GADEX
ActiveThe file of GADEX contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
For GADEX, at least two filing cycles of the annual accounts are missing. The 2023 annual accounts show equity of €2.6m and a net result of €9,588. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 85% of 5799 sector peers (fiscal year 2023).
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Filing: At least two filing cycles are missing
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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 31-12-2024, 2 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 · 10 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline27-09-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 31-07-2024, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
on the day
2022
22 d late
2021
31 d late
2020
58 d late
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 17 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, abbreviated schema
Equity
€2.6m▲ 0.4%
2022 · €2.6m
Net result
€9,588▼ 97.2%
2022 · €343,557
Total assets
€2.9m▲ 0.5%
2022 · €2.9m
Solvency
89.6%▼ 0.1pp
2022 · 89.7%
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
Line20192020202120222023
Operating result€75,710▲ 366%€305,990▲ 304%€4,560▼ 98.5%€467,494▲ 10,153%-€4,211
Net result€76,631▲ 387%€250,935▲ 227%€27,334▼ 89.1%€343,557▲ 1,157%€9,588▼ 97.2%
Equity€2.8m▲ 2.8%€3.1m▲ 8.9%€2.2m▼ 27.5%€2.6m▲ 15.5%€2.6m▲ 0.4%
Total assets€2.8m▲ 2.9%€3.1m▲ 10.9%€3.2m▲ 1.0%€2.9m▼ 9.2%€2.9m▲ 0.5%
Debt€1,405▲ 3,640%€56,801▲ 3,942%€929,312▲ 1,536%€296,001▼ 68.1%€300,285▲ 1.4%
Working capital€1.7m▲ 557%€3.1m▲ 82.1%€2.2m▼ 27.5%€2.6m▲ 15.5%€2.6m▲ 0.4%
Solvency100.0%=98.2%▼ 1.8pp70.5%▼ 27.7pp89.7%▲ 19.2pp89.6%▼ 0.1pp
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2023 Net result -97% on 2022. Cause not known from the registers.
- 2022 Net result +1,157% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
- 2021 Net result -89% on 2020. Cause not known from the registers.
- 2020 Net result +227% on 2019. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2023: a loss of €4,211 after €467,494 in 2022, the lowest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €2.9m
Fixed assets
€150 ▼ 0.7%
Current assets
€2.9m ▲ 0.5%
Equity and liabilities €2.9m
Equity
€2.6m ▲ 0.4%
Debt
€300,285 ▲ 1.4%
Debt's share of the balance-sheet total rises from 10.3% to 10.4%. Equity and debt are higher.
Key figures and ratios
ROE
0.4%▼
2022 · 13.4%
ROA
0.3%▼
2022 · 12.0%
Debt ≤ 1 year
€300,285▲
2022 · €296,001
Income taxes
€3,490▼
2022 · €125,153
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €18,312 | €1,426 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,920 | - | - | - | - | - |
| Other operating charges640/8 | - | - | €6,722 | €1,218 | €868 | ▼ 28.7% |
| Gross operating margin9900 | €118,373 | €319,366 | €11,281 | €468,712 | -€3,343 | ▼ 101% |
| Operating profit (loss)9901 | €75,710 | €305,990 | €4,560 | €467,494 | -€4,211 | ▼ 101% |
| Financial income75/76B | - | - | €35,185 | €29,366 | €32,658 | ▲ 11.2% |
| Recurring financial income75 | €1,207 | - | €35,185 | €29,366 | €32,658 | ▲ 11.2% |
| Financial charges65/66B | - | - | €1,205 | €28,150 | €15,369 | ▼ 45.4% |
| Recurring financial charges65 | €286 | €417 | €1,205 | €28,150 | €15,369 | ▼ 45.4% |
| Profit (loss) for the period before taxes9903 | €76,631 | €305,572 | €38,539 | €468,710 | €13,078 | ▼ 97.2% |
| Income taxes67/77 | - | €54,637 | €11,206 | €125,153 | €3,490 | ▼ 97.2% |
| Profit (loss) for the period9904 | €76,631 | €250,935 | €27,334 | €343,557 | €9,588 | ▼ 97.2% |
| Profit (loss) for the period to be appropriated9905 | €76,631 | €250,935 | €27,334 | €343,557 | €9,588 | ▼ 97.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.8m | €3.1m | €3.2m | €2.9m | €2.9m | ▲ 0.5% |
| Fixed assets21/28 | €1.1m | €145 | €151 | €151 | €150 | ▼ 0.7% |
| Tangible fixed assets22/27 | €1.1m | - | - | - | - | - |
| Financial fixed assets28 | €133 | €145 | €151 | €151 | €150 | ▼ 0.7% |
| Current assets29/58 | €1.7m | €3.1m | €3.2m | €2.9m | €2.9m | ▲ 0.5% |
| Amounts receivable within one year40/41 | €1.5m | €2.6m | €3.1m | €2.8m | €2.8m | ▲ 1.3% |
| Other amounts receivable41 | - | - | €3.1m | €2.8m | €2.8m | ▲ 1.3% |
| Cash at bank and in hand54/58 | €212,946 | €511,741 | €10,092 | €25,770 | €958 | ▼ 96.3% |
| Deferred charges and accrued income490/1 | - | - | €288 | €29,365 | €32,658 | ▲ 11.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.8m | €3.1m | €3.2m | €2.9m | €2.9m | ▲ 0.5% |
| Equity10/15 | €2.8m | €3.1m | €2.2m | €2.6m | €2.6m | ▲ 0.4% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €2.5m | €2.5m | €2.2m | €2.2m | €2.2m | = |
| Non-distributable reserves130/1 | - | - | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | €2.2m | €2.2m | €2.2m | = |
| Profit (loss) carried forward14 | €242,474 | €493,409 | €742 | €344,299 | €353,887 | ▲ 2.8% |
| Amounts payable17/49 | €1,405 | €56,801 | €929,312 | €296,001 | €300,285 | ▲ 1.4% |
| Amounts payable within one year42/48 | €1,405 | €56,801 | €929,312 | €296,001 | €300,285 | ▲ 1.4% |
| Trade debts44 | €1,405 | €764 | €55,548 | €2,435 | €2,137 | ▼ 12.2% |
| Suppliers440/4 | - | - | €55,548 | €2,435 | €2,137 | ▼ 12.2% |
| Taxes, remuneration and social security45 | - | - | €5,764 | €250,805 | €269,087 | ▲ 7.3% |
| Taxes450/3 | - | - | €5,764 | €250,805 | €269,087 | ▲ 7.3% |
| Other amounts payable47/48 | - | - | €868,000 | €42,761 | €29,061 | ▼ 32.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,631 | €250,935 | €27,334 | €343,557 | €9,588 | ▼ 97.2% |
| + Depreciation and write-downs630 | €32,920 | - | - | - | - | - |
| Operating cash flow (approximation) | €109,551 | €250,935 | €27,334 | €343,557 | €9,588 | ▼ 97.2% |
| Investment in fixed assets (approximation) | - | €1.1m | -€6 | -€0 | €1 | ▲ 485% |
| Change in cash | - | €298,795 | -€501,649 | €15,678 | -€24,812 | ▼ 258% |
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
2026
03-07
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 30-06-2026
28-05
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 05-05-2026
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €9,588 ▼97.2%
Net result drops to €9,588, the lowest in the series.
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 22 days late
2022
31-12
Financial
Highest result since 2018net €343,557 ▲1,157%
Operating result €467,494, net result €343,557, both a record.
31-12
Financial
Liquidity triplescurrent ratio 9.66
Current ratio from 3.39 to 9.66; short-term debt falls from €929,312 to €296,001.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 58 days late
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
Show earlier events
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
2016
11-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
24-07
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Ledegem · 1 establishment unit since 2000
Ground area
3,265 m²
Building footprint
1,147 m²
Volume, LiDAR
7,962 m³
Parcel 36010B0386/00P002, Flanders · tallest building 8.9 m, ±2 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
Provinciebaan 51, 8880 Ledegem
since 20002.099.334.673
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36010B0386/00P002 | Flanders | 3,265 m² | 1 · 1,147 m² | 8.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | TIM DIERYNCK STATIONSSTRAAT 82A/0001,
8860 LENDELEDE |
05-05-2026 → 30-06-2026 |
Structure & network
Owners and holdings
1 ownerChain of control
- BRAZZ SAUVAGE
- GADEX
Highest known parent: BRAZZ SAUVAGE. The sources do not say who stands above it.
Owners 1
- BRAZZ SAUVAGEparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 10,177 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded08-12-1999
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0468063404
Also
9925:BE0468063404
Registered
10-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.