AARECAM
ActiveSummary
AARECAM has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €116,680 and a net result of €124,939. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 22% of 28374 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability96▲+96
Solvency45▲+22
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 0.71 in 2024; short-term debt: 80% and cash: 0.3% of total assets), and 80% of the assets are financed with debt.
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Signals
Five 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
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
20%
Return on assets
21.4%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 28374 sector peers (2025).
NBB · sector comparisonPosition among 28374 sector peers
Solvency
better than 22%
← 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 02-03-2026, 151 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
151 d early
2024
8 d early
2023
29 d early
2022
24 d early
2021
31 d late
2020
31 d late
2019
122 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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. Usually files around 7 July (4 of the last 5 filed years within 55 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€116,680
2024 · -€5,509
Total assets
€582,894▲ 72.2%
2024 · €338,563
Net result
€124,939
2024 · -€128,161
Working capital
€12,323
2024 · -€100,242
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€140,728▲ 23.5%€21,203▼ 84.9%€143,816▲ 578%-€95,749€154,732
Net result€138,658above the sector's middle half▲ 30.4%€18,560within the sector's middle half▼ 86.6%€94,008above the sector's middle half▲ 407%-€128,161below the sector's middle half€124,939above the sector's middle half
Equity€11,684below the sector's middle half€30,244within the sector's middle half▲ 159%€122,652within the sector's middle half▲ 306%-€5,509below the sector's middle half€116,680within the sector's middle half
Total assets€107,785within the sector's middle half▲ 310%€116,154within the sector's middle half▲ 7.8%€360,294above the sector's middle half▲ 210%€338,563above the sector's middle half▼ 6.0%€582,894above the sector's middle half▲ 72.2%
Debt€96,101▼ 37.3%€85,911▼ 10.6%€237,642▲ 177%€344,072▲ 44.8%€466,213▲ 35.5%
Working capital-€11,198below the sector's middle half▲ 92.5%€29,994within the sector's middle half€8,286within the sector's middle half▼ 72.4%-€100,242below the sector's middle half€12,323within the sector's middle half
Solvency10.8%below the sector's middle half▲ 494.2pp26.0%within the sector's middle half▲ 15.2pp34.0%within the sector's middle half▲ 8.0pp-1.6%below the sector's middle half▼ 35.7pp20.0%below the sector's middle half▲ 21.6pp
Current ratio0.88below the sector's middle half▲ 0.861.35within the sector's middle half▲ 0.471.03below the sector's middle half▼ 0.310.71below the sector's middle half▼ 0.331.03below the sector's middle half▲ 0.32
Return on assets (ROA)128.6%above the sector's middle half▼ 276.2pp16.0%within the sector's middle half▼ 112.7pp26.1%above the sector's middle half▲ 10.1pp-37.9%below the sector's middle half▼ 63.9pp21.4%above the sector's middle half▲ 59.3pp
Staff (FTE)1.8▼ 21.7%0.2▼ 88.9%1.5▲ 650%2.5▲ 66.7%2.5=
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €154,732 after a loss of €95,749 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €582,894
Fixed assets
€104,357 ▲ 10.2%
Current assets
€478,536 ▲ 96.3%
Equity and liabilities €582,894
Equity
€116,680
Debt
€466,213
Debt finances 80.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€198,181▲
2024 · -€66,083
Cash flow
€168,389▲
2024 · -€98,495
Debt to equity
4.00▲
2024 · -62.46
ROE
107.1%
Interest coverage
15.98▲
2024 · -7.04
Debt ≤ 1 year
€466,213▲
2024 · €344,072
Income taxes
€17,413▲
2024 · €139
Staff costs
€82,709▼
2024 · €110,315
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,818 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.0%
went bankrupt
3.7%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 3,818 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €58,803 | - | - | - | - |
| Remuneration, social security and pensions62 | €18,366 | €3,469 | €67,431 | €110,315 | €82,709 | ▼ 25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,006 | - | €15,396 | €29,666 | €43,450 | ▲ 46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €640 | - | €800 | - |
| Other operating charges640/8 | €3,829 | €7,134 | €5,503 | €8,841 | €10,928 | ▲ 23.6% |
| Non-recurring operating charges66A | - | €3,177 | - | €43,691 | - | - |
| Gross operating margin9900 | €168,930 | €34,984 | €232,787 | €96,764 | €292,618 | ▲ 202% |
| Operating profit (loss)9901 | €140,728 | €21,203 | €143,816 | -€95,749 | €154,732 | ▲ 262% |
| Financial income75/76B | €0 | - | €6 | €821 | €21 | ▼ 97.4% |
| Recurring financial income75 | €0 | - | €6 | €821 | €21 | ▼ 97.4% |
| Financial charges65/66B | €2,071 | €2,643 | €7,344 | €33,093 | €12,401 | ▼ 62.5% |
| Recurring financial charges65 | €2,071 | €873 | €7,344 | €9,391 | €12,401 | ▲ 32.0% |
| Non-recurring financial charges66B | - | €1,770 | - | €23,702 | - | - |
| Profit (loss) for the period before taxes9903 | €138,658 | €18,560 | €136,478 | -€128,022 | €142,352 | ▲ 211% |
| Income taxes67/77 | - | - | €42,469 | €139 | €17,413 | ▲ 12,419% |
| Profit (loss) for the period9904 | €138,658 | €18,560 | €94,008 | -€128,161 | €124,939 | ▲ 197% |
| Profit (loss) for the period to be appropriated9905 | €138,658 | €18,560 | €94,008 | -€128,161 | €124,939 | ▲ 197% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,785 | €116,154 | €360,294 | €338,563 | €582,894 | ▲ 72.2% |
| Fixed assets21/28 | €22,954 | €250 | €114,367 | €94,733 | €104,357 | ▲ 10.2% |
| Intangible fixed assets21 | - | - | - | €2,577 | €1,977 | ▼ 23.3% |
| Tangible fixed assets22/27 | €22,954 | - | €113,117 | €91,906 | €102,009 | ▲ 11.0% |
| Plant, machinery and equipment23 | €10,161 | - | €10,074 | €19,066 | €18,085 | ▼ 5.1% |
| Furniture and vehicles24 | €5,899 | - | €103,043 | €72,840 | €83,924 | ▲ 15.2% |
| Other tangible fixed assets26 | €6,894 | - | - | - | - | - |
| Financial fixed assets28 | - | €250 | €1,250 | €250 | €371 | ▲ 48.4% |
| Current assets29/58 | €84,831 | €115,904 | €245,928 | €243,830 | €478,536 | ▲ 96.3% |
| Amounts receivable within one year40/41 | €83,925 | €112,950 | €154,295 | €234,370 | €468,370 | ▲ 99.8% |
| Trade receivables40 | €358 | €301 | €126,899 | €155,466 | €453,261 | ▲ 192% |
| Other amounts receivable41 | €83,567 | €112,649 | €27,396 | €78,904 | €15,109 | ▼ 80.9% |
| Cash at bank and in hand54/58 | €12 | €4 | €83,393 | €2,003 | €1,609 | ▼ 19.6% |
| Deferred charges and accrued income490/1 | €894 | €2,950 | €8,239 | €7,457 | €8,556 | ▲ 14.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,785 | €116,154 | €360,294 | €338,563 | €582,894 | ▲ 72.2% |
| Equity10/15 | €11,684 | €30,244 | €122,652 | -€5,509 | €116,680 | ▲ 2,218% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | €94,008 | €94,008 | €94,008 | = |
| Distributable reserves133 | - | - | €94,008 | €94,008 | €94,008 | = |
| Profit (loss) carried forward14 | -€6,916 | €11,644 | €10,044 | -€118,117 | €4,072 | ▲ 103% |
| Amounts payable17/49 | €96,101 | €85,911 | €237,642 | €344,072 | €466,213 | ▲ 35.5% |
| Amounts payable within one year42/48 | €96,029 | €85,911 | €237,642 | €344,072 | €466,213 | ▲ 35.5% |
| Financial debts43 | - | - | - | - | €1,653 | - |
| Credit institutions430/8 | - | - | - | - | €1,653 | - |
| Trade debts44 | €11,390 | €4,003 | €119,573 | €203,400 | €430,505 | ▲ 112% |
| Suppliers440/4 | €11,390 | €4,003 | €119,573 | €203,400 | €430,505 | ▲ 112% |
| Advances received on contracts in progress46 | €3,000 | €3,000 | €3,000 | €3,000 | - | - |
| Taxes, remuneration and social security45 | €21,361 | €18,630 | €53,485 | €76,887 | €31,305 | ▼ 59.3% |
| Taxes450/3 | €13,387 | €15,271 | €43,014 | €54,241 | €17,896 | ▼ 67.0% |
| Remuneration and social security454/9 | €7,974 | €3,360 | €10,471 | €22,647 | €13,409 | ▼ 40.8% |
| Other amounts payable47/48 | €60,277 | €60,277 | €61,584 | €60,784 | €2,750 | ▼ 95.5% |
| Accrued charges and deferred income492/3 | €73 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €138,658 | €18,560 | €94,008 | -€128,161 | €124,939 | ▲ 197% |
| + Depreciation and write-downs630 | €6,006 | - | €15,396 | €29,666 | €43,450 | ▲ 46.5% |
| Operating cash flow (approximation) | €144,664 | €18,560 | €109,405 | -€98,495 | €168,389 | ▲ 271% |
| Investment in fixed assets (approximation) | - | €22,704 | -€129,513 | -€10,032 | -€53,074 | ▼ 429% |
| Change in cash | - | -€8 | €83,389 | -€81,390 | -€394 | ▲ 99.5% |
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
02-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €124,939
Net result €124,939 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €116,680
Equity rises from -€5,509 to €116,680.
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€128,161
Net result drops to -€128,161, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Equity above €100,000Eq €122,652 ▲306%
4 profitable years in a row build equity to €122,652.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €138,658 ▲30.4%
Net result €138,658, the highest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €106,361
Net result €106,361 after 2 loss-making years.
Show earlier events
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 57 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Antwerpen · 1 establishment unit since 2001
Ground area
1,491 m²
Building footprint
984 m²
Volume, LiDAR
7,216 m³
Parcel 11463D0325/00K002, Flanders · tallest building 8.2 m, ±3 floors. Linked by address, not a title deed.
314
companies at this address
See who is registered here
1 establishment unit
BRABO DAKWERKEN
since 20012.100.442.156
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11463D0325/00K002 | Flanders | 1,491 m² | 1 · 984 m² | 8.2 m · 3 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 22,827 companies in sector 43211 we hold annual accounts for 10,338. 8,765 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
Founded31-05-2001
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
43410Roofing work
43222Installation of electric heating, air conditioning, cooling and ventilation
43240Other construction installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0474931992
Also
9925:BE0474931992
Registered
04-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.