GPH Development
ActiveSummary
The computed 12-month bankruptcy probability of GPH Development is 3.5% (moderate). The 2024 annual accounts show negative equity (-€239,794) and a net result of -€81,565. Equity is shrinking by ~16.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 1307 sector peers (fiscal year 2024). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-25
Solvency0=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
3.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.29 against 0.13 in 2023; short-term debt: 224.7% and cash: 11.3% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-124.7%
Return on assets
-42.4%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Warehousing and support activities for transportation (NACE 52)
about 72% 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
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€239,794
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
1 d early
2022
31 d late
2021
30 d late
2020
59 d late
2019
181 d late
← 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 60 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€239,794▼ 51.5%
2023 · -€158,230
Total assets
€192,302▲ 716%
2023 · €23,575
Net result
-€81,565▼ 6,904%
2023 · -€1,165
Working capital
-€307,875▼ 94.6%
2023 · -€158,230
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, 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
Line20202021202220232024
Operating result-€19,721▲ 22.0%-€7,394▲ 62.5%-€31,079▼ 320%-€712▲ 97.7%-€80,741▼ 11,238%
Net result-€20,424below the sector's middle half▲ 20.6%-€8,101below the sector's middle half▲ 60.3%-€31,751below the sector's middle half▼ 292%-€1,165within the sector's middle half▲ 96.3%-€81,565below the sector's middle half▼ 6,904%
Equity-€117,212below the sector's middle half▼ 21.1%-€125,314below the sector's middle half▼ 6.9%-€157,065below the sector's middle half▼ 25.3%-€158,230below the sector's middle half▼ 0.7%-€239,794below the sector's middle half▼ 51.5%
Total assets€49,638below the sector's middle half▲ 99.7%€21,002below the sector's middle half▼ 57.7%€26,692below the sector's middle half▲ 27.1%€23,575below the sector's middle half▼ 11.7%€192,302within the sector's middle half▲ 716%
Debt€166,850▲ 37.2%€146,316▼ 12.3%€183,757▲ 25.6%€181,805▼ 1.1%€432,097▲ 138%
Working capital-€117,212▼ 5.2%-€125,314▼ 6.9%-€157,065▼ 25.3%-€158,230▼ 0.7%-€307,875▼ 94.6%
Solvency-236.1%below the sector's middle half▲ 153.3pp-596.7%below the sector's middle half▼ 360.5pp-588.4%below the sector's middle half▲ 8.2pp-671.2%below the sector's middle half▼ 82.7pp-124.7%below the sector's middle half▲ 546.5pp
above
within
below
the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €80,741 in 2024 against €712 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
Assets €192,302
Fixed assets
€68,081
Current assets
€124,222
Key figures and ratios
EBITDA
-€77,168
Cash flow
-€77,991
Current ratio
0.29▲
2023 · 0.13
Debt to equity
-1.80▼
2023 · -1.15
ROA
-42.4%▼
2023 · -4.9%
Interest coverage
-124.08
Debt ≤ 1 year
€432,097▲
2023 · €181,805
Income taxes
€272▲
2023 · €207
Staff costs
€31,193
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,943 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.1%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.5% 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 6,943 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €31,193 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,502 | €0 | - | - | €3,574 | - |
| Other operating charges640/8 | - | €994 | €796 | €384 | €3,442 | ▲ 795% |
| Non-recurring operating charges66A | - | - | - | - | €15,934 | - |
| Gross operating margin9900 | -€3,900 | -€6,400 | -€30,283 | -€328 | -€26,599 | ▼ 8,018% |
| Operating profit (loss)9901 | -€19,721 | -€7,394 | -€31,079 | -€712 | -€80,741 | ▼ 11,238% |
| Financial income75/76B | - | €2 | €0 | €184 | €71 | ▼ 61.6% |
| Recurring financial income75 | €53 | €2 | €0 | €184 | €71 | ▼ 61.6% |
| Financial charges65/66B | - | €507 | €468 | €429 | €622 | ▲ 45.0% |
| Recurring financial charges65 | €342 | €507 | €468 | €429 | €622 | ▲ 45.0% |
| Profit (loss) for the period before taxes9903 | -€20,010 | -€7,899 | -€31,547 | -€958 | -€81,293 | ▼ 8,389% |
| Income taxes67/77 | €415 | €203 | €205 | €207 | €272 | ▲ 31.3% |
| Profit (loss) for the period9904 | -€20,424 | -€8,101 | -€31,751 | -€1,165 | -€81,565 | ▼ 6,904% |
| Profit (loss) for the period to be appropriated9905 | -€20,424 | -€8,101 | -€31,751 | -€1,165 | -€81,565 | ▼ 6,904% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €49,638 | €21,002 | €26,692 | €23,575 | €192,302 | ▲ 716% |
| Fixed assets21/28 | €0 | - | - | - | €68,081 | - |
| Tangible fixed assets22/27 | €0 | - | - | - | €53,881 | - |
| Plant, machinery and equipment23 | - | - | - | - | €2,282 | - |
| Furniture and vehicles24 | - | - | - | - | €51,598 | - |
| Financial fixed assets28 | - | - | - | - | €14,200 | - |
| Current assets29/58 | €49,638 | €21,002 | €26,692 | €23,575 | €124,222 | ▲ 427% |
| Stocks and contracts in progress3 | €15,934 | €15,934 | €15,934 | €15,934 | €0 | ▼ 100% |
| Stocks30/36 | - | €15,934 | €15,934 | €15,934 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €32,191 | €1,582 | €6,712 | €6,945 | €102,531 | ▲ 1,376% |
| Trade receivables40 | - | €0 | - | - | €102,531 | - |
| Other amounts receivable41 | - | €1,582 | €6,712 | €6,945 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €1,513 | €842 | €1,288 | €697 | €21,691 | ▲ 3,013% |
| Deferred charges and accrued income490/1 | - | €2,645 | €2,759 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €49,638 | €21,002 | €26,692 | €23,575 | €192,302 | ▲ 716% |
| Equity10/15 | -€117,212 | -€125,314 | -€157,065 | -€158,230 | -€239,794 | ▼ 51.5% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€129,612 | -€137,714 | -€169,465 | -€170,630 | -€252,194 | ▼ 47.8% |
| Amounts payable17/49 | €166,850 | €146,316 | €183,757 | €181,805 | €432,097 | ▲ 138% |
| Amounts payable within one year42/48 | €166,850 | €146,316 | €183,757 | €181,805 | €432,097 | ▲ 138% |
| Trade debts44 | €24,426 | €57 | €16,879 | €8,098 | €109,450 | ▲ 1,252% |
| Suppliers440/4 | - | €57 | €16,879 | €8,098 | €109,450 | ▲ 1,252% |
| Advances received on contracts in progress46 | - | - | - | - | €14,357 | - |
| Taxes, remuneration and social security45 | - | €683 | €685 | €412 | €21,210 | ▲ 5,051% |
| Taxes450/3 | - | €683 | €685 | €412 | €11,234 | ▲ 2,628% |
| Remuneration and social security454/9 | - | - | - | - | €9,976 | - |
| Other amounts payable47/48 | - | €145,576 | €166,193 | €173,295 | €287,079 | ▲ 65.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,424 | -€8,101 | -€31,751 | -€1,165 | -€81,565 | ▼ 6,904% |
| + Depreciation and write-downs630 | €15,502 | €0 | - | - | €3,574 | - |
| Operating cash flow (approximation) | -€4,923 | -€8,101 | -€31,751 | -€1,165 | -€77,991 | ▼ 6,597% |
| Change in cash | - | -€671 | €446 | -€591 | €20,994 | ▲ 3,653% |
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
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Weakest financial yearnet -€81,565
Net result drops to -€81,565, the lowest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 59 days late
28-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 181 days late
2020
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 309 days late
2018
21-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 52 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Brussel · 1 establishment unit since 2015
Ground area
840 m²
Building footprint
421 m²
Volume, LiDAR
5,220 m³
Parcel 21807G0211/00Z011, Brussels · tallest building 24.3 m, ±5 floors. Linked by address, not a title deed.
31
companies at this address
See who is registered here
1 establishment unit
GPH Development
since 20152.246.460.315
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0211/00Z011 | Brussels | 840 m² | 1 · 421 m² | 24.3 m · 5 fl. |
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.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 3,187 companies in sector 52250 we hold annual accounts for 1,963. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-02-2015
Fiscal year end31-12
Activities, NACEBEL 2025
52250Logistics services
96230Day spas, saunas and steam baths
E-invoicing
Reachable via Peppol
Peppol ID
0208:0598827322
Also
9925:BE0598827322
Registered
12-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.