ACTIVE

WAF

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Financial year 2025 · closed on 30/09/2025

Net result

-26,1 k €

+20.3% YoY

Gross margin

2,4 M €

+0.6% YoY

Equity

2,8 M €

-0.9% YoY

Workforce

35,0 ETP

-2.0% YoY

What does WAF do?

WAF is a Public limited company incorporated in 1970. Its registered office is in Beveren-Kruibeke-Zwijndrecht. It employs on average 35,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0407.183.927

Incorporation

26/06/1970

Legal form

Public limited company

Registered office

Burchtstraat 200
9150 Beveren-Kruibeke-Zwijndrecht · FlandreSee on map

Contributed capital

261 000,00 €

Latest accounts

30/09/2025

Average workforce

35,0 ETP

Joint committees (2)

Signals

Solid equityLow riskGood liquidityPositive 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		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	2,4 M €	+0.6%	2,4 M €	+1.3%	2,3 M €	+1.3%	2,3 M €	+0.8%	2,3 M €		–		–		–		–		–		–		–		–		–		–		2,4 M €	-0.6%	2,5 M €
EBITDA	98,8 k €	-13.5%	114,2 k €	-18.0%	139,3 k €	+12.2%	124,2 k €	+1449%	-9,2 k €	-107%	135,1 k €	-54.0%	293,9 k €	-23.1%	382,3 k €	+240%	-272,9 k €	-418%	-52,7 k €	-119%	284,6 k €	+197%	95,9 k €	-30.5%	138 k €	-62.1%	364,6 k €	-13.5%	421,7 k €	+42.2%	296,6 k €	-32.4%	438,5 k €
Operating result	26,1 k €	+6.5%	24,5 k €	-28.5%	34,3 k €	-5.8%	36,4 k €	+142%	-87,1 k €	-278%	48,9 k €	-75.3%	197,9 k €	-19.0%	244,2 k €	+157%	-425,2 k €	-104%	-208,8 k €	-344%	85,6 k €	+204%	-82,4 k €	-297%	41,9 k €	-84.0%	262,5 k €	-9.2%	289,1 k €	+51.5%	190,8 k €	-37.6%	305,9 k €
Net result	-26,1 k €	+20.3%	-32,7 k €	-619%	6,3 k €	-73.1%	23,5 k €	+124%	-98,2 k €	-355%	38,5 k €	-78.7%	180,3 k €	-4.5%	188,7 k €	+139%	-481,7 k €	-94.9%	-247,1 k €	-1027%	26,7 k €	+121%	-124,7 k €	-6655%	1,9 k €	-99.0%	185,2 k €	-14.2%	215,8 k €	+34.3%	160,7 k €	-14.1%	186,9 k €
Balance sheet
Equity	2,8 M €	-0.9%	2,9 M €	-1.1%	2,9 M €	+0.2%	2,9 M €	+0.8%	2,9 M €	+8.6%	2,6 M €	+1.5%	2,6 M €	+14.4%	2,3 M €	+9.1%	2,1 M €	-18.8%	2,6 M €	-8.8%	2,8 M €	+1.0%	2,8 M €	-15.9%	3,3 M €	+0.1%	3,3 M €	+5.2%	3,1 M €	+6.4%	3 M €	+5.0%	2,8 M €
Total assets	6,3 M €	-11.9%	7,2 M €	-4.4%	7,5 M €	+3.9%	7,2 M €	+17.3%	6,2 M €	-5.3%	6,5 M €	+13.3%	5,7 M €	+5.4%	5,4 M €	+6.4%	5,1 M €	-7.4%	5,5 M €	-0.8%	5,6 M €	-4.1%	5,8 M €	+4.1%	5,6 M €	-7.8%	6 M €	+0.0%	6 M €	+21.7%	5 M €	+7.2%	4,6 M €
Cash	406,9 k €	+82.2%	223,4 k €	+159%	86,2 k €	-50.3%	173,5 k €	-73.2%	648,2 k €	+72.3%	376,1 k €	+204%	123,7 k €	-60.8%	315,5 k €	-40.4%	529,3 k €	+113%	248,1 k €	-67.6%	766,8 k €	+270%	207,4 k €	-84.5%	1,3 M €	+41.3%	946,8 k €	+74.0%	544,1 k €	+61.7%	336,5 k €	-51.6%	695,4 k €
Debts	3,5 M €	-19.5%	4,3 M €	-6.5%	4,6 M €	+6.0%	4,3 M €	+31.9%	3,3 M €	-14.4%	3,8 M €	+22.6%	3,1 M €	+0.6%	3,1 M €	+4.3%	3 M €	+1.6%	2,9 M €	+7.6%	2,7 M €	-9.5%	3 M €	+33.5%	2,3 M €	-17.4%	2,7 M €	-4.6%	2,9 M €	+44.2%	2 M €	+10.8%	1,8 M €
Other
Workforce	35,0 ETP	-2.0%	35,7 ETP	-0.3%	35,8 ETP	-4.0%	37,3 ETP	-11.2%	42,0 ETP	+6.1%	39,6 ETP	0.0%	39,6 ETP	-8.1%	43,1 ETP	-8.3%	47,0 ETP	+0.9%	46,6 ETP	+8.6%	42,9 ETP	+6.2%	40,4 ETP	+0.5%	40,2 ETP	-5.0%	42,3 ETP	-7.2%	45,6 ETP	-6.0%	48,5 ETP	+0.8%	48,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 20 ended

Active mandates

HOLDING T.F.

Managing director · 0445.197.435

Represented by Firlefyn Tony

Active

Jozefine De Maeyer

Director

Active

Ended mandates

HOLDING T.F.

Managing director · since 26 mars 2016 · until 26 mars 2022 · 0445.197.435

Represented by Firlefyn Tony

Ended

Jozefine De Maeyer

Director · since 26 mars 2016 · until 26 mars 2022

Ended

IVH

Managing director · since 15 mars 2011 · until 26 mars 2016 · 0819.086.311

Represented by Ivo Van Hoof

Ended

Jozefine De Maeyer

Director · since 15 mars 2011 · until 26 mars 2016

Ended

At this address

Other companies at this address

Company	CBE no.
BEHEER FIRLEFYN● Active	0440.510.553
BEHEER WAF● Active	0563.712.629

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Full model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	22/04/2026	22/04/2025	26/04/2024	21/04/2023	25/04/2022	22/04/2021
General meeting	28/03/2026	29/03/2025	30/03/2024	30/03/2023	26/03/2022	27/03/2021
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	30/09/2025	28/03/2026	22/04/2026	Dutch	PDF
Abridged model	30/09/2024	29/03/2025	22/04/2025	Dutch	PDF
Abridged model	30/09/2023	30/03/2024	26/04/2024	Dutch	PDF
Abridged model	30/09/2022	30/03/2023	21/04/2023	Dutch	PDF
Abridged model	30/09/2021	26/03/2022	25/04/2022	Dutch	PDF
Full model	30/09/2020	27/03/2021	22/04/2021	Dutch	PDF
Full model	30/09/2019	28/03/2020	21/04/2020	Dutch	PDF
Full model	30/09/2018	30/03/2019	29/04/2019	Dutch	PDF
Full model	30/09/2017	31/03/2018	24/04/2018	Dutch	PDF
Full model	30/09/2016	21/03/2017	12/04/2017	Dutch	PDF
Full model	30/09/2015	26/03/2016	29/03/2016	Dutch	PDF
Full model	30/09/2014	28/03/2015	07/04/2015	Dutch	PDF
Full model	30/09/2013	29/03/2014	23/04/2014	Dutch	PDF
Full model	30/09/2012	30/03/2013	23/04/2013	Dutch	PDF
Full model	30/09/2011	19/04/2012	27/04/2012	Dutch	PDF
Full model	30/09/2010	26/03/2011	21/04/2011	Dutch	PDF
Full model	30/09/2009	27/03/2010	31/03/2010	Dutch	PDF
Full model	30/09/2008	28/03/2009	28/04/2009	Dutch	PDF
Abridged model	30/09/2007	29/03/2008	18/04/2008	Dutch	PDF
Abridged model	30/09/2006	31/03/2007	19/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 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 30/09/2025 · 2 active · 20 ended

Active mandates

HOLDING T.F.

Managing director · 0445.197.435

Represented by Firlefyn Tony

Active

Jozefine De Maeyer

Director

Active

Ended mandates

HOLDING T.F.

Managing director · since 26 mars 2016 · until 26 mars 2022 · 0445.197.435

Represented by Firlefyn Tony

Ended

Jozefine De Maeyer

Director · since 26 mars 2016 · until 26 mars 2022

Ended

IVH

Managing director · since 15 mars 2011 · until 26 mars 2016 · 0819.086.311

Represented by Ivo Van Hoof

Ended

Jozefine De Maeyer

Director · since 15 mars 2011 · until 26 mars 2016

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other11/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL
PDF
Mandates10/06/2022
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares01/12/2017
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates02/08/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/04/2016
ONTSLAGEN - BENOEMINGEN
PDF
Other06/07/2011
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates03/06/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/04/2007
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 2025-26,1 k €↑
2024
Annual accounts 2024-32,7 k €↓
2023
Annual accounts 20236,3 k €↓
2022
Annual accounts 202223,5 k €↑
2021
Annual accounts 2021-98,2 k €↓
2018
Annual accounts 201838,5 k €↓
2017
Annual accounts 2017180,3 k €↓
2015
Annual accounts 2015188,7 k €↑
2014
Annual accounts 2014-481,7 k €↓
2013
Annual accounts 2013-247,1 k €↓
2012
Annual accounts 201226,7 k €↑
2011
Annual accounts 2011-124,7 k €↓
2010
Annual accounts 20101,9 k €↓
2009
Annual accounts 2009185,2 k €↓
2008
Annual accounts 2008215,8 k €↑
2007
Annual accounts 2007160,7 k €↓
2006
Annual accounts 2006186,9 k €
26/06/1970
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

WAF

Overview

What does WAF do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

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