Summary
GELCO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €13.9m and a net result of €1.6m. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 76% of 2473 sector peers (fiscal year 2025). The company has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals.
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.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-04-2025 was due by 30-11-2025 and was filed on 27-10-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
34 d early
2024
23 d early
2023
30 d early
2022
34 d early
2021
33 d early
2020
32 d early
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before 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 (2)
neutral · The next deadline is still running
The next financial year closes on 30-04-2026 and is due by 30-11-2026. Nothing is late today. Usually files around 28 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-04-2026 close01-10-2026 today30-11-2026 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€13.9m=
2024 · €13.9m
Net result
€1.6m▲ 18.1%
2024 · €1.3m
Total assets
€15.7m▼ 0.4%
2024 · €15.8m
Solvency
88.4%▲ 0.4pp
2024 · 88.0%
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€1.3m▲ 8.3%€1.6m▲ 25.2%€2.0m▲ 25.4%€2.3m▲ 15.1%€2.7m▲ 14.5%
Operating result€688,317€850,118▲ 23.5%€1.1m▲ 29.0%€1.4m▲ 23.9%€1.7m▲ 25.6%
Net result€959,821above the sector's middle half€795,715within the sector's middle half▼ 17.1%€1.0mabove the sector's middle half▲ 30.9%€1.3mabove the sector's middle half▲ 28.4%€1.6mabove the sector's middle half▲ 18.1%
Equity€14.1mwithin the sector's middle half▲ 7.3%€13.9mwithin the sector's middle half▼ 1.2%€13.9mwithin the sector's middle half=€13.9mwithin the sector's middle half=€13.9mwithin the sector's middle half=
Total assets€14.9mwithin the sector's middle half▲ 12.0%€15.1mwithin the sector's middle half▲ 1.6%€15.2mwithin the sector's middle half▲ 1.0%€15.8mwithin the sector's middle half▲ 3.8%€15.7mwithin the sector's middle half▼ 0.4%
Debt€773,000▲ 437%€1.2m▲ 52.2%€1.3m▲ 12.5%€1.9m▲ 43.1%€1.8m▼ 3.7%
Working capital€5.5mabove the sector's middle half▼ 39.7%€5.3mabove the sector's middle half▼ 3.2%€5.2mabove the sector's middle half▼ 1.5%€5.5mabove the sector's middle half▲ 5.7%€5.8mabove the sector's middle half▲ 4.6%
Solvency94.8%above the sector's middle half▼ 4.1pp92.2%above the sector's middle half▼ 2.6pp91.3%above the sector's middle half▼ 0.9pp88.0%above the sector's middle half▼ 3.3pp88.4%above the sector's middle half▲ 0.4pp
Current ratio8.12above the sector's middle half▼ 62.335.52above the sector's middle half▼ 2.604.95above the sector's middle half▼ 0.573.95above the sector's middle half▼ 1.004.18above the sector's middle half▲ 0.23
Return on assets (ROA)6.5%within the sector's middle half▲ 10.6pp5.3%within the sector's middle half▼ 1.2pp6.8%within the sector's middle half▲ 1.6pp8.5%within the sector's middle half▲ 1.6pp10.0%above the sector's middle half▲ 1.6pp
Staff (FTE)4.6within the sector's middle half▼ 6.1%5within the sector's middle half▲ 8.7%5.9within the sector's middle half▲ 18.0%5.9within the sector's middle half=5within the sector's middle half▼ 15.3%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 26% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.7m
Fixed assets
€8.1m ▼ 3.2%
Current assets
€7.6m ▲ 2.7%
Equity and liabilities €15.7m
Equity
€13.9m =
Provisions
€5,170 ▲ 43.6%
Debt
€1.8m ▼ 3.7%
Debt's share of the balance-sheet total falls from 12.0% to 11.6%. Debt is lower.
Key figures and ratios
ROE
11.4%▲
2024 · 9.6%
Debt ≤ 1 year
€1.8m▼
2024 · €1.9m
Income taxes
€461,898▲
2024 · €388,830
Staff costs
€425,407▼
2024 · €483,472
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.7m | €2.1m | €2.5m | €2.8m | ▲ 14.3% |
| Turnover70 | €1.3m | €1.6m | €2.0m | €2.3m | €2.7m | ▲ 14.5% |
| Other operating income74 | - | €81,000 | €102,859 | €134,374 | €149,706 | ▲ 11.4% |
| Operating charges60/66A | - | €846,746 | €1.0m | €1.1m | €1.1m | ▲ 0.5% |
| Services and other goods61 | - | €80,605 | €117,181 | €158,401 | €218,065 | ▲ 37.7% |
| Remuneration, social security and pensions62 | - | €378,549 | €502,509 | €483,472 | €425,407 | ▼ 12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98,236 | €298,842 | €309,134 | €336,927 | €338,483 | ▲ 0.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €2,667 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €88,749 | €90,284 | €125,456 | €130,297 | ▲ 3.9% |
| Non-recurring operating charges66A | - | - | €13,425 | €0 | - | - |
| Operating profit (loss)9901 | €688,317 | €850,118 | €1.1m | €1.4m | €1.7m | ▲ 25.6% |
| Financial income75/76B | - | €244,476 | €253,843 | €337,895 | €350,505 | ▲ 3.7% |
| Recurring financial income75 | €313,446 | €244,476 | €253,843 | €337,895 | €350,505 | ▲ 3.7% |
| Income from financial fixed assets750 | - | €135,000 | €140,000 | €130,000 | €120,000 | ▼ 7.7% |
| Income from current assets751 | - | €103,448 | €106,069 | €198,310 | €202,718 | ▲ 2.2% |
| Other financial income752/9 | - | €6,028 | €7,774 | €9,585 | €27,787 | ▲ 190% |
| Financial charges65/66B | - | €52,117 | €7,346 | -€29,431 | €15,148 | ▲ 151% |
| Recurring financial charges65 | €77 | €52,117 | €7,346 | -€29,431 | €15,148 | ▲ 151% |
| Debt charges650 | - | - | €0 | €50 | €54 | ▲ 7.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | €49,793 | -€2,090 | -€29,964 | €1,282 | ▲ 104% |
| Other financial charges652/9 | - | €2,324 | €9,436 | €482 | €13,811 | ▲ 2,763% |
| Profit (loss) for the period before taxes9903 | €1.0m | €1.0m | €1.3m | €1.7m | €2.0m | ▲ 18.3% |
| Transfer from deferred taxes780 | - | €57 | €55 | €55 | €129 | ▲ 134% |
| Transfer to deferred taxes680 | - | €0 | - | - | €1,699 | - |
| Income taxes67/77 | €40,765 | €246,819 | €301,581 | €388,830 | €461,898 | ▲ 18.8% |
| Taxes670/3 | - | €247,004 | €302,880 | €391,700 | €462,003 | ▲ 17.9% |
| Tax adjustments and reversals of tax provisions77 | - | €184 | €1,299 | €2,869 | €105 | ▼ 96.3% |
| Profit (loss) for the period9904 | €959,821 | €795,715 | €1.0m | €1.3m | €1.6m | ▲ 18.1% |
| Transfer from tax-exempt reserves789 | - | €155,172 | €165 | €165 | €387 | ▲ 134% |
| Transfer to tax-exempt reserves689 | - | €0 | - | - | €5,098 | - |
| Profit (loss) for the period to be appropriated9905 | €1.1m | €950,887 | €1.0m | €1.3m | €1.6m | ▲ 17.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.9m | €15.1m | €15.2m | €15.8m | €15.7m | ▼ 0.4% |
| Fixed assets21/28 | €8.6m | €8.6m | €8.7m | €8.4m | €8.1m | ▼ 3.2% |
| Tangible fixed assets22/27 | €8.5m | €8.5m | €8.6m | €8.3m | €8.1m | ▼ 3.2% |
| Land and buildings22 | - | €8.5m | €8.6m | €8.3m | €8.0m | ▼ 3.6% |
| Furniture and vehicles24 | - | €25,036 | €12,901 | €5,237 | €34,799 | ▲ 564% |
| Financial fixed assets28 | €74,368 | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Companies linked by participating interests282/3 | - | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Participating interests282 | - | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Current assets29/58 | €6.3m | €6.5m | €6.6m | €7.4m | €7.6m | ▲ 2.7% |
| Amounts receivable after more than one year29 | - | €2.1m | €1.5m | €1.3m | €1.0m | ▼ 20.6% |
| Other amounts receivable291 | - | €2.1m | €1.5m | €1.3m | €1.0m | ▼ 20.6% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €932,588 | €972,877 | €884,484 | €864,432 | €695,736 | ▼ 19.5% |
| Trade receivables40 | - | €220,393 | €235,792 | €175,734 | €200,939 | ▲ 14.3% |
| Other amounts receivable41 | - | €752,484 | €648,691 | €688,697 | €494,797 | ▼ 28.2% |
| Current investments50/53 | €0 | €411,816 | €3.9m | €5.0m | €5.6m | ▲ 11.4% |
| Other investments51/53 | - | €411,816 | €3.9m | €5.0m | €5.6m | ▲ 11.4% |
| Cash at bank and in hand54/58 | €2.5m | €3.0m | €222,093 | €234,210 | €286,001 | ▲ 22.1% |
| Deferred charges and accrued income490/1 | - | €6,803 | €3,178 | €14,606 | €19,357 | ▲ 32.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.9m | €15.1m | €15.2m | €15.8m | €15.7m | ▼ 0.4% |
| Equity10/15 | €14.1m | €13.9m | €13.9m | €13.9m | €13.9m | = |
| Contributions10/11 | €750,000 | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Capital10 | - | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Issued capital100 | - | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Reserves13 | €13.3m | €13.2m | €13.2m | €13.2m | €13.2m | = |
| Non-distributable reserves130/1 | - | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Legal reserve130 | - | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Tax-exempt reserves132 | - | €3,130 | €2,964 | €2,799 | €7,510 | ▲ 168% |
| Distributable reserves133 | - | €13.1m | €13.1m | €13.1m | €13.1m | = |
| Profit (loss) carried forward14 | €14,986 | €2,874 | €999 | €350 | €333 | ▼ 4.8% |
| Provisions and deferred taxes16 | €1,101 | €1,043 | €988 | €3,600 | €5,170 | ▲ 43.6% |
| Provisions for liabilities and charges160/5 | - | - | - | €2,667 | €2,667 | = |
| Pensions and similar obligations160 | - | - | - | €2,667 | €2,667 | = |
| Deferred taxes168 | - | €1,043 | €988 | €933 | €2,503 | ▲ 168% |
| Amounts payable17/49 | €773,000 | €1.2m | €1.3m | €1.9m | €1.8m | ▼ 3.7% |
| Amounts payable within one year42/48 | €770,830 | €1.2m | €1.3m | €1.9m | €1.8m | ▼ 2.8% |
| Trade debts44 | €667,748 | €14,472 | €129,972 | €23,066 | €34,440 | ▲ 49.3% |
| Suppliers440/4 | - | €14,472 | €129,972 | €23,066 | €34,440 | ▲ 49.3% |
| Taxes, remuneration and social security45 | - | €198,455 | €149,632 | €99,566 | €85,640 | ▼ 14.0% |
| Taxes450/3 | - | €120,835 | €47,879 | €5,271 | €5,430 | ▲ 3.0% |
| Remuneration and social security454/9 | - | €77,621 | €101,753 | €94,295 | €80,210 | ▼ 14.9% |
| Other amounts payable47/48 | - | €963,000 | €1.0m | €1.7m | €1.7m | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | €660 | €0 | €22,271 | €4,626 | ▼ 79.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €959,821 | €795,715 | €1.0m | €1.3m | €1.6m | ▲ 18.1% |
| + Depreciation and write-downs630 | €98,236 | €298,842 | €309,134 | €336,927 | €338,483 | ▲ 0.5% |
| Operating cash flow (approximation) | €1.1m | €1.1m | €1.4m | €1.7m | €1.9m | ▲ 14.5% |
| Investment in fixed assets (approximation) | - | -€303,230 | -€387,924 | -€61,857 | -€70,719 | ▼ 14.3% |
| Change in cash | - | €533,150 | -€2.8m | €12,117 | €51,791 | ▲ 327% |
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
22-05
State Gazette act
Appointment: VGD Bedrijfsrevisoren (statutory auditor)Permanent representatives: Jurgen Lelie and Marcia GELTMEYER7 facts ▸
State Gazette act
Appointment: VGD Bedrijfsrevisoren (statutory auditor)
Permanent representatives: Jurgen Lelie and Marcia GELTMEYER7 facts ▸
- General meeting, 23-04-2026
- Auditor appointment, VGD Bedrijfsrevisoren (statutory auditor)
- Permanent representative, Jurgen Lelie (permanent representative)
- Auditor appointment, VGD Bedrijfsrevisoren (consolidatie revisor)
- Permanent representative, Jurgen Lelie (permanent representative)
- Permanent representative, Marcia GELTMEYER (permanent representative)
- Director in office, CATHERINЕ (gedelegeerdbestuurder)
2025
27-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
07-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
30-04
Financial
Back to profitnet €959,821
Net result €959,821 after one loss-making year.
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
30-04
Financial
Weakest financial yearnet -€551,674
Net result drops to -€551,674, the lowest in the series; recovery starts the following year.
2019
28-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
26-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
02-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
VGD Bedrijfsrevisoren
CurrentConsolidatie revisor · since 22-05-2026 · perm. rep.: Jurgen Lelie
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2007
Ground area
640 m²
Building footprint
233 m²
Volume, LiDAR
1,369 m³
Parcel 46028C1163/00L003, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Grote Kerkstraat 77, 9120 Beveren-Kruibeke-Zwijndrecht
since 20072.186.276.367
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46028C1163/00L003 | Flanders | 640 m² | 1 · 233 m² | 9.7 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.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| VGD Bedrijfsrevisoren |
|
Structure & network
Owners and holdings
3 owners · 1 holdingOwners 3
-
33.33%
-
33.33%
-
33.33%
Holdings 1
-
10.01%
According to the annual accounts to 30-04-2025 of GELCO and those 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.
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 1,322 EUR awarded · 1,322 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 210 EUR | 210 EUR |
| 2024 | 1 | 536 EUR | 536 EUR |
| 2023 | 1 | 84 EUR | 576 EUR |
| 2022 | 1 | 492 EUR | 0 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
875500DYNGP0R1XL0U35
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Company details
Identification
Legal formPublic limited company
Founded10-10-1985
Fiscal year end30-04
Activities, NACEBEL 2025
64210Activities of holding companies
64910Financial service activities, except insurance and pension funding
81100Combined facilities support activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427958060
Registered
04-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.