ACTIVE

GSM Holding

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Financial year 2025 · closed on 31/12/2025

Net result

338,5 k €

-20.5% YoY

Gross margin

-31,8 k €

-115.0% YoY

Equity

5,3 M €

+6.8% YoY

What does GSM Holding do?

GSM Holding is a Public limited company incorporated in 1990. Its main activity is: Other financial service activities, except insurance and pension funding n.e.c.. Its registered office is in Watermael-Boitsfort.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0441.518.462

Incorporation

20/07/1990

Legal form

Public limited company

Registered office

Chaussée de La Hulpe 166
1170 Watermael-Boitsfort · BruxellesSee on map

Contributed capital

3 010 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64999Other financial service activities, except insurance and pension funding n.e.c.· main 64999Other financial service activities, except insurance and pension funding n.e.c.68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate 70200Management consultancy activities 70220Business and other management consultancy activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-31,8 k €	-115%	211,7 k €	+529%	33,7 k €	+47.1%	22,9 k €	-82.6%	131,4 k €	+353%	29 k €	-60.5%	73,4 k €	+140%	30,6 k €	-68.1%	95,9 k €	+118%	43,9 k €	-59.6%	108,8 k €	+335%	25 k €	-81.5%	135,1 k €	+86.1%	72,6 k €	-9.9%	80,6 k €	-52.6%	170,1 k €	+72.2%	98,8 k €	-64.5%	278,7 k €		–
EBITDA	-39,6 k €	-159%	67,4 k €	+227%	20,6 k €	+101%	10,2 k €	-90.2%	104,5 k €	+378%	21,9 k €	-67.1%	66,4 k €	+185%	23,3 k €	-72.9%	86,1 k €	+137%	36,3 k €	-63.8%	100,2 k €	+431%	18,9 k €	-85.6%	130,6 k €	+98.4%	65,8 k €	-14.5%	77 k €	-56.4%	176,5 k €	-5.0%	185,8 k €	+6.9%	173,8 k €	-42.3%	301,4 k €
Operating result	-80,7 k €	-388%	28 k €	+169%	-40,6 k €	+24.6%	-53,8 k €	-241%	38,2 k €	+185%	-44,8 k €	-2224%	-1,9 k €	+95.6%	-43,4 k €	-348%	17,5 k €	+153%	-33,1 k €	-287%	17,8 k €	+118%	-100,4 k €	-330%	43,7 k €	+246%	12,6 k €	-76.5%	53,9 k €	-64.9%	153,4 k €	-5.3%	162 k €	+4.0%	155,9 k €	-44.7%	282 k €
Net result	338,5 k €	-20.5%	426 k €	+361%	-163,4 k €	-8.0%	-151,3 k €	-137%	408,4 k €	+925%	-49,5 k €	-154%	92 k €	-39.7%	152,5 k €	+110%	-1,6 M €	-1452%	116 k €	+71.7%	67,5 k €	+131%	-214,9 k €	-7825%	-2,7 k €	-101%	216,5 k €	-31.2%	314,8 k €	+359%	68,6 k €	-77.4%	303,5 k €	-76.1%	1,3 M €	+1379%	86 k €
Balance sheet
Equity	5,3 M €	+6.8%	5 M €	+9.4%	4,5 M €	-3.5%	4,7 M €	-3.1%	4,8 M €	-3.0%	5 M €	-1.0%	5 M €	+1.9%	5 M €	+3.2%	4,8 M €	-22.2%	6,2 M €	+1.9%	6,1 M €	+1.1%	6 M €	-3.5%	6,2 M €	-0.0%	6,2 M €	+3.6%	6 M €	+5.5%	5,7 M €	+1.2%	5,6 M €	+5.7%	5,3 M €	+31.6%	4 M €
Total assets	7,5 M €	+4.2%	7,2 M €	+2.9%	7 M €	-2.4%	7,1 M €	-9.3%	7,9 M €	-9.2%	8,6 M €	-3.7%	9 M €	-0.2%	9 M €	-3.3%	9,3 M €	-10.8%	10,4 M €	+1.2%	10,3 M €	+6.4%	9,7 M €	+3.2%	9,4 M €	-1.2%	9,5 M €	+3.6%	9,2 M €	+5.0%	8,7 M €	-0.2%	8,7 M €	+0.7%	8,7 M €	+23.0%	7,1 M €
Cash	380,1 k €	+8.5%	350,4 k €	+165%	132,4 k €	-83.8%	814,7 k €	+213%	260,5 k €	-43.5%	460,7 k €	-44.7%	832,9 k €	+95.3%	426,5 k €	-49.7%	847,4 k €	+51.1%	560,9 k €	-20.9%	709,3 k €	-17.9%	863,6 k €	-61.9%	2,3 M €	+41.1%	1,6 M €	+85.4%	867,5 k €	+973%	80,9 k €	+51.8%	53,3 k €	-63.2%	144,6 k €	+476%	25,1 k €
Debts	2,2 M €	-1.9%	2,2 M €	-4.2%	2,3 M €	-1.0%	2,3 M €	-20.0%	2,9 M €	-20.7%	3,7 M €	-7.1%	3,9 M €	-2.6%	4 M €	-10.1%	4,5 M €	+5.8%	4,2 M €	+0.3%	4,2 M €	+14.7%	3,7 M €	+16.2%	3,2 M €	-3.3%	3,3 M €	+3.7%	3,2 M €	+4.1%	3 M €	-2.5%	3,1 M €	-4.7%	3,3 M €	+8.3%	3 M €
Other
Workforce	–		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 22 ended

Active mandates

Edgar Gauder

Managing director · since 08 mai 2020

Active

Ended mandates

Edgar Gauder

Director · since 08 mai 2020 · until 30 juin 2026

Ended

Edgar Gauder

Managing director · since 08 mai 2020 · until 30 juin 2026

Ended

Léopold LEQUEUX

Director · since 10 décembre 2015 · until 08 mai 2020

Ended

Léopold LEQUEUX

Director · since 10 décembre 2015 · until 24 juin 2020

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Abridged model	Abridged model	Micro 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	31/08/2026	25/08/2025	26/08/2024	17/07/2023	06/07/2022	31/08/2021
General meeting	30/06/2026	30/06/2025	26/06/2024	28/06/2023	29/06/2022	30/06/2021
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
Micro model	31/12/2025	30/06/2026	31/08/2026	French	PDF
Abridged model	31/12/2024	30/06/2025	25/08/2025	French	PDF
Abridged model	31/12/2023	26/06/2024	26/08/2024	French	PDF
Micro model	31/12/2022	28/06/2023	17/07/2023	French	PDF
Abridged model	31/12/2021	29/06/2022	06/07/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	31/08/2021	French	PDF
Micro model	31/12/2019	30/06/2020	27/08/2020	French	PDF
Abridged model	31/12/2018	26/06/2019	02/07/2019	French	PDF
Abridged model	31/12/2017	27/06/2018	18/07/2018	French	PDF
Abridged model	31/12/2016	28/06/2017	22/08/2017	French	PDF
Abridged model	31/12/2015	29/06/2016	08/07/2016	French	PDF
Abridged model	31/12/2014	24/06/2015	25/06/2015	French	PDF
Abridged model	31/12/2013	25/06/2014	16/07/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	07/08/2013	French	PDF
Abridged model	31/12/2011	30/06/2012	25/07/2012	French	PDF
Abridged model	31/12/2010	29/06/2011	27/07/2011	French	PDF
Abridged model	31/12/2009	30/06/2010	16/07/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	28/07/2009	French	PDF
Abridged model	31/12/2007	25/06/2008	23/07/2008	French	PDF
Full model	31/12/2006	28/06/2007	04/07/2007	French	PDF
Consolidated accounts	31/12/2006	28/06/2007	25/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 22 ended

Active mandates

Edgar Gauder

Managing director · since 08 mai 2020

Active

Ended mandates

Edgar Gauder

Director · since 08 mai 2020 · until 30 juin 2026

Ended

Edgar Gauder

Managing director · since 08 mai 2020 · until 30 juin 2026

Ended

Léopold LEQUEUX

Director · since 10 décembre 2015 · until 08 mai 2020

Ended

Léopold LEQUEUX

Director · since 10 décembre 2015 · until 24 juin 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/09/2024
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates08/07/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares27/07/2016
CAPITAL, ACTIONS
PDF
Mandates18/04/2016
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates14/01/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates07/08/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates22/03/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates13/12/2011
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 2025338,5 k €↓
2024
Annual accounts 2024426 k €↑
2023
Annual accounts 2023-163,4 k €↓
2022
Annual accounts 2022-151,3 k €↓
2021
Annual accounts 2021408,4 k €↑
2019
Annual accounts 2019-49,5 k €↓
2018
Annual accounts 201892 k €↓
2017
Annual accounts 2017152,5 k €↑
2016
Annual accounts 2016-1,6 M €↓
2015
Annual accounts 2015116 k €↑
2014
Annual accounts 201467,5 k €↑
2013
Annual accounts 2013-214,9 k €↓
2012
Annual accounts 2012-2,7 k €↓
2011
Annual accounts 2011216,5 k €↓
2010
Annual accounts 2010314,8 k €↑
2009
Annual accounts 200968,6 k €↓
2008
Annual accounts 2008303,5 k €↓
2007
Annual accounts 20071,3 M €↑
2006
Annual accounts 200686 k €
20/07/1990
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

GSM Holding

Overview

What does GSM Holding do?

Trend over 19 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