ACTIVE

MUSTI

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Financial year 2025 · closed on 31/12/2025

Net result

31,1 k €

-41.5% YoY

Gross margin

31,3 k €

-53.5% YoY

Equity

337 k €

+10.2% YoY

What does MUSTI do?

MUSTI is a Private limited company incorporated in 2003. Its main activity is: Manufacture of other outerwear. Its registered office is in Antwerpen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0862.389.188

Incorporation

24/12/2003

Legal form

Private limited company

Registered office

Daniël Baginierlaan 38
2660 Antwerpen · FlandreSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Activities (NACE)

14130Manufacture of other outerwear· main 14210Manufacture of articles of fur 18221Reproduction of recorded media

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	31,3 k €	-53.5%	67,2 k €	+40.7%	47,8 k €	+1.6%	47 k €	+35.8%	34,7 k €	-0.5%	34,8 k €	+171%	12,9 k €	-75.3%	52,1 k €	+51.7%	34,3 k €	-40.9%	58,1 k €	+52.2%	38,2 k €	+837%	4,1 k €	-35.3%	6,3 k €	-34.4%	9,6 k €	-63.6%	26,4 k €	-18.2%	32,3 k €	+4.4%	30,9 k €	+27.1%	24,3 k €
EBITDA	30,1 k €	-53.6%	65 k €	+52.7%	42,5 k €	-3.9%	44,2 k €	+47.0%	30,1 k €	+0.5%	29,9 k €	+185%	10,5 k €	-79.6%	51,6 k €	+51.0%	34,2 k €	-40.6%	57,5 k €	+64.6%	35 k €	+1388%	2,3 k €	-62.7%	6,3 k €	+38.4%	4,6 k €	-62.2%	12,1 k €	-3.0%	12,4 k €	+693%	1,6 k €	-18.4%	1,9 k €
Operating result	30,1 k €	-53.6%	65 k €	+52.7%	42,5 k €	-3.9%	44,2 k €	+47.0%	30,1 k €	+0.5%	29,9 k €	+185%	10,5 k €	-79.6%	51,6 k €	+51.0%	34,2 k €	-40.6%	57,5 k €	+64.6%	35 k €	+1694%	1,9 k €	+154%	-3,6 k €	+32.8%	-5,3 k €	-344%	2,2 k €	-14.5%	2,5 k €	+140%	1,1 k €	-24.9%	1,4 k €
Net result	31,1 k €	-41.5%	53,2 k €	+29.9%	40,9 k €	+4.2%	39,3 k €	+97.6%	19,9 k €	-19.5%	24,7 k €	+59.0%	15,5 k €	-53.1%	33,1 k €	+61.3%	20,5 k €	-44.3%	36,9 k €	+69.1%	21,8 k €	+2560%	-886,1 €	+80.6%	-4,6 k €	+29.1%	-6,4 k €	-895%	810,9 €	-47.3%	1,5 k €	+61.2%	954,7 €	-28.6%	1,3 k €
Balance sheet
Equity	337 k €	+10.2%	305,9 k €	+21.0%	252,7 k €	+19.3%	211,8 k €	+22.8%	172,5 k €	+13.0%	152,7 k €	+19.3%	127,9 k €	+13.8%	112,4 k €	+41.8%	79,3 k €	+35.0%	58,7 k €	+169%	21,9 k €	+38055%	57,3 €	-93.9%	943,4 €	-82.9%	5,5 k €	-53.9%	12 k €	+7.3%	11,1 k €	+16.0%	9,6 k €	+11.0%	8,7 k €
Total assets	391,8 k €	+6.4%	368,3 k €	+26.8%	290,5 k €	+14.4%	253,9 k €	+18.7%	213,9 k €	+11.7%	191,4 k €	+8.0%	177,2 k €	+14.8%	154,3 k €	+41.6%	108,9 k €	+5.4%	103,3 k €	+63.2%	63,3 k €	+389%	12,9 k €	-8.7%	14,2 k €	-35.6%	22 k €	-32.3%	32,5 k €	-25.1%	43,4 k €	+281%	11,4 k €	+6.1%	10,8 k €
Cash	6,4 €	+1233%	0,5 €	-100.0%	986,5 €	-1.1%	997,5 €	-72.2%	3,6 k €	+209%	1,2 k €	+3.4%	1,1 k €	+0.0%	1,1 k €	+11.6%	1 k €	-87.6%	8,1 k €	-44.2%	14,6 k €		–		–		–		–		–		203,6 €		–
Debts	54,8 k €	-12.1%	62,4 k €	+65.0%	37,8 k €	-10.2%	42,1 k €	+1.9%	41,3 k €	+6.6%	38,8 k €	-21.3%	49,2 k €	+17.6%	41,9 k €	+41.3%	29,6 k €	-33.5%	44,6 k €	+7.5%	41,5 k €	+222%	12,9 k €	-2.7%	13,2 k €	-19.8%	16,5 k €	-19.7%	20,6 k €	-36.3%	32,3 k €	+1694%	1,8 k €	-14.4%	2,1 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 · 1 active · 2 ended

Active mandates

MUSTAFA KURTOGLU

Manager · since 12 décembre 2003

Active

Ended mandates

SEVINCH ALI MUSTAFA

Manager · since 08 février 2006 · until 18 septembre 2009

Ended

SEVINCH ALI MUSTAFA

Manager · since 08 février 2006

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	29/05/2026	20/06/2025	28/06/2024	26/06/2023	17/06/2022	23/06/2021
General meeting	14/05/2026	08/05/2025	09/05/2024	11/05/2023	12/05/2022	13/05/2021
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
Micro model	31/12/2025	14/05/2026	29/05/2026	Dutch	PDF
Micro model	31/12/2024	08/05/2025	20/06/2025	Dutch	PDF
Micro model	31/12/2023	09/05/2024	28/06/2024	Dutch	PDF
Micro model	31/12/2022	11/05/2023	26/06/2023	Dutch	PDF
Micro model	31/12/2021	12/05/2022	17/06/2022	Dutch	PDF
Micro model	31/12/2020	13/05/2021	23/06/2021	Dutch	PDF
Micro model	31/12/2019	14/05/2020	30/10/2020	Dutch	PDF
Micro model	31/12/2018	09/05/2019	27/09/2019	Dutch	PDF
Micro model	31/12/2017	10/05/2018	25/05/2018	Dutch	PDF
Micro model	31/12/2016	11/05/2017	25/08/2017	Dutch	PDF
Abridged model	31/12/2015	06/05/2016	09/05/2016	Dutch	PDF
Abridged model	31/12/2014	22/01/2016	28/01/2016	Dutch	PDF
Abridged model	31/12/2013	06/06/2014	18/03/2015	Dutch	PDF
Abridged model	31/12/2012	06/06/2013	04/07/2013	Dutch	PDF
Abridged model	31/12/2011	01/06/2012	01/06/2012	Dutch	PDF
Abridged model	31/12/2010	23/05/2011	23/05/2011	Dutch	PDF
Abridged model	31/12/2009	28/05/2010	28/05/2010	Dutch	PDF
Abridged model	31/12/2008	31/05/2009	30/10/2009	Dutch	PDF
Abridged model	31/12/2007	30/04/2008	14/05/2008	Dutch	PDF
Abridged model	31/12/2006	31/05/2007	11/06/2007	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 · 1 active · 2 ended

Active mandates

MUSTAFA KURTOGLU

Manager · since 12 décembre 2003

Active

Ended mandates

SEVINCH ALI MUSTAFA

Manager · since 08 février 2006 · until 18 septembre 2009

Ended

SEVINCH ALI MUSTAFA

Manager · since 08 février 2006

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/01/2024
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Registered office14/12/2015
MAATSCHAPPELIJKE ZETEL
PDF
Registered office17/02/2015
MAATSCHAPPELIJKE ZETEL - ADRESSEN ANDERS DAN MAATSCHAPPELIJKE ZETEL
PDF
Mandates09/10/2009
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/02/2006
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/12/2004
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/10/2004
ONTSLAGEN - BENOEMINGEN
PDF
Registered office24/02/2004
MAATSCHAPPELIJKE ZETEL
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 202531,1 k €↓
2024
Annual accounts 202453,2 k €↑
2023
Annual accounts 202340,9 k €↑
2022
Annual accounts 202239,3 k €↑
2021
Annual accounts 202119,9 k €↓
2020
Annual accounts 202024,7 k €↑
2019
Annual accounts 201915,5 k €↓
2018
Annual accounts 201833,1 k €↑
2017
Annual accounts 201720,5 k €↓
2016
Annual accounts 201636,9 k €↑
2015
Annual accounts 201521,8 k €↑
2014
Annual accounts 2014-886,1 €↑
2013
Annual accounts 2013-4,6 k €↑
2012
Annual accounts 2012-6,4 k €↓
2011
Annual accounts 2011810,9 €↓
2010
Annual accounts 20101,5 k €↑
2009
Annual accounts 2009954,7 €↓
2008
Annual accounts 20081,3 k €
24/12/2003
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

MUSTI

Overview

What does MUSTI do?

Trend over 18 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