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Ghaddari

Active Private limited companyfounded 2020active for 6 yearsSterckshoflei 45, 2100 AntwerpKBO/BCE: BE 0756.459.151

Overview

Lifetime

5 annual accounts with figures on one time axis
peak €189,743 (2021)
€6,490▼ 34.2%
lowest -€23,039 (2022)
€3,971▼ 55.0%
peak €26,945 (2021)
€14,968▲ 36.1%
€4,773▲ 120%
Board1 name since 2020
1 directorGHADDARI Fouad
Documentsfilings and deeds
21-09-202652 days late
2025micro format
Gross margin from €9,870 to €6,490Result from €8,821 to €3,971Equity from €10,997 to €14,968Debts from €2,166 to €4,773Cash from €8,092 to €57

Key points

from the 2025 annual accounts

Turnover

≈ €37,000 estimated

The micro format states no turnover.

Liquidity

4.14 was 6.08 in 2024

Short-term debts rose from €2,166 to €4,773.

Filings

5 annual accounts 4 late
AprilJune31 JulyOctober20222024

The 2025 accounts came latest: 52 days after the end of the period.

Checked score

55
Fair
Financially stronger than 64% of micro companies in advertising and market research (NACE 73)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.0% Moderate
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 11,228 companies (NACE 73, micro).

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.3% 01-2025: 0.4%▲ +0.1 percentage points vs 12-2024 02-2025: 0.4%● unchanged vs 01-2025 03-2025: 0.4%● unchanged vs 02-2025 04-2025: 0.4%● unchanged vs 03-2025 05-2025: 0.4%● unchanged vs 04-2025 06-2025: 0.4%● unchanged vs 05-2025 07-2025: 0.4%● unchanged vs 06-2025 08-2025: 0.9%▲ +0.5 percentage points vs 07-2025 09-2025: 1.2%▲ +0.3 percentage points vs 08-2025 10-2025: 0.2%▼ -1.0 percentage point vs 09-2025lowest value 11-2025: 0.2%● unchanged vs 10-2025lowest value 12-2025: 0.2%● unchanged vs 11-2025lowest value 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.3%▲ +0.1 percentage points vs 02-2026 04-2026: 0.3%● unchanged vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.6%▲ +0.3 percentage points vs 07-2026 09-2026: 0.8%▲ +0.2 percentage points vs 08-2026 10-2026: 2.0%▲ +1.2 percentage points vs 09-2026highest value 11-2026: 2.0%● unchanged vs 10-2026highest value

Financial strength
Strong

100=equity 75.8% of total assets
42-54short-term debt 24.2% · cash 0.3%
88-12return on assets 20.1%

Score breakdown

raises risk
Last filed accounts filed 52 days late; 2 of the last 3 accounts late
Liquidity: current ratio 4.14, cash €57, halved
1 change of registered office in 24 months
lowers risk
Sector: Advertising, market research and public relations activities (NACE 73)
Calculation

The band follows from the bankruptcy probability. 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 73, micro). It does better than 87% of them on solvency, 25% on liquidity, 65% on profitability and 78% on growth.

The bankruptcy probability was computed on 08-11-2026 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.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 26,972 companies had the same profile as Ghaddari has now. Each dot stands for 68 companies, two years later.

94.9%
were still trading
3.4%
stopped another way
1.6%
went bankrupt
  • Micro
  • 5 to 10 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more

Another 0.1% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of Ghaddari itself is higher: 2.0% within 12 months. It rests on far more data about Ghaddari than the profile alone.

Test of the method

The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
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%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 26,972 companies, not a prediction for Ghaddari. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €500 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 4.14 (6.08 in 2024), above the usual 1.5. Short-term debt is 24.2% and cash 0.3% of total assets. 24.2% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Six signals.
lowers riskraises risk
lowers risk · Sector: Advertising, market research and public relations activities (NACE 73)
KBO
raises risk · Last filed accounts filed 52 days late; 2 of the last 3 accounts late
NBB · filings
raises risk · Liquidity: current ratio 4.14, cash €57, halved
NBB · annual accounts
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025
Equity per financial year
2122232425
2021 to 2025 · latest year €14,968
raises risk · 2025 accounts filed 52 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-09-2026, 52 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 5 filings
Deviation from the deadline
2025
52 days late
2024
34 days late
2023
70 days early
2022
39 days late
2021
17 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 5 accounts on average 14 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 3 September (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

GF
Director
  • GHADDARI Fouad founderdeed of 14-10-2020
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0756459151
Registered office moved from Antwerpen-Albert Spietaelslaan to Antwerpen-Sterckshoflei New registered office: 2100 Antwerpen-Sterckshoflei 45 · Previous registered office: 2100 Antwerpen-Albert Spietaelslaan 21 bus 2 · Board meeting of 07-10-2022 · Gazette deed
Registered office moved from Antwerpen - Turnhoutsebaan to Antwerpen - Albert Spietaelslaan New registered office: 2100 Antwerpen - Albert Spietaelslaan 21 bus 2 · Previous registered office: 2140 Antwerpen - Turnhoutsebaan 67 · Board meeting of 07-10-2022 · Gazette deed
Incorporation Founding capital of €3,000 · Founder: GHADDARI Fouad (sole founder) · Appointment: GHADDARI Fouad (director) · published on 14-10-2020 · Gazette deed
All 13 events

Comparable companies

same main activity, similar in size and age
Company
Ghaddari Antwerp €19,740 €6,490 75.8% -
Vonder Antwerp €20,391 €5,650 62.1% -
SOOND Ixelles €18,062 €5,600 71.0% -
Webrose Brecht €16,945 €9,591 53.3% -
LINKFLOW Vosselaar €24,579 €3,697 30.1% -
Baristas Antwerp €28,260 €7,468 -11.0% -
STUDIO ROAS Antwerp €18,765 €12,708 21.3% -

These companies have the same main activity as Ghaddari: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €16,900 and €28,300, founded between 2019 and 2022.

Official details

Source: KBO
Status
Active since 12-10-2020Normal situation
Activity
Advertising agenciesNACE 73110
Joint committee
201Independent retail · annual accounts 2023
Establishment unit
2.309.251.0862100 Antwerp, since 12-10-2020
Financial year end
31 December
Peppol
Reachable since 18-11-2025
Company details

Annual accounts 2025

€6,490▼ 34.2%
€3,971▼ 55.0%
€14,968▲ 36.1%
€19,740▲ 50.0%
Filing
Filed on 21-09-2026
Financials

Insights on Ghaddari

Ghaddari files the micro format. That format states no turnover. The gross margin fell from €189,743 in 2021 to €6,490 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 21-09-2026, 52 days late
€6,490
▼ 34.2%
€3,895
▼ 56.6%
€3,971
▼ 55.0%
€14,968
▲ 36.1%
75.8%
▼ 7.7 percentage points
4.14
▼ 1.94

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €37,000. Estimated: probably between €20,000 and €71,000.

Balance sheet

balance sheet total €19,740 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

75.8%

Higher than 73% of 8,611 companies in 2025.

4.14

Higher than 73% of 8,288 companies in 2025.

20.1%

Higher than 66% of 8,397 companies in 2025.

Ghaddari Middle half of the sector 80% of the sector Micro accounts in advertising and market research (NACE 73)

Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021
Balance sheet: assets
20/58 19,74013,1632,29922,679102,196
21/28 ----1,953
22/27 ----1,953
23 ----1,953
29/58 19,74013,1632,29922,679100,243
40/41 19,6835,0711,65712438,279
40 4,1834291029438,279
41 15,5004,6421,55530-
54/58 578,09264222,55561,964
Balance sheet: equity and liabilities
10/49 19,74013,1632,29922,679102,196
10/15 14,96810,9972,1763,90626,945
10/11 3,0003,0003,0003,0003,000
14 11,9687,997-82490623,945
17/49 4,7732,16612318,77475,251
42/48 4,7732,16612318,77475,251
44 265109-2,6783,681
440/4 265109-2,6783,681
45 4,5082,0571238,06045,862
450/3 4,5082,0571237,63729,385
454/9 ---42216,477
47/48 ---8,03625,708
Income statement
9900 6,4909,8701,63913,796189,743
62 -2798931,830153,457
630 ----212
640/8 2,5958672,1352,6176,067
66A ---1,953-
9901 3,8958,976-1,485-22,60330,007
75/76B 559200-16
75 559200-16
65/66B 307180122325759
65 307180122325759
9903 4,1478,996-1,607-22,92729,254
67/77 1761741231125,309
9904 3,9718,821-1,730-23,03923,945
9905 3,9718,821-1,730-23,03923,945
Appropriation of the result
9906 11,9687,997-82490623,945
14P 7,997-82490623,945-
Social balance sheet
9087 ---1.73.7
Hours worked1013 ---2,9646,764
Document PDFPDFPDFPDFPDF

The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 21-09-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 52 days after the deadline. Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00519856.

Financial year Type Filed Reference Document
31-12-2025 micro format 21-09-2026 2026-00519856 PDF
31-12-2024 micro format 03-09-2025 2025-00487330 PDF
31-12-2023 micro format 22-05-2024 2024-00097057 PDF
31-12-2022 micro format 08-09-2023 2023-00443839 PDF
31-12-2021 micro format 17-08-2022 2022-20298419 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021
----30,219
----24,157
----2,165
-8,0357,450-21,913-39,408-
14,96810,9972,1763,90624,992
75.8%83.5%-17.2%26.4%
4.146.08-1.211.33
0.320.20-4.812.79
26.5%80.2%--589.9%88.9%
20.1%67.0%--101.6%23.4%
----39.80

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202231-12-2021
Employees at the balance-sheet date-4
full-time-4
in full-time equivalents-4
1.73.7
On a permanent contract-1
Joined310
Left76

Source: social balance sheet in the 2021 to 2022 annual accounts

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets----€2,165
----€212

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on Ghaddari

The operating result for 2025 is 57% lower than in 2024.

Debt's share of the balance-sheet total rises from 16.5% to 24.2%. Equity and debt are higher.

Board & ownership

Board

1 director, since incorporation
Director
current term since 12-10-2020 term without a fixed end
listed in the 2025 annual accounts, filed on 21-09-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“7. Bepalingen inzake de externe vertegenwoordiging: De vennootschap is verbonden door de handelingen van het bestuursorgaan en van de…”
deed of 14-10-2020

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
Board
Mandates as a list
  • GHADDARI Fouad
    • Director, appointed by deed of 14-10-2020, still in office

See the board, name and registered office on a given date →

Control

This company
Ghaddari
Equity €14,968
Profit €3,971 in 2025

Capital

Contribution
€3,000
Source
deed of 14-10-2020

Articles of association

deed of 14-10-2020 (in Dutch)
Profit allocationThe articles set how profit is distributed. A BV may only pay out after a balance-sheet and liquidity test.
“Vennootschap kan elke strijdige uitkering terugvorderen ongeacht goede of kwade trouw, leden bestuursorgaan hoofdelijk aansprakelijk indien…”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Tuesday of May at 19:00

Founder

At incorporation deed of 14-10-2020 ↗

Network & group

No group

Ghaddari has no parent and no holdings in its annual accounts. GHADDARI Fouad is the only director. Ghaddari shares no director with another company.

Timeline

Timeline

13 events since 2020

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 52 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0756459151
Annual accounts 2024 filed PDFmicro format · 34 days late
2024
Back to profit net €8,821 The net result is €8,821, after 2 loss-making years.
Registered office moved from Antwerpen-Albert Spietaelslaan to Antwerpen-SterckshofleiNew registered office: 2100 Antwerpen-Sterckshoflei 45 · Previous registered office: 2100 Antwerpen-Albert Spietaelslaan 21 bus 2 · Board meeting of 07-10-20222 points ▸
  • Board meeting, 07-10-2022
  • Registered-office move, 2100 Antwerpen-Sterckshoflei 45

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFmicro format · 70 days before the deadline
2023
Liquidity more than 15 times current ratio 18.66 The current ratio rises from 1.21 to 18.66. Short-term debt falls from €18,774 to €123.
Annual accounts 2022 filed PDFmicro format · 39 days late
2022
Weakest financial year net -€23,039 The net result drops to -€23,039, the lowest from 2021 to 2025. It recovers the following year.
Registered office moved from Antwerpen - Turnhoutsebaan to Antwerpen - Albert SpietaelslaanNew registered office: 2100 Antwerpen - Albert Spietaelslaan 21 bus 2 · Previous registered office: 2140 Antwerpen - Turnhoutsebaan 67 · Board meeting of 07-10-20222 points ▸
  • Board meeting, 07-10-2022
  • Registered-office move, 2100 Antwerpen - Albert Spietaelslaan 21 bus 2

Open the deed in the Belgian Official Gazette

Annual accounts 2021 filed PDFmicro format · 17 days late
2020
IncorporationFounding capital of €3,000 · Founder: GHADDARI Fouad (sole founder) · Appointment: GHADDARI Fouad (director) · published on 14-10-20203 points ▸

Open the deed in the Belgian Official Gazette

First establishment Sterckshoflei 45, Antwerp

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

Ghaddari was incorporated on 12 October 2020 as a private limited company by one natural person, with a starting capital of €3,000.12 The registered office moved to Antwerpen - Albert Spietaelslaan in 2022 and to Antwerpen-Sterckshoflei in 2024.34 Since 2020, GHADDARI Fouad has served as director.5 Total assets fell from €102,196 in 2021 to €19,740 in 2025.6

  1. 1KBO register
  2. 2Belgian Official Gazette, 14-10-2020
  3. 3Belgian Official Gazette, 25-11-2022
  4. 4Belgian Official Gazette, 09-12-2024
  5. 5National Bank, annual accounts 2025
  6. 6National Bank, annual accounts 2021 and 2025

Company details

Identity

Enterprise number
0756.459.151
VAT number
BE 0756.459.151
Peppol ID
0208:0756459151
Legal form
Private limited company
Status
Active, normal situation
Founded
12-10-2020
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Tuesday of May at 19:00
deed of 14-10-2020 (in Dutch)
Peppol
Reachable since 18-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
Ghaddari in Dutch
Entity type
Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Turnhoutsebaan 67 gvl”
deed of 14-10-2020 (in Dutch)

Activities

NACEBEL 2025
73110 Advertising agencies main activity
Joint committees annual accounts 2023
JC 201 Independent retail
Codes under NACEBEL 2008
73110 Advertising, market research and public relations activities main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“De uitbating van een snackbar,theesalon,cafe,restaurant,cafetaria,verbruikerssalon,broodjeszaak of tea-room; Dit alles met inbegrip van de…”
6 activities
  1. De uitbating van een snackbar,theesalon,cafe,restaurant,cafetaria,verbruikerssalon,broodjeszaak of tea-room
  2. Dit alles met inbegrip van de verkoop van tabaks-en rookwaren,uitbating van buffet,roomijs,belegde broodjes,wijnen,alcoholische en andere gegiste dranken
  3. Alle traiteurs-en cateringdiensten en aanverwante activiteiten zoals de verkoop van voorbereide maaltijden en alle toebehoren
  4. Alle activiteiten,verrichtingen van dienstverlening en andere handelsverrichtingen op gebied van: marketing,field marketing,public relations,communicatie,strategie,distributie en doe-het-zelf handel en alle daarmee rechtstreeks of onrechtstreeks gerelateerde bedrijvigheden,evenals alle activiteiten van adviesverlening,consultancy en management en het verstrekken van alle daarmee gerelateerde diensten omvattende onder meer:
  5. Het uitvoeren van alle studies,onderzoek en dienstverrichtingen op gebied van marktonderzoek,promotie,raadgeving,prospectie,marketing,field marketing,public relations en communicatie,documentatie,publicatie,informatisering,efficiëntie,planning,organisatie,calculatie,toezicht,assistentie op gebied van: management,consulting,bedrijfsvoering en beheer - consultancy activiteiten en adviesverlening op het gebied van marketing,field marketing,promotievoering,reclame en andere verkoop-en handelsbevorderende activiteiten,met inbegrip van:
  6. Het uitvoeren van schattingen,studiewerken,marktanalyses,expertises,vertegenwoordigingen,deelnemingen op gebied van marketing,reclame en promotievoering,evenals het inrichten van een voorlichtings-en documentatiecentrum,voordrachten en vormingscursussen aangaande voormelde activiteiten in de meest uitgebreide zin; de ontwikkeling van marktplannen,promotionele activiteiten,reclamecampagnes,speciale klantenaanbiedingen,de studie van nieuwe verpakkingen en/of producten,en andere dergelijke meer,met inbegrip van het ontwerpen en verhuren van lichtbakken en standen en allerlel licht-en luchtreclame,evenals het beheer van publiciteitsdragers
deed of 14-10-2020 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Sterckshoflei 45 registered office 2100 Antwerp 7311001 Advertising agencies 12-10-2020 2.309.251.086
2 former offices
  • 2100 Antwerpen-Albert until 01-05-2024 · deed of 09-12-2024
  • 2140 Antwerpen until 07-10-2022 · deed of 25-11-2022

Buildings and parcels at the address

Ground area
88 m²
Buildings
70 m²
Volume, LiDAR
538 m³
Tallest building
9.5 m
Buildings to scale, each on its own parcel
70 m², 9.5 m 70 m², 9.5 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
11345B0200/00E01588 m² 1 · 70 m² 9.5 m · 2