GERCA
ActiveSummary
GERCA has been active since 1987 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.9m and a net result of -€628,908. Equity remains stable across the filed financial years (±0.9% per year). Its solvency ranks better than 95% of 6,158 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 13.8 FTE
- Equity
- €10.9m
- Loss
- -€628,908
- Cnudde ConnyDirector
- Ramboer EmiliaDirector
- Ramboer LauraDirector
Why 88raises riskLoss of €628,908, the second in a row (financial year 2025)Last filed accounts filed 60 days late; 2 of the last 3 latelowers riskFounded in 1987Liquidity: current ratio 13.89, cash €1.9m, halvedShow the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (NACE 46, small): better than 92% on solvency, 87% on liquidity, 8% on profitability and 22% on growth.
The bankruptcy probability was computed on 30-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 45 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Weakest financial yearnet -€628,908
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, full format
2025 annual accounts filed late (60 days) Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00547609.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €796,172 in 2025 against €487,757 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
- 2021 Turnover +57%, Net result +20,351% on 2020. This financial year ran 18 months, the previous one 12.
Peer companies
Historical observationOf the 8,617 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94.2% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 8,617 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €11.4m | - | - | - | - | - |
| Turnover70 | €10.4m | €7.2m | €11.3m | - | - | - | - | - |
| Other operating income74 | - | - | €0.08m | - | - | - | - | - |
| Operating charges60/66A | - | - | €10.8m | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €7.0m | - | - | - | - | - |
| Purchases600/8 | - | - | €6.2m | - | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | - | €0.7m | - | - | - | - | - |
| Services and other goods61 | - | - | €2.7m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.3m | €0.4m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 22.2% |
| Other operating charges640/8 | - | - | €0.05m | €0.02m | €0.02m | €0.2m | €0.2m | ▼ 1.9% |
| Non-recurring operating charges66A | - | - | - | €0.06m | €0 | - | - | - |
| Gross operating margin9900 | - | - | - | €1.2m | €1.1m | €0.5m | €0.07m | ▼ 84.6% |
| Operating profit (loss)9901 | €0.02m | -€0.001m | €0.6m | €0.3m | €0.2m | -€0.5m | -€0.8m | ▼ 63.2% |
| Financial income75/76B | - | - | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 37.5% |
| Recurring financial income75 | €0.04m | €0.04m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 37.5% |
| Income from financial fixed assets750 | - | - | €0.09m | - | - | - | - | - |
| Other financial income752/9 | - | - | €0.003m | - | - | - | - | - |
| Financial charges65/66B | - | - | €0.05m | €0.06m | €0.07m | €0.2m | €0.03m | ▼ 83.2% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.05m | €0.06m | €0.07m | €0.2m | €0.03m | ▼ 83.2% |
| Debt charges650 | €0.03m | €0.03m | €0.05m | - | - | - | - | - |
| Other financial charges652/9 | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.01m | €0.7m | €0.5m | €0.3m | -€0.5m | -€0.6m | ▼ 23.1% |
| Income taxes67/77 | €0.007m | €0.01m | €0.2m | €0.1m | €0.07m | €0 | €202 | - |
| Taxes670/3 | - | - | €0.2m | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.03m | €0.002m | €0.5m | €0.4m | €0.2m | -€0.5m | -€0.6m | ▼ 23.2% |
| Transfer from tax-exempt reserves789 | - | - | €0.2m | €0.08m | €0 | - | €0.3m | - |
| Transfer to tax-exempt reserves689 | - | - | €0.3m | €0.08m | €0.05m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.002m | €0.4m | €0.4m | €0.1m | -€0.5m | -€0.3m | ▲ 45.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €11.6m | €11.8m | €12.7m | €12.8m | €12.6m | €12.2m | €11.8m | ▼ 3.8% |
| Fixed assets21/28 | €1.3m | €1.1m | €0.8m | €0.6m | €0.4m | €0.3m | €0.2m | ▼ 34.1% |
| Intangible fixed assets21 | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.007m | ▼ 54.8% |
| Tangible fixed assets22/27 | €1.3m | €1.1m | €0.7m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 33.2% |
| Land and buildings22 | - | - | €0.02m | €0.006m | €0.004m | €0.001m | €212 | ▼ 77.0% |
| Plant, machinery and equipment23 | - | - | €0.002m | €0.001m | €0.001m | €346 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €0.1m | €0.1m | €0.09m | €0.06m | €0.04m | ▼ 38.8% |
| Other tangible fixed assets26 | - | - | €0.6m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 31.4% |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other financial fixed assets284/8 | - | - | €0.002m | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €0.002m | - | - | - | - | - |
| Current assets29/58 | €10.3m | €10.8m | €11.9m | €12.2m | €12.2m | €11.9m | €11.6m | ▼ 3.1% |
| Stocks and contracts in progress3 | €1.5m | €2.1m | €1.4m | €2.2m | €2.1m | €1.2m | €1.2m | ▼ 5.7% |
| Stocks30/36 | - | - | €1.4m | €2.2m | €2.1m | €1.2m | €1.2m | ▼ 5.7% |
| Goods purchased for resale34 | - | - | €1.4m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.06m | €0.2m | €0.09m | €0.02m | €0.06m | €0.07m | €0.3m | ▲ 297% |
| Trade receivables40 | - | - | €0.01m | €0.01m | €0.03m | €0.005m | €0.03m | ▲ 481% |
| Other amounts receivable41 | - | - | €0.08m | €0.006m | €0.02m | €0.06m | €0.2m | ▲ 283% |
| Current investments50/53 | €3.4m | €3.4m | €7.1m | €8.2m | €7.5m | €6.0m | €8.3m | ▲ 38.7% |
| Other investments51/53 | - | - | €7.1m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €5.2m | €5.0m | €3.3m | €1.8m | €2.5m | €4.7m | €1.9m | ▼ 60.3% |
| Deferred charges and accrued income490/1 | - | - | €0.03m | €0.01m | - | - | €0.008m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €11.6m | €11.8m | €12.7m | €12.8m | €12.6m | €12.2m | €11.8m | ▼ 3.8% |
| Equity10/15 | €11.0m | €11.0m | €11.5m | €11.9m | €12.1m | €11.6m | €10.9m | ▼ 5.4% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €10.8m | €10.8m | €11.3m | €11.6m | €11.8m | €11.3m | €10.7m | ▼ 5.6% |
| Non-distributable reserves130/1 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves not available under the articles1311 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.5m | ▼ 41.2% |
| Distributable reserves133 | - | - | €10.3m | €10.7m | €10.8m | €10.3m | €10.1m | ▼ 2.7% |
| Amounts payable17/49 | €0.6m | €0.8m | €1.2m | €0.9m | €0.5m | €0.7m | €0.8m | ▲ 23.9% |
| Amounts payable within one year42/48 | €0.6m | €0.8m | €1.2m | €0.9m | €0.5m | €0.7m | €0.8m | ▲ 23.6% |
| Trade debts44 | €0.4m | €0.6m | €1.0m | €0.7m | €0.3m | €0.04m | €0.6m | ▲ 16× |
| Suppliers440/4 | - | - | €1.0m | €0.7m | €0.3m | €0.04m | €0.6m | ▲ 16× |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 19.3% |
| Taxes450/3 | - | - | €0.005m | €0.05m | €0.07m | €0.08m | €0.07m | ▼ 11.8% |
| Remuneration and social security454/9 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 24.1% |
| Other amounts payable47/48 | - | - | €0.02m | €0.01m | €0 | €0.4m | €0.02m | ▼ 95.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.002m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.002m | €0.5m | €0.4m | €0.2m | -€0.5m | -€0.6m | ▼ 23.2% |
| + Depreciation and write-downs630 | €0.4m | €0.3m | €0.4m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 22.2% |
| Operating cash flow (approximation) | €0.4m | €0.3m | €0.9m | €0.5m | €0.3m | -€0.4m | -€0.5m | ▼ 38.9% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.1m | €0.04m | -€0.007m | -€0.001m | €0 | - |
| Change in cash | - | -€0.3m | -€1.6m | -€1.5m | €0.7m | €2.2m | -€2.8m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 29-09-2026 | 2026-00547609 |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00534502 |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00155168 |
| 31-12-2022 | abbreviated format | 22-08-2023 | 2023-00354402 |
| 31-12-2021 | full format | 08-07-2022 | 2022-20176968 |
| 30-06-2020 | full format | 31-08-2021 | 2021-63600217 |
| 30-06-2019 | full format | 26-02-2020 | 2020-05600223 |
| 30-06-2018 | full format | 26-02-2019 | 2019-05700532 |
| 30-06-2017 | full format | 28-02-2018 | 2018-06000407 |
| 30-06-2016 | full format | 21-02-2017 | 2017-05100177 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €464 awarded · €464 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €238 | €238 |
| 2022 | 1 | €226 | €226 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Cnudde Conny |
|
| Ramboer Emilia |
|
| Ramboer Laura |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
07-04
Gazette deed
Resignations: Cnudde Conny (director) and Ramboer Laura (director)Appointments: Cnudde Conny, Ramboer Laura and Ramboer Emilia · Amendment of the articles11 facts ▸
- General meeting, 28-03-2025
- Amendment of the articles, 13
- Amendment of the articles, 14
- Amendment of the articles, 37
- Director resignation, Cnudde Conny (director)
- Director resignation, Ramboer Laura (director)
- Director appointment, Cnudde Conny (director)
- Director appointment, Ramboer Laura (director)
- Director appointment, Ramboer Emilia (director)
- Board meeting, “meerderheid van stemmen, hersamengesteld en verenigd met oog op herbenoeming” (deed in Dutch)
- Amendment of the articles, “22 tot en met 27” (deed in Dutch)
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
7 establishment units
Show 1 more location
7 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 36001A0426/00D000 | Flanders | 6.1 ha | 1 · 1.8 ha | - |
| 11372A0295/00D000 | Flanders | 4,972 m² | 1 · 2,894 m² | 9.9 m · 2 |
| 31808K0713/00H002 | Flanders | 3,784 m² | 1 · 1,916 m² | 6.9 m · 2 |
| 12402C0238/00B010 | Flanders | 3,344 m² | 1 · 1,419 m² | 4.9 m · 1 |
| 36015A0973/00M003 | Flanders | 3,055 m² | 1 · 1,651 m² | 7.5 m · 1 |
| 21372C0100/00L002 | Brussels | 2,608 m² | 1 · 1,408 m² | 12.9 m · 2 |
| 71352D0194/00Y011 | Flanders | 803 m² | 1 · 131 m² | 5.3 m · 1 |