GF
ActiveSummary
GF has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€227,300) and a net result of €579,064. Equity is shrinking by ~52.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+61
Solvency22▲+6
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.16 against 0.09 in 2024; short-term debt: 98.2% and cash: 2.9% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-2.5%
Return on assets
6.5%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
27 d late
2023
27 d late
2022
on the day
2021
46 d early
2020
5 d early
2019
19 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 8 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€579,064
2024 · -€171,522
Working capital
-€7.4m▲ 17.7%
2024 · -€9.0m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€108,691▼ 54.8%-€61,074▲ 43.8%-€373,170▼ 511%-€113,537▲ 69.6%€809,371
Net result-€125,403▼ 69.9%-€91,494▲ 27.0%-€482,761▼ 428%-€171,522▲ 64.5%€579,064
Equity-€60,587-€152,081▼ 151%-€634,842▼ 317%-€806,364▼ 27.0%-€227,300▲ 71.8%
Total assets€2.2m▲ 3.0%€2.2m▼ 2.7%€8.4m▲ 285%€9.2m▲ 9.6%€9.0m▼ 2.5%
Debt€2.3m▲ 9.1%€2.3m▲ 1.3%€9.0m▲ 287%€10.0m▲ 10.8%€9.0m▼ 10.4%
Working capital-€1.0m▲ 47.4%-€2.0m▼ 99.9%-€8.8m▼ 331%-€9.0m▼ 1.4%-€7.4m▲ 17.7%
Staff (FTE)0000
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €809,371 after a loss of €113,537 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.0m
Fixed assets
€7.5m ▼ 9.3%
Current assets
€1.4m ▲ 60.8%
Key figures and ratios
EBITDA
€842,914▲
2024 · -€36,461
Cash flow
€612,607▲
2024 · -€94,446
Solvency
-2.5%▲
2024 · -8.8%
Current ratio
0.16▲
2024 · 0.09
Debt to equity
-39.46▼
2024 · -12.41
ROA
6.5%▲
2024 · -1.9%
Interest coverage
679.20▲
2024 · -0.62
Debt ≤ 1 year
€8.8m▼
2024 · €9.9m
Debt > 1 year
€158,899=
2024 · €158,899
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €30,000 | €0 | - | €1.0m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €76,292 | €77,567 | €77,590 | €77,076 | €33,543 | ▼ 56.5% |
| Other operating charges640/8 | €25,494 | €24,885 | €27,356 | €28,515 | €26,437 | ▼ 7.3% |
| Gross operating margin9900 | -€6,905 | €41,378 | -€268,224 | -€7,946 | €869,351 | ▲ 11,041% |
| Operating profit (loss)9901 | -€108,691 | -€61,074 | -€373,170 | -€113,537 | €809,371 | ▲ 813% |
| Financial income75/76B | €3,064 | €7,605 | €4 | €541 | €3,989 | ▲ 637% |
| Recurring financial income75 | €3,064 | €7,605 | €4 | €541 | €3,989 | ▲ 637% |
| Financial charges65/66B | €18,683 | €38,029 | €109,595 | €58,526 | €1,241 | ▼ 97.9% |
| Recurring financial charges65 | €18,683 | €38,029 | €109,595 | €58,526 | €1,241 | ▼ 97.9% |
| Profit (loss) for the period before taxes9903 | -€124,310 | -€91,498 | -€482,761 | -€171,522 | €812,118 | ▲ 573% |
| Transfer to deferred taxes680 | - | - | - | - | €233,054 | - |
| Income taxes67/77 | €1,093 | -€4 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€125,403 | -€91,494 | -€482,761 | -€171,522 | €579,064 | ▲ 438% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €699,163 | - |
| Profit (loss) for the period to be appropriated9905 | -€125,403 | -€91,494 | -€482,761 | -€171,522 | -€120,099 | ▲ 30.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.2m | €2.2m | €8.4m | €9.2m | €9.0m | ▼ 2.5% |
| Fixed assets21/28 | €2.1m | €2.1m | €8.4m | €8.3m | €7.5m | ▼ 9.3% |
| Tangible fixed assets22/27 | €2.1m | €2.1m | €2.0m | €1.9m | €1.1m | ▼ 40.7% |
| Land and buildings22 | €2.1m | €2.1m | €2.0m | €1.9m | €1.1m | ▼ 40.8% |
| Plant, machinery and equipment23 | €5,068 | €4,120 | €3,172 | €2,738 | €2,304 | ▼ 15.9% |
| Financial fixed assets28 | - | - | €6.4m | €6.4m | €6.4m | = |
| Current assets29/58 | €117,852 | €124,565 | €16,153 | €900,497 | €1.4m | ▲ 60.8% |
| Amounts receivable within one year40/41 | €97,640 | €98,779 | €203 | €70,581 | €182,443 | ▲ 158% |
| Trade receivables40 | - | - | - | €10,000 | €10,000 | = |
| Other amounts receivable41 | €97,640 | €98,779 | €203 | €60,581 | €172,443 | ▲ 185% |
| Current investments50/53 | - | - | - | - | €1.0m | - |
| Cash at bank and in hand54/58 | €18,840 | €20,361 | €10,096 | €823,562 | €263,709 | ▼ 68.0% |
| Deferred charges and accrued income490/1 | €1,372 | €5,426 | €5,854 | €6,354 | €2,215 | ▼ 65.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.2m | €2.2m | €8.4m | €9.2m | €9.0m | ▼ 2.5% |
| Equity10/15 | -€60,587 | -€152,081 | -€634,842 | -€806,364 | -€227,300 | ▲ 71.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €705,363 | ▲ 11,277% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | - | €699,163 | - |
| Profit (loss) carried forward14 | -€128,787 | -€220,281 | -€703,042 | -€874,564 | -€994,664 | ▼ 13.7% |
| Provisions and deferred taxes16 | - | - | - | - | €233,054 | - |
| Deferred taxes168 | - | - | - | - | €233,054 | - |
| Amounts payable17/49 | €2.3m | €2.3m | €9.0m | €10.0m | €9.0m | ▼ 10.4% |
| Amounts payable after more than one year17 | €1.2m | €158,899 | €158,899 | €158,899 | €158,899 | = |
| Financial debts170/4 | €1.0m | €0 | - | - | - | - |
| Other amounts payable178/9 | €158,899 | €158,899 | €158,899 | €158,899 | €158,899 | = |
| Amounts payable within one year42/48 | €1.1m | €2.2m | €8.8m | €9.9m | €8.8m | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | - | €1.0m | €6.0m | €0 | - | - |
| Financial debts43 | - | - | €250,000 | €0 | - | - |
| Credit institutions430/8 | - | - | €250,000 | €0 | - | - |
| Trade debts44 | €10,894 | €12,383 | €25,229 | €19,210 | €35,825 | ▲ 86.5% |
| Suppliers440/4 | €10,894 | €12,383 | €25,229 | €19,210 | €35,825 | ▲ 86.5% |
| Taxes, remuneration and social security45 | €1,100 | €15 | €0 | - | - | - |
| Taxes450/3 | €1,100 | €15 | €0 | - | - | - |
| Other amounts payable47/48 | €1.1m | €1.2m | €2.6m | €9.8m | €8.8m | ▼ 10.7% |
| Accrued charges and deferred income492/3 | €2,067 | €2,067 | €26,798 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€125,403 | -€91,494 | -€482,761 | -€171,522 | €579,064 | ▲ 438% |
| + Depreciation and write-downs630 | €76,292 | €77,567 | €77,590 | €77,076 | €33,543 | ▼ 56.5% |
| Operating cash flow (approximation) | -€49,111 | -€13,927 | -€405,171 | -€94,446 | €612,607 | ▲ 749% |
| Investment in fixed assets (approximation) | - | -€10,055 | -€6.4m | €0 | €741,580 | - |
| Change in cash | - | €1,521 | -€10,265 | €813,466 | -€559,853 | ▼ 169% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
31-12
Financial
Back to profitnet €579,064
Net result €579,064 after 7 loss-making years.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 27 days late
2023
31-12
Financial
Weakest financial yearnet -€482,761
Net result drops to -€482,761, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
19-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 19 days late
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Mouscron · 1 establishment unit since 1994
Ground area
8,269 m²
Building footprint
1,068 m²
Parcel 54003S0052/00A000, Wallonia. Linked by address, not a title deed.
1 establishment unit
G.F.
since 19942.066.658.541
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54003S0052/00A000 | Wallonia | 8,268 m² | 1 · 1,067 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2023 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2023 annual accounts of GF and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Identification & contact
Identification
Legal formPublic limited company
Founded10-03-1994
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.