GM-Projects
ActiveGM-Projects has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €541k and a net result of €70k. Equity is growing by ~58.7% per year across the filed fiscal years. Its solvency ranks better than 34% of 2029 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
57
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability74▼-11
Solvency56▼-2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity tight (current ratio 1.43 against 1.5 in 2024; short-term debt: 65% and cash: 4.6% of total assets), and 68.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five 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
Sector 43
higher
← 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
31.4%
Return on assets
4.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-09-2026, 42 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 · 8 filingsDeviation from the deadline
2025
42 d late
2024
81 d late
2023
30 d late
2022
41 d early
2021
107 d late
2020
173 d late
2019
175 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€70k▼ 61.9%
2024 · €183k
2018: €16k
2019: €18k
2020: €40k
2021: €36k
2022: €71k
2023: €100k
2024: €183k
2018 → 2025
Working capital
€480k▲ 12.9%
2024 · €425k
2018: €19k
2019: €30k
2020: €121k
2021: €78k
2022: €143k
2023: €243k
2024: €425k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€117k-€188k▲ 60.8%€289k▲ 53.2%€472k▲ 63.4%€541k▲ 14.8%
Operating result€51k-€96k▲ 90.0%€155k▲ 61.4%€285k▲ 84.0%€204k▼ 28.5%
Net result€36k-€71k▲ 97.6%€100k▲ 40.8%€183k▲ 82.6%€70k▼ 61.9%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 28% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.72M
Fixed assets
€122k▼ 14.4%
Current assets
€1.60M▲ 25.7%
Equity and liabilities €1.72M
Equity
€541k▲ 14.8%
Debt
€1.18M▲ 25.1%
The debt ratio rises from 66.7% to 68.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€262k▼
2024 · €339k
Cash flow
€128k▼
2024 · €237k
Solvency
31.4%▼
2024 · 33.3%
Current ratio
1.43▼
2024 · 1.50
Quick ratio
1.25▼
2024 · 1.34
Debt / equity
2.18▲
2024 · 2.00
ROE
12.9%▼
2024 · 38.8%
ROA
4.1%▼
2024 · 12.9%
Interest coverage
6.79▼
2024 · 11.28
Debt
€1.18M▲
2024 · €945k
Debt ≤ 1 year
€1.12M▲
2024 · €848k
Debt > 1 year
€61k▼
2024 · €97k
Income taxes
€101k▲
2024 · €72k
Staff costs
€179k▲
2024 · €153k
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€1.42M€1.72M▲
Fixed assets21/28€143k€122k▼
Tangible fixed assets22/27€143k€122k▼
Land and buildings22€1k€4k▲
Plant, machinery and equipment23€76k€73k▼
Furniture and vehicles24€66k€45k▼
Other tangible fixed assets26€56-
Current assets29/58€1.27M€1.60M▲
Stocks and contracts in progress3€135k€196k▲
Stocks30/36€135k€196k▲
Amounts receivable within one year40/41€984k€1.32M▲
Trade receivables40€878k€1.21M▲
Other amounts receivable41€106k€111k▲
Current investments50/53€1k€1k=
Cash at bank and in hand54/58€146k€79k▼
Deferred charges and accrued income490/1€8k-
Equity and liabilities
Total equity and liabilities10/49€1.42M€1.72M▲
Equity10/15€472k€541k▲
Contributions10/11€6k€6k=
Outside capital11€6k€6k=
Other1109/19€6k€6k=
Reserves13€465k€535k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€8k€8k=
Distributable reserves133€455k€525k▲
Amounts payable17/49€945k€1.18M▲
Amounts payable after more than one year17€97k€61k▼
Financial debts170/4€97k€61k▼
Amounts payable within one year42/48€848k€1.12M▲
Current portion of amounts payable after more than one year42€42k€49k▲
Financial debts43€80k€100k▲
Credit institutions430/8€80k€100k▲
Trade debts44€427k€750k▲
Suppliers440/4€427k€750k▲
Advances received on contracts in progress46€157k€69k▼
Taxes, remuneration and social security45€142k€152k▲
Taxes450/3€126k€129k▲
Remuneration and social security454/9€16k€24k▲
Income statement
Code20242025
Remuneration, social security and pensions62€153k€179k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€54k€58k▲
Other operating charges640/8€13k€36k▲
Gross operating margin9900€505k€477k▼
Operating profit (loss)9901€285k€204k▼
Financial income75/76B-€5k
Recurring financial income75-€5k
Financial charges65/66B€30k€39k▲
Recurring financial charges65€30k€39k▲
Profit (loss) for the period before taxes9903€255k€171k▼
Income taxes67/77€72k€101k▲
Profit (loss) for the period9904€183k€70k▼
Profit (loss) for the period to be appropriated9905€183k€70k▼
Appropriation of the result
Profit (loss) to be appropriated9906€183k€70k▼
Transfer to equity691/2€183k€70k▼
To other reserves6921€183k€70k▼
Social balance
Average headcount (FTE)90873.53.2▼
The notes to these accounts (10 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
11-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 42 days late
2025
31-12
Financial
Equity above €500kEq €541k ▲14.8%
8 profitable years in a row build equity to €541k.
20-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 81 days late
2024
31-12
Financial
Highest result since 2018net €183k ▲82.6%
Operating result €285k, net result €183k, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Equity above €200kEq €289k ▲53.2%
6 profitable years in a row build equity to €289k.
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €150kEq €188k ▲60.8%
5 profitable years in a row build equity to €188k.
15-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 107 days late
20-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 173 days late
2021
31-12
Financial
Equity above €100kEq €117k ▲44.5%
4 profitable years in a row build equity to €117k.
22-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 175 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Maaseik · 1 establishment unit since 2017
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.
Diestersteenweg 2873680 MaaseikGround area
4,201 m²
Building footprint
1,662 m²
Volume, LiDAR
467 m³
Parcel 72021A1846/00S000, Flanders · tallest building 39.2 m. Linked by address, not a title deed.
1 establishment unit
GM-Projects
since 20172.263.827.669
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72021A1846/00S000 | Flanders | 4,201 m² | 1 · 1,662 m² | 39.2 m |
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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 600 EUR awarded · 894 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 600 EUR | 894 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
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Peer · Eq €542k
WATER-L'EAU - CHAUFFAGE ET PLOMBERIE - SANITAIR EN VERWARMING - WATER -L'EAU
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SANITHERM
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Of 9,524 companies in sector 43222 we hold annual accounts for 5,658. 3,908 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-01-2017
Fiscal year end31-12
Abbreviation NL
GMP
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.