GERMO
Open bankruptcyInactive; last annual accounts for fiscal year 2021.
Summary
A bankruptcy procedure is open for GERMO according to publications in the Belgian State Gazette. The file additionally contains 2 judicial reorganisation notices.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-06-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 3 filingsPosition against the passed deadline
30-06-2022 close31-01-2023 deadline25-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 30-06-2021 was due by 31-01-2022 and was filed on 22-04-2022, 81 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
not filed
2022
not filed
2021
81 d late
2020
355 d late
2019
4 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2021, abbreviated schema
Equity
€-344k▲ 46.9%
2020 · €-649k
2019: €-240k
2020: €-649k
2019 → 2021
Total assets
€590k▼ 14.3%
2020 · €688k
2019: €838k
2020: €688k
2019 → 2021
Net result
€304k
2020 · €-408k
2019: €-312k
2020: €-408k
2019 → 2021
Working capital
€-405k▲ 49.2%
2020 · €-796k
2019: €-484k
2020: €-796k
2019 → 2021
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line201920202021Trend
Equity€-240k-€-649k▼ 170%€-344k▲ 46.9%
Operating result€-302k-€-392k▼ 29.8%€327k
Net result€-312k-€-408k▼ 30.7%€304k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2021: €327k after a loss of €392k in 2020, the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €586k
Fixed assets
€486k ▼ 20.9%
Current assets
€100k ▲ 49.0%
Key figures and ratios
EBITDA
€455k▲
2020 · €-259k
Cash flow
€433k▲
2020 · €-275k
Solvency
-58.4%▲
2020 · -94.3%
Current ratio
0.20▲
2020 · 0.08
Quick ratio
0.18▲
2020 · 0.07
Debt to equity
-2.71▼
2020 · -0.73
ROA
51.6%▲
2020 · -59.4%
Interest coverage
20.00
Debt
€934k▼
2020 · €1.34M
Debt ≤ 1 year
€504k▼
2020 · €863k
Debt > 1 year
€429k▼
2020 · €473k
Income taxes
€90▼
2020 · €206
Staff costs
€37k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2021 against 2020 · 52 lines
Balance sheet
Code20202021
Assets
Total assets20/58€688k€590k▼
Formation expenses20€7k€4k▼
Fixed assets21/28€614k€486k▼
Intangible fixed assets21€443k€358k▼
Tangible fixed assets22/27€171k€128k▼
Plant, machinery and equipment23-€21k
Furniture and vehicles24-€21k
Leasing and similar rights25-€11k
Other tangible fixed assets26-€75k
Current assets29/58€67k€100k▲
Stocks and contracts in progress3€7k€8k▲
Stocks30/36-€8k
Amounts receivable within one year40/41€46k€67k▲
Trade receivables40-€30k
Other amounts receivable41-€36k
Cash at bank and in hand54/58€12k€24k▲
Deferred charges and accrued income490/1-€716
Equity and liabilities
Total equity and liabilities10/49€688k€590k▼
Equity10/15€-649k€-344k▲
Contributions10/11-€72k
Profit (loss) carried forward14€-721k€-416k▲
Amounts payable17/49€1.34M€934k▼
Amounts payable after more than one year17€473k€429k▼
Financial debts170/4-€429k
Amounts payable within one year42/48€863k€504k▼
Current portion of amounts payable after more than one year42-€208k
Financial debts43-€0
Credit institutions430/8-€0
Trade debts44€575k€190k▼
Suppliers440/4-€190k
Taxes, remuneration and social security45-€96k
Taxes450/3-€19k
Remuneration and social security454/9-€78k
Other amounts payable47/48-€10k
Income statement
Code20202021
Non-recurring operating income76A-€416k
Remuneration, social security and pensions62-€37k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€133k€128k▼
Other operating charges640/8-€5k
Non-recurring operating charges66A-€3k
Gross operating margin9900€409k€501k▲
Operating profit (loss)9901€-392k€327k▲
Financial income75/76B-€156
Recurring financial income75€91€156▲
Financial charges65/66B-€23k
Recurring financial charges65€16k€23k▲
Profit (loss) for the period before taxes9903€-408k€305k▲
Income taxes67/77€206€90▼
Profit (loss) for the period9904€-408k€304k▲
Profit (loss) for the period to be appropriated9905€-408k€304k▲
Appropriation of the result
Profit (loss) to be appropriated9906-€-416k
Profit (loss) brought forward from the previous period14P-€-721k
Social balance
Average headcount (FTE)9087-3.8
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2023
03-04
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Tongeren · event 28-03-2023
2022
22-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 81 days late
21-01
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 355 days late
2021
30-06
Financial
Back to profitnet €304k
Net result €304k after 2 loss-making years.
19-02
Judicial reorganisation
Plan homologation
Ondernemingsrechtbank Antwerpen · event 16-02-2021
2020
30-06
Financial
Weakest financial yearnet €-408k
Net result drops to €-408k, the lowest in the series.
24-02
Judicial reorganisation
Opening
Ondernemingsrechtbank Antwerpen · collective agreement · event 18-02-2020
27-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
SignalFinancial milestoneNBB 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
Insolvency mandates
3 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | BERNARD MAILLEUX PIEPELPOEL 13,
3700 TONGEREN |
28-03-2023 → present |
| Curator | FELIX RUYS-
SCHAERT PIEPELPOEL 13, 3700 TONGEREN- |
28-03-2023 → present |
| Curator | MARK BERNAERTS PIEPELPOEL 13,
3700 TONGEREN |
28-03-2023 → present |