CARMUST
ActiveSummary
CARMUST has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €119,788 and a net result of -€23,492. Equity is growing by about 54% per year across the filed financial years. Its solvency ranks better than 51% of 22,595 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Overview
- Equity
- €119,788
- Loss
- -€23,492
Why 67raises riskLoss of €23,492, the second in a row (financial year 2025)Founded in 2020Sector: Retail trade (NACE 47)lowers riskSize: total assets €348,862Show the evidence
Checked score
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro): better than 50% on solvency, 27% on liquidity, 17% on profitability and 22% on growth.
The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 5 accounts on average 6 days after the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Resignation: Frankenne Benoit (director)Appointment: Panza Giuseppe (director)
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, micro format
2025 annual accounts filed late (5 days) Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00381976.
2021 to 2025, 5 financial years
The operating result stays negative: a loss of €20,089 in 2025 against €30,001 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 3,440 companies that looked in July 2024 the way this one looks now, 2.3% went bankrupt within 24 months and 90.0% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,440 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2,242 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €940 | €470 | €720 | €720 | = |
| Other operating charges640/8 | €1,206 | €1,237 | €1,450 | €2,087 | €1,474 | ▼ 29.4% |
| Gross operating margin9900 | €14,039 | €79,476 | €131,401 | -€27,194 | -€17,896 | ▲ 34.2% |
| Operating profit (loss)9901 | €12,833 | €77,299 | €129,482 | -€30,001 | -€20,089 | ▲ 33.0% |
| Financial income75/76B | - | - | €2 | - | €8 | - |
| Recurring financial income75 | - | - | €2 | - | €8 | - |
| Financial charges65/66B | €133 | €476 | €2,305 | €3,204 | €3,411 | ▲ 6.5% |
| Recurring financial charges65 | €133 | €476 | €2,305 | €3,204 | €3,411 | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | €12,700 | €76,824 | €127,178 | -€33,205 | -€23,492 | ▲ 29.2% |
| Income taxes67/77 | €3,175 | €19,059 | €21,624 | €1,359 | - | - |
| Profit (loss) for the period9904 | €9,525 | €57,765 | €105,555 | -€34,564 | -€23,492 | ▲ 32.0% |
| Profit (loss) for the period to be appropriated9905 | €9,525 | €57,765 | €105,555 | -€34,564 | -€23,492 | ▲ 32.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €155,980 | €286,841 | €478,014 | €373,822 | €348,862 | ▼ 6.7% |
| Fixed assets21/28 | - | €17,939 | €1,528 | €3,308 | €2,588 | ▼ 21.8% |
| Tangible fixed assets22/27 | - | €17,939 | €1,528 | €3,308 | €2,588 | ▼ 21.8% |
| Plant, machinery and equipment23 | - | €1,998 | €1,528 | €1,058 | €588 | ▼ 44.4% |
| Furniture and vehicles24 | - | €15,940 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €2,250 | €2,000 | ▼ 11.1% |
| Current assets29/58 | €155,980 | €268,903 | €476,486 | €370,514 | €346,274 | ▼ 6.5% |
| Stocks and contracts in progress3 | €104,375 | €196,394 | €349,985 | €239,000 | €232,150 | ▼ 2.9% |
| Stocks30/36 | €104,375 | €196,394 | €349,985 | €239,000 | €232,150 | ▼ 2.9% |
| Amounts receivable within one year40/41 | €9,317 | €7,828 | €74,445 | €111,448 | €70,048 | ▼ 37.1% |
| Trade receivables40 | €7,500 | €7,828 | €72,849 | €111,448 | €67,459 | ▼ 39.5% |
| Other amounts receivable41 | €1,817 | - | €1,596 | - | €2,589 | - |
| Cash at bank and in hand54/58 | €42,288 | €64,681 | €51,076 | €19,053 | €40,942 | ▲ 115% |
| Deferred charges and accrued income490/1 | - | - | €980 | €1,013 | €3,134 | ▲ 209% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €155,980 | €286,841 | €478,014 | €373,822 | €348,862 | ▼ 6.7% |
| Equity10/15 | €14,525 | €72,290 | €177,844 | €143,281 | €119,788 | ▼ 16.4% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €9,525 | €67,290 | €172,844 | €138,281 | €114,788 | ▼ 17.0% |
| Amounts payable17/49 | €141,455 | €214,552 | €300,170 | €230,542 | €229,074 | ▼ 0.6% |
| Amounts payable within one year42/48 | €141,455 | €214,552 | €300,170 | €230,542 | €229,074 | ▼ 0.6% |
| Financial debts43 | - | €20 | €20 | €50,000 | €50,000 | = |
| Credit institutions430/8 | - | €20 | €20 | €50,000 | €50,000 | = |
| Trade debts44 | €45,780 | €88,008 | €166,967 | €150,558 | €165,838 | ▲ 10.1% |
| Suppliers440/4 | €45,780 | €88,008 | €166,967 | €150,558 | €165,838 | ▲ 10.1% |
| Advances received on contracts in progress46 | - | €5,400 | - | - | - | - |
| Taxes, remuneration and social security45 | €3,175 | €28,623 | €40,683 | €29,890 | - | - |
| Taxes450/3 | €3,175 | €28,623 | €40,683 | €29,890 | - | - |
| Other amounts payable47/48 | €92,500 | €92,500 | €92,500 | €94 | €13,236 | ▲ 141× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,525 | €57,765 | €105,555 | -€34,564 | -€23,492 | ▲ 32.0% |
| + Depreciation and write-downs630 | - | €940 | €470 | €720 | €720 | = |
| Operating cash flow (approximation) | €9,525 | €58,705 | €106,025 | -€33,844 | -€22,772 | ▲ 32.7% |
| Investment in fixed assets (approximation) | - | - | €15,940 | -€2,500 | €0 | - |
| Change in cash | - | €22,393 | -€13,605 | -€32,023 | €21,889 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00381976 |
| 31-12-2024 | full format | 13-07-2025 | 2025-00272985 |
| 31-12-2023 | full format | 15-07-2024 | 2024-00249559 |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00388443 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20403225 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Panza Giuseppe |
|
| Frankenne Benoit |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
18-06
Gazette deed
Resignation: Frankenne Benoit (director)Appointment: Panza Giuseppe (director)3 facts ▸
- General meeting, 23-02-2026
- Director resignation, Frankenne Benoit (director)
- Director appointment, Panza Giuseppe (director)
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62003A0078/00N000 | Wallonia | 7,856 m² | 1 · 1,453 m² | 7.3 m · 2 |