ACTIVE

VGW

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Financial year 2025 · closed on 30/09/2025

Net result

20 k €

-23.3% YoY

Gross margin

51,9 k €

+16.4% YoY

Equity

135,9 k €

+17.3% YoY

What does VGW do?

VGW is a Public limited company incorporated in 2004. Its main activity is: Weaving of textiles. Its registered office is in Anzegem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0870.353.185

Incorporation

03/12/2004

Legal form

Public limited company

Registered office

Beukenhofstraat 55
8570 Anzegem · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

30/09/2025

Activities (NACE)

13200Weaving of textiles· main 13200Weaving of textiles 17210Manufacture of corrugated paper and paperboard and of containers of paper and paperboard

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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	51,9 k €	+16.4%	44,6 k €	-59.4%	110 k €	+23.2%	89,2 k €	-19.2%	110,4 k €	-31.1%	160,4 k €	-14.3%	187,2 k €	-3.0%	192,9 k €	-20.6%	243 k €	-0.8%	245,1 k €	-4.5%	256,6 k €	+16.6%	220 k €	+68.0%	131 k €	-29.0%	184,5 k €	+1.6%	181,6 k €	-6.6%	194,4 k €	+15.5%	168,4 k €	-17.2%	203,5 k €	+26.3%	161,1 k €	-29.7%	229,1 k €
EBITDA	51,3 k €	+18.5%	43,3 k €	-60.1%	108,5 k €	+39.0%	78,1 k €	-19.5%	97 k €	+23.2%	78,7 k €	+9.1%	72,2 k €	+36.7%	52,8 k €	-45.5%	96,9 k €	+3.5%	93,6 k €	-17.8%	113,9 k €	+35.1%	84,3 k €	+394%	17,1 k €	-74.3%	66,4 k €	+76.8%	37,5 k €	-27.8%	52 k €	+194%	17,7 k €	-70.8%	60,5 k €	+746%	7,2 k €	-90.2%	72,7 k €
Operating result	30,5 k €	-20.8%	38,5 k €	-46.6%	72,1 k €	+528%	11,5 k €	-71.7%	40,6 k €	+568%	6,1 k €	+197%	-6,3 k €	+88.3%	-53,7 k €	-990%	6 k €	+209%	2 k €	-86.6%	14,6 k €	+73.0%	8,4 k €	+181%	-10,4 k €	-130%	35 k €	+63.6%	21,4 k €	-52.6%	45,2 k €	+357%	9,9 k €	+247%	-6,7 k €	+89.2%	-62,3 k €	-240%	-18,4 k €
Net result	20 k €	-23.3%	26,1 k €	-50.1%	52,3 k €	+320%	12,4 k €	-68.1%	39 k €	+599%	5,6 k €	+188%	-6,3 k €	+88.3%	-54 k €	-2505%	2,2 k €	+209%	-2 k €	-134%	6,1 k €	+98.5%	3,1 k €	+131%	-10,1 k €	-132%	31,1 k €	+78.3%	17,5 k €	-61.4%	45,2 k €	+973%	4,2 k €	+139%	-10,7 k €	+84.3%	-68 k €	-524%	-10,9 k €
Balance sheet
Equity	135,9 k €	+17.3%	115,9 k €	+29.0%	89,8 k €	+139%	37,6 k €	+49.6%	25,1 k €	+281%	-13,9 k €	+28.7%	-19,5 k €	-48.1%	-13,1 k €	-132%	40,8 k €	+5.8%	38,6 k €	-5.0%	40,6 k €	+17.6%	34,5 k €	+9.8%	31,5 k €	-24.2%	41,5 k €	+300%	10,4 k €	+247%	-7,1 k €	+86.5%	-52,3 k €	+7.5%	-56,5 k €	-23.3%	-45,8 k €	-306%	22,2 k €
Total assets	353,3 k €	+5.2%	335,7 k €	-16.1%	400,1 k €	+25.2%	319,5 k €	+34.4%	237,7 k €	-14.2%	277,1 k €	-33.7%	417,7 k €	+7.4%	389,1 k €	-5.3%	411,1 k €	-3.7%	426,9 k €	-7.3%	460,6 k €	-11.5%	520,3 k €	+94.1%	268 k €	+3.1%	259,8 k €	-2.4%	266,4 k €	+4.0%	256,1 k €	+4.2%	245,8 k €	+0.8%	243,9 k €	+1.6%	240,1 k €	-39.9%	399,2 k €
Cash	146,4 k €	+51.6%	96,6 k €	-22.7%	124,9 k €	+65.5%	75,5 k €	+129%	33 k €	+66.0%	19,9 k €	-28.7%	27,9 k €	-6.6%	29,8 k €	-12.1%	34 k €	-28.7%	47,6 k €	+18.8%	40,1 k €	-0.0%	40,1 k €	+106%	19,5 k €	-60.9%	49,9 k €	+128%	21,9 k €	-43.8%	39 k €	+15.6%	33,7 k €	+87.3%	18 k €	-21.8%	23 k €	-62.5%	61,3 k €
Debts	214,8 k €	-1.2%	217,3 k €	-29.4%	307,8 k €	+10.0%	279,8 k €	+33.4%	209,8 k €	-27.1%	287,8 k €	-33.7%	433,9 k €	+9.0%	398,1 k €	+8.7%	366,2 k €	-4.3%	382,8 k €	-7.5%	414 k €	-13.6%	479,3 k €	+106%	232,4 k €	+8.9%	213,4 k €	-15.0%	251 k €	-3.5%	260,2 k €	-11.8%	295,1 k €	-0.3%	296,1 k €	+4.5%	283,2 k €	-24.4%	374,8 k €
Other
Workforce	–		–		–		–		–		3,2 ETP	-17.9%	3,9 ETP	0.0%	3,9 ETP	0.0%	3,9 ETP	0.0%	3,9 ETP	0.0%	3,9 ETP	+5.4%	3,7 ETP	+27.6%	2,9 ETP	-3.3%	3,0 ETP	-23.1%	3,9 ETP	-4.9%	4,1 ETP	-12.8%	4,7 ETP	0.0%	4,7 ETP	-2.1%	4,8 ETP	+4.3%	4,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 1 active · 4 ended

Active mandates

Geert VAN GELUWE

Managing director

Active

Ended mandates

GEERT VAN GELUWE

Director

Ended

Nicolas Wallaert

Managing director

Ended

NICOLAS WALLAERT

Director

Ended

Nicolas Wallert

Director

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	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/04/2026	28/05/2025	26/04/2024	28/04/2023	29/04/2022	10/05/2021
General meeting	31/03/2026	03/05/2025	29/03/2024	30/03/2023	30/03/2022	30/03/2021
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	30/09/2025	31/03/2026	30/04/2026	Dutch	PDF
Micro model	30/09/2024	03/05/2025	28/05/2025	Dutch	PDF
Micro model	30/09/2023	29/03/2024	26/04/2024	Dutch	PDF
Micro model	30/09/2022	30/03/2023	28/04/2023	Dutch	PDF
Micro model	30/09/2021	30/03/2022	29/04/2022	Dutch	PDF
Abridged model	30/09/2020	30/03/2021	10/05/2021	Dutch	PDF
Abridged model	30/09/2019	28/03/2020	28/04/2020	Dutch	PDF
Abridged model	30/09/2018	23/03/2019	05/04/2019	Dutch	PDF
Abridged model	30/09/2017	03/03/2018	15/03/2018	Dutch	PDF
Abridged model	30/09/2016	04/03/2017	06/03/2017	Dutch	PDF
Abridged model	30/09/2015	05/03/2016	15/03/2016	Dutch	PDF
Abridged model	30/09/2014	07/03/2015	09/03/2015	Dutch	PDF
Abridged model	30/09/2013	29/03/2014	24/04/2014	Dutch	PDF
Abridged model	30/09/2012	02/03/2013	15/03/2013	Dutch	PDF
Abridged model	30/09/2011	03/03/2012	30/03/2012	Dutch	PDF
Abridged model	30/09/2010	05/03/2011	08/03/2011	Dutch	PDF
Abridged model	30/09/2009	06/03/2010	18/03/2010	Dutch	PDF
Abridged model	30/09/2008	07/03/2009	10/03/2009	Dutch	PDF
Abridged model	30/09/2007	05/04/2008	28/04/2008	Dutch	PDF
Abridged model	30/09/2006	07/04/2007	02/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 30/09/2025 · 1 active · 4 ended

Active mandates

Geert VAN GELUWE

Managing director

Active

Ended mandates

GEERT VAN GELUWE

Director

Ended

Nicolas Wallaert

Managing director

Ended

NICOLAS WALLAERT

Director

Ended

Nicolas Wallert

Director

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/02/2026
ONTSLAGEN, BENOEMINGEN, STATUTEN (VERTALING,
PDF
Mandates15/01/2025
ontslag en herbenoeming bestuurder - zetelverplaatsing.
PDF
Mandates04/05/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/04/2010
ONTSLAGEN - BENOEMINGEN
PDF
Other16/12/2004
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 202520 k €↓
2024
Annual accounts 202426,1 k €↓
2023
Annual accounts 202352,3 k €↑
2022
Annual accounts 202212,4 k €↓
2021
Annual accounts 202139 k €↑
2020
Annual accounts 20205,6 k €↑
2019
Annual accounts 2019-6,3 k €↑
2018
Annual accounts 2018-54 k €↓
2017
Annual accounts 20172,2 k €↑
2016
Annual accounts 2016-2 k €↓
2015
Annual accounts 20156,1 k €↑
2014
Annual accounts 20143,1 k €↑
2013
Annual accounts 2013-10,1 k €↓
2012
Annual accounts 201231,1 k €↑
2011
Annual accounts 201117,5 k €↓
2010
Annual accounts 201045,2 k €↑
2009
Annual accounts 20094,2 k €↑
2008
Annual accounts 2008-10,7 k €↑
2007
Annual accounts 2007-68 k €↓
2006
Annual accounts 2006-10,9 k €
03/12/2004
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

VGW

Overview

What does VGW 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