GHEMKO
ActiveSummary
GHEMKO has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €617,062 and a net result of €332,450. Equity is growing by ~11.6% per year across the filed fiscal years. Its solvency ranks better than 45% of 7459 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability95▲+25
Solvency64▲+13
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.44 against 1.68 in 2023; short-term debt: 51.2% and cash: 6.1% of total assets), and 60.5% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
neutral · Filed after the deadline
The financial year that closed on 31-10-2025 was due by 31-05-2026 and was filed on 25-06-2026, 25 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 · 10 filingsDeviation from the deadline
2025
25 d late
2024
3 d early
2023
57 d early
2022
on the day
2021
32 d early
2020
31 d early
2019
5 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 15 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-10-2026 and is due by 31-05-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-10-2026 close31-05-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
Equity
€617,062▲ 117%
2023 · €284,612
Total assets
€1.6m▲ 42.4%
2023 · €1.1m
Net result
€332,450▲ 3,008%
2023 · €10,697
Working capital
€353,844▲ 0.5%
2023 · €352,064
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line20202021202220232024
Operating result€14,126▼ 60.1%€128,726▲ 811%€83,412▼ 35.2%€19,768▼ 76.3%€463,831▲ 2,246%
Net result€1,123below the sector's middle half▼ 95.6%€115,366within the sector's middle half▲ 10,171%€83,181within the sector's middle half▼ 27.9%€10,697within the sector's middle half▼ 87.1%€332,450above the sector's middle half▲ 3,008%
Equity€211,525within the sector's middle half▲ 0.5%€261,891within the sector's middle half▲ 23.8%€285,073within the sector's middle half▲ 8.9%€284,612within the sector's middle half▼ 0.2%€617,062within the sector's middle half▲ 117%
Total assets€653,087within the sector's middle half▼ 19.8%€778,142within the sector's middle half▲ 19.1%€1.0mwithin the sector's middle half▲ 32.2%€1.1mwithin the sector's middle half▲ 6.8%€1.6mwithin the sector's middle half▲ 42.4%
Debt€441,562▼ 26.9%€516,251▲ 16.9%€743,351▲ 44.0%€813,281▲ 9.4%€946,871▲ 16.4%
Working capital€49,837within the sector's middle half▼ 16.4%€106,466within the sector's middle half▲ 114%€88,384within the sector's middle half▼ 17.0%€352,064within the sector's middle half▲ 298%€353,844within the sector's middle half▲ 0.5%
Solvency32.4%within the sector's middle half▲ 6.6pp33.7%within the sector's middle half▲ 1.3pp27.7%within the sector's middle half▼ 5.9pp25.9%within the sector's middle half▼ 1.8pp39.5%within the sector's middle half▲ 13.5pp
Current ratio1.12below the sector's middle half▲ 0.011.26within the sector's middle half▲ 0.151.13below the sector's middle half▼ 0.131.68within the sector's middle half▲ 0.551.44within the sector's middle half▼ 0.24
Return on assets (ROA)0.2%below the sector's middle half▼ 3.0pp14.8%above the sector's middle half▲ 14.7pp8.1%within the sector's middle half▼ 6.7pp1.0%below the sector's middle half▼ 7.1pp21.3%above the sector's middle half▲ 20.3pp
Staff (FTE)7within the sector's middle half▲ 12.9%7.4within the sector's middle half▲ 5.7%5.4within the sector's middle half▼ 27.0%5.3within the sector's middle half▼ 1.9%6.9within the sector's middle half▲ 30.2%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction 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.
Why a figure moved sharply
- 2024 Net result +3,008% on 2023. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 2,246% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.6m
Fixed assets
€408,806 ▲ 76.7%
Current assets
€1.2m ▲ 33.3%
Equity and liabilities €1.6m
Equity
€617,062 ▲ 117%
Debt
€946,871 ▲ 16.4%
Debt's share of the balance-sheet total falls from 74.1% to 60.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€564,691▲
2023 · €80,619
Cash flow
€433,310▲
2023 · €71,547
Debt to equity
1.53▼
2023 · 2.86
ROE
53.9%▲
2023 · 3.8%
Interest coverage
37.71▲
2023 · 17.87
Debt ≤ 1 year
€801,283▲
2023 · €514,468
Debt > 1 year
€106,829▲
2023 · €54,763
Income taxes
€122,580▲
2023 · €8,342
Staff costs
€885,559▲
2023 · €473,668
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 31,370 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €379,701 | €473,668 | €885,559 | ▲ 87.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,537 | €59,563 | €55,729 | €60,850 | €100,860 | ▲ 65.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,000 | €17,420 | - | - |
| Other operating charges640/8 | - | - | €16,702 | €5,846 | €20,441 | ▲ 250% |
| Gross operating margin9900 | €495,415 | €632,518 | €536,544 | €577,552 | €1.5m | ▲ 155% |
| Operating profit (loss)9901 | €14,126 | €128,726 | €83,412 | €19,768 | €463,831 | ▲ 2,246% |
| Financial income75/76B | - | - | €15,426 | €3,782 | €6,174 | ▲ 63.2% |
| Recurring financial income75 | €4,906 | €7,069 | €15,426 | €3,782 | €6,174 | ▲ 63.2% |
| Financial charges65/66B | - | - | €2,220 | €4,511 | €14,975 | ▲ 232% |
| Recurring financial charges65 | €12,085 | €4,799 | €2,220 | €4,511 | €14,975 | ▲ 232% |
| Profit (loss) for the period before taxes9903 | €6,948 | €130,996 | €96,618 | €19,039 | €455,030 | ▲ 2,290% |
| Income taxes67/77 | €5,825 | €15,630 | €13,437 | €8,342 | €122,580 | ▲ 1,369% |
| Profit (loss) for the period9904 | €1,123 | €115,366 | €83,181 | €10,697 | €332,450 | ▲ 3,008% |
| Profit (loss) for the period to be appropriated9905 | €1,123 | €115,366 | €83,181 | €10,697 | €332,450 | ▲ 3,008% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €653,087 | €778,142 | €1.0m | €1.1m | €1.6m | ▲ 42.4% |
| Fixed assets21/28 | €171,021 | €268,987 | €281,046 | €231,361 | €408,806 | ▲ 76.7% |
| Intangible fixed assets21 | - | - | - | - | €973 | - |
| Tangible fixed assets22/27 | €166,336 | €263,422 | €275,110 | €223,875 | €401,177 | ▲ 79.2% |
| Land and buildings22 | - | - | €71,551 | €57,376 | €229,768 | ▲ 300% |
| Plant, machinery and equipment23 | - | - | €157,097 | €125,448 | €78,997 | ▼ 37.0% |
| Furniture and vehicles24 | - | - | €7,279 | €4,094 | €63,724 | ▲ 1,457% |
| Other tangible fixed assets26 | - | - | €39,183 | €36,957 | €28,689 | ▼ 22.4% |
| Financial fixed assets28 | €4,685 | €5,565 | €5,936 | €7,486 | €6,656 | ▼ 11.1% |
| Current assets29/58 | €482,066 | €509,156 | €747,378 | €866,532 | €1.2m | ▲ 33.3% |
| Stocks and contracts in progress3 | €8,650 | €8,650 | €7,900 | €7,900 | - | - |
| Stocks30/36 | - | - | €7,900 | €7,900 | - | - |
| Amounts receivable within one year40/41 | €469,734 | €468,782 | €737,567 | €806,428 | €1.1m | ▲ 31.4% |
| Trade receivables40 | - | - | €369,829 | €728,646 | €444,509 | ▼ 39.0% |
| Other amounts receivable41 | - | - | €367,738 | €77,782 | €615,261 | ▲ 691% |
| Cash at bank and in hand54/58 | - | €31,723 | - | €52,204 | €94,876 | ▲ 81.7% |
| Deferred charges and accrued income490/1 | - | - | €1,910 | - | €481 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €653,087 | €778,142 | €1.0m | €1.1m | €1.6m | ▲ 42.4% |
| Equity10/15 | €211,525 | €261,891 | €285,073 | €284,612 | €617,062 | ▲ 117% |
| Contributions10/11 | €92,092 | - | €92,092 | €92,092 | €92,092 | = |
| Reserves13 | €52,509 | €102,875 | €126,057 | €126,057 | €126,057 | = |
| Non-distributable reserves130/1 | - | - | €9,209 | €9,209 | €9,209 | = |
| Reserves not available under the articles1311 | - | - | €9,209 | €9,209 | €9,209 | = |
| Distributable reserves133 | - | - | €116,847 | €116,847 | €116,847 | = |
| Profit (loss) carried forward14 | €66,924 | €66,924 | €66,924 | €66,464 | €398,913 | ▲ 500% |
| Amounts payable17/49 | €441,562 | €516,251 | €743,351 | €813,281 | €946,871 | ▲ 16.4% |
| Amounts payable after more than one year17 | €9,333 | €113,561 | €84,357 | €54,763 | €106,829 | ▲ 95.1% |
| Financial debts170/4 | - | - | €84,357 | €54,763 | €106,829 | ▲ 95.1% |
| Amounts payable within one year42/48 | €432,229 | €402,689 | €658,994 | €514,468 | €801,283 | ▲ 55.7% |
| Current portion of amounts payable after more than one year42 | - | - | €29,203 | €29,594 | €30,106 | ▲ 1.7% |
| Financial debts43 | - | - | €1,261 | - | €193,582 | - |
| Credit institutions430/8 | - | - | €1,261 | - | €120,000 | - |
| Other loans439 | - | - | - | - | €73,582 | - |
| Trade debts44 | €297,703 | €216,033 | €531,274 | €336,590 | €366,080 | ▲ 8.8% |
| Suppliers440/4 | - | - | €531,274 | €336,590 | €366,080 | ▲ 8.8% |
| Taxes, remuneration and social security45 | - | - | €37,255 | €39,228 | €48,302 | ▲ 23.1% |
| Taxes450/3 | - | - | €18,723 | €10,943 | €4,752 | ▼ 56.6% |
| Remuneration and social security454/9 | - | - | €18,532 | €28,285 | €43,550 | ▲ 54.0% |
| Other amounts payable47/48 | - | - | €60,000 | €109,056 | €163,214 | ▲ 49.7% |
| Accrued charges and deferred income492/3 | - | - | - | €244,050 | €38,760 | ▼ 84.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,123 | €115,366 | €83,181 | €10,697 | €332,450 | ▲ 3,008% |
| + Depreciation and write-downs630 | €56,537 | €59,563 | €55,729 | €60,850 | €100,860 | ▲ 65.8% |
| Operating cash flow (approximation) | €57,661 | €174,929 | €138,910 | €71,547 | €433,310 | ▲ 506% |
| Investment in fixed assets (approximation) | - | -€157,528 | -€67,789 | -€11,165 | -€278,306 | ▼ 2,393% |
| Change in cash | - | - | - | - | €42,672 | - |
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
25-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-10
Financial
Highest result since 2019net €332,450 ▲3,008%
Operating result €463,831, net result €332,450, both a record.
31-10
Financial
Equity above €500,000Eq €617,062 ▲117%
6 profitable years in a row build equity to €617,062.
2023
04-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
30-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
30-04
Financial
Weakest financial yearnet €1,123 ▼95.6%
Net result drops to €1,123, the lowest in the series; recovery starts the following year.
2019
25-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
04-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
27-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Sint-Niklaas · 1 establishment unit since 1999
Ground area
2,831 m²
Building footprint
709 m²
Volume, LiDAR
3,540 m³
2 parcels, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Zonnestraat 75 B, 9100 Sint-Niklaas
since 19992.091.513.703
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46017B0045/00L000 | Flanders | 2,268 m² | 1 · 602 m² | 10.0 m · 1 fl. |
| 46017B0113/00Y000 | Flanders | 563 m² | 1 · 107 m² | 9.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 8,430 EUR awarded · 8,011 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,606 EUR | 2,187 EUR |
| 2024 | 1 | 460 EUR | 537 EUR |
| 2023 | 1 | 3,866 EUR | 3,789 EUR |
| 2022 | 1 | 1,498 EUR | 1,498 EUR |
Recognitions · licences · registrations
Recognised contractor
7 categoriesGHEMKO BV30594
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,234. 2,044 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
Founded25-05-1999
Fiscal year end31-10
Activities, NACEBEL 2025
42110Construction of roads and motorways
43120Site preparation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466021850
Also
9925:BE0466021850
Registered
08-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.