Equity
Equity fell by 91% in 1 year.
Equity fell by 91% in 1 year.
The micro format states no turnover.
Short-term debts rose from €60,342 to €167,966.
The 2022 accounts came latest: 32 days after the end of the period.
Higher net result than 88% of companies in retail trade. Sector median €5,052 · 22,922 companies.
The dashed line is the sector median: 0.6% across 40,277 companies (NACE 47, micro).
About 3 in 100 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 (NACE 47, micro). It does better than 28% of them on solvency, 6% on liquidity, 96% on profitability and 6% on growth.
The bankruptcy probability was computed on 10-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 6,713 companies had the same profile as GESCA has now. Each dot stands for 17 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GESCA itself is higher: 2.9% within 12 months. It rests on far more data about GESCA than the profile alone.
The method was tested on the 497,448 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 6,713 companies, not a prediction for GESCA. 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 tight, with a current ratio of 1.1 (5.06 in 2024), below the usual 1.5. Short-term debt is 88.2% and cash 1.9% of total assets. 88.2% of the assets are financed with debt and provisions.
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 4 accounts on average 13 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| GESCA Beveren-Kruibeke-Zwijndrecht | €190,506 | €74,705 | 11.8% | - |
| WUNDERMART BELGIUM Forest | €194,766 | €55,284 | -22.9% | - |
| LOCA-INVEST Plombières | €154,624 | €61,083 | 8.7% | - |
| BROCOBIO Fleurus | €214,891 | €60,344 | -57.4% | 0.8 |
| DELBA Tielt | €266,500 | €85,381 | 20.6% | - |
| NIVISCO Kinrooi | €189,759 | €118,779 | 47.6% | - |
| ORTOMEX Jurbise | €150,967 | €61,000 | 12.5% | - |
These companies have the same main activity as GESCA: retail sale of solid, liquid and gaseous fuels, excluding motor fuels (NACE 47781). They are comparable in size and age: total assets between €151,000 and €266,000, founded between 2020 and 2022.
GESCA files the micro format. That format states no turnover. The gross margin fell from €117,033 in 2022 to €74,705 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €360,000. Estimated: probably between €190,000 and €490,000.
Higher than 31% of 22,939 companies in 2025.
Higher than 36% of 22,068 companies in 2025.
Higher than 90% of 22,218 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
190,506 | 312,024 | 209,780 | 152,174 | |
21/28 |
5,729 | 6,577 | 11,292 | 3,686 | |
22/27 |
5,729 | 6,577 | 5,821 | 3,686 | |
23 |
4,041 | 6,577 | 5,821 | 3,686 | |
24 |
1,688 | - | - | - | |
28 |
- | - | 5,471 | - | |
29/58 |
184,777 | 305,446 | 198,488 | 148,488 | |
29 |
133,000 | 233,000 | 125,000 | 125,000 | |
291 |
133,000 | 233,000 | 125,000 | 125,000 | |
40/41 |
47,733 | 36,712 | 21,931 | 17,993 | |
40 |
14,152 | 3,103 | 21,899 | 17,961 | |
41 |
33,581 | 33,609 | 32 | 32 | |
54/58 |
3,704 | 34,223 | 50,218 | 5,495 | |
490/1 |
340 | 1,512 | 1,339 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
190,506 | 312,024 | 209,780 | 152,174 | |
10/15 |
22,540 | 251,681 | 138,655 | 84,377 | |
10/11 |
4,500 | 4,500 | 4,500 | 4,500 | |
13 |
18,040 | 247,181 | 134,155 | 79,877 | |
133 |
18,040 | 247,181 | 134,155 | 79,877 | |
14 |
0 | - | - | - | |
17/49 |
167,966 | 60,342 | 71,125 | 67,797 | |
42/48 |
167,966 | 60,342 | 71,125 | 67,797 | |
44 |
5,191 | 8,599 | 4,442 | 3,066 | |
440/4 |
5,191 | 8,599 | 4,442 | 3,066 | |
45 |
54,785 | 48,510 | 54,675 | 43,327 | |
450/3 |
54,785 | 47,310 | 54,675 | 43,327 | |
454/9 |
0 | 1,200 | - | - | |
47/48 |
107,990 | 3,234 | 12,008 | 21,404 | |
| Income statement | |||||
9900 |
74,705 | 155,559 | 78,459 | 117,033 | |
630 |
3,144 | 3,433 | 2,591 | 1,673 | |
640/8 |
1,202 | 2,321 | 1,560 | 1,572 | |
9901 |
70,359 | 149,806 | 74,308 | 113,787 | |
75/76B |
200 | 184 | 0 | - | |
75 |
200 | 184 | 0 | - | |
65/66B |
3,469 | 4,616 | 4,691 | 619 | |
65 |
3,469 | 4,616 | 4,691 | 619 | |
9903 |
67,090 | 145,373 | 69,617 | 113,168 | |
67/77 |
16,354 | 32,347 | 14,539 | 32,491 | |
9904 |
50,735 | 113,026 | 55,078 | 80,677 | |
9905 |
50,735 | 113,026 | 55,078 | 80,677 | |
| Appropriation of the result | |||||
9906 |
50,735 | 113,026 | 55,078 | 80,677 | |
791/2 |
247,181 | - | - | - | |
691/2 |
18,040 | 113,026 | 54,278 | 79,877 | |
6921 |
18,040 | 113,026 | 54,278 | 79,877 | |
694/7 |
279,877 | - | 800 | 800 | |
694 |
279,877 | - | 800 | 800 | |
| 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 filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 07-04-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 73,503 | 153,239 | 76,900 | 115,461 | ||
| 53,879 | 116,459 | 57,669 | 82,350 | ||
| 2,295 | 4,189 | 10,823 | 5,360 | ||
| -30,519 | -15,996 | 44,724 | - | ||
| 16,811 | 245,104 | 127,363 | 80,691 | ||
| 11.8% | 80.7% | 66.1% | 55.4% | ||
| 1.10 | 5.06 | 2.79 | 2.19 | ||
| 7.45 | 0.24 | 0.51 | 0.80 | ||
| 225.1% | 44.9% | 39.7% | 95.6% | ||
| 26.6% | 36.2% | 26.3% | 53.0% | ||
| 21.19 | 33.20 | 16.39 | over 100 |
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 |
|---|---|---|---|---|
| Tangible fixed assets | €2,295 | €4,189 | €5,353 | €5,360 |
| Financial fixed assets | - | - | €5,471 | - |
| €3,144 | €3,433 | €2,591 | €1,673 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 53% lower than in 2024 and the lowest since 2022.
Debt's share of the balance-sheet total rises from 19.3% to 88.2%. Equity is lower and debt is higher.
GESCA has no parent and no holdings in its annual accounts. GHAZI Reza is the only director. GESCA shares no director with another company.
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
GESCA was incorporated on 5 July 2021 as a private limited company by one natural person, with a starting capital of €4,500.12 Since 2021, GHAZI Reza has served as director.3 Total assets rose from €152,174 in 2022 to €190,506 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Nieuwe Kerkstraat 77 registered office 9150 Beveren-Kruibeke-Zwijndrecht | 05-07-2021 | 2.319.208.929 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 46013A0752/00D006 | 114 m² | 1 · 58 m² | 7.0 m · 2 |
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