ACTIVE

GERLU

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Financial year 2025 · closed on 31/12/2025

Net result

166,8 k €

-33.9% YoY

Gross margin

1,3 M €

-7.3% YoY

Equity

478,2 k €

-6.5% YoY

Workforce

21,6 ETP

-3.6% YoY

What does GERLU do?

GERLU is a Private limited company incorporated in 1999. Its main activity is: Manufacture of bread; manufacture of fresh pastry goods and cakes. Its registered office is in Aartselaar. It employs on average 21,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0467.095.580

Incorporation

19/10/1999

Legal form

Private limited company

Registered office

Kapellestraat 26
2630 Aartselaar · FlandreSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Average workforce

21,6 ETP

Activities (NACE)

10712Manufacture of bread; manufacture of fresh pastry goods and cakes· main 10712Manufacture of bread; manufacture of fresh pastry goods and cakes 15812Manufacture of leather and related products

Joint committees (3)

118
11803
201

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,3 M €	-7.3%	1,4 M €	+1.7%	1,4 M €	+33.1%	1 M €	-2.9%	1,1 M €	+6.2%	1 M €	+12.6%	903,3 k €	+8.2%	834,6 k €	+12.9%	739 k €	+2.9%	718,2 k €	+3.7%	692,9 k €	+2.4%	676,5 k €	+17.0%	578,3 k €	-13.8%	670,6 k €	-1.8%	682,8 k €	+27.1%	537,1 k €	-6.0%	571,1 k €	-0.0%	571,3 k €
EBITDA	347,7 k €	-23.4%	454,3 k €	-9.4%	501,5 k €	+109%	240,3 k €	-32.9%	358 k €	-5.2%	377,6 k €	+15.7%	326,5 k €	+21.2%	269,4 k €	+8.7%	247,8 k €	+12.1%	221 k €	+22.8%	180,1 k €	+4.6%	172,2 k €	+13.2%	152,1 k €	-36.1%	238,1 k €	-11.6%	269,2 k €	+67.3%	160,9 k €	-22.2%	206,9 k €	-10.7%	231,7 k €
Operating result	237,1 k €	-31.1%	344,2 k €	-10.2%	383,5 k €	+188%	133 k €	-44.4%	239,1 k €	+5.0%	227,8 k €	+41.7%	160,8 k €	+36.1%	118,1 k €	+23.0%	96,1 k €	+18.6%	81 k €	+84.9%	43,8 k €	-8.8%	48 k €	-18.5%	58,9 k €	-61.7%	153,7 k €	-10.9%	172,5 k €	+166%	64,9 k €	-47.2%	122,9 k €	-19.0%	151,7 k €
Net result	166,8 k €	-33.9%	252,3 k €	-8.5%	275,9 k €	+191%	94,9 k €	-44.3%	170,3 k €	+7.7%	158,1 k €	+71.6%	92,1 k €	+50.6%	61,2 k €	+30.2%	47 k €	+17.3%	40 k €	+163%	15,2 k €	+113%	7,1 k €	-72.8%	26,3 k €	-61.3%	67,9 k €	-17.5%	82,3 k €	+402%	16,4 k €	-64.2%	45,8 k €	-40.9%	77,5 k €
Balance sheet
Equity	478,2 k €	-6.5%	511,3 k €	-8.5%	559 k €	+0.2%	558,1 k €	+0.9%	553,3 k €	-9.3%	610,3 k €	0.0%	610,3 k €	0.0%	610,3 k €	+0.0%	610,3 k €	+2.9%	593,3 k €	+1.7%	583,2 k €	+2.7%	568,1 k €	+1.3%	560,9 k €	+4.9%	534,6 k €	+14.5%	466,7 k €	+21.4%	384,5 k €	+4.5%	368,1 k €	+14.2%	322,2 k €
Total assets	1,1 M €	-10.3%	1,2 M €	+15.1%	1,1 M €	-2.9%	1,1 M €	+15.7%	962,4 k €	-14.8%	1,1 M €	+4.2%	1,1 M €	+3.0%	1,1 M €	-10.5%	1,2 M €	-1.2%	1,2 M €	-12.1%	1,4 M €	+15.5%	1,2 M €	+15.0%	1 M €	-4.2%	1,1 M €	-1.7%	1,1 M €	-0.2%	1,1 M €	+15.5%	940,1 k €	-2.6%	965,1 k €
Cash	275,9 k €	-38.0%	444,7 k €	+35.8%	327,6 k €	-13.5%	378,5 k €	+42.2%	266,2 k €	+40.3%	189,7 k €	+54.6%	122,7 k €	-24.4%	162,4 k €	+2.8%	157,9 k €	+65.5%	95,4 k €	+57.1%	60,7 k €	-7.5%	65,6 k €	-29.5%	93,1 k €	-57.9%	221,1 k €	+8.4%	204 k €	+151%	81,3 k €	-9.6%	90 k €	+28.7%	69,9 k €
Debts	637,9 k €	-13.0%	733,5 k €	+40.4%	522,6 k €	-6.0%	555,8 k €	+35.8%	409,1 k €	-21.3%	519,7 k €	+9.5%	474,6 k €	+7.2%	442,6 k €	-21.9%	566,5 k €	-5.2%	597,7 k €	-22.6%	772,3 k €	+27.5%	605,9 k €	+31.7%	460 k €	-13.3%	530,9 k €	-14.0%	617,1 k €	-12.0%	701,1 k €	+22.6%	572 k €	-11.0%	642,9 k €
Other
Workforce	21,6 ETP	-3.6%	22,4 ETP	+17.3%	19,1 ETP	-4.5%	20,0 ETP	0.0%	20,0 ETP	+6.4%	18,8 ETP	+10.6%	17,0 ETP	-10.5%	19,0 ETP	+6.1%	17,9 ETP	-5.3%	18,9 ETP	+1.6%	18,6 ETP	+6.9%	17,4 ETP	+19.2%	14,6 ETP	+7.4%	13,6 ETP	+3.8%	13,1 ETP	+1.6%	12,9 ETP	+2.4%	12,6 ETP	+5.9%	11,9 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 · 1 active · 6 ended

Active mandates

L.V.I.

Bestuurder · since 01 décembre 2018 · 0878.042.218

Represented by Luc Van Ingelghem

Active

Ended mandates

L.V.I.

Director · since 01 décembre 2018 · 0878.042.218

Represented by Van INGELGHEM LUC

Ended

L.V.I.

Director · since 01 décembre 2018 · 0878.042.218

Represented by Luc VAN INGELGHEM

Ended

L.V.I.

Manager · since 01 décembre 2018 · 0878.042.218

Represented by Luc Van Ingelghem

Ended

Luc Van Ingelghem

Director · since 04 octobre 1999 · until 20 décembre 2019

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	25/08/2026	28/08/2025	24/06/2024	25/07/2023	25/07/2022	29/10/2021
General meeting	02/06/2026	30/06/2025	03/06/2024	30/06/2023	29/06/2022	25/10/2021
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	02/06/2026	25/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	28/08/2025	Dutch	PDF
Abridged model	31/12/2023	03/06/2024	24/06/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	25/07/2023	Dutch	PDF
Abridged model	31/12/2021	29/06/2022	25/07/2022	Dutch	PDF
Abridged model	31/12/2020	25/10/2021	29/10/2021	Dutch	PDF
Abridged model	31/12/2019	02/06/2020	25/06/2020	Dutch	PDF
Abridged model	31/12/2018	03/06/2019	21/06/2019	Dutch	PDF
Abridged model	31/12/2017	01/06/2018	30/07/2018	Dutch	PDF
Abridged model	31/12/2016	02/06/2017	19/06/2017	Dutch	PDF
Abridged model	31/12/2015	02/06/2016	08/06/2016	Dutch	PDF
Abridged model	31/12/2014	02/06/2015	27/07/2015	Dutch	PDF
Abridged model	31/12/2013	03/06/2014	18/06/2014	Dutch	PDF
Abridged model	31/12/2012	03/06/2013	20/06/2013	Dutch	PDF
Abridged model	31/12/2011	04/06/2012	31/08/2012	Dutch	PDF
Abridged model	31/12/2010	03/06/2011	30/08/2011	Dutch	PDF
Abridged model	31/12/2009	02/06/2010	25/08/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	23/07/2009	Dutch	PDF
Abridged model	31/12/2007	03/06/2008	09/07/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	02/08/2007	Dutch	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 · 1 active · 6 ended

Active mandates

L.V.I.

Bestuurder · since 01 décembre 2018 · 0878.042.218

Represented by Luc Van Ingelghem

Active

Ended mandates

L.V.I.

Director · since 01 décembre 2018 · 0878.042.218

Represented by Van INGELGHEM LUC

Ended

L.V.I.

Director · since 01 décembre 2018 · 0878.042.218

Represented by Luc VAN INGELGHEM

Ended

L.V.I.

Manager · since 01 décembre 2018 · 0878.042.218

Represented by Luc Van Ingelghem

Ended

Luc Van Ingelghem

Director · since 04 octobre 1999 · until 20 décembre 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/02/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/02/2006
ONTSLAGEN - BENOEMINGEN
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 2025166,8 k €↓
2024
Annual accounts 2024252,3 k €↓
2023
Annual accounts 2023275,9 k €↑
2022
Annual accounts 202294,9 k €↓
2021
Annual accounts 2021170,3 k €↑
2018
Annual accounts 2018158,1 k €↑
2017
Annual accounts 201792,1 k €↑
2016
Annual accounts 201661,2 k €↑
2015
Annual accounts 201547 k €↑
2014
Annual accounts 201440 k €↑
2013
Annual accounts 201315,2 k €↑
2012
Annual accounts 20127,1 k €↓
2011
Annual accounts 201126,3 k €↓
2010
Annual accounts 201067,9 k €↓
2009
Annual accounts 200982,3 k €↑
2008
Annual accounts 200816,4 k €↓
2007
Annual accounts 200745,8 k €↓
2006
Annual accounts 200677,5 k €
19/10/1999
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

GERLU

Overview

What does GERLU do?

Trend over 18 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