ACTIVE

SAN MARINO

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Financial year 2025 · closed on 31/12/2025

Net result

11,9 k €

+52.1% YoY

Gross margin

22,6 k €

+36.9% YoY

Equity

2,1 M €

+0.6% YoY

What does SAN MARINO do?

SAN MARINO is a Public limited company incorporated in 1970. Its main activity is: Retail sale of music and video recordings in specialised stores. Its registered office is in Harelbeke.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0407.819.375

Incorporation

16/12/1970

Legal form

Public limited company

Registered office

Brugsesteenweg 44
8531 Harelbeke · FlandreSee on map

Contributed capital

1 555 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

47639Retail sale of music and video recordings in specialised stores· main 47640Retail sale of sporting equipment in specialised stores 52482Warehousing and support activities for transportation 45194Sale of other motor vehicles 46713Wholesale of solid, liquid and gaseous fuels and related products 47640Retail sale of sporting equipment in specialised stores+3

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	22,6 k €	+36.9%	16,5 k €	-43.7%	29,3 k €	+504%	4,9 k €	-18.4%	6 k €	-45.0%	10,8 k €	+11.2%	9,7 k €	+402%	-3,2 k €	-29.4%	-2,5 k €	+5.2%	-2,6 k €	-298%	1,3 k €	-1.5%	1,3 k €	+154%	-2,5 k €	-254%	1,6 k €	-85.1%	10,9 k €	-0.7%	11 k €	-4.7%	11,5 k €	-42.2%	19,9 k €	+0.3%	19,9 k €
EBITDA	20,8 k €	+37.6%	15,2 k €	-45.9%	28 k €	+733%	3,4 k €	-24.2%	4,4 k €	-52.7%	9,4 k €	+11.7%	8,4 k €	+279%	-4,7 k €	-18.8%	-3,9 k €	+17.0%	-4,7 k €	-1435%	355,6 €	-11.5%	401,6 €	+112%	-3,5 k €	-621%	664,2 €	-93.3%	10 k €	+0.1%	9,9 k €	-2.6%	10,2 k €	-45.3%	18,6 k €	+0.3%	18,6 k €
Operating result	6,3 k €	+78.8%	3,5 k €	-78.5%	16,5 k €	+392%	3,4 k €	+13.1%	3 k €	+13.3%	2,6 k €	+59.9%	1,6 k €	+114%	-11,4 k €	-7.0%	-10,7 k €	-6.5%	-10 k €	-2921%	355,6 €	-11.5%	401,6 €	+112%	-3,5 k €	-621%	664,2 €	-93.3%	10 k €	+0.1%	9,9 k €	-2.6%	10,2 k €	-45.3%	18,6 k €	+0.3%	18,6 k €
Net result	11,9 k €	+52.1%	7,8 k €	-59.8%	19,4 k €	+148%	7,8 k €	+4.1%	7,5 k €	+23.5%	6,1 k €	-52.8%	12,9 k €	-45.4%	23,6 k €	-17.7%	28,7 k €	-18.4%	35,1 k €	-22.4%	45,3 k €	+3.1%	43,9 k €	+12.9%	38,9 k €	-7.8%	42,2 k €	-15.2%	49,8 k €	+2.7%	48,5 k €	+2.7%	47,2 k €	-26.3%	64 k €	+5.2%	60,8 k €
Balance sheet
Equity	2,1 M €	+0.6%	2 M €	+0.4%	2 M €	+1.0%	2 M €	+0.4%	2 M €	+0.4%	2 M €	+0.3%	2 M €	+0.6%	2 M €	+1.2%	2 M €	+1.5%	1,9 M €	+1.9%	1,9 M €	+2.4%	1,9 M €	+2.4%	1,8 M €	+2.2%	1,8 M €	+2.4%	1,7 M €	+3.0%	1,7 M €	+3.0%	1,6 M €	+3.0%	1,6 M €	+4.2%	1,5 M €
Total assets	2,1 M €	+0.2%	2,1 M €	+1.3%	2,1 M €	+1.5%	2 M €	+0.4%	2 M €	+0.3%	2 M €	+1.4%	2 M €	+0.0%	2 M €	+1.4%	2 M €	+1.8%	1,9 M €	+1.9%	1,9 M €	+2.4%	1,9 M €	+2.4%	1,8 M €	+2.2%	1,8 M €	+2.5%	1,7 M €	+3.0%	1,7 M €	+2.7%	1,6 M €	+3.2%	1,6 M €	+4.2%	1,5 M €
Cash	35,6 k €	+96.2%	18,2 k €	-51.2%	37,2 k €	+6.6%	34,9 k €	+19.5%	29,2 k €	+419%	5,6 k €	+8.8%	5,2 k €	-23.3%	6,8 k €	-9.0%	7,4 k €	+5.5%	7 k €	+11.0%	6,3 k €	+342%	1,4 k €	-77.7%	6,4 k €	+22.4%	5,3 k €	+17.3%	4,5 k €	+46.4%	3,1 k €	+214%	973,8 €	+92.2%	506,7 €	-38.6%	825,3 €
Debts	51 k €	-11.9%	57,9 k €	+52.4%	38 k €	+40.4%	27,1 k €	+2.3%	26,5 k €	-5.4%	27,9 k €	+313%	6,8 k €	-65.4%	19,6 k €	+31.1%	14,9 k €	+83.5%	8,1 k €	+3.6%	7,8 k €	0.0%	7,8 k €	+0.8%	7,8 k €	+2.2%	7,6 k €	+12.2%	6,8 k €	0.0%	6,8 k €	-34.5%	10,4 k €	+58.8%	6,5 k €	-0.2%	6,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

GERISART

Managing director · 0650.627.203

Represented by Geert Vanhalst

Active

Joost Ciers

Managing director

Active

Mieke Potteau

Director

Active

Ended mandates

GERISART

Director · since 31 mars 2016 · 0650.627.203

Represented by Geert VANHALST

Ended

Geert Vanhalst

Managing director · until 01 janvier 2020

Ended

Geert VANHALST

Managing director

Ended

GERISART

Director · 0650.627.203

Represented by Geert Vanhalst

Ended

At this address

Other companies at this address

Company	CBE no.
SUPRA BAZAR HULSTE● Active	0862.195.485

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	31/12/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	15 months	12 months	12 months	12 months	12 months	12 months
Filing date	11/06/2026	18/04/2025	28/03/2024	17/04/2023	31/03/2022	09/03/2021
General meeting	06/06/2026	01/03/2025	02/03/2024	04/03/2023	05/03/2022	06/03/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	06/06/2026	11/06/2026	Dutch	PDF
Abridged model	30/09/2024	01/03/2025	18/04/2025	Dutch	PDF
Abridged model	30/09/2023	02/03/2024	28/03/2024	Dutch	PDF
Abridged model	30/09/2022	04/03/2023	17/04/2023	Dutch	PDF
Abridged model	30/09/2021	05/03/2022	31/03/2022	Dutch	PDF
Abridged model	30/09/2020	06/03/2021	09/03/2021	Dutch	PDF
Abridged model	30/09/2019	07/03/2020	27/03/2020	Dutch	PDF
Abridged model	30/09/2018	02/03/2019	22/03/2019	Dutch	PDF
Abridged model	30/09/2017	03/03/2018	20/03/2018	Dutch	PDF
Abridged model	30/09/2016	04/03/2017	24/03/2017	Dutch	PDF
Abridged model	30/09/2015	05/03/2016	21/03/2016	Dutch	PDF
Abridged model	30/09/2014	07/03/2015	11/03/2015	Dutch	PDF
Abridged model	30/09/2013	01/03/2014	28/03/2014	Dutch	PDF
Abridged model	30/09/2012	02/03/2013	14/03/2013	Dutch	PDF
Abridged model	30/09/2011	03/03/2012	26/04/2012	Dutch	PDF
Abridged model	30/09/2010	05/03/2011	25/03/2011	Dutch	PDF
Abridged model	30/09/2009	06/03/2010	18/03/2010	Dutch	PDF
Abridged model	30/09/2008	07/03/2009	12/03/2009	Dutch	PDF
Abridged model	30/09/2007	01/03/2008	27/03/2008	Dutch	PDF
Abridged model	30/09/2006	03/03/2007	27/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

GERISART

Managing director · 0650.627.203

Represented by Geert Vanhalst

Active

Joost Ciers

Managing director

Active

Mieke Potteau

Director

Active

Ended mandates

GERISART

Director · since 31 mars 2016 · 0650.627.203

Represented by Geert VANHALST

Ended

Geert Vanhalst

Managing director · until 01 janvier 2020

Ended

Geert VANHALST

Managing director

Ended

GERISART

Director · 0650.627.203

Represented by Geert Vanhalst

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other07/10/2025
ALGEMENE VERGADERING - BOEKJAAR
PDF
Restructuring17/06/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring17/06/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other06/06/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates14/03/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/02/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/06/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/06/2016
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202511,9 k €↑
2024
Annual accounts 20247,8 k €↓
2023
Annual accounts 202319,4 k €↑
2022
Annual accounts 20227,8 k €↑
2021
Annual accounts 20217,5 k €↑
2020
Annual accounts 20206,1 k €↓
2019
Annual accounts 201912,9 k €↓
2018
Annual accounts 201823,6 k €↓
2017
Annual accounts 201728,7 k €↓
2016
Annual accounts 201635,1 k €↓
2015
Annual accounts 201545,3 k €↑
2014
Annual accounts 201443,9 k €↑
2013
Annual accounts 201338,9 k €↓
2012
Annual accounts 201242,2 k €↓
2011
Annual accounts 201149,8 k €↑
2010
Annual accounts 201048,5 k €↑
2009
Annual accounts 200947,2 k €↓
2008
Annual accounts 200864 k €↑
2007
Annual accounts 200760,8 k €
16/12/1970
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

SAN MARINO

Overview

What does SAN MARINO do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline