ACTIVE

GESPAC

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Financial year 2025 · closed on 31/12/2025
Net result
95,1 k €
+100.8% YoY
Revenue
659 k €
+16.9% YoY
Equity
455,9 k €
+26.4% YoY
Workforce
1,0 ETP
0.0% YoY

What does GESPAC do?

GESPAC is a Public limited company incorporated in 1987. Its registered office is in Liège. It employs on average 1,0 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0431.311.488
Incorporation
26/05/1987
Legal form
Public limited company
Registered office
Boulevard Piercot 33 box 7
4000 Liège · WallonieSee on map
Contributed capital
61 973,38 €
Latest accounts
31/12/2025
Average workforce
1,0 ETP
Joint committees (2)
  • 200
  • 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 20 financial years

20252024202320222021202020192018201720162015201420132012201120102009200820072006
Income statement
Revenue659 k €563,6 k €496 k €461,6 k €413,1 k €410,7 k €411,8 k €375,7 k €366,9 k €385,3 k €335,6 k €319 k €291,9 k €285,8 k €296,7 k €285,3 k €271,3 k €–––
EBITDA103,4 k €84,6 k €72,3 k €68,5 k €77,3 k €57,7 k €41,6 k €40,4 k €39,2 k €44,3 k €26,5 k €12,2 k €16,6 k €17,9 k €9,6 k €34,4 k €33,6 k €23,5 k €22,6 k €40 k €
Operating result67,6 k €60,9 k €44,3 k €47,3 k €47,5 k €37 k €21,3 k €15,6 k €17,7 k €25 k €14,3 k €-3 k €5,8 k €5,6 k €-4,2 k €21,1 k €22,2 k €14 k €6,1 k €15,6 k €
Net result95,1 k €47,4 k €33,1 k €35,8 k €37 k €28,4 k €14,5 k €10,3 k €10,8 k €16,3 k €11,1 k €8,4 k €3,3 k €4,3 k €3,8 k €15,6 k €29,5 k €17 k €1,4 k €10,5 k €
Balance sheet
Equity455,9 k €360,8 k €319,4 k €292,3 k €262,5 k €231,5 k €209,1 k €201,6 k €197,3 k €192,6 k €182,2 k €177,1 k €174,7 k €174,4 k €174,1 k €175,3 k €164,7 k €135,1 k €118,1 k €116,7 k €
Total assets599,6 k €448,9 k €403,1 k €373,7 k €326,4 k €304,4 k €280 k €271,4 k €273,3 k €278,6 k €255,6 k €268,3 k €252,8 k €245,1 k €239,2 k €235,9 k €208,4 k €189,2 k €133,3 k €137,8 k €
Cash306,3 k €217,4 k €197,9 k €255,1 k €214,7 k €227,1 k €177,6 k €192 k €165,3 k €222,3 k €185,3 k €201,3 k €188,7 k €183,8 k €183,1 k €183,5 k €165,6 k €134,9 k €33,2 k €71,2 k €
Debts143,6 k €88,1 k €83,7 k €81,3 k €63,8 k €72,9 k €70,9 k €69,8 k €76 k €83 k €67,5 k €88,2 k €75,1 k €67,8 k €62,1 k €60,6 k €43,7 k €54,1 k €15,2 k €21,1 k €
Other
Workforce1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP–1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP1,0 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 21 ended

Active mandates

Michel HEMBERG

Managing director · since 22 décembre 2025 · until 26 mai 2031

Active
Thierry LEVINTOFF

Director · since 22 décembre 2025 · until 26 mai 2031

Active
Christian THIOUX

Managing director · since 26 mai 2023 · until 22 décembre 2025

Active
Etienne MAWET

Director · since 26 mai 2023 · until 22 décembre 2025

Active

Ended mandates

Etienne Mawet

Director · since 27 novembre 2023 · until 27 novembre 2029

Ended
Christian Thioux

Managing director · since 26 octobre 2023 · until 26 octobre 2029

Ended
Etienne Mawet

Director · since 27 novembre 2017 · until 27 novembre 2023

Ended
Christian Thioux

Managing director · since 26 octobre 2017 · until 26 octobre 2023

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date01/07/202612/06/202501/07/202428/06/202324/06/202228/06/2021
General meeting26/06/202630/05/202531/05/202426/05/202327/05/202228/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

31 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202526/06/202601/07/2026FrenchPDF
Abridged model31/12/202430/05/202512/06/2025FrenchPDF
Abridged model31/12/202331/05/202401/07/2024FrenchPDF
Abridged model31/12/202226/05/202328/06/2023FrenchPDF
Abridged model31/12/202127/05/202224/06/2022FrenchPDF
Abridged model31/12/202028/05/202128/06/2021FrenchPDF
Abridged model31/12/201929/05/202020/07/2020FrenchPDF
Abridged model31/12/201831/05/201910/07/2019FrenchPDF
Abridged model31/12/201725/05/201818/06/2018FrenchPDF
Abridged model31/12/201631/05/201720/07/2017FrenchPDF
Abridged model31/12/201527/05/201616/07/2016FrenchPDF
Abridged model31/12/201429/05/201520/07/2015FrenchPDF
Abridged model31/12/201330/05/201421/07/2014FrenchPDF
Abridged model31/12/201231/05/201311/07/2013FrenchPDF
Abridged model31/12/201125/05/201203/08/2012FrenchPDF
Abridged model31/12/201027/05/201126/07/2011FrenchPDF
Abridged model31/12/200928/05/201027/07/2010FrenchPDF
Abridged model31/12/200829/05/200912/07/2009FrenchPDF
Abridged model31/12/200730/05/200801/07/2008FrenchPDF
Abridged model31/12/200625/05/200709/07/2007FrenchPDF
Abridged model31/12/200526/05/200626/06/2006FrenchPDF
Abridged model31/12/200427/05/200524/06/2005FrenchPDF
Abridged model31/12/200330/06/200428/07/2004FrenchPDF
Abridged model31/12/200231/05/200301/07/2003FrenchPDF

View all 31 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 21 ended

Active mandates

Michel HEMBERG

Managing director · since 22 décembre 2025 · until 26 mai 2031

Active
Thierry LEVINTOFF

Director · since 22 décembre 2025 · until 26 mai 2031

Active
Christian THIOUX

Managing director · since 26 mai 2023 · until 22 décembre 2025

Active
Etienne MAWET

Director · since 26 mai 2023 · until 22 décembre 2025

Active

Ended mandates

Etienne Mawet

Director · since 27 novembre 2023 · until 27 novembre 2029

Ended
Christian Thioux

Managing director · since 26 octobre 2023 · until 26 octobre 2029

Ended
Etienne Mawet

Director · since 27 novembre 2017 · until 27 novembre 2023

Ended
Christian Thioux

Managing director · since 26 octobre 2017 · until 26 octobre 2023

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Restructuring12/05/2026
    RUBRIQUE FIN (CESSATION, ANNULATION CESSATION, NULLITE, CONC, REORGANISATION JUDICIAIRE, ETC...) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Restructuring13/02/2026
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Mandates19/01/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates22/02/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates12/01/2018
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates10/02/2012
    OBJET - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates12/12/2007
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates19/09/2006
    SIEGE SOCIAL - OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
    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

Timeline

  1. 2025
    Annual accounts 202595,1 k €↑
  2. 2024
    Annual accounts 202447,4 k €↑
  3. 2023
    Annual accounts 202333,1 k €↓
  4. 2022
    Annual accounts 202235,8 k €↓
  5. 2021
    Annual accounts 202137 k €↑
  6. 2020
    Annual accounts 202028,4 k €↑
  7. 2019
    Annual accounts 201914,5 k €↑
  8. 2018
    Annual accounts 201810,3 k €↓
  9. 2017
    Annual accounts 201710,8 k €↓
  10. 2016
    Annual accounts 201616,3 k €↑
  11. 2015
    Annual accounts 201511,1 k €↑
  12. 2014
    Annual accounts 20148,4 k €↑
  13. 2013
    Annual accounts 20133,3 k €↓
  14. 2012
    Annual accounts 20124,3 k €↑
  15. 2011
    Annual accounts 20113,8 k €↓
  16. 2010
    Annual accounts 201015,6 k €↓
  17. 2009
    Annual accounts 200929,5 k €↑
  18. 2008
    Annual accounts 200817 k €↑
  19. 2007
    Annual accounts 20071,4 k €↓
  20. 2006
    Annual accounts 200610,5 k €
  21. 26/05/1987
    IncorporationPublic limited company