GM ASSOCIATION
ActiveGM ASSOCIATION has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.56M and a net result of €1.24M. Equity is growing by ~85.4% per year across the filed fiscal years. Its solvency ranks better than 24% of 124 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
71
/ 100
Healthy▲ +8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency34▼-2
Growth78=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €180k at 30 days acceptable
Liquidity tight (current ratio 1.48 against 1.19 in 2024), and 81% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 26
Relative position
BE, all sectors
reference
Sector 26
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
19%
Return on assets
9.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 124 sector peers (2025).
NBB · sector comparisonPosition among 124 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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 · 7 filingsDeviation from the deadline
2025
27 d late
2024
26 d late
2023
30 d late
2022
5 d early
2021
13 d early
2020
11 d early
2019
29 d late
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€2.56M▲ 93.2%
2024 · €1.33M
2019: €38k
2020: €117k
2021: €244k
2022: €440k
2023: €760k
2024: €1.33M
2019 → 2025
Total assets
€13.50M▲ 129%
2024 · €5.88M
2019: €82k
2020: €143k
2021: €365k
2022: €1.67M
2023: €5.08M
2024: €5.88M
2019 → 2025
Net result
€1.24M▲ 118%
2024 · €567k
2019: €26k
2020: €79k
2021: €127k
2022: €196k
2023: €724k
2024: €567k
2019 → 2025
Working capital
€4.09M▲ 429%
2024 · €772k
2019: €32k
2020: €108k
2021: €117k
2022: €197k
2023: €672k
2024: €772k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€244k-€440k▲ 80.4%€760k▲ 72.8%€1.33M▲ 74.6%€2.56M▲ 93.2%
Operating result€154k-€271k▲ 75.6%€1.13M▲ 316%€910k▼ 19.2%€1.64M▲ 79.9%
Net result€127k-€196k▲ 54.5%€724k▲ 269%€567k▼ 21.6%€1.24M▲ 118%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 80% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.50M
Fixed assets
€831k▼ 21.3%
Current assets
€12.67M▲ 162%
Equity and liabilities €13.50M
Equity
€2.56M▲ 93.2%
Debt
€10.94M▲ 140%
The debt ratio rises from 77.4% to 81.0%: debt grows faster than equity.
Key figures and ratios
EBITDA
€1.74M▲
2024 · €991k
Cash flow
€1.34M▲
2024 · €648k
Solvency
19.0%▼
2024 · 22.6%
Current ratio
1.48▲
2024 · 1.19
Quick ratio
0.61▼
2024 · 0.82
Debt / equity
4.26▲
2024 · 3.43
ROE
48.2%▲
2024 · 42.7%
ROA
9.2%▼
2024 · 9.6%
Interest coverage
3.31▼
2024 · 11.67
Debt
€10.94M▲
2024 · €4.56M
Debt ≤ 1 year
€8.58M▲
2024 · €4.05M
Debt > 1 year
€345k▼
2024 · €398k
Income taxes
€457k▲
2024 · €269k
Staff costs
€1.12M▲
2024 · €830k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€5.88M€13.50M▲
Fixed assets21/28€1.06M€831k▼
Intangible fixed assets21€35k€68k▲
Tangible fixed assets22/27€1.02M€758k▼
Land and buildings22€534k€519k▼
Plant, machinery and equipment23€119k€120k▲
Furniture and vehicles24€69k€51k▼
Leasing and similar rights25-€4k
Other tangible fixed assets26€296k€65k▼
Financial fixed assets28€3k€5k▲
Current assets29/58€4.83M€12.67M▲
Stocks and contracts in progress3€1.48M€7.44M▲
Stocks30/36€1.48M€7.44M▲
Amounts receivable within one year40/41€1.14M€2.16M▲
Trade receivables40€444k€1.39M▲
Other amounts receivable41€694k€777k▲
Cash at bank and in hand54/58€2.19M€2.94M▲
Deferred charges and accrued income490/1€15k€118k▲
Equity and liabilities
Total equity and liabilities10/49€5.88M€13.50M▲
Equity10/15€1.33M€2.56M▲
Contributions10/11€12k€12k=
Reserves13€1.32M€2.55M▲
Tax-exempt reserves132-€859k
Distributable reserves133€1.32M€1.69M▲
Amounts payable17/49€4.56M€10.94M▲
Amounts payable after more than one year17€398k€345k▼
Financial debts170/4€398k€345k▼
Amounts payable within one year42/48€4.05M€8.58M▲
Current portion of amounts payable after more than one year42€223k-
Financial debts43-€1.34M
Credit institutions430/8-€1.34M
Trade debts44€1.91M€4.57M▲
Suppliers440/4€1.91M€4.57M▲
Taxes, remuneration and social security45€1.67M€2.18M▲
Taxes450/3€1.56M€1.95M▲
Remuneration and social security454/9€117k€228k▲
Other amounts payable47/48€253k€494k▲
Accrued charges and deferred income492/3€103k€2.01M▲
Income statement
Code20242025
Remuneration, social security and pensions62€830k€1.12M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€81k€108k▲
Other operating charges640/8€145k€37k▼
Gross operating margin9900€1.97M€2.90M▲
Operating profit (loss)9901€910k€1.64M▲
Financial income75/76B€11k€584k▲
Recurring financial income75€11k€584k▲
Financial charges65/66B€85k€527k▲
Recurring financial charges65€85k€527k▲
Profit (loss) for the period before taxes9903€837k€1.69M▲
Income taxes67/77€269k€457k▲
Profit (loss) for the period9904€567k€1.24M▲
Transfer to tax-exempt reserves689-€859k
Profit (loss) for the period to be appropriated9905€567k€378k▼
Appropriation of the result
Profit (loss) to be appropriated9906€567k€378k▼
Transfer to equity691/2€567k€378k▼
To other reserves6921€567k€378k▼
Social balance
Average headcount (FTE)9087-27.6
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
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Highest result since 2019net €1.24M ▲118%
Operating result €1.64M, net result €1.24M, both a record.
31-12
Financial
Equity above €2MEq €2.56M ▲93.2%
7 profitable years in a row build equity to €2.56M.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
31-12
Financial
Equity above €1MEq €1.33M ▲74.6%
6 profitable years in a row build equity to €1.33M.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Equity above €500kEq €760k ▲72.8%
5 profitable years in a row build equity to €760k.
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €200kEq €244k ▲109%
3 profitable years in a row build equity to €244k.
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity triplescurrent ratio 5.09
Current ratio from 1.74 to 5.09; short-term debt falls from €44k to €26k.
31-12
Financial
Equity above €100kEq €117k ▲205%
2 profitable years in a row build equity to €117k.
29-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Genappe · 1 establishment unit since 2022
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue du Château 951470 GenappeGround area
3,887 m²
Building footprint
327 m²
Volume, LiDAR
1,968 m³
Parcel 25013F0037/00V000, Wallonia · tallest building 11.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
GM ASSOCIATION
since 20222.333.341.730
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25013F0037/00V000 | Wallonia | 3,887 m² | 1 · 327 m² | 11.5 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
254900HI201GVF1I3O61
Similar companies · same sector, comparable size
N.S.I.
BE 0434.638.093
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ASSEMBLICS
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COEXPAIR DYNAMICS
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E.S.I BELGIUM
BE 0806.617.752
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Ucamco
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Gent · Eq €3.45M
Of 147 companies in sector 26200 we hold annual accounts for 85. 36 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded03-12-2018
Fiscal year end31-12
Activities, NACEBEL
26200Manufacture of computer, electronic and optical products
47400Retail sale of information and communication equipment
47910Retail trade
62020IT consultancy
62200Computer consultancy and computer facilities management
61100Wired, wireless and satellite telecommunications
61200Telecommunications
62010Computer programming, consultancy and related activities
62900Other information technology and computer services
62100Computer programming
63920Other information service activities
63990Computing infrastructure, data processing, hosting and other information service activities
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.