ACTIVE

Metafor

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Financial year 2025 · closed on 31/12/2025

Net result

-74,4 k €

+71.5% YoY

Gross margin

1,8 M €

+15.2% YoY

Equity

404,2 k €

-15.5% YoY

Workforce

27,1 ETP

-1.5% YoY

What does Metafor do?

Metafor is a Public limited company incorporated in 1967. Its main activity is: Manufacture of weapons and ammunition. Its registered office is in Wetteren. It employs on average 27,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0400.097.680

Incorporation

12/04/1967

Legal form

Public limited company

Registered office

Vantegemstraat 25
9230 Wetteren · FlandreSee on map

Contributed capital

72 000,00 €

Latest accounts

31/12/2025

Average workforce

27,1 ETP

Activities (NACE)

25402Manufacture of weapons and ammunition· main 25502Forging, pressing, stamping and roll-forming of metal; powder metallurgy 28401Manufacture of metal forming machinery and machine tools 25401Manufacture of weapons and ammunition 25501Forging, pressing, stamping and roll-forming of metal; powder metallurgy 46741Wholesale of hardware, plumbing and heating equipment and supplies+2

Joint committees (2)

Signals

Positive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	1,8 M €	+15.2%	1,5 M €	-22.2%	2 M €	+16.5%	1,7 M €	-3.6%	1,8 M €	+16.1%	1,5 M €	+15.8%	1,3 M €	+12.2%	1,2 M €	-2.1%	1,2 M €	-5.5%	1,3 M €	+32.2%	954,5 k €	-16.4%	1,1 M €	+1.5%	1,1 M €	+10.6%	1 M €	+13.9%	892,3 k €	-33.2%	1,3 M €	-6.7%	1,4 M €
EBITDA	414,1 k €	+122%	186,9 k €	-70.3%	630,3 k €	+36.6%	461,4 k €	-11.2%	519,8 k €	+66.6%	312,1 k €	+83.6%	170 k €	+1.5%	167,5 k €	-17.9%	204,1 k €	-43.1%	358,5 k €	+821%	38,9 k €	-78.5%	181,4 k €	-17.6%	220,1 k €	+42.3%	154,7 k €	-22.6%	199,7 k €	-29.3%	282,3 k €	-27.3%	388,1 k €
Operating result	-1 k €	+99.5%	-217,9 k €	-379%	78 k €	+926%	7,6 k €	-88.6%	66,5 k €	+164%	-104,4 k €	+72.1%	-374,6 k €	-12.4%	-333,1 k €	+10.5%	-372,2 k €	-84.6%	-201,6 k €	+56.0%	-457,8 k €	-399%	-91,7 k €	-167%	137,3 k €	+267%	37,4 k €	+225%	11,5 k €	+101%	5,7 k €	-97.5%	229,8 k €
Net result	-74,4 k €	+71.5%	-261,1 k €	-1532%	18,2 k €	+243%	-12,8 k €	-118%	70,8 k €	+199%	-71,3 k €	+79.4%	-345,7 k €	-17.0%	-295,5 k €	+17.6%	-358,6 k €	-119%	-163,8 k €	+5.0%	-172,4 k €	-250%	-49,3 k €	-103%	1,9 M €	+7841%	23,8 k €	+611%	3,3 k €	-20.6%	4,2 k €	-97.3%	158,4 k €
Balance sheet
Equity	404,2 k €	-15.5%	478,6 k €	-35.3%	739,7 k €	+2.5%	721,4 k €	-1.7%	734,2 k €	+23.6%	593,9 k €	+7.4%	552,8 k €	-38.5%	898,6 k €	-24.7%	1,2 M €	-23.1%	1,6 M €	-9.5%	1,7 M €	-9.1%	1,9 M €	-31.9%	2,8 M €	+213%	886,7 k €	+2.8%	863 k €	+0.4%	859,6 k €	+0.5%	855,4 k €
Total assets	5 M €	-2.6%	5,2 M €	-1.8%	5,3 M €	+13.5%	4,6 M €	-3.7%	4,8 M €	+7.4%	4,5 M €	-2.2%	4,6 M €	-4.1%	4,8 M €	-3.5%	5 M €	-10.1%	5,5 M €	-7.1%	5,9 M €	+34.9%	4,4 M €	-18.1%	5,4 M €	+189%	1,9 M €	+11.7%	1,7 M €	-19.2%	2,1 M €	+0.6%	2 M €
Cash	49,6 k €	+48.5%	33,4 k €	-75.7%	137,3 k €	+304%	34 k €	+1.5%	33,5 k €	+26.0%	26,6 k €	-59.9%	66,2 k €	-68.1%	207,1 k €	+173%	75,9 k €	-31.8%	111,2 k €	+18.1%	94,2 k €	-34.0%	142,7 k €	-62.5%	380,6 k €	+140%	158,5 k €	+140%	66,2 k €	-71.6%	233,2 k €	-36.8%	368,8 k €
Debts	4,4 M €	-0.1%	4,5 M €	+5.6%	4,2 M €	+12.2%	3,8 M €	-3.1%	3,9 M €	+8.7%	3,6 M €	+0.4%	3,6 M €	+6.3%	3,3 M €	+5.9%	3,2 M €	-3.3%	3,3 M €	-5.1%	3,4 M €	+120%	1,6 M €	-3.1%	1,6 M €	+67.8%	962,3 k €	+22.1%	788,4 k €	-33.6%	1,2 M €	+0.8%	1,2 M €
Other
Workforce	27,1 ETP	-1.5%	27,5 ETP	+3.0%	26,7 ETP	+0.8%	26,5 ETP	-2.9%	27,3 ETP	+11.0%	24,6 ETP	-3.5%	25,5 ETP	+9.4%	23,3 ETP	+6.9%	21,8 ETP	-11.4%	24,6 ETP	+0.4%	24,5 ETP	+4.3%	23,5 ETP	+10.3%	21,3 ETP	-3.6%	22,1 ETP	-12.0%	25,1 ETP	-5.3%	26,5 ETP	-3.3%	27,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 14 ended

Active mandates

Fleur Geirnaert

Director · since 16 mai 2022 · until 12 mai 2027

Active

Lauren Geirnaert

Director · since 16 mai 2022 · until 12 mai 2027

Active

Modius

Director · since 16 mai 2022 · until 12 mai 2027 · 0845.685.590

Represented by Dick Geirnaert

Active

Ended mandates

Dick Geirnaert

Director · since 09 mai 2012 · until 12 mai 2021

Ended

Dick Geirnaert

Managing director · since 09 mai 2012 · until 09 mai 2018

Ended

Dick Geirnaert

Managing director · since 09 mai 2012 · until 12 mai 2021

Ended

Modius

Director · since 09 mai 2012 · until 09 mai 2018 · 0845.685.590

Represented by Dick Geirnaert

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	04/09/2026	16/07/2025	29/08/2024	30/06/2023	24/08/2022	25/08/2021
General meeting	05/05/2026	15/05/2025	31/07/2024	10/05/2023	11/05/2022	12/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	05/05/2026	04/09/2026	Dutch	PDF
Abridged model	31/12/2024	15/05/2025	16/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/07/2024	29/08/2024	Dutch	PDF
Abridged model	31/12/2022	10/05/2023	30/06/2023	Dutch	PDF
Abridged model	31/12/2021	11/05/2022	24/08/2022	Dutch	PDF
Abridged model	31/12/2020	12/05/2021	25/08/2021	Dutch	PDF
Abridged model	31/12/2019	27/03/2020	05/05/2020	Dutch	PDF
Abridged model	31/12/2018	08/05/2019	26/06/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	26/07/2018	Dutch	PDF
Abridged model	31/12/2016	12/05/2017	08/06/2017	Dutch	PDF
Abridged model	31/12/2015	13/05/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2014	16/02/2015	24/02/2015	Dutch	PDF
Abridged model	31/12/2013	14/05/2014	04/06/2014	Dutch	PDF
Abridged model	31/12/2012	08/05/2013	21/05/2013	Dutch	PDF
Abridged model	31/12/2011	09/05/2012	08/06/2012	Dutch	PDF
Abridged model	31/12/2010	11/05/2011	26/05/2011	Dutch	PDF
Abridged model	31/12/2009	12/05/2010	24/06/2010	Dutch	PDF
Abridged model	31/12/2008	13/05/2009	30/06/2009	Dutch	PDF
Abridged model	31/12/2007	14/05/2008	26/05/2008	Dutch	PDF
Abridged model	31/12/2006	09/05/2007	23/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 14 ended

Active mandates

Fleur Geirnaert

Director · since 16 mai 2022 · until 12 mai 2027

Active

Lauren Geirnaert

Director · since 16 mai 2022 · until 12 mai 2027

Active

Modius

Director · since 16 mai 2022 · until 12 mai 2027 · 0845.685.590

Represented by Dick Geirnaert

Active

Ended mandates

Dick Geirnaert

Director · since 09 mai 2012 · until 12 mai 2021

Ended

Dick Geirnaert

Managing director · since 09 mai 2012 · until 09 mai 2018

Ended

Dick Geirnaert

Managing director · since 09 mai 2012 · until 12 mai 2021

Ended

Modius

Director · since 09 mai 2012 · until 09 mai 2018 · 0845.685.590

Represented by Dick Geirnaert

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/06/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/11/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/12/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/05/2015
ONTSLAGEN - BENOEMINGEN
PDF
Registered office21/05/2013
MAATSCHAPPELIJKE ZETEL
PDF
Mandates04/02/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares15/06/2012
KAPITAAL - AANDELEN
PDF
Mandates23/05/2012
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-74,4 k €↑
2024
Annual accounts 2024-261,1 k €↓
2023
Annual accounts 202318,2 k €↑
2022
Annual accounts 2022-12,8 k €↓
2021
Annual accounts 202170,8 k €↑
2018
Annual accounts 2018-71,3 k €↑
2017
Annual accounts 2017-345,7 k €↓
2016
Annual accounts 2016-295,5 k €↑
2015
Annual accounts 2015-358,6 k €↓
2014
Annual accounts 2014-163,8 k €↑
2013
Annual accounts 2013-172,4 k €↓
2012
Annual accounts 2012-49,3 k €↓
2011
Annual accounts 20111,9 M €↑
2010
Annual accounts 201023,8 k €↑
2009
Annual accounts 20093,3 k €↓
2008
Annual accounts 20084,2 k €↓
2007
Annual accounts 2007158,4 k €
12/04/1967
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Metafor

Overview

What does Metafor do?

Trend over 17 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline