GERCOLEX
ActiveSummary
GERCOLEX has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of €1.5m. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 34% of 3330 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+14
Solvency51▼-12
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90,000 at 30 days acceptable
Liquidity tight (current ratio 1.3 against 1.46 in 2024; short-term debt: 73.2% and cash: 48.7% of total assets), and 74.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
25.8%
Return on assets
32.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-03-2026, 128 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
128 d early
2024
45 d early
2023
29 d early
2022
54 d early
2021
47 d early
2020
53 d early
2019
29 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 55 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.2m=
2024 · €1.2m
Total assets
€4.5m▲ 45.7%
2024 · €3.1m
Net result
€1.5m▲ 238%
2024 · €437,743
Working capital
€976,622▲ 12.5%
2024 · €868,381
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€264,086▲ 30.7%€223,084▼ 15.5%€199,832▼ 10.4%€509,672▲ 155%€1.5m▲ 203%
Net result€199,494within the sector's middle half▲ 16.1%€162,309within the sector's middle half▼ 18.6%€139,305within the sector's middle half▼ 14.2%€437,743above the sector's middle half▲ 214%€1.5mabove the sector's middle half▲ 238%
Equity€1.3mabove the sector's middle half▲ 0.8%€1.2mabove the sector's middle half▼ 12.5%€1.2mabove the sector's middle half=€1.2mabove the sector's middle half=€1.2mabove the sector's middle half=
Total assets€3.1mabove the sector's middle half▲ 11.8%€3.0mabove the sector's middle half▼ 1.9%€2.7mwithin the sector's middle half▼ 10.4%€3.1mabove the sector's middle half▲ 13.3%€4.5mabove the sector's middle half▲ 45.7%
Debt€1.8m▲ 21.8%€1.9m▲ 6.0%€1.6m▼ 16.8%€1.9m▲ 23.3%€3.3m▲ 73.3%
Working capital€881,238above the sector's middle half▲ 11.8%€731,870above the sector's middle half▼ 16.9%€784,000above the sector's middle half▲ 7.1%€868,381above the sector's middle half▲ 10.8%€976,622above the sector's middle half▲ 12.5%
Solvency42.8%within the sector's middle half▼ 4.7pp38.2%within the sector's middle half▼ 4.6pp42.7%within the sector's middle half▲ 4.4pp37.6%within the sector's middle half▼ 5.0pp25.8%within the sector's middle half▼ 11.8pp
Current ratio1.53within the sector's middle half▼ 0.071.40within the sector's middle half▼ 0.131.52within the sector's middle half▲ 0.121.46within the sector's middle half▼ 0.061.30within the sector's middle half▼ 0.16
Return on assets (ROA)6.4%within the sector's middle half▲ 0.2pp5.3%within the sector's middle half▼ 1.1pp5.1%within the sector's middle half▼ 0.2pp14.2%within the sector's middle half▲ 9.1pp32.9%above the sector's middle half▲ 18.7pp
Staff (FTE)10.8above the sector's middle half▼ 8.5%9.9above the sector's middle half▼ 8.3%10.4above the sector's middle half▲ 5.1%8.5above the sector's middle half▼ 18.3%9.1above the sector's middle half▲ 7.1%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 203% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.5m
Fixed assets
€228,504 ▼ 29.4%
Current assets
€4.3m ▲ 54.5%
Equity and liabilities €4.5m
Equity
€1.2m =
Debt
€3.3m ▲ 73.3%
Debt's share of the balance-sheet total rises from 62.4% to 74.2%. Debt is higher.
Key figures and ratios
EBITDA
€1.7m▲
2024 · €620,242
Cash flow
€1.6m▲
2024 · €548,313
Debt to equity
2.87▲
2024 · 1.66
ROE
127.5%▲
2024 · 37.7%
Interest coverage
413.01▲
2024 · 48.16
Debt ≤ 1 year
€3.3m▲
2024 · €1.9m
Debt > 1 year
€5,979▼
2024 · €30,565
Income taxes
€69,113▲
2024 · €63,837
Staff costs
€591,156▲
2024 · €521,382
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,053 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 5,053 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €99,441 | €0 | - | €5,430 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €509,398 | €552,414 | €621,639 | €521,382 | €591,156 | ▲ 13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €126,542 | €113,839 | €110,669 | €110,570 | €111,845 | ▲ 1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€14,399 | €0 | €3,440 | €0 | - | - |
| Other operating charges640/8 | €27,231 | €12,575 | €14,460 | €14,575 | €15,138 | ▲ 3.9% |
| Non-recurring operating charges66A | €48,000 | €0 | - | - | - | - |
| Gross operating margin9900 | €960,858 | €901,912 | €950,040 | €1.2m | €2.3m | ▲ 95.7% |
| Operating profit (loss)9901 | €264,086 | €223,084 | €199,832 | €509,672 | €1.5m | ▲ 203% |
| Financial income75/76B | €4,353 | €1,397 | €2,921 | €4,788 | €8,968 | ▲ 87.3% |
| Recurring financial income75 | €4,353 | €1,397 | €2,921 | €4,788 | €8,968 | ▲ 87.3% |
| Financial charges65/66B | €3,965 | €3,912 | €4,140 | €12,879 | €4,011 | ▼ 68.9% |
| Recurring financial charges65 | €3,965 | €3,912 | €4,140 | €12,879 | €4,011 | ▼ 68.9% |
| Profit (loss) for the period before taxes9903 | €264,474 | €220,569 | €198,613 | €501,581 | €1.5m | ▲ 209% |
| Income taxes67/77 | €64,980 | €58,261 | €59,309 | €63,837 | €69,113 | ▲ 8.3% |
| Profit (loss) for the period9904 | €199,494 | €162,309 | €139,305 | €437,743 | €1.5m | ▲ 238% |
| Profit (loss) for the period to be appropriated9905 | €199,494 | €162,309 | €139,305 | €437,743 | €1.5m | ▲ 238% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.1m | €3.0m | €2.7m | €3.1m | €4.5m | ▲ 45.7% |
| Fixed assets21/28 | €544,098 | €484,107 | €435,302 | €323,831 | €228,504 | ▼ 29.4% |
| Intangible fixed assets21 | €7,953 | €22,555 | €16,822 | €9,158 | €5,804 | ▼ 36.6% |
| Tangible fixed assets22/27 | €535,773 | €461,180 | €418,107 | €314,301 | €222,328 | ▼ 29.3% |
| Land and buildings22 | €458,914 | €386,522 | €307,629 | €229,097 | €150,686 | ▼ 34.2% |
| Plant, machinery and equipment23 | €22,693 | €32,946 | €38,100 | €31,633 | €36,318 | ▲ 14.8% |
| Furniture and vehicles24 | €8,283 | €4,288 | €43,415 | €33,069 | €23,284 | ▼ 29.6% |
| Other tangible fixed assets26 | €45,883 | €37,423 | €28,962 | €20,502 | €12,041 | ▼ 41.3% |
| Financial fixed assets28 | €372 | €372 | €372 | €372 | €372 | = |
| Current assets29/58 | €2.6m | €2.6m | €2.3m | €2.8m | €4.3m | ▲ 54.5% |
| Amounts receivable within one year40/41 | €1.6m | €1.7m | €1.6m | €1.4m | €2.1m | ▲ 45.6% |
| Trade receivables40 | €1.6m | €1.7m | €1.5m | €1.4m | €2.1m | ▲ 45.7% |
| Other amounts receivable41 | €1,129 | €4,558 | €2,403 | €1,970 | €1,920 | ▼ 2.5% |
| Cash at bank and in hand54/58 | €926,621 | €875,450 | €724,009 | €1.3m | €2.2m | ▲ 65.1% |
| Deferred charges and accrued income490/1 | €2,155 | €11,217 | €11,471 | €11,514 | €4,329 | ▼ 62.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.1m | €3.0m | €2.7m | €3.1m | €4.5m | ▲ 45.7% |
| Equity10/15 | €1.3m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €189,012 | €23,539 | €23,553 | €23,553 | €23,553 | = |
| Non-distributable reserves130/1 | €15,423 | €23,539 | €0 | - | - | - |
| Reserves not available under the articles1311 | €15,423 | €23,539 | €0 | - | - | - |
| Distributable reserves133 | €173,589 | €0 | €23,553 | €23,553 | €23,553 | = |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.8m | €1.9m | €1.6m | €1.9m | €3.3m | ▲ 73.3% |
| Amounts payable after more than one year17 | €97,440 | €54,345 | €56,237 | €30,565 | €5,979 | ▼ 80.4% |
| Financial debts170/4 | €97,440 | €54,345 | €56,237 | €30,565 | €5,979 | ▼ 80.4% |
| Amounts payable within one year42/48 | €1.7m | €1.8m | €1.5m | €1.9m | €3.3m | ▲ 73.8% |
| Current portion of amounts payable after more than one year42 | €42,808 | €43,096 | €34,837 | €25,672 | €24,586 | ▼ 4.2% |
| Trade debts44 | €222,099 | €347,185 | €343,206 | €321,018 | €315,722 | ▼ 1.6% |
| Suppliers440/4 | €222,099 | €347,185 | €343,206 | €321,018 | €315,722 | ▼ 1.6% |
| Advances received on contracts in progress46 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | = |
| Taxes, remuneration and social security45 | €101,377 | €74,098 | €112,334 | €111,352 | €157,277 | ▲ 41.2% |
| Taxes450/3 | €24,293 | €23,530 | €22,294 | €48,047 | €57,984 | ▲ 20.7% |
| Remuneration and social security454/9 | €77,084 | €50,568 | €90,040 | €63,306 | €99,293 | ▲ 56.8% |
| Other amounts payable47/48 | €1.3m | €1.4m | €1.0m | €1.4m | €2.8m | ▲ 94.9% |
| Accrued charges and deferred income492/3 | €790 | €0 | €1,418 | €0 | €37,500 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €199,494 | €162,309 | €139,305 | €437,743 | €1.5m | ▲ 238% |
| + Depreciation and write-downs630 | €126,542 | €113,839 | €110,669 | €110,570 | €111,845 | ▲ 1.2% |
| Operating cash flow (approximation) | €326,036 | €276,147 | €249,974 | €548,313 | €1.6m | ▲ 190% |
| Investment in fixed assets (approximation) | - | -€53,848 | -€61,864 | €901 | -€16,519 | ▼ 1,933% |
| Change in cash | - | -€51,171 | -€151,442 | €602,058 | €863,573 | ▲ 43.4% |
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
25-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2019net €1.5m ▲238%
Operating result €1.5m, net result €1.5m, both a record.
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
26-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Kortrijk · 3 establishment units since 2014
Ground area
2.2 ha
Building footprint
3,679 m²
Volume, LiDAR
20,253 m³
3 parcels, Flanders · tallest building 52.5 m, ±2 floors. Linked by address, not a title deed.
3 establishment units
GERCOLEX
since 20142.224.556.329
Meensesteenweg 405, 8800 Roeselare
since 20192.290.315.795
Lieven Bauwensstraat 20, 8200 Brugge
since 20212.324.427.925
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34354D0147/00E000 | Flanders | 1.6 ha | 1 · 1,637 m² | 7.4 m · 2 fl. |
| 31424B0551/00N000 | Flanders | 3,964 m² | 1 · 1,696 m² | 52.5 m · 1 fl. |
| 36302B1226/00H002 | Flanders | 1,704 m² | 1 · 346 m² | 8.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
3 ownersOwners 3
- Sourceaccounts GERPHI 202545%
-
44.92%
- Sourceaccounts PAUCOLI 202510.06%
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 3,132 EUR awarded · 3,132 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 64 EUR | 64 EUR |
| 2022 | 2 | 3,068 EUR | 3,068 EUR |
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Of 1,019 companies in sector 69103 we hold annual accounts for 611. 340 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded28-11-2013
Fiscal year end31-12
Activities, NACEBEL 2025
69103Activities of bailiffs
E-invoicing
Reachable via Peppol
Peppol ID
0208:0542565639
Also
9925:BE0542565639
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.