BALTIC
ActiveSummary
BALTIC has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78,426 and a net result of €8,143. Equity is shrinking by ~6.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability40▲+4
Solvency32=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.0 against 0.0 in 2024; short-term debt: 11.1% of total assets), and 92.6% of the assets are financed with debt.
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Signals
Five 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
7.4%
Return on assets
0.8%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
72 d early
2023
6 d early
2022
5 d early
2021
on the day
2020
4 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 15 days before 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
€8,143
2024 · -€5,247
Working capital
-€116,721▼ 3.2%
2024 · -€113,062
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-€19,787▼ 127%€4,783€27,246▲ 470%€26,768▼ 1.8%€26,542▼ 0.8%
Net result-€20,035▼ 88.3%-€9,945▲ 50.4%€9,002-€5,247€8,143
Equity€76,473▼ 20.8%€66,529▼ 13.0%€75,531▲ 13.5%€70,284▼ 6.9%€78,426▲ 11.6%
Total assets€152,577▼ 16.3%€1.1m▲ 651%€1.1m▼ 2.1%€1.1m▼ 4.4%€1.1m▼ 1.6%
Debt€70,103▼ 12.1%€1.1m▲ 1,432%€1.0m▼ 2.5%€1.0m▼ 4.2%€977,292▼ 2.6%
Working capital-€67,658▲ 11.1%-€104,879▼ 55.0%-€106,471▼ 1.5%-€113,062▼ 6.2%-€116,721▼ 3.2%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 1% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€1.1m ▼ 1.7%
Current assets
€507 ▲ 83.6%
Equity and liabilities €1.1m
Equity
€78,426 ▲ 11.6%
Debt
€977,292 ▼ 2.6%
Debt's share of the balance-sheet total falls from 93.5% to 92.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,450▼
2024 · €70,463
Cash flow
€26,050▼
2024 · €38,448
Current ratio
0.00▲
2024 · 0.00
Debt to equity
12.46▼
2024 · 14.27
ROE
10.4%▲
2024 · -7.5%
ROA
0.8%▲
2024 · -0.5%
Interest coverage
2.42▲
2024 · 2.20
Debt ≤ 1 year
€117,228▲
2024 · €113,338
Debt > 1 year
€851,714▼
2024 · €884,824
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,195 | €30,195 | €28,770 | €43,695 | €17,908 | ▼ 59.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€6,000 | €0 | - | - |
| Other operating charges640/8 | - | €4,247 | €3,206 | €6,944 | €5,479 | ▼ 21.1% |
| Gross operating margin9900 | €13,178 | €39,225 | €53,222 | €77,407 | €49,929 | ▼ 35.5% |
| Operating profit (loss)9901 | -€19,787 | €4,783 | €27,246 | €26,768 | €26,542 | ▼ 0.8% |
| Financial income75/76B | - | €3 | €0 | - | - | - |
| Recurring financial income75 | - | €3 | €0 | - | - | - |
| Financial charges65/66B | - | €14,731 | €18,244 | €32,015 | €18,399 | ▼ 42.5% |
| Recurring financial charges65 | €248 | €14,731 | €18,244 | €32,015 | €18,399 | ▼ 42.5% |
| Profit (loss) for the period before taxes9903 | -€20,035 | -€9,945 | €9,002 | -€5,247 | €8,143 | ▲ 255% |
| Profit (loss) for the period9904 | -€20,035 | -€9,945 | €9,002 | -€5,247 | €8,143 | ▲ 255% |
| Profit (loss) for the period to be appropriated9905 | -€20,035 | -€9,945 | €9,002 | -€5,247 | €8,143 | ▲ 255% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €152,577 | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.6% |
| Fixed assets21/28 | €152,016 | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.7% |
| Tangible fixed assets22/27 | €152,016 | €121,820 | €96,815 | €53,120 | €35,212 | ▼ 33.7% |
| Land and buildings22 | - | €121,820 | €96,815 | €53,120 | €35,212 | ▼ 33.7% |
| Plant, machinery and equipment23 | - | €0 | - | - | - | - |
| Financial fixed assets28 | - | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €561 | €4,738 | €6,077 | €276 | €507 | ▲ 83.6% |
| Cash at bank and in hand54/58 | €561 | €3,688 | €5,027 | €0 | - | - |
| Deferred charges and accrued income490/1 | - | €1,050 | €1,050 | €276 | €507 | ▲ 83.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €152,577 | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.6% |
| Equity10/15 | €76,473 | €66,529 | €75,531 | €70,284 | €78,426 | ▲ 11.6% |
| Contributions10/11 | €66,930 | €66,930 | €66,930 | €66,930 | €66,930 | = |
| Capital10 | - | €66,930 | €66,930 | €66,930 | €66,930 | = |
| Issued capital100 | - | €66,930 | €66,930 | €66,930 | €66,930 | = |
| Reserves13 | €6,693 | €6,693 | €8,601 | €6,693 | €11,496 | ▲ 71.8% |
| Non-distributable reserves130/1 | - | €6,693 | €6,693 | €6,693 | €6,693 | = |
| Legal reserve130 | - | €6,693 | €6,693 | €6,693 | €6,693 | = |
| Distributable reserves133 | - | - | €1,908 | €0 | €4,803 | - |
| Profit (loss) carried forward14 | €2,850 | -€7,094 | €0 | -€3,339 | €0 | ▲ 100% |
| Provisions and deferred taxes16 | €6,000 | €6,000 | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €6,000 | €0 | - | - | - |
| Environmental obligations163 | - | €6,000 | €0 | - | - | - |
| Amounts payable17/49 | €70,103 | €1.1m | €1.0m | €1.0m | €977,292 | ▼ 2.6% |
| Amounts payable after more than one year17 | €1,884 | €964,413 | €933,113 | €884,824 | €851,714 | ▼ 3.7% |
| Financial debts170/4 | - | €964,413 | €933,113 | €884,824 | €851,714 | ▼ 3.7% |
| Amounts payable within one year42/48 | €68,219 | €109,617 | €112,549 | €113,338 | €117,228 | ▲ 3.4% |
| Current portion of amounts payable after more than one year42 | - | €33,124 | €33,877 | €35,038 | €35,835 | ▲ 2.3% |
| Financial debts43 | - | - | - | €1,886 | €981 | ▼ 48.0% |
| Credit institutions430/8 | - | - | - | €1,886 | €981 | ▼ 48.0% |
| Trade debts44 | - | - | €2,259 | €0 | €3,998 | - |
| Suppliers440/4 | - | - | €2,259 | €0 | €3,998 | - |
| Other amounts payable47/48 | - | €76,494 | €76,414 | €76,414 | €76,414 | = |
| Accrued charges and deferred income492/3 | - | - | €1,700 | €4,950 | €8,350 | ▲ 68.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,035 | -€9,945 | €9,002 | -€5,247 | €8,143 | ▲ 255% |
| + Depreciation and write-downs630 | €30,195 | €30,195 | €28,770 | €43,695 | €17,908 | ▼ 59.0% |
| Operating cash flow (approximation) | €10,160 | €20,251 | €37,772 | €38,448 | €26,050 | ▼ 32.2% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€3,764 | €0 | €0 | - |
| Change in cash | - | €3,127 | €1,339 | -€5,027 | - | - |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €8,143
Net result €8,143 after one loss-making year.
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
25-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Back to profitnet €9,002
Net result €9,002 after 3 loss-making years.
26-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Weakest financial yearnet -€20,035
Net result drops to -€20,035, the lowest in the series; recovery starts the following year.
27-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
28-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Heist-op-den-Berg
Ground area
974 m²
Building footprint
167 m²
Volume, LiDAR
1,043 m³
Parcel 12322H0011/00G000, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12322H0011/00G000 | Flanders | 974 m² | 1 · 167 m² | 9.1 m · 2 fl. |
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 owner · 1 holdingChain of control
- GUCARO
- BALTIC
Highest known parent: GUCARO. The sources do not say who stands above it.
Owners 1
- GUCAROparentSourceaccounts GUCARO 202599.99%
Holdings 1
-
100%
According to the 2025 annual accounts of BALTIC 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
Founded18-02-2000
Fiscal year end31-12
Contact
E-mail
info@gucaro.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0470994683
Also
9925:BE0470994683
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.