ACTIVE

GILFI

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Financial year 2025 · closed on 31/12/2025

Net result

117,5 k €

-16.8% YoY

Gross margin

557,1 k €

-13.8% YoY

Equity

527,4 k €

-1.3% YoY

Workforce

5,6 ETP

-17.6% YoY

What does GILFI do?

GILFI is a Public limited company incorporated in 1985. Its registered office is in Stavelot. It employs on average 5,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0427.120.890

Incorporation

18/04/1985

Legal form

Public limited company

Registered office

Rue Crufer 7
4970 Stavelot · WallonieSee on map

Contributed capital

150 000,00 €

Latest accounts

31/12/2025

Average workforce

5,6 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	557,1 k €	-13.8%	646,2 k €	-5.0%	680,5 k €	-7.7%	737,6 k €	+38.9%	531,1 k €	+5.3%	504,3 k €	-28.0%	700,4 k €	+7.1%	654 k €	-2.5%	670,9 k €	+11.2%	603,5 k €	-15.8%	716,5 k €	+8.2%	661,9 k €	+2.9%	643,5 k €	+4.9%	613,5 k €	+4.5%	587 k €	-6.8%	629,5 k €	+0.0%	629,5 k €	+0.8%	624,8 k €	+14.3%	546,4 k €	-5.7%	579,3 k €
EBITDA	264,5 k €	-14.0%	307,4 k €	-8.5%	336,2 k €	-15.2%	396,2 k €	+64.2%	241,3 k €	+21.0%	199,3 k €	-37.6%	319,2 k €	+19.5%	267,1 k €	-7.4%	288,5 k €	+13.6%	253,9 k €	-19.8%	316,7 k €	+10.6%	286,4 k €	+1.9%	281 k €	+4.4%	269,2 k €	+18.2%	227,8 k €	+0.2%	227,4 k €	+7.7%	211,2 k €	-2.3%	216,1 k €	+37.6%	157 k €	-30.0%	224,3 k €
Operating result	163 k €	-16.0%	194,1 k €	-7.1%	208,9 k €	-17.1%	252,1 k €	+171%	93 k €	+125%	41,3 k €	-71.3%	143,8 k €	+59.6%	90,1 k €	+1.1%	89,1 k €	+0.9%	88,3 k €	-38.7%	144,2 k €	+107%	69,6 k €	-36.1%	109,1 k €	+48.3%	73,5 k €	+28.6%	57,2 k €	-28.9%	80,4 k €	+23.0%	65,3 k €	-6.1%	69,6 k €	+55.7%	44,7 k €	-69.3%	145,6 k €
Net result	117,5 k €	-16.8%	141,2 k €	-1.0%	142,7 k €	-23.2%	185,8 k €	+161%	71,1 k €	+157%	27,6 k €	-73.1%	102,8 k €	+72.2%	59,7 k €	+14.7%	52,1 k €	+4.4%	49,9 k €	-36.9%	79,1 k €	+122%	35,6 k €	-53.8%	77,1 k €	+71.8%	44,9 k €	+77.8%	25,2 k €	-55.0%	56,1 k €	+230%	17 k €	-31.3%	24,8 k €	-47.4%	47,1 k €	-17.9%	57,3 k €
Balance sheet
Equity	527,4 k €	-1.3%	534,3 k €	-1.5%	542,4 k €	-28.1%	754,2 k €	-2.4%	772,8 k €	+1.9%	758 k €	+1.4%	747,8 k €	+8.0%	692,3 k €	+1.8%	680 k €	+0.7%	675,3 k €	+4.2%	647,8 k €	-0.8%	653,1 k €	-1.3%	661,9 k €	-0.5%	665,1 k €	+0.7%	660,6 k €	-0.3%	662,7 k €	+17.4%	564,6 k €	+3.1%	547,6 k €	+4.7%	522,8 k €	+38.3%	378 k €
Total assets	1,6 M €	+1.9%	1,6 M €	+6.0%	1,5 M €	-18.7%	1,8 M €	+53.0%	1,2 M €	-2.6%	1,2 M €	-11.4%	1,4 M €	-4.7%	1,4 M €	-3.6%	1,5 M €	-8.1%	1,6 M €	-1.2%	1,6 M €	-1.9%	1,7 M €	-1.5%	1,7 M €	+9.9%	1,5 M €	-9.5%	1,7 M €	-2.3%	1,7 M €	-2.5%	1,8 M €	+1.0%	1,8 M €	+8.4%	1,6 M €	+90.7%	856,4 k €
Cash	303 k €	+6.9%	283,5 k €	-3.2%	292,8 k €	-8.4%	319,6 k €	+101%	158,9 k €	+34.6%	118,1 k €	+306%	29,1 k €	-29.2%	41 k €	+11.3%	36,9 k €	-67.7%	114,2 k €	-13.7%	132,4 k €	+40.8%	94,1 k €	-43.6%	166,8 k €	+47.7%	113 k €	+5.2%	107,4 k €	+4.3%	103 k €	-7.6%	111,5 k €	+46.5%	76,1 k €	-8.8%	83,5 k €	-17.4%	101,1 k €
Debts	1,1 M €	+3.8%	1 M €	+10.8%	915,4 k €	-11.8%	1 M €	+165%	392,3 k €	-10.0%	436,1 k €	-27.2%	599,1 k €	-16.7%	719,2 k €	-8.1%	782,8 k €	-14.0%	910,7 k €	-2.8%	936,9 k €	-4.7%	983,3 k €	-1.4%	997,4 k €	+19.0%	838,1 k €	-16.2%	1 M €	-3.5%	1 M €	-11.9%	1,2 M €	+0.3%	1,2 M €	+10.7%	1,1 M €	+122%	478,4 k €
Other
Workforce	5,6 ETP	-17.6%	6,8 ETP	-8.1%	7,4 ETP	-3.9%	7,7 ETP	+4.1%	7,4 ETP	0.0%	7,4 ETP	-15.9%	8,8 ETP	+7.3%	8,2 ETP	-11.8%	9,3 ETP	+8.1%	8,6 ETP	0.0%	8,6 ETP	0.0%	8,6 ETP	+2.4%	8,4 ETP	-2.3%	8,6 ETP	-8.5%	9,4 ETP	-7.8%	10,2 ETP	-6.4%	10,9 ETP	-3.5%	11,3 ETP	+3.7%	10,9 ETP	+6.9%	10,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 22 ended

Active mandates

CONDORELO

Administrateur · since 07 mai 2026 · until 07 mai 2031 · 0634.771.562

Represented by Michel Grignard

Active

RONDEHAIE

Managing director · since 07 mai 2026 · until 07 mai 2031 · 0790.829.122

Represented by Stéphane GRIGNARD

Active

Joachim DEROUAUX

Managing director · since 27 octobre 2022 · until 07 mai 2026

Active

Stephane Grignard

Managing director · since 27 octobre 2022 · until 07 mai 2026

Active

Ended mandates

Benoît GILSON

Director · since 27 octobre 2022 · until 31 décembre 2023

Ended

Eric GILSON

Managing director · since 27 octobre 2022 · until 31 décembre 2023

Ended

Joachim DEROUAUX

Managing director · since 27 octobre 2022 · until 30 juin 2029

Ended

Stephane Grignard

Managing director · since 27 octobre 2022 · until 30 juin 2029

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	18/09/2026	16/07/2025	19/07/2024	07/07/2023	20/06/2022	01/06/2021
General meeting	30/06/2026	31/05/2025	30/06/2024	30/06/2023	28/05/2022	29/05/2021
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	30/06/2026	18/09/2026	French	PDF
Abridged model	31/12/2024	31/05/2025	16/07/2025	French	PDF
Abridged model	31/12/2023	30/06/2024	19/07/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	07/07/2023	French	PDF
Abridged model	31/12/2021	28/05/2022	20/06/2022	French	PDF
Abridged model	31/12/2020	29/05/2021	01/06/2021	French	PDF
Abridged model	31/12/2019	30/05/2020	30/06/2020	French	PDF
Abridged model	31/12/2018	28/06/2019	01/07/2019	French	PDF
Abridged model	31/12/2017	23/06/2018	02/07/2018	French	PDF
Abridged model	31/12/2016	27/05/2017	23/06/2017	French	PDF
Abridged model	31/12/2015	28/05/2016	08/06/2016	French	PDF
Abridged model	31/12/2014	30/05/2015	05/06/2015	French	PDF
Abridged model	31/12/2013	31/05/2014	12/06/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	02/07/2013	French	PDF
Abridged model	31/12/2011	26/05/2012	22/06/2012	French	PDF
Abridged model	31/12/2010	28/05/2011	20/06/2011	French	PDF
Abridged model	31/12/2009	29/05/2010	04/06/2010	French	PDF
Abridged model	31/12/2008	30/05/2009	03/06/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	22/07/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	12/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 4 active · 22 ended

Active mandates

CONDORELO

Administrateur · since 07 mai 2026 · until 07 mai 2031 · 0634.771.562

Represented by Michel Grignard

Active

RONDEHAIE

Managing director · since 07 mai 2026 · until 07 mai 2031 · 0790.829.122

Represented by Stéphane GRIGNARD

Active

Joachim DEROUAUX

Managing director · since 27 octobre 2022 · until 07 mai 2026

Active

Stephane Grignard

Managing director · since 27 octobre 2022 · until 07 mai 2026

Active

Ended mandates

Benoît GILSON

Director · since 27 octobre 2022 · until 31 décembre 2023

Ended

Eric GILSON

Managing director · since 27 octobre 2022 · until 31 décembre 2023

Ended

Joachim DEROUAUX

Managing director · since 27 octobre 2022 · until 30 juin 2029

Ended

Stephane Grignard

Managing director · since 27 octobre 2022 · until 30 juin 2029

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other11/09/2026
Extrait du procès-verbal de l'assemblée générale extraordinaire du 7 mai
PDF
Mandates01/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates09/12/2022
DEMISSIONS, NOMINATIONS
PDF
Capital / shares10/11/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates19/09/2017
DEMISSIONS, NOMINATIONS
PDF
Capital / shares07/01/2014
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates31/10/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates18/01/2010
DEMISSIONS, NOMINATIONS
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 2025117,5 k €↓
2024
Annual accounts 2024141,2 k €↓
2023
Annual accounts 2023142,7 k €↓
2022
Annual accounts 2022185,8 k €↑
2021
Annual accounts 202171,1 k €↑
2020
Annual accounts 202027,6 k €↓
2019
Annual accounts 2019102,8 k €↑
2018
Annual accounts 201859,7 k €↑
2017
Annual accounts 201752,1 k €↑
2016
Annual accounts 201649,9 k €↓
2015
Annual accounts 201579,1 k €↑
2014
Annual accounts 201435,6 k €↓
2013
Annual accounts 201377,1 k €↑
2012
Annual accounts 201244,9 k €↑
2011
Annual accounts 201125,2 k €↓
2010
Annual accounts 201056,1 k €↑
2009
Annual accounts 200917 k €↓
2008
Annual accounts 200824,8 k €↓
2007
Annual accounts 200747,1 k €↓
2006
Annual accounts 200657,3 k €
18/04/1985
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

GILFI

Overview

What does GILFI 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

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Timeline