Equity
€1.8m ▲ 14.1%
ARSENAAL has made a profit without a break since 2020.
ARSENAAL
Lifetime
19 annual accounts with figures on one time axispeak €675,251 (2025)
€675,251▲ 19.8%
lowest -€131,457 (2008)
€221,020▼ 6.8%
peak €1.8m (2025)
€1.8m▲ 14.1%
€6.8m▲ 33.6%
Board1 name since 2012
1 directorZwaans Paulus
Owners6 names in the annual accounts
100%Finnhouse Belgie
Documentsfilings and deeds
30-07-20261 day before the deadline
2025abbreviated format
Gross margin from €563,422 to €675,251Equity from €1.6m to €1.8mDebts from €5.1m to €6.8mInvestments €2.7mCash from €38,932 to €59,195
Key points
from the 2025 annual accountsDebts
€6.8m 78% of the balance sheet
Financial debts 93%Suppliers 0%Taxes and wages 1%Other 6%
€4.2m of the debts are secured on the company's own assets. In 2021 that was €715,000.
Investments
€2.9m 11.1 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 40.9% higher than in 2024.
Liquidity
0.91 was 3.53 in 2024
Short-term debts rose from €230,776 to €351,543.
Filings
19 annual accounts since 2007
The last five annual accounts were filed 1 to 126 days before the end of the period.
Position in the sector
€221,020
Higher net result than 87% of companies in real estate. Sector median €9,997 · 11,290 companies.
Checked score
95
Excellent
Financially stronger than 59% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025lowest value
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026highest value
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.91, cash €59,195
Equity €1.8m (20.4% of total assets)
lowers risk
Size: total assets €8.8m
Figures for financial year 2025 (filed on 30-07-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 40% of them on solvency, 63% on liquidity, 56% on profitability and 76% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 733 companies had the same profile as ARSENAAL has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARSENAAL itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 733 companies, not a prediction for ARSENAAL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €160,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.91 (3.53 in 2024), below 1. Short-term debt is 4% and cash 0.7% of total assets. 79.6% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 day early
2024
79 days early
2023
113 days early
2022
126 days early
2021
54 days early
2020
4 days early
2019
52 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 61 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 13 May (4 of the last 5 accounts filed within 47 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
ZP
Zwaans Paulus
Director, since 14-02-2012
- Finnhouse Belgie 100%score 95equity €10.0m (2025) · 2025 annual accounts of Finnhouse Belgie
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0880024184
Purpose change · Amendment of the articles · Legal-form change
“De verhuring alsmede aankoop en verkoop van onroerende goederen in volle eigendom en/of in bloot eigendom…” (deed in Dutch) · Director in office: Zwaans Paulus · General meeting of 07-12-2022 · Gazette deed
Permanent representatives: Johan Jacobs, Kris Bollen, Sylvie van Mol and Greet Slegers
Gazette deed
Environmental permit granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Antwerpen
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| ARSENAAL Antwerp | €8.8m | €675,251 | 20.4% | - |
| Cynthia Invest Zoersel | €8.7m | €821,623 | 64.8% | - |
| RE-HOLD Brecht | €10.3m | €599,237 | 28.4% | - |
| NW-LOGISTICS Westerlo | €10.8m | €658,522 | 32.8% | - |
| MARIHOLD Heist-op-den-Berg | €7.7m | €840,842 | 65.3% | - |
| PHARIS Bruges | €9.0m | €610,151 | 61.6% | - |
| IMMOPAT Bruges | €8.8m | €772,664 | 11.1% | - |
These companies have the same main activity as ARSENAAL: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €7.7m and €11m, founded between 2004 and 2007.
Official details
Source: KBO- Status
- Active since 16-03-2006Normal situation
- Registered office
- 14 active companies are registered at this addressSource: KBO register, as of 8 November 2026.
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 1 other
- Establishment unit
- 2.157.725.8042970 Schilde, since 16-03-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 22-11-2024
Annual accounts 2025
- ≈ €750,000estimated
- €8.8m▲ 28.7%
- Filing
- Filed on 30-07-2026, 1 day before the end of the filing period
Insights on ARSENAAL
ARSENAAL files the abbreviated format. That format states no turnover. The gross margin rose from €162,731 in 2007 to €675,251 in 2025.
The balance sheet grew most from 2017 to 2019 through fixed assets, financed with long-term debt.
Finnhouse Belgie holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ARSENAAL
- What is the company number of ARSENAAL?
- The company number of ARSENAAL is 0880.024.184. The VAT number is the same number with BE in front: BE 0880.024.184.
- Where is ARSENAAL based?
- The registered office is at Middelmolenlaan 20, 2100 Antwerp.Company details
- What does ARSENAAL do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of ARSENAAL?
- ARSENAAL is a private limited company (BV).
- When was ARSENAAL founded?
- ARSENAAL was founded on 16-03-2006.
- Is ARSENAAL still active?
- Yes, ARSENAAL is an active enterprise in the KBO register.
- What is the turnover of ARSENAAL?
- The turnover in financial year 2025 is ≈ €750,000. This figure is estimated from the gross margin of €675,251 and 39 comparable companies (NACE 68203). It probably lies between €710,000 and €930,000.Financials
- Is ARSENAAL profitable?
- In financial year 2025, ARSENAAL made a profit of €221,020.
- Where can I find the annual accounts of ARSENAAL?
- ARSENAAL filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ARSENAAL due?
- ARSENAAL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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