GSA CONSTRUCT
BankruptcyThe KBO register records for GSA CONSTRUCT the legal situation: open bankruptcy (code 050); this is today's state according to the register itself, which carries no start date. The 2023 annual accounts show equity of €89k and a net result of €41k.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 1337 sector peers (2023).
NBB · sector comparisonPosition among 1337 sector peers
Solvency
better than 18%
← weakest
strongest →
lowers risk · Growing equity
Equity grew over 2021-2023. Profits are largely retained rather than distributed.
NBB · annual accounts 2023Equity per financial year
1920212223
2019 to 2023 · latest year €89k
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 30-08-2024, 30 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 · 5 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
30 d late
2022
29 d late
2021
31 d late
2020
24 d late
2019
31 d late
← before the deadline
after the deadline →
Financials · fiscal year 2023, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€41k▲ 21.9%
2022 · €34k
2019: €2k
2020: €23k
2021: €-15k
2022: €34k
2019 → 2023
Working capital
€191k▲ 213%
2022 · €61k
2019: €3k
2020: €27k
2021: €13k
2022: €61k
2019 → 2023
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20192020202120222023Trend
Equity€6k-€30k▲ 370%€15k▼ 50.0%€48k▲ 228%€89k▲ 84.7%
Operating result€5k-€28k▲ 466%€-12k€41k€65k▲ 59.2%
Net result€2k-€23k▲ 914%€-15k€34k€41k▲ 21.9%
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed two years in a row; 2023 is 59% above 2022 and is the highest year so far.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €774k
Fixed assets
€17k▼ 28.8%
Current assets
€757k▲ 95.7%
Equity and liabilities €774k
Equity
€89k▲ 84.7%
Debt
€685k▲ 88.9%
The debt ratio rises from 88.2% to 88.5%: debt grows faster than equity.
Key figures and ratios
EBITDA
€74k▲
2022 · €45k
Cash flow
€49k▲
2022 · €37k
Solvency
11.5%▼
2022 · 11.8%
Current ratio
1.34▲
2022 · 1.19
Quick ratio
1.26▲
2022 · 1.08
Debt / equity
7.66▲
2022 · 7.49
ROE
45.9%▼
2022 · 69.5%
ROA
5.3%▼
2022 · 8.2%
Interest coverage
5.34▼
2022 · 6.20
Debt
€685k▲
2022 · €363k
Debt ≤ 1 year
€566k▲
2022 · €326k
Debt > 1 year
€107k▲
2022 · €34k
Income taxes
€11k▲
2022 · €294
Staff costs
€599k▲
2022 · €377k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2023 against 2022
Balance sheet
Code20222023
Assets
Total assets20/58€411k€774k▲
Fixed assets21/28€24k€17k▼
Tangible fixed assets22/27€22k€15k▼
Plant, machinery and equipment23€2k€3k▲
Furniture and vehicles24€20k€13k▼
Financial fixed assets28€2k€2k=
Current assets29/58€387k€757k▲
Stocks and contracts in progress3€36k€44k▲
Stocks30/36€36k€44k▲
Amounts receivable within one year40/41€309k€698k▲
Trade receivables40€297k€696k▲
Other amounts receivable41€11k€3k▼
Cash at bank and in hand54/58€30k€6k▼
Deferred charges and accrued income490/1€12k€8k▼
Equity and liabilities
Total equity and liabilities10/49€411k€774k▲
Equity10/15€48k€89k▲
Contributions10/11€4k€4k=
Profit (loss) carried forward14€44k€85k▲
Amounts payable17/49€363k€685k▲
Amounts payable after more than one year17€34k€107k▲
Financial debts170/4€34k€107k▲
Amounts payable within one year42/48€326k€566k▲
Current portion of amounts payable after more than one year42€15k€24k▲
Trade debts44€222k€452k▲
Suppliers440/4€222k€452k▲
Taxes, remuneration and social security45€89k€89k▼
Taxes450/3-€54k
Remuneration and social security454/9€89k€35k▼
Other amounts payable47/48-€394
Accrued charges and deferred income492/3€3k€12k▲
Income statement
Code20222023
Remuneration, social security and pensions62€377k€599k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€8k▲
Other operating charges640/8€7k€9k▲
Gross operating margin9900€429k€682k▲
Operating profit (loss)9901€41k€65k▲
Financial income75/76B€131€4▼
Recurring financial income75€131€4▼
Financial charges65/66B€7k€14k▲
Recurring financial charges65€7k€14k▲
Profit (loss) for the period before taxes9903€34k€52k▲
Income taxes67/77€294€11k▲
Profit (loss) for the period9904€34k€41k▲
Profit (loss) for the period to be appropriated9905€34k€41k▲
Appropriation of the result
Profit (loss) to be appropriated9906€44k€85k▲
Profit (loss) brought forward from the previous period14P€11k€44k▲
Social balance
Average headcount (FTE)90878.912.6▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-12
Financial
Highest result since 2019net €41k ▲21.9%
Operating result €65k, net result €41k, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
31-12
Financial
Back to profitnet €34k
Net result €34k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet €-15k ▼164%
Net result drops to €-15k, the lowest in the series.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Châtelet · 1 establishment unit since 2019
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Emile Vandervelde 2016200 Châtelet1 establishment unit
GSA CONSTRUCT
since 20192.289.696.777
Similar companies · same sector, comparable size
MC TOITURES
BE 0819.677.615
Leuze-en-Hainaut · Eq €89k
LORENZO CARRELAGE
BE 0738.553.248
Sint-Pieters-Leeuw · Eq €89k
Michaël Verbesselt
BE 0664.931.238
Opwijk · Eq €89k
ATOS IMMOBILIER
BE 0471.348.041
Sprimont · Eq €89k
HOKUS POKUS
BE 0461.845.209
Brugge · Eq €89k
Of 29,531 companies in sector 41001 we hold annual accounts for 15,859. 13,019 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded23-05-2019
Fiscal year end31-12
Activities, NACEBEL
41001General construction of residential buildings
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filings
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.