ACTIVE

GULLWING

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Financial year 2025 · closed on 31/12/2025

Net result

5,7 M €

+113.9% YoY

Revenue

1 M €

-33.1% YoY

Equity

17,6 M €

+44.5% YoY

What does GULLWING do?

GULLWING is a Public limited company incorporated in 2008. Its main activity is: Management consultancy activities. Its registered office is in Waregem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0897.463.103

Incorporation

21/04/2008

Legal form

Public limited company

Registered office

Franklin Rooseveltlaan 165
8790 Waregem · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 45111Sale of cars and light motor vehicles 45112Sale of cars and light motor vehicles 45113Sale of cars and light motor vehicles 46180Agents specialised in the sale of other particular products+4

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Revenue	1 M €	-33.1%	1,5 M €	+48.0%	1 M €	+72.0%	601,7 k €	+11.7%	538,4 k €	-14.8%	632,3 k €	+15.7%	546,5 k €	+10.6%	494,1 k €	-11.2%	556,6 k €		–		–		–		–		–		–		–		–
EBITDA	974,8 k €	-31.9%	1,4 M €	+65.2%	867,2 k €	+92.7%	450,1 k €	-31.8%	660,4 k €	+44.5%	457 k €	+6.2%	430,3 k €	+44.6%	297,7 k €	-52.5%	626,1 k €	+52.1%	411,5 k €	+126%	182 k €	-37.8%	292,6 k €	+168%	109,1 k €	+18.5%	92,1 k €	-1.7%	93,6 k €	-4.8%	98,4 k €	-9.8%	109 k €
Operating result	842,4 k €	-35.6%	1,3 M €	+111%	620,1 k €	+50.0%	413,4 k €	-34.3%	629 k €	+50.3%	418,6 k €	+6.5%	393 k €	+46.2%	268,9 k €	-35.5%	416,9 k €	+6.3%	392,2 k €	+159%	151,7 k €	-42.1%	262 k €	+189%	90,5 k €	+23.2%	73,4 k €	-2.1%	75 k €	-23.7%	98,4 k €	-7.3%	106,1 k €
Net result	5,7 M €	+114%	2,7 M €	+13.1%	2,3 M €	+861%	244,5 k €	-29.6%	347,2 k €	-84.8%	2,3 M €	+1190%	176,8 k €	+314%	42,7 k €	-93.8%	694 k €	+23.4%	562,3 k €	-23.1%	730,9 k €	+8.1%	676,4 k €	+2340%	27,7 k €	-95.8%	667,3 k €	+1707%	36,9 k €	-27.4%	50,9 k €	+24.7%	40,8 k €
Balance sheet
Equity	17,6 M €	+44.5%	12,2 M €	+24.6%	9,8 M €	+28.1%	7,7 M €	-4.4%	8 M €	+4.5%	7,7 M €	+107%	3,7 M €	+5.0%	3,5 M €	+1.2%	3,5 M €	+24.9%	2,8 M €	+25.3%	2,2 M €	+49.0%	1,5 M €	+68.5%	885,1 k €	-50.9%	1,8 M €	+58.8%	1,1 M €	+3.4%	1,1 M €	+4.9%	1 M €
Total assets	20,2 M €	+7.6%	18,8 M €	+4.9%	17,9 M €	+38.7%	12,9 M €	-4.3%	13,5 M €	-9.4%	14,9 M €	+17.3%	12,7 M €	+9.5%	11,6 M €	-33.3%	17,4 M €	+112%	8,2 M €	-2.0%	8,4 M €	+39.3%	6 M €	+63.2%	3,7 M €	+0.0%	3,7 M €	+73.6%	2,1 M €	+3.1%	2,1 M €	+0.1%	2,1 M €
Cash	2 M €	+25.2%	1,6 M €	-1.7%	1,6 M €	+79.1%	888,2 k €	-50.7%	1,8 M €	+146%	732,1 k €	-68.9%	2,4 M €	+90.2%	1,2 M €	-55.9%	2,8 M €	+7030%	39,4 k €	-24.8%	52,3 k €	-15.4%	61,9 k €	+460%	11 k €	+326%	2,6 k €	+51.4%	1,7 k €	-86.6%	12,8 k €	+106%	6,2 k €
Debts	2,5 M €	-59.3%	6,2 M €	-21.8%	7,9 M €	+51.1%	5,2 M €	-3.5%	5,4 M €	-24.4%	7,2 M €	-19.9%	9 M €	+11.3%	8 M €	-42.1%	13,9 M €	+157%	5,4 M €	-12.3%	6,2 M €	+36.1%	4,5 M €	+61.6%	2,8 M €	+48.7%	1,9 M €	+90.6%	988,8 k €	+2.8%	962,4 k €	-4.9%	1 M €
Other
Workforce	–		0,5 ETP		–		–		–		–		–		–		0,3 ETP	0.0%	0,3 ETP	0.0%	0,3 ETP	+200%	0,1 ETP		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 14 ended

Active mandates

Vincent Yserbyt

Managing director · since 21 novembre 2013 · until 17 juin 2027

Active

Katrien Mahieu

Director · since 21 avril 2008 · until 17 juin 2027

Active

Ended mandates

Katrien Mahieu

Director · since 28 juin 2019 · until 19 juin 2025

Ended

Vincent Yserbyt

Managing director · since 28 juin 2019 · until 19 juin 2025

Ended

Katrien Mahieu

Director · since 20 juin 2019 · until 20 juin 2025

Ended

Vincent Yserbyt

Managing director · since 20 juin 2019 · until 20 juin 2025

Ended

At this address

Other companies at this address

Company	CBE no.
CARROSSERIE VERHOYE● Active	0897.003.639
GHISTELINCK AUTOBEDRIJVEN● Active	0443.936.039
GHIZILUX● Active	0743.607.542
V.Y. Consult● Active	1033.728.604
ZILVERPIJL● Active	0846.686.274

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	m120-f-p
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	11/09/2026	06/08/2025	18/07/2024	13/07/2023	23/06/2022	15/07/2021
General meeting	11/09/2026	30/06/2025	12/07/2024	30/06/2023	16/06/2022	30/06/2021
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

26 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	11/09/2026	11/09/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	06/08/2025	Dutch	PDF
m120-f-p	31/12/2024	18/07/2025	23/07/2025	Dutch	PDF
Full model	31/12/2023	12/07/2024	18/07/2024	Dutch	PDF
m120-f-p	31/12/2023	19/07/2024	23/07/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	13/07/2023	Dutch	PDF
m120-f-p	31/12/2022	19/07/2023	20/07/2023	Dutch	PDF
Full model	31/12/2021	16/06/2022	23/06/2022	Dutch	PDF
m120-f-p	31/12/2021	29/06/2022	11/07/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	08/07/2021	Dutch	PDF
m120-f-p	31/12/2020	30/06/2021	15/07/2021	Dutch	PDF
Full model	31/12/2019	27/08/2020	24/09/2020	Dutch	PDF
m120-f-pCorrection	31/12/2019	27/08/2020	20/10/2020	Dutch	PDF
m120-f-p	31/12/2019	27/08/2020	08/09/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	04/07/2019	Dutch	PDF
m120-f-p	31/12/2018	17/07/2019	17/07/2019	Dutch	PDF
Full model	31/12/2017	30/06/2018	19/07/2018	Dutch	PDF
m120-f-p	31/12/2017	01/01/9999	18/07/2018	Dutch	PDF
Abridged model	30/09/2016	19/12/2016	22/12/2016	Dutch	PDF
Abridged model	30/09/2015	19/11/2015	03/12/2015	Dutch	PDF
Abridged model	30/09/2014	12/01/2015	30/01/2015	Dutch	PDF
Abridged model	30/09/2013	21/11/2013	19/12/2013	Dutch	PDF
Abridged model	30/09/2012	15/11/2012	04/04/2013	Dutch	PDF
Abridged model	30/09/2011	17/11/2011	31/01/2012	Dutch	PDF

View all 26 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 14 ended

Active mandates

Vincent Yserbyt

Managing director · since 21 novembre 2013 · until 17 juin 2027

Active

Katrien Mahieu

Director · since 21 avril 2008 · until 17 juin 2027

Active

Ended mandates

Katrien Mahieu

Director · since 28 juin 2019 · until 19 juin 2025

Ended

Vincent Yserbyt

Managing director · since 28 juin 2019 · until 19 juin 2025

Ended

Katrien Mahieu

Director · since 20 juin 2019 · until 20 juin 2025

Ended

Vincent Yserbyt

Managing director · since 20 juin 2019 · until 20 juin 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/09/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/10/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/02/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/08/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/03/2018
ONTSLAGEN - BENOEMINGEN
PDF
Other24/08/2017
ALGEMENE VERGADERING - BOEKJAAR
PDF
Capital / shares31/10/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring26/09/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, 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 20255,7 M €↑
2024
Annual accounts 20242,7 M €↑
2023
Annual accounts 20232,3 M €↑
2022
Annual accounts 2022244,5 k €↓
2021
Annual accounts 2021347,2 k €↓
2020
Annual accounts 20202,3 M €↑
2019
Annual accounts 2019176,8 k €↑
2018
Annual accounts 201842,7 k €↓
2017
Annual accounts 2017694 k €↑
2016
Annual accounts 2016562,3 k €↓
2015
Annual accounts 2015730,9 k €↑
2014
Annual accounts 2014676,4 k €↑
2013
Annual accounts 201327,7 k €↓
2012
Annual accounts 2012667,3 k €↑
2011
Annual accounts 201136,9 k €↓
2010
Annual accounts 201050,9 k €↑
2009
Annual accounts 200940,8 k €
21/04/2008
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

GULLWING

Overview

What does GULLWING do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

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