ACTIVE

G.M.F.

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Financial year 2025 · closed on 31/12/2025

Net result

-26,8 k €

+34.2% YoY

Gross margin

220,5 k €

-0.4% YoY

Equity

1,7 M €

-1.5% YoY

What does G.M.F. do?

G.M.F. is a Public limited company incorporated in 1993. Its registered office is in Malmedy.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0450.419.005

Incorporation

22/06/1993

Legal form

Public limited company

Registered office

Burnenville-Ch. du Bois du Loup 3
4960 Malmedy · WallonieSee on map

Contributed capital

1 707 000,00 €

Latest accounts

31/12/2025

Signals

Solid equityPositive cashflowPositive EBITDA

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
Gross margin	220,5 k €	-0.4%	221,5 k €	-3.9%	230,4 k €	+4.2%	221,1 k €	+4.3%	212 k €	+17.5%	180,5 k €	-15.3%	213 k €	-17.1%	256,8 k €	-13.0%	295,2 k €	-1.5%	299,9 k €	+48.1%	202,4 k €	-8.8%	221,9 k €	-3.4%	229,6 k €	-2.1%	234,6 k €	-8.3%	255,9 k €	+33.2%	192,1 k €	+70.6%	112,6 k €	+2.2%	110,2 k €	+14.4%	96,4 k €	-45.4%	176,6 k €
EBITDA	181,2 k €	+4.4%	173,6 k €	-10.2%	193,3 k €	+3.0%	187,7 k €	+2.0%	184,1 k €	+29.7%	141,9 k €	-20.9%	179,4 k €	-21.8%	229,3 k €	-13.9%	266,3 k €	-2.6%	273,3 k €	+56.3%	174,8 k €	-8.5%	191,1 k €	-4.9%	200,9 k €	-4.7%	210,8 k €	-9.5%	232,9 k €	+32.8%	175,3 k €	+73.0%	101,4 k €	+5.1%	96,4 k €	+14.4%	84,3 k €	-49.1%	165,5 k €
Operating result	35 k €	+44.9%	24,1 k €	-45.0%	43,9 k €	+51.0%	29,1 k €	+19.3%	24,3 k €	+225%	-19,5 k €	-227%	15,3 k €	-81.6%	83,3 k €	-28.3%	116,2 k €	+0.7%	115,4 k €	+445%	21,2 k €	-48.9%	41,5 k €	-24.0%	54,6 k €	-34.1%	82,9 k €	-20.1%	103,7 k €	+72.3%	60,2 k €	+549%	9,3 k €	+9.9%	8,4 k €	+147%	-17,9 k €	-124%	74,2 k €
Net result	-26,8 k €	+34.2%	-40,8 k €	-428%	-7,7 k €	+44.8%	-14 k €	+31.4%	-20,4 k €	+69.2%	-66 k €	-108%	-31,8 k €	-181%	39,4 k €	-42.5%	68,5 k €	-60.2%	172,2 k €	+752%	-26,4 k €	-236%	-7,9 k €	-325%	3,5 k €	-86.9%	26,7 k €	-31.5%	39 k €	+527%	-9,1 k €	+43.5%	-16,2 k €	+66.6%	-48,4 k €	-97.8%	-24,5 k €	-114%	169,1 k €
Balance sheet
Equity	1,7 M €	-1.5%	1,8 M €	-2.3%	1,8 M €	-0.4%	1,8 M €	-0.8%	1,8 M €	-1.1%	1,8 M €	-3.5%	1,9 M €	-1.6%	1,9 M €	+2.1%	1,9 M €	+3.7%	1,8 M €	+10.4%	1,7 M €	-1.6%	1,7 M €	-0.5%	1,7 M €	+0.2%	1,7 M €	+1.6%	1,7 M €	+2.4%	1,6 M €	-0.6%	1,6 M €	-1.0%	1,6 M €	-2.9%	1,7 M €	+1193%	131,2 k €
Total assets	2,8 M €	-0.7%	2,8 M €	-1.0%	2,8 M €	-1.6%	2,8 M €	-1.4%	2,9 M €	-2.5%	3 M €	-3.6%	3,1 M €	+11.3%	2,8 M €	-0.9%	2,8 M €	+0.0%	2,8 M €	+5.2%	2,6 M €	-2.0%	2,7 M €	-1.6%	2,7 M €	-1.6%	2,8 M €	-0.9%	2,8 M €	-3.3%	2,9 M €	+18.6%	2,5 M €	+36.3%	1,8 M €	-4.2%	1,9 M €	+98.0%	948,5 k €
Cash	152,9 k €	+91.1%	80 k €	+18.8%	67,3 k €	-78.8%	318,1 k €	+41.5%	224,7 k €	+42.3%	157,9 k €	-5.1%	166,3 k €	-63.5%	455,9 k €	+24.0%	367,7 k €	+24.8%	294,7 k €	+180%	105,1 k €	-60.6%	267 k €	+58.8%	168,1 k €	+40.4%	119,7 k €	+54.5%	77,5 k €	+26.5%	61,3 k €	+64.5%	37,3 k €	+287%	9,6 k €	-60.5%	24,4 k €	+12.7%	21,6 k €
Debts	1 M €	-0.1%	1 M €	+1.4%	1 M €	-3.7%	1 M €	-2.4%	1,1 M €	-4.2%	1,1 M €	-4.5%	1,2 M €	+41.6%	823,4 k €	-7.3%	887,8 k €	-7.1%	955,2 k €	-3.5%	990,2 k €	-2.8%	1 M €	-3.1%	1,1 M €	-3.8%	1,1 M €	-5.2%	1,2 M €	-10.5%	1,3 M €	+56.8%	822 k €	+439%	152,5 k €	-14.5%	178,5 k €	-78.1%	813,7 k €

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 · 3 active · 13 ended

Active mandates

Anita, Margot, Hubertine FEYEN

Director · since 12 mai 2020 · until 12 mai 2026

Active

Céline MERTENS

Managing director · since 12 mai 2020 · until 12 mai 2026

Active

Stéphanie MERTENS

Managing director · since 12 mai 2020 · until 12 mai 2026

Active

Ended mandates

Georges, Gustave, Emile MERTENS

Director · since 12 mai 2020 · until 12 mai 2026

Ended

Anita, Margot, Hubertine FEYEN

Managing director · since 13 mai 2014 · until 12 mai 2020

Ended

Céline MERTENS

Director · since 13 mai 2014 · until 12 mai 2020

Ended

Georges, Gustave, Emile MERTENS

Managing director · since 13 mai 2014 · until 12 mai 2020

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	16/06/2026	13/06/2025	15/05/2024	10/05/2023	12/05/2022	19/05/2021
General meeting	12/05/2026	13/05/2025	14/05/2024	09/05/2023	10/05/2022	11/05/2021
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
Micro model	31/12/2025	12/05/2026	16/06/2026	French	PDF
Micro model	31/12/2024	13/05/2025	13/06/2025	French	PDF
Micro model	31/12/2023	14/05/2024	15/05/2024	French	PDF
Micro model	31/12/2022	09/05/2023	10/05/2023	French	PDF
Micro model	31/12/2021	10/05/2022	12/05/2022	French	PDF
Micro model	31/12/2020	11/05/2021	19/05/2021	French	PDF
Micro model	31/12/2019	12/05/2020	13/05/2020	French	PDF
Micro model	31/12/2018	14/05/2019	27/05/2019	French	PDF
Micro model	31/12/2017	08/05/2018	01/06/2018	French	PDF
Micro model	31/12/2016	09/05/2017	29/05/2017	French	PDF
Abridged model	31/12/2015	10/05/2016	01/07/2016	French	PDF
Abridged model	31/12/2014	12/05/2015	13/05/2015	French	PDF
Abridged model	31/12/2013	13/05/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	14/05/2013	29/08/2013	French	PDF
Abridged model	31/12/2011	08/05/2012	14/08/2012	French	PDF
Abridged model	31/12/2010	10/05/2011	21/06/2011	French	PDF
Abridged model	31/12/2009	11/05/2010	25/06/2010	French	PDF
Abridged model	31/12/2008	12/05/2009	26/05/2009	French	PDF
Abridged model	31/12/2007	13/05/2008	09/06/2008	French	PDF
Abridged model	31/12/2006	08/05/2007	14/05/2007	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 · 3 active · 13 ended

Active mandates

Anita, Margot, Hubertine FEYEN

Director · since 12 mai 2020 · until 12 mai 2026

Active

Céline MERTENS

Managing director · since 12 mai 2020 · until 12 mai 2026

Active

Stéphanie MERTENS

Managing director · since 12 mai 2020 · until 12 mai 2026

Active

Ended mandates

Georges, Gustave, Emile MERTENS

Director · since 12 mai 2020 · until 12 mai 2026

Ended

Anita, Margot, Hubertine FEYEN

Managing director · since 13 mai 2014 · until 12 mai 2020

Ended

Céline MERTENS

Director · since 13 mai 2014 · until 12 mai 2020

Ended

Georges, Gustave, Emile MERTENS

Managing director · since 13 mai 2014 · until 12 mai 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares01/09/2026
AUGMENTATION DE CAPITAL PAR TRANSFERT D'UNE UNIVERSALITE
PDF
Mandates03/07/2026
DEMISSIONS, NOMINATIONS
PDF
Restructuring26/06/2026
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Other26/04/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates23/06/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates20/11/2014
DEMISSIONS, NOMINATIONS
PDF
Capital / shares26/01/2012
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates13/11/2008
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 2025-26,8 k €↑
2024
Annual accounts 2024-40,8 k €↓
2023
Annual accounts 2023-7,7 k €↑
2022
Annual accounts 2022-14 k €↑
2021
Annual accounts 2021-20,4 k €↑
2020
Annual accounts 2020-66 k €↓
2019
Annual accounts 2019-31,8 k €↓
2018
Annual accounts 201839,4 k €↓
2017
Annual accounts 201768,5 k €↓
2016
Annual accounts 2016172,2 k €↑
2015
Annual accounts 2015-26,4 k €↓
2014
Annual accounts 2014-7,9 k €↓
2013
Annual accounts 20133,5 k €↓
2012
Annual accounts 201226,7 k €↓
2011
Annual accounts 201139 k €↑
2010
Annual accounts 2010-9,1 k €↑
2009
Annual accounts 2009-16,2 k €↑
2008
Annual accounts 2008-48,4 k €↓
2007
Annual accounts 2007-24,5 k €↓
2006
Annual accounts 2006169,1 k €
22/06/1993
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

G.M.F.

Overview

What does G.M.F. 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