GM DEVELOPMENT
ActiveSummary
GM DEVELOPMENT has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €323k and a net result of €52k. Equity is growing by ~24.3% per year across the filed fiscal years. Its solvency ranks better than 41% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+2
Solvency70▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 4.96 against 3.5 in 2024; short-term debt: 10.7% and cash: 41.3% of total assets), but 55.2% of the assets are financed with debt.
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Signals
Five 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
44.8%
Return on assets
7.2%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
16 d late
2023
on the day
2022
17 d late
2021
3 d late
2020
1 d early
2019
29 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€323k▲ 19.0%
2024 · €271k
Total assets
€721k▼ 2.3%
2024 · €739k
Net result
€52k▲ 21.8%
2024 · €42k
Working capital
€305k▲ 25.8%
2024 · €243k
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
Operating result€12k€89k▲ 615%€79k▼ 11.4%€63k▼ 20.1%€82k▲ 30.2%
Net result€897€76k▲ 8,392%€62k▼ 18.5%€42k▼ 31.7%€52k▲ 21.8%
Equity€91k▲ 1.0%€167k▲ 84.0%€229k▲ 37.2%€271k▲ 18.5%€323k▲ 19.0%
Total assets€765k▼ 0.9%€781k▲ 2.0%€765k▼ 2.0%€739k▼ 3.4%€721k▼ 2.3%
Debt€675k▼ 1.2%€614k▼ 9.0%€536k▼ 12.7%€467k▼ 12.8%€398k▼ 14.8%
Working capital€34k▼ 2.2%€127k▲ 275%€186k▲ 46.6%€243k▲ 30.8%€305k▲ 25.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 30% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €721k
Fixed assets
€339k ▼ 15.0%
Current assets
€382k ▲ 12.5%
Equity and liabilities €721k
Equity
€323k ▲ 19.0%
Debt
€398k ▼ 14.8%
Debt's share of the balance-sheet total falls from 63.3% to 55.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€151k▲
2024 · €132k
Cash flow
€121k▲
2024 · €111k
Current ratio
4.96▲
2024 · 3.50
Quick ratio
4.93▲
2024 · 3.48
Debt to equity
1.23▼
2024 · 1.72
ROE
16.0%▲
2024 · 15.6%
ROA
7.2%▲
2024 · 5.7%
Interest coverage
19.64▲
2024 · 10.46
Debt ≤ 1 year
€77k▼
2024 · €97k
Debt > 1 year
€321k▼
2024 · €366k
Income taxes
€24k▲
2024 · €9k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €826 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68k | €69k | €69k | €69k | €69k | ▲ 0.5% |
| Other operating charges640/8 | €1k | €11k | €1k | €3k | €764 | ▼ 77.2% |
| Gross operating margin9900 | €82k | €169k | €149k | €135k | €152k | ▲ 12.4% |
| Operating profit (loss)9901 | €12k | €89k | €79k | €63k | €82k | ▲ 30.2% |
| Financial income75/76B | €432 | €98 | €27 | €671 | €2k | ▲ 155% |
| Recurring financial income75 | €432 | €98 | €27 | €671 | €2k | ▲ 155% |
| Financial charges65/66B | €12k | €11k | €10k | €13k | €8k | ▼ 38.9% |
| Recurring financial charges65 | €12k | €11k | €10k | €13k | €8k | ▼ 38.9% |
| Profit (loss) for the period before taxes9903 | €897 | €78k | €68k | €51k | €76k | ▲ 48.9% |
| Income taxes67/77 | - | €2k | €6k | €9k | €24k | ▲ 182% |
| Profit (loss) for the period9904 | €897 | €76k | €62k | €42k | €52k | ▲ 21.8% |
| Profit (loss) for the period to be appropriated9905 | €897 | €76k | €62k | €42k | €52k | ▲ 21.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €765k | €781k | €765k | €739k | €721k | ▼ 2.3% |
| Fixed assets21/28 | €558k | €501k | €459k | €399k | €339k | ▼ 15.0% |
| Intangible fixed assets21 | €3k | €764 | - | - | - | - |
| Tangible fixed assets22/27 | €555k | €500k | €459k | €398k | €339k | ▼ 15.0% |
| Land and buildings22 | €465k | €416k | €367k | €319k | €270k | ▼ 15.3% |
| Plant, machinery and equipment23 | €74k | €71k | €58k | €53k | €49k | ▼ 7.4% |
| Furniture and vehicles24 | €3k | €1k | €24k | €18k | €13k | ▼ 29.2% |
| Other tangible fixed assets26 | €13k | €12k | €10k | €8k | €7k | ▼ 19.8% |
| Financial fixed assets28 | €290 | €290 | €290 | €290 | €290 | = |
| Current assets29/58 | €207k | €279k | €305k | €340k | €382k | ▲ 12.5% |
| Stocks and contracts in progress3 | €7k | €2k | €2k | €2k | €2k | ▲ 33.3% |
| Stocks30/36 | €7k | €2k | €2k | €2k | €2k | ▲ 33.3% |
| Amounts receivable within one year40/41 | €22k | €19k | €45k | €23k | €6k | ▼ 73.9% |
| Trade receivables40 | €11k | €13k | €42k | €16k | €6k | ▼ 61.5% |
| Other amounts receivable41 | €10k | €6k | €3k | €7k | - | - |
| Current investments50/53 | - | - | - | - | €75k | - |
| Cash at bank and in hand54/58 | €177k | €258k | €253k | €313k | €298k | ▼ 4.9% |
| Deferred charges and accrued income490/1 | €1k | €1k | €5k | €2k | €1k | ▼ 42.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €765k | €781k | €765k | €739k | €721k | ▼ 2.3% |
| Equity10/15 | €91k | €167k | €229k | €271k | €323k | ▲ 19.0% |
| Contributions10/11 | €142k | €142k | €142k | €142k | €142k | = |
| Reserves13 | €6k | €24k | €86k | €129k | €180k | ▲ 40.1% |
| Non-distributable reserves130/1 | €6k | - | - | - | - | - |
| Reserves not available under the articles1311 | €6k | - | - | - | - | - |
| Distributable reserves133 | - | €24k | €86k | €129k | €180k | ▲ 40.1% |
| Profit (loss) carried forward14 | €-57k | €6 | €115 | €206 | €228 | ▲ 10.9% |
| Amounts payable17/49 | €675k | €614k | €536k | €467k | €398k | ▼ 14.8% |
| Amounts payable after more than one year17 | €501k | €456k | €411k | €366k | €321k | ▼ 12.3% |
| Financial debts170/4 | €501k | €456k | €411k | €366k | €321k | ▼ 12.3% |
| Amounts payable within one year42/48 | €173k | €153k | €120k | €97k | €77k | ▼ 20.7% |
| Current portion of amounts payable after more than one year42 | €45k | €45k | €45k | €45k | €45k | = |
| Trade debts44 | €8k | €3k | €4k | €11k | €7k | ▼ 40.3% |
| Suppliers440/4 | €8k | €3k | €4k | €11k | €7k | ▼ 40.3% |
| Taxes, remuneration and social security45 | - | €11k | €9k | €4k | €7k | ▲ 59.5% |
| Taxes450/3 | - | €11k | €9k | €4k | €7k | ▲ 59.5% |
| Other amounts payable47/48 | €121k | €94k | €62k | €36k | €18k | ▼ 49.5% |
| Accrued charges and deferred income492/3 | - | €5k | €5k | €4k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €897 | €76k | €62k | €42k | €52k | ▲ 21.8% |
| + Depreciation and write-downs630 | €68k | €69k | €69k | €69k | €69k | ▲ 0.5% |
| Operating cash flow (approximation) | €69k | €145k | €132k | €111k | €121k | ▲ 8.6% |
| Investment in fixed assets (approximation) | - | €-12k | €-28k | €-8k | €-9k | ▼ 17.7% |
| Change in cash | - | €81k | €-4k | €60k | €-15k | ▼ 126% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 16 days late
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Equity above €200kEq €229k ▲37.2%
3 profitable years in a row build equity to €229k.
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 17 days late
2022
30-09
Financial
Highest result since 2018net €76k ▲8,392%
Operating result €89k, net result €76k, both a record.
30-09
Financial
Equity above €150kEq €167k ▲84%
2 profitable years in a row build equity to €167k.
03-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2021
30-09
Financial
Back to profitnet €897
Net result €897 after one loss-making year.
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Weakest financial yearnet €-38k
Net result drops to €-38k, the lowest in the series; recovery starts the following year.
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 29 days late
Show earlier events
2019
30-09
Financial
Equity above €100kEq €127k ▲77.7%
2 profitable years in a row build equity to €127k.
08-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 8 days late
2018
16-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 16 days late
2017
15-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 15 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Aalst · 2 establishment units since 2007
Ground area
5,356 m²
Building footprint
2,199 m²
Volume, LiDAR
11,808 m³
2 parcels, Flanders · tallest building 10.8 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
GM DEVELOPMENT
since 20072.167.344.541
GM Development
since 20242.365.146.644
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41005B0188/00B002 | Flanders | 2,960 m² | 1 · 264 m² | 10.8 m · 2 fl. |
| 23752H0472/00W000 | Flanders | 2,396 m² | 1 · 1,935 m² | 6.7 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.
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,587. 37,708 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
Founded11-12-2007
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.