ARAMI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-06-2026 at the NBB all 7 filings
Turnover
≈ €350,000
Estimated: probably between €310,000 and €430,000
Total assets
€709,238▲ 13.5%
2024 · €625,092
Net result
€163,619▲ 8.8%
2024 · €150,438
Working capital
€410,598▼ 9.6%
2024 · €454,357
In the rankings
#4 company by total assets in Boechout, Telecoms and IT sector#4 company by equity in Boechout, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€195,410
▼ 5.3%
2025
20192025
Net result
€163,619
▲ 8.8%
2025
highest quarter of the sector
20192025
Equity
€513,443
▼ 11.9%
2025
highest quarter of the sector
20192025
Total assets
€709,238
▲ 13.5%
2025
highest quarter of the sector
20192025
Debt
€195,796
▲ 362%
2025
20192025
Working capital
€410,598
▼ 9.6%
2025
highest quarter of the sector
20192025
Solvency
72.4%
▼ 20.8pp
2025
middle half of the sector
20192025
Current ratio
3.10
▼ 8.61
2025
middle half of the sector
20192025
Return on assets (ROA)
23.1%
▼ 1.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€128,640-€138,879▲ 8.0%€76,157▼ 45.2%€31,168▼ 59.1%€214,052▲ 587%€206,330▼ 3.6%€195,410▼ 5.3%
Net result€88,209-€97,444above the sector's middle half▲ 10.5%€53,094above the sector's middle half▼ 45.5%€14,244within the sector's middle half▼ 73.2%€160,658above the sector's middle half▲ 11×€150,438above the sector's middle half▼ 6.4%€163,619above the sector's middle half▲ 8.8%
Equity€106,809-€204,253above the sector's middle half▲ 91.2%€257,347above the sector's middle half▲ 26.0%€271,591above the sector's middle half▲ 5.5%€432,249above the sector's middle half▲ 59.2%€582,687above the sector's middle half▲ 34.8%€513,443above the sector's middle half▼ 11.9%
Total assets€108,559-€232,172within the sector's middle half▲ 114%€269,232within the sector's middle half▲ 16.0%€294,232above the sector's middle half▲ 9.3%€464,449above the sector's middle half▲ 57.9%€625,092above the sector's middle half▲ 34.6%€709,238above the sector's middle half▲ 13.5%
Debt€1,750-€27,918▲ 16×€11,885▼ 57.4%€22,642▲ 90.5%€32,200▲ 42.2%€42,405▲ 31.7%€195,796▲ 362%
Working capital€59,547-€150,514above the sector's middle half▲ 153%€215,936above the sector's middle half▲ 43.5%€244,881above the sector's middle half▲ 13.4%€417,933above the sector's middle half▲ 70.7%€454,357above the sector's middle half▲ 8.7%€410,598above the sector's middle half▼ 9.6%
Solvency98.4%-88.0%above the sector's middle half▼ 10.4pp95.6%above the sector's middle half▲ 7.6pp92.3%above the sector's middle half▼ 3.3pp93.1%above the sector's middle half▲ 0.8pp93.2%above the sector's middle half▲ 0.1pp72.4%within the sector's middle half▼ 20.8pp
Current ratio35.02-6.39above the sector's middle half▼ 28.6319.17above the sector's middle half▲ 12.7811.82above the sector's middle half▼ 7.3513.98above the sector's middle half▲ 2.1611.71above the sector's middle half▼ 2.263.10within the sector's middle half▼ 8.61
Return on assets (ROA)81.3%-42.0%above the sector's middle half▼ 39.3pp19.7%within the sector's middle half▼ 22.3pp4.8%within the sector's middle half▼ 14.9pp34.6%above the sector's middle half▲ 29.7pp24.1%within the sector's middle half▼ 10.5pp23.1%within the sector's middle half▼ 1.0pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 5% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The 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 €709,238
Fixed assets
€103,366 ▼ 19.5%
Current assets
€605,872 ▲ 22.0%
Equity and liabilities €709,238
Equity
€513,443 ▼ 11.9%
Debt
€195,796 ▲ 362%
Debt's share of the balance-sheet total rises from 6.8% to 27.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€224,804▲
2024 · €222,808
Cash flow
€193,013▲
2024 · €166,916
Debt to equity
0.38▲
2024 · 0.07
ROE
31.9%▲
2024 · 25.8%
Interest coverage
over 100▲
2024 · -185.05
Debt ≤ 1 year
€195,274▲
2024 · €42,405
Income taxes
€47,842▼
2024 · €65,247
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 | €2,717 | - | €2,236 | €130,491 | €4,431 |
| Depreciation and write-downs of the year | €15,046 | €14,701 | €14,629 | €16,478 | €29,394 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €120 awarded · €120 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,411 | €13,319 | €15,046 | €14,701 | €14,629 | €16,478 | €29,394 | ▲ 78.4% |
| Other operating charges640/8 | - | - | €1,177 | €1,599 | €2,107 | €1,631 | €836 | ▼ 48.7% |
| Gross operating margin9900 | €145,098 | €153,013 | €92,380 | €47,468 | €230,788 | €224,439 | €225,640 | ▲ 0.5% |
| Operating profit (loss)9901 | €128,640 | €138,879 | €76,157 | €31,168 | €214,052 | €206,330 | €195,410 | ▼ 5.3% |
| Financial income75/76B | - | - | €0 | €3,970 | €3,602 | €8,150 | €16,354 | ▲ 101% |
| Recurring financial income75 | - | - | €0 | €3,970 | €3,602 | €8,150 | €16,354 | ▲ 101% |
| Financial charges65/66B | - | - | €303 | €12,429 | -€10,948 | -€1,204 | €303 | - |
| Recurring financial charges65 | €34 | €33 | €303 | €12,429 | -€10,948 | -€1,204 | €303 | - |
| Profit (loss) for the period before taxes9903 | €128,606 | €138,846 | €75,854 | €22,709 | €228,602 | €215,685 | €211,461 | ▼ 2.0% |
| Income taxes67/77 | €40,398 | €41,401 | €22,760 | €8,465 | €67,944 | €65,247 | €47,842 | ▼ 26.7% |
| Profit (loss) for the period9904 | €88,209 | €97,444 | €53,094 | €14,244 | €160,658 | €150,438 | €163,619 | ▲ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €88,209 | €97,444 | €53,094 | €14,244 | €160,658 | €150,438 | €163,619 | ▲ 8.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €108,559 | €232,172 | €269,232 | €294,232 | €464,449 | €625,092 | €709,238 | ▲ 13.5% |
| Fixed assets21/28 | €47,262 | €53,739 | €41,410 | €26,710 | €14,316 | €128,329 | €103,366 | ▼ 19.5% |
| Tangible fixed assets22/27 | €47,262 | €53,739 | €41,410 | €26,710 | €14,316 | €128,329 | €103,366 | ▼ 19.5% |
| Furniture and vehicles24 | - | - | €41,410 | €26,710 | €14,316 | €128,329 | €103,366 | ▼ 19.5% |
| Current assets29/58 | €61,297 | €178,432 | €227,821 | €267,523 | €450,133 | €496,763 | €605,872 | ▲ 22.0% |
| Amounts receivable within one year40/41 | €2,977 | €599 | €12,639 | €30,930 | €76,313 | €90,041 | €103,156 | ▲ 14.6% |
| Trade receivables40 | - | - | - | €26,234 | €76,313 | €90,041 | €84,889 | ▼ 5.7% |
| Other amounts receivable41 | - | - | €12,639 | €4,697 | €0 | - | €18,267 | - |
| Current investments50/53 | - | - | €59,903 | €65,662 | €294,653 | €313,903 | €431,903 | ▲ 37.6% |
| Cash at bank and in hand54/58 | €56,707 | €175,854 | €153,561 | €169,931 | €75,538 | €82,854 | €64,670 | ▼ 21.9% |
| Deferred charges and accrued income490/1 | - | - | €1,718 | €999 | €3,628 | €9,964 | €6,143 | ▼ 38.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €108,559 | €232,172 | €269,232 | €294,232 | €464,449 | €625,092 | €709,238 | ▲ 13.5% |
| Equity10/15 | €106,809 | €204,253 | €257,347 | €271,591 | €432,249 | €582,687 | €513,443 | ▼ 11.9% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €88,209 | €185,653 | €238,747 | €252,991 | €413,649 | €564,087 | €494,843 | ▼ 12.3% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | €236,887 | €251,131 | €413,649 | €564,087 | €494,843 | ▼ 12.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €1,750 | €27,918 | €11,885 | €22,642 | €32,200 | €42,405 | €195,796 | ▲ 362% |
| Amounts payable within one year42/48 | €1,750 | €27,918 | €11,885 | €22,642 | €32,200 | €42,405 | €195,274 | ▲ 360% |
| Trade debts44 | €683 | €9,794 | €1,407 | €4,681 | €4,009 | €5,103 | €892 | ▼ 82.5% |
| Suppliers440/4 | - | - | €1,407 | €4,681 | €4,009 | €5,103 | €892 | ▼ 82.5% |
| Taxes, remuneration and social security45 | - | - | €0 | €12,752 | €22,018 | €35,452 | €39,042 | ▲ 10.1% |
| Taxes450/3 | - | - | €0 | €12,752 | €22,018 | €35,452 | €39,042 | ▲ 10.1% |
| Other amounts payable47/48 | - | - | €10,478 | €5,208 | €6,173 | €1,850 | €155,340 | ▲ 84× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €522 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €88,209 | €97,444 | €53,094 | €14,244 | €160,658 | €150,438 | €163,619 | ▲ 8.8% |
| + Depreciation and write-downs630 | €14,411 | €13,319 | €15,046 | €14,701 | €14,629 | €16,478 | €29,394 | ▲ 78.4% |
| Operating cash flow (approximation) | €102,619 | €110,764 | €68,140 | €28,945 | €175,287 | €166,916 | €193,013 | ▲ 15.6% |
| Investment in fixed assets (approximation) | - | -€19,797 | -€2,717 | €0 | -€2,236 | -€130,491 | -€4,431 | ▲ 96.6% |
| Change in cash | - | €119,147 | -€22,293 | €16,370 | -€94,393 | €7,316 | -€18,184 | - |
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, 6,782 companies had the same profile as ARAMI has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of ARAMI itself: < 0.1% 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 6,782 companies, not a prediction for ARAMI. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-06-2026 | 2026-00209005 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00278279 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00163434 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00149233 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20077234 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22600316 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19400303 |