Investments
Green is investment, beige is depreciation.
Green is investment, beige is depreciation.
The last five annual accounts were filed 15 to 25 days before the end of the period.
The dashed line is the sector median: 1.5% across 13,460 companies (NACE 41, 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 41, micro). It does better than 53% of them on solvency, 55% on liquidity, 11% on profitability and 19% on growth.
The bankruptcy probability was computed on 10-11-2026 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 31-12-2025.
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, 3,591 companies had the same profile as GSW CONSTRUCT has now. Each dot stands for 9 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GSW CONSTRUCT itself: 1.0% within 12 months.
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 3,591 companies, not a prediction for GSW 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 insufficient, with a current ratio of 0.79 (1.18 in 2024), below 1. Short-term debt is 54.4% and cash 23.4% of total assets. 55% 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 7 accounts on average 18 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| GSW CONSTRUCT Zoersel | €28,939 | -€6,474 | 45.0% | - |
| DAJURO Jalhay | €30,657 | -€2,047 | -51.0% | - |
| SAZI CONSTRUCTION Brussels | €27,884 | -€27,415 | 75.1% | - |
| GRISAL CLEAN Brussels | €31,410 | -€3,041 | 95.7% | - |
| L.E.M. GROUP CONSTRUCT Aalst | €28,747 | -€8,012 | 56.5% | - |
| BATI LG Waremme | €30,855 | -€2,846 | 72.6% | - |
| EDDAS Brussels | €25,226 | -€2,942 | 62.5% | - |
These companies have the same main activity as GSW CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €25,200 and €31,400, founded between 2017 and 2019.
GSW CONSTRUCT files the micro format. That format states no turnover. The gross margin fell from €2,953 in 2019 to -€6,474 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.
Higher than 52% of 9,462 companies in 2025.
Higher than 14% of 9,210 companies in 2025.
Higher than 12% of 9,282 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
28,939 | 36,151 | 49,794 | 46,293 | 39,313 | 16,681 | 9,482 | |
21/28 |
16,529 | 12,814 | 19,166 | 28,162 | 29,741 | 6,363 | 5,434 | |
22/27 |
16,529 | 12,814 | 19,166 | 28,162 | 29,741 | 6,363 | 5,434 | |
22 |
295 | 425 | 556 | 687 | 818 | 949 | 1,080 | |
23 |
4,469 | 5,666 | 7,843 | 11,781 | 14,806 | 3,626 | 1,688 | |
24 |
11,765 | 6,723 | 10,767 | 15,694 | 14,116 | 1,788 | 2,666 | |
29/58 |
12,411 | 23,337 | 30,628 | 18,131 | 9,573 | 10,318 | 4,049 | |
40/41 |
5,190 | 6,255 | 19,628 | 14,447 | 5,852 | 3,536 | 1,707 | |
40 |
5,061 | 4,590 | 19,628 | 14,447 | 740 | 2,821 | - | |
41 |
129 | 1,664 | - | - | 5,112 | 715 | 1,707 | |
54/58 |
6,781 | 16,877 | 10,624 | 2,585 | 2,674 | 6,600 | 2,209 | |
490/1 |
439 | 205 | 376 | 1,099 | 1,047 | 182 | 132 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
28,939 | 36,151 | 49,794 | 46,293 | 39,313 | 16,681 | 9,482 | |
10/15 |
13,010 | 16,354 | 14,818 | 13,513 | 11,079 | 6,560 | 4,936 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | |
13 |
10,154 | 10,154 | 8,618 | 7,313 | 4,879 | 360 | - | |
133 |
10,154 | 10,154 | 8,618 | 7,313 | 4,879 | 360 | - | |
14 |
-3,343 | - | - | - | - | - | -1,264 | |
17/49 |
15,929 | 19,797 | 34,977 | 32,780 | 28,235 | 10,121 | 4,546 | |
42/48 |
15,752 | 19,797 | 34,977 | 32,780 | 28,235 | 10,121 | 4,546 | |
44 |
3,875 | 3,522 | 1,818 | 405 | 13,161 | 2,454 | 1,560 | |
440/4 |
3,875 | 3,522 | 1,818 | 405 | 13,161 | 2,454 | 1,560 | |
45 |
1,346 | 14,855 | 13,340 | 13,557 | 5,264 | 2,842 | 308 | |
450/3 |
1,346 | 1,981 | 2,316 | 4,383 | 1,864 | 1,142 | 308 | |
454/9 |
- | 12,874 | 11,024 | 9,174 | 3,400 | 1,700 | - | |
47/48 |
10,531 | 1,420 | 19,819 | 18,819 | 9,810 | 4,825 | 2,678 | |
492/3 |
177 | - | - | - | - | - | - | |
| Income statement | ||||||||
9900 |
-6,474 | 12,772 | 13,471 | 14,396 | 9,520 | 4,774 | 2,953 | |
630 |
6,846 | 8,207 | 8,996 | 9,026 | 3,379 | 1,716 | 2,686 | |
640/8 |
520 | 1,049 | 1,084 | 1,252 | 619 | 604 | 1,157 | |
9901 |
-13,839 | 3,516 | 3,390 | 4,117 | 5,523 | 2,454 | -890 | |
75/76B |
11,714 | 355 | 366 | 644 | 108 | 65 | 17 | |
75 |
84 | 355 | 366 | 644 | 108 | 65 | 17 | |
76B |
11,629 | - | - | - | - | - | - | |
65/66B |
1,052 | 1,155 | 1,651 | 1,018 | 81 | 62 | 83 | |
65 |
1,052 | 1,155 | 1,651 | 1,018 | 81 | 62 | 83 | |
9903 |
-3,178 | 2,717 | 2,106 | 3,744 | 5,550 | 2,457 | -956 | |
67/77 |
166 | 1,180 | 801 | 1,309 | 1,031 | 833 | 308 | |
9904 |
-3,343 | 1,536 | 1,305 | 2,434 | 4,519 | 1,624 | -1,264 | |
9905 |
-3,343 | 1,536 | 1,305 | 2,434 | 4,519 | 1,624 | -1,264 | |
| Appropriation of the result | ||||||||
9906 |
-3,343 | 1,536 | 1,305 | 2,434 | 4,519 | 360 | -1,264 | |
691/2 |
- | 1,536 | 1,305 | 2,434 | 4,519 | 360 | - | |
6921 |
- | 1,536 | 1,305 | 2,434 | 4,519 | 360 | - | |
| 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 accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 09-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00276177 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00275830 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00229381 | |
| 31-12-2022 | micro format | 10-07-2023 | 2023-00221091 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20160509 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34400133 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-37600577 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| -6,993 | 11,723 | 12,386 | 13,144 | 8,902 | 4,170 | 1,796 | ||
| 3,502 | 9,744 | 10,301 | 11,460 | 7,898 | 3,339 | 1,422 | ||
| 11,251 | 1,855 | 0 | 7,448 | 26,756 | 2,638 | 8,120 | ||
| -10,096 | 6,252 | 8,039 | -89 | -3,926 | 4,391 | - | ||
| -3,341 | 3,540 | -4,348 | -14,649 | -18,662 | 197 | -498 | ||
| 45.0% | 45.2% | 29.8% | 29.2% | 28.2% | 39.3% | 52.1% | ||
| 0.79 | 1.18 | 0.88 | 0.55 | 0.34 | 1.02 | 0.89 | ||
| 1.22 | 1.21 | 2.36 | 2.43 | 2.55 | 1.54 | 0.92 | ||
| -25.7% | 9.4% | 8.8% | 18.0% | 40.8% | 24.8% | -25.6% | ||
| -11.6% | 4.2% | 2.6% | 5.3% | 11.5% | 9.7% | -13.3% | ||
| -6.65 | 10.15 | 7.50 | 12.91 | over 100 | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,251 | €1,855 | - | €7,448 | €26,756 |
| €6,846 | €8,207 | €8,996 | €9,026 | €3,379 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €13,839, after a profit of €3,516 in 2024. It is the lowest result since 2019.
Debt's share of the balance-sheet total rises from 54.8% to 55.0%. Equity and debt are lower.
GSW CONSTRUCT has no parent and no holdings in its annual accounts. Boeckx Geert is the only director.
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
GSW CONSTRUCT was incorporated on 26 April 2018.1 Boeckx Geert is manager and permanent representative of the company, appointed by deed of 30-04-2018.2 Total assets rose from €9,482 in 2019 to €28,939 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| GSW Construct BVBA registered office Kerkhoflei 35, 2980 Zoersel 2512001 Manufacture of fabricated metal products, except machinery and equipment | 26-04-2018 | 2.275.671.270 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11453I0241/00P000 | 1,139 m² | 1 · 138 m² | 0.8 m |
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 0695.487.525
If something looks wrong or is missing, please tell us.