ACTIVE

GARUDA

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Financial year 2025 · closed on 31/12/2025

Net result

-265,3 k €

+52.0% YoY

Gross margin

-206,8 k €

+59.2% YoY

Equity

724,7 k €

-26.8% YoY

What does GARUDA do?

GARUDA is a Private limited company incorporated in 1990. Its main activity is: Other retail sale of new goods in specialised stores. Its registered office is in Menen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0440.478.681

Incorporation

27/03/1990

Legal form

Private limited company

Registered office

Wervikstraat 57-59
8930 Menen · FlandreSee on map

Contributed capital

693 592,01 €

Latest accounts

31/12/2025

Activities (NACE)

47784Other retail sale of new goods in specialised stores· main 47786Other retail sale of new goods in specialised stores 52497Warehousing and support activities for transportation 46150Agents involved in the sale of furniture, household goods, hardware and ironmongery 46150Agents involved in the sale of furniture, household goods, hardware and ironmongery 47512Retail sale of textiles in specialised stores+6

Joint committees (3)

Signals

Solid equityLow riskGood liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-206,8 k €	+59.2%	-506,9 k €	-570%	107,9 k €	-40.0%	179,9 k €	-53.3%	385,5 k €	+12.0%	344,3 k €	+5.5%	326,3 k €	-8.2%	355,5 k €	+15.1%	308,8 k €	-15.7%	366,3 k €	-1.3%	371,2 k €	+2.8%	360,9 k €	-15.2%	425,6 k €	-15.2%	501,6 k €	+30.7%	383,9 k €	+33.5%	287,7 k €	-20.8%	363,4 k €	-9.4%	401,2 k €	+7.0%	374,8 k €	-18.2%	458,3 k €
EBITDA	-224,3 k €	+56.9%	-520,8 k €	-601%	-74,3 k €	-34.5%	-55,2 k €	-143%	129,7 k €	+1.0%	128,4 k €	+104%	63 k €	-24.6%	83,6 k €	+37.0%	61 k €	-35.4%	94,5 k €	-1.1%	95,5 k €	+21.5%	78,6 k €	-54.0%	171 k €	-18.2%	209,2 k €	+90.0%	110,1 k €	+186%	38,5 k €	-67.1%	117,1 k €	-25.1%	156,2 k €	-14.8%	183,4 k €	-33.5%	275,9 k €
Operating result	-254,7 k €	+53.4%	-546,6 k €	-481%	-94,1 k €	-13.6%	-82,8 k €	-185%	98 k €	+45.8%	67,2 k €	+1243%	5 k €	-82.9%	29,3 k €	+1071%	2,5 k €	-91.0%	27,8 k €	+305%	6,9 k €	+138%	-18,3 k €	-126%	69,6 k €	-33.5%	104,6 k €	+4742%	-2,3 k €	+95.9%	-55,5 k €	-271%	32,5 k €	-45.2%	59,3 k €	-26.4%	80,6 k €	-40.4%	135,1 k €
Net result	-265,3 k €	+52.0%	-552,5 k €	-307%	-135,7 k €	-408%	44 k €	-23.3%	57,4 k €	+14.1%	50,3 k €	+297%	12,7 k €	-54.4%	27,7 k €	-12.2%	31,6 k €	-7.7%	34,2 k €	+4.1%	32,9 k €	+46.4%	22,5 k €	-70.6%	76,5 k €	-10.7%	85,7 k €	+96.3%	43,6 k €	+14.2%	38,2 k €	+102%	19 k €	-26.8%	25,9 k €	-11.0%	29,1 k €	-60.0%	72,8 k €
Balance sheet
Equity	724,7 k €	-26.8%	990 k €	-35.8%	1,5 M €	-8.1%	1,7 M €	+2.7%	1,6 M €	+3.6%	1,6 M €	+3.3%	1,5 M €	+0.8%	1,5 M €	+1.9%	1,5 M €	+2.2%	1,5 M €	+2.4%	1,4 M €	+2.4%	1,4 M €	+1.6%	1,4 M €	+0.1%	1,4 M €	+6.7%	1,3 M €	+3.5%	1,2 M €	+3.2%	1,2 M €	+3.8%	1,2 M €	+2.3%	1,1 M €	+2.7%	1,1 M €
Total assets	930,6 k €	-30.4%	1,3 M €	-36.5%	2,1 M €	-10.1%	2,3 M €	+0.1%	2,3 M €	-8.1%	2,5 M €	+5.7%	2,4 M €	+2.3%	2,4 M €	-3.0%	2,4 M €	+5.1%	2,3 M €	-2.3%	2,4 M €	+3.1%	2,3 M €	+16.3%	2 M €	-5.4%	2,1 M €	+1.9%	2 M €	+3.3%	2 M €	+22.4%	1,6 M €	-0.6%	1,6 M €	-12.9%	1,9 M €	-0.8%	1,9 M €
Cash	105,7 k €	+85.2%	57,1 k €	-62.8%	153,6 k €	-1.1%	155,3 k €	-46.9%	292,4 k €	+5.5%	277,1 k €	+286%	71,8 k €	-50.4%	144,8 k €	-29.8%	206,1 k €	+61.0%	128,1 k €	-59.2%	313,6 k €	+23.6%	253,8 k €	+108%	122,1 k €	-35.5%	189,3 k €	-16.8%	227,5 k €	-2.4%	233,1 k €	-4.4%	243,8 k €	-20.6%	307,1 k €	-27.0%	420,9 k €	+5.0%	400,8 k €
Debts	205,9 k €	-39.7%	341,6 k €	-39.3%	563,1 k €	-15.2%	664 k €	-6.0%	706,1 k €	-27.2%	970,4 k €	+9.7%	884,3 k €	+4.9%	842,9 k €	-10.8%	944,7 k €	+10.0%	859,2 k €	-9.4%	948,5 k €	+4.3%	909,5 k €	+49.0%	610,5 k €	-15.7%	724,1 k €	-6.1%	771,1 k €	+2.9%	749,2 k €	+76.4%	424,7 k €	-11.2%	478,4 k €	-35.9%	746,2 k €	-5.5%	789,5 k €
Other
Workforce	–		–		3,7 ETP	-32.7%	5,5 ETP	-15.4%	6,5 ETP	-1.5%	6,6 ETP	-1.5%	6,7 ETP	-4.3%	7,0 ETP	+1.4%	6,9 ETP	-11.5%	7,8 ETP	+2.6%	7,6 ETP	0.0%	7,6 ETP	+4.1%	7,3 ETP	-12.0%	8,3 ETP	-2.4%	8,5 ETP	0.0%	8,5 ETP	0.0%	8,5 ETP	+4.9%	8,1 ETP	+24.6%	6,5 ETP	+4.8%	6,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Geert Vanhecke

Director

Active

Ended mandates

Geert Vanhecke

Manager

Ended

Ingrid Mestdagh

Manager

Ended

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	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/08/2026	30/09/2025	31/08/2024	27/06/2023	30/08/2022	29/06/2021
General meeting	20/06/2026	20/06/2025	20/06/2024	20/06/2023	20/06/2022	21/06/2021
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	20/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	30/09/2025	Dutch	PDF
Abridged model	31/12/2023	20/06/2024	31/08/2024	Dutch	PDF
Abridged model	31/12/2022	20/06/2023	27/06/2023	Dutch	PDF
Abridged model	31/12/2021	20/06/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	21/06/2021	29/06/2021	Dutch	PDF
Abridged model	31/12/2019	20/06/2020	31/10/2020	Dutch	PDF
Abridged model	31/12/2018	20/06/2019	30/09/2019	Dutch	PDF
Abridged model	31/12/2017	20/06/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	20/06/2017	30/06/2017	Dutch	PDF
Abridged model	31/12/2015	20/06/2016	23/06/2016	Dutch	PDF
Abridged model	31/12/2014	20/06/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	20/06/2014	29/08/2014	Dutch	PDF
Abridged model	31/12/2012	20/06/2013	05/07/2013	Dutch	PDF
Abridged model	31/12/2011	20/06/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	20/06/2011	23/12/2011	Dutch	PDF
Abridged model	31/12/2009	21/06/2010	30/09/2010	Dutch	PDF
Abridged model	31/12/2008	20/06/2009	28/08/2009	Dutch	PDF
Abridged model	31/12/2007	20/06/2008	19/08/2008	Dutch	PDF
Abridged model	31/12/2006	20/06/2007	27/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

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 · 1 active · 2 ended

Active mandates

Geert Vanhecke

Director

Active

Ended mandates

Geert Vanhecke

Manager

Ended

Ingrid Mestdagh

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Capital / shares03/01/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
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 2025-265,3 k €↑
2024
Annual accounts 2024-552,5 k €↓
2023
Annual accounts 2023-135,7 k €↓
2022
Annual accounts 202244 k €↓
2021
Annual accounts 202157,4 k €↑
2020
Annual accounts 202050,3 k €↑
2019
Annual accounts 201912,7 k €↓
2018
Annual accounts 201827,7 k €↓
2017
Annual accounts 201731,6 k €↓
2016
Annual accounts 201634,2 k €↑
2015
Annual accounts 201532,9 k €↑
2014
Annual accounts 201422,5 k €↓
2013
Annual accounts 201376,5 k €↓
2012
Annual accounts 201285,7 k €↑
2011
Annual accounts 201143,6 k €↑
2010
Annual accounts 201038,2 k €↑
2009
Annual accounts 200919 k €↓
2008
Annual accounts 200825,9 k €↓
2007
Annual accounts 200729,1 k €↓
2006
Annual accounts 200672,8 k €
27/03/1990
IncorporationPrivate 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

GARUDA

Overview

What does GARUDA do?

Trend over 20 financial years

Indicative valuation

Board of directors

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