Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
BULSTAR from Retie, company number BE0419661095, closed financial year 2025 with a result of € 16,580 after tax. For that financial year BULSTAR recorded a gross margin of € 48,504 and equity of € -58,190. Compared with financial year 2024, the result moved from € 5,541 to € 16,580. Profitable, and profit is growing. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 10, 2026.
€ -58,190
▲ € 16,580 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 16,580
▲ 199% vs 2024
Profit after tax over the fiscal year.
€ 45,033
▼ 27% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -107,769.
People and assets in 2025
≈ 1
No payroll staff. One director, so that person most likely runs the business.
€ 28,125
▲ 2% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 655
▼ 82% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 667
▲ 32% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 7,663
▼ 24% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 31,664 | € 32,045 | € 36,796 | € 48,504 | ▲ 32% |
| Profit after taxes | € 15,574 | € 1,923 | € 5,541 | € 16,580 | ▲ 199% |
| Equity | € -82,234 | € -80,311 | € -74,770 | € -58,190 | ▲ € 16,580 |
| Total debts | € 387,131 | € 252,167 | € 213,465 | € 207,852 | ▼ 3% |
| Cash | € 215,468 | € 90,981 | € 62,069 | € 45,033 | ▼ 27% |
| Retained profit | € -131,813 | € -129,890 | € -124,349 | € -107,769 | ▲ € 16,580 |
| Bank debt | € 76,897 | € 0 | € 0 | € 0 | |
| Balance sheet total | € 304,897 | € 171,856 | € 138,695 | € 149,662 | ▲ 8% |
Key figures of BULSTAR, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to BULSTAR?
What happened at BULSTAR in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 16,580 (▲ 199% vs 2024). Source: NBB ↗
- Start of the company according to the CBE. KBO
- New establishment in Retie. KBO
In short
From € 15,574 profit in 2022 to € 16,580 profit in 2025.
Best year ever: 2025, with € 16,580 profit.
Management
Behind BULSTAR is Thierry Buls.
Directors
According to the 2025 annual accounts
Thierry Buls
Manager
Establishments
Establishment units
Physical locations of this company
Kromstraat 62
2470 Retie
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0419.661.095
- VAT number
- BE 0419.661.095
- Registered office
- Kromstraat 62, 2470 Retie
- Names & denominations
- BULSTAR
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 22 June 1979
- Peppol
- Active · Active since 21 Mar 2026
- Activities · NACE
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