# Groep Brussel Lambert NV (GBLB.BR)

Canonical: https://gigainvestors.com/s/GBLB.BR

Analysis as of: 2026-10-16T07:36:01.678Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 71.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.17×

- FY2018: 0.17×

- FY2019: 0.18×

- FY2020: 0.17×

- FY2021: 0.11×

- FY2022: 0.05×

- FY2023: 0.13×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: 3.2 pp

- Typical gross margin (annual median): 49.6%

- Recent gross margin (lower of latest and 3-year median): 46.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.9%

- FY2017: 4.3%

- FY2018: 4.1%

- FY2019: 4.7%

- FY2020: 4.6%

- FY2021: 3.0%

- FY2022: 1.4%

- FY2023: 4.0%

- FY2024: 1.8%

- FY2025: 1.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.50×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 466M

- Net income, five-year total: EUR 924M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.6 pp

- Working capital / revenue, final three-year average: 17.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 1.24×

- FY2023: 0.99×

- FY2024: -0.29×

- FY2025: 1.24×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 1.9%

- Per-share earnings: 4.49 to 1.05 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: EUR -2.3B

- Cumulative retained earnings: EUR 472M

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -16.6%

- Per-share value change: EUR -3.43

- Per-share value, starting three-year median: EUR 4.49

- Per-share value, ending three-year median: EUR 1.05

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 3.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 7.9B

- Cumulative net income, 10 years: EUR 2.9B

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -2.94

- FY2017: EUR 4.49

- FY2018: EUR 4.13

- FY2019: EUR 4.34

- FY2020: EUR 2.57

- FY2021: EUR 1.89

- FY2022: EUR -4.15

- FY2023: EUR 11.94

- FY2024: EUR 1.05

- FY2025: EUR -4.70

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -3.2%

- FY2018: -1.1%

- FY2019: -1.1%

- FY2020: -2.8%

- FY2021: -2.2%

- FY2022: -4.2%

- FY2023: 2.1%

- FY2024: -4.4%

- FY2025: -5.5%

## Holders

## Price story

Down 28% since Oct 2021 · sales +9.4%

Story as of 2026-10-16T10:00:06.582Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.4%; source https://filings.xbrl.org/549300KV0ZEHT2KVU152/2024-12-31/ESEF/BE/0/549300KV0ZEHT2KVU152-2024-12-31-0-nl/reports/549300KV0ZEHT2KVU152-2024-12-31-0-nl.xhtml; observed 2025-04-15.

- FY2016: EUR 4.9B 

- FY2017: EUR 5.0B 

- FY2018: EUR 5.6B 

- FY2019: EUR 5.5B 

- FY2020: EUR 6.3B 

- FY2021: EUR 6.5B 

- FY2022: EUR 6.1B 

- FY2023: EUR 6.5B 

- FY2024: EUR 6.1B 

- FY2025: EUR 6.7B 

### Gross margin · FY2025

gross margin 46.4%; source https://filings.xbrl.org/549300KV0ZEHT2KVU152/2024-12-31/ESEF/BE/0/549300KV0ZEHT2KVU152-2024-12-31-0-nl/reports/549300KV0ZEHT2KVU152-2024-12-31-0-nl.xhtml; observed 2025-04-15.

- FY2016: 54.8% 

- FY2017: 53.7% 

- FY2018: 51.4% 

- FY2019: 51.1% 

- FY2020: 47.4% 

- FY2021: 47.1% 

- FY2022: 51.3% 

- FY2023: 48.2% 

- FY2024: 45.4% 

- FY2025: 46.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are EUR 6.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 6694900000; grossProfit 3106300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 45.4% to 48.2% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 48.2%.

- Source: https://filings.xbrl.org/549300KV0ZEHT2KVU152/2024-12-31/ESEF/BE/0/549300KV0ZEHT2KVU152-2024-12-31-0-nl/reports/549300KV0ZEHT2KVU152-2024-12-31-0-nl.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 45.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 46.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.008919801078657981],[2017,0.04327065881921779],[2018,0.04061142805746152],[2019,0.04707773939212124],[2020,0.04587690582355254],[2021,0.02987950119827803],[2022,0.013542164153646721],[2023,0.039836478879547485],[2024,0.018038980298001554],[2025,0.01881334730192485]]; median 0.03485799003891275. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 334.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 21914362.24628824; upkeep 338485637.75371176; owner earnings 664314362.2462883. Growth capex / owner earnings = 0.032987939884647106.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 72700000; upkeep 317900000; owner earnings 658900000. Growth capex / owner earnings = 0.11033540749734407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 0; upkeep 402700000; owner earnings 640360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 0; upkeep 360400000; owner earnings 486480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 0; upkeep 453600000; owner earnings 294420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 0; upkeep 566300000; owner earnings 1713320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,444500000],[2017,455900000],[2018,474900000],[2019,484400000],[2020,488900000],[2021,380400000],[2022,400700000],[2023,380100000],[2024,355000000],[2025,619400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: cash repurchases 334900000 EUR.

### Are managers owners

Insiders own 35.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GBLB.BR SharesStats.PercentInsiders = 35.704 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Closing price 71.8 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 50.262012012012015; price multiple 1.428514242184349. FY2025 cash earnings/share -5.842492492492493. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 78.36 per share

- 2016-11: EUR 77.45 per share

- 2016-12: EUR 79.72 per share

- 2017-01: EUR 78.79 per share

- 2017-02: EUR 80.01 per share

- 2017-03: EUR 85.10 per share

- 2017-04: EUR 88.01 per share

- 2017-05: EUR 86.49 per share

- 2017-06: EUR 84.29 per share

- 2017-07: EUR 86.67 per share

- 2017-08: EUR 85.51 per share

- 2017-09: EUR 89.00 per share

- 2017-10: EUR 92.18 per share

- 2017-11: EUR 90.35 per share

- 2017-12: EUR 89.99 per share

- 2018-01: EUR 94.88 per share

- 2018-02: EUR 94.04 per share

- 2018-03: EUR 92.80 per share

- 2018-04: EUR 94.96 per share

- 2018-05: EUR 90.72 per share

- 2018-06: EUR 90.32 per share

- 2018-07: EUR 90.88 per share

- 2018-08: EUR 90.40 per share

- 2018-09: EUR 90.30 per share

- 2018-10: EUR 82.18 per share

- 2018-11: EUR 79.50 per share

- 2018-12: EUR 76.08 per share

- 2019-01: EUR 82.26 per share

- 2019-02: EUR 84.58 per share

- 2019-03: EUR 86.62 per share

- 2019-04: EUR 85.22 per share

- 2019-05: EUR 83.46 per share

- 2019-06: EUR 86.28 per share

- 2019-07: EUR 85.48 per share

- 2019-08: EUR 84.96 per share

- 2019-09: EUR 88.10 per share

- 2019-10: EUR 89.98 per share

- 2019-11: EUR 92.10 per share

- 2019-12: EUR 93.96 per share

- 2020-01: EUR 90.72 per share

- 2020-02: EUR 81.88 per share

- 2020-03: EUR 71.62 per share

- 2020-04: EUR 72.88 per share

- 2020-05: EUR 72.72 per share

- 2020-06: EUR 74.68 per share

- 2020-07: EUR 73.72 per share

- 2020-08: EUR 77.58 per share

- 2020-09: EUR 76.98 per share

- 2020-10: EUR 70.28 per share

- 2020-11: EUR 81.68 per share

- 2020-12: EUR 82.52 per share

- 2021-01: EUR 81.78 per share

- 2021-02: EUR 82.16 per share

- 2021-03: EUR 88.26 per share

- 2021-04: EUR 90.98 per share

- 2021-05: EUR 92.78 per share

- 2021-06: EUR 94.34 per share

- 2021-07: EUR 98.10 per share

- 2021-08: EUR 97.10 per share

- 2021-09: EUR 95.08 per share

- 2021-10: EUR 100.25 per share

- 2021-11: EUR 95.52 per share

- 2021-12: EUR 98.16 per share

- 2022-01: EUR 94.90 per share

- 2022-02: EUR 92.94 per share

- 2022-03: EUR 94.12 per share

- 2022-04: EUR 90.58 per share

- 2022-05: EUR 85.96 per share

- 2022-06: EUR 79.68 per share

- 2022-07: EUR 86.28 per share

- 2022-08: EUR 75.50 per share

- 2022-09: EUR 71.88 per share

- 2022-10: EUR 74.60 per share

- 2022-11: EUR 76.62 per share

- 2022-12: EUR 74.58 per share

- 2023-01: EUR 78.42 per share

- 2023-02: EUR 79.52 per share

- 2023-03: EUR 78.50 per share

- 2023-04: EUR 81.30 per share

- 2023-05: EUR 72.08 per share

- 2023-06: EUR 72.16 per share

- 2023-07: EUR 73.54 per share

- 2023-08: EUR 74.36 per share

- 2023-09: EUR 70.56 per share

- 2023-10: EUR 69.00 per share

- 2023-11: EUR 72.70 per share

- 2023-12: EUR 71.22 per share

- 2024-01: EUR 70.40 per share

- 2024-02: EUR 69.34 per share

- 2024-03: EUR 70.06 per share

- 2024-04: EUR 69.85 per share

- 2024-05: EUR 70.20 per share

- 2024-06: EUR 66.65 per share

- 2024-07: EUR 69.00 per share

- 2024-08: EUR 69.75 per share

- 2024-09: EUR 69.95 per share

- 2024-10: EUR 66.20 per share

- 2024-11: EUR 65.45 per share

- 2024-12: EUR 66.05 per share

- 2025-01: EUR 67.20 per share

- 2025-02: EUR 68.70 per share

- 2025-03: EUR 68.80 per share

- 2025-04: EUR 72.50 per share

- 2025-05: EUR 71.95 per share

- 2025-06: EUR 72.30 per share

- 2025-07: EUR 73.60 per share

- 2025-08: EUR 75.10 per share

- 2025-09: EUR 76.05 per share

- 2025-10: EUR 76.25 per share

- 2025-11: EUR 74.55 per share

- 2025-12: EUR 75.95 per share

- 2026-01: EUR 79.90 per share

- 2026-02: EUR 85.05 per share

- 2026-03: EUR 77.75 per share

- 2026-04: EUR 79.50 per share

- 2026-05: EUR 80.90 per share

- 2026-06: EUR 79.70 per share

- 2026-07: EUR 78.15 per share

- 2026-08: EUR 73.85 per share

- 2026-09: EUR 71.10 per share

- 2026-10: EUR 70.70 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 61.73 per share, central EUR 68.32 per share, high EUR 77.09 per share

- FY2017: low EUR 54.14 per share, central EUR 60.71 per share, high EUR 69.47 per share

- FY2018: low EUR 71.61 per share, central EUR 98.73 per share, high EUR 114.52 per share

- FY2019: low EUR 59.91 per share, central EUR 65.96 per share, high EUR 74.02 per share

- FY2020: low EUR 63.22 per share, central EUR 70.45 per share, high EUR 80.09 per share

- FY2021: low EUR 80.29 per share, central EUR 90.70 per share, high EUR 101.87 per share

- FY2022: low EUR 52.38 per share, central EUR 57.41 per share, high EUR 64.11 per share

- FY2023: low EUR 53.46 per share, central EUR 58.74 per share, high EUR 65.78 per share

- FY2024: low EUR 48.22 per share, central EUR 51.56 per share, high EUR 55.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300KV0ZEHT2KVU152/2024-12-31/ESEF/BE/0/549300KV0ZEHT2KVU152-2024-12-31-0-nl/reports/549300KV0ZEHT2KVU152-2024-12-31-0-nl.xhtml); period 2024-12-31, filed 2025-04-15.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.