ARA EXPORT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 8 filings
Turnover
€590,855▲ 39.4%
2022 · €423,742
EBIT margin
7.7%▲ 4.0pp
2022 · 3.7%
Net result
€23,807▼ 38.8%
2024 · €38,889
Working capital
€137,594▲ 22.5%
2024 · €112,296
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€70,803
▲ 56.0%
2025
20182025
Net result
€23,807
▼ 38.8%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€148,249
▲ 19.1%
2025
middle half of the sector
20182025
Total assets
€190,117
▼ 8.0%
2025
middle half of the sector
20182025
Debt
€41,867
▼ 49.0%
2025
20182025
Working capital
€137,594
▲ 22.5%
2025
highest quarter of the sector
20182025
Solvency
78.0%
▲ 17.7pp
2025
highest quarter of the sector
20182025
Current ratio
4.29
▲ 1.92
2025
highest quarter of the sector
20182025
Return on assets (ROA)
12.5%
▼ 6.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€402,622€423,742▲ 5.2%€590,855
Operating result-€3,053--€5,705▼ 86.9%€22,607€22,716▲ 0.5%€15,505▼ 31.7%€28,895▲ 86.4%€45,395▲ 57.1%€70,803▲ 56.0%
Net result-€3,093--€6,070▼ 96.3%€23,290within the sector's middle half€17,198within the sector's middle half▼ 26.2%€12,056within the sector's middle half▼ 29.9%€23,572within the sector's middle half▲ 95.5%€38,889above the sector's middle half▲ 65.0%€23,807within the sector's middle half▼ 38.8%
EBIT margin5.6%3.7%▼ 2.0pp7.7%
Equity€10,107-€9,437▼ 6.6%€32,727within the sector's middle half▲ 247%€49,925within the sector's middle half▲ 52.6%€61,981within the sector's middle half▲ 24.1%€85,553within the sector's middle half▲ 38.0%€124,442within the sector's middle half▲ 45.5%€148,249within the sector's middle half▲ 19.1%
Total assets€29,894-€108,481▲ 263%€145,931within the sector's middle half▲ 34.5%€225,990within the sector's middle half▲ 54.9%€199,934within the sector's middle half▼ 11.5%€239,436within the sector's middle half▲ 19.8%€206,588within the sector's middle half▼ 13.7%€190,117within the sector's middle half▼ 8.0%
Debt€19,787-€99,045▲ 401%€113,204▲ 14.3%€176,065▲ 55.5%€137,954▼ 21.6%€153,883▲ 11.5%€82,146▼ 46.6%€41,867▼ 49.0%
Working capital€7,240-€1,200▼ 83.4%-€52within the sector's middle half€29,444within the sector's middle half€47,332within the sector's middle half▲ 60.8%€69,340within the sector's middle half▲ 46.5%€112,296within the sector's middle half▲ 61.9%€137,594above the sector's middle half▲ 22.5%
Solvency33.8%-8.7%▼ 25.1pp22.4%within the sector's middle half▲ 13.7pp22.1%within the sector's middle half▼ 0.3pp31.0%within the sector's middle half▲ 8.9pp35.7%within the sector's middle half▲ 4.7pp60.2%within the sector's middle half▲ 24.5pp78.0%above the sector's middle half▲ 17.7pp
Current ratio1.37-1.01▼ 0.351.00within the sector's middle half▼ 0.011.17within the sector's middle half▲ 0.171.34within the sector's middle half▲ 0.171.45within the sector's middle half▲ 0.112.37within the sector's middle half▲ 0.924.29above the sector's middle half▲ 1.92
Return on assets (ROA)-10.3%--5.6%▲ 4.8pp16.0%above the sector's middle half▲ 21.6pp7.6%within the sector's middle half▼ 8.3pp6.0%within the sector's middle half▼ 1.6pp9.8%within the sector's middle half▲ 3.8pp18.8%above the sector's middle half▲ 9.0pp12.5%within the sector's middle half▼ 6.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 56% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €190,117
Fixed assets
€10,655 ▼ 12.3%
Current assets
€179,461 ▼ 7.7%
Equity and liabilities €190,117
Equity
€148,249 ▲ 19.1%
Debt
€41,867 ▼ 49.0%
Debt's share of the balance-sheet total falls from 39.8% to 22.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€81,394▲
2024 · €53,152
Cash flow
€34,398▼
2024 · €46,646
Quick ratio
1.91▲
2024 · 0.65
Debt to equity
0.28▼
2024 · 0.66
ROE
16.1%▼
2024 · 31.3%
Interest coverage
56.79▼
2024 · over 100
Debt ≤ 1 year
€41,867▼
2024 · €82,146
Income taxes
€8,262▼
2024 · €9,187
Staff costs
€49,433▼
2024 · €104,209
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,500 | €3,641 | €18,129 | €3,690 | €9,000 |
| Financial fixed assets | - | - | - | - | €100 |
| Depreciation and write-downs of the year | €13,298 | €11,973 | €16,565 | €7,757 | €10,591 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €402,622 | €423,742 | - | €590,855 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €334,989 | €352,461 | - | €439,342 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €24,738 | €62,431 | €93,015 | €104,209 | €49,433 | ▼ 52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,433 | €4,645 | €5,514 | €13,298 | €11,973 | €16,565 | €7,757 | €10,591 | ▲ 36.5% |
| Other operating charges640/8 | - | - | - | €9,922 | €8,165 | €4,362 | €2,560 | €8,567 | ▲ 235% |
| Gross operating margin9900 | -€1,470 | -€911 | €28,324 | €70,674 | €98,075 | €142,837 | €159,921 | €139,393 | ▼ 12.8% |
| Operating profit (loss)9901 | -€3,053 | -€5,705 | €22,607 | €22,716 | €15,505 | €28,895 | €45,395 | €70,803 | ▲ 56.0% |
| Financial income75/76B | - | - | - | €1 | - | €1,466 | €3,160 | - | - |
| Recurring financial income75 | - | - | €5,000 | €1 | - | €2 | €3,044 | - | - |
| Non-recurring financial income76B | - | - | - | - | - | €1,465 | €116 | - | - |
| Financial charges65/66B | - | - | - | €459 | €856 | €338 | €478 | €38,733 | ▲ 81× |
| Recurring financial charges65 | €40 | €366 | €317 | €459 | €856 | €338 | €478 | €1,433 | ▲ 200% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €37,300 | - |
| Profit (loss) for the period before taxes9903 | -€3,093 | -€6,070 | €27,290 | €22,258 | €14,649 | €30,023 | €48,077 | €32,070 | ▼ 33.3% |
| Income taxes67/77 | - | - | €4,000 | €5,060 | €2,593 | €6,451 | €9,187 | €8,262 | ▼ 10.1% |
| Profit (loss) for the period9904 | -€3,093 | -€6,070 | €23,290 | €17,198 | €12,056 | €23,572 | €38,889 | €23,807 | ▼ 38.8% |
| Profit (loss) for the period to be appropriated9905 | -€3,093 | -€6,070 | €23,290 | €17,198 | €12,056 | €23,572 | €38,889 | €23,807 | ▼ 38.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,894 | €108,481 | €145,931 | €225,990 | €199,934 | €239,436 | €206,588 | €190,117 | ▼ 8.0% |
| Fixed assets21/28 | €2,867 | €8,237 | €32,779 | €22,981 | €14,649 | €16,213 | €12,146 | €10,655 | ▼ 12.3% |
| Tangible fixed assets22/27 | €2,867 | €8,237 | €32,779 | €22,981 | €14,649 | €16,213 | €12,146 | €10,555 | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | €3,500 | €2,800 | €2,100 | €5,029 | €3,591 | ▼ 28.6% |
| Furniture and vehicles24 | - | - | - | €19,481 | €11,849 | €14,113 | €7,118 | €6,965 | ▼ 2.2% |
| Financial fixed assets28 | - | - | - | - | - | - | - | €100 | - |
| Current assets29/58 | €27,027 | €100,245 | €113,152 | €203,008 | €185,286 | €223,223 | €194,441 | €179,461 | ▼ 7.7% |
| Stocks and contracts in progress3 | - | €30,000 | €5,000 | €33,000 | €81,000 | €96,000 | €141,000 | €99,614 | ▼ 29.4% |
| Stocks30/36 | - | - | - | €33,000 | €81,000 | €96,000 | €141,000 | €99,614 | ▼ 29.4% |
| Amounts receivable within one year40/41 | €16,803 | €64,856 | €66,421 | €77,489 | €96,834 | €77,182 | €43,767 | €46,761 | ▲ 6.8% |
| Trade receivables40 | - | - | - | €70,195 | €93,327 | €71,527 | €40,207 | €45,670 | ▲ 13.6% |
| Other amounts receivable41 | - | - | - | €7,294 | €3,507 | €5,656 | €3,560 | €1,091 | ▼ 69.4% |
| Cash at bank and in hand54/58 | €10,224 | €5,388 | €41,731 | €88,805 | €6,315 | €48,297 | €6,272 | €33,087 | ▲ 428% |
| Deferred charges and accrued income490/1 | - | - | - | €3,714 | €1,137 | €1,743 | €3,402 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,894 | €108,481 | €145,931 | €225,990 | €199,934 | €239,436 | €206,588 | €190,117 | ▼ 8.0% |
| Equity10/15 | €10,107 | €9,437 | €32,727 | €49,925 | €61,981 | €85,553 | €124,442 | €148,249 | ▲ 19.1% |
| Contributions10/11 | €13,200 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€3,093 | -€9,163 | €14,127 | €31,325 | €43,381 | €66,953 | €105,842 | €129,649 | ▲ 22.5% |
| Amounts payable17/49 | €19,787 | €99,045 | €113,204 | €176,065 | €137,954 | €153,883 | €82,146 | €41,867 | ▼ 49.0% |
| Amounts payable within one year42/48 | €19,787 | €99,045 | €113,204 | €173,565 | €137,954 | €153,883 | €82,146 | €41,867 | ▼ 49.0% |
| Trade debts44 | €7,865 | €50,604 | €67,515 | €99,655 | €24,035 | €25,582 | €3,854 | €17,965 | ▲ 366% |
| Suppliers440/4 | - | - | - | €99,655 | €24,035 | €25,582 | €3,854 | €17,965 | ▲ 366% |
| Advances received on contracts in progress46 | - | - | - | - | - | €8,000 | €8,000 | €9,080 | ▲ 13.5% |
| Taxes, remuneration and social security45 | - | - | - | €14,853 | €19,472 | €21,497 | €19,316 | €14,823 | ▼ 23.3% |
| Taxes450/3 | - | - | - | €7,060 | €5,330 | €5,597 | €3,329 | €9,027 | ▲ 171% |
| Remuneration and social security454/9 | - | - | - | €7,793 | €14,143 | €15,900 | €15,987 | €5,796 | ▼ 63.7% |
| Other amounts payable47/48 | - | - | - | €59,057 | €94,447 | €98,803 | €50,976 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,500 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,093 | -€6,070 | €23,290 | €17,198 | €12,056 | €23,572 | €38,889 | €23,807 | ▼ 38.8% |
| + Depreciation and write-downs630 | €1,433 | €4,645 | €5,514 | €13,298 | €11,973 | €16,565 | €7,757 | €10,591 | ▲ 36.5% |
| Operating cash flow (approximation) | -€1,660 | -€1,425 | €28,804 | €30,496 | €24,029 | €40,137 | €46,646 | €34,398 | ▼ 26.3% |
| Investment in fixed assets (approximation) | - | -€10,015 | -€30,056 | -€3,500 | -€3,641 | -€18,129 | -€3,690 | -€9,100 | ▼ 147% |
| Change in cash | - | -€4,836 | €36,343 | €47,074 | -€82,491 | €41,982 | -€42,025 | €26,814 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as ARA EXPORT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARA EXPORT itself: 0.4% 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.
| 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 26,972 companies, not a prediction for ARA EXPORT. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-06-2026 | 2026-00176609 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00398098 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00368109 | |
| 31-12-2022 | micro format | 26-08-2023 | 2023-00356554 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20361728 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65400058 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60200538 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800412 |