,400 | €92,400 | = |
| Own shares acquired1312 | - | €92,400 | €92,400 | €92,400 | €92,400 | = |
| Distributable reserves133 | €278,369 | €374,095 | €664,811 | €633,885 | €852,010 | ▲ 34.4% |
| Profit (loss) carried forward14 | -€6,127 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €776,764 | €703,276 | €579,704 | €551,977 | €1.2m | ▲ 118% |
| Amounts payable after more than one year17 | €210,119 | €97,721 | €0 | - | - | - |
| Financial debts170/4 | €210,119 | €97,721 | €0 | - | - | - |
| Amounts payable within one year42/48 | €565,117 | €604,321 | €579,704 | €551,977 | €1.2m | ▲ 115% |
| Current portion of amounts payable after more than one year42 | €150,841 | €143,221 | €47,721 | €0 | - | - |
| Financial debts43 | €198,815 | €150,000 | €150,000 | €0 | - | - |
| Credit institutions430/8 | €198,815 | €150,000 | €150,000 | €0 | - | - |
| Trade debts44 | €39,800 | €57,464 | €62,283 | €352,483 | €429,832 | ▲ 21.9% |
| Suppliers440/4 | €39,800 | €57,464 | €62,283 | €352,483 | €429,832 | ▲ 21.9% |
| Taxes, remuneration and social security45 | €56,687 | €87,392 | €117,916 | €49,495 | €136,526 | ▲ 176% |
| Taxes450/3 | €27,377 | €58,558 | €87,411 | €24,163 | €106,225 | ▲ 340% |
| Remuneration and social security454/9 | €29,310 | €28,834 | €30,504 | €25,332 | €30,301 | ▲ 19.6% |
| Other amounts payable47/48 | €118,974 | €166,244 | €201,785 | €150,000 | €619,568 | ▲ 313% |
| Accrued charges and deferred income492/3 | €1,528 | €1,234 | €0 | - | €16,909 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80,635 | €334,175 | €490,716 | €216,424 | €301,420 | ▲ 39.3% |
| + Depreciation and write-downs630 | €52,447 | €52,447 | €32,412 | €11,951 | €6,969 | ▼ 41.7% |
| Operating cash flow (approximation) | €133,082 | €386,622 | €523,128 | €228,375 | €308,389 | ▲ 35.0% |
| Investment in fixed assets (approximation) | - | -€150 | -€3,341 | €0 | €0 | - |
| Change in cash | - | €393,085 | €126,308 | €333,228 | €582,522 | ▲ 74.8% |
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
10-09
State Gazette act
Registered officeRegistered-office move · Power of attorney3 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney3 facts ▸
- Registered-office move, Torhoutsesteenweg 88A, 8400 Oostende
- Board meeting, 03-09-2026
- Power of attorney, Abramian Aiarpi
29-07
State Gazette act
Resignation: LENA TIMMERMAN (non-statutory director)2 facts ▸
State Gazette act
Resignation: LENA TIMMERMAN (non-statutory director)
2 facts ▸
- General meeting, 21-07-2026
- Director resignation, LENA TIMMERMAN (non-statutory director)
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
19-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
20-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €490,716 ▲46.8%
Operating result €626,825, net result €490,716, both a record.
31-12
Financial
Equity above €500,000Eq €777,211 ▲59.8%
6 profitable years in a row build equity to €777,211.
26-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €80,635 ▼17.5%
Net result drops to €80,635, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200,000Eq €211,606 ▲85.8%
3 profitable years in a row build equity to €211,606.
Show earlier events
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 2 have been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
9 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Oostende · 1 establishment unit since 2014
Ground area
79 m²
Building footprint
119 m²
Volume, LiDAR
1,917 m³
Parcel 35386D0245/00M002, Flanders · tallest building 23.2 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
GERMARE
since 20142.237.883.337
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35386D0245/00M002 | Flanders | 79 m² | 1 · 118 m² | 23.2 m · 7 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.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| LENA TIMMERMAN |
|
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 794 EUR awarded · 793 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 47 EUR | 47 EUR |
| 2024 | 1 | 47 EUR | 90 EUR |
| 2023 | 1 | 44 EUR | 0 EUR |
| 2022 | 1 | 656 EUR | 656 EUR |
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Of 1,019 companies in sector 69103 we hold annual accounts for 611. 365 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
Founded23-12-2014
Fiscal year end31-12
Activities, NACEBEL 2025
69103Activities of bailiffs
Contact
Website
www.germare.be
E-mail
info@germare.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0507676323
Also
9925:BE0507676323
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.