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GEREFIS

Active
Public limited companyfounded 2000active for 26 yearsRue de Tombeek 5, 1331 Rixensart, BelgiumKBO/BCE: BE 0470.099.018

Financials · financial year 2025, full format

Annual accounts 2025 filed on 27-07-2026 at the NBB all 26 filings

Turnover
€3.0m▲ 100%
2024 · €1.5m
EBIT margin
65.8%▲ 23.3pp
2024 · 42.5%
Net result
€3.0m▼ 51.2%
2024 · €6.1m
Working capital
€4.7m▲ 25.5%
2024 · €3.8m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 3.1 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.

Turnover€3.0m 2025 Operating result€1.9m 2025 Net result€3.0m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€0.7m-€0.7m▲ 2.0%€0.7m▲ 2.0%€0.8m▲ 14.7%€0.8m▼ 1.3%€1.2m▲ 56.4%€1.5m▲ 22.7%€3.0m▲ 100%
Operating result€0.4m-€0.4m▲ 14.8%€0.3m▼ 38.4%€0.4m▲ 62.1%€0.1m▼ 69.0%€0.2m▲ 86.2%€0.6m▲ 152%€1.9m▲ 210%
Net result€0.4m--€2.0m€184.2mabove the sector's middle half€3.2mabove the sector's middle half▼ 98.2%€4.3mabove the sector's middle half▲ 31.1%€2.7mabove the sector's middle half▼ 36.9%€6.1mabove the sector's middle half▲ 126%€3.0mabove the sector's middle half▼ 51.2%
EBIT margin57.5%-64.7%▲ 7.2pp39.0%▼ 25.7pp55.2%▲ 16.1pp17.4%▼ 37.8pp20.7%▲ 3.3pp42.5%▲ 21.8pp65.8%▲ 23.3pp
Equity€14.1m-€12.1m▼ 13.9%€433.6mabove the sector's middle half▲ 36×€432.6mabove the sector's middle half▼ 0.2%€435.4mabove the sector's middle half▲ 0.6%€436.6mabove the sector's middle half▲ 0.3%€438.6mabove the sector's middle half▲ 0.5%€439.8mabove the sector's middle half▲ 0.3%
Total assets€220.2m-€220.3m=€442.0mabove the sector's middle half▲ 101%€438.2mabove the sector's middle half▼ 0.9%€438.0mabove the sector's middle half=€440.0mabove the sector's middle half▲ 0.5%€442.2mabove the sector's middle half▲ 0.5%€443.8mabove the sector's middle half▲ 0.4%
Debt€206.1m-€208.1m▲ 1.0%€8.4m▼ 96.0%€5.6m▼ 32.8%€2.6m▼ 53.0%€3.4m▲ 28.2%€3.5m▲ 4.3%€4.0m▲ 14.7%
Working capital-€203.1m--€205.6m▼ 1.2%-€0.6mbelow the sector's middle half▲ 99.7%-€1.7mbelow the sector's middle half▼ 199%€1.0mabove the sector's middle half€1.9mabove the sector's middle half▲ 92.7%€3.8mabove the sector's middle half▲ 98.0%€4.7mabove the sector's middle half▲ 25.5%
Solvency6.4%-5.5%▼ 0.9pp98.1%above the sector's middle half▲ 92.6pp98.7%above the sector's middle half▲ 0.6pp99.4%above the sector's middle half▲ 0.7pp99.2%above the sector's middle half▼ 0.2pp99.2%above the sector's middle half=99.1%above the sector's middle half▼ 0.1pp
Current ratio0.01-0.01=0.93within the sector's middle half▲ 0.920.67within the sector's middle half▼ 0.261.40within the sector's middle half▲ 0.731.79within the sector's middle half▲ 0.392.60within the sector's middle half▲ 0.812.47within the sector's middle half▼ 0.13
Return on assets (ROA)0.2%--0.9%▼ 1.1pp41.7%above the sector's middle half▲ 42.6pp0.7%within the sector's middle half▼ 40.9pp1.0%within the sector's middle half▲ 0.2pp0.6%within the sector's middle half▼ 0.4pp1.4%within the sector's middle half▲ 0.8pp0.7%within the sector's middle half▼ 0.7pp
Staff (FTE)1.5-1.5=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.4within the sector's middle half▼ 6.7%1.3within the sector's middle half▼ 7.1%1.6within the sector's middle half▲ 23.1%
above within below The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Large changes and their cause
  • 2021 Net result -98% on 2020. Merger absorbing GUYAN INVEST, effective 16-07-2020, in the previous financial year. That operation now counts for a full year for the first time. Merger absorbing LOUBARD, effective 16-07-2020, in the previous financial year. That operation now counts for a full year for the first time.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €443.8m
Fixed assets €435.9m =
Current assets €7.9m ▲ 29.7%
Equity and liabilities €443.8m
Equity €439.8m ▲ 0.3%
Debt €4.0m ▲ 14.7%
Debt's share of the balance-sheet total rises from 0.8% to 0.9%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.2m▲
2024 · €878,341
Cash flow
€3.2m▼
2024 · €6.3m
Debt to equity
0.01▲
2024 · 0.01
ROE
0.7%▼
2024 · 1.4%
Interest coverage
34.03▲
2024 · 9.21
Debt ≤ 1 year
€3.2m▲
2024 · €2.4m
Debt > 1 year
€675,857▼
2024 · €1.1m
Income taxes
€529,741▲
2024 · €8,821
Customer credit
278 days▲
2024 · 186 days
Staff costs
€77,698▲
2024 · €63,954
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date22222
full-time11111
part-time11111
in full-time equivalents1.51.51.31.31.7
Average over the year, in full-time equivalents1.51.51.41.31.6
On a permanent contract22222
Joined----2
Left----2

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€285,926€88,107€1.5m€604,739€157,219
Financial fixed assets--€0€0-
Depreciation and write-downs of the year€167,034€178,154€211,246€251,426€258,195

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Comparable companies

These companies have the same main activity as GEREFIS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €176m and €918m, founded between 1997 and 2011.

CompanyFoundedTotal assetsEquityTurnoverNet resultFTEFinancial year
GEREFIS Rixensart2000€443.8m€439.8m€3.0m€3.0m1.62025
SAFFELBERG INVESTMENTS Pajottegem2007€490.9m€481.0m€1.4m€11.5m2.42025
OSG EUROPE Wavre1997€175.5m€175.0m€2.4m€15.2m3.62025
Baro Projects Assenede2006€198.8m€177.4m€2.0m€0.03m1.62025
STANLEY EUROPE Mechelen1998€326.8m€326.1m€1.5m€0.3m5.32025
WEERTS GROUP Tongeren-Borgloon2009€918.4m€589.2m€4.3m-€8.2m0.72025
HOUGOU Elsene2011€413.9m€392.4m€0.9m-€0.4m22024

They were chosen from the 54,694 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 77 lines

Source: Annual accounts 2025 at the NBB, filed on 27-07-2026.

Balance sheet Code20242025
Assets
Total assets20/58€442.2m€443.8m▲
Fixed assets21/28€436.0m€435.9m=
Tangible fixed assets22/27€7.3m€7.2m▼
Land and buildings22€6.1m€5.9m▼
Plant, machinery and equipment23€0.03m€0.02m▼
Furniture and vehicles24€0.03m€0.04m▲
Other tangible fixed assets26€1.1m€1.1m▲
Assets under construction and advance payments27€0.02m-
Financial fixed assets28€428.7m€428.7m=
Affiliated companies280/1€428.7m€428.7m=
Participating interests280€428.7m€428.7m=
Other financial fixed assets284/8€0.09m€0.09m=
Shares284€0.09m€0.09m=
Amounts receivable and cash guarantees285/8€50€50=
Current assets29/58€6.1m€7.9m▲
Stocks and contracts in progress3€0-
Amounts receivable within one year40/41€0.8m€2.3m▲
Trade receivables40€0.8m€2.3m▲
Other amounts receivable41€0.02m€0.01m▼
Current investments50/53€4.8m€4.7m▼
Other investments51/53€4.8m€4.7m▼
Cash at bank and in hand54/58€0.6m€0.9m▲
Deferred charges and accrued income490/1€0.02m€0.01m▼
Equity and liabilities
Total equity and liabilities10/49€442.2m€443.8m▲
Equity10/15€438.6m€439.8m▲
Contributions10/11€35.5m€35.5m=
Capital10€35.5m€35.5m=
Issued capital100€35.5m€35.5m=
Reserves13€192.5m€192.5m=
Non-distributable reserves130/1€3.6m€3.6m=
Legal reserve130€3.6m€3.6m=
Distributable reserves133€189.0m€189.0m=
Profit (loss) carried forward14€210.5m€211.7m▲
Amounts payable17/49€3.5m€4.0m▲
Amounts payable after more than one year17€1.1m€0.7m▼
Financial debts170/4€1.1m€0.7m▼
Other loans174€1.1m€0.7m▼
Amounts payable within one year42/48€2.4m€3.2m▲
Trade debts44€0.05m€0.09m▲
Suppliers440/4€0.05m€0.09m▲
Taxes, remuneration and social security45€0.07m€0.6m▲
Taxes450/3€0.06m€0.6m▲
Remuneration and social security454/9€0.005m€0.006m▲
Other amounts payable47/48€2.2m€2.6m▲
Accrued charges and deferred income492/3€0.1m€0.2m▲
Income statement Code20242025
Operating income70/76A€1.8m€3.1m▲
Turnover70€1.5m€3.0m▲
Other operating income74€0.2m€0.2m▼
Non-recurring operating income76A€0.1m€0.01m▼
Operating charges60/66A€1.1m€1.2m▲
Services and other goods61€0.8m€0.8m▲
Remuneration, social security and pensions62€0.06m€0.08m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m▲
Other operating charges640/8€0.02m€0.02m▲
Non-recurring operating charges66A€0.001m-
Operating profit (loss)9901€0.6m€1.9m▲
Financial income75/76B€5.6m€1.6m▼
Recurring financial income75€5.6m€1.6m▼
Income from financial fixed assets750€5.0m€1.5m▼
Income from current assets751€0.07m€0.1m▲
Other financial income752/9€0.5m€0.08m▼
Financial charges65/66B€0.1m€0.1m▼
Recurring financial charges65€0.1m€0.1m▼
Debt charges650€0.1m€0.06m▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€0.01m-€0.05m▼
Other financial charges652/9€0.04m€0.09m▲
Profit (loss) for the period before taxes9903€6.1m€3.5m▼
Income taxes67/77€0.009m€0.5m▲
Taxes670/3€0.009m€0.5m▲
Profit (loss) for the period9904€6.1m€3.0m▼
Profit (loss) for the period to be appropriated9905€6.1m€3.0m▼
Appropriation of the result
Profit (loss) to be appropriated9906€214.6m€213.5m▼
Profit (loss) brought forward from the previous period14P€208.5m€210.5m▲
Profit to be distributed694/7€4.0m€1.8m▼
Return on contributions (dividend)694€4.0m€1.8m▼
Directors or managers695€0.004m€0.004m=
Social balance sheet
Average headcount (FTE)90871.31.6▲

The notes to these accounts have 50 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line20182019202020212022202320242025Change
Operating income70/76A€0.8m-€0.8m€0.9m€0.9m€1.5m€1.8m€3.1m▲ 77.9%
Turnover70€0.7m€0.7m€0.7m€0.8m€0.8m€1.2m€1.5m€3.0m▲ 100%
Other operating income74€0.09m-€0.1m€0.2m€0.2m€0.2m€0.2m€0.2m▼ 4.0%
Non-recurring operating income76A€0.02m-€0.005m€0-€0.1m€0.1m€0.01m▼ 88.6%
Operating charges60/66A€0.4m-€0.6m€0.5m€0.8m€1.2m€1.1m€1.2m▲ 4.7%
Services and other goods61€0.2m-€0.3m€0.2m€0.5m€0.9m€0.8m€0.8m▲ 3.9%
Remuneration, social security and pensions62€0.06m-€0.06m€0.06m€0.07m€0.07m€0.06m€0.08m▲ 21.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.1m€0.1m€0.2m€0.2m€0.2m€0.3m€0.3m▲ 2.7%
Other operating charges640/8€0.01m-€0.01m€0.01m€0.01m€0.02m€0.02m€0.02m▲ 17.9%
Non-recurring operating charges66A---€0.01m€0.02m€0€0.001m--
Operating profit (loss)9901€0.4m€0.4m€0.3m€0.4m€0.1m€0.2m€0.6m€1.9m▲ 210%
Financial income75/76B---€2.8m€4.3m€2.5m€5.6m€1.6m▼ 70.4%
Recurring financial income75€0.5m€0.4m€2.9m€2.8m€4.3m€2.5m€5.6m€1.6m▼ 70.4%
Income from financial fixed assets750€0.4m-€2.8m€2.8m€4.2m€2.4m€5.0m€1.5m▼ 70.9%
Income from current assets751€0.01m-€0.05m€0.007m€0.04m€0.05m€0.07m€0.1m▲ 54.8%
Other financial income752/9€0.08m-€0.03m€0.03m€0.03m€0.07m€0.5m€0.08m▼ 83.7%
Non-recurring financial income76B--€183.2m------
Financial charges65/66B€0.3m-€2.1m€0.01m€0.1m€0.08m€0.1m€0.1m▼ 14.1%
Recurring financial charges65€0.3m€2.8m€2.1m€0.01m€0.1m€0.08m€0.1m€0.1m▼ 14.1%
Debt charges650€0.1m€2.9m€2.1m€0.02m€0.03m€0.08m€0.1m€0.06m▼ 32.2%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€0.1m-€0.03m-€0.02m€0.09m-€0.03m-€0.01m-€0.05m▼ 353%
Other financial charges652/9€0.02m-€0.01m€0.02m€0.03m€0.03m€0.04m€0.09m▲ 146%
Profit (loss) for the period before taxes9903€0.5m-€2.0m€184.2m€3.2m€4.3m€2.7m€6.1m€3.5m▼ 42.6%
Income taxes67/77€0.1m€214€0.001m€0.001m€0.001m€0.002m€0.009m€0.5m▲ 60×
Taxes670/3€0.1m-€0.001m€0.001m€0.001m€0.002m€0.009m€0.5m▲ 60×
Tax adjustments and reversals of tax provisions77€3-€248€0-----
Profit (loss) for the period9904€0.4m-€2.0m€184.2m€3.2m€4.3m€2.7m€6.1m€3.0m▼ 51.2%
Profit (loss) for the period to be appropriated9905€0.4m-€2.0m€184.2m€3.2m€4.3m€2.7m€6.1m€3.0m▼ 51.2%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€220.2m€220.3m€442.0m€438.2m€438.0m€440.0m€442.2m€443.8m▲ 0.4%
Fixed assets21/28€218.3m€218.3m€434.5m€434.6m€434.6m€435.7m€436.0m€435.9m=
Tangible fixed assets22/27€5.8m€5.8m€5.8m€5.9m€5.8m€6.9m€7.3m€7.2m▼ 1.7%
Land and buildings22€5.5m-€5.4m€5.5m€5.4m€6.0m€6.1m€5.9m▼ 2.1%
Plant, machinery and equipment23€0.04m-€0.03m€0.02m€0.02m€0.04m€0.03m€0.02m▼ 20.4%
Furniture and vehicles24€0.08m-€0.08m€0.05m€0.03m€0.02m€0.03m€0.04m▲ 48.8%
Other tangible fixed assets26€0.2m-€0.2m€0.2m€0.2m€0.9m€1.1m€1.1m▲ 1.6%
Assets under construction and advance payments27€0.03m-€0.09m€0.1m€0.2m€0.01m€0.02m--
Financial fixed assets28€212.5m€212.5m€428.7m€428.7m€428.7m€428.7m€428.7m€428.7m=
Affiliated companies280/1€212.4m-€428.7m€428.7m€428.7m€428.7m€428.7m€428.7m=
Participating interests280€212.4m-€428.7m€428.7m€428.7m€428.7m€428.7m€428.7m=
Other financial fixed assets284/8€0.09m-€0.09m€0.09m€0.09m€0.09m€0.09m€0.09m=
Shares284€0.09m-€0.09m€0.09m€0.09m€0.09m€0.09m€0.09m=
Amounts receivable and cash guarantees285/8€50-€50€50€50€50€50€50=
Current assets29/58€1.9m€2.0m€7.5m€3.5m€3.5m€4.3m€6.1m€7.9m▲ 29.7%
Stocks and contracts in progress3---€0€0€0€0--
Amounts receivable within one year40/41€0.1m€0.2m€0.3m€0.4m€0.3m€0.7m€0.8m€2.3m▲ 191%
Trade receivables40€0.1m-€0.2m€0.3m€0.2m€0.6m€0.8m€2.3m▲ 199%
Other amounts receivable41--€0.1m€0.1m€0.09m€0.1m€0.02m€0.01m▼ 43.3%
Current investments50/53€1.4m€1.4m€1.4m€1.5m€1.6m€2.9m€4.8m€4.7m▼ 1.0%
Other investments51/53€1.4m-€1.4m€1.5m€1.6m€2.9m€4.8m€4.7m▼ 1.0%
Cash at bank and in hand54/58€0.4m€0.3m€5.8m€1.6m€1.6m€0.7m€0.6m€0.9m▲ 68.4%
Deferred charges and accrued income490/1€0.02m-€0.02m€0.01m€0.01m€0.02m€0.02m€0.01m▼ 26.6%
Equity and liabilities
Total equity and liabilities10/49€220.2m€220.3m€442.0m€438.2m€438.0m€440.0m€442.2m€443.8m▲ 0.4%
Equity10/15€14.1m€12.1m€433.6m€432.6m€435.4m€436.6m€438.6m€439.8m▲ 0.3%
Contributions10/11€5.5m€5.5m€35.5m€35.5m€35.5m€35.5m€35.5m€35.5m=
Capital10€5.5m-€35.5m€35.5m€35.5m€35.5m€35.5m€35.5m=
Issued capital100€5.5m-€35.5m€35.5m€35.5m€35.5m€35.5m€35.5m=
Reserves13€4.2m€4.2m€192.5m€192.5m€192.5m€192.5m€192.5m€192.5m=
Non-distributable reserves130/1--€3.6m€3.6m€3.6m€3.6m€3.6m€3.6m=
Legal reserve130€0.5m-€3.6m€3.6m€3.6m€3.6m€3.6m€3.6m=
Distributable reserves133€3.7m-€189.0m€189.0m€189.0m€189.0m€189.0m€189.0m=
Profit (loss) carried forward14€4.4m€2.4m€205.5m€204.5m€207.3m€208.5m€210.5m€211.7m▲ 0.6%
Amounts payable17/49€206.1m€208.1m€8.4m€5.6m€2.6m€3.4m€3.5m€4.0m▲ 14.7%
Amounts payable after more than one year17€1.1m€0.6m€0.3m€0.3m€0.2m€0.9m€1.1m€0.7m▼ 37.5%
Financial debts170/4€1.1m-€0.3m€0.3m€0.2m€0.9m€1.1m€0.7m▼ 37.5%
Other loans174€1.1m-€0.3m€0.3m€0.2m€0.9m€1.1m€0.7m▼ 37.5%
Amounts payable within one year42/48€205.0m€207.5m€8.1m€5.3m€2.5m€2.4m€2.4m€3.2m▲ 36.4%
Trade debts44€0.03m€0.01m€0.05m€0.04m€0.04m€0.2m€0.05m€0.09m▲ 75.9%
Suppliers440/4€0.03m-€0.05m€0.04m€0.04m€0.2m€0.05m€0.09m▲ 75.9%
Taxes, remuneration and social security45€0.2m-€0.1m€0.04m€0.05m€0.09m€0.07m€0.6m▲ 748%
Taxes450/3€0.2m-€0.1m€0.03m€0.04m€0.08m€0.06m€0.6m▲ 804%
Remuneration and social security454/9€0.008m-€0.005m€0.005m€0.005m€0.005m€0.005m€0.006m▲ 23.7%
Other amounts payable47/48€204.8m-€7.9m€5.2m€2.4m€2.2m€2.2m€2.6m▲ 14.6%
Accrued charges and deferred income492/3€0.004m-€0.009m€0.007m€0.003m€0.08m€0.1m€0.2m▲ 69.2%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.4m-€2.0m€184.2m€3.2m€4.3m€2.7m€6.1m€3.0m▼ 51.2%
+ Depreciation and write-downs630€0.1m€0.1m€0.1m€0.2m€0.2m€0.2m€0.3m€0.3m▲ 2.7%
Operating cash flow (approximation)€0.5m-€1.8m€184.4m€3.4m€4.4m€2.9m€6.3m€3.2m▼ 49.1%
Investment in fixed assets (approximation)--€0.2m-€216.4m-€0.3m-€0.09m-€1.3m-€0.6m-€0.1m▲ 77.3%
Change in cash--€0.08m€5.4m-€4.1m-€0.05m-€0.9m-€0.2m€0.4m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 26 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 27-07-2026 2026-00343761 NBB
31-12-2024 full format 18-07-2025 2025-00295464 PDF
31-12-2023 full format 28-06-2024 2024-00192696 PDF
31-12-2022 full format 27-06-2023 2023-00183356 PDF
31-12-2021 full format 15-07-2022 2022-20189964 PDF
31-12-2020 full format 14-07-2021 2021-35200241 PDF
31-12-2019 full format 15-07-2020 2020-30200089 PDF
31-12-2018 full format 01-07-2019 2019-26700312 PDF
31-12-2017 full format 03-07-2018 2018-29400033 PDF
31-12-2016 full format 17-07-2017 2017-32600545 PDF

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