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GFSC

Active
Private limited companyfounded 1984active for 42 yearsElisabethlaan 143, 9400 Ninove, BelgiumKBO/BCE: BE 0425.553.945
Summary

GFSC has been active since 1984 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €64.9m and a net result of €12.0m. Equity is shrinking by about 4.9% per year across the filed financial years. Its solvency ranks better than 21% of 1,152 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Overview

Activity
Other business support services
NACE 82990
Largest company by total assets in Ninove, Administrative and support services sector1 site
Size
€483.8mtotal assets 2025
Equity
€64.9m
Profit
€12.0m
Financial health
89 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Structure
Parent
LA LORRAINE BAKERY GROUP · 100%
Auditor: Ernst et Young Reviseurs d'EntreprisesAccounts 74 days early1 of 14 deeds read
Why 89raises riskLiquidity: current ratio 3.01, cash €1.3mEquity €64.9m (13.4% of total assets)lowers riskSize: total assets €483.8mFounded in 1984Show the evidence

Checked score

Score 2025
89 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 24% of its sector peers (NACE 82, large)
Financial strength · tick = 2023
Weak
Solvency 38-3
equity 13.4% of total assets
Liquidity 37+30
short-term debt 31.2% · cash 0.3%
Profitability 44+12
return on assets 2.5%
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (51 companies, NACE 82, large)
Last 24 months 11-2024: 0.3% 12-2024: 0.3%● unchanged vs 11-2024 01-2025: 0.3%● unchanged vs 12-2024 02-2025: 0.3%● unchanged vs 01-2025 03-2025: 0.3%● unchanged vs 02-2025 04-2025: 0.3%● unchanged vs 03-2025 05-2025: 0.3%● unchanged vs 04-2025 06-2025: 0.3%● unchanged vs 05-2025 07-2025: 0.4%▲ +0.1 percentage points vs 06-2025 08-2025: 0.6%▲ +0.2 percentage points vs 07-2025 09-2025: 0.8%▲ +0.2 percentage points vs 08-2025 10-2025: 1.2%▲ +0.4 percentage points vs 09-2025 11-2025: 1.4%▲ +0.2 percentage points vs 10-2025 12-2025: 1.5%▲ +0.1 percentage points vs 11-2025 01-2026: 2.3%▲ +0.8 percentage points vs 12-2025 02-2026: 2.3%● unchanged vs 01-2026 03-2026: 2.3%● unchanged vs 02-2026highest value 04-2026: 2.0%▼ -0.3 percentage points vs 03-2026 05-2026: 2.0%● unchanged vs 04-2026 06-2026: 0.1%▼ -1.9 percentage points vs 05-2026lowest value 07-2026: 0.1%● unchanged vs 06-2026lowest value 08-2026: 0.1%● unchanged vs 07-2026lowest value 09-2026: 0.1%● unchanged vs 08-2026lowest value 10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €5,750,000 on 30-day terms is acceptable
Liquidity ample (current ratio 3.01, compared with 1.18 in 2023, above the usual 1.5; short-term debt: 31.2% and cash: 0.3% of total assets), but 86.6% of the assets are financed with debt and provisions.
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 82, large): better than 14% on solvency, 22% on liquidity and 37% on profitability.

The bankruptcy probability was computed on 22-10-2026 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

Six signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 3.01, cash €1.3m
NBB · annual accounts
lowers risk · Size: total assets €483.8m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
lowers risk · Founded in 1984
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Equity €64.9m (13.4% of total assets)
NBB · annual accounts
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 1152 sector peers (2025).
NBB · sector comparison
Position among 1152 sector peers
Solvency
better than 21%
← 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 18-05-2026, 74 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
74 days early
2024
65 days early
2023
64 days early
2022
77 days early
2021
67 days early
2020
73 days early
2019
72 days 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 70 days before the deadline; the sector median (NACE 82) for financial year 2024 is 7 days before the deadline, and 35% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 25 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
22-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Back to profitnet €12.0m
  3. Liquidity more than doubledcurrent ratio 3.01

Key points

  • Positive: Largest company by total assets in Ninove, Administrative and support services sectorin the Checked rankings No. 1 View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • Controlled by LA LORRAINE BAKERY GROUPknown shareholders 1% 100% View

By topic

Financials

Financial year
2025
Total assets
€483.8m
Profit
€12.0m
Solvency
13.4%
Total assets▲ 63.4%
Net result
20182025
Go to Financials

Board & ownership

Parent
LA LORRAINE BAKERY GROUP · 100%
Known shareholders
1%
Auditor
Ernst et Young Reviseurs…
Go to Board & ownership

Timeline

Events
48
Since
1985
Next accounts
by 31-07-2027
  1. 31-12-2025Equity above €50m
  2. 27-05-2025Annual accounts filed
  3. 14-05-2025Appointment: Ernst & Young Bedrijfsrevisoren BV (statutory…
Go to Timeline

Company details

Sites
1
Legal form
Private limited company
Activity
Other business support servicesNACE 82990
Founded
01-02-1984
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

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