GAFAR
ActiveSummary
GAFAR has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €39,617 and a net result of €4,223. Equity is shrinking by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 91% of 18626 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability87▲+87
Solvency100=
Growth38▲+16
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity ample (current ratio 6.26 against 3.89 in 2024; short-term debt: 14.6% and cash: 8.5% of total assets), and 14.6% of the assets are financed with debt.
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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 · 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
85.4%
Return on assets
9.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-08-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
4 d late
2024
69 d late
2023
210 d late
2022
122 d late
2021
86 d late
2020
26 d early
2019
33 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 71 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed 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. Usually files around 25 October (4 of the last 5 filed years within 82 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€17,836▲ 24.3%
2024 · €14,354
EBIT margin
26.1%▲ 94.7pp
2024 · -68.5%
Net result
€4,223
2024 · -€11,135
Working capital
€35,665▲ 33.9%
2024 · €26,633
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
Turnover€13,811€14,354▲ 3.9%€17,836▲ 24.3%
Operating result-€2,170-€1,875▲ 13.6%-€9,017▼ 381%-€9,836▼ 9.1%€4,661
Net result-€3,012below the sector's middle half-€2,996within the sector's middle half▲ 0.5%-€10,500below the sector's middle half▼ 250%-€11,135below the sector's middle half▼ 6.0%€4,223within the sector's middle half
EBIT margin-65.3%-68.5%▼ 3.2pp26.1%▲ 94.7pp
Equity€60,025within the sector's middle half▼ 4.8%€57,029within the sector's middle half▼ 5.0%€46,529within the sector's middle half▼ 18.4%€35,394within the sector's middle half▼ 23.9%€39,617within the sector's middle half▲ 11.9%
Total assets€88,610within the sector's middle half▲ 31.9%€89,303within the sector's middle half▲ 0.8%€65,318within the sector's middle half▼ 26.9%€44,624below the sector's middle half▼ 31.7%€46,394below the sector's middle half▲ 4.0%
Debt€28,586▲ 591%€32,275▲ 12.9%€18,790▼ 41.8%€9,230▼ 50.9%€6,777▼ 26.6%
Working capital€53,139within the sector's middle half▼ 13.9%€52,433within the sector's middle half▼ 1.3%€41,331within the sector's middle half▼ 21.2%€26,633within the sector's middle half▼ 35.6%€35,665within the sector's middle half▲ 33.9%
Solvency67.7%above the sector's middle half▼ 26.1pp63.9%above the sector's middle half▼ 3.9pp71.2%above the sector's middle half▲ 7.4pp79.3%above the sector's middle half▲ 8.1pp85.4%above the sector's middle half▲ 6.1pp
Current ratio5.04above the sector's middle half▼ 10.874.11above the sector's middle half▼ 0.935.27above the sector's middle half▲ 1.163.89above the sector's middle half▼ 1.396.26above the sector's middle half▲ 2.38
Return on assets (ROA)-3.4%below the sector's middle half▼ 14.0pp-3.4%within the sector's middle half=-16.1%below the sector's middle half▼ 12.7pp-25.0%below the sector's middle half▼ 8.9pp9.1%within the sector's middle half▲ 34.1pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €4,661 after a loss of €9,836 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €46,394
Fixed assets
€3,952 ▼ 54.9%
Current assets
€42,442 ▲ 18.3%
Equity and liabilities €46,394
Equity
€39,617 ▲ 11.9%
Debt
€6,777 ▼ 26.6%
Debt's share of the balance-sheet total falls from 20.7% to 14.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,470▲
2024 · -€4,284
Cash flow
€9,032▲
2024 · -€5,584
Quick ratio
6.08▲
2024 · 3.78
Debt to equity
0.17▼
2024 · 0.26
ROE
10.7%▲
2024 · -31.5%
Interest coverage
6.40▲
2024 · -3.30
Debt ≤ 1 year
€6,777▼
2024 · €9,230
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,338 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 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% 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 34,696 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €13,811 | €14,354 | €17,836 | ▲ 24.3% |
| Non-recurring operating income76A | - | - | €3,956 | €3,364 | €3,605 | ▲ 7.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €20,208 | €21,221 | €11,166 | ▼ 47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,393 | €2,893 | €5,703 | €5,551 | €4,809 | ▼ 13.4% |
| Other operating charges640/8 | €1,088 | €798 | €874 | €781 | €806 | ▲ 3.1% |
| Gross operating margin9900 | €2,311 | €1,816 | -€2,440 | -€3,503 | €10,276 | ▲ 393% |
| Operating profit (loss)9901 | -€2,170 | -€1,875 | -€9,017 | -€9,836 | €4,661 | ▲ 147% |
| Financial income75/76B | €204 | - | - | - | €1,042 | - |
| Recurring financial income75 | €204 | - | - | - | €1,042 | - |
| Financial charges65/66B | €1,007 | €1,122 | €1,163 | €1,299 | €1,479 | ▲ 13.9% |
| Recurring financial charges65 | €1,007 | €1,122 | €1,163 | €1,299 | €1,479 | ▲ 13.9% |
| Profit (loss) for the period before taxes9903 | -€2,973 | -€2,996 | -€10,180 | -€11,135 | €4,223 | ▲ 138% |
| Income taxes67/77 | €38 | - | €320 | - | - | - |
| Profit (loss) for the period9904 | -€3,012 | -€2,996 | -€10,500 | -€11,135 | €4,223 | ▲ 138% |
| Profit (loss) for the period to be appropriated9905 | -€3,012 | -€2,996 | -€10,500 | -€11,135 | €4,223 | ▲ 138% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €88,610 | €89,303 | €65,318 | €44,624 | €46,394 | ▲ 4.0% |
| Fixed assets21/28 | €22,306 | €20,015 | €14,313 | €8,761 | €3,952 | ▼ 54.9% |
| Tangible fixed assets22/27 | €22,306 | €20,015 | €14,313 | €8,761 | €3,952 | ▼ 54.9% |
| Plant, machinery and equipment23 | - | €542 | €342 | - | - | - |
| Furniture and vehicles24 | €22,306 | €19,473 | €13,971 | €8,761 | €3,952 | ▼ 54.9% |
| Current assets29/58 | €66,305 | €69,288 | €51,006 | €35,863 | €42,442 | ▲ 18.3% |
| Amounts receivable after more than one year29 | €40,000 | €40,000 | €26,404 | €26,404 | €26,404 | = |
| Trade receivables290 | €40,000 | €40,000 | €26,404 | €26,404 | €26,404 | = |
| Stocks and contracts in progress3 | €4,993 | €4,993 | €3,043 | €993 | €1,268 | ▲ 27.7% |
| Stocks30/36 | €4,993 | €4,993 | €3,043 | €993 | €1,268 | ▲ 27.7% |
| Amounts receivable within one year40/41 | €16,144 | €19,128 | €18,227 | €6,095 | €10,453 | ▲ 71.5% |
| Trade receivables40 | €1,602 | €9,444 | €16,502 | €0 | - | - |
| Other amounts receivable41 | €14,542 | €9,684 | €1,725 | €6,095 | €10,453 | ▲ 71.5% |
| Cash at bank and in hand54/58 | €3,870 | €3,870 | €1,078 | €116 | €3,951 | ▲ 3,302% |
| Deferred charges and accrued income490/1 | €1,298 | €1,298 | €2,255 | €2,255 | €365 | ▼ 83.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €88,610 | €89,303 | €65,318 | €44,624 | €46,394 | ▲ 4.0% |
| Equity10/15 | €60,025 | €57,029 | €46,529 | €35,394 | €39,617 | ▲ 11.9% |
| Contributions10/11 | €11,800 | €11,800 | €11,800 | €11,800 | €11,800 | = |
| Capital10 | €11,800 | €11,800 | - | - | - | - |
| Issued capital100 | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | €6,800 | €6,800 | - | - | - | - |
| Reserves13 | €51,236 | €51,236 | €51,236 | €51,236 | €51,236 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €49,376 | €49,376 | €49,376 | €49,376 | €49,376 | = |
| Profit (loss) carried forward14 | -€3,012 | -€6,008 | -€16,508 | -€27,642 | -€23,419 | ▲ 15.3% |
| Amounts payable17/49 | €28,586 | €32,275 | €18,790 | €9,230 | €6,777 | ▼ 26.6% |
| Amounts payable after more than one year17 | €15,420 | €15,420 | €9,115 | - | - | - |
| Financial debts170/4 | €15,420 | €15,420 | €9,115 | - | - | - |
| Amounts payable within one year42/48 | €13,166 | €16,855 | €9,675 | €9,230 | €6,777 | ▼ 26.6% |
| Current portion of amounts payable after more than one year42 | €6,171 | €4,536 | - | €2,577 | - | - |
| Financial debts43 | €5,807 | €7,254 | €5,201 | €5,931 | €6,773 | ▲ 14.2% |
| Credit institutions430/8 | €5,807 | €7,254 | €5,201 | €5,931 | €6,773 | ▲ 14.2% |
| Trade debts44 | - | €2,682 | €3,112 | - | €4 | - |
| Suppliers440/4 | - | €2,682 | €3,112 | - | €4 | - |
| Taxes, remuneration and social security45 | €1,173 | €2,323 | €1,302 | €661 | - | - |
| Taxes450/3 | €1,173 | €2,323 | €1,302 | €661 | - | - |
| Other amounts payable47/48 | €15 | €60 | €60 | €60 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,012 | -€2,996 | -€10,500 | -€11,135 | €4,223 | ▲ 138% |
| + Depreciation and write-downs630 | €3,393 | €2,893 | €5,703 | €5,551 | €4,809 | ▼ 13.4% |
| Operating cash flow (approximation) | €382 | -€103 | -€4,797 | -€5,584 | €9,032 | ▲ 262% |
| Investment in fixed assets (approximation) | - | -€602 | €0 | €0 | €0 | - |
| Change in cash | - | €0 | -€2,792 | -€961 | €3,835 | ▲ 499% |
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
04-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 4 days late
2025
31-12
Financial
Back to profitnet €4,223
Net result €4,223 after 4 loss-making years.
08-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 69 days late
26-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 210 days late
2024
31-12
Financial
Weakest financial yearnet -€11,135
Net result drops to -€11,135, the lowest in the series; recovery starts the following year.
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 122 days late
2022
25-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 86 days late
2021
05-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €7,114 ▲808%
Operating result €9,202, net result €7,114, both a record.
31-12
Financial
Liquidity doublescurrent ratio 15.91
Current ratio from 7.00 to 15.91; short-term debt falls from €9,316 to €4,139.
02-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 33 days late
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Gent · 1 establishment unit since 2007
Ground area
79 m²
Building footprint
79 m²
Volume, LiDAR
421 m³
Parcel 44021A1826/00G002, Flanders · tallest building 12.2 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
GAFAR
since 20072.162.680.326
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44021A1826/00G002 | Flanders | 79 m² | 1 · 79 m² | 12.2 m · 1 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteGent2.162.680.326
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Of 1,509 companies in sector 47252 we hold annual accounts for 651. 430 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
Founded16-05-2007
Fiscal year end31-12
Activities, NACEBEL 2025
47252Retail sale of beverages, general range
46370Wholesale trade
47251Retail sale of wines and spirits
82100Office administrative and support services
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0889502866
Also
9925:BE0889502866
Registered
10-10-2025
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.