GESPAC
InactiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 31 filings
Turnover
€659,024▲ 16.9%
2024 · €563,595
EBIT margin
10.3%▼ 0.6pp
2024 · 10.8%
Net result
€95,115▲ 101%
2024 · €47,380
Working capital
€409,088▲ 39.0%
2024 · €294,258
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€659,024
▲ 16.9%
2025
20182025
Operating result
€67,552
▲ 10.9%
2025
20182025
Net result
€95,115
▲ 101%
2025
20182025
EBIT margin
10.3%
▼ 0.6pp
2025
20182025
Equity
€455,926
▲ 26.4%
2025
20182025
Total assets
€599,552
▲ 33.6%
2025
20182025
Debt
€143,626
▲ 63.0%
2025
20182025
Working capital
€409,088
▲ 39.0%
2025
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€375,707-€411,788▲ 9.6%€410,673▼ 0.3%€413,075▲ 0.6%€461,618▲ 11.8%€495,998▲ 7.4%€563,595▲ 13.6%€659,024▲ 16.9%
Operating result€15,554-€21,266▲ 36.7%€37,026▲ 74.1%€47,545▲ 28.4%€47,305▼ 0.5%€44,258▼ 6.4%€60,933▲ 37.7%€67,552▲ 10.9%
Net result€10,277-€14,509▲ 41.2%€28,430▲ 95.9%€37,011▲ 30.2%€35,764▼ 3.4%€33,120▼ 7.4%€47,380▲ 43.1%€95,115▲ 101%
EBIT margin4.1%-5.2%▲ 1.0pp9.0%▲ 3.9pp11.5%▲ 2.5pp10.2%▼ 1.3pp8.9%▼ 1.3pp10.8%▲ 1.9pp10.3%▼ 0.6pp
Equity€201,597-€209,106▲ 3.7%€231,536▲ 10.7%€262,547▲ 13.4%€292,311▲ 11.3%€319,432▲ 9.3%€360,811▲ 13.0%€455,926▲ 26.4%
Total assets€271,410-€279,979▲ 3.2%€304,389▲ 8.7%€326,390▲ 7.2%€373,656▲ 14.5%€403,138▲ 7.9%€448,918▲ 11.4%€599,552▲ 33.6%
Debt€69,814-€70,873▲ 1.5%€72,853▲ 2.8%€63,843▼ 12.4%€81,345▲ 27.4%€83,706▲ 2.9%€88,107▲ 5.3%€143,626▲ 63.0%
Working capital€160,718-€165,340▲ 2.9%€194,222▲ 17.5%€184,587▼ 5.0%€230,123▲ 24.7%€274,443▲ 19.3%€294,258▲ 7.2%€409,088▲ 39.0%
Staff (FTE)1-1=1=1=1=1=1=1=
The operating result for 2025 is 11% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €599,552
Fixed assets
€46,838 ▼ 29.6%
Current assets
€552,714 ▲ 44.6%
Equity and liabilities €599,552
Equity
€455,926 ▲ 26.4%
Debt
€143,626 ▲ 63.0%
Debt's share of the balance-sheet total rises from 19.6% to 24.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€88,395▲
2024 · €83,418
Cash flow
€115,958▲
2024 · €69,865
Current ratio
3.85▼
2024 · 4.34
Debt to equity
0.32▲
2024 · 0.24
ROE
20.9%▲
2024 · 13.1%
ROA
15.9%▲
2024 · 10.6%
Interest coverage
43.39▲
2024 · 42.94
Debt ≤ 1 year
€143,626▲
2024 · €88,107
Debt > 1 year
€0
Income taxes
€33,293▲
2024 · €17,230
Customer credit
29 days▲
2024 · 15 days
Supplier credit
94 days▲
2024 · 55 days
Staff costs
€77,963▲
2024 · €70,845
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €72,709 | €9,025 | €17,437 | €73,098 | €1,128 |
| Intangible fixed assets | €8,150 | €0 | €0 | €0 | - |
| Depreciation and write-downs of the year | €28,139 | €24,797 | €26,677 | €22,485 | €20,843 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €375,707 | €411,788 | €410,673 | €413,075 | €461,618 | €495,998 | €563,595 | €659,024 | ▲ 16.9% |
| Non-recurring operating income76A | - | - | - | €18,427 | - | €14,205 | €5,358 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €294,467 | €334,755 | €376,996 | €413,014 | €474,199 | ▲ 14.8% |
| Remuneration, social security and pensions62 | - | - | - | €64,247 | €65,639 | €72,263 | €70,845 | €77,963 | ▲ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,634 | €23,909 | €21,507 | €28,139 | €24,797 | €26,677 | €22,485 | €20,843 | ▼ 7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,571 | -€3,553 | €1,340 | €1,207 | €14,982 | ▲ 12× |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €0 | - |
| Other operating charges640/8 | - | - | - | €5,147 | €2,539 | €3,992 | €5,007 | €3,484 | ▼ 30.4% |
| Gross operating margin9900 | €99,635 | €112,880 | €118,650 | €146,648 | €136,727 | €148,530 | €160,477 | €184,825 | ▲ 15.2% |
| Operating profit (loss)9901 | €15,554 | €21,266 | €37,026 | €47,545 | €47,305 | €44,258 | €60,933 | €67,552 | ▲ 10.9% |
| Financial income75/76B | - | - | - | €738 | €927 | €815 | €5,619 | €62,892 | ▲ 11× |
| Recurring financial income75 | €1,381 | €324 | €3,005 | €738 | €927 | €815 | €5,619 | €62,892 | ▲ 11× |
| Financial charges65/66B | - | - | - | €1,386 | €1,367 | €1,068 | €1,943 | €2,037 | ▲ 4.9% |
| Recurring financial charges65 | €639 | €894 | €988 | €1,386 | €1,367 | €1,068 | €1,943 | €2,037 | ▲ 4.9% |
| Profit (loss) for the period before taxes9903 | €16,297 | €20,697 | €39,042 | €46,896 | €46,865 | €44,005 | €64,609 | €128,408 | ▲ 98.7% |
| Income taxes67/77 | €6,020 | €6,187 | €10,612 | €9,885 | €11,100 | €10,885 | €17,230 | €33,293 | ▲ 93.2% |
| Profit (loss) for the period9904 | €10,277 | €14,509 | €28,430 | €37,011 | €35,764 | €33,120 | €47,380 | €95,115 | ▲ 101% |
| Profit (loss) for the period to be appropriated9905 | €10,277 | €14,509 | €28,430 | €37,011 | €35,764 | €33,120 | €47,380 | €95,115 | ▲ 101% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €271,410 | €279,979 | €304,389 | €326,390 | €373,656 | €403,138 | €448,918 | €599,552 | ▲ 33.6% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €40,878 | €43,766 | €37,314 | €77,960 | €62,188 | €44,989 | €66,553 | €46,838 | ▼ 29.6% |
| Intangible fixed assets21 | €0 | €607 | €4,687 | €10,206 | €5,949 | €1,929 | €0 | €0 | - |
| Tangible fixed assets22/27 | €40,828 | €43,109 | €32,577 | €67,705 | €56,190 | €43,010 | €66,503 | €46,788 | ▼ 29.6% |
| Land and buildings22 | - | - | - | - | - | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0 | - |
| Furniture and vehicles24 | - | - | - | €67,705 | €56,190 | €43,010 | €66,503 | €46,788 | ▼ 29.6% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0 | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €230,532 | €236,213 | €267,075 | €248,430 | €311,468 | €358,149 | €382,365 | €552,714 | ▲ 44.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0 | - |
| Trade receivables290 | - | - | - | - | - | - | - | €0 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0 | - |
| Stocks and contracts in progress3 | €308 | €239 | €38 | €760 | €10,377 | €5,767 | €1,161 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €760 | €10,377 | €5,767 | €1,161 | €0 | ▼ 100% |
| Contracts in progress37 | - | - | - | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €37,028 | €42,307 | €23,779 | €16,405 | €29,574 | €38,018 | €32,407 | €64,851 | ▲ 100% |
| Trade receivables40 | - | - | - | €16,123 | €28,756 | €34,417 | €23,575 | €52,651 | ▲ 123% |
| Other amounts receivable41 | - | - | - | €283 | €818 | €3,601 | €8,831 | €12,200 | ▲ 38.2% |
| Current investments50/53 | €1,177 | €16,086 | €16,118 | €16,531 | €16,395 | €116,513 | €131,429 | €181,593 | ▲ 38.2% |
| Cash at bank and in hand54/58 | €192,018 | €177,582 | €227,140 | €214,733 | €255,122 | €197,852 | €217,368 | €306,270 | ▲ 40.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €271,410 | €279,979 | €304,389 | €326,390 | €373,656 | €403,138 | €448,918 | €599,552 | ▲ 33.6% |
| Equity10/15 | €201,597 | €209,106 | €231,536 | €262,547 | €292,311 | €319,432 | €360,811 | €455,926 | ▲ 26.4% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Uncalled capital101 | - | - | - | - | - | - | - | €0 | - |
| Contributions outside capital11 | - | - | - | - | - | - | - | €0 | - |
| Share premium1100/10 | - | - | - | - | - | - | - | €0 | - |
| Other1109/19 | - | - | - | - | - | - | - | €0 | - |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €0 | - |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves not available under the articles1311 | - | - | - | - | - | - | - | €0 | - |
| Own shares acquired1312 | - | - | - | - | - | - | - | €0 | - |
| Financial assistance1313 | - | - | - | - | - | - | - | €0 | - |
| Other1319 | - | - | - | - | - | - | - | €0 | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €0 | - |
| Distributable reserves133 | - | - | - | - | - | - | - | €0 | - |
| Profit (loss) carried forward14 | €133,426 | €140,935 | €163,365 | €194,376 | €224,141 | €251,261 | €292,640 | €387,756 | ▲ 32.5% |
| Investment grants15 | - | - | - | - | - | - | - | €0 | - |
| Advance to shareholders on the distribution of net assets19 | - | - | - | - | - | - | - | €0 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €0 | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €0 | - |
| Taxes161 | - | - | - | - | - | - | - | €0 | - |
| Major repairs and maintenance162 | - | - | - | - | - | - | - | €0 | - |
| Environmental obligations163 | - | - | - | - | - | - | - | €0 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €0 | - |
| Deferred taxes168 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €69,814 | €70,873 | €72,853 | €63,843 | €81,345 | €83,706 | €88,107 | €143,626 | ▲ 63.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €0 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €0 | - |
| Trade debts175 | - | - | - | - | - | - | - | €0 | - |
| Advances received on contracts in progress176 | - | - | - | - | - | - | - | €0 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable within one year42/48 | €69,814 | €70,873 | €72,853 | €63,843 | €81,345 | €83,706 | €88,107 | €143,626 | ▲ 63.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0 | - |
| Financial debts43 | - | - | - | - | - | - | - | €0 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0 | - |
| Other loans439 | - | - | - | - | - | - | - | €0 | - |
| Trade debts44 | €57,570 | €49,461 | €51,720 | €42,579 | €60,031 | €64,821 | €62,222 | €122,080 | ▲ 96.2% |
| Suppliers440/4 | - | - | - | €42,579 | €60,031 | €64,821 | €62,222 | €122,080 | ▲ 96.2% |
| Bills of exchange payable441 | - | - | - | - | - | - | - | €0 | - |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0 | - |
| Taxes, remuneration and social security45 | - | - | - | €15,263 | €15,314 | €12,885 | €19,885 | €21,546 | ▲ 8.4% |
| Taxes450/3 | - | - | - | €8,494 | €8,277 | €5,068 | €11,944 | €14,084 | ▲ 17.9% |
| Remuneration and social security454/9 | - | - | - | €6,769 | €7,038 | €7,817 | €7,941 | €7,462 | ▼ 6.0% |
| Other amounts payable47/48 | - | - | - | €6,000 | €6,000 | €6,000 | €6,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,277 | €14,509 | €28,430 | €37,011 | €35,764 | €33,120 | €47,380 | €95,115 | ▲ 101% |
| + Depreciation and write-downs630 | €19,634 | €23,909 | €21,507 | €28,139 | €24,797 | €26,677 | €22,485 | €20,843 | ▼ 7.3% |
| Operating cash flow (approximation) | €29,911 | €38,418 | €49,937 | €65,150 | €60,561 | €59,797 | €69,865 | €115,958 | ▲ 66.0% |
| Investment in fixed assets (approximation) | - | -€26,796 | -€15,055 | -€68,786 | -€9,025 | -€9,478 | -€44,049 | -€1,128 | ▲ 97.4% |
| Change in cash | - | -€14,436 | €49,559 | -€12,407 | €40,389 | -€57,270 | €19,516 | €88,902 | ▲ 356% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00249717 | |
| 31-12-2024 | full format | 12-06-2025 | 2025-00133802 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00197253 | |
| 31-12-2022 | full format | 28-06-2023 | 2023-00168622 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20089565 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-25700225 | |
| 31-12-2019 | full format | 20-07-2020 | 2020-31700542 | |
| 31-12-2018 | full format | 10-07-2019 | 2019-30600081 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-18800312 | |
| 31-12-2016 | full format | 20-07-2017 | 2017-33100285 |