A - R PROJECTS
ActiveSummary
A - R PROJECTS has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €51,599 and a net result of -€19,947. Equity is growing by ~15.8% per year across the filed fiscal years. Its solvency ranks better than 53% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability5▼-44
Solvency58▼-2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days only on tighter terms
Liquidity ample (current ratio 1.93 against 1.66 in 2024; short-term debt: 51.8% and cash: 0.5% of total assets), but 66.7% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
33.3%
Return on assets
-12.9%
Age of the figures
9 mo
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 29-07-2026, 2 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
2 d early
2024
2 d early
2023
27 d late
2022
31 d late
2021
17 d early
2020
4 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 7 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€51,599▼ 27.9%
2024 · €71,547
Total assets
€154,977▼ 24.1%
2024 · €204,165
Net result
-€19,947
2024 · €9,162
Working capital
€74,707▼ 7.7%
2024 · €80,926
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,911▲ 6.0%€80,769-€9,781€10,099-€19,697
Net result-€5,742▼ 56.0%€56,706-€9,898€9,162-€19,947
Equity€15,577▼ 26.9%€72,283▲ 364%€62,385▼ 13.7%€71,547▲ 14.7%€51,599▼ 27.9%
Total assets€243,921▲ 167%€145,245▼ 40.5%€65,912▼ 54.6%€204,165▲ 210%€154,977▼ 24.1%
Debt€228,344▲ 226%€72,962▼ 68.0%€3,527▼ 95.2%€132,619▲ 3,660%€103,377▼ 22.0%
Working capital€85,577▼ 6.3%€120,315▲ 40.6%€65,364▼ 45.7%€80,926▲ 23.8%€74,707▼ 7.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €19,697 after €10,099 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €154,977
Equity
€51,599 ▼ 27.9%
Debt
€103,377 ▼ 22.0%
Debt's share of the balance-sheet total rises from 65.0% to 66.7%. Equity and debt are lower.
Key figures and ratios
Current ratio
1.93▲
2024 · 1.66
Quick ratio
0.08▼
2024 · 0.25
Debt to equity
2.00▲
2024 · 1.85
ROE
-38.7%▼
2024 · 12.8%
ROA
-12.9%▼
2024 · 4.5%
Debt ≤ 1 year
€80,269▼
2024 · €123,239
Debt > 1 year
€23,108▲
2024 · €9,379
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,595 companies that looked in July 2024 the way this one looks now, 2.8% went bankrupt within 24 months and 87% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
2.8%
went bankrupt
9.3%
stopped otherwise
87%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,595 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €459 | €1,159 | €1,298 | €3,827 | €2,021 | ▼ 47.2% |
| Gross operating margin9900 | -€2,453 | €81,928 | -€8,483 | €13,926 | -€17,676 | ▼ 227% |
| Operating profit (loss)9901 | -€2,911 | €80,769 | -€9,781 | €10,099 | -€19,697 | ▼ 295% |
| Financial income75/76B | - | - | - | - | €320 | - |
| Recurring financial income75 | - | - | - | - | €320 | - |
| Financial charges65/66B | €2,830 | €6,332 | €117 | €937 | €571 | ▼ 39.1% |
| Recurring financial charges65 | €2,830 | €6,332 | €117 | €937 | €571 | ▼ 39.1% |
| Profit (loss) for the period before taxes9903 | -€5,742 | €74,437 | -€9,898 | €9,162 | -€19,947 | ▼ 318% |
| Income taxes67/77 | - | €17,731 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€5,742 | €56,706 | -€9,898 | €9,162 | -€19,947 | ▼ 318% |
| Profit (loss) for the period to be appropriated9905 | -€5,742 | €56,706 | -€9,898 | €9,162 | -€19,947 | ▼ 318% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €243,921 | €145,245 | €65,912 | €204,165 | €154,977 | ▼ 24.1% |
| Current assets29/58 | €243,921 | €145,245 | €65,912 | €204,165 | €154,977 | ▼ 24.1% |
| Stocks and contracts in progress3 | €241,938 | €128,862 | €0 | €173,420 | €148,506 | ▼ 14.4% |
| Stocks30/36 | €241,938 | €128,862 | €0 | €173,420 | €148,506 | ▼ 14.4% |
| Amounts receivable within one year40/41 | €802 | €0 | €333 | €0 | - | - |
| Other amounts receivable41 | €802 | €0 | €333 | €0 | - | - |
| Cash at bank and in hand54/58 | €1,182 | €8,583 | €65,578 | €3,815 | €828 | ▼ 78.3% |
| Deferred charges and accrued income490/1 | - | €7,800 | €0 | €26,930 | €5,643 | ▼ 79.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €243,921 | €145,245 | €65,912 | €204,165 | €154,977 | ▼ 24.1% |
| Equity10/15 | €15,577 | €72,283 | €62,385 | €71,547 | €51,599 | ▼ 27.9% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | - | €47,283 | €47,283 | €47,283 | €47,283 | = |
| Distributable reserves133 | - | €47,283 | €47,283 | €47,283 | €47,283 | = |
| Profit (loss) carried forward14 | -€9,423 | €0 | -€9,898 | -€736 | -€20,684 | ▼ 2,710% |
| Amounts payable17/49 | €228,344 | €72,962 | €3,527 | €132,619 | €103,377 | ▼ 22.0% |
| Amounts payable after more than one year17 | €70,000 | €45,367 | €2,979 | €9,379 | €23,108 | ▲ 146% |
| Financial debts170/4 | €70,000 | €45,367 | €2,979 | €9,379 | €23,108 | ▲ 146% |
| Amounts payable within one year42/48 | €158,344 | €24,930 | €548 | €123,239 | €80,269 | ▼ 34.9% |
| Financial debts43 | €155,000 | €0 | - | €107,000 | €52,834 | ▼ 50.6% |
| Credit institutions430/8 | €155,000 | €0 | - | €107,000 | €52,834 | ▼ 50.6% |
| Trade debts44 | €3,344 | €420 | €548 | €679 | €778 | ▲ 14.5% |
| Suppliers440/4 | €3,344 | €420 | €548 | €679 | €778 | ▲ 14.5% |
| Taxes, remuneration and social security45 | - | €19,510 | €0 | €3,060 | €1,158 | ▼ 62.2% |
| Taxes450/3 | - | €19,510 | €0 | €3,060 | €1,158 | ▼ 62.2% |
| Other amounts payable47/48 | - | €5,000 | €0 | €12,500 | €25,500 | ▲ 104% |
| Accrued charges and deferred income492/3 | - | €2,665 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,742 | €56,706 | -€9,898 | €9,162 | -€19,947 | ▼ 318% |
| Operating cash flow (approximation) | -€5,742 | €56,706 | -€9,898 | €9,162 | -€19,947 | ▼ 318% |
| Change in cash | - | €7,401 | €56,995 | -€61,763 | -€2,987 | ▲ 95.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€19,947
Net result drops to -€19,947, the lowest in the series.
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €9,162
Net result €9,162 after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Liquidity times 21current ratio 120.29
Current ratio from 5.83 to 120.29; short-term debt falls from €24,930 to €548.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €56,706
Net result €56,706 after 2 loss-making years.
31-12
Financial
Liquidity quadruplescurrent ratio 5.83
Current ratio from 1.54 to 5.83; short-term debt falls from €158,344 to €24,930.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
04-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 4 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 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, Knokke-Heist · 1 establishment unit since 2020
Ground area
635 m²
Building footprint
185 m²
Volume, LiDAR
853 m³
Parcel 31024B0050/00C000, Flanders · tallest building 6.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
A - R PROJECTS
since 20202.299.425.580
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31024B0050/00C000 | Flanders | 635 m² | 1 · 185 m² | 6.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
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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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 5,032 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
43320Joinery installation
47551Retail sale of household furniture
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0743569633
Also
9925:BE0743569633
Registered
11-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.