Checked.be
Active
BE 0433.935.042Coöperatieve vennootschap (oud statuut)
GARDEC
Rue Vital Françoisse 113 ·6001 Charleroi, Belgium· 38 yrs active
Sector: Other retail sale of new goods
(47789)
Conclusion
GARDEC has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61k and a net result of €-6k. Equity is shrinking by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 95% of 17366 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €61k |
| Net result | €-6k |
| Better than sector | 95% |
| Active | 38 yrs |
Financial profile
52
/ 100
Mixed profile: strong on solvency, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
27
Profitability
0
Solvency
100
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1988, 38 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
27
/ 100
Weak
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€2k
estimate, not credit advice
Score history
55
2022
52
2023
78
2024
27
2025
purely financial, excl. current insolvency signals
Score components
Profitability
Negatieve ROE -9%
-10
Interest coverage
Interest coverage -114.5× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 15-06-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~8.6%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 100.0% | 34.6% | |
| Net result | €-6k | €5k | |
| Equity | €61k | €44k | |
| Gross operating margin | €-908 | €34k | |
| Total assets | €61k | €154k |
€-3k
-
22-25
€-6k
-197.4%
22-25
€-3k
-
22-25
€61k
-8.8%
22-25
€61k
-8.6%
22-25
€31k
+4.6%
22-25
€155
-89.0%
22-25
€155
-89.0%
22-25
201.50
+809.4%
22-25
201.50
+809.4%
22-25
100.0%
+0.2%
22-25
0.00
-88.6%
22-25
-9.4%
-225.5%
22-25
-9.4%
-226.2%
22-25
-114.46
-
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €-3k | €1k | €-7k | €-1k |
| Net profit | €-6k | €-2k | €-10k | €-4k |
| Cash flow | €-3k | €1k | €-7k | €-1k |
| Staff costs | - | - | - | - |
| Income taxes | - | - | - | - |
| Dividends | - | - | - | - |
| Total assets | €61k | €66k | €70k | €104k |
| Equity | €61k | €66k | €68k | €78k |
| Debt | - | €155 | €1k | €26k |
| of which ≤ 1y | - | €155 | €1k | €25k |
| of which > 1y | - | - | - | - |
| Working capital | - | €31k | €30k | €37k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | - | 201.50 | 22.16 | 2.51 |
| Quick ratio | - | 201.50 | 22.16 | 2.51 |
| Working capital ratio | - | 46.7% | 42.6% | 36.1% |
| Solvency | 100.0% | 99.8% | 98.0% | 75.1% |
| Debt / equity | - | 0.00 | 0.02 | 0.33 |
| Long-term debt ratio | - | - | - | - |
| Interest coverage | -114.46 | 43.20 | -34.55 | -49.12 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | -9.4% | -2.9% | -14.2% | -4.0% |
| ROE | -9.4% | -2.9% | -14.4% | -5.3% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (21 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €61k | €66k | €70k | €104k |
| Fixed assets | 21/28 | €32k | €35k | €39k | €41k |
| Tangible fixed assets | 22/27 | €32k | €35k | €38k | €41k |
| Financial fixed assets | 28 | - | - | €353 | €353 |
| Current assets | 29/58 | €28k | €31k | €31k | €62k |
| Amounts receivable within one year | 40/41 | €28k | €31k | €29k | €3k |
| Cash & bank | 54/58 | €242 | €588 | €2k | €59k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €61k | €66k | €70k | €104k |
| Equity | 10/15 | €61k | €66k | €68k | €78k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k |
| Reserves | 13 | €30k | €30k | €30k | €30k |
| Accumulated profits (losses) | 14 | €12k | €17k | €19k | €29k |
| Amounts payable | 17/49 | - | €155 | €1k | €26k |
| Amounts payable within one year | 42/48 | - | €155 | €1k | €25k |
| Trade debts payable within one year | 44 | - | €155 | - | - |
| Income statement | |||||
| Gross operating margin | 9900 | €-908 | €1k | €-435 | €-1k |
| Operating result | 9901 | €-6k | €-2k | €-10k | €-4k |
| Financial charges | 65 | €24 | €24 | €195 | €24 |
| Result before taxes | 9903 | €-6k | €-2k | €-10k | €-4k |
| Net result for the period | 9904 | €-6k | €-2k | €-10k | €-4k |
| Result to be appropriated | 9905 | €-6k | €-2k | €-10k | €-4k |
Legal Structure
| NACE primary | Other retail sale of new goods(47789) |
| Legal form | Coöperatieve vennootschap (oud statuut)(016) |
| Incorporation | 19-04-1988 |
| Status | Active |
| Postal code | 6001 |
Establishment units
GARDEC
since 19882.037.434.718
Real-estate footprint
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52045A0102/00P002 | Wallonia | 8,296 m² | 1 · 385 m² | 55.7 m · 17 fl. |
| 56001B0579/00H000 | Wallonia | 580 m² | 1 · 128 m² | 11.4 m · 3 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity times 9current ratio 201.50
Current ratio from 22.16 to 201.50; short-term debt falls from €1k to €155.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-10k
Net result drops to €-10k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 9current ratio 22.16
Current ratio from 2.51 to 22.16; short-term debt falls from €25k to €1k.
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
20-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 20 days late
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 14 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Credit advice
Company registry (CBE)
Activities
Other retail sale of new goods4778952498
Names & trade names
| Legal nameFR | GARDEC |
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