Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Of this, €146,144 falls due within a year.
Six of the last ten came late. The 2021 accounts came latest: 317 days after the end of the period.
Negative equity caps the score at 59.
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 5% of them on solvency, 12% on liquidity, 29% on profitability and 53% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,379 companies had the same profile as GBX has now. Each dot stands for 4 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GBX itself: 0.9% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,379 companies, not a prediction for GBX. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is insufficient, with a current ratio of 0.01 (0.02 in 2024), below 1. Short-term debt is 61.3% and cash 0.7% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 42 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
GBX files the micro format. That format states no turnover. The gross margin rose from €2,239 in 2009 to €33,913 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
238,499 | 253,448 | 266,821 | 278,167 | 291,844 | 305,158 | 317,772 | 331,404 | 344,952 | 360,745 | 372,442 | 386,202 | 399,490 | 416,688 | 434,094 | 452,950 | 442,375 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 113 | 225 | 338 | 450 | |
21/28 |
236,804 | 251,178 | 265,552 | 277,814 | 290,626 | 304,527 | 316,950 | 330,747 | 344,544 | 358,340 | 372,137 | 386,074 | 399,429 | 413,857 | 428,454 | 443,612 | 435,225 | |
22/27 |
236,804 | 251,178 | 265,552 | 277,814 | 290,626 | 304,527 | 316,950 | 330,747 | 344,544 | 358,340 | 372,137 | 386,074 | 399,429 | 413,744 | 428,229 | 443,274 | 434,774 | |
22 |
236,804 | 251,178 | 265,552 | 277,814 | 290,626 | 304,527 | 316,950 | 330,747 | 344,544 | 358,340 | 372,137 | 386,074 | 399,429 | 413,744 | 428,060 | 442,935 | 434,774 | |
24 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 170 | 339 | - | |
29/58 |
1,695 | 2,270 | 1,270 | 353 | 1,218 | 632 | 823 | 658 | 408 | 2,405 | 305 | 128 | 61 | 2,831 | 5,640 | 9,338 | 7,151 | |
40/41 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 4,306 | 6,417 | 2,152 | |
40 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,922 | 149 | - | |
41 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 384 | 6,268 | 2,152 | |
54/58 |
1,695 | 2,270 | 1,270 | 353 | 1,218 | 632 | 823 | 658 | 408 | 1,762 | 305 | 128 | 61 | 2,831 | 1,334 | 2,922 | 4,999 | |
490/1 |
- | - | - | - | - | - | - | - | - | 643 | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
238,499 | 253,448 | 266,821 | 278,167 | 291,844 | 305,158 | 317,772 | 331,404 | 344,952 | 360,745 | 372,442 | 386,202 | 399,490 | 416,688 | 434,094 | 452,950 | 442,375 | |
10/15 |
-101,142 | -102,592 | -95,759 | -91,938 | -90,604 | -80,835 | -78,064 | -68,278 | -62,122 | -54,983 | -46,753 | -36,058 | -25,976 | -15,033 | -4,962 | 4,201 | -8,465 | |
10/11 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
10 |
- | - | - | - | 30,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
- | - | - | - | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
14 |
-138,418 | -140,426 | -134,151 | -130,889 | -130,113 | -120,902 | -118,690 | -109,462 | -103,865 | -97,284 | -89,612 | -79,476 | -69,952 | -59,567 | -50,055 | -41,450 | -38,465 | |
15 |
7,276 | 7,834 | 8,392 | 8,951 | 9,509 | 10,067 | 10,626 | 11,184 | 11,742 | 12,301 | 12,859 | 13,418 | 13,976 | 14,534 | 15,093 | 15,651 | - | |
17/49 |
339,641 | 356,039 | 362,580 | 370,105 | 382,448 | 385,993 | 395,837 | 399,682 | 407,074 | 415,728 | 419,195 | 422,260 | 425,466 | 431,721 | 439,057 | 448,749 | 450,840 | |
17 |
193,098 | 223,979 | 253,086 | 282,269 | 308,128 | 332,503 | 355,478 | 377,133 | 322,444 | 341,589 | 359,634 | 376,643 | 392,675 | 407,787 | 419,875 | 435,455 | 427,084 | |
170/4 |
193,098 | 223,979 | 253,086 | 282,269 | 308,128 | 332,503 | 355,478 | 377,133 | 322,444 | 341,589 | 359,634 | 376,643 | 392,675 | 407,787 | 419,875 | 435,455 | 427,084 | |
42/48 |
146,144 | 132,061 | 107,935 | 87,517 | 73,154 | 53,490 | 39,599 | 22,549 | 84,330 | 73,839 | 59,261 | 45,617 | 32,791 | 23,934 | 19,182 | 13,293 | 23,757 | |
42 |
30,881 | 29,107 | 27,435 | 25,860 | 24,375 | 22,975 | 21,655 | 20,311 | 19,145 | 18,045 | 17,009 | 16,032 | 15,111 | 14,243 | 14,492 | 12,654 | 11,987 | |
44 |
5,282 | 2,259 | 1,648 | 44 | - | 298 | 435 | 1,831 | 4,012 | 2,759 | - | - | - | - | 2,850 | 89 | 8,827 | |
440/4 |
5,282 | 2,259 | 1,648 | 44 | - | 298 | 435 | 1,831 | 4,012 | 2,759 | - | - | - | - | 2,850 | 89 | 8,827 | |
47/48 |
109,981 | 100,695 | 78,851 | 61,613 | 48,780 | 30,217 | 17,509 | 407 | 61,173 | 53,035 | 42,252 | 29,585 | 17,680 | 9,690 | 1,840 | 550 | 2,943 | |
492/3 |
400 | - | 1,559 | 320 | 1,165 | - | 760 | - | 300 | 300 | 300 | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||
70 |
- | - | - | - | - | - | - | 42,496 | - | - | - | - | - | - | - | - | - | |
9900 |
33,913 | 27,183 | 29,934 | 34,973 | 27,604 | 35,914 | 30,091 | 31,087 | 31,084 | 30,972 | 29,685 | 31,125 | 31,596 | 31,281 | 34,034 | 30,258 | 2,239 | |
60/61 |
- | - | - | - | - | - | - | 11,409 | - | - | - | - | - | - | - | - | - | |
630 |
14,374 | 14,374 | 14,349 | 14,137 | 13,901 | 13,901 | 13,797 | 13,797 | 13,797 | 13,797 | 13,937 | 13,937 | 14,428 | 14,598 | 14,520 | 14,486 | 13,571 | |
640/8 |
4,664 | 4,522 | 4,358 | 3,973 | 3,887 | 3,861 | 3,811 | 3,742 | 3,671 | 3,607 | 3,588 | 3,585 | 3,542 | 3,454 | 765 | 583 | 695 | |
9901 |
14,875 | 8,287 | 11,227 | 16,863 | 9,816 | 18,152 | 12,483 | 13,548 | 13,617 | 13,568 | 12,159 | 13,603 | 13,627 | 13,230 | 18,748 | 15,190 | -12,027 | |
75/76B |
558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 560 | 559 | 835 | 6,508 | 406 | |
75 |
558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 558 | 560 | 559 | 835 | 6,508 | 406 | |
65/66B |
13,426 | 15,120 | 15,047 | 18,198 | 19,584 | 20,923 | 22,269 | 19,704 | 20,756 | 21,798 | 22,854 | 23,685 | 24,571 | 23,301 | 28,176 | 24,683 | 26,844 | |
65 |
13,426 | 15,120 | 15,047 | 18,198 | 19,584 | 20,923 | 22,269 | 19,704 | 20,756 | 21,798 | 22,854 | 23,685 | 24,571 | 23,301 | 28,176 | 24,683 | 26,844 | |
9903 |
2,008 | -6,275 | -3,262 | -776 | -9,210 | -2,212 | -9,228 | -5,597 | -6,581 | -7,672 | -10,137 | -9,524 | -10,385 | -9,512 | -8,593 | -2,985 | -38,465 | |
67/77 |
- | - | - | - | - | - | - | - | - | - | - | - | 0 | - | 12 | - | - | |
9904 |
2,008 | -6,275 | -3,262 | -776 | -9,210 | -2,212 | -9,228 | -5,597 | -6,581 | -7,672 | -10,137 | -9,524 | -10,385 | -9,512 | -8,605 | -2,985 | -38,465 | |
9905 |
2,008 | -6,275 | -3,262 | -776 | -9,210 | -2,212 | -9,228 | -5,597 | -6,581 | -7,672 | -10,137 | -9,524 | -10,385 | -9,512 | -8,605 | -2,985 | -38,465 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
-138,418 | -140,426 | -134,151 | -130,889 | -130,113 | -120,902 | -118,690 | -109,462 | -103,865 | -97,284 | -89,612 | -79,476 | -69,952 | -59,567 | -50,055 | -41,450 | -38,465 | |
14P |
-140,426 | -134,151 | -130,889 | -130,113 | -120,902 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 11-08-2026.
2025 annual accounts filed 11 days after the deadline. Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00395435.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-08-2026 | 2026-00395435 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00345314 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00379188 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00259777 | |
| 31-12-2021 | micro format | 13-06-2023 | 2023-00126615 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26100566 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-32200030 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51300379 | |
| 31-12-2017 | micro format | 06-08-2018 | 2018-43500129 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-57700310 | |
| 31-12-2015 | full format | 31-05-2016 | 2016-14700564 | |
| 31-12-2014 | full format | 31-08-2015 | 2015-57400314 | |
| 31-12-2013 | full format | 25-08-2014 | 2014-45700360 | |
| 31-12-2012 | full format | 27-09-2013 | 2013-60600279 | |
| 31-12-2011 | full format | 30-10-2012 | 2012-62900541 | |
| 31-12-2010 | full format | 28-09-2011 | 2011-55900091 | |
| 31-12-2009 | full format | 27-09-2010 | 2010-55500349 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 29,249 | 22,661 | 25,576 | 31,000 | 23,717 | 32,053 | 26,280 | 27,345 | 27,413 | 27,365 | 26,096 | 27,540 | 28,055 | 27,827 | 33,269 | 29,676 | 1,544 | ||
| 16,382 | 8,099 | 11,088 | 13,360 | 4,691 | 11,689 | 4,569 | 8,200 | 7,216 | 6,125 | 3,801 | 4,414 | 4,043 | 5,086 | 5,915 | 11,501 | -24,894 | ||
| 0 | 0 | 2,087 | 1,325 | 0 | 1,478 | 0 | 0 | 0 | 0 | 0 | 583 | 0 | 0 | 1,686 | 22,873 | 448,233 | ||
| -575 | 1,000 | 916 | -865 | 587 | -191 | 165 | 249 | -1,354 | 1,458 | 177 | 66 | -2,770 | 1,497 | -1,588 | -2,077 | - | ||
| -144,448 | -129,791 | -106,665 | -87,164 | -71,936 | -52,859 | -38,776 | -21,891 | -83,922 | -71,434 | -58,956 | -45,489 | -32,730 | -21,103 | -13,542 | -3,955 | -16,606 | ||
| - | - | - | - | - | - | - | 31.9% | - | - | - | - | - | - | - | - | - | ||
| -42.4% | -40.5% | -35.9% | -33.1% | -31.0% | -26.5% | -24.6% | -20.6% | -18.0% | -15.2% | -12.6% | -9.3% | -6.5% | -3.6% | -1.1% | 0.9% | -1.9% | ||
| 0.01 | 0.02 | 0.01 | 0.00 | 0.02 | 0.01 | 0.02 | 0.03 | 0.00 | 0.03 | 0.01 | 0.00 | 0.00 | 0.12 | 0.29 | 0.70 | 0.30 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -71.0% | - | ||
| 0.8% | -2.5% | -1.2% | -0.3% | -3.2% | -0.7% | -2.9% | -1.7% | -1.9% | -2.1% | -2.7% | -2.5% | -2.6% | -2.3% | -2.0% | -0.7% | -8.7% | ||
| 2.18 | 1.50 | 1.70 | 1.70 | 1.21 | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | 59 days | - | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €2,087 | €1,325 | - |
| €14,374 | €14,374 | €14,349 | €14,137 | €13,901 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 80% higher than in 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Equity is negative. Debt (€339,641) exceeds the balance-sheet total (€238,499).
GBX has no parent and no holdings in its annual accounts. GBX shares no director with another company.
| aa STMR'X, société multiprofessionnelle d'architectes
registered office since 24-03-1999 · founded in 1999 |
total assets €244,863 (2025) 0465.708.480 |
| Marsin, Donna (sole trader)
establishment since 01-10-2026 |
founded in 2026 1041.978.354 |
| Coquerelle, Adrien (sole trader)
establishment since 03-11-2025 |
founded in 2025 1029.319.458 |
| Rouxhet, Fanny (sole trader)
establishment since 17-01-2022 |
founded in 2022 0781.441.106 |
| Francart, Astrid (sole trader)
establishment since 05-01-2015 |
founded in 2015 0507.642.372 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Rue Gustave-Docq 17 registered office 5030 Gembloux |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 92053D0433/00G000 | 388 m² | 1 · 241 m² | 10.4 m · 3 |
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