Gustobel
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 26-10-2026 at the NBB all 14 filings
Turnover
≈ €5.4m
Estimated: probably between €3.3m and €9.1m
Total assets
€6.0m▲ 7.8%
2025 · €5.6m
Net result
€39,613
2025 · -€16,432
Working capital
-€25,055
2025 · €142,355
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€237,100
▲ 40.0%
2026
20192026
Net result
€39,613
2026
20192026
Equity
€107,422
▲ 58.4%
2026
20192026
Total assets
€6.0m
▲ 7.8%
2026
20192026
Debt
€5.9m
▲ 7.1%
2026
20192026
Working capital
-€25,055
2026
20192026
Solvency
1.8%
▲ 0.6pp
2026
20192026
Current ratio
0.99
▼ 0.09
2026
20192026
Return on assets (ROA)
0.7%
▲ 1.0pp
2026
20192026
Staff (FTE)
10.7
▲ 13.8%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.2m▲ 40.9%€0.2m▲ 56.3%€0.1m▼ 60.2%€0.2m▲ 69.4%€0.004m▼ 97.6%€0.2m▲ 43×€0.2m▲ 40.0%
Net result€0.2m-€0.1m▼ 17.2%€0.1mwithin the sector's middle half▼ 12.6%-€0.03mbelow the sector's middle half€0.02mwithin the sector's middle half-€0.2mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 91.4%€0.04m
Equity€0.3m-€0.3m▲ 1.1%€0.3mwithin the sector's middle half▲ 0.7%€0.3mwithin the sector's middle half▼ 10.1%€0.3mwithin the sector's middle half▲ 0.1%€0.08mbelow the sector's middle half▼ 69.5%€0.07mbelow the sector's middle half▼ 19.5%€0.1m▲ 58.4%
Total assets€1.0m-€1.5m▲ 43.1%€5.7mabove the sector's middle half▲ 290%€5.8mabove the sector's middle half▲ 1.6%€5.9mabove the sector's middle half▲ 2.6%€5.6mabove the sector's middle half▼ 6.3%€5.6mabove the sector's middle half▲ 0.2%€6.0m▲ 7.8%
Debt€0.7m-€1.2m▲ 60.8%€5.4m▲ 366%€5.5m▲ 2.3%€5.7m▲ 2.7%€5.5m▼ 3.3%€5.5m▲ 0.5%€5.9m▲ 7.1%
Working capital€0.3m-€0.2m▼ 15.4%-€0.01mbelow the sector's middle half€0.2mwithin the sector's middle half€0.1mwithin the sector's middle half▼ 25.6%€0.08mwithin the sector's middle half▼ 33.9%€0.1mwithin the sector's middle half▲ 73.2%-€0.03m
Solvency29.5%-20.9%▼ 8.7pp5.4%below the sector's middle half▼ 15.5pp4.8%below the sector's middle half▼ 0.6pp4.6%below the sector's middle half▼ 0.1pp1.5%below the sector's middle half▼ 3.1pp1.2%below the sector's middle half▼ 0.3pp1.8%▲ 0.6pp
Current ratio1.35-1.19▼ 0.170.99below the sector's middle half▼ 0.191.10below the sector's middle half▲ 0.111.07below the sector's middle half▼ 0.041.05below the sector's middle half▼ 0.021.08below the sector's middle half▲ 0.030.99▼ 0.09
Return on assets (ROA)15.2%-8.8%▼ 6.4pp2.0%within the sector's middle half▼ 6.8pp-0.5%below the sector's middle half▼ 2.5pp0.4%within the sector's middle half▲ 0.9pp-3.4%below the sector's middle half▼ 3.9pp-0.3%below the sector's middle half▲ 3.2pp0.7%▲ 1.0pp
Staff (FTE)7.2-6.7▼ 6.9%6.8within the sector's middle half▲ 1.5%6.1within the sector's middle half▼ 10.3%5.6within the sector's middle half▼ 8.2%7.2within the sector's middle half▲ 28.6%9.4above the sector's middle half▲ 30.6%10.7▲ 13.8%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is 40% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €6.0m
Fixed assets
€3.5m ▼ 3.2%
Current assets
€2.5m ▲ 27.8%
Equity and liabilities €6.0m
Equity
€107,422 ▲ 58.4%
Debt
€5.9m ▲ 7.1%
Debt's share of the balance-sheet total falls from 98.8% to 98.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€536,420▲
2025 · €441,814
Cash flow
€338,933▲
2025 · €256,041
Quick ratio
0.50▼
2025 · 0.55
Debt to equity
54.90▼
2025 · 81.18
ROE
36.9%▲
2025 · -24.2%
Interest coverage
2.62▲
2025 · 2.35
Debt ≤ 1 year
€2.5m▲
2025 · €1.8m
Debt > 1 year
€3.4m▼
2025 · €3.7m
Income taxes
-€1,991
Staff costs
€669,258▲
2025 · €553,508
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 8 | 9 | 10 |
| full-time | 4 | 4 | 6 | 7 | 7 |
| part-time | 2 | 2 | 2 | 2 | 3 |
| in full-time equivalents | 5.3 | 5.3 | 7.4 | 8.4 | 8.7 |
| Average over the year, in full-time equivalents | 6.1 | 5.6 | 7.2 | 9.4 | 10.7 |
| On a permanent contract | 6 | 6 | 8 | 9 | 10 |
| Joined | 2 | - | 4 | 3 | 6 |
| Left | 1 | - | 2 | 2 | 5 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,157 | €215,174 | €113,014 | €66,254 | €185,111 |
| Intangible fixed assets | €1,801 | - | - | - | - |
| Financial fixed assets | €8,334 | - | - | - | €0 |
| Depreciation and write-downs of the year | €264,414 | €268,308 | €267,154 | €272,473 | €299,320 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €37,118 awarded · €37,118 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,561 | €3,561 |
| 2024 | 1 | €769 | €769 |
| 2023 | 1 | €0 | €31,945 |
| 2022 | 2 | €32,788 | €843 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.02m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | ▲ 20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.03m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 9.9% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.04m | €0.006m | €0.006m | €0.03m | ▲ 366% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.05m | - |
| Gross operating margin9900 | €0.4m | €0.5m | €0.8m | €0.7m | €0.7m | €0.7m | €1.0m | €1.3m | ▲ 28.7% |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | €0.004m | €0.2m | €0.2m | ▲ 40.0% |
| Financial income75/76B | - | - | - | €0.007m | €0.03m | €0.001m | €0.002m | €0.005m | ▲ 139% |
| Recurring financial income75 | €0.08m | €0.02m | €0.01m | €0.007m | €0.03m | €0.001m | €0.002m | €0.005m | ▲ 139% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.1m | -€0.03m | €0.03m | -€0.2m | -€0.02m | €0.04m | - |
| Income taxes67/77 | €0.004m | €0.003m | €0.006m | €0.001m | €0.007m | €0 | - | -€0.002m | - |
| Profit (loss) for the period9904 | €0.2m | €0.1m | €0.1m | -€0.03m | €0.02m | -€0.2m | -€0.02m | €0.04m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.1m | €0.1m | -€0.03m | €0.02m | -€0.2m | -€0.02m | €0.04m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.5m | €5.7m | €5.8m | €5.9m | €5.6m | €5.6m | €6.0m | ▲ 7.8% |
| Fixed assets21/28 | €0.05m | €0.09m | €4.2m | €4.0m | €4.0m | €3.8m | €3.6m | €3.5m | ▼ 3.2% |
| Intangible fixed assets21 | - | €0.01m | €0.01m | €0.006m | €0.002m | €228 | €0 | - | - |
| Tangible fixed assets22/27 | €0.03m | €0.05m | €4.2m | €4.0m | €3.9m | €3.8m | €3.6m | €3.5m | ▼ 3.2% |
| Land and buildings22 | - | - | - | €0.03m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 14.7% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.05m | €0.07m | €0.2m | ▲ 231% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.003m | €0.08m | €0.1m | €0.08m | ▼ 20.0% |
| Leasing and similar rights25 | - | - | - | €3.9m | €3.7m | €3.5m | €3.3m | €3.0m | ▼ 7.1% |
| Financial fixed assets28 | €0.02m | €0.03m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €1.0m | €1.4m | €1.5m | €1.8m | €2.0m | €1.7m | €2.0m | €2.5m | ▲ 27.8% |
| Stocks and contracts in progress3 | €0.6m | €0.6m | €0.6m | €0.7m | €1.0m | €0.8m | €1.0m | €1.3m | ▲ 31.5% |
| Stocks30/36 | - | - | - | €0.7m | €1.0m | €0.8m | €1.0m | €1.3m | ▲ 31.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.7m | €0.6m | €1.0m | €0.9m | €0.9m | €0.9m | €1.1m | ▲ 21.7% |
| Trade receivables40 | - | - | - | €0.6m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 17.2% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.5m | €0.4m | €0.3m | €0.4m | ▲ 30.9% |
| Cash at bank and in hand54/58 | €0.07m | €0.03m | €0.3m | €0.07m | €0.006m | €0.02m | €0.08m | €0.07m | ▼ 16.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.02m | €0.02m | €0.09m | ▲ 250% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.5m | €5.7m | €5.8m | €5.9m | €5.6m | €5.6m | €6.0m | ▲ 7.8% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.08m | €0.07m | €0.1m | ▲ 58.4% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Other1319 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0 | - | - | - |
| Profit (loss) carried forward14 | €0.001m | €0.005m | €0.007m | -€0.02m | €0.001m | -€0.03m | -€0.04m | -€0.003m | ▲ 93.9% |
| Amounts payable17/49 | €0.7m | €1.2m | €5.4m | €5.5m | €5.7m | €5.5m | €5.5m | €5.9m | ▲ 7.1% |
| Amounts payable after more than one year17 | - | - | €3.9m | €3.9m | €3.8m | €3.8m | €3.7m | €3.4m | ▼ 8.7% |
| Financial debts170/4 | - | - | - | €3.9m | €3.8m | €3.8m | €3.7m | €3.4m | ▼ 8.7% |
| Amounts payable within one year42/48 | €0.7m | €1.2m | €1.5m | €1.6m | €1.8m | €1.7m | €1.8m | €2.5m | ▲ 39.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.6m | €0.3m | €0.3m | ▲ 2.0% |
| Financial debts43 | - | - | - | €0.3m | €0.6m | - | €0.6m | €0.8m | ▲ 43.5% |
| Credit institutions430/8 | - | - | - | €0.3m | €0.6m | - | €0.6m | €0.7m | ▲ 17.4% |
| Other loans439 | - | - | - | - | - | - | - | €0.2m | - |
| Trade debts44 | €0.3m | €0.3m | €0.8m | €0.6m | €0.6m | €0.9m | €0.6m | €1.1m | ▲ 77.3% |
| Suppliers440/4 | - | - | - | €0.6m | €0.6m | €0.9m | €0.6m | €1.1m | ▲ 77.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.05m | €0.002m | €0.02m | €0.08m | ▲ 320% |
| Taxes450/3 | - | - | - | €0.002m | €0.009m | €0.002m | €0.002m | €0.003m | ▲ 65.4% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.05m | €0 | €0.02m | €0.08m | ▲ 349% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.1m | €0.3m | €0.2m | ▼ 35.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.03m | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.1m | €0.1m | -€0.03m | €0.02m | -€0.2m | -€0.02m | €0.04m | - |
| + Depreciation and write-downs630 | €0.02m | €0.03m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 9.9% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.08m | €0.3m | €0.3m | ▲ 32.4% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€4.4m | -€0.04m | -€0.2m | -€0.1m | -€0.07m | -€0.2m | ▼ 179% |
| Change in cash | - | -€0.04m | €0.2m | -€0.2m | -€0.07m | €0.02m | €0.06m | -€0.01m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,448 companies had the same profile as Gustobel has now. Two years later, 95.6% were still going and 2.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.6%
was still going
2.1%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Gustobel itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 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.
| 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 1,448 companies, not a prediction for Gustobel. 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.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 26-10-2026 | 2026-00568611 | |
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00557684 | |
| 31-03-2024 | abbreviated format | 30-10-2024 | 2024-00531658 | |
| 31-03-2023 | abbreviated format | 18-09-2023 | 2023-00447419 | |
| 31-03-2022 | abbreviated format | 30-11-2022 | 2022-20528351 | |
| 31-03-2021 | abbreviated format | 03-11-2021 | 2021-76300451 | |
| 31-03-2020 | abbreviated format | 27-11-2020 | 2020-72400048 | |
| 31-03-2019 | abbreviated format | 31-10-2019 | 2019-72600589 | |
| 31-03-2018 | abbreviated format | 31-10-2018 | 2018-71000572 | |
| 31-03-2017 | abbreviated format | 31-10-2017 | 2017-68800120 |