ACTIVE

GFS

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Financial year 2025 · closed on 31/12/2025

Net result

923,3 k €

-10.8% YoY

Gross margin

1,7 M €

-33.2% YoY

Equity

4,2 M €

-26.6% YoY

What does GFS do?

GFS is a Public limited company incorporated in 1983. Its main activity is: Warehousing and storage. Its registered office is in Geraardsbergen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0425.161.292

Incorporation

19/12/1983

Legal form

Public limited company

Registered office

Diebeke(Sch) 35
9500 Geraardsbergen · Flandre

Contributed capital

840 007,25 €

Latest accounts

31/12/2025

Activities (NACE)

52100Warehousing and storage· main 71121Engineering activities and related technical consultancy

Joint committees (7)

12702
140
14003
14004
218
226
22600

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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
Gross margin	1,7 M €	-33.2%	2,6 M €	+1.8%	2,5 M €	-5.7%	2,7 M €	+11.3%	2,4 M €	+20.5%	2 M €	+1.7%	2 M €	-23.5%	2,6 M €	+22.9%	2,1 M €	+14.8%	1,8 M €	-3.7%	1,9 M €	-0.8%	1,9 M €	+28.4%	1,5 M €	+84.4%	809,3 k €	+15.9%	698,5 k €	-22.4%	900,4 k €	+2.6%	877,5 k €		–		–		–
EBITDA	1,7 M €	-20.3%	2,1 M €	+6.8%	2 M €	-12.7%	2,3 M €	+14.9%	2 M €	+24.7%	1,6 M €	-1.7%	1,6 M €	-26.6%	2,2 M €	+33.3%	1,7 M €	+12.0%	1,5 M €	-6.0%	1,6 M €	-0.4%	1,6 M €	+37.5%	1,1 M €	+226%	352,5 k €	+79.3%	196,6 k €	-49.9%	392,7 k €	+17.2%	335 k €	+46.1%	229,2 k €	-31.8%	335,9 k €	-1.0%	339,3 k €
Operating result	1,3 M €	-10.0%	1,4 M €	+23.7%	1,1 M €	-12.1%	1,3 M €	+26.9%	1 M €	+50.6%	681,9 k €	-3.3%	705,4 k €	-45.2%	1,3 M €	+77.1%	727,3 k €	+23.2%	590,3 k €	-15.2%	696,1 k €	-14.0%	809,7 k €	+28.4%	630,7 k €	+268%	171,5 k €	+6743%	2,5 k €	-98.7%	199,2 k €	+52.6%	130,5 k €	+4737%	2,7 k €	-96.4%	75,7 k €	+227%	23,2 k €
Net result	923,3 k €	-10.8%	1 M €	+31.0%	790,2 k €	-11.5%	893,1 k €	+31.3%	679,9 k €	+70.3%	399,2 k €	+20.2%	332,1 k €	-54.2%	725,1 k €	+162%	276,8 k €	+65.5%	167,3 k €	+105%	81,8 k €	-74.0%	314,2 k €	-14.7%	368,3 k €	+129%	161 k €	+2069%	7,4 k €	-96.4%	203,5 k €	+56.0%	130,5 k €	+4990%	2,6 k €	-96.1%	65,5 k €	+280%	17,2 k €
Balance sheet
Equity	4,2 M €	-26.6%	5,8 M €	+0.6%	5,7 M €	+0.7%	5,7 M €	+2.6%	5,5 M €	+14.0%	4,9 M €	+8.9%	4,5 M €	+8.0%	4,1 M €	+21.3%	3,4 M €	+8.9%	3,1 M €	+5.7%	3 M €	+2.8%	2,9 M €	+12.3%	2,6 M €	+16.8%	2,2 M €	+7.9%	2 M €	+0.3%	2 M €	+11.1%	1,8 M €	+7.7%	1,7 M €	+0.1%	1,7 M €	+3.6%	1,6 M €
Total assets	5,3 M €	-29.3%	7,5 M €	-1.6%	7,6 M €	-10.8%	8,5 M €	+6.1%	8,1 M €	-8.2%	8,8 M €	-5.1%	9,2 M €	-6.0%	9,8 M €	-4.8%	10,3 M €	-9.4%	11,4 M €	+1.6%	11,2 M €	-19.1%	13,9 M €	-2.0%	14,2 M €	+5.5%	13,4 M €	+31.4%	10,2 M €	+61.2%	6,3 M €	+192%	2,2 M €	+17.2%	1,8 M €	-6.0%	2 M €	+2.8%	1,9 M €
Cash	169,3 k €	-11.4%	191,2 k €	-83.8%	1,2 M €	-25.4%	1,6 M €	+79.9%	880,3 k €	-14.4%	1 M €	+44.7%	710,7 k €	+51.5%	469 k €	+455%	84,5 k €	-21.6%	107,7 k €	-78.5%	500,1 k €	+127%	219,9 k €	+377%	46,1 k €	-33.7%	69,5 k €	-25.3%	93,1 k €	-74.9%	370,3 k €	+189%	128,3 k €	-10.7%	143,7 k €	-15.7%	170,5 k €	+587%	24,8 k €
Debts	1,1 M €	-38.7%	1,7 M €	-7.8%	1,9 M €	-33.5%	2,8 M €	+13.2%	2,5 M €	-36.1%	3,9 M €	-18.2%	4,8 M €	-16.1%	5,7 M €	-17.6%	6,9 M €	-15.9%	8,2 M €	+0.1%	8,2 M €	-25.1%	11 M €	-5.1%	11,6 M €	+7.3%	10,8 M €	+32.0%	8,2 M €	+91.3%	4,3 M €	+1195%	329,7 k €	+126%	145,9 k €	-44.0%	260,6 k €	-0.0%	260,7 k €
Other
Workforce	–		6,1 ETP	-15.3%	7,2 ETP	0.0%	7,2 ETP	-1.4%	7,3 ETP	+49.0%	4,9 ETP	-16.9%	5,9 ETP	-6.3%	6,3 ETP	-10.0%	7,0 ETP	+6.1%	6,6 ETP	+37.5%	4,8 ETP	-4.0%	5,0 ETP	-13.8%	5,8 ETP	-31.0%	8,4 ETP	-17.6%	10,2 ETP	-1.0%	10,3 ETP	-8.0%	11,2 ETP	-13.8%	13,0 ETP	-1.5%	13,2 ETP	-5.0%	13,9 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 · 1 active · 16 ended

Active mandates

DOCKLAND

Director · 0645.572.810

Represented by Luc Seminck

Active

Ended mandates

DOCKLAND

Director · since 05 janvier 2025 · 0645.572.810

Represented by Luc Seminck

Ended

Luc Seminck

Director · since 22 novembre 2021

Ended

Luc Seminck

Managing director · since 22 novembre 2021

Ended

SUBLIVO

Director · since 16 mai 2016 · until 16 mai 2021 · 0502.403.679

Represented by Dirk Meiresonne

Ended

At this address

Other companies at this address

Company	CBE no.
DOCKLAND● Active	0645.572.810
GAS FILLING & STORAGE● Active	1026.168.443
GTS North West Europe● Active	0644.783.645

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	19/05/2026	20/05/2025	16/04/2024	02/06/2023	09/06/2022	14/06/2021
General meeting	16/05/2026	17/05/2025	31/03/2024	20/05/2023	21/05/2022	15/05/2021
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	16/05/2026	19/05/2026	Dutch	PDF
Abridged model	31/12/2024	17/05/2025	20/05/2025	Dutch	PDF
Abridged model	31/12/2023	31/03/2024	16/04/2024	Dutch	PDF
Abridged model	31/12/2022	20/05/2023	02/06/2023	Dutch	PDF
Abridged model	31/12/2021	21/05/2022	09/06/2022	Dutch	PDF
Abridged model	31/12/2020	15/05/2021	14/06/2021	Dutch	PDF
Abridged model	31/12/2019	16/05/2020	30/06/2020	Dutch	PDF
Abridged model	31/12/2018	18/05/2019	03/06/2019	Dutch	PDF
Abridged model	31/12/2017	19/05/2018	29/05/2018	Dutch	PDF
Abridged model	31/12/2016	20/05/2017	13/06/2017	Dutch	PDF
Abridged model	31/12/2015	21/05/2016	28/06/2016	Dutch	PDF
Abridged model	31/12/2014	16/05/2015	22/06/2015	Dutch	PDF
Abridged model	31/12/2013	17/05/2014	16/07/2014	Dutch	PDF
Abridged model	31/12/2012	18/05/2013	19/06/2013	Dutch	PDF
Abridged model	31/12/2011	19/05/2012	06/06/2012	Dutch	PDF
Abridged model	31/12/2010	21/05/2011	10/06/2011	Dutch	PDF
Abridged model	31/12/2009	15/05/2010	21/06/2010	Dutch	PDF
Full model	31/12/2008	16/05/2009	08/06/2009	Dutch	PDF
Full model	31/12/2007	17/05/2008	26/05/2008	Dutch	PDF
Full model	31/12/2006	19/05/2007	12/06/2007	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 · 1 active · 16 ended

Active mandates

DOCKLAND

Director · 0645.572.810

Represented by Luc Seminck

Active

Ended mandates

DOCKLAND

Director · since 05 janvier 2025 · 0645.572.810

Represented by Luc Seminck

Ended

Luc Seminck

Director · since 22 novembre 2021

Ended

Luc Seminck

Managing director · since 22 novembre 2021

Ended

SUBLIVO

Director · since 16 mai 2016 · until 16 mai 2021 · 0502.403.679

Represented by Dirk Meiresonne

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Restructuring18/08/2025
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring24/06/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates14/02/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring18/06/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates30/11/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/12/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/04/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/07/2016
MAATSCHAPPELIJKE ZETEL - 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 2025923,3 k €↓
2024
Annual accounts 20241 M €↑
2023
Annual accounts 2023790,2 k €↓
2022
Annual accounts 2022893,1 k €↑
2021
Annual accounts 2021679,9 k €↑
2020
Annual accounts 2020399,2 k €↑
2019
Annual accounts 2019332,1 k €↓
2018
Annual accounts 2018725,1 k €↑
2017
Annual accounts 2017276,8 k €↑
2016
Annual accounts 2016167,3 k €↑
2015
Annual accounts 201581,8 k €↓
2014
Annual accounts 2014314,2 k €↓
2013
Annual accounts 2013368,3 k €↑
2012
Annual accounts 2012161 k €↑
2011
Annual accounts 20117,4 k €↓
2010
Annual accounts 2010203,5 k €↑
2009
Annual accounts 2009130,5 k €↑
2008
Annual accounts 20082,6 k €↓
2007
Annual accounts 200765,5 k €↑
2006
Annual accounts 200617,2 k €
19/12/1983
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

GFS

Overview

What does GFS 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