GSC
ActiveSummary
The computed 12-month bankruptcy probability of GSC is 1.6% (moderate). The 2024 annual accounts show equity of €100,662 and a net result of €23,826. Equity is growing by ~9.5% per year across the filed fiscal years. Its solvency ranks better than 52% of 6719 sector peers (fiscal year 2024). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability80▲+14
Solvency64▼-12
Growth52=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.4 against 1.84 in 2023; short-term debt: 60.6% and cash: 33.9% of total assets), and 61.1% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+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 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
38.9%
Return on assets
9.2%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-06-2025, 43 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
43 d early
2023
47 d early
2022
52 d early
2021
51 d early
2020
45 d early
2019
43 d early
← 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 47 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€100,662▼ 23.0%
2023 · €130,801
Total assets
€258,483▲ 0.9%
2023 · €256,231
Net result
€23,826▲ 487%
2023 · €4,059
Working capital
€62,483▼ 31.9%
2023 · €91,728
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€51,317▼ 6.9%€35,691▼ 30.4%€20,254▼ 43.3%€11,175▼ 44.8%€36,435▲ 226%
Net result€33,881▼ 4.5%€26,371▼ 22.2%€11,295▼ 57.2%€4,059▼ 64.1%€23,826▲ 487%
Equity€119,507▲ 39.6%€119,507=€130,801▲ 9.5%€130,801=€100,662▼ 23.0%
Total assets€253,867▲ 13.2%€284,834▲ 12.2%€263,901▼ 7.3%€256,231▼ 2.9%€258,483▲ 0.9%
Debt€134,361▼ 3.0%€165,327▲ 23.0%€133,100▼ 19.5%€125,430▼ 5.8%€157,821▲ 25.8%
Working capital€51,395▲ 143%€58,007▲ 12.9%€90,641▲ 56.3%€91,728▲ 1.2%€62,483▼ 31.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 226% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €258,483
Fixed assets
€39,256 ▼ 29.8%
Current assets
€219,227 ▲ 9.4%
Equity and liabilities €258,483
Equity
€100,662 ▼ 23.0%
Debt
€157,821 ▲ 25.8%
Debt's share of the balance-sheet total rises from 49.0% to 61.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€53,111▲
2023 · €28,248
Cash flow
€40,502▲
2023 · €21,132
Current ratio
1.40▼
2023 · 1.84
Debt to equity
1.57▲
2023 · 0.96
ROE
23.7%▲
2023 · 3.1%
ROA
9.2%▲
2023 · 1.6%
Interest coverage
7.95▲
2023 · 5.38
Debt ≤ 1 year
€156,744▲
2023 · €108,571
Debt > 1 year
€0▼
2023 · €15,905
Income taxes
€7,077▲
2023 · €1,869
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 26,964 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 | - | €0 | - | - | €25,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,776 | €31,976 | €43,616 | €17,073 | €16,676 | ▼ 2.3% |
| Other operating charges640/8 | - | €815 | €976 | €1,084 | €1,148 | ▲ 5.9% |
| Non-recurring operating charges66A | - | - | - | €165 | €0 | ▼ 100% |
| Gross operating margin9900 | €80,961 | €68,483 | €64,846 | €29,497 | €54,259 | ▲ 83.9% |
| Operating profit (loss)9901 | €51,317 | €35,691 | €20,254 | €11,175 | €36,435 | ▲ 226% |
| Financial income75/76B | - | €8 | €13 | €0 | €1,148 | - |
| Recurring financial income75 | €6 | €8 | €13 | €0 | €1,148 | - |
| Financial charges65/66B | - | €4,298 | €4,343 | €5,247 | €6,679 | ▲ 27.3% |
| Recurring financial charges65 | €5,029 | €4,298 | €4,343 | €5,247 | €6,679 | ▲ 27.3% |
| Profit (loss) for the period before taxes9903 | €46,293 | €31,401 | €15,924 | €5,928 | €30,903 | ▲ 421% |
| Income taxes67/77 | €12,412 | €5,030 | €4,629 | €1,869 | €7,077 | ▲ 279% |
| Profit (loss) for the period9904 | €33,881 | €26,371 | €11,295 | €4,059 | €23,826 | ▲ 487% |
| Profit (loss) for the period to be appropriated9905 | €33,881 | €26,371 | €11,295 | €4,059 | €23,826 | ▲ 487% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €253,867 | €284,834 | €263,901 | €256,231 | €258,483 | ▲ 0.9% |
| Fixed assets21/28 | €72,807 | €109,441 | €72,684 | €55,932 | €39,256 | ▼ 29.8% |
| Tangible fixed assets22/27 | €72,807 | €109,441 | €72,684 | €55,932 | €39,256 | ▼ 29.8% |
| Plant, machinery and equipment23 | - | €32,509 | €27,686 | €20,396 | €13,107 | ▼ 35.7% |
| Furniture and vehicles24 | - | €60,693 | €26,361 | €19,395 | €12,506 | ▼ 35.5% |
| Other tangible fixed assets26 | - | €16,239 | €18,637 | €16,140 | €13,643 | ▼ 15.5% |
| Current assets29/58 | €181,060 | €175,393 | €191,218 | €200,300 | €219,227 | ▲ 9.4% |
| Amounts receivable within one year40/41 | €1,723 | €19,382 | €13,243 | €15,844 | €7,264 | ▼ 54.2% |
| Trade receivables40 | - | €6,076 | €5,738 | €12,578 | €3,998 | ▼ 68.2% |
| Other amounts receivable41 | - | €13,306 | €7,506 | €3,266 | €3,266 | = |
| Current investments50/53 | - | - | - | - | €119,528 | - |
| Cash at bank and in hand54/58 | €173,123 | €152,657 | €174,382 | €177,844 | €87,672 | ▼ 50.7% |
| Deferred charges and accrued income490/1 | - | €3,354 | €3,592 | €6,612 | €4,764 | ▼ 28.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €253,867 | €284,834 | €263,901 | €256,231 | €258,483 | ▲ 0.9% |
| Equity10/15 | €119,507 | €119,507 | €130,801 | €130,801 | €100,662 | ▼ 23.0% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €99,507 | €99,507 | €110,801 | €110,801 | €80,662 | ▼ 27.2% |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | €0 | - | - |
| Reserves not available under the articles1311 | - | €2,000 | €2,000 | €0 | - | - |
| Distributable reserves133 | - | €97,507 | €108,801 | €110,801 | €80,662 | ▼ 27.2% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €134,361 | €165,327 | €133,100 | €125,430 | €157,821 | ▲ 25.8% |
| Amounts payable after more than one year17 | €2,686 | €47,001 | €31,570 | €15,905 | €0 | ▼ 100% |
| Financial debts170/4 | - | €47,001 | €31,570 | €15,905 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €129,665 | €117,386 | €100,577 | €108,571 | €156,744 | ▲ 44.4% |
| Current portion of amounts payable after more than one year42 | - | €17,885 | €15,431 | €15,665 | €15,905 | ▲ 1.5% |
| Trade debts44 | €22,502 | €896 | €2,060 | €3,369 | €16,330 | ▲ 385% |
| Suppliers440/4 | - | €896 | €2,060 | €3,369 | €16,330 | ▲ 385% |
| Advances received on contracts in progress46 | - | - | - | - | €1,817 | - |
| Taxes, remuneration and social security45 | - | €8,062 | €13,071 | €13,409 | €27,386 | ▲ 104% |
| Taxes450/3 | - | €8,062 | €13,071 | €13,409 | €27,386 | ▲ 104% |
| Other amounts payable47/48 | - | €90,544 | €70,015 | €76,128 | €95,306 | ▲ 25.2% |
| Accrued charges and deferred income492/3 | - | €940 | €953 | €953 | €1,077 | ▲ 13.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,881 | €26,371 | €11,295 | €4,059 | €23,826 | ▲ 487% |
| + Depreciation and write-downs630 | €28,776 | €31,976 | €43,616 | €17,073 | €16,676 | ▼ 2.3% |
| Operating cash flow (approximation) | €62,657 | €58,348 | €54,911 | €21,132 | €40,502 | ▲ 91.7% |
| Investment in fixed assets (approximation) | - | -€68,610 | -€6,860 | -€321 | €0 | ▲ 100% |
| Change in cash | - | -€20,466 | €21,725 | €3,462 | -€90,172 | ▼ 2,705% |
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
18-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €4,059 ▼64.1%
Net result drops to €4,059, the lowest in the series; recovery starts the following year.
09-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €100,000Eq €119,507 ▲39.6%
3 profitable years in a row build equity to €119,507.
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €35,486 ▲17.7%
Operating result €55,123, net result €35,486, both a record.
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
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, Wichelen · 1 establishment unit since 2020
Ground area
1,867 m²
Building footprint
157 m²
Parcel 42020B0582/02E000, Flanders. Linked by address, not a title deed.
1 establishment unit
GSC
since 20202.302.590.156
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42020B0582/02E000 | Flanders | 1,867 m² | 1 · 157 m² | - |
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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Of 12,584 companies in sector 49410 we hold annual accounts for 8,199. 6,342 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
Founded03-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
10610Manufacture of food products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0686993194
Also
9925:BE0686993194
Registered
16-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.