ARB
ActiveFinancials · financial year 2026, abbreviated format
2026 annual accounts filed 5 days after the deadline Filed on 5 October 2026, deadline 30 September 2026 (7 months after the close on 28 February 2026, Companies Code art. 3:10). Source: NBB, 2026-00546535.
Annual accounts 2026 filed on 05-10-2026 at the NBB all 47 filings
Turnover
€65,098▲ 5.3%
2025 · €61,819
EBIT margin
62.6%▲ 1.5pp
2025 · 61.1%
Net result
€28,578▲ 4.5%
2025 · €27,344
Working capital
€101,933▼ 74.4%
2025 · €397,568
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€65,098
▲ 5.3%
2026
20192026
Operating result
€40,781
▲ 7.9%
2026
20192026
Net result
€28,578
▲ 4.5%
2026
20192026
EBIT margin
62.6%
▲ 1.5pp
2026
20192026
Equity
€226,812
▼ 57.5%
2026
20192026
Total assets
€568,420
▼ 11.9%
2026
20192026
Debt
€341,609
▲ 205%
2026
20192026
Working capital
€101,933
▼ 74.4%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€61,819€65,098▲ 5.3%
Operating result€51,342-€7,670▼ 85.1%€29,563▲ 285%€32,340▲ 9.4%€34,555▲ 6.8%€38,386▲ 11.1%€37,802▼ 1.5%€40,781▲ 7.9%
Net result€39,768-€5,227▼ 86.9%€21,774▲ 317%€23,756▲ 9.1%€25,135▲ 5.8%€28,087▲ 11.7%€27,344▼ 2.6%€28,578▲ 4.5%
EBIT margin61.1%62.6%▲ 1.5pp
Equity€509,411-€514,638▲ 1.0%€536,412▲ 4.2%€560,168▲ 4.4%€585,303▲ 4.5%€613,390▲ 4.8%€533,234▼ 13.1%€226,812▼ 57.5%
Total assets€518,953-€516,884▼ 0.4%€542,589▲ 5.0%€572,619▲ 5.5%€596,579▲ 4.2%€624,656▲ 4.7%€645,115▲ 3.3%€568,420▼ 11.9%
Debt€9,542-€2,245▼ 76.5%€6,177▲ 175%€12,451▲ 102%€11,277▼ 9.4%€11,266▼ 0.1%€111,881▲ 893%€341,609▲ 205%
Working capital€298,929-€316,897▲ 6.0%€351,412▲ 10.9%€387,908▲ 10.4%€425,784▲ 9.8%€466,612▲ 9.6%€397,568▼ 14.8%€101,933▼ 74.4%
The operating result for 2026 is 8% higher than in 2025 and the highest since 2022. It is a recovery after the fall in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €568,420
Fixed assets
€124,879 ▼ 8.0%
Current assets
€443,541 ▼ 12.9%
Equity and liabilities €568,420
Equity
€226,812 ▼ 57.5%
Debt
€341,609 ▲ 205%
Debt's share of the balance-sheet total rises from 17.3% to 60.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€51,569▲
2025 · €48,914
Cash flow
€39,365▲
2025 · €38,455
Current ratio
1.30▼
2025 · 4.55
Debt to equity
1.51▲
2025 · 0.21
ROE
12.6%▲
2025 · 5.1%
ROA
5.0%▲
2025 · 4.2%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€341,609▲
2025 · €111,881
Income taxes
€13,542▲
2025 · €12,448
Customer credit
139 days▼
2025 · 170 days
Supplier credit
10 days▼
2025 · 202 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €61,819 | €65,098 | ▲ 5.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €6,013 | €6,421 | ▲ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,741 | €12,741 | €12,741 | €12,741 | €12,741 | €12,741 | €11,111 | €10,788 | ▼ 2.9% |
| Other operating charges640/8 | - | - | - | €5,900 | €6,044 | €6,673 | €6,892 | €7,108 | ▲ 3.1% |
| Gross operating margin9900 | €69,740 | €26,524 | €48,161 | €50,981 | €53,340 | €57,800 | €55,806 | €58,677 | ▲ 5.1% |
| Operating profit (loss)9901 | €51,342 | €7,670 | €29,563 | €32,340 | €34,555 | €38,386 | €37,802 | €40,781 | ▲ 7.9% |
| Financial income75/76B | - | - | - | €14 | €13 | €13 | €2,103 | €1,431 | ▼ 32.0% |
| Recurring financial income75 | €13 | €10 | €14 | €14 | €13 | €13 | €2,103 | €1,431 | ▼ 32.0% |
| Financial charges65/66B | - | - | - | €257 | €284 | €87 | €114 | €93 | ▼ 18.1% |
| Recurring financial charges65 | €110 | €258 | €184 | €257 | €284 | €87 | €114 | €93 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | €51,245 | €7,423 | €29,393 | €32,096 | €34,284 | €38,312 | €39,792 | €42,119 | ▲ 5.8% |
| Income taxes67/77 | €11,477 | €2,196 | €7,619 | €8,340 | €9,149 | €10,224 | €12,448 | €13,542 | ▲ 8.8% |
| Profit (loss) for the period9904 | €39,768 | €5,227 | €21,774 | €23,756 | €25,135 | €28,087 | €27,344 | €28,578 | ▲ 4.5% |
| Profit (loss) for the period to be appropriated9905 | €39,768 | €5,227 | €21,774 | €23,756 | €25,135 | €28,087 | €27,344 | €28,578 | ▲ 4.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €518,953 | €516,884 | €542,589 | €572,619 | €596,579 | €624,656 | €645,115 | €568,420 | ▼ 11.9% |
| Fixed assets21/28 | €210,482 | €197,741 | €185,000 | €172,260 | €159,519 | €146,778 | €135,666 | €124,879 | ▼ 8.0% |
| Tangible fixed assets22/27 | €140,482 | €127,741 | €115,000 | €102,260 | €89,519 | €76,778 | €65,666 | €54,879 | ▼ 16.4% |
| Land and buildings22 | - | - | - | €102,260 | €89,519 | €76,778 | €65,666 | €54,879 | ▼ 16.4% |
| Financial fixed assets28 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Current assets29/58 | €308,471 | €319,142 | €357,589 | €400,360 | €437,061 | €477,878 | €509,449 | €443,541 | ▼ 12.9% |
| Amounts receivable within one year40/41 | €25,143 | €25,450 | €25,450 | €25,143 | €25,143 | €25,143 | €28,826 | €24,789 | ▼ 14.0% |
| Other amounts receivable41 | - | - | - | €25,143 | €25,143 | €25,143 | €28,826 | €24,789 | ▼ 14.0% |
| Current investments50/53 | €124,837 | €124,844 | €124,853 | €124,863 | €124,871 | €124,880 | - | €50,000 | - |
| Cash at bank and in hand54/58 | €155,333 | €165,611 | €203,961 | €246,889 | €283,535 | €324,239 | €476,954 | €365,004 | ▼ 23.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,466 | €3,511 | €3,616 | €3,669 | €3,748 | ▲ 2.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €518,953 | €516,884 | €542,589 | €572,619 | €596,579 | €624,656 | €645,115 | €568,420 | ▼ 11.9% |
| Equity10/15 | €509,411 | €514,638 | €536,412 | €560,168 | €585,303 | €613,390 | €533,234 | €226,812 | ▼ 57.5% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €344,947 | €344,947 | €344,947 | €344,947 | €344,947 | €344,947 | €369,947 | €157,447 | ▼ 57.4% |
| Non-distributable reserves130/1 | - | - | - | €21,000 | €21,000 | €21,000 | €21,000 | €21,000 | = |
| Legal reserve130 | - | - | - | €21,000 | €21,000 | €21,000 | €21,000 | €21,000 | = |
| Distributable reserves133 | - | - | - | €323,947 | €323,947 | €323,947 | €348,947 | €136,447 | ▼ 60.9% |
| Profit (loss) carried forward14 | €102,964 | €108,191 | €129,965 | €153,721 | €178,855 | €206,943 | €101,787 | €7,864 | ▼ 92.3% |
| Amounts payable17/49 | €9,542 | €2,245 | €6,177 | €12,451 | €11,277 | €11,266 | €111,881 | €341,609 | ▲ 205% |
| Amounts payable within one year42/48 | €9,542 | €2,245 | €6,177 | €12,451 | €11,277 | €11,266 | €111,881 | €341,609 | ▲ 205% |
| Trade debts44 | €153 | €1,830 | €695 | €6,248 | €1,781 | - | €3,336 | €169 | ▼ 94.9% |
| Suppliers440/4 | - | - | - | €6,248 | €1,781 | - | €3,336 | €169 | ▼ 94.9% |
| Taxes, remuneration and social security45 | - | - | - | €5,836 | €9,146 | €10,220 | - | €6,112 | - |
| Taxes450/3 | - | - | - | €5,836 | €9,146 | €10,220 | - | €6,112 | - |
| Other amounts payable47/48 | - | - | - | €367 | €350 | €1,045 | €108,545 | €335,328 | ▲ 209% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,768 | €5,227 | €21,774 | €23,756 | €25,135 | €28,087 | €27,344 | €28,578 | ▲ 4.5% |
| + Depreciation and write-downs630 | €12,741 | €12,741 | €12,741 | €12,741 | €12,741 | €12,741 | €11,111 | €10,788 | ▼ 2.9% |
| Operating cash flow (approximation) | €52,509 | €17,968 | €34,515 | €36,497 | €37,876 | €40,828 | €38,455 | €39,365 | ▲ 2.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €10,278 | €38,350 | €42,927 | €36,647 | €40,704 | €152,715 | -€111,949 | - |
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, 20,136 companies had the same profile as ARB has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of ARB 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 20,136 companies, not a prediction for ARB. 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.
Latest 10 of 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 28-02-2026 | abbreviated format | 05-10-2026 | 2026-00546535 | |
| 28-02-2025 | micro format | 24-09-2025 | 2025-00501824 | |
| 29-02-2024 | micro format | 24-09-2024 | 2024-00469643 | |
| 28-02-2023 | micro format | 30-11-2023 | 2023-00519225 | |
| 28-02-2022 | micro format | 31-10-2022 | 2022-20478684 | |
| 28-02-2021 | micro format | 26-10-2021 | 2021-72900411 | |
| 29-02-2020 | micro format | 11-12-2020 | 2020-75300266 | |
| 28-02-2019 | micro format | 07-10-2019 | 2019-68500541 | |
| 28-02-2018 | micro format | 17-06-2018 | 2018-19900568 | |
| 28-02-2017 | micro format | 23-09-2017 | 2017-62300064 |