ACTIVE

GM ASSOCIATION

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Financial year 2025 · closed on 31/12/2025
Net result
1,2 M €
+118.1% YoY
Gross margin
2,9 M €
+47.6% YoY
Equity
2,6 M €
+93.2% YoY
Workforce
27,6 ETP

What does GM ASSOCIATION do?

GM ASSOCIATION is a Private limited company incorporated in 2018. Its main activity is: Manufacture of computers and peripheral equipment. Its registered office is in Genappe. It employs on average 27,6 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0715.399.546
Incorporation
03/12/2018
Legal form
Private limited company
Registered office
Rue du Château 95
1470 Genappe · WallonieSee on map
Contributed capital
12 400,00 €
Latest accounts
31/12/2025
Average workforce
27,6 ETP
Activities (NACE)
26200Manufacture of computers and peripheral equipment· main47910Retail sale via mail order houses or via Internet62020Computer consultancy activities62200Computer programming, consultancy and related activities47400Retail sale of information and communication equipment in specialised stores61100Wired telecommunications activities+5
Signals
ProfitableLow 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 7 financial years

2025202420232022202120202019
Income statement
Gross margin2,9 M €2 M €1,6 M €443,9 k €167,7 k €106,7 k €41,7 k €
EBITDA1,7 M €990,8 k €1,2 M €290,4 k €163,8 k €101,6 k €38,5 k €
Operating result1,6 M €910,1 k €1,1 M €270,7 k €154,2 k €99,2 k €35,7 k €
Net result1,2 M €567,3 k €723,8 k €196,1 k €126,9 k €78,7 k €25,9 k €
Balance sheet
Equity2,6 M €1,3 M €760,2 k €440 k €243,9 k €117 k €38,3 k €
Total assets13,5 M €5,9 M €5,1 M €1,7 M €365,3 k €143,3 k €82 k €
Cash2,9 M €2,2 M €2,7 M €796,9 k €35,8 k €66,1 k €38,4 k €
Debts8,9 M €4,5 M €4,1 M €1,2 M €121,4 k €26,3 k €43,7 k €
Other
Workforce27,6 ETP––––––
Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 4 ended

Active mandates

GAUTHIER IMANDT

Director

Active
MATHIS CHARLIER

Director

Active

Ended mandates

GAUTHIER IMANDT

Director · since 22 février 2021

Ended
MATHIS CHARLIER HANCIAUX

Director · since 22 février 2021

Ended
GAETAN LIEKENS

Director · since 03 décembre 2018

Ended
LIEKENS GAETAN

Director

Ended
At this address

Other companies at this address

CompanyCBE no.
GAUTHIER MATHIS IMMOBILIERE● Active
1003.532.603
ZandC Capital● Active
1041.419.120
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelMicro modelMicro modelMicro modelMicro modelMicro 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 date27/08/202626/08/202530/08/202426/07/202318/07/202220/07/2021
General meeting24/06/202625/06/202528/06/202428/06/202329/06/202230/06/2021
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

7 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202524/06/202627/08/2026FrenchPDF
Micro model31/12/202425/06/202526/08/2025FrenchPDF
Micro model31/12/202328/06/202430/08/2024FrenchPDF
Micro model31/12/202228/06/202326/07/2023FrenchPDF
Micro model31/12/202129/06/202218/07/2022FrenchPDF
Micro model31/12/202030/06/202120/07/2021FrenchPDF
Micro model31/12/201924/06/202029/08/2020FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 4 ended

Active mandates

GAUTHIER IMANDT

Director

Active
MATHIS CHARLIER

Director

Active

Ended mandates

GAUTHIER IMANDT

Director · since 22 février 2021

Ended
MATHIS CHARLIER HANCIAUX

Director · since 22 février 2021

Ended
GAETAN LIEKENS

Director · since 03 décembre 2018

Ended
LIEKENS GAETAN

Director

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Other10/03/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DIVERS
    PDF
  • Registered office05/02/2025
    MAATSCHAPPELIJKE ZETEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates10/03/2021
    DOEL - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM
    PDF
  • Registered office23/02/2021
    SIEGE SOCIAL
    PDF
  • Other05/12/2018
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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 20251,2 M €↑
  2. 2024
    Annual accounts 2024567,3 k €↓
  3. 2023
    Annual accounts 2023723,8 k €↑
  4. 2022
    Annual accounts 2022196,1 k €↑
  5. 2021
    Annual accounts 2021126,9 k €↑
  6. 2020
    Annual accounts 202078,7 k €↑
  7. 2019
    Annual accounts 201925,9 k €
  8. 03/12/2018
    IncorporationPrivate limited company