GLS (0471.384.762): financials and annual accounts

GLS

Ghent ·KBO/BCE: BE 0471.384.762

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	144,147	133,904	122,656	116,799	74,790	74,570	49,036	36,381	30,214	30,701	40,382	38,274	37,069	43,666	46,785	51,205	40,036	43,932	63,603	48,841
Fixed assets`21/28`	1,615	1,838	2,543	9,224	16,487	20,432	25,174	426	51	51	423	1,123	6,544	12,417	17,664	21,854	337	1,021	5,796	11,456
Tangible fixed assets`22/27`	1,615	1,838	2,543	9,224	16,487	20,432	25,174	426	-	-	372	1,072	6,493	12,366	17,614	21,803	286	970	5,745	11,405
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	197
Furniture and vehicles`24`	1,615	1,838	2,543	9,224	16,487	20,432	25,174	426	-	-	372	1,072	6,493	12,366	17,614	21,803	286	970	5,745	11,208
Financial fixed assets`28`	-	-	-	-	-	-	-	-	51	51	51	51	51	51	51	51	51	51	51	51
Current assets`29/58`	142,533	132,066	120,112	107,575	58,303	54,138	23,862	35,955	30,163	30,650	39,959	37,151	30,525	31,249	29,121	29,351	39,699	42,911	57,807	37,385
Amounts receivable after more than one year`29`	45,000	45,000	45,000	45,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	45,000	45,000	45,000	45,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	4,430	9,634	28,116	16,926	7,633	10,242	9,981	11,625	4,313	3,789	7,643	6,050	3,811	3,651	8,880	10,028	3,600	8,148	34,137	18,836
Trade receivables`40`	1,254	4,431	17,423	2,255	1,550	1,625	4,252	6,779	2,141	3,298	7,643	5,803	3,801	3,499	8,809	6,276	3,130	7,858	25,298	15,464
Other amounts receivable`41`	3,175	5,203	10,693	14,671	6,083	8,618	5,729	4,845	2,172	491	-	246	10	152	71	3,752	470	290	8,839	3,371
Current investments`50/53`	-	-	-	-	-	-	-	6,156	6,156	-	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	90,870	73,280	42,039	42,884	49,200	40,836	13,705	18,174	19,694	26,601	32,316	29,408	26,714	27,598	20,240	19,323	36,099	34,762	22,988	17,037
Deferred charges and accrued income`490/1`	2,233	4,152	4,957	2,766	1,471	3,059	176	-	-	260	-	1,694	-	-	-	-	-	-	681	1,512
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	144,147	133,904	122,656	116,799	74,790	74,570	49,036	36,381	30,214	30,701	40,382	38,274	37,069	43,666	46,785	51,205	40,036	43,932	63,603	48,841
Equity`10/15`	108,606	118,019	107,532	97,830	68,757	42,987	35,087	27,792	14,315	16,450	14,306	7,751	7,603	11,323	15,136	22,196	22,571	21,870	26,381	26,706
Contributions`10/11`	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	12,400	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,192	12,392	12,392	12,392
Reserves`13`	90,014	99,427	88,940	79,238	50,165	24,395	16,495	9,200	3,087	3,087	3,087	3,087	3,087	3,087	3,087	3,087	3,087	3,087	3,087	3,087
Non-distributable reserves`130/1`	-	-	-	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859
Reserves not available under the articles`1311`	-	-	-	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	-	-	-	-	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228	1,228
Distributable reserves`133`	90,014	99,427	88,940	77,379	48,305	21,308	13,408	6,113	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	-	-	-	-	-	-	-	-	-7,364	-5,229	-7,373	-13,928	-14,076	-10,356	-6,543	516	7,084	12,583	17,094	17,419
Amounts payable`17/49`	35,541	15,885	15,123	18,969	6,033	31,583	13,949	8,589	15,899	14,251	26,076	30,523	29,466	32,343	31,649	29,010	17,465	22,062	37,222	22,134
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	-	-	2,525	-	10,140	14,214	18,113	3,190	6,178	-	11,695
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	-	-	2,525	-	10,140	14,214	18,113	3,190	6,178	-	11,695
Amounts payable within one year`42/48`	35,350	5,885	7,623	18,935	5,921	7,583	13,949	8,419	5,396	5,295	26,076	27,997	29,466	22,094	17,435	10,897	14,275	15,884	37,222	10,439
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	-	-	-	2,525	4,112	10,140	4,074	3,899	3,731	2,988	2,800	12,095	2,964
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	488	338	188	38	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	488	338	188	38	-	-	-	-
Trade debts`44`	8,575	2,559	5,405	12,521	2,422	63	5,019	7,007	387	152	975	2,851	646	925	1,857	1,697	4,639	1,216	22,636	2,000
Suppliers`440/4`	8,575	2,559	5,405	12,521	2,422	63	5,019	7,007	387	152	975	2,851	646	925	1,857	1,697	4,639	1,216	22,636	2,000
Advances received on contracts in progress`46`	-	-	-	-	-	-	420	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	1,210	2,467	1,418	5,614	2,700	1,468	1,457	611	98	478	10,489	1,502	1,801	2,741	2,252	2,024	494	3,126	7	4,166
Taxes`450/3`	1,210	2,467	1,418	5,614	2,700	1,468	1,457	611	98	478	10,489	1,502	1,801	2,741	2,252	2,024	494	3,126	7	4,166
Other amounts payable`47/48`	25,566	859	800	800	800	6,051	7,053	800	4,910	4,665	12,087	19,532	16,391	14,015	9,238	3,405	6,153	8,742	2,484	1,310
Accrued charges and deferred income`492/3`	191	10,000	7,500	34	112	24,000	-	170	10,503	8,956	-	-	-	109	-	-	-	-	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	76,120
Non-recurring operating income`76A`	-	-	-	-	-	-	2,401	-	-	-	-	-	-	-	-	1,818	-	-	-	-
Gross operating margin`9900`	25,619	23,376	26,927	54,679	49,946	22,158	23,291	23,746	-865	10,036	18,510	10,109	3,589	4,470	1,469	417	-3,666	3,026	8,217	21,274
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59,794
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1,371	1,301	7,401	7,263	7,286	6,632	6,413	213	-	372	700	6,099	5,873	5,977	5,831	5,789	685	5,228	5,419	5,969
Other operating charges`640/8`	645	781	692	698	530	467	819	899	889	939	975	1,121	1,027	990	1,399	1,501	802	1,443	724	806
Non-recurring operating charges`66A`	-	4	8	-	-	-	426	-	-	-	-	-	-	-	-	-	-	277	240	385
Operating profit (loss)`9901`	23,602	21,289	18,826	46,717	42,131	15,059	15,632	22,634	-1,753	8,725	16,835	2,888	-3,311	-2,497	-5,761	-6,873	-5,153	-3,645	2,073	14,498
Financial income`75/76B`	1,172	1,286	1,201	136	25	0	184	238	1,085	242	258	249	334	333	365	521	741	900	315	31
Recurring financial income`75`	1,172	1,286	1,201	136	25	0	184	238	1,085	242	258	249	334	333	365	521	741	900	315	31
Financial charges`65/66B`	322	189	236	165	222	336	332	335	379	506	1,224	1,497	593	1,500	1,663	2,034	1,087	1,428	1,022	1,202
Recurring financial charges`65`	322	189	236	165	222	336	332	335	379	506	1,224	1,497	593	1,500	1,663	2,034	1,087	1,428	1,022	1,202
Profit (loss) for the period before taxes`9903`	24,452	22,386	19,791	46,689	41,933	14,723	15,484	22,536	-1,047	8,461	15,869	1,640	-3,571	-3,664	-7,060	-6,568	-5,499	-4,450	1,126	12,943
Income taxes`67/77`	11,724	11,041	9,289	16,815	15,364	6,023	7,378	8,259	1,088	6,317	9,314	1,492	149	149	-	-	-	62	1,451	5,614
Profit (loss) for the period`9904`	12,729	11,346	10,502	29,874	26,569	8,701	8,107	14,277	-2,135	2,144	6,555	148	-3,720	-3,813	-7,060	-6,568	-5,499	-4,511	-325	7,329
Transfer from tax-exempt reserves`789`	-	-	-	-	1,228	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	12,729	11,346	10,502	29,874	27,797	8,701	8,107	14,277	-2,135	2,144	6,555	148	-3,720	-3,813	-7,060	-6,568	-5,499	-4,511	-325	7,329
Appropriation of the result
Profit (loss) to be appropriated`9906`	12,729	11,346	10,502	29,874	27,797	8,701	8,107	6,913	-7,364	-5,229	-7,373	-13,928	-14,076	-10,356	-6,543	516	7,084	12,583	17,094	17,419
Transfer from equity`791/2`	21,508	859	800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	12,096	11,346	10,502	29,074	26,997	7,901	7,295	6,113	-	-	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	12,096	11,346	10,502	29,074	26,997	7,901	7,295	6,113	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	22,141	859	800	800	800	800	812	800	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	22,141	859	800	800	800	800	812	800	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	15-06-2026	2026-00166290	PDF
31-12-2024	micro format	21-05-2025	2025-00104064	PDF
31-12-2023	micro format	24-06-2024	2024-00160181	PDF
31-12-2022	micro format	28-06-2023	2023-00191426	PDF
31-12-2021	micro format	05-05-2022	2022-20023190	PDF
31-12-2020	micro format	17-06-2021	2021-21200491	PDF
31-12-2019	micro format	20-08-2020	2020-43000056	PDF
31-12-2018	micro format	24-06-2019	2019-21800113	PDF
31-12-2017	micro format	05-06-2018	2018-16000290	PDF
31-12-2016	micro format	30-06-2017	2017-25200361	PDF
31-12-2015	abbreviated format	22-06-2016	2016-22600038	PDF
31-12-2014	abbreviated format	06-07-2015	2015-27800356	PDF
31-12-2013	abbreviated format	26-06-2014	2014-23100059	PDF
31-12-2012	abbreviated format	04-03-2013	2013-05600446	PDF
31-12-2011	abbreviated format	10-07-2012	2012-29400067	PDF
31-12-2010	abbreviated format	08-06-2011	2011-15600085	PDF
31-12-2009	abbreviated format	08-07-2010	2010-28500077	PDF
31-12-2008	abbreviated format	22-07-2009	2009-45100213	PDF
31-12-2007	abbreviated format	03-07-2008	2008-37400318	PDF
31-12-2006	abbreviated format	16-08-2007	2007-57700041	PDF
31-12-2005	abbreviated format	07-06-2006	2006-21001769	PDF
31-12-2004	abbreviated format	30-09-2005	2005-78603642	PDF
31-12-2003	abbreviated format	01-07-2004	2004-38404629	PDF
31-12-2002	abbreviated format	12-05-2003	2003-14001293	PDF
31-12-2001	abbreviated format	23-05-2002	2002-14000217	PDF

Year	Entries	Awarded	Paid
2025	1	€15,000	€15,000
2024	1	€15,000	€15,000
2023	1	€14,000	€14,000
2022	1	€14,000	€14,000

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	24,973	22,590	26,227	53,981	49,416	21,691	22,045	22,847	-	9,097	17,535	8,987	2,562	3,480	70	-1,084	-4,468	1,583	7,493	20,468
Cash flow	14,100	12,646	17,903	37,137	33,855	15,332	14,520	14,490	-	2,516	7,255	6,247	2,153	2,165	-1,228	-779	-4,814	717	5,094	13,298
Investment in fixed assets (approximation)	1,148	699	2,252	0	3,341	1,890	31,587	639	-	0	0	678	0	730	1,642	27,306	0	731	-240	1,266
Change in cash	17,590	31,241	-844	-6,316	8,363	27,132	-4,469	-1,520	-6,907	-5,715	2,908	2,694	-884	7,357	917	-16,776	1,336	11,774	5,951	-
Working capital	107,183	126,181	112,489	88,640	52,382	46,555	9,913	27,536	24,767	25,355	13,884	9,153	1,059	9,155	11,685	18,455	25,424	27,027	20,585	26,946
EBIT margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19.0%
Solvency	75.3%	88.1%	87.7%	83.8%	91.9%	57.6%	71.6%	76.4%	47.4%	53.6%	35.4%	20.3%	20.5%	25.9%	32.4%	43.3%	56.4%	49.8%	41.5%	54.7%
Current ratio	4.03	22.44	15.76	5.68	9.85	7.14	1.71	4.27	5.59	5.79	1.53	1.33	1.04	1.41	1.67	2.69	2.78	2.70	1.55	3.58
Debt to equity	0.33	0.13	0.14	0.19	0.09	0.73	0.40	0.31	1.11	0.87	1.82	3.94	3.88	2.86	2.09	1.31	0.77	1.01	1.41	0.83
ROE	11.7%	9.6%	9.8%	30.5%	38.6%	20.2%	23.1%	51.4%	-14.9%	13.0%	45.8%	1.9%	-48.9%	-33.7%	-46.6%	-29.6%	-24.4%	-20.6%	-1.2%	27.4%
ROA	8.8%	8.5%	8.6%	25.6%	35.5%	11.7%	16.5%	39.2%	-7.1%	7.0%	16.2%	0.4%	-10.0%	-8.7%	-15.1%	-12.8%	-13.7%	-10.3%	-0.5%	15.0%
Interest coverage	77.51	over 100	over 100	over 100	over 100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	74 days
Supplier credit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12 days

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€1,148	€699	€2,252	-	€3,341
Depreciation and write-downs of the year	€1,371	€1,301	€7,401	€7,263	€7,286

GLS

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency75.3%

Current ratio4.03

Return on assets8.8%

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 4 entries, €58,000 awarded, €58,000 paid

Key figures and ratios

Investments

Insights on GLS

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