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AR

Active
Private limited companyfounded 2023active for 3 yearsChaussée de Bertrix,NEU 12, 6840 Neufchâteau, BelgiumKBO/BCE: BE 0800.815.667

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 27-07-2026 at the NBB all 2 filings

Amounts without an identifiable currency are taken as euros.

Turnover
≈ €1.5m
Estimated: probably between €1.1m and €1.9m
Total assets
€553,024▲ 42.4%
2024 · €388,441
Net result
€33,348
2024 · -€48,762
Working capital
-€30,885▲ 65.3%
2024 · -€89,115
Multi-year overview
2024 to 2025, 2 financial years
Operating result
€74,672
2025
20242025
Net result
€33,348
2025
middle half of the sector
20242025
Equity
€24,586
2025
lowest quarter of the sector
20242025
Total assets
€553,024
▲ 42.4% 2025
middle half of the sector
20242025
Debt
€528,438
▲ 26.7% 2025
20242025
Working capital
-€30,885
▲ 65.3% 2025
lowest quarter of the sector
20242025
Solvency
4.4%
▲ 11.9pp 2025
lowest quarter of the sector
20242025
Current ratio
0.93
▲ 0.18 2025
lowest quarter of the sector
20242025
Return on assets (ROA)
6.0%
▲ 18.6pp 2025
middle half of the sector
20242025
Staff (FTE)
5.5
▼ 40.9% 2025
middle half of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20242025
Operating result-€25,532-€74,672
Net result-€48,762below the sector's middle half-€33,348within the sector's middle half
Equity-€28,762below the sector's middle half-€24,586below the sector's middle half
Total assets€388,441above the sector's middle half-€553,024within the sector's middle half▲ 42.4%
Debt€417,202-€528,438▲ 26.7%
Working capital-€89,115below the sector's middle half--€30,885below the sector's middle half▲ 65.3%
Solvency-7.4%below the sector's middle half-4.4%below the sector's middle half▲ 11.9pp
Current ratio0.74below the sector's middle half-0.93below the sector's middle half▲ 0.18
Return on assets (ROA)-12.6%below the sector's middle half-6.0%within the sector's middle half▲ 18.6pp
Staff (FTE)9.3-5.5within the sector's middle half▼ 40.9%
above within below The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.

The operating result for 2025 is a profit of €74,672, after a loss of €25,532 in 2024.

Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €553,024
Fixed assets €167,740 ▲ 25.4%
Current assets €385,285 ▲ 51.3%
Equity and liabilities €553,024
Equity €24,586
Debt €528,438
Debt's share of the balance-sheet total is 95.6%.
Key figures and ratios
2025 value · change against 2024
EBITDA
€109,275▲
2024 · €11,134
Cash flow
€67,951▲
2024 · -€12,096
Quick ratio
0.55▲
2024 · 0.32
Debt to equity
21.49
ROE
135.6%
Interest coverage
3.01▲
2024 · 0.47
Debt ≤ 1 year
€416,170▲
2024 · €343,809
Debt > 1 year
€111,581▲
2024 · €73,393
Income taxes
€7,678
Staff costs
€264,750▼
2024 · €354,199
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202431-12-2025
Employees at the balance-sheet date146
full-time94
part-time52
in full-time equivalents11.85
Average over the year, in full-time equivalents9.35.5
On a permanent contract1-
Joined-2
Left-4

Source: social balance sheet in the 2024 to 2025 annual accounts

Investments

fixed assets acquired
Item20242025
Tangible fixed assets€90,412€68,596
Intangible fixed assets€80,000-
Depreciation and write-downs of the year€36,665€34,603

Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet Code20242025
Assets
Total assets20/58€388,441€553,024▲
Fixed assets21/28€133,747€167,740▲
Intangible fixed assets21€60,478€49,079▼
Tangible fixed assets22/27€73,268€118,660▲
Land and buildings22€670€470▼
Plant, machinery and equipment23€72,598€81,980▲
Furniture and vehicles24-€36,210
Current assets29/58€254,694€385,285▲
Stocks and contracts in progress3€144,238€155,348▲
Stocks30/36€144,238€155,348▲
Amounts receivable within one year40/41€61,575€128,006▲
Trade receivables40€59,767€120,898▲
Other amounts receivable41€1,808€7,108▲
Cash at bank and in hand54/58€35,167€92,990▲
Deferred charges and accrued income490/1€13,715€8,941▼
Equity and liabilities
Total equity and liabilities10/49€388,441€553,024▲
Equity10/15-€28,762€24,586▲
Contributions10/11€20,000€40,000▲
Profit (loss) carried forward14-€48,762-€15,414▲
Amounts payable17/49€417,202€528,438▲
Amounts payable after more than one year17€73,393€111,581▲
Financial debts170/4€73,393€111,581▲
Amounts payable within one year42/48€343,809€416,170▲
Current portion of amounts payable after more than one year42€23,167€38,542▲
Financial debts43-€2,495
Credit institutions430/8-€2,495
Trade debts44€204,072€257,477▲
Suppliers440/4€204,072€257,477▲
Taxes, remuneration and social security45€49,710€72,657▲
Taxes450/3€26,874€44,893▲
Remuneration and social security454/9€22,837€27,764▲
Other amounts payable47/48€66,859€45,000▼
Accrued charges and deferred income492/3-€687
Income statement Code20242025
Remuneration, social security and pensions62€354,199€264,750▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€36,665€34,603▼
Other operating charges640/8€13,552€10,334▼
Non-recurring operating charges66A€2,000€346▼
Gross operating margin9900€380,884€384,705▲
Operating profit (loss)9901-€25,532€74,672▲
Financial income75/76B€636€2,708▲
Recurring financial income75€636€2,708▲
Financial charges65/66B€23,866€36,354▲
Recurring financial charges65€23,866€36,354▲
Profit (loss) for the period before taxes9903-€48,762€41,026▲
Income taxes67/77-€7,678
Profit (loss) for the period9904-€48,762€33,348▲
Profit (loss) for the period to be appropriated9905-€48,762€33,348▲
Appropriation of the result
Profit (loss) to be appropriated9906-€48,762-€15,414▲
Profit (loss) brought forward from the previous period14P--€48,762
Social balance sheet
Average headcount (FTE)9087-5.5

The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 27-07-2026.

Line20242025Change
Remuneration, social security and pensions62€354,199€264,750▼ 25.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€36,665€34,603▼ 5.6%
Other operating charges640/8€13,552€10,334▼ 23.7%
Non-recurring operating charges66A€2,000€346▼ 82.7%
Gross operating margin9900€380,884€384,705▲ 1.0%
Operating profit (loss)9901-€25,532€74,672-
Financial income75/76B€636€2,708▲ 326%
Recurring financial income75€636€2,708▲ 326%
Financial charges65/66B€23,866€36,354▲ 52.3%
Recurring financial charges65€23,866€36,354▲ 52.3%
Profit (loss) for the period before taxes9903-€48,762€41,026-
Income taxes67/77-€7,678-
Profit (loss) for the period9904-€48,762€33,348-
Profit (loss) for the period to be appropriated9905-€48,762€33,348-
Line20242025Change
Assets
Total assets20/58€388,441€553,024▲ 42.4%
Fixed assets21/28€133,747€167,740▲ 25.4%
Intangible fixed assets21€60,478€49,079▼ 18.8%
Tangible fixed assets22/27€73,268€118,660▲ 62.0%
Land and buildings22€670€470▼ 29.8%
Plant, machinery and equipment23€72,598€81,980▲ 12.9%
Furniture and vehicles24-€36,210-
Current assets29/58€254,694€385,285▲ 51.3%
Stocks and contracts in progress3€144,238€155,348▲ 7.7%
Stocks30/36€144,238€155,348▲ 7.7%
Amounts receivable within one year40/41€61,575€128,006▲ 108%
Trade receivables40€59,767€120,898▲ 102%
Other amounts receivable41€1,808€7,108▲ 293%
Cash at bank and in hand54/58€35,167€92,990▲ 164%
Deferred charges and accrued income490/1€13,715€8,941▼ 34.8%
Equity and liabilities
Total equity and liabilities10/49€388,441€553,024▲ 42.4%
Equity10/15-€28,762€24,586-
Contributions10/11€20,000€40,000▲ 100%
Profit (loss) carried forward14-€48,762-€15,414▲ 68.4%
Amounts payable17/49€417,202€528,438▲ 26.7%
Amounts payable after more than one year17€73,393€111,581▲ 52.0%
Financial debts170/4€73,393€111,581▲ 52.0%
Amounts payable within one year42/48€343,809€416,170▲ 21.0%
Current portion of amounts payable after more than one year42€23,167€38,542▲ 66.4%
Financial debts43-€2,495-
Credit institutions430/8-€2,495-
Trade debts44€204,072€257,477▲ 26.2%
Suppliers440/4€204,072€257,477▲ 26.2%
Taxes, remuneration and social security45€49,710€72,657▲ 46.2%
Taxes450/3€26,874€44,893▲ 67.1%
Remuneration and social security454/9€22,837€27,764▲ 21.6%
Other amounts payable47/48€66,859€45,000▼ 32.7%
Accrued charges and deferred income492/3-€687-
Line20242025Change
Profit (loss) for the period9904-€48,762€33,348-
+ Depreciation and write-downs630€36,665€34,603▼ 5.6%
Operating cash flow (approximation)-€12,096€67,951-
Investment in fixed assets (approximation)--€68,596-
Change in cash-€57,824-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 2,157 companies had the same profile as AR has now. Two years later, 94.1% were still going and 3.0% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • solvency under 10%
  • a profit of 5% of the balance sheet or more
94.1% was still going
2.8% stopped otherwise
3.0% went bankrupt

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of AR itself: 1.6% within 12 months.

Test of the method

The method was tested on the 497,446 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 2,157 companies, not a prediction for AR. 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.

Filings with the National Bank (2)
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 27-07-2026 2026-00378433 PDF
31-12-2024 micro format 14-08-2025 2025-00375592 PDF

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