GS PHARMA
ActiveSummary
GS PHARMA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €148,351 and a net result of €15,644. Equity remains stable across the filed fiscal years (±1.7% per year). Its solvency ranks better than 26% of 9636 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability49▼-19
Solvency44=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity tight (current ratio 1.45 against 1.23 in 2023; short-term debt: 64.6% and cash: 7.8% of total assets), and 81.5% of the assets are financed with debt.
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Signals
Four 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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 · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €148,351
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-10-2025, 77 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
77 d late
2023
28 d late
2022
5 d early
2021
30 d late
2020
19 d late
2019
63 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 35 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€148,351▲ 0.4%
2023 · €147,707
Total assets
€801,776▲ 5.6%
2023 · €759,089
Net result
€15,644▼ 49.9%
2023 · €31,225
Working capital
€231,758▲ 82.7%
2023 · €126,840
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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-€5,973-€11,566▼ 93.6%€9,442€41,082▲ 335%€29,102▼ 29.2%
Net result-€15,006below the sector's middle half▼ 502%-€21,116below the sector's middle half▼ 40.7%€2,333below the sector's middle half€31,225within the sector's middle half▲ 1,239%€15,644within the sector's middle half▼ 49.9%
Equity€145,266within the sector's middle half▼ 9.4%€124,149within the sector's middle half▼ 14.5%€126,482within the sector's middle half▲ 1.9%€147,707within the sector's middle half▲ 16.8%€148,351within the sector's middle half▲ 0.4%
Total assets€835,396within the sector's middle half▲ 3.6%€776,612within the sector's middle half▼ 7.0%€802,232within the sector's middle half▲ 3.3%€759,089within the sector's middle half▼ 5.4%€801,776within the sector's middle half▲ 5.6%
Debt€690,130▲ 6.8%€652,463▼ 5.5%€675,750▲ 3.6%€611,382▼ 9.5%€653,425▲ 6.9%
Working capital€151,843within the sector's middle half▼ 11.4%€174,369within the sector's middle half▲ 14.8%€98,520within the sector's middle half▼ 43.5%€126,840within the sector's middle half▲ 28.7%€231,758within the sector's middle half▲ 82.7%
Solvency17.4%within the sector's middle half▼ 2.5pp16.0%below the sector's middle half▼ 1.4pp15.8%below the sector's middle half▼ 0.2pp19.5%within the sector's middle half▲ 3.7pp18.5%within the sector's middle half▼ 1.0pp
Current ratio1.33within the sector's middle half▼ 0.161.39within the sector's middle half▲ 0.061.16within the sector's middle half▼ 0.231.23within the sector's middle half▲ 0.061.45within the sector's middle half▲ 0.22
Return on assets (ROA)-1.8%below the sector's middle half▼ 1.5pp-2.7%below the sector's middle half▼ 0.9pp0.3%below the sector's middle half▲ 3.0pp4.1%within the sector's middle half▲ 3.8pp2.0%within the sector's middle half▼ 2.2pp
Staff (FTE)1.9within the sector's middle half▲ 18.8%1.8within the sector's middle half▼ 5.3%1.8within the sector's middle half=18above the sector's middle half▲ 900%1.8within the sector's middle half▼ 90.0%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 29% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €801,776
Fixed assets
€52,100 ▼ 32.5%
Current assets
€749,675 ▲ 9.9%
Equity and liabilities €801,776
Equity
€148,351 ▲ 0.4%
Debt
€653,425 ▲ 6.9%
Debt's share of the balance-sheet total rises from 80.5% to 81.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€54,184▼
2023 · €66,736
Cash flow
€40,725▼
2023 · €56,880
Quick ratio
1.00▲
2023 · 0.83
Debt to equity
4.40▲
2023 · 4.14
ROE
10.5%▼
2023 · 21.1%
Interest coverage
3.35▼
2023 · 5.25
Debt ≤ 1 year
€517,917▼
2023 · €555,067
Debt > 1 year
€132,033▲
2023 · €53,380
Income taxes
€1,484
Staff costs
€125,445▲
2023 · €122,166
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,504 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,662 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% | 1.7% |
| 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 75% 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 4,504 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €522 | - |
| Remuneration, social security and pensions62 | - | €106,699 | €117,695 | €122,166 | €125,445 | ▲ 2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69,211 | €68,901 | €54,775 | €25,655 | €25,082 | ▼ 2.2% |
| Other operating charges640/8 | - | €868 | €868 | €384 | €450 | ▲ 17.2% |
| Gross operating margin9900 | €168,769 | €164,902 | €182,781 | €189,286 | €180,079 | ▼ 4.9% |
| Operating profit (loss)9901 | -€5,973 | -€11,566 | €9,442 | €41,082 | €29,102 | ▼ 29.2% |
| Financial income75/76B | - | €2,763 | €2,613 | €2,859 | €4,178 | ▲ 46.1% |
| Recurring financial income75 | €3,352 | €2,763 | €2,613 | €2,859 | €2,181 | ▼ 23.7% |
| Non-recurring financial income76B | - | - | - | - | €1,997 | - |
| Financial charges65/66B | - | €12,314 | €9,722 | €12,716 | €16,152 | ▲ 27.0% |
| Recurring financial charges65 | €12,385 | €12,314 | €9,722 | €12,716 | €16,152 | ▲ 27.0% |
| Profit (loss) for the period before taxes9903 | -€15,006 | -€21,116 | €2,333 | €31,225 | €17,128 | ▼ 45.1% |
| Income taxes67/77 | - | - | - | - | €1,484 | - |
| Profit (loss) for the period9904 | -€15,006 | -€21,116 | €2,333 | €31,225 | €15,644 | ▼ 49.9% |
| Profit (loss) for the period to be appropriated9905 | -€15,006 | -€21,116 | €2,333 | €31,225 | €15,644 | ▼ 49.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €835,396 | €776,612 | €802,232 | €759,089 | €801,776 | ▲ 5.6% |
| Fixed assets21/28 | €226,513 | €157,612 | €102,836 | €77,182 | €52,100 | ▼ 32.5% |
| Intangible fixed assets21 | €43,595 | €17,595 | - | - | - | - |
| Tangible fixed assets22/27 | €182,918 | €140,017 | €102,836 | €77,182 | €52,100 | ▼ 32.5% |
| Land and buildings22 | - | €124,111 | €98,611 | €74,486 | €50,934 | ▼ 31.6% |
| Plant, machinery and equipment23 | - | €15,907 | €4,226 | €2,696 | €1,166 | ▼ 56.7% |
| Current assets29/58 | €608,883 | €619,000 | €699,395 | €681,907 | €749,675 | ▲ 9.9% |
| Stocks and contracts in progress3 | €235,772 | €233,769 | €205,372 | €218,960 | €232,668 | ▲ 6.3% |
| Stocks30/36 | - | €233,769 | €205,372 | €218,960 | €232,668 | ▲ 6.3% |
| Amounts receivable within one year40/41 | €313,913 | €340,703 | €412,480 | €390,839 | €438,619 | ▲ 12.2% |
| Trade receivables40 | - | €51,659 | €89,598 | €58,618 | €72,763 | ▲ 24.1% |
| Other amounts receivable41 | - | €289,044 | €322,882 | €332,221 | €365,855 | ▲ 10.1% |
| Cash at bank and in hand54/58 | €38,499 | €23,863 | €63,101 | €55,248 | €62,168 | ▲ 12.5% |
| Deferred charges and accrued income490/1 | - | €20,665 | €18,443 | €16,861 | €16,221 | ▼ 3.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €835,396 | €776,612 | €802,232 | €759,089 | €801,776 | ▲ 5.6% |
| Equity10/15 | €145,266 | €124,149 | €126,482 | €147,707 | €148,351 | ▲ 0.4% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €125,266 | €104,149 | €106,482 | €127,707 | €128,351 | ▲ 0.5% |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | - | - | - |
| Reserves not available under the articles1311 | - | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | - | €102,149 | €104,482 | €127,707 | €128,351 | ▲ 0.5% |
| Amounts payable17/49 | €690,130 | €652,463 | €675,750 | €611,382 | €653,425 | ▲ 6.9% |
| Amounts payable after more than one year17 | €230,590 | €205,282 | €72,025 | €53,380 | €132,033 | ▲ 147% |
| Financial debts170/4 | - | €205,282 | €72,025 | €53,380 | €132,033 | ▲ 147% |
| Amounts payable within one year42/48 | €457,040 | €444,631 | €600,875 | €555,067 | €517,917 | ▼ 6.7% |
| Current portion of amounts payable after more than one year42 | - | €60,309 | €18,256 | €18,645 | €42,515 | ▲ 128% |
| Financial debts43 | - | - | €125,000 | €125,000 | €125,000 | = |
| Credit institutions430/8 | - | - | €125,000 | €125,000 | €125,000 | = |
| Trade debts44 | €174,116 | €39,638 | €109,372 | €77,256 | €195,883 | ▲ 154% |
| Suppliers440/4 | - | €39,638 | €109,372 | €77,256 | €195,883 | ▲ 154% |
| Taxes, remuneration and social security45 | - | €13,839 | €14,996 | €15,985 | €17,942 | ▲ 12.2% |
| Taxes450/3 | - | - | - | - | €1,528 | - |
| Remuneration and social security454/9 | - | €13,839 | €14,996 | €15,985 | €16,414 | ▲ 2.7% |
| Other amounts payable47/48 | - | €330,845 | €333,251 | €318,181 | €136,578 | ▼ 57.1% |
| Accrued charges and deferred income492/3 | - | €2,550 | €2,850 | €2,935 | €3,474 | ▲ 18.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,006 | -€21,116 | €2,333 | €31,225 | €15,644 | ▼ 49.9% |
| + Depreciation and write-downs630 | €69,211 | €68,901 | €54,775 | €25,655 | €25,082 | ▼ 2.2% |
| Operating cash flow (approximation) | €54,204 | €47,784 | €57,108 | €56,880 | €40,725 | ▼ 28.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€14,637 | €39,238 | -€7,853 | €6,920 | ▲ 188% |
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
16-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 77 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €2,333
Net result €2,333 after 3 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
31-12
Financial
Weakest financial yearnet -€21,116
Net result drops to -€21,116, the lowest in the series; recovery starts the following year.
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 19 days late
2020
02-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 63 days late
2019
19-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 19 days late
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
17-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 17 days late
2016
07-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Dilbeek · 1 establishment unit since 2012
Ground area
378 m²
Building footprint
91 m²
Volume, LiDAR
698 m³
Parcel 23026B0123/00T000, Flanders · tallest building 10.6 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
GS PHARMA
since 20122.212.199.420
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23026B0123/00T000 | Flanders | 378 m² | 1 · 91 m² | 10.6 m · 3 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.
Structure & network
Owners and holdings
1 ownerChain of control
- MSP INVEST
- GS PHARMA
Highest known parent: MSP INVEST. The sources do not say who stands above it.
Owners 1
- MSP INVESTparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 siteDilbeek2.212.199.420
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 3,566 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
Founded04-09-2012
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0848422277
Also
9925:BE0848422277
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.