GES RE
ActiveSummary
GES RE has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €99,777 and a net result of €195,763. Equity is growing by ~21% per year across the filed fiscal years. Its solvency ranks better than 23% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+27
Solvency30▲+10
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity tight (current ratio 1.05 against 0.83 in 2024; short-term debt: 36.6% and cash: 6.4% of total assets), and 95% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
5%
Return on assets
9.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 9294 sector peers (2025).
NBB · sector comparisonPosition among 9294 sector peers
Solvency
better than 23%
← weakest
strongest →
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 28-07-2026, 3 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
3 d early
2024
14 d early
2023
5 d early
2022
16 d late
2021
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 5 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€99,777
2024 · -€95,986
Total assets
€2.0m▲ 0.9%
2024 · €2.0m
Net result
€195,763▲ 254%
2024 · €55,334
Working capital
€34,802
2024 · -€145,515
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€14,833--€164,787▼ 1,011%€56,894€116,042▲ 104%€253,899▲ 119%
Net result-€14,863--€182,541▼ 1,128%-€3,915▲ 97.9%€55,334€195,763▲ 254%
Equity€35,137--€147,404-€151,320▼ 2.7%-€95,986▲ 36.6%€99,777
Total assets€36,877-€1.4m▲ 3,800%€1.8m▲ 27.5%€2.0m▲ 8.3%€2.0m▲ 0.9%
Debt€1,740-€1.6m▲ 91,030%€2.0m▲ 25.2%€2.1m▲ 4.9%€1.9m▼ 8.5%
Working capital€35,137--€99,366-€144,831▼ 45.8%-€145,515▼ 0.5%€34,802
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 119% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.2m ▼ 4.3%
Current assets
€767,519 ▲ 10.5%
Equity and liabilities €2.0m
Equity
€99,777
Debt
€1.9m
Debt finances 95.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€277,095▲
2024 · €139,239
Cash flow
€218,960▲
2024 · €78,531
Current ratio
1.05▲
2024 · 0.83
Quick ratio
0.47▲
2024 · 0.38
Debt to equity
19.09▲
2024 · -21.69
ROE
196.2%
ROA
9.8%▲
2024 · 2.8%
Interest coverage
4.27▲
2024 · 2.13
Debt ≤ 1 year
€732,717▼
2024 · €840,033
Debt > 1 year
€1.1m▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 875 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.1%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 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% | 1.6% |
| 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 74% 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 875 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €100,795 | €23,197 | €23,197 | €23,197 | = |
| Other operating charges640/8 | €796 | €8,835 | €15,196 | €9,170 | €28,223 | ▲ 208% |
| Gross operating margin9900 | -€14,037 | -€55,158 | €95,287 | €148,410 | €305,318 | ▲ 106% |
| Operating profit (loss)9901 | -€14,833 | -€164,787 | €56,894 | €116,042 | €253,899 | ▲ 119% |
| Financial income75/76B | - | €5 | €90 | €4,722 | €6,684 | ▲ 41.5% |
| Recurring financial income75 | - | €5 | €90 | €4,722 | €6,684 | ▲ 41.5% |
| Financial charges65/66B | €30 | €17,759 | €60,899 | €65,431 | €64,819 | ▼ 0.9% |
| Recurring financial charges65 | €30 | €17,759 | €60,899 | €65,431 | €64,819 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | -€14,863 | -€182,541 | -€3,915 | €55,334 | €195,763 | ▲ 254% |
| Profit (loss) for the period9904 | -€14,863 | -€182,541 | -€3,915 | €55,334 | €195,763 | ▲ 254% |
| Profit (loss) for the period to be appropriated9905 | -€14,863 | -€182,541 | -€3,915 | €55,334 | €195,763 | ▲ 254% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €36,877 | €1.4m | €1.8m | €2.0m | €2.0m | ▲ 0.9% |
| Fixed assets21/28 | - | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 4.3% |
| Tangible fixed assets22/27 | - | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 4.3% |
| Land and buildings22 | - | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 4.3% |
| Current assets29/58 | €36,877 | €100,330 | €518,638 | €694,519 | €767,519 | ▲ 10.5% |
| Stocks and contracts in progress3 | - | - | €374,735 | €374,735 | €423,771 | ▲ 13.1% |
| Stocks30/36 | - | - | €374,735 | €374,735 | €423,771 | ▲ 13.1% |
| Amounts receivable within one year40/41 | - | €8,733 | €74,345 | €187,640 | €215,345 | ▲ 14.8% |
| Trade receivables40 | - | €6,050 | €72,600 | €23,135 | €44,230 | ▲ 91.2% |
| Other amounts receivable41 | - | €2,683 | €1,745 | €164,505 | €171,114 | ▲ 4.0% |
| Cash at bank and in hand54/58 | €36,877 | €91,596 | €69,558 | €131,559 | €128,403 | ▼ 2.4% |
| Deferred charges and accrued income490/1 | - | - | - | €585 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €36,877 | €1.4m | €1.8m | €2.0m | €2.0m | ▲ 0.9% |
| Equity10/15 | €35,137 | -€147,404 | -€151,320 | -€95,986 | €99,777 | ▲ 204% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€14,863 | -€197,404 | -€201,320 | -€145,986 | €49,777 | ▲ 134% |
| Amounts payable17/49 | €1,740 | €1.6m | €2.0m | €2.1m | €1.9m | ▼ 8.5% |
| Amounts payable after more than one year17 | - | €1.4m | €1.3m | €1.2m | €1.1m | ▼ 6.4% |
| Financial debts170/4 | - | €1.4m | €1.3m | €1.2m | €1.1m | ▼ 6.4% |
| Other amounts payable178/9 | - | €7,500 | €10,200 | €0 | - | - |
| Amounts payable within one year42/48 | €1,740 | €199,696 | €663,468 | €840,033 | €732,717 | ▼ 12.8% |
| Current portion of amounts payable after more than one year42 | - | €72,328 | €74,246 | €76,214 | €78,235 | ▲ 2.7% |
| Trade debts44 | €90 | €127,368 | €0 | €585 | €635 | ▲ 8.6% |
| Suppliers440/4 | €90 | €127,368 | €0 | €585 | €635 | ▲ 8.6% |
| Taxes, remuneration and social security45 | - | - | €18,529 | €13,775 | €13,893 | ▲ 0.9% |
| Taxes450/3 | - | - | €18,529 | €13,775 | €13,893 | ▲ 0.9% |
| Other amounts payable47/48 | €1,651 | €0 | €570,694 | €749,459 | €639,953 | ▼ 14.6% |
| Accrued charges and deferred income492/3 | - | €4,501 | €11,301 | €18,501 | €26,251 | ▲ 41.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,863 | -€182,541 | -€3,915 | €55,334 | €195,763 | ▲ 254% |
| + Depreciation and write-downs630 | - | €100,795 | €23,197 | €23,197 | €23,197 | = |
| Operating cash flow (approximation) | -€14,863 | -€81,747 | €19,281 | €78,531 | €218,960 | ▲ 179% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €31,842 | - |
| Change in cash | - | €54,719 | -€22,039 | €62,001 | -€3,156 | ▼ 105% |
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
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2021net €195,763 ▲254%
Operating result €253,899, net result €195,763, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €55,334
Net result €55,334 after 3 loss-making years.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-12
State Gazette act
Demerger · Capital
Corporate purpose · Permanent representative
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 16 days late
2022
31-12
Financial
Weakest financial yearnet -€182,541
Net result drops to -€182,541, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Kontich · 1 establishment unit since 2020
Ground area
2,097 m²
Building footprint
242 m²
Parcel 11048B0078/00Y000, Flanders. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
GES RE
since 20202.303.908.069
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11048B0078/00Y000 | Flanders | 2,097 m² | 1 · 242 m² | - |
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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 234,046 EUR awarded · 234,046 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 163,814 EUR |
| 2022 | 1 | 234,046 EUR | 70,232 EUR |
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 5,307 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
Founded15-06-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0748566915
Also
9925:BE0748566915
Registered
16-07-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.