Equity
GSB CONSTRUCT paid out €7,800 in dividends. That is 181% of the 2025 profit.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 43, micro). It does better than 72% of them on solvency, 31% on liquidity, 22% on profitability and 22% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-03-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 34,693 companies had the same profile as GSB CONSTRUCT has now. Each dot stands for 87 companies, two years later.
The bankruptcy probability of GSB CONSTRUCT itself is higher: 1.3% within 12 months. It rests on far more data about GSB CONSTRUCT than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for GSB CONSTRUCT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 2.85 (3.07 in 2024), above the usual 1.5. Short-term debt is 33.6% and cash 4.8% of total assets. 33.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 2 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| GSB CONSTRUCT Evere | €82,923 | €38,250 | 66.1% | - |
| AZH EXPORT Molenbeek-Saint-Jean | €85,997 | €44,225 | 50.8% | - |
| CONSTRUFORT Uccle | €85,767 | €36,878 | 22.9% | - |
| M.C. Interconstruct Anderlecht | €79,023 | €43,704 | 47.8% | - |
| Kees Oostvogels Greenhouses Rijkevorsel | €81,916 | €39,054 | 75.9% | - |
| APART POOLS Brasschaat | €77,102 | €40,290 | 52.0% | - |
| SCAFF - FIX Antwerp | €89,020 | €34,649 | 58.7% | - |
These companies have the same main activity as GSB CONSTRUCT: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €77,100 and €89,000, founded between 2014 and 2016.
GSB CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from €7,977 in 2017 to €38,250 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €220,000 and €590,000.
Higher than 71% of 35,125 companies in 2025.
Higher than 69% of 34,499 companies in 2025.
Higher than 44% of 34,700 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and nobody left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
82,923 | 91,626 | 56,820 | 99,005 | 179,721 | 30,638 | 50,395 | 47,241 | 14,078 | |
21/28 |
3,518 | 4,754 | 4,493 | 822 | 719 | 567 | 3,418 | 5,220 | 1,116 | |
22/27 |
3,219 | 4,754 | 4,493 | 822 | 719 | 567 | 3,418 | 5,220 | 1,116 | |
23 |
1,664 | 1,929 | 2,482 | 440 | 719 | 567 | 967 | - | - | |
24 |
1,555 | 2,826 | 2,011 | 382 | - | - | 2,451 | 5,220 | 1,116 | |
28 |
299 | - | - | - | - | - | - | - | - | |
29/58 |
79,405 | 86,871 | 52,327 | 98,183 | 179,002 | 30,071 | 46,977 | 42,021 | 12,962 | |
40/41 |
72,798 | 37,969 | 47,125 | 37,838 | 165,618 | 15,764 | 41,540 | 41,307 | 12,946 | |
40 |
61,329 | 31,212 | 37,463 | 37,838 | 163,264 | 7,181 | 28,921 | 27,694 | 5,719 | |
41 |
11,469 | 6,757 | 9,663 | - | 2,354 | 8,583 | 12,619 | 13,613 | 7,227 | |
54/58 |
3,977 | 46,208 | 4,540 | 59,793 | 13,383 | 14,307 | 4,768 | 714 | 16 | |
490/1 |
2,630 | 2,694 | 662 | 552 | - | - | 669 | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
82,923 | 91,626 | 56,820 | 99,005 | 179,721 | 30,638 | 50,395 | 47,241 | 14,078 | |
10/15 |
54,793 | 63,286 | 53,140 | 52,974 | 37,078 | 21,082 | 25,414 | 19,284 | 11,708 | |
10/11 |
5,460 | 10,460 | 18,600 | 18,600 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
21,307 | 17,000 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
133 |
21,307 | 17,000 | - | - | - | - | - | - | - | |
14 |
28,026 | 35,826 | 32,680 | 32,514 | 29,018 | 13,022 | 17,354 | 11,224 | 3,648 | |
17/49 |
28,130 | 28,339 | 3,679 | 46,031 | 142,643 | 9,556 | 24,981 | 27,957 | 2,370 | |
42/48 |
27,830 | 28,339 | 3,679 | 46,031 | 142,643 | 9,556 | 24,981 | 27,957 | 2,370 | |
44 |
6,141 | 27,204 | - | 38,978 | 136,618 | 7,826 | 17,650 | 23,315 | 377 | |
440/4 |
6,141 | 27,204 | - | 38,978 | 136,618 | 7,826 | 17,650 | 23,315 | 377 | |
45 |
15,689 | 1,135 | 3,679 | 6,832 | 6,025 | 1,730 | 7,331 | 4,642 | 1,993 | |
450/3 |
12,900 | 1,135 | 3,679 | 4,832 | 5,993 | - | 4,739 | 4,642 | 1,993 | |
454/9 |
2,789 | - | - | 2,000 | 32 | 1,730 | 2,592 | - | - | |
47/48 |
6,000 | - | - | 221 | - | - | - | - | - | |
492/3 |
300 | - | - | - | - | - | - | - | - | |
| Income statement | ||||||||||
9900 |
38,250 | 40,115 | 7,033 | 6,383 | 23,080 | 19,245 | 20,628 | 12,818 | 7,977 | |
62 |
12,980 | - | - | - | 1,369 | 19,439 | 8,730 | 146 | 162 | |
630 |
1,846 | 1,456 | 596 | 454 | 409 | 2,851 | 3,001 | 2,769 | 319 | |
640/8 |
3,062 | 7,392 | 2,925 | 1,333 | 761 | 1,169 | 1,538 | 255 | 110 | |
9901 |
20,363 | 31,267 | 3,511 | 4,596 | 20,541 | -4,214 | 7,359 | 9,648 | 7,386 | |
75/76B |
631 | 273 | 64 | 56 | 1 | 978 | 1,049 | 805 | 256 | |
75 |
631 | 273 | 64 | 56 | 1 | 978 | 1,049 | 805 | 256 | |
65/66B |
8,542 | 5,414 | 3,081 | 577 | 389 | 844 | 187 | 228 | 141 | |
65 |
8,542 | 5,414 | 3,081 | 577 | 389 | 844 | 187 | 228 | 141 | |
9903 |
12,451 | 26,126 | 495 | 4,076 | 20,154 | -4,080 | 8,221 | 10,225 | 7,501 | |
67/77 |
8,144 | 5,980 | 329 | 580 | 4,158 | 252 | 2,091 | 2,649 | 1,993 | |
9904 |
4,307 | 20,146 | 167 | 3,496 | 15,996 | -4,332 | 6,130 | 7,576 | 5,508 | |
9905 |
4,307 | 20,146 | 167 | 3,496 | 15,996 | -4,332 | 6,130 | 7,576 | 5,508 | |
| Appropriation of the result | ||||||||||
9906 |
40,133 | 52,826 | 32,680 | 32,514 | 29,018 | 13,022 | 17,354 | 11,224 | 5,508 | |
14P |
35,826 | 32,680 | 32,514 | 29,018 | - | - | - | - | - | |
791/2 |
- | - | - | - | 0 | - | - | - | - | |
691/2 |
4,307 | 17,000 | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | 1,860 | |
6921 |
4,307 | 17,000 | - | - | - | - | - | - | - | |
694/7 |
7,800 | - | - | - | - | - | - | - | - | |
694 |
7,800 | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||
9087 |
0.4 | - | - | - | - | 1 | - | - | - | |
Hours worked1013 |
464 | - | - | - | - | 824 | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 20-10-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 20-10-2025 | 2025-00545520 | |
| 31-03-2024 | micro format | 25-10-2024 | 2024-00514447 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00496996 | |
| 31-03-2022 | micro format | 07-11-2022 | 2022-20515070 | |
| 31-03-2021 | micro format | 03-11-2021 | 2021-75700236 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-66400365 | |
| 31-03-2019 | micro format | 04-10-2019 | 2019-68700221 | |
| 31-03-2018 | micro format | 18-10-2018 | 2018-69600217 | |
| 31-03-2017 | full format | 26-01-2018 | 2018-02500450 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 22,209 | 32,723 | 4,108 | 5,050 | 20,950 | -1,363 | 10,360 | 12,417 | 7,705 | ||
| 6,153 | 21,602 | 763 | 3,950 | 16,404 | -1,481 | 9,131 | 10,345 | 5,827 | ||
| 609 | 1,717 | 4,267 | 557 | 561 | 0 | 1,199 | 6,874 | 1,435 | ||
| -42,231 | 41,668 | -55,253 | 46,410 | -924 | 9,539 | 4,054 | 698 | - | ||
| 51,575 | 58,532 | 48,647 | 52,152 | 36,359 | 20,515 | 21,996 | 14,064 | 10,592 | ||
| 66.1% | 69.1% | 93.5% | 53.5% | 20.6% | 68.8% | 50.4% | 40.8% | 83.2% | ||
| 2.85 | 3.07 | 14.22 | 2.13 | 1.25 | 3.15 | 1.88 | 1.50 | 5.47 | ||
| 0.51 | 0.45 | 0.07 | 0.87 | 3.85 | 0.45 | 0.98 | 1.45 | 0.20 | ||
| 7.9% | 31.8% | 0.3% | 6.6% | 43.1% | -20.5% | 24.1% | 39.3% | 47.0% | ||
| 5.2% | 22.0% | 0.3% | 3.5% | 8.9% | -14.1% | 12.2% | 16.0% | 39.1% | ||
| 2.60 | 6.04 | 1.33 | 8.75 | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-03-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| 0.4 | |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
| Item | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €310 | €1,717 | €4,267 | €557 |
| Financial fixed assets | €299 | - | - | - |
| €1,846 | €1,456 | €596 | €454 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 35% lower than in 2024.
Debt's share of the balance-sheet total rises from 30.9% to 33.9%. Equity and debt are lower.
GSB CONSTRUCT has no parent and no holdings in its annual accounts. BALA Gezim. is the only director. GSB CONSTRUCT shares no director with another company.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Provencewandelwegen 42 registered office 1140 Evere 16110 Sawmilling and planing of wood | 20-01-2016 | 2.249.661.117 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21372D0180/00W003 | 212 m² | 1 · 64 m² | 9.4 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0646.800.156
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