ACTIVE

GARWIG

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Financial year 2025 · closed on 31/12/2025

Net result

282,7 k €

+26.5% YoY

Revenue

20,2 M €

-1.3% YoY

Equity

6,1 M €

+4.9% YoY

Workforce

12,3 ETP

-0.8% YoY

What does GARWIG do?

GARWIG is a Public limited company incorporated in 1977. Its registered office is in Houthulst. It employs on average 12,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0417.150.280

Incorporation

07/05/1977

Legal form

Public limited company

Registered office

Poelkapellestraat 18
8650 Houthulst · FlandreSee on map

Contributed capital

280 000,00 €

Latest accounts

31/12/2025

Average workforce

12,3 ETP

Joint committees (8)

121
140
14003
14004
142
200
20000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	20,2 M €	-1.3%	20,5 M €	-3.0%	21,1 M €	+10.0%	19,2 M €	+13.1%	17 M €	+13.2%	15 M €	+0.7%	14,9 M €	+11.6%	13,4 M €	+4.1%	12,8 M €	-8.3%	14 M €	+22.1%	11,5 M €	+29.7%	8,8 M €	+5.7%	8,4 M €	+2.5%	8,2 M €	-15.5%	9,7 M €	+0.5%	9,6 M €	+7.5%	8,9 M €	+11.9%	8 M €	+17.0%	6,8 M €	-6.0%	7,3 M €
EBITDA	932 k €	-16.5%	1,1 M €	-56.8%	2,6 M €	+56.2%	1,7 M €	-6.8%	1,8 M €	+147%	720,4 k €	+61.6%	445,9 k €	+176%	161,7 k €	-77.2%	710,2 k €	+25.8%	564,6 k €	-40.7%	952,1 k €	+353%	210,1 k €	+597%	30,1 k €	-86.1%	216,1 k €	+124%	-896,2 k €	-253%	586,6 k €	+0.9%	581,5 k €	-3.9%	605,2 k €	-28.6%	847,4 k €	-29.9%	1,2 M €
Operating result	496,8 k €	+11.5%	445,6 k €	-58.7%	1,1 M €	+8.4%	995,2 k €	-16.3%	1,2 M €	+426%	226,3 k €	+2635%	-8,9 k €	+97.2%	-323,2 k €	-199%	327,5 k €	+157%	127,5 k €	-81.0%	672,2 k €	+811%	-94,6 k €	+67.7%	-292,6 k €	-76.4%	-165,9 k €	+87.9%	-1,4 M €	-1320%	112,4 k €	+1326%	-9,2 k €	-2921%	-303,6 €	-100%	237,4 k €	-35.9%	370,4 k €
Net result	282,7 k €	+26.5%	223,5 k €	-65.6%	650,3 k €	+5.2%	618,1 k €	-28.3%	862,5 k €	+795%	96,4 k €	+180%	-120,6 k €	+61.8%	-316,2 k €	-303%	155,5 k €	+1158%	12,4 k €	-98.3%	738,7 k €	+249%	-495,8 k €	-118%	-227,6 k €	-3651%	6,4 k €	+100%	-1,3 M €	-1428%	98,5 k €	+2947%	-3,5 k €	-116%	21,2 k €	-93.4%	320,1 k €	-1.1%	323,6 k €
Balance sheet
Equity	6,1 M €	+4.9%	5,8 M €	+4.0%	5,6 M €	+13.2%	4,9 M €	+14.4%	4,3 M €	+25.1%	3,4 M €	+2.9%	3,3 M €	-3.5%	3,5 M €	-8.4%	3,8 M €	+4.3%	3,6 M €	+0.3%	3,6 M €	+25.7%	2,9 M €	-14.7%	3,4 M €	-6.3%	3,6 M €	+0.2%	3,6 M €	-26.7%	4,9 M €	+2.1%	4,8 M €	-0.1%	4,8 M €	+0.4%	4,8 M €	+7.2%	4,5 M €
Total assets	11,7 M €	-0.7%	11,8 M €	-5.0%	12,4 M €	+20.3%	10,3 M €	+9.4%	9,4 M €	+20.8%	7,8 M €	-10.4%	8,7 M €	-4.4%	9,1 M €	-5.9%	9,7 M €	+7.7%	9 M €	+29.4%	6,9 M €	+15.7%	6 M €	+5.2%	5,7 M €	-18.7%	7 M €	-20.1%	8,8 M €	-7.6%	9,5 M €	+16.6%	8,2 M €	-13.5%	9,4 M €	+7.0%	8,8 M €	-2.7%	9,1 M €
Cash	3 M €	+21.3%	2,5 M €	-38.2%	4 M €	+164%	1,5 M €	+109%	726,4 k €	+39.4%	521 k €	-28.8%	732,1 k €	-60.5%	1,9 M €	-37.7%	3 M €	+77.2%	1,7 M €	+149%	674,8 k €	+50.0%	449,7 k €	+78.9%	251,3 k €	+6.5%	235,9 k €	-59.4%	581,4 k €	+39.9%	415,7 k €	+12.0%	371,1 k €	-54.8%	820,5 k €	-61.8%	2,1 M €	+24.1%	1,7 M €
Debts	5,3 M €	-1.5%	5,4 M €	-10.0%	6 M €	+38.0%	4,3 M €	-13.4%	5 M €	+18.8%	4,2 M €	-18.7%	5,2 M €	-7.4%	5,6 M €	-4.8%	5,9 M €	+10.2%	5,3 M €	+59.6%	3,3 M €	+6.7%	3,1 M €	+33.5%	2,3 M €	-8.8%	2,6 M €	-39.6%	4,2 M €	-7.6%	4,6 M €	+37.4%	3,3 M €	-27.6%	4,6 M €	+15.1%	4 M €	-12.4%	4,6 M €
Other
Workforce	12,3 ETP	-0.8%	12,4 ETP	+2.5%	12,1 ETP	+4.3%	11,6 ETP	-0.9%	11,7 ETP	+0.9%	11,6 ETP	-4.9%	12,2 ETP	-0.8%	12,3 ETP	+44.7%	8,5 ETP	+7.6%	7,9 ETP	-1.2%	8,0 ETP	+2.6%	7,8 ETP	-1.3%	7,9 ETP	+14.5%	6,9 ETP	+13.1%	6,1 ETP	-83.0%	35,9 ETP	-0.6%	36,1 ETP	+12.8%	32,0 ETP	+24.0%	25,8 ETP	-4.4%	27,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Steven GARWIG

Director

Active

Xavier GARWIG

Director

Active

Ended mandates

Xavier GARWIG

Managing director · since 27 juin 2013

Ended

Jeannine LEFIEF

Managing director · until 27 juin 2013

Ended

Jeannine LEFIEF

Managing director

Ended

Sebastien SOETE

Director · until 27 juin 2013

Ended

At this address

Other companies at this address

Company	CBE no.
GARWIG LOGISTICS● Active	0827.893.218
GST RECYCLING● Active	0866.714.103

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	17/07/2026	29/08/2025	30/08/2024	31/08/2023	31/08/2022	31/08/2021
General meeting	16/07/2026	29/08/2025	30/08/2024	31/08/2023	29/08/2022	31/08/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	16/07/2026	17/07/2026	Dutch	PDF
Full model	31/12/2024	29/08/2025	29/08/2025	Dutch	PDF
Full model	31/12/2023	30/08/2024	30/08/2024	Dutch	PDF
Full model	31/12/2022	31/08/2023	31/08/2023	Dutch	PDF
Full model	31/12/2021	29/08/2022	31/08/2022	Dutch	PDF
Full model	31/12/2020	31/08/2021	31/08/2021	Dutch	PDF
Full model	31/12/2019	22/08/2020	27/08/2020	Dutch	PDF
Full model	31/12/2018	30/08/2019	31/08/2019	Dutch	PDF
Full model	31/12/2017	14/09/2018	24/09/2018	Dutch	PDF
Full model	31/12/2016	29/06/2017	29/08/2017	Dutch	PDF
Full modelCorrection	31/12/2015	30/06/2016	07/09/2016	Dutch	PDF
Full model	31/12/2015	30/06/2016	30/08/2016	Dutch	PDF
Full model	31/12/2014	25/06/2015	31/08/2015	Dutch	PDF
Full model	31/12/2013	26/06/2014	29/08/2014	Dutch	PDF
Full model	31/12/2012	27/06/2013	31/07/2013	Dutch	PDF
Full model	31/12/2011	28/06/2012	07/08/2012	Dutch	PDF
Full model	31/12/2010	30/06/2011	28/07/2011	Dutch	PDF
Full model	31/12/2009	24/06/2010	29/07/2010	Dutch	PDF
Abridged model	31/12/2008	25/06/2009	22/09/2009	Dutch	PDF
Abridged model	31/12/2007	26/06/2008	27/06/2008	Dutch	PDF
Abridged model	31/12/2006	28/06/2007	14/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

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 · 2 active · 6 ended

Active mandates

Steven GARWIG

Director

Active

Xavier GARWIG

Director

Active

Ended mandates

Xavier GARWIG

Managing director · since 27 juin 2013

Ended

Jeannine LEFIEF

Managing director · until 27 juin 2013

Ended

Jeannine LEFIEF

Managing director

Ended

Sebastien SOETE

Director · until 27 juin 2013

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/08/2026
Herbenoeming (gedelegeerd) bestuurder(s)
PDF
Mandates28/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other03/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates10/01/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/01/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/07/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/10/2010
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 2025282,7 k €↑
2024
Annual accounts 2024223,5 k €↓
2023
Annual accounts 2023650,3 k €↑
2022
Annual accounts 2022618,1 k €↓
2021
Annual accounts 2021862,5 k €↑
2020
Annual accounts 202096,4 k €↑
2019
Annual accounts 2019-120,6 k €↑
2018
Annual accounts 2018-316,2 k €↓
2017
Annual accounts 2017155,5 k €↑
2016
Annual accounts 201612,4 k €↓
2015
Annual accounts 2015738,7 k €↑
2014
Annual accounts 2014-495,8 k €↓
2013
Annual accounts 2013-227,6 k €↓
2012
Annual accounts 20126,4 k €↑
2011
Annual accounts 2011-1,3 M €↓
2010
Annual accounts 201098,5 k €↑
2009
Annual accounts 2009-3,5 k €↓
2008
Annual accounts 200821,2 k €↓
2007
Annual accounts 2007320,1 k €↓
2006
Annual accounts 2006323,6 k €
07/05/1977
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

GARWIG

Overview

What does GARWIG do?

Trend over 20 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