GAF
GAF has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.14M and a net result of €38k. Equity is growing by ~27.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
| Equity | €1.14M |
| Net result | €38k |
| Active | 40 yrs |
| Board | 1 |
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €66k | €187k | €-37k | €8k |
| Net profit | €38k | €155k | €-47k | €-1k |
| Cash flow | €68k | €188k | €-41k | €486 |
| Staff costs | - | €4k | - | €79k |
| Income taxes | - | €149 | - | - |
| Dividends | - | - | - | - |
| Total assets | €1.19M | €1.16M | €1.15M | €101k |
| Equity | €1.14M | €1.11M | €950k | €-114k |
| Debt | €45k | €50k | €196k | €215k |
| of which ≤ 1y | €17k | €20k | €160k | €165k |
| of which > 1y | €28k | €23k | €37k | €50k |
| Working capital | €105k | €39k | €-141k | €-86k |
| Employees (FTE) | - | - | - | 5.5 |
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 7.22 | 2.91 | 0.11 | 0.48 |
| Quick ratio | 7.22 | 2.91 | 0.11 | 0.48 |
| Working capital ratio | 8.9% | 3.4% | -12.3% | -85.0% |
| Solvency | 96.2% | 95.7% | 82.9% | -112.0% |
| Debt / equity | 0.04 | 0.05 | 0.21 | -1.89 |
| Long-term debt ratio | 0.02 | 0.02 | 0.04 | -0.44 |
| Interest coverage | 84.60 | 104.98 | -8.49 | 1.04 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 3.2% | 13.5% | -4.1% | -1.5% |
| ROE | 3.3% | 14.1% | -4.9% | 1.3% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Full annual accounts (23 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €1.19M | €1.16M | €1.15M | €101k |
| Fixed assets | 21/28 | €1.07M | €1.10M | €1.13M | €23k |
| Tangible fixed assets | 22/27 | €1.07M | €1.10M | €1.13M | €23k |
| Current assets | 29/58 | €122k | €60k | €18k | €79k |
| Amounts receivable within one year | 40/41 | €65k | €59k | €11k | €42k |
| Cash & bank | 54/58 | €53k | €779 | €7k | €37k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.19M | €1.16M | €1.15M | €101k |
| Equity | 10/15 | €1.14M | €1.11M | €950k | €-114k |
| Contributions / capital | 10/11 | €1.21M | €1.21M | €1.21M | €97k |
| Reserves | 13 | - | - | - | €10k |
| Accumulated profits (losses) | 14 | €-64k | €-102k | €-257k | €-220k |
| Amounts payable | 17/49 | €45k | €50k | €196k | €215k |
| Amounts payable after one year | 17 | €28k | €23k | €37k | €50k |
| Amounts payable within one year | 42/48 | €17k | €20k | €160k | €165k |
| Trade debts payable within one year | 44 | €3k | €7k | €10k | €34k |
| Income statement | |||||
| Gross operating margin | 9900 | €73k | €201k | €-6k | €89k |
| Operating result | 9901 | €35k | €155k | €-42k | €6k |
| Financial income | 75 | €3k | €2k | - | €207 |
| Financial charges | 65 | €775 | €2k | €4k | €7k |
| Result before taxes | 9903 | €38k | €156k | €-47k | €-1k |
| Income taxes | 67/77 | - | €149 | - | - |
| Net result for the period | 9904 | €38k | €155k | €-47k | €-1k |
| Result to be appropriated | 9905 | €38k | €155k | €-47k | €-1k |
-
Current05-01-2024 → present
2 events
- 05-01-2024 Resigned· Managing director
- 05-01-2024 Appointed· Director
| SRL Michel WEBER, Reviseur d’EntreprisesCurrent Company auditor · represented by Michel WEBER | 15-12-2023 → present |
| NACE primary | - |
| Legal form | Private limited company(610) |
| Incorporation | 10-03-1986 |
| Status | Active |
| Postal code | 1310 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25050C0084/00W002 | Wallonia | 659 m² | 1 · 77 m² | - |
| 21013B0005/00Y017 | Brussels | 172 m² | 1 · 172 m² | 16.1 m · 2 fl. |
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
02-02-2026 Registered office moved from Saint-Gilles to La Hulpe
- Rue Jourdan 18, 1060 Saint-Gilles → Rue Pierre Broodcoorens 16, 1310 La Hulpe
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "statutaire",
"new_address": {
"city": "La Hulpe",
"region": "Waals",
"street": "Rue Pierre Broodcoorens",
"country": "BE",
"postcode": "1310",
"box_number": "3",
"street_number": "16"
},
"old_address": {
"city": "Saint-Gilles",
"region": "Brussels",
"street": "Rue Jourdan",
"country": "BE",
"postcode": "1060",
"box_number": null,
"street_number": "18"
},
"effective_date": "2026-02-02",
"evidence_quote": "l\u0027administrateur d\u00E9cide de transf\u00E9rer le si\u00E8ge social de la soci\u00E9t\u00E9 \u00E0 l\u0027adresse suivante: Rue Pierre Broodcoorens, 16- bo\u00EEte 3 1310 La Hulpe"
}
],
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"subject_company": {
"kbo": "0428.638.248",
"name_full": "GAF",
"legal_form": "SRL"
}
}05-01-2024 Articles of association amended
Technical details
{
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"statute_change": {
"name_change": true,
"seat_change": false,
"object_change": false,
"effective_date": "2023-12-15",
"legal_form_change": false
},
"bedrijfsrevisor": {
"quote": "SRL \u201CMichel WEBER, Reviseur d\u2019Entreprises\u201D Repr\u00E9sent\u00E9e par Mr. Michel WEBER R\u00E9viseur d\u2019entreprises \u00BB",
"firm_kbo": null,
"firm_name": "SRL \u201CMichel WEBER, Reviseur d\u2019Entreprises\u201D",
"ibr_number": null,
"individual_name": "Michel WEBER"
},
"subject_company": {
"kbo": "0428.638.248",
"name_full": "I TRULLI",
"legal_form": "SPRL"
},
"signature_regime": "solo",
"special_mandates": [],
"governance_change": {
"admin_delegated_added": []
}
}27-08-2019 Change in the board of directors
Technical details
{
"events": [],
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"subject_company": {
"kbo": "0428.638.248",
"name_full": "I TRULLI",
"legal_form": "SPRL"
}
}| Legal nameFR | GAF |