Gezel
ActiveSummary
Gezel has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €5.2m and a net result of €1.7m. Equity is growing by ~14.2% per year across the filed fiscal years. Its solvency ranks better than 70% of 3551 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability82▲+9
Solvency82▼-4
Growth76▼-3
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €390,000 at 30 days acceptable
Liquidity ample (current ratio 1.58 against 1.67 in 2023; short-term debt: 34.6% and cash: 14.4% of total assets), and 42.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
57.2%
Return on assets
18.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
55 d early
2022
40 d early
2021
58 d early
2020
54 d early
2019
49 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 49 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#3 company by total assets in Buggenhout, Construction sector#3 company by equity in Buggenhout, Construction sector#5 oldest company in Buggenhout, Construction sector
Turnover
€18.3m▲ 0.3%
2023 · €18.2m
EBIT margin
8.7%▲ 3.3pp
2023 · 5.4%
Net result
€1.7m▲ 96.5%
2023 · €869,392
Working capital
€1.8m▲ 29.7%
2023 · €1.4m
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
Line20202021202220232024
Turnover€12.8m▲ 17.6%€14.7m▲ 14.9%€15.4m▲ 5.0%€18.2m▲ 18.3%€18.3m▲ 0.3%
Operating result€506,191▼ 19.5%€1.2m▲ 144%€956,095▼ 22.7%€988,262▲ 3.4%€1.6m▲ 61.0%
Net result€397,651▼ 13.4%€1.1m▲ 166%€885,389▼ 16.2%€869,392▼ 1.8%€1.7m▲ 96.5%
EBIT margin4.0%▼ 1.8pp8.4%▲ 4.5pp6.2%▼ 2.2pp5.4%▼ 0.8pp8.7%▲ 3.3pp
Equity€2.7m▲ 1.8%€3.2m▲ 20.8%€3.6m▲ 11.9%€4.1m▲ 13.0%€5.2m▲ 27.1%
Total assets€6.3m▲ 0.3%€8.3m▲ 31.2%€7.1m▼ 14.3%€6.7m▼ 5.8%€9.1m▲ 35.6%
Debt€3.5m▼ 1.5%€4.9m▲ 40.0%€3.4m▼ 31.0%€2.4m▼ 27.6%€3.7m▲ 50.9%
Working capital€625,134▼ 46.9%€3.0m▲ 378%€1.9m▼ 37.1%€1.4m▼ 25.7%€1.8m▲ 29.7%
Staff (FTE)46.4▲ 11.3%48▲ 3.4%48.8▲ 1.7%50.7▲ 3.9%50.5▼ 0.4%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 61% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9.1m
Fixed assets
€4.1m ▲ 28.9%
Current assets
€4.9m ▲ 41.6%
Equity and liabilities €9.1m
Equity
€5.2m ▲ 27.1%
Provisions
€184,037 ▲ 15.5%
Debt
€3.7m ▲ 50.9%
Debt's share of the balance-sheet total rises from 36.6% to 40.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.9m▲
2023 · €1.3m
Cash flow
€2.0m▲
2023 · €1.2m
Current ratio
1.58▼
2023 · 1.67
Quick ratio
1.49▲
2023 · 1.44
Debt to equity
0.71▲
2023 · 0.60
ROE
32.9%▲
2023 · 21.3%
ROA
18.8%▲
2023 · 13.0%
Interest coverage
564.34▲
2023 · 348.30
Debt ≤ 1 year
€3.1m▲
2023 · €2.1m
Income taxes
€433,786▲
2023 · €291,152
Staff costs
€3.7m▲
2023 · €3.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €14.9m | €15.6m | €18.6m | €18.4m | ▼ 0.9% |
| Turnover70 | €12.8m | €14.7m | €15.4m | €18.2m | €18.3m | ▲ 0.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €135,321 | -€115,798 | ▼ 186% |
| Own construction capitalised72 | - | - | - | - | €12,900 | - |
| Other operating income74 | - | €206,602 | €181,968 | €238,340 | €244,372 | ▲ 2.5% |
| Operating charges60/66A | - | €13.7m | €14.6m | €17.6m | €16.8m | ▼ 4.4% |
| Goods for resale, raw materials and consumables60 | - | €9.1m | €9.9m | €12.0m | €11.1m | ▼ 8.0% |
| Purchases600/8 | - | €9.0m | €10.1m | €11.9m | €11.0m | ▼ 7.7% |
| Change in stocks: decrease (increase)609 | - | €60,630 | -€146,230 | €131,824 | €88,388 | ▼ 32.9% |
| Services and other goods61 | - | €1.1m | €1.3m | €1.6m | €1.7m | ▲ 2.4% |
| Remuneration, social security and pensions62 | - | €3.1m | €3.1m | €3.6m | €3.7m | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €257,329 | €258,055 | €264,231 | €283,052 | €333,418 | ▲ 17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €456 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €19,053 | -€46,649 | €54,629 | €27,617 | ▼ 49.4% |
| Other operating charges640/8 | - | €24,924 | €26,438 | €26,996 | €40,733 | ▲ 50.9% |
| Operating profit (loss)9901 | €506,191 | €1.2m | €956,095 | €988,262 | €1.6m | ▲ 61.0% |
| Financial income75/76B | - | €232,485 | €161,304 | €174,723 | €552,439 | ▲ 216% |
| Recurring financial income75 | €56,481 | €232,485 | €161,304 | €174,723 | €552,439 | ▲ 216% |
| Income from financial fixed assets750 | - | €199,864 | €99,887 | €99,887 | €495,488 | ▲ 396% |
| Income from current assets751 | - | - | - | €13,963 | €12,622 | ▼ 9.6% |
| Other financial income752/9 | - | €32,621 | €61,417 | €60,874 | €44,330 | ▼ 27.2% |
| Financial charges65/66B | - | €19,376 | €7,952 | €5,297 | €4,028 | ▼ 24.0% |
| Recurring financial charges65 | €12,390 | €19,376 | €7,952 | €5,297 | €4,028 | ▼ 24.0% |
| Debt charges650 | €10,369 | €9,242 | €5,458 | €3,650 | €3,410 | ▼ 6.6% |
| Other financial charges652/9 | - | €10,134 | €2,494 | €1,647 | €619 | ▼ 62.4% |
| Profit (loss) for the period before taxes9903 | €550,282 | €1.5m | €1.1m | €1.2m | €2.1m | ▲ 84.8% |
| Transfer from deferred taxes780 | - | €2,855 | €2,855 | €2,855 | €2,855 | = |
| Income taxes67/77 | €155,486 | €397,348 | €226,912 | €291,152 | €433,786 | ▲ 49.0% |
| Taxes670/3 | - | €397,348 | €280,227 | €291,152 | €433,786 | ▲ 49.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | €53,315 | - | - | - |
| Profit (loss) for the period9904 | €397,651 | €1.1m | €885,389 | €869,392 | €1.7m | ▲ 96.5% |
| Transfer from tax-exempt reserves789 | - | €6,796 | €6,796 | €6,796 | €6,796 | = |
| Profit (loss) for the period to be appropriated9905 | €404,447 | €1.1m | €892,185 | €876,188 | €1.7m | ▲ 95.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.3m | €8.3m | €7.1m | €6.7m | €9.1m | ▲ 35.6% |
| Fixed assets21/28 | €2.9m | €2.8m | €2.8m | €3.2m | €4.1m | ▲ 28.9% |
| Intangible fixed assets21 | €3,149 | €2,927 | €18,428 | €14,607 | €10,786 | ▼ 26.2% |
| Tangible fixed assets22/27 | €1.5m | €1.3m | €1.3m | €1.7m | €2.6m | ▲ 53.8% |
| Land and buildings22 | - | €962,242 | €919,413 | €1.2m | €1.4m | ▲ 18.6% |
| Plant, machinery and equipment23 | - | €56,639 | €92,383 | €139,443 | €101,689 | ▼ 27.1% |
| Furniture and vehicles24 | - | €167,672 | €189,656 | €417,236 | €540,878 | ▲ 29.6% |
| Leasing and similar rights25 | - | €117,329 | €70,450 | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €619,668 | - |
| Financial fixed assets28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▲ 0.7% |
| Affiliated companies280/1 | - | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 0.1% |
| Participating interests280 | - | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 0.1% |
| Other financial fixed assets284/8 | - | €78,270 | €101,564 | €76,826 | €85,065 | ▲ 10.7% |
| Shares284 | - | €7,000 | €9,050 | €9,725 | €9,725 | = |
| Amounts receivable and cash guarantees285/8 | - | €71,270 | €92,514 | €67,101 | €75,340 | ▲ 12.3% |
| Current assets29/58 | €3.4m | €5.5m | €4.3m | €3.5m | €4.9m | ▲ 41.6% |
| Stocks and contracts in progress3 | €387,405 | €326,775 | €473,005 | €476,502 | €272,316 | ▼ 42.9% |
| Stocks30/36 | - | €326,775 | €473,005 | €341,181 | €252,793 | ▼ 25.9% |
| Raw materials and consumables30/31 | - | €326,775 | €473,005 | €341,181 | €252,793 | ▼ 25.9% |
| Contracts in progress37 | - | - | - | €135,321 | €19,523 | ▼ 85.6% |
| Amounts receivable within one year40/41 | €2.4m | €2.4m | €3.1m | €2.6m | €3.4m | ▲ 30.2% |
| Trade receivables40 | - | €2.2m | €2.9m | €2.4m | €3.2m | ▲ 31.5% |
| Other amounts receivable41 | - | €175,289 | €185,870 | €153,346 | €169,900 | ▲ 10.8% |
| Current investments50/53 | €6,875 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €638,591 | €2.8m | €735,702 | €420,452 | €1.3m | ▲ 210% |
| Deferred charges and accrued income490/1 | - | €8,043 | €10,425 | €10,038 | €4,220 | ▼ 58.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.3m | €8.3m | €7.1m | €6.7m | €9.1m | ▲ 35.6% |
| Equity10/15 | €2.7m | €3.2m | €3.6m | €4.1m | €5.2m | ▲ 27.1% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Capital10 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Issued capital100 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Reserves13 | €313,612 | €306,816 | €300,020 | €293,225 | €286,429 | ▼ 2.3% |
| Non-distributable reserves130/1 | - | €50,282 | €50,282 | €50,282 | €50,282 | = |
| Legal reserve130 | - | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Other1319 | - | €282 | €282 | €282 | €282 | = |
| Tax-exempt reserves132 | - | €44,363 | €37,568 | €30,772 | €23,976 | ▼ 22.1% |
| Distributable reserves133 | - | €212,171 | €212,171 | €212,171 | €212,171 | = |
| Profit (loss) carried forward14 | €1.9m | €2.4m | €2.8m | €3.3m | €4.4m | ▲ 33.9% |
| Provisions and deferred taxes16 | €140,806 | €157,004 | €107,501 | €159,275 | €184,037 | ▲ 15.5% |
| Provisions for liabilities and charges160/5 | - | €146,825 | €100,176 | €154,805 | €182,421 | ▲ 17.8% |
| Other liabilities and charges164/5 | - | €146,825 | €100,176 | €154,805 | €182,421 | ▲ 17.8% |
| Deferred taxes168 | - | €10,179 | €7,325 | €4,470 | €1,616 | ▼ 63.9% |
| Amounts payable17/49 | €3.5m | €4.9m | €3.4m | €2.4m | €3.7m | ▲ 50.9% |
| Amounts payable after more than one year17 | €647,102 | €319,670 | €102,941 | - | - | - |
| Financial debts170/4 | - | €119,670 | €2,941 | - | - | - |
| Leasing and similar obligations172 | - | €28,017 | - | - | - | - |
| Credit institutions173 | - | €11,653 | €2,941 | - | - | - |
| Other loans174 | - | €80,000 | - | - | - | - |
| Other amounts payable178/9 | - | €200,000 | €100,000 | - | - | - |
| Amounts payable within one year42/48 | €2.8m | €2.5m | €2.4m | €2.1m | €3.1m | ▲ 49.6% |
| Current portion of amounts payable after more than one year42 | - | €227,432 | €116,728 | €2,941 | €0 | ▼ 100% |
| Trade debts44 | €1.8m | €1.3m | €1.2m | €1.3m | €2.2m | ▲ 70.5% |
| Suppliers440/4 | - | €1.3m | €1.2m | €1.3m | €2.2m | ▲ 70.5% |
| Taxes, remuneration and social security45 | - | €433,762 | €478,411 | €412,243 | €351,940 | ▼ 14.6% |
| Taxes450/3 | - | €220,860 | €239,420 | €169,536 | €125,990 | ▼ 25.7% |
| Remuneration and social security454/9 | - | €212,902 | €238,991 | €242,707 | €225,951 | ▼ 6.9% |
| Other amounts payable47/48 | - | €600,000 | €600,000 | €401,131 | €600,250 | ▲ 49.6% |
| Accrued charges and deferred income492/3 | - | €2.1m | €843,923 | €351,581 | €558,932 | ▲ 59.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €397,651 | €1.1m | €885,389 | €869,392 | €1.7m | ▲ 96.5% |
| + Depreciation and write-downs630 | €257,329 | €258,055 | €264,231 | €283,052 | €333,418 | ▲ 17.8% |
| Operating cash flow (approximation) | €654,980 | €1.3m | €1.1m | €1.2m | €2.0m | ▲ 77.2% |
| Investment in fixed assets (approximation) | - | -€107,548 | -€271,045 | -€691,950 | -€1.3m | ▼ 82.0% |
| Change in cash | - | €2.1m | -€2.0m | -€315,250 | €882,357 | ▲ 380% |
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
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €1.7m ▲96.5%
Operating result €1.6m, net result €1.7m, both a record.
31-12
Financial
Equity above €5mEq €5.2m ▲27.1%
7 profitable years in a row build equity to €5.2m.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
07-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €397,651 ▼13.4%
Net result drops to €397,651, the lowest in the series; recovery starts the following year.
12-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
22-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Buggenhout · 2 establishment units since 1980
Ground area
1.6 ha
Building footprint
3,314 m²
Volume, LiDAR
19,117 m³
2 parcels, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Beukenstraat 160, 9255 Buggenhout
since 19802.016.914.169
Gezel - BU Acar
since 20252.370.147.983
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42004A0620/00D000 | Flanders | 1.2 ha | 1 · 1,361 m² | 8.7 m · 2 fl. |
| 46445D1844/00F000 | Flanders | 3,501 m² | 1 · 1,953 m² | 7.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 · 3 entries · 1,841 EUR awarded · 1,841 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 1,000 EUR | 1,000 EUR |
| 2022 | 2 | 841 EUR | 841 EUR |
Recognitions · licences · registrations
Recognised contractor
3 categoriesGezel NV19275
Dual-learning approval
5 live approvals · 6 endedHoeknaadlasser duaal (so)
Lassen-constructie duaal (so)
Lasser-monteerder (vwo)
Lasser-monteerder duaal (so)
Onthaal, organisatie en sales duaal (so)
Show 6 ended approvals
Monteur sanitaire en verwarmingsinstallaties duaal (so)
Sanitaire en verwarmingsinstallaties duaal (so)
Vakman installatietechnieken (vwo)
Lasser TIG (so)
Monteur centrale verwarming (so)
Sanitair installateur (so)
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 891 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-12-1979
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
Scores and ratios are computed by Checked and are not a credit decision.