Equity
-€46,601
Debts exceed assets in financial year 2024.
AARFA
Lifetime
2 annual accounts with figures on one time axispeak -€10,791 (2023)
-€12,661▼ €1,870
lowest -€37,534 (2024)
-€37,534▼ €22,467
peak -€9,067 (2023)
-€46,601▼ €37,534
€55,849▲ 252%
Board2 names since 2023
1 directorSHINWARI Gulzada
Documentsfilings and deeds
24-11-2025116 days late
2024micro format
Gross margin from -€10,791 to -€12,661Loss of €37,534Equity from -€9,067 to -€46,601Debts from €15,853 to €55,849Cash from €345 to €2,525
Key points
from the 2024 annual accountsLosses
-€52,601 in two years
The 2023 and 2024 financial years closed with a loss. 2024 was the heaviest.
Debts
€55,849 604% of the balance sheet
Suppliers 2%Taxes and wages 32%Other 66%
Investments
€4,660 16.1 × depreciation
Green is investment, beige is depreciation.
Starting capital
€6,000 100 shares
Position in the sector
-503.9%
Lower solvency than 95% of companies in repair of computers and personal goods. Sector median 37.2% · 3,517 companies.
2025 accounts not filed, 101 days past the deadlineTurnover not published (micro format)
Checked score
32
Weak
Financially stronger than 10% of micro companies in repair of computers and personal goods (NACE 95)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
7.1% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 5,138 companies (NACE 95, micro).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 4.7%
01-2025: 2.7%▼ -2.0 percentage points vs 12-2024lowest value
02-2025: 2.8%▲ +0.1 percentage points vs 01-2025
03-2025: 3.0%▲ +0.2 percentage points vs 02-2025
04-2025: 3.1%▲ +0.1 percentage points vs 03-2025
05-2025: 3.1%● unchanged vs 04-2025
06-2025: 3.1%● unchanged vs 05-2025
07-2025: 3.1%● unchanged vs 06-2025
08-2025: 3.1%● unchanged vs 07-2025
09-2025: 3.1%● unchanged vs 08-2025
10-2025: 3.1%● unchanged vs 09-2025
11-2025: 7.1%▲ +4.0 percentage points vs 10-2025
12-2025: 3.3%▼ -3.8 percentage points vs 11-2025
01-2026: 3.9%▲ +0.6 percentage points vs 12-2025
02-2026: 3.9%● unchanged vs 01-2026
03-2026: 3.9%● unchanged vs 02-2026
04-2026: 3.9%● unchanged vs 03-2026
05-2026: 3.9%● unchanged vs 04-2026
06-2026: 3.7%▼ -0.2 percentage points vs 05-2026
07-2026: 3.8%▲ +0.1 percentage points vs 06-2026
08-2026: 4.7%▲ +0.9 percentage points vs 07-2026
09-2026: 5.1%▲ +0.4 percentage points vs 08-2026
10-2026: 7.1%▲ +2.0 percentage points vs 09-2026highest value
11-2026: 7.1%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
1 financial year not filed after the legal deadline; last filed accounts filed 116 days late; 2 of the last 3 accounts late
Figures for financial year 2024 (filed on 26-11-2025)
Founded in 2023
lowers risk
Size: total assets €9,248
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 95, micro). It does better than 6% of them on solvency, 26% on liquidity, 5% on profitability and 2% 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 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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, 7,639 companies had the same profile as AARFA has now. Each dot stands for 20 companies, two years later.
84.8%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AARFA itself: 7.1% 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 7,639 companies, not a prediction for AARFA. 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
No credit on open account
Liquidity is insufficient, with a current ratio of 0.09 (0.03 in 2023), below 1. Short-term debt is 603.9% and cash 27.3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises risk
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
2324
2023 to 2024 · latest year -€46,601
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 101 days later.
NBB · 2 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline09-11-2026 today
raises risk · 2024 accounts filed 116 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-11-2025, 116 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.
NBB · 2 filingsDeviation from the deadline
2025
not filed
2024
116 days late
2023
481 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 299 days after the deadline. In the sector (NACE 95), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (1)
Recent changes
New establishment in Mons
Grand-Route 139
Transfer of 50 shares from ADNAN Ali Shah to SHINWARI Gulzada
Appointment: SHINWARI Gulzada (director) · Resignation: ADNAN Ali Shah (director) · Director discharge: ADNAN Ali Shah · General meeting of 09-11-2023 · Gazette deed
Incorporation
Founding capital of €6,000, 100 shares · Founders: ADNAN Ali Shah and SHINWARI Gulzada · Appointment: ADNAN Ali Shah (director) · published on 07-04-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| AARFA Quiévrain | €9,248 | -€12,661 | -503.9% | - |
| AFG.113 Manage | €6,679 | -€15,272 | -184.2% | - |
| VDB DETAILING Evergem | €7,038 | €1,025 | 8.6% | - |
| Lucky's car service Opwijk | €10,748 | €1,404 | 37.2% | - |
| MELIKA WASH Balen | €14,290 | -€10,100 | -608.2% | - |
| AA NEW CONCEPT Molenbeek-Saint-Jean | €12,815 | -€9,019 | 40.7% | - |
| XTREM DETAILING Molenbeek-Saint-Jean | €14,756 | -€3,351 | -21.1% | - |
These companies have the same main activity as AARFA: washing and cleaning of motor vehicles (NACE 95316). They are comparable in size and age: total assets between €6,680 and €14,800, founded between 2022 and 2023.
Official details
Source: KBO- Status
- Active since 05-04-2023Normal situation
- Activity
- Washing and cleaning of motor vehiclesNACE 95316
- Establishment units
- 2.381.389.3927380 Quiévrain, since 01-01-2025
- 2.381.926.2587000 Mons, since 01-01-2026
- Financial year end
- 31 December
- Peppol
- Reachable
Insights on AARFA
The computed 12-month bankruptcy probability of AARFA is 7.1% (elevated). The 2024 annual accounts show negative equity (-€46,601) and a net result of -€37,534.
Its solvency ranks better than 5% of 3,517 sector peers (NACE 95, financial year 2024). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
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 AARFA
- What is the company number of AARFA?
- The company number of AARFA is 0800.442.515. The VAT number is the same number with BE in front: BE 0800.442.515.
- Where is AARFA based?
- The registered office is at Rue de Mons 141, 7380 Quiévrain.Company details
- What does AARFA do?
- According to the KBO register, the main activity is washing and cleaning of motor vehicles (NACE 95316).
- What is the legal form of AARFA?
- AARFA is a private limited company (BV).
- When was AARFA founded?
- AARFA was founded on 05-04-2023.
- Is AARFA still active?
- Yes, AARFA is an active enterprise in the KBO register.
- What is the turnover of AARFA?
- The annual accounts for financial year 2024 state no turnover. The micro format does not require it.Financials
- Is AARFA profitable?
- In financial year 2024, AARFA made a loss of €37,534.
- Where can I find the annual accounts of AARFA?
- AARFA filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Next steps
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