AP-ART
ActiveSummary
AP-ART has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €376k and a net result of €125k. Equity is growing by ~15.1% per year across the filed fiscal years. Its solvency ranks better than 61% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+6
Solvency78▼-7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 2.04 against 2.83 in 2024; short-term debt: 16% and cash: 28.7% of total assets), and 46.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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
53.3%
Return on assets
17.8%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 22-12-2025, 40 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
40 d early
2024
1 d early
2023
1 d early
2022
39 d early
2021
on the day
2020
2 d early
2019
1 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€376k▼ 52.6%
2024 · €792k
2019: €311klowest in 7 years
2020: €338k▲ +8.8% vs 2019
2021: €427k▲ +26.4% vs 2020
2022: €468k▲ +9.4% vs 2021
2023: €626k▲ +33.8% vs 2022
2024: €792k▲ +26.6% vs 2023highest in 7 years
2025: €376k▼ -52.6% vs 2024
2019 → 2025
Total assets
€705k▼ 46.2%
2024 · €1.31M
2019: €1.02M
2020: €1.12M▲ +9.8% vs 2019
2021: €1.17M▲ +5.1% vs 2020
2022: €1.19M▲ +1.3% vs 2021
2023: €1.27M▲ +6.5% vs 2022
2024: €1.31M▲ +3.5% vs 2023highest in 7 years
2025: €705k▼ -46.2% vs 2024lowest in 7 years
2019 → 2025
Net result
€125k▼ 24.7%
2024 · €166k
2019: €28k
2020: €27k▼ -1.0% vs 2019lowest in 7 years
2021: €89k▲ +225% vs 2020
2022: €40k▼ -55.2% vs 2021
2023: €158k▲ +295% vs 2022
2024: €166k▲ +5.2% vs 2023highest in 7 years
2025: €125k▼ -24.7% vs 2024
2019 → 2025
Working capital
€117k▼ 75.2%
2024 · €473k
2019: €31k
2020: €29k▼ -4.4% vs 2019lowest in 7 years
2021: €84k▲ +187% vs 2020
2022: €70k▼ -16.3% vs 2021
2023: €184k▲ +162% vs 2022
2024: €473k▲ +157% vs 2023highest in 7 years
2025: €117k▼ -75.2% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€427k-€468k▲ 9.4%€626k▲ 33.8%€792k▲ 26.6%€376k▼ 52.6%
2021: €427k
2022: €468k▲ +9.4% vs 2021
2023: €626k▲ +33.8% vs 2022
2024: €792k▲ +26.6% vs 2023highest in 5 years
2025: €376k▼ -52.6% vs 2024lowest in 5 years
Operating result€158k-€76k▼ 51.8%€258k▲ 240%€250k▼ 3.1%€181k▼ 27.5%
2021: €158k
2022: €76k▼ -51.8% vs 2021lowest in 5 years
2023: €258k▲ +240% vs 2022highest in 5 years
2024: €250k▼ -3.1% vs 2023
2025: €181k▼ -27.5% vs 2024
Net result€89k-€40k▼ 55.2%€158k▲ 295%€166k▲ 5.2%€125k▼ 24.7%
2021: €89k
2022: €40k▼ -55.2% vs 2021lowest in 5 years
2023: €158k▲ +295% vs 2022
2024: €166k▲ +5.2% vs 2023highest in 5 years
2025: €125k▼ -24.7% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 28% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €705k
Fixed assets
€475k ▼ 18.0%
Current assets
€230k ▼ 68.5%
Equity and liabilities €705k
Equity
€376k ▼ 52.6%
Debt
€329k ▼ 36.4%
Debt's share of the balance-sheet total rises from 39.5% to 46.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€211k▼
2024 · €303k
Cash flow
€156k▼
2024 · €220k
Current ratio
2.04▼
2024 · 2.83
Debt to equity
0.88▲
2024 · 0.65
ROE
33.4%▲
2024 · 21.0%
ROA
17.8%▲
2024 · 12.7%
Interest coverage
20.66▲
2024 · 9.22
Debt ≤ 1 year
€113k▼
2024 · €258k
Debt > 1 year
€208k▼
2024 · €254k
Income taxes
€46k▼
2024 · €54k
Staff costs
€111k▼
2024 · €392k
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 · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.31M€705k▼
Fixed assets21/28€579k€475k▼
Tangible fixed assets22/27€579k€475k▼
Land and buildings22€412k€391k▼
Plant, machinery and equipment23€149k€29k▼
Furniture and vehicles24€19k€51k▲
Other tangible fixed assets26-€4k
Current assets29/58€731k€230k▼
Stocks and contracts in progress3€75k-
Stocks30/36€75k-
Amounts receivable within one year40/41€611k€26k▼
Trade receivables40€187k€15k▼
Other amounts receivable41€424k€11k▼
Cash at bank and in hand54/58€37k€202k▲
Deferred charges and accrued income490/1€8k€2k▼
Equity and liabilities
Total equity and liabilities10/49€1.31M€705k▼
Equity10/15€792k€376k▼
Contributions10/11€120k€12k▼
Reserves13€672k€363k▼
Non-distributable reserves130/1€7k-
Reserves not available under the articles1311€7k-
Distributable reserves133€665k€363k▼
Amounts payable17/49€518k€329k▼
Amounts payable after more than one year17€254k€208k▼
Financial debts170/4€254k€208k▼
Amounts payable within one year42/48€258k€113k▼
Current portion of amounts payable after more than one year42€55k€46k▼
Trade debts44€154k€7k▼
Suppliers440/4€154k€7k▼
Taxes, remuneration and social security45€48k€48k▼
Taxes450/3€34k€48k▲
Remuneration and social security454/9€15k-
Other amounts payable47/48-€12k
Accrued charges and deferred income492/3€6k€8k▲
Income statement
Code20242025
Remuneration, social security and pensions62€392k€111k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€53k€30k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€19k€24k▲
Other operating charges640/8€22k€21k▼
Gross operating margin9900€736k€367k▼
Operating profit (loss)9901€250k€181k▼
Financial income75/76B€3k€343▼
Recurring financial income75€3k€343▼
Financial charges65/66B€33k€10k▼
Recurring financial charges65€33k€10k▼
Profit (loss) for the period before taxes9903€220k€171k▼
Income taxes67/77€54k€46k▼
Profit (loss) for the period9904€166k€125k▼
Profit (loss) for the period to be appropriated9905€166k€125k▼
Appropriation of the result
Profit (loss) to be appropriated9906€320k€125k▼
Profit (loss) brought forward from the previous period14P€153k-
Transfer from equity791/2-€434k
Transfer to equity691/2€320k€125k▼
To other reserves6921€320k€125k▼
Profit to be distributed694/7-€434k
Return on contributions (dividend)694-€434k
Social balance
Average headcount (FTE)90876.71.8▼
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €355k | €394k | €392k | €111k | ▼ 71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56k | €56k | €60k | €53k | €30k | ▼ 43.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €19k | €24k | ▲ 28.1% |
| Other operating charges640/8 | - | €14k | €2k | €22k | €21k | ▼ 3.3% |
| Gross operating margin9900 | €399k | €501k | €714k | €736k | €367k | ▼ 50.1% |
| Operating profit (loss)9901 | €158k | €76k | €258k | €250k | €181k | ▼ 27.5% |
| Financial income75/76B | - | €2k | €1k | €3k | €343 | ▼ 88.6% |
| Recurring financial income75 | €3k | €2k | €1k | €3k | €343 | ▼ 88.6% |
| Financial charges65/66B | - | €27k | €26k | €33k | €10k | ▼ 68.9% |
| Recurring financial charges65 | €27k | €27k | €26k | €33k | €10k | ▼ 68.9% |
| Profit (loss) for the period before taxes9903 | €134k | €52k | €233k | €220k | €171k | ▼ 22.2% |
| Income taxes67/77 | €44k | €11k | €75k | €54k | €46k | ▼ 14.4% |
| Profit (loss) for the period9904 | €89k | €40k | €158k | €166k | €125k | ▼ 24.7% |
| Profit (loss) for the period to be appropriated9905 | €89k | €40k | €158k | €166k | €125k | ▼ 24.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.17M | €1.19M | €1.27M | €1.31M | €705k | ▼ 46.2% |
| Fixed assets21/28 | €848k | €878k | €852k | €579k | €475k | ▼ 18.0% |
| Tangible fixed assets22/27 | €848k | €878k | €852k | €579k | €475k | ▼ 18.0% |
| Land and buildings22 | - | €686k | €663k | €412k | €391k | ▼ 4.9% |
| Plant, machinery and equipment23 | - | €167k | €166k | €149k | €29k | ▼ 80.5% |
| Furniture and vehicles24 | - | €25k | €22k | €19k | €51k | ▲ 169% |
| Other tangible fixed assets26 | - | - | - | - | €4k | - |
| Current assets29/58 | €324k | €309k | €414k | €731k | €230k | ▼ 68.5% |
| Stocks and contracts in progress3 | €66k | €73k | €80k | €75k | - | - |
| Stocks30/36 | - | €73k | €80k | €75k | - | - |
| Amounts receivable within one year40/41 | €202k | €198k | €246k | €611k | €26k | ▼ 95.8% |
| Trade receivables40 | - | €176k | €242k | €187k | €15k | ▼ 92.2% |
| Other amounts receivable41 | - | €21k | €4k | €424k | €11k | ▼ 97.4% |
| Cash at bank and in hand54/58 | €43k | €26k | €75k | €37k | €202k | ▲ 450% |
| Deferred charges and accrued income490/1 | - | €13k | €13k | €8k | €2k | ▼ 74.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.17M | €1.19M | €1.27M | €1.31M | €705k | ▼ 46.2% |
| Equity10/15 | €427k | €468k | €626k | €792k | €376k | ▼ 52.6% |
| Contributions10/11 | - | €120k | €120k | €120k | €12k | ▼ 89.7% |
| Reserves13 | €157k | €197k | €352k | €672k | €363k | ▼ 45.9% |
| Non-distributable reserves130/1 | - | €7k | €7k | €7k | - | - |
| Reserves not available under the articles1311 | - | €7k | €7k | €7k | - | - |
| Distributable reserves133 | - | €190k | €345k | €665k | €363k | ▼ 45.3% |
| Profit (loss) carried forward14 | €150k | €150k | €153k | - | - | - |
| Amounts payable17/49 | €745k | €720k | €640k | €518k | €329k | ▼ 36.4% |
| Amounts payable after more than one year17 | €505k | €481k | €409k | €254k | €208k | ▼ 17.9% |
| Financial debts170/4 | - | €481k | €409k | €254k | €208k | ▼ 17.9% |
| Amounts payable within one year42/48 | €240k | €239k | €230k | €258k | €113k | ▼ 56.3% |
| Current portion of amounts payable after more than one year42 | - | €82k | €82k | €55k | €46k | ▼ 17.7% |
| Trade debts44 | €33k | €67k | €11k | €154k | €7k | ▼ 95.5% |
| Suppliers440/4 | - | €67k | €11k | €154k | €7k | ▼ 95.5% |
| Advances received on contracts in progress46 | - | - | €15k | - | - | - |
| Taxes, remuneration and social security45 | - | €60k | €102k | €48k | €48k | ▼ 0.5% |
| Taxes450/3 | - | €38k | €75k | €34k | €48k | ▲ 42.1% |
| Remuneration and social security454/9 | - | €21k | €27k | €15k | - | - |
| Other amounts payable47/48 | - | €30k | €20k | - | €12k | - |
| Accrued charges and deferred income492/3 | - | - | - | €6k | €8k | ▲ 37.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89k | €40k | €158k | €166k | €125k | ▼ 24.7% |
| + Depreciation and write-downs630 | €56k | €56k | €60k | €53k | €30k | ▼ 43.4% |
| Operating cash flow (approximation) | €145k | €97k | €218k | €220k | €156k | ▼ 29.2% |
| Investment in fixed assets (approximation) | - | €-87k | €-33k | €219k | €74k | ▼ 66.2% |
| Change in cash | - | €-17k | €49k | €-38k | €166k | ▲ 531% |
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
2025
22-12
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
30-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Highest result since 2019net €166k ▲5.2%
Net result €166k, the highest in the series.
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Equity above €500kEq €626k ▲33.8%
5 profitable years in a row build equity to €626k.
2022
23-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Weakest financial yearnet €27k ▼1%
Net result drops to €27k, the lowest in the series; recovery starts the following year.
30-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-01
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.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
7 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, Brecht · 1 establishment unit since 2006
Ground area
1,448 m²
Building footprint
145 m²
Volume, LiDAR
691 m³
Parcel 11043D0609/00P000, Flanders · tallest building 7.4 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
VD Projects
since 20062.157.713.233
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11043D0609/00P000 | Flanders | 1,448 m² | 1 · 145 m² | 7.4 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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 6,864 EUR awarded · 6,864 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 2,985 EUR | 2,985 EUR |
| 2022 | 1 | 3,879 EUR | 3,879 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 20,018 companies in sector 43320 we hold annual accounts for 9,132. 6,500 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
Founded23-11-2006
Fiscal year end30-06
Activities, NACEBEL 2025
43320Joinery installation
Scores and ratios are computed by Checked and are not a credit decision.