GUSTARE
ActiveSummary
GUSTARE has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €46,322 and a net result of -€3,778. Equity is growing by ~2.8% per year across the filed fiscal years. Its solvency ranks better than 67% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability25▼-41
Solvency87▼-13
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 2.66 against 38.39 in 2024; short-term debt: 37.5% and cash: 90% of total assets), and 37.5% 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 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
62.5%
Return on assets
-5.1%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-03-2026, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
34 d early
2024
33 d early
2023
32 d early
2022
39 d early
2021
19 d early
2020
33 d early
2019
34 d early
← 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 32 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, micro schema
Equity
€46,322▼ 7.5%
2024 · €50,100
Total assets
€74,156▲ 44.2%
2024 · €51,440
Net result
-€3,778
2024 · €5,944
Working capital
€46,322▼ 7.5%
2024 · €50,100
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale 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€28,018-€1,579-€14,261▼ 803%€6,055-€3,650
Net result€19,557within the sector's middle half-€1,685within the sector's middle half-€14,366below the sector's middle half▼ 753%€5,944within the sector's middle half-€3,778within the sector's middle half
Equity€60,206within the sector's middle half▲ 48.1%€58,522within the sector's middle half▼ 2.8%€44,156within the sector's middle half▼ 24.5%€50,100within the sector's middle half▲ 13.5%€46,322within the sector's middle half▼ 7.5%
Total assets€68,596below the sector's middle half▲ 67.1%€58,564below the sector's middle half▼ 14.6%€44,296below the sector's middle half▼ 24.4%€51,440below the sector's middle half▲ 16.1%€74,156within the sector's middle half▲ 44.2%
Debt€8,390▲ 1,956%€43▼ 99.5%€141▲ 231%€1,340▲ 854%€27,834▲ 1,977%
Working capital€60,206within the sector's middle half▲ 48.1%€58,522within the sector's middle half▼ 2.8%€44,156within the sector's middle half▼ 24.5%€50,100within the sector's middle half▲ 13.5%€46,322within the sector's middle half▼ 7.5%
Solvency87.8%above the sector's middle half▼ 11.2pp99.9%above the sector's middle half▲ 12.2pp99.7%above the sector's middle half▼ 0.2pp97.4%above the sector's middle half▼ 2.3pp62.5%within the sector's middle half▼ 34.9pp
Current ratio8.18above the sector's middle half38.39above the sector's middle half2.66within the sector's middle half▼ 35.72
Return on assets (ROA)28.5%above the sector's middle half▲ 35.5pp-2.9%below the sector's middle half▼ 31.4pp-32.4%below the sector's middle half▼ 29.6pp11.6%within the sector's middle half▲ 44.0pp-5.1%below the sector's middle half▼ 16.6pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale 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 turns negative in 2025: a loss of €3,650 after €6,055 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €74,156
Equity
€46,322 ▼ 7.5%
Debt
€27,834 ▲ 1,977%
Debt's share of the balance-sheet total rises from 2.6% to 37.5%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.60▲
2024 · 0.03
ROE
-8.2%▼
2024 · 11.9%
Debt ≤ 1 year
€27,834▲
2024 · €1,340
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,915 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 6,915 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 |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €468 | €122 | €479 | €525 | €531 | ▲ 1.2% |
| Gross operating margin9900 | €28,485 | -€1,458 | -€13,782 | €6,579 | -€3,119 | ▼ 147% |
| Operating profit (loss)9901 | €28,018 | -€1,579 | -€14,261 | €6,055 | -€3,650 | ▼ 160% |
| Financial charges65/66B | €105 | €105 | €105 | €111 | €128 | ▲ 15.3% |
| Recurring financial charges65 | €105 | €105 | €105 | €111 | €128 | ▲ 15.3% |
| Profit (loss) for the period before taxes9903 | €27,912 | -€1,685 | -€14,366 | €5,944 | -€3,778 | ▼ 164% |
| Income taxes67/77 | €8,356 | -€0 | €0 | - | - | - |
| Profit (loss) for the period9904 | €19,557 | -€1,685 | -€14,366 | €5,944 | -€3,778 | ▼ 164% |
| Profit (loss) for the period to be appropriated9905 | €19,557 | -€1,685 | -€14,366 | €5,944 | -€3,778 | ▼ 164% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €68,596 | €58,564 | €44,296 | €51,440 | €74,156 | ▲ 44.2% |
| Current assets29/58 | €68,596 | €58,564 | €44,296 | €51,440 | €74,156 | ▲ 44.2% |
| Stocks and contracts in progress3 | €2,135 | - | - | - | - | - |
| Stocks30/36 | €2,135 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €31 | €13 | €306 | €7,759 | €7,442 | ▼ 4.1% |
| Trade receivables40 | - | - | - | €7,759 | €3,630 | ▼ 53.2% |
| Other amounts receivable41 | €31 | €13 | €306 | €0 | €3,812 | - |
| Cash at bank and in hand54/58 | €66,431 | €58,551 | €43,990 | €43,681 | €66,714 | ▲ 52.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €68,596 | €58,564 | €44,296 | €51,440 | €74,156 | ▲ 44.2% |
| Equity10/15 | €60,206 | €58,522 | €44,156 | €50,100 | €46,322 | ▼ 7.5% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €40,206 | €40,206 | €38,206 | €38,206 | €38,206 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | €38,206 | €38,206 | €38,206 | €38,206 | €38,206 | = |
| Profit (loss) carried forward14 | - | -€1,685 | -€14,050 | -€8,107 | -€11,885 | ▼ 46.6% |
| Amounts payable17/49 | €8,390 | €43 | €141 | €1,340 | €27,834 | ▲ 1,977% |
| Amounts payable within one year42/48 | €8,390 | €43 | €141 | €1,340 | €27,834 | ▲ 1,977% |
| Trade debts44 | €34 | €43 | €141 | €86 | €27,834 | ▲ 32,454% |
| Suppliers440/4 | €34 | €43 | €141 | €86 | €27,834 | ▲ 32,454% |
| Taxes, remuneration and social security45 | €8,356 | - | - | €1,254 | €0 | ▼ 100% |
| Taxes450/3 | €8,356 | - | - | €1,254 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,557 | -€1,685 | -€14,366 | €5,944 | -€3,778 | ▼ 164% |
| Operating cash flow (approximation) | €19,557 | -€1,685 | -€14,366 | €5,944 | -€3,778 | ▼ 164% |
| Change in cash | - | -€7,879 | -€14,561 | -€310 | €23,033 | ▲ 7,535% |
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
27-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €5,944
Net result €5,944 after 2 loss-making years.
29-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Weakest financial yearnet -€14,366
Net result drops to -€14,366, the lowest in the series; recovery starts the following year.
22-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Liquidity times 169current ratio 1377.98
Current ratio from 8.18 to 1377.98; short-term debt falls from €8,390 to €43.
11-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Back to profitnet €19,557
Net result €19,557 after one loss-making year.
28-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Liquidity times 20current ratio 100.63
Current ratio from 5.12 to 100.63; short-term debt falls from €10,549 to €408.
27-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
22-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
07-04
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 2 acts read
About the unread acts
We know of 2 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
2 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 2012
Ground area
75 m²
Building footprint
76 m²
Volume, LiDAR
686 m³
Parcel 44804D2480/00V000, Flanders · tallest building 13.3 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
OLIVE
since 20122.213.390.639
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44804D2480/00V000 | Flanders | 75 m² | 1 · 76 m² | 13.3 m · 3 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.
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Of 1,173 companies in sector 46499 we hold annual accounts for 743. 394 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
Founded05-10-2012
Fiscal year end30-09
Activities, NACEBEL 2025
46499Wholesale of other household goods
46332Wholesale trade
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
E-invoicing
Reachable via Peppol
Peppol ID
0208:0849443549
Registered
25-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.