A&R
ActiveA&R has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €31k and a net result of €-34k. Equity is growing by ~41.1% per year across the filed fiscal years. Its solvency ranks better than 15% of 27787 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
48
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability3▼-24
Solvency37▼-47
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 4.6 in 2024; short-term debt: 48% and cash: 50% of total assets), but 88.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
11.7%
Return on assets
-12.7%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-34k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 27787 sector peers (2025).
NBB · sector comparisonPosition among 27787 sector peers
Solvency
better than 15%
← weakest
strongest →
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 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
87 d early
2023
86 d late
2022
66 d late
2021
17 d early
2020
100 d late
2019
122 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
23-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€31k▼ 81.4%
2024 · €168k
2018: €7k
2019: €25k
2020: €43k
2021: €88k
2022: €163k
2023: €192k
2024: €168k
2018 → 2025
Total assets
€266k▼ 6.4%
2024 · €284k
2018: €547k
2019: €483k
2020: €431k
2021: €555k
2022: €600k
2023: €378k
2024: €284k
2018 → 2025
Net result
€-34k▼ 42.1%
2024 · €-24k
2018: €31k
2019: €18k
2020: €18k
2021: €45k
2022: €75k
2023: €50k
2024: €-24k
2018 → 2025
Working capital
€84k▼ 43.5%
2024 · €149k
2018: €-10k
2019: €10k
2020: €29k
2021: €19k
2022: €99k
2023: €192k
2024: €149k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€88k-€163k▲ 85.7%€192k▲ 17.4%€168k▼ 12.4%€31k▼ 81.4%
Operating result€68k-€115k▲ 67.7%€75k▼ 34.7%€-19k€-28k▼ 49.9%
Net result€45k-€75k▲ 67.3%€50k▼ 33.2%€-24k€-34k▼ 42.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €28k in 2025 against €19k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €266k
Fixed assets
€54k▼ 42.3%
Current assets
€212k▲ 11.3%
Equity and liabilities €266k
Equity
€31k▼ 81.4%
Provisions
€15k
Debt
€220k▲ 89.3%
The debt ratio rises from 40.9% to 82.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-23k▼
2024 · €12k
Cash flow
€-29k▼
2024 · €7k
Solvency
11.7%▼
2024 · 59.1%
Current ratio
1.66▼
2024 · 4.60
Quick ratio
1.62▼
2024 · 4.34
Debt / equity
7.05▲
2024 · 0.69
ROE
-108.5%▼
2024 · -14.2%
ROA
-12.7%▼
2024 · -8.4%
Interest coverage
-3.72▼
2024 · 2.24
Debt
€220k▲
2024 · €116k
Debt ≤ 1 year
€128k▲
2024 · €41k
Debt > 1 year
€90k▲
2024 · €73k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€284k€266k▼
Fixed assets21/28€94k€54k▼
Tangible fixed assets22/27€90k€51k▼
Land and buildings22€80k€0▼
Plant, machinery and equipment23€6k€6k▲
Furniture and vehicles24€3k€3k▲
Leasing and similar rights25€0€40k▲
Other tangible fixed assets26€2k€2k▼
Financial fixed assets28€4k€4k=
Current assets29/58€190k€212k▲
Stocks and contracts in progress3€11k€5k▼
Stocks30/36€6k€5k▼
Contracts in progress37€5k€0▼
Amounts receivable within one year40/41€42k€72k▲
Trade receivables40€30k€66k▲
Other amounts receivable41€12k€7k▼
Cash at bank and in hand54/58€135k€133k▼
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€284k€266k▼
Equity10/15€168k€31k▼
Contributions10/11€19k€19k=
Reserves13€135k€32k▼
Distributable reserves133€135k€32k▼
Profit (loss) carried forward14€15k€-19k▼
Provisions and deferred taxes16-€15k
Provisions for liabilities and charges160/5-€15k
Other liabilities and charges164/5-€15k
Amounts payable17/49€116k€220k▲
Amounts payable after more than one year17€73k€90k▲
Financial debts170/4€73k€25k▼
Other amounts payable178/9€0€65k▲
Amounts payable within one year42/48€41k€128k▲
Current portion of amounts payable after more than one year42€27k€6k▼
Trade debts44€4k€14k▲
Suppliers440/4€4k€14k▲
Advances received on contracts in progress46€2k€0▼
Taxes, remuneration and social security45€1k€1k▼
Taxes450/3€1k€1k▼
Other amounts payable47/48€6k€107k▲
Accrued charges and deferred income492/3€2k€2k▼
Income statement
Code20242025
Non-recurring operating income76A€0€3k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30k€5k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0€-2k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€15k
Other operating charges640/8€4k€6k▲
Non-recurring operating charges66A€0€7k▲
Gross operating margin9900€16k€3k▼
Operating profit (loss)9901€-19k€-28k▼
Financial income75/76B€0€1▲
Recurring financial income75€0€1▲
Financial charges65/66B€5k€6k▲
Recurring financial charges65€5k€6k▲
Profit (loss) for the period before taxes9903€-24k€-34k▼
Income taxes67/77€0-
Profit (loss) for the period9904€-24k€-34k▼
Profit (loss) for the period to be appropriated9905€-24k€-34k▼
Appropriation of the result
Profit (loss) to be appropriated9906€15k€-19k▼
Profit (loss) brought forward from the previous period14P€38k€15k▼
Transfer from equity791/2-€103k
Profit to be distributed694/7€0€103k▲
Return on contributions (dividend)694€0€103k▲
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-34k
Net result drops to €-34k, the lowest in the series.
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 86 days late
2023
31-12
Financial
Liquidity triplescurrent ratio 3.77
Current ratio from 1.39 to 3.77; short-term debt falls from €253k to €69k.
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 66 days late
2022
31-12
Financial
Highest result since 2018net €75k ▲67.3%
Operating result €115k, net result €75k, both a record.
31-12
Financial
Equity above €150kEq €163k ▲85.7%
5 profitable years in a row build equity to €163k.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 100 days late
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 91 days late
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Middelkerke · 1 establishment unit since 1998
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Bazelarestraat 28433 MiddelkerkeGround area
920 m²
Building footprint
143 m²
Volume, LiDAR
604 m³
Parcel 35017B0111/00N004, Flanders · tallest building 7.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
A&R
since 19982.089.006.747
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35017B0111/00N004 | Flanders | 920 m² | 1 · 143 m² | 7.2 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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DLS
BE 0795.166.507
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VANDENBERGHE TOITURES
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Of 9,530 companies in sector 43222 we hold annual accounts for 5,662. 4,067 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded12-10-1998
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
41001General construction of residential buildings
43223Specialised construction activities
43993Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 27 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.