ACTIVE

Gezel

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Financial year 2025 · closed on 31/12/2025

Net result

889 k €

-48.0% YoY

Revenue

23,9 M €

+30.6% YoY

Equity

5,6 M €

+7.7% YoY

Workforce

76,3 ETP

+51.1% YoY

What does Gezel do?

Gezel is a Public limited company incorporated in 1979. Its main activity is: Plumbing, heat and air-conditioning installation. Its registered office is in Buggenhout. It employs on average 76,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0419.931.014

Incorporation

14/12/1979

Legal form

Public limited company

Registered office

Beukenstraat 160
9255 Buggenhout · FlandreSee on map

Contributed capital

500 000,00 €

Latest accounts

31/12/2025

Average workforce

76,3 ETP

Activities (NACE)

43222Plumbing, heat and air-conditioning installation· main 43222Plumbing, heat and air-conditioning installation 45331Sale of motor vehicle parts and accessories

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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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	23,9 M €	+30.6%	18,3 M €	+0.3%	18,2 M €	+18.3%	15,4 M €	+5.0%	14,7 M €	+14.9%	12,8 M €	+17.6%	10,9 M €	+18.2%	9,2 M €	+1.9%	9 M €		–		6,8 M €	-10.2%	7,6 M €	-38.0%	12,3 M €		–		–		–		–		–		–		–
EBITDA	1,7 M €	-11.6%	2 M €	+47.2%	1,3 M €	+12.9%	1,2 M €	-22.5%	1,5 M €	+98.4%	763,5 k €	-14.3%	891 k €	-4.1%	929,6 k €	+128%	408,5 k €	+42.8%	286,1 k €	-27.2%	393,2 k €	+42.3%	276,4 k €	-74.2%	1,1 M €	-32.5%	1,6 M €	+116%	733,9 k €	-9.8%	813,4 k €	+16.0%	701,4 k €	+21.7%	576,3 k €	-17.3%	697,3 k €	+25.7%	554,8 k €
Operating result	1,2 M €	-26.3%	1,6 M €	+61.0%	988,3 k €	+3.4%	956,1 k €	-22.7%	1,2 M €	+144%	506,2 k €	-19.5%	628,8 k €	-12.7%	720,5 k €	+224%	222,1 k €	+1127%	18,1 k €	-89.0%	163,9 k €	+1498%	10,3 k €	-98.7%	797,6 k €	-36.2%	1,2 M €	+198%	419,1 k €	-13.8%	486,3 k €	+29.5%	375,6 k €	-11.3%	423,6 k €	-15.4%	500,7 k €	+21.7%	411,5 k €
Net result	889 k €	-48.0%	1,7 M €	+96.5%	869,4 k €	-1.8%	885,4 k €	-16.2%	1,1 M €	+166%	397,7 k €	-13.4%	459 k €	-12.1%	522 k €	+259%	145,4 k €	+1194%	11,2 k €	-86.1%	80,9 k €	+19626%	410,1 €	-99.9%	592,8 k €	-33.6%	893 k €	+220%	278,7 k €	-15.4%	329,7 k €	-15.7%	391,2 k €	+18.6%	329,9 k €	-8.7%	361,5 k €	+17.8%	306,8 k €
Balance sheet
Equity	5,6 M €	+7.7%	5,2 M €	+27.1%	4,1 M €	+13.0%	3,6 M €	+11.9%	3,2 M €	+20.8%	2,7 M €	+1.8%	2,6 M €	+21.2%	2,2 M €	+13.9%	1,9 M €	+2.6%	1,9 M €	-3.2%	1,9 M €	-6.0%	2 M €	-8.1%	2,2 M €	+5.1%	2,1 M €	+10.6%	1,9 M €	+5.4%	1,8 M €	+3.4%	1,8 M €	-8.5%	1,9 M €	+13.7%	1,7 M €	+20.4%	1,4 M €
Total assets	10,3 M €	+13.6%	9,1 M €	+35.6%	6,7 M €	-5.8%	7,1 M €	-14.3%	8,3 M €	+31.2%	6,3 M €	+0.3%	6,3 M €	+25.7%	5 M €	+27.7%	3,9 M €	+7.1%	3,7 M €	+2.1%	3,6 M €	-18.8%	4,4 M €	-13.8%	5,1 M €	+15.2%	4,4 M €	+7.0%	4,2 M €	+7.0%	3,9 M €	-13.1%	4,5 M €	+15.2%	3,9 M €	+38.0%	2,8 M €	+39.9%	2 M €
Cash	561,1 k €	-56.9%	1,3 M €	+210%	420,5 k €	-42.9%	735,7 k €	-73.4%	2,8 M €	+333%	638,6 k €	+175%	232 k €	+1.7%	228,1 k €	+8.9%	209,4 k €	+20.8%	173,4 k €	+56.4%	110,9 k €	-69.8%	367,1 k €	-5.9%	389,9 k €	-20.1%	487,9 k €	-14.8%	572,8 k €	+150%	229 k €	-25.7%	308,4 k €	-29.9%	439,6 k €	-17.8%	534,8 k €	+90.1%	281,3 k €
Debts	4,4 M €	+39.3%	3,1 M €	+49.6%	2,1 M €	-17.4%	2,5 M €	-10.6%	2,8 M €	-16.6%	3,4 M €	+14.2%	3 M €	+20.9%	2,5 M €	+58.9%	1,6 M €	-5.3%	1,6 M €	+2.2%	1,6 M €	-31.5%	2,3 M €	-17.9%	2,9 M €	+25.2%	2,3 M €	+12.4%	2 M €	+1.8%	2 M €	-24.2%	2,6 M €	+36.8%	1,9 M €	+101%	953,1 k €	+56.4%	609,5 k €
Other
Workforce	76,3 ETP	+51.1%	50,5 ETP	-0.4%	50,7 ETP	+3.9%	48,8 ETP	+1.7%	48,0 ETP	+3.4%	46,4 ETP	+11.3%	41,7 ETP	+3.7%	40,2 ETP	+19.6%	33,6 ETP	-7.9%	36,5 ETP	+3.4%	35,3 ETP	+6.6%	33,1 ETP	+0.3%	33,0 ETP	-2.9%	34,0 ETP	+4.0%	32,7 ETP	+10.5%	29,6 ETP	+8.8%	27,2 ETP	+4.2%	26,1 ETP	+8.8%	24,0 ETP	-6.3%	25,6 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 · 7 active · 18 ended

Active mandates

Filip De Bruyne

Director · since 01 juin 2025 · until 30 juin 2029

Active

Frank Decock

Director · since 25 mai 2023 · until 30 juin 2029

Active

Hendrik Aelbrecht

Director · since 25 mai 2023 · until 30 juin 2029

Active

IMMO BEHEER ACAR

Director · since 25 mai 2023 · until 12 décembre 2025 · 0437.145.940

Represented by Vincent Acar

Active

Rene Schepens

Chairman of the board of directors · since 25 mai 2023 · until 30 juin 2029

Active

Visioning P&T

Managing director · since 25 mai 2023 · until 30 juin 2029 · 0675.797.713

Represented by Daan Goedgezelschap

Active

Visioning T&P

Managing director · since 25 mai 2023 · until 30 juin 2029 · 0675.797.614

Represented by Hedwig Goedgezelschap

Active

Ended mandates

IMMO BEHEER ACAR

Director · since 25 mai 2023 · until 30 juin 2029 · 0437.145.940

Represented by Vincent Acar

Ended

IMMO BEHEER ACAR

Director · since 25 juin 2018 · until 15 juin 2023 · 0437.145.940

Represented by Vincent Acar

Ended

IMMO BEHEER ACAR

Director · since 25 juin 2018 · until 31 mai 2023 · 0437.145.940

Represented by Vincent ACAR

Ended

Frank Decock

Director · since 16 juin 2017 · until 15 juin 2023

Ended

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	24/06/2026	25/06/2025	06/06/2024	21/06/2023	03/06/2022	07/06/2021
General meeting	29/05/2026	30/05/2025	30/05/2024	26/05/2023	27/05/2022	26/05/2021
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
Full model	31/12/2025	29/05/2026	24/06/2026	Dutch	PDF
Full model	31/12/2024	30/05/2025	25/06/2025	Dutch	PDF
Full model	31/12/2023	30/05/2024	06/06/2024	Dutch	PDF
Full model	31/12/2022	26/05/2023	21/06/2023	Dutch	PDF
Full model	31/12/2021	27/05/2022	03/06/2022	Dutch	PDF
Full model	31/12/2020	26/05/2021	07/06/2021	Dutch	PDF
Full model	31/12/2019	29/05/2020	12/06/2020	Dutch	PDF
Full model	31/12/2018	31/05/2019	06/06/2019	Dutch	PDF
Full model	31/12/2017	25/05/2018	05/06/2018	Dutch	PDF
Abridged model	31/12/2016	29/05/2017	19/06/2017	Dutch	PDF
Full model	31/12/2015	11/06/2016	22/06/2016	Dutch	PDF
Full model	31/12/2014	31/05/2015	22/06/2015	Dutch	PDF
Full model	31/12/2013	31/05/2014	02/06/2014	Dutch	PDF
Abridged model	31/12/2012	31/05/2013	04/06/2013	Dutch	PDF
Abridged model	31/12/2011	31/05/2012	01/06/2012	Dutch	PDF
Abridged model	31/12/2010	31/05/2011	01/06/2011	Dutch	PDF
Abridged model	31/12/2009	31/05/2010	01/06/2010	Dutch	PDF
Abridged model	31/12/2008	31/05/2009	08/06/2009	Dutch	PDF
Abridged model	31/12/2007	31/05/2008	03/06/2008	Dutch	PDF
Abridged model	31/12/2006	31/05/2007	04/06/2007	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 · 7 active · 18 ended

Active mandates

Filip De Bruyne

Director · since 01 juin 2025 · until 30 juin 2029

Active

Frank Decock

Director · since 25 mai 2023 · until 30 juin 2029

Active

Hendrik Aelbrecht

Director · since 25 mai 2023 · until 30 juin 2029

Active

IMMO BEHEER ACAR

Director · since 25 mai 2023 · until 12 décembre 2025 · 0437.145.940

Represented by Vincent Acar

Active

Rene Schepens

Chairman of the board of directors · since 25 mai 2023 · until 30 juin 2029

Active

Visioning P&T

Managing director · since 25 mai 2023 · until 30 juin 2029 · 0675.797.713

Represented by Daan Goedgezelschap

Active

Visioning T&P

Managing director · since 25 mai 2023 · until 30 juin 2029 · 0675.797.614

Represented by Hedwig Goedgezelschap

Active

Ended mandates

IMMO BEHEER ACAR

Director · since 25 mai 2023 · until 30 juin 2029 · 0437.145.940

Represented by Vincent Acar

Ended

IMMO BEHEER ACAR

Director · since 25 juin 2018 · until 15 juin 2023 · 0437.145.940

Represented by Vincent Acar

Ended

IMMO BEHEER ACAR

Director · since 25 juin 2018 · until 31 mai 2023 · 0437.145.940

Represented by Vincent ACAR

Ended

Frank Decock

Director · since 16 juin 2017 · until 15 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring26/06/2025
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring03/03/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Capital / shares14/06/2024
KAPITAAL - AANDELEN
PDF
Mandates27/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office16/06/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - MAATSCHAPPELIJKE ZETEL
PDF
Mandates08/08/2018
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 2025889 k €↓
2024
Annual accounts 20241,7 M €↑
2023
Annual accounts 2023869,4 k €↓
2022
Annual accounts 2022885,4 k €↓
2021
Annual accounts 20211,1 M €↑
2021
Name changeGezel nv
2020
Annual accounts 2020397,7 k €↓
2019
Annual accounts 2019459 k €↓
2018
Annual accounts 2018522 k €↑
2017
Annual accounts 2017145,4 k €↑
2016
Annual accounts 201611,2 k €↓
2015
Annual accounts 201580,9 k €↑
2014
Annual accounts 2014410,1 €↓
2013
Annual accounts 2013592,8 k €↓
2012
Annual accounts 2012893 k €↑
2011
Annual accounts 2011278,7 k €↓
2010
Annual accounts 2010329,7 k €↓
2009
Annual accounts 2009391,2 k €↑
2008
Annual accounts 2008329,9 k €↓
2007
Annual accounts 2007361,5 k €↑
2006
Annual accounts 2006306,8 k €
2006
Name changeGezel II
14/12/1979
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

Gezel

Overview

What does Gezel do?

Trend over 20 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