AARKAM
ActiveSummary
AARKAM has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-13k) and a net result of €8k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 17% of 19356 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability71▲+7
Solvency22=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.6 against 0.54 in 2023; short-term debt: 14.8% and cash: 1.7% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2024Solvency, return and age of the figures
Solvency
-2.6%
Return on assets
1.7%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 19356 sector peers (2024).
NBB · sector comparisonPosition among 19356 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
54 d late
2022
21 d late
2021
62 d late
2020
30 d late
2019
68 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€8k▲ 136%
2023 · €4k
2018: €6k
2019: €-39k▼ -788% vs 2018lowest in 7 years
2020: €-12k▲ +68.1% vs 2019
2021: €-3k▲ +78.6% vs 2020
2022: €-3k▼ -20.8% vs 2021
2023: €4k▲ +211% vs 2022
2024: €8k▲ +136% vs 2023highest in 7 years
2018 → 2024
Working capital
€-29k▲ 7.5%
2023 · €-31k
2018: €-27khighest in 7 years
2019: €-60k▼ -127% vs 2018lowest in 7 years
2020: €-44k▲ +27.6% vs 2019
2021: €-42k▲ +3.6% vs 2020
2022: €-42k▼ -0.6% vs 2021
2023: €-31k▲ +25.6% vs 2022
2024: €-29k▲ +7.5% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€-9k-€-14k▼ 55.1%€-20k▼ 39.4%€-19k▲ 5.7%€-13k▲ 31.7%
2020: €-9khighest in 5 years
2021: €-14k▼ -55.1% vs 2020
2022: €-20k▼ -39.4% vs 2021lowest in 5 years
2023: €-19k▲ +5.7% vs 2022
2024: €-13k▲ +31.7% vs 2023
Operating result€425-€9k▲ 2,068%€8k▼ 18.1%€16k▲ 108%€19k▲ 22.2%
2020: €425lowest in 5 years
2021: €9k▲ +2068% vs 2020
2022: €8k▼ -18.1% vs 2021
2023: €16k▲ +108% vs 2022
2024: €19k▲ +22.2% vs 2023highest in 5 years
Net result€-12k-€-3k▲ 78.6%€-3k▼ 20.8%€4k€8k▲ 136%
2020: €-12klowest in 5 years
2021: €-3k▲ +78.6% vs 2020
2022: €-3k▼ -20.8% vs 2021
2023: €4k▲ +211% vs 2022
2024: €8k▲ +136% vs 2023highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 22% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €494k
Fixed assets
€450k ▼ 11.4%
Current assets
€44k ▲ 20.6%
Key figures and ratios
EBITDA
€85k▲
2023 · €80k
Cash flow
€74k▲
2023 · €68k
Solvency
-2.6%▲
2023 · -3.5%
Current ratio
0.60▲
2023 · 0.54
Debt to equity
-39.49▼
2023 · -29.96
ROA
1.7%▲
2023 · 0.7%
Interest coverage
6.15▲
2023 · 5.35
Debt
€507k▼
2023 · €563k
Debt ≤ 1 year
€73k▲
2023 · €68k
Debt > 1 year
€433k▼
2023 · €494k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 42 lines
Balance sheet
Code20232024
Assets
Total assets20/58€544k€494k▼
Fixed assets21/28€508k€450k▼
Tangible fixed assets22/27€508k€450k▼
Land and buildings22€261k€247k▼
Plant, machinery and equipment23€247k€204k▼
Current assets29/58€36k€44k▲
Amounts receivable within one year40/41€33k€33k▼
Trade receivables40€16k€17k▲
Other amounts receivable41€18k€16k▼
Cash at bank and in hand54/58€22€8k▲
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€544k€494k▼
Equity10/15€-19k€-13k▲
Contributions10/11€19k€19k=
Outside capital11€19k€19k=
Other1109/19€19k€19k=
Profit (loss) carried forward14€-69k€-60k▲
Investment grants15€31k€29k▼
Amounts payable17/49€563k€507k▼
Amounts payable after more than one year17€494k€433k▼
Financial debts170/4€494k€433k▼
Amounts payable within one year42/48€68k€73k▲
Current portion of amounts payable after more than one year42€63k€64k▲
Trade debts44€244€7k▲
Suppliers440/4€244€7k▲
Taxes, remuneration and social security45€5k€1k▼
Taxes450/3€5k€1k▼
Accrued charges and deferred income492/3€922€1k▲
Income statement
Code20232024
Non-recurring operating income76A-€4k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€64k€66k▲
Other operating charges640/8€13k€5k▼
Gross operating margin9900€93k€89k▼
Operating profit (loss)9901€16k€19k▲
Financial income75/76B€3k€3k▲
Recurring financial income75€3k€3k▲
Financial charges65/66B€15k€14k▼
Recurring financial charges65€15k€14k▼
Profit (loss) for the period before taxes9903€4k€8k▲
Profit (loss) for the period9904€4k€8k▲
Profit (loss) for the period to be appropriated9905€4k€8k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-69k€-60k▲
Profit (loss) brought forward from the previous period14P€-72k€-69k▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €264 | - | - | €4k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67k | €62k | €62k | €64k | €66k | ▲ 2.2% |
| Other operating charges640/8 | - | €4k | €4k | €13k | €5k | ▼ 64.1% |
| Gross operating margin9900 | €68k | €75k | €73k | €93k | €89k | ▼ 3.8% |
| Operating profit (loss)9901 | €425 | €9k | €8k | €16k | €19k | ▲ 22.2% |
| Financial income75/76B | - | €2k | €2k | €3k | €3k | ▲ 7.4% |
| Recurring financial income75 | €2k | €2k | €2k | €3k | €3k | ▲ 7.4% |
| Financial charges65/66B | - | €14k | €13k | €15k | €14k | ▼ 7.6% |
| Recurring financial charges65 | €15k | €14k | €13k | €15k | €14k | ▼ 7.6% |
| Profit (loss) for the period before taxes9903 | €-12k | €-3k | €-3k | €4k | €8k | ▲ 136% |
| Profit (loss) for the period9904 | €-12k | €-3k | €-3k | €4k | €8k | ▲ 136% |
| Profit (loss) for the period to be appropriated9905 | €-12k | €-3k | €-3k | €4k | €8k | ▲ 136% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €643k | €567k | €508k | €544k | €494k | ▼ 9.3% |
| Fixed assets21/28 | €614k | €553k | €491k | €508k | €450k | ▼ 11.4% |
| Tangible fixed assets22/27 | €614k | €553k | €491k | €508k | €450k | ▼ 11.4% |
| Land and buildings22 | - | €222k | €209k | €261k | €247k | ▼ 5.7% |
| Plant, machinery and equipment23 | - | €330k | €282k | €247k | €204k | ▼ 17.5% |
| Current assets29/58 | €28k | €14k | €17k | €36k | €44k | ▲ 20.6% |
| Amounts receivable within one year40/41 | €4k | €8k | €14k | €33k | €33k | ▼ 2.3% |
| Trade receivables40 | - | €2k | €8k | €16k | €17k | ▲ 6.9% |
| Other amounts receivable41 | - | €6k | €6k | €18k | €16k | ▼ 10.4% |
| Cash at bank and in hand54/58 | €21k | €6k | €2k | €22 | €8k | ▲ 36,910% |
| Deferred charges and accrued income490/1 | - | €705 | €705 | €3k | €3k | ▲ 0.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €643k | €567k | €508k | €544k | €494k | ▼ 9.3% |
| Equity10/15 | €-9k | €-14k | €-20k | €-19k | €-13k | ▲ 31.7% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | - | €19k | €19k | - | - | - |
| Issued capital100 | - | €19k | €19k | - | - | - |
| Outside capital11 | - | - | - | €19k | €19k | = |
| Other1109/19 | - | - | - | €19k | €19k | = |
| Profit (loss) carried forward14 | €-66k | €-69k | €-72k | €-69k | €-60k | ▲ 12.2% |
| Investment grants15 | - | €36k | €34k | €31k | €29k | ▼ 7.7% |
| Amounts payable17/49 | €652k | €581k | €528k | €563k | €507k | ▼ 10.0% |
| Amounts payable after more than one year17 | €579k | €524k | €468k | €494k | €433k | ▼ 12.4% |
| Financial debts170/4 | - | €524k | €468k | €494k | €433k | ▼ 12.4% |
| Amounts payable within one year42/48 | €72k | €56k | €59k | €68k | €73k | ▲ 7.6% |
| Current portion of amounts payable after more than one year42 | - | €55k | €56k | €63k | €64k | ▲ 2.5% |
| Trade debts44 | €4k | - | - | €244 | €7k | ▲ 2,757% |
| Suppliers440/4 | - | - | - | €244 | €7k | ▲ 2,757% |
| Taxes, remuneration and social security45 | - | €1k | €3k | €5k | €1k | ▼ 68.3% |
| Taxes450/3 | - | €1k | €3k | €5k | €1k | ▼ 68.3% |
| Accrued charges and deferred income492/3 | - | €850 | €850 | €922 | €1k | ▲ 8.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-12k | €-3k | €-3k | €4k | €8k | ▲ 136% |
| + Depreciation and write-downs630 | €67k | €62k | €62k | €64k | €66k | ▲ 2.2% |
| Operating cash flow (approximation) | €55k | €59k | €59k | €68k | €74k | ▲ 9.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €-81k | €-8k | ▲ 90.5% |
| Change in cash | - | €-16k | €-4k | €-2k | €8k | ▲ 588% |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €8k ▲136%
Operating result €19k, net result €8k, both a record.
23-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 54 days late
2023
31-12
Financial
Back to profitnet €4k
Net result €4k after 4 loss-making years.
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 21 days late
2022
01-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 62 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 68 days late
2019
31-12
Financial
Weakest financial yearnet €-39k
Net result drops to €-39k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 27 days late
2017
07-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 7 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, Courcelles · 1 establishment unit since 2016
Ground area
1.4 ha
Building footprint
578 m²
Volume, LiDAR
2,058 m³
Parcel 52322A0103/00H002, Wallonia · tallest building 4.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Rue de Hainaut(CO) 86, 6180 Courcelles
since 20162.257.366.776
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52322A0103/00H002 | Wallonia | 1.4 ha | 1 · 578 m² | 4.0 m · 1 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 7,321 companies in sector 68110 we hold annual accounts for 5,384. 1,417 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
Founded30-09-2015
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
E-mail
jmfrance@fiduciairefrance.beCourcelles
Phone
0478 23.19.26Courcelles
Scores and ratios are computed by Checked and are not a credit decision.