GSN11
ActiveGSN11 has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €90k and a net result of €-5k. Equity is growing by ~21.4% per year across the filed fiscal years. Its solvency ranks better than 19% of 3286 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
63
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability68▲+13
Solvency35▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity short (current ratio 0.84 against 0.8 in 2024; short-term debt: 42.7% and cash: 2.6% of total assets), and 89.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Sector 69
lower
← 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 · 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 2025Solvency, return and age of the figures
Solvency
10.4%
Return on assets
-0.6%
Age of the figures
15 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-5k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 3286 sector peers (2025).
NBB · sector comparisonPosition among 3286 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 27-02-2026, 27 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
27 d late
2024
16 d late
2023
on the day
2022
on the day
2021
1 d early
2020
49 d early
2019
11 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close22-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€90k▼ 5.3%
2024 · €95k
2019: €298
2020: €40k
2021: €54k
2022: €70k
2023: €99k
2024: €95k
2019 → 2025
Total assets
€865k▼ 16.0%
2024 · €1.03M
2019: €1.01M
2020: €1.04M
2021: €955k
2022: €903k
2023: €995k
2024: €1.03M
2019 → 2025
Net result
€-5k▼ 52.7%
2024 · €-3k
2019: €48k
2020: €39k
2021: €14k
2022: €16k
2023: €29k
2024: €-3k
2019 → 2025
Working capital
€-59k▲ 38.1%
2024 · €-95k
2019: €-267k
2020: €-267k
2021: €-228k
2022: €-191k
2023: €-137k
2024: €-95k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€54k-€70k▲ 30.7%€99k▲ 41.7%€95k▼ 4.2%€90k▼ 5.3%
Operating result€23k-€28k▲ 20.6%€60k▲ 115%€33k▼ 45.3%€10k▼ 70.5%
Net result€14k-€16k▲ 18.6%€29k▲ 77.7%€-3k€-5k▼ 52.7%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 70% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €865k
Fixed assets
€555k▼ 13.8%
Current assets
€310k▼ 19.8%
Equity and liabilities €865k
Equity
€90k▼ 5.3%
Provisions
€42k▼ 5.3%
Debt
€733k▼ 17.7%
The debt ratio falls from 86.5% to 84.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€101k▼
2024 · €125k
Cash flow
€86k▼
2024 · €89k
Solvency
10.4%▲
2024 · 9.2%
Current ratio
0.84▲
2024 · 0.80
Quick ratio
0.84▲
2024 · 0.80
Debt / equity
8.13▼
2024 · 9.36
ROE
-5.6%▼
2024 · -3.4%
ROA
-0.6%▼
2024 · -0.3%
Interest coverage
5.94▲
2024 · 4.44
Debt
€733k▼
2024 · €891k
Debt ≤ 1 year
€369k▼
2024 · €482k
Debt > 1 year
€364k▼
2024 · €409k
Income taxes
€2k▼
2024 · €11k
Staff costs
€550k▼
2024 · €639k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.03M€865k▼
Fixed assets21/28€644k€555k▼
Intangible fixed assets21€5k€2k▼
Tangible fixed assets22/27€639k€553k▼
Land and buildings22€631k€548k▼
Plant, machinery and equipment23€0-
Furniture and vehicles24€6k€3k▼
Other tangible fixed assets26€2k€2k▼
Financial fixed assets28€0€124▲
Current assets29/58€387k€310k▼
Amounts receivable within one year40/41€373k€286k▼
Trade receivables40€373k€286k▼
Other amounts receivable41€0€775▲
Cash at bank and in hand54/58€10k€22k▲
Deferred charges and accrued income490/1€4k€2k▼
Equity and liabilities
Total equity and liabilities10/49€1.03M€865k▼
Equity10/15€95k€90k▼
Contributions10/11€19k€19k=
Reserves13€77k€72k▼
Tax-exempt reserves132€72k€65k▼
Distributable reserves133€5k€7k▲
Profit (loss) carried forward14€0€0=
Provisions and deferred taxes16€44k€42k▼
Deferred taxes168€44k€42k▼
Amounts payable17/49€891k€733k▼
Amounts payable after more than one year17€409k€364k▼
Financial debts170/4€409k€364k▼
Amounts payable within one year42/48€482k€369k▼
Current portion of amounts payable after more than one year42€39k€45k▲
Trade debts44€184k€98k▼
Suppliers440/4€184k€98k▼
Taxes, remuneration and social security45€135k€81k▼
Taxes450/3€11k€941▼
Remuneration and social security454/9€123k€80k▼
Other amounts payable47/48€124k€145k▲
Income statement
Code20242025
Remuneration, social security and pensions62€639k€550k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€92k€91k▼
Other operating charges640/8€10k€9k▼
Gross operating margin9900€774k€660k▼
Operating profit (loss)9901€33k€10k▼
Financial income75/76B€609€2k▲
Recurring financial income75€609€2k▲
Financial charges65/66B€28k€17k▼
Recurring financial charges65€28k€17k▼
Profit (loss) for the period before taxes9903€5k€-5k▼
Transfer from deferred taxes780€2k€2k=
Income taxes67/77€11k€2k▼
Profit (loss) for the period9904€-3k€-5k▼
Transfer from tax-exempt reserves789€7k€7k=
Profit (loss) for the period to be appropriated9905€4k€2k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€2k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer from equity791/2€859€0▼
Transfer to equity691/2€4k€2k▼
To other reserves6921€4k€2k▼
Profit to be distributed694/7€859€0▼
Return on contributions (dividend)694€859€0▼
Social balance
Average headcount (FTE)90879.63.6▼
The notes to these accounts (20 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
30-06
Financial
Weakest financial yearnet €-5k
Net result drops to €-5k, the lowest in the series.
16-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 16 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
13-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
11-02
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 11 days late
2019
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-02
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 27 days late
2017
30-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 89 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Oudenaarde · 1 establishment unit since 2003
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.
Graaf van Landaststraat 199700 OudenaardeGround area
1,187 m²
Building footprint
247 m²
Volume, LiDAR
1,596 m³
Parcel 45502A0622/00V005, Flanders · tallest building 10.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
GSN11
since 20032.224.291.558
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45502A0622/00V005 | Flanders | 1,187 m² | 1 · 247 m² | 10.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 25,585 EUR awarded · 25,585 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 703 EUR | 703 EUR |
| 2024 | 1 | 11,102 EUR | 11,102 EUR |
| 2023 | 2 | 12,949 EUR | 12,949 EUR |
| 2022 | 1 | 831 EUR | 831 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 12,175 companies in sector 69201 we hold annual accounts for 7,638. 6,442 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded12-06-1991
Fiscal year end30-06
Activities, NACEBEL
69201Certified accountants and tax accountants
69202Legal and accounting activities
74121
Sources
Crossroads Bank for EnterprisesNational Bank · 34 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.