ARMSTAR
ActiveSummary
ARMSTAR has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €130,214 and a net result of €15,791. Equity is growing by ~33.5% per year across the filed fiscal years. Its solvency ranks better than 39% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▼-24
Solvency52▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity short (current ratio 0.44 against 1.15 in 2024; short-term debt: 70.6% and cash: 2.2% of total assets), and 72.6% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
27.4%
Return on assets
3.3%
Age of the figures
15 mo
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
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 31-01-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
1 d early
2022
on the day
2021
on the day
2020
141 d late
2019
220 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 51 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€130,214▲ 13.8%
2024 · €114,423
Total assets
€474,486▲ 32.6%
2024 · €357,743
Net result
€15,791▼ 42.6%
2024 · €27,523
Working capital
-€186,025
2024 · €34,162
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€41,175▲ 15.7%€39,129▼ 5.0%€32,754▼ 16.3%€59,364▲ 81.2%€44,894▼ 24.4%
Net result€25,290above the sector's middle half▼ 9.5%€20,866above the sector's middle half▼ 17.5%€18,988within the sector's middle half▼ 9.0%€27,523within the sector's middle half▲ 45.0%€15,791within the sector's middle half▼ 42.6%
Equity€47,022within the sector's middle half▲ 116%€67,887within the sector's middle half▲ 44.4%€86,875below the sector's middle half▲ 28.0%€114,423within the sector's middle half▲ 31.7%€130,214within the sector's middle half▲ 13.8%
Total assets€246,489within the sector's middle half▲ 5.3%€276,930within the sector's middle half▲ 12.4%€289,940below the sector's middle half▲ 4.7%€357,743below the sector's middle half▲ 23.4%€474,486within the sector's middle half▲ 32.6%
Debt€199,467▼ 6.1%€209,043▲ 4.8%€203,065▼ 2.9%€243,320▲ 19.8%€344,272▲ 41.5%
Working capital€32,971▲ 85.8%€84,081▲ 155%€93,958▲ 11.7%€34,162▼ 63.6%-€186,025
Solvency19.1%within the sector's middle half▲ 9.8pp24.5%within the sector's middle half▲ 5.4pp30.0%within the sector's middle half▲ 5.4pp32.0%within the sector's middle half▲ 2.0pp27.4%within the sector's middle half▼ 4.5pp
Staff (FTE)2.7▲ 92.9%5▲ 85.2%2.6within the sector's middle half▼ 48.0%3.6within the sector's middle half▲ 38.5%2.8within the sector's middle half▼ 22.2%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 24% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €474,486
Fixed assets
€325,403 ▲ 220%
Current assets
€149,083 ▼ 41.8%
Equity and liabilities €474,486
Equity
€130,214 ▲ 13.8%
Debt
€344,272 ▲ 41.5%
Debt's share of the balance-sheet total rises from 68.0% to 72.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€51,896▼
2024 · €65,308
Cash flow
€22,793▼
2024 · €33,467
Current ratio
0.44▼
2024 · 1.15
Quick ratio
0.06▼
2024 · 0.12
Debt to equity
2.64▲
2024 · 2.13
ROE
12.1%▼
2024 · 24.1%
ROA
3.3%▼
2024 · 7.7%
Interest coverage
3.67▼
2024 · 9.40
Debt ≤ 1 year
€335,108▲
2024 · €221,808
Debt > 1 year
€9,164▼
2024 · €21,512
Income taxes
€14,992▼
2024 · €24,920
Staff costs
€106,432▼
2024 · €118,313
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 | - | €2,397 | - | - | €17,525 | - |
| Remuneration, social security and pensions62 | - | €82,411 | €97,091 | €118,313 | €106,432 | ▼ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,584 | €14,091 | €11,589 | €5,944 | €7,002 | ▲ 17.8% |
| Other operating charges640/8 | - | €11,898 | €6,384 | €8,942 | €28,454 | ▲ 218% |
| Non-recurring operating charges66A | - | - | - | - | €1,463 | - |
| Gross operating margin9900 | €112,973 | €147,528 | €147,819 | €192,562 | €188,246 | ▼ 2.2% |
| Operating profit (loss)9901 | €41,175 | €39,129 | €32,754 | €59,364 | €44,894 | ▼ 24.4% |
| Financial income75/76B | - | - | €80 | €23 | €23 | ▼ 4.0% |
| Recurring financial income75 | €1,091 | - | €80 | €23 | €23 | ▼ 4.0% |
| Financial charges65/66B | - | €7,417 | €9,076 | €6,945 | €14,133 | ▲ 104% |
| Recurring financial charges65 | €5,911 | €7,417 | €9,076 | €6,945 | €14,133 | ▲ 104% |
| Profit (loss) for the period before taxes9903 | €36,355 | €31,712 | €23,758 | €52,443 | €30,784 | ▼ 41.3% |
| Income taxes67/77 | €11,065 | €10,846 | €4,770 | €24,920 | €14,992 | ▼ 39.8% |
| Profit (loss) for the period9904 | €25,290 | €20,866 | €18,988 | €27,523 | €15,791 | ▼ 42.6% |
| Profit (loss) for the period to be appropriated9905 | €25,290 | €20,866 | €18,988 | €27,523 | €15,791 | ▼ 42.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €246,489 | €276,930 | €289,940 | €357,743 | €474,486 | ▲ 32.6% |
| Formation expenses20 | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €41,647 | €28,338 | €25,432 | €101,773 | €325,403 | ▲ 220% |
| Tangible fixed assets22/27 | €28,185 | €14,876 | €11,970 | €14,967 | €48,676 | ▲ 225% |
| Plant, machinery and equipment23 | - | €10,260 | €2,099 | €9,105 | €41,929 | ▲ 361% |
| Furniture and vehicles24 | - | €1,249 | €8,188 | €5,862 | €6,051 | ▲ 3.2% |
| Other tangible fixed assets26 | - | €3,366 | €1,683 | €0 | €697 | - |
| Financial fixed assets28 | €13,462 | €13,462 | €13,462 | €86,806 | €276,726 | ▲ 219% |
| Current assets29/58 | €204,842 | €248,592 | €264,507 | €255,970 | €149,083 | ▼ 41.8% |
| Stocks and contracts in progress3 | €190,901 | €220,225 | €216,201 | €229,034 | €130,170 | ▼ 43.2% |
| Stocks30/36 | - | €220,225 | €216,201 | €229,034 | €130,170 | ▼ 43.2% |
| Amounts receivable within one year40/41 | €678 | €5,881 | €3,560 | €1,444 | €4,643 | ▲ 222% |
| Trade receivables40 | - | €4,846 | €1,433 | - | €0 | - |
| Other amounts receivable41 | - | €1,035 | €2,126 | €1,444 | €4,643 | ▲ 222% |
| Cash at bank and in hand54/58 | €11,169 | €19,132 | €42,046 | €20,880 | €10,441 | ▼ 50.0% |
| Deferred charges and accrued income490/1 | - | €3,354 | €2,701 | €4,612 | €3,829 | ▼ 17.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €246,489 | €276,930 | €289,940 | €357,743 | €474,486 | ▲ 32.6% |
| Equity10/15 | €47,022 | €67,887 | €86,875 | €114,423 | €130,214 | ▲ 13.8% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | - | €18,600 | €18,600 | - | €18,600 | - |
| Other1109/19 | - | €18,600 | €18,600 | - | €18,600 | - |
| Reserves13 | - | - | - | €27,523 | €43,314 | ▲ 57.4% |
| Distributable reserves133 | - | - | - | €27,523 | €43,314 | ▲ 57.4% |
| Profit (loss) carried forward14 | €28,422 | €49,287 | €68,275 | €68,300 | €68,300 | = |
| Amounts payable17/49 | €199,467 | €209,043 | €203,065 | €243,320 | €344,272 | ▲ 41.5% |
| Amounts payable after more than one year17 | €27,596 | €44,532 | €32,515 | €21,512 | €9,164 | ▼ 57.4% |
| Financial debts170/4 | - | €44,532 | €32,515 | €21,512 | €9,164 | ▼ 57.4% |
| Amounts payable within one year42/48 | €171,871 | €164,511 | €170,550 | €221,808 | €335,108 | ▲ 51.1% |
| Current portion of amounts payable after more than one year42 | - | €9,837 | €12,017 | €11,482 | €12,348 | ▲ 7.5% |
| Financial debts43 | - | €14,733 | €19,072 | - | - | - |
| Credit institutions430/8 | - | €14,733 | €19,072 | - | - | - |
| Trade debts44 | €58,182 | €34,098 | €60,808 | €100,926 | €89,744 | ▼ 11.1% |
| Suppliers440/4 | - | €34,098 | €60,808 | €100,926 | €89,744 | ▼ 11.1% |
| Taxes, remuneration and social security45 | - | €74,098 | €46,493 | €78,369 | €132,593 | ▲ 69.2% |
| Taxes450/3 | - | €35,417 | €18,705 | €43,782 | €94,932 | ▲ 117% |
| Remuneration and social security454/9 | - | €38,681 | €27,788 | €34,587 | €37,661 | ▲ 8.9% |
| Other amounts payable47/48 | - | €31,745 | €32,160 | €31,031 | €100,423 | ▲ 224% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,290 | €20,866 | €18,988 | €27,523 | €15,791 | ▼ 42.6% |
| + Depreciation and write-downs630 | €15,584 | €14,091 | €11,589 | €5,944 | €7,002 | ▲ 17.8% |
| Operating cash flow (approximation) | €40,875 | €34,956 | €30,577 | €33,467 | €22,793 | ▼ 31.9% |
| Investment in fixed assets (approximation) | - | -€782 | -€8,683 | -€82,285 | -€230,632 | ▼ 180% |
| Change in cash | - | €7,964 | €22,914 | -€21,166 | -€10,439 | ▲ 50.7% |
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
31-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Equity above €100,000Eq €114,423 ▲31.7%
6 profitable years in a row build equity to €114,423.
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 141 days late
2020
07-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 220 days late
30-06
Financial
Highest result since 2019net €27,936 ▲1,341%
Net result €27,936, the highest in the series.
2019
12-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 71 days late
2018
27-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2017
19-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 19 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Sint-Niklaas · 1 establishment unit since 2018
Ground area
1,827 m²
Building footprint
623 m²
Volume, LiDAR
8,533 m³
2 parcels, Flanders · tallest building 23.7 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MINIMIX 66
since 20182.270.483.255
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46444D0285/00F000 | Flanders | 1,369 m² | 1 · 166 m² | 6.1 m · 2 fl. |
| 35013A0326/00D000 | Flanders | 459 m² | 1 · 457 m² | 23.7 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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
No owner stated in the accounts, acts or LEI register we read.
Holdings 1
- ARMSTAR LILLEFRsubsidiarySourceown accounts 30-06-202551%
According to the annual accounts to 30-06-2025 of ARMSTAR 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteOostende2.270.483.255
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Of 2,474 companies in sector 47279 we hold annual accounts for 949. 746 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-07-2014
Fiscal year end30-06
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
47279Other retail sale of food
E-invoicing
Reachable via Peppol
Peppol ID
0208:0556698737
Also
9925:BE0556698737
Registered
27-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.