ACTIVE

GLR

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Financial year 2025 · closed on 31/12/2025

Net result

16,3 k €

+49.9% YoY

Gross margin

2,4 M €

+9.9% YoY

Equity

2,1 M €

+0.8% YoY

Workforce

26,9 ETP

-1.5% YoY

What does GLR do?

GLR is a Private limited company incorporated in 1996. Its registered office is in Zaventem. It employs on average 26,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0458.207.115

Incorporation

19/06/1996

Legal form

Private limited company

Registered office

Walenweg 95
1930 Zaventem · FlandreSee on map

Contributed capital

200 000,00 €

Latest accounts

31/12/2025

Average workforce

26,9 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	2,4 M €	+9.9%	2,2 M €	+8.6%	2 M €	-19.3%	2,5 M €		–		2,3 M €	+30.6%	1,8 M €	+21.8%	1,5 M €	+27.8%	1,1 M €	-9.4%	1,3 M €	+11.7%	1,1 M €	+10.8%	1 M €	+3.0%	986,1 k €	-17.9%	1,2 M €	-13.5%	1,4 M €	+19.4%	1,2 M €	+20.2%	966,1 k €	+28.9%	749,3 k €	+11.3%	673,2 k €	+39.1%	484,1 k €
EBITDA	457,4 k €	+1.7%	449,9 k €	+3.7%	433,6 k €	-38.1%	700,2 k €	-28.6%	980,7 k €	+73.5%	565,4 k €	+1.0%	559,7 k €	+106%	271,5 k €	+26.1%	215,4 k €	-6.3%	229,8 k €	+14.6%	200,4 k €	+25.5%	159,8 k €	-17.1%	192,6 k €	-60.0%	482 k €	-34.7%	738,3 k €	+20.9%	610,7 k €	+16.9%	522,4 k €	+38.6%	376,8 k €	-3.1%	389 k €	+64.7%	236,2 k €
Operating result	53,4 k €	+14.0%	46,9 k €	-69.8%	155,2 k €	-37.9%	250,1 k €	-65.6%	727,7 k €	+106%	352,7 k €	-22.0%	452,3 k €	+153%	179 k €	+62.6%	110,1 k €	-10.8%	123,4 k €	+8.1%	114,1 k €	+38.7%	82,3 k €	-31.1%	119,4 k €	-68.2%	376 k €	-38.5%	611,2 k €	+22.1%	500,8 k €	+18.3%	423,4 k €	+48.2%	285,8 k €	-4.4%	299 k €	+75.7%	170,2 k €
Net result	16,3 k €	+49.9%	10,9 k €	-89.7%	105,2 k €	-43.6%	186,4 k €	-60.8%	476,1 k €	+74.9%	272,2 k €	-3.4%	281,7 k €	+306%	69,3 k €	+5.3%	65,9 k €	+28.0%	51,4 k €	+3.2%	49,8 k €	+56.3%	31,9 k €	-58.3%	76,5 k €	-66.7%	229,6 k €	-45.2%	419,1 k €	+37.7%	304,4 k €	+22.4%	248,6 k €	+33.7%	185,9 k €	-5.2%	196,2 k €	+90.5%	103 k €
Balance sheet
Equity	2,1 M €	+0.8%	2,1 M €	+0.5%	2,1 M €	+5.3%	2 M €	-5.4%	2,1 M €	+29.0%	1,6 M €	+19.9%	1,4 M €	+25.9%	1,1 M €	+6.8%	1 M €	+6.9%	952,2 k €	+5.7%	900,8 k €	+5.9%	851 k €	+3.9%	819,1 k €	+10.3%	742,6 k €	+21.1%	613 k €	+12.4%	545,4 k €	+0.8%	541 k €	+22.3%	442,4 k €	+17.5%	376,5 k €	+88.5%	199,7 k €
Total assets	3,4 M €	-11.1%	3,8 M €	+20.2%	3,2 M €	-13.0%	3,7 M €	-2.3%	3,7 M €	-2.2%	3,8 M €	+32.0%	2,9 M €	+12.6%	2,6 M €	+11.4%	2,3 M €	+3.9%	2,2 M €	-6.3%	2,4 M €	+13.2%	2,1 M €	+7.0%	2 M €	-1.2%	2 M €	-4.7%	2,1 M €	+5.5%	2 M €	+16.5%	1,7 M €	+7.7%	1,6 M €	+69.8%	929 k €	+26.7%	733,1 k €
Cash	1,1 M €	-26.1%	1,5 M €	+5.7%	1,4 M €	+5.1%	1,3 M €	+64.1%	812,8 k €	+6.5%	763,2 k €	+96.6%	388,2 k €	+81.3%	214,1 k €	+3.0%	207,9 k €	+6.2%	195,8 k €	+44.3%	135,7 k €	+5.1%	129,1 k €	-60.1%	323,9 k €	-10.2%	360,5 k €	+5.9%	340,3 k €	+329%	79,4 k €	-57.3%	185,6 k €	+273%	49,7 k €	+237%	14,7 k €	-54.6%	32,5 k €
Debts	1,2 M €	-26.1%	1,7 M €	+60.0%	1,1 M €	-35.6%	1,6 M €	+1.7%	1,6 M €	-25.9%	2,2 M €	+43.3%	1,5 M €	+2.9%	1,5 M €	+15.3%	1,3 M €	+1.6%	1,3 M €	-13.8%	1,5 M €	+18.6%	1,2 M €	+9.3%	1,1 M €	-8.3%	1,2 M €	-15.8%	1,5 M €	+2.3%	1,4 M €	+25.7%	1,1 M €	+1.9%	1,1 M €	+108%	534,2 k €	+1.1%	528,3 k €
Other
Workforce	26,9 ETP	-1.5%	27,3 ETP	+1.1%	27,0 ETP	-16.4%	32,3 ETP	-9.8%	35,8 ETP	+7.5%	33,3 ETP		–		20,6 ETP		–		–		21,2 ETP	+17.1%	18,1 ETP	+2.8%	17,6 ETP	-1.7%	17,9 ETP	+20.1%	14,9 ETP	+21.1%	12,3 ETP	+13.9%	10,8 ETP	-0.9%	10,9 ETP	+17.2%	9,3 ETP	+32.9%	7,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 9 ended

Active mandates

CANAN DISICURUK

Director

Active

MUZAFFER GULER

Director

Active

Ended mandates

DBG CONSULTING

Manager · since 06 juin 2007 · 0888.415.179

Represented by MUZAFFER GULER

Ended

DBG CONSULTING

Director · since 29 mai 2007 · 0888.415.179

Represented by MUZAFFER GULER

Ended

DBG CONSULTING

Manager · since 30 avril 2007 · 0888.415.179

Represented by Muzaffer Güler

Ended

DBG CONSULTING

Director · since 06 juillet 1996 · 0888.415.179

Represented by MUZAFFER GULER

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Full 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	29/06/2026	28/08/2025	27/08/2024	29/08/2023	30/08/2022	30/08/2021
General meeting	13/05/2026	29/05/2025	23/05/2024	25/05/2023	11/05/2022	06/04/2021
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	13/05/2026	29/06/2026	Dutch	PDF
Abridged model	31/12/2024	29/05/2025	28/08/2025	Dutch	PDF
Abridged model	31/12/2023	23/05/2024	27/08/2024	Dutch	PDF
Abridged model	31/12/2022	25/05/2023	29/08/2023	Dutch	PDF
Full model	31/12/2021	11/05/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	06/04/2021	30/08/2021	Dutch	PDF
Abridged model	31/12/2019	04/04/2020	28/05/2020	Dutch	PDF
Abridged model	31/12/2018	01/04/2019	14/08/2019	Dutch	PDF
Abridged model	31/12/2017	02/04/2018	09/07/2018	Dutch	PDF
Abridged model	31/12/2016	03/04/2017	30/06/2017	Dutch	PDF
Abridged model	31/12/2015	04/04/2016	31/05/2016	Dutch	PDF
Abridged model	31/12/2014	06/04/2015	27/07/2015	Dutch	PDF
Abridged model	31/12/2013	02/06/2014	02/07/2014	Dutch	PDF
Abridged model	31/12/2012	01/05/2013	30/05/2013	Dutch	PDF
Abridged model	31/12/2011	07/06/2012	08/06/2012	Dutch	PDF
Abridged model	31/12/2010	04/04/2011	14/06/2011	Dutch	PDF
Abridged model	31/12/2009	05/04/2010	16/06/2010	Dutch	PDF
Abridged model	31/12/2008	06/04/2009	29/06/2009	Dutch	PDF
Abridged model	31/12/2007	20/05/2008	11/07/2008	Dutch	PDF
Abridged model	31/12/2006	02/04/2007	31/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 2 active · 9 ended

Active mandates

CANAN DISICURUK

Director

Active

MUZAFFER GULER

Director

Active

Ended mandates

DBG CONSULTING

Manager · since 06 juin 2007 · 0888.415.179

Represented by MUZAFFER GULER

Ended

DBG CONSULTING

Director · since 29 mai 2007 · 0888.415.179

Represented by MUZAFFER GULER

Ended

DBG CONSULTING

Manager · since 30 avril 2007 · 0888.415.179

Represented by Muzaffer Güler

Ended

DBG CONSULTING

Director · since 06 juillet 1996 · 0888.415.179

Represented by MUZAFFER GULER

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other10/02/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates30/12/2020
BENAMING - MAATSCHAPPELIJKE ZETEL - DOEL - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN
PDF
Capital / shares29/08/2008
KAPITAAL - AANDELEN
PDF
Mandates06/06/2007
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Capital / shares08/01/2007
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates27/05/2005
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/12/2003
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/01/2003
ONTSLAGEN - BENOEMINGEN - BENAMING - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL
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 202516,3 k €↑
2024
Annual accounts 202410,9 k €↓
2023
Annual accounts 2023105,2 k €↓
2022
Annual accounts 2022186,4 k €↓
2021
Annual accounts 2021476,1 k €↑
2020
Annual accounts 2020272,2 k €↓
2019
Annual accounts 2019281,7 k €↑
2018
Annual accounts 201869,3 k €↑
2017
Annual accounts 201765,9 k €↑
2016
Annual accounts 201651,4 k €↑
2015
Annual accounts 201549,8 k €↑
2014
Annual accounts 201431,9 k €↓
2013
Annual accounts 201376,5 k €↓
2012
Annual accounts 2012229,6 k €↓
2011
Annual accounts 2011419,1 k €↑
2010
Annual accounts 2010304,4 k €↑
2009
Annual accounts 2009248,6 k €↑
2008
Annual accounts 2008185,9 k €↓
2007
Annual accounts 2007196,2 k €↑
2006
Annual accounts 2006103 k €
19/06/1996
IncorporationPrivate 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

GLR

Overview

What does GLR 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