SAGHAR
ActiveSummary
The computed 12-month bankruptcy probability of SAGHAR is 3.7% (moderate). The 2024 annual accounts show negative equity (-€32,611) and a net result of €26,034. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 12% of 15872 sector peers (fiscal year 2024). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability81▲+35
Solvency0=
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
3.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.57 against 0.49 in 2023; short-term debt: 151.5% and cash: 8.7% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 2024Solvency, return and age of the figures
Solvency
-51.5%
Return on assets
41.1%
Age of the figures
21 mo
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 →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 15872 sector peers (2024).
NBB · sector comparisonPosition among 15872 sector peers
Solvency
better than 12%
← weakest
strongest →
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 02-12-2025, 124 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
124 d late
2023
442 d late
2022
85 d late
2021
61 d late
2020
90 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 160 days after 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€32,611▲ 44.4%
2023 · -€58,645
Total assets
€63,361▼ 21.5%
2023 · €80,666
Net result
€26,034▲ 366%
2023 · €5,586
Working capital
-€41,207▲ 41.5%
2023 · -€70,422
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
Line20202021202220232024
Operating result-€39,915--€15,669▲ 60.7%-€484▲ 96.9%€12,565€36,632▲ 192%
Net result-€42,050below the sector's middle half--€20,391below the sector's middle half▲ 51.5%-€7,990below the sector's middle half▲ 60.8%€5,586within the sector's middle half€26,034above the sector's middle half▲ 366%
Equity-€35,850below the sector's middle half--€56,241below the sector's middle half▼ 56.9%-€64,231below the sector's middle half▼ 14.2%-€58,645below the sector's middle half▲ 8.7%-€32,611below the sector's middle half▲ 44.4%
Total assets€41,992below the sector's middle half-€59,179below the sector's middle half▲ 40.9%€66,227below the sector's middle half▲ 11.9%€80,666within the sector's middle half▲ 21.8%€63,361below the sector's middle half▼ 21.5%
Debt€77,841-€115,420▲ 48.3%€130,457▲ 13.0%€139,311▲ 6.8%€95,972▼ 31.1%
Working capital-€41,064below the sector's middle half--€66,659below the sector's middle half▼ 62.3%-€79,523below the sector's middle half▼ 19.3%-€70,422below the sector's middle half▲ 11.4%-€41,207below the sector's middle half▲ 41.5%
Solvency-85.4%below the sector's middle half--95.0%below the sector's middle half▼ 9.7pp-97.0%below the sector's middle half▼ 2.0pp-72.7%below the sector's middle half▲ 24.3pp-51.5%below the sector's middle half▲ 21.2pp
Current ratio0.47below the sector's middle half-0.42below the sector's middle half▼ 0.050.39below the sector's middle half▼ 0.030.49below the sector's middle half▲ 0.100.57below the sector's middle half▲ 0.08
Return on assets (ROA)-100.1%below the sector's middle half--34.5%below the sector's middle half▲ 65.7pp-12.1%below the sector's middle half▲ 22.4pp6.9%within the sector's middle half▲ 19.0pp41.1%above the sector's middle half▲ 34.2pp
Staff (FTE)0.7below the sector's middle half-0.5
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 has risen four years in a row; 2024 is 192% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €63,361
Fixed assets
€8,596 ▼ 27.0%
Current assets
€54,765 ▼ 20.5%
Key figures and ratios
EBITDA
€39,813▲
2023 · €16,080
Cash flow
€29,215▲
2023 · €9,101
Quick ratio
0.46▲
2023 · 0.28
Debt to equity
-2.94▼
2023 · -2.38
Interest coverage
3.76▲
2023 · 2.27
Debt ≤ 1 year
€95,972▼
2023 · €139,311
Staff costs
€2,420▼
2023 · €7,298
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,178 companies that looked in July 2024 the way this one looks now, 4.3% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
4.3%
went bankrupt
5.6%
stopped otherwise
89%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.7% 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 2,178 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €25 | - | €7,298 | €2,420 | ▼ 66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,777 | €2,797 | €3,561 | €3,515 | €3,181 | ▼ 9.5% |
| Other operating charges640/8 | - | €1,492 | €2,722 | €2,858 | €2,839 | ▼ 0.7% |
| Gross operating margin9900 | -€10,483 | -€11,355 | €5,799 | €26,237 | €45,072 | ▲ 71.8% |
| Operating profit (loss)9901 | -€39,915 | -€15,669 | -€484 | €12,565 | €36,632 | ▲ 192% |
| Financial income75/76B | - | €78 | - | €115 | - | - |
| Recurring financial income75 | - | €78 | - | €115 | - | - |
| Financial charges65/66B | - | €4,683 | €7,506 | €7,095 | €10,598 | ▲ 49.4% |
| Recurring financial charges65 | €2,135 | €4,683 | €7,506 | €7,095 | €10,598 | ▲ 49.4% |
| Profit (loss) for the period before taxes9903 | -€42,050 | -€20,274 | -€7,990 | €5,586 | €26,034 | ▲ 366% |
| Income taxes67/77 | - | €117 | - | - | - | - |
| Profit (loss) for the period9904 | -€42,050 | -€20,391 | -€7,990 | €5,586 | €26,034 | ▲ 366% |
| Profit (loss) for the period to be appropriated9905 | -€42,050 | -€20,391 | -€7,990 | €5,586 | €26,034 | ▲ 366% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41,992 | €59,179 | €66,227 | €80,666 | €63,361 | ▼ 21.5% |
| Formation expenses20 | €143 | - | - | - | - | - |
| Fixed assets21/28 | €5,072 | €10,418 | €15,293 | €11,777 | €8,596 | ▼ 27.0% |
| Tangible fixed assets22/27 | €5,072 | €10,418 | €15,293 | €11,777 | €8,596 | ▼ 27.0% |
| Plant, machinery and equipment23 | - | €1,813 | €6,486 | €5,541 | €4,596 | ▼ 17.1% |
| Furniture and vehicles24 | - | €8,605 | €8,807 | €6,236 | €4,000 | ▼ 35.9% |
| Current assets29/58 | €36,777 | €48,761 | €50,934 | €68,889 | €54,765 | ▼ 20.5% |
| Stocks and contracts in progress3 | €35,185 | €33,632 | €34,488 | €29,997 | €10,628 | ▼ 64.6% |
| Stocks30/36 | - | €33,632 | €34,488 | €29,997 | €10,628 | ▼ 64.6% |
| Amounts receivable within one year40/41 | €1,592 | €10,305 | €14,675 | €26,628 | €38,596 | ▲ 44.9% |
| Trade receivables40 | - | €628 | - | €4,034 | €14,389 | ▲ 257% |
| Other amounts receivable41 | - | €9,677 | €14,675 | €22,593 | €24,207 | ▲ 7.1% |
| Cash at bank and in hand54/58 | - | €4,824 | €1,772 | €12,264 | €5,541 | ▼ 54.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41,992 | €59,179 | €66,227 | €80,666 | €63,361 | ▼ 21.5% |
| Equity10/15 | -€35,850 | -€56,241 | -€64,231 | -€58,645 | -€32,611 | ▲ 44.4% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€42,050 | -€62,441 | -€70,431 | -€64,845 | -€38,811 | ▲ 40.1% |
| Amounts payable17/49 | €77,841 | €115,420 | €130,457 | €139,311 | €95,972 | ▼ 31.1% |
| Amounts payable within one year42/48 | €77,841 | €115,420 | €130,457 | €139,311 | €95,972 | ▼ 31.1% |
| Financial debts43 | - | €1,577 | - | - | €1,250 | - |
| Credit institutions430/8 | - | €1,577 | - | - | €1,250 | - |
| Trade debts44 | €2,179 | €43,286 | €60,472 | €61,896 | €39,308 | ▼ 36.5% |
| Suppliers440/4 | - | €43,286 | €60,472 | €61,896 | €39,308 | ▼ 36.5% |
| Taxes, remuneration and social security45 | - | €117 | - | €2,644 | €670 | ▼ 74.6% |
| Taxes450/3 | - | €117 | - | €86 | €670 | ▲ 683% |
| Remuneration and social security454/9 | - | - | - | €2,559 | - | - |
| Other amounts payable47/48 | - | €70,440 | €69,986 | €74,770 | €54,744 | ▼ 26.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€42,050 | -€20,391 | -€7,990 | €5,586 | €26,034 | ▲ 366% |
| + Depreciation and write-downs630 | €3,777 | €2,797 | €3,561 | €3,515 | €3,181 | ▼ 9.5% |
| Operating cash flow (approximation) | -€38,273 | -€17,594 | -€4,428 | €9,101 | €29,215 | ▲ 221% |
| Investment in fixed assets (approximation) | - | -€8,143 | -€8,436 | €0 | €0 | - |
| Change in cash | - | - | -€3,053 | €10,492 | -€6,723 | ▼ 164% |
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
2026
04-08
State Gazette act
Resignations: Amjad Yaseen (director) and Amjad Tehseen (director)Appointment: Stoicescu Marian (director) · Director discharge · Registered-office move13 facts ▸
State Gazette act
Resignations: Amjad Yaseen (director) and Amjad Tehseen (director)
Appointment: Stoicescu Marian (director) · Director discharge · Registered-office move13 facts ▸
- General meeting, 31-03-2026
- Director resignation, Amjad Yaseen (director)
- Director resignation, Amjad Tehseen (director)
- Director discharge, Amjad Yaseen (director)
- Director discharge, Amjad Tehseen (director)
- Director appointment, Stoicescu Marian (director)
- Registered-office move, Rue Sergent De Bruyne n° 73
- Share transfer, Amjad Yaseen → Stoicescu Marian
- Share transfer, Amjad Tehseen → Stoicescu Marian
- Shareholding, parts sociales, 100
- Power of attorney, Amjad Yaseen
- Power of attorney, Amjad Tehseen
- +1 further facts in this act
2025
02-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 124 days late
16-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 442 days late
2024
31-12
Financial
Highest result since 2020net €26,034 ▲366%
Operating result €36,632, net result €26,034, both a record.
2023
31-12
Financial
Back to profitnet €5,586
Net result €5,586 after 3 loss-making years.
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 85 days late
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 90 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Stoicescu Marian
CurrentDirector · since 01-04-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2021
Ground area
65 m²
Building footprint
57 m²
Volume, LiDAR
840 m³
Parcel 21305B0204/00X007, Brussels · tallest building 17.5 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Franco Belge Tabac Shop
since 20212.316.124.527
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21305B0204/00X007 | Brussels | 65 m² | 1 · 57 m² | 17.5 m · 5 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.
Mandate history
3 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Stoicescu Marian |
|
| AMJAD Tehseen |
|
| AMJAD Yaseen |
|
Structure & network
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
MAX2SYSTEM
via Stoicescu Marian · Director
→
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 04-08-2026 ↗
- Stoicescu Marian all shares
Share transfer
act of 04-08-2026 ↗
- Amjad Yaseen to Stoicescu Marian 50 shares
- Amjad Tehseen to Stoicescu Marian 50 shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAnderlecht2.316.124.527
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 102 companies in sector 46350 we hold annual accounts for 66. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-04-2019
Fiscal year end31-12
Activities, NACEBEL 2025
46350Wholesale trade
46389Wholesale of other food products
47279Other retail sale of food
Contact
E-mail
sprlsaghar@hotmail.com
Phone
+32484399855
E-invoicing
Not found in the Peppol register
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Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.