ARBEAL
ActiveSummary
The computed 12-month bankruptcy probability of ARBEAL is 4.1% (elevated). The 2025 annual accounts show negative equity (-€1.0m) and a net result of -€8,226. Equity is shrinking by ~40.9% per year across the filed fiscal years. The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability44▲+44
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
4.1%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.1 in 2024; short-term debt: 160.9% of total assets), and equity is negative.
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-120.8%
Return on assets
-1%
Age of the figures
9 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€1.0m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
8 d early
2023
13 d early
2022
on the day
2021
31 d late
2020
61 d late
2019
69 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 16 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?MATHIMMO · 31 companies How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, full schema
Turnover
€651,253
EBIT margin
-49.6%
Net result
-€8,226▲ 97.5%
2024 · -€329,298
Working capital
-€1.3m▼ 18.3%
2024 · -€1.1m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€651,253
Operating result-€84,442▲ 29.1%-€220,889▼ 162%-€186,853▲ 15.4%-€322,777▼ 72.7%€4,134
Net result-€91,548▲ 26.7%-€230,087▼ 151%-€196,968▲ 14.4%-€329,298▼ 67.2%-€8,226▲ 97.5%
EBIT margin-49.6%
Equity-€281,189▼ 48.3%-€511,276▼ 81.8%-€708,244▼ 38.5%-€1.0m▼ 46.5%-€1.0m▼ 0.8%
Total assets€304,538▲ 2.7%€154,308▼ 49.3%€89,430▼ 42.0%€286,386▲ 220%€865,798▲ 202%
Debt€585,727▲ 20.5%€665,584▲ 13.6%€797,674▲ 19.8%€1.3m▲ 66.0%€1.9m▲ 44.4%
Working capital-€68,816▲ 5.2%-€245,888▼ 257%-€747,375▼ 204%-€1.1m▼ 41.9%-€1.3m▼ 18.3%
Staff (FTE)16.513.6▼ 17.6%5.3▼ 61.0%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €4,134 after a loss of €322,777 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €865,798
Fixed assets
€727,617 ▲ 339%
Current assets
€138,181 ▲ 14.6%
Key figures and ratios
EBITDA
€45,017▲
2024 · -€317,911
Cash flow
€32,656▲
2024 · -€324,431
Solvency
-120.8%▲
2024 · -362.3%
Current ratio
0.10▼
2024 · 0.10
Quick ratio
0.10▲
2024 · 0.09
Debt to equity
-1.83▼
2024 · -1.28
ROA
-1.0%▲
2024 · -115.0%
Interest coverage
3.22▲
2024 · -48.76
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Debt > 1 year
€463,969▲
2024 · €135,387
Staff costs
€1,024▼
2024 · €328,661
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,217 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- negative equity
- a small loss
1.2%
went bankrupt
2.6%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 4.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,217 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €651,253 | - | - |
| Non-recurring operating income76A | - | - | €1,108 | €244 | €12,339 | ▲ 4,967% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €631,394 | - | - |
| Remuneration, social security and pensions62 | €400,951 | €650,541 | €581,113 | €328,661 | €1,024 | ▼ 99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,665 | €63,591 | €62,967 | €4,866 | €40,883 | ▲ 740% |
| Other operating charges640/8 | €4,297 | €4,026 | €5,010 | €5,340 | €400 | ▼ 92.5% |
| Non-recurring operating charges66A | - | - | - | €16,817 | €585 | ▼ 96.5% |
| Gross operating margin9900 | €386,471 | €497,269 | €462,237 | €32,908 | €47,025 | ▲ 42.9% |
| Operating profit (loss)9901 | -€84,442 | -€220,889 | -€186,853 | -€322,777 | €4,134 | ▲ 101% |
| Financial income75/76B | €341 | €1,503 | - | - | €1,638 | - |
| Recurring financial income75 | €341 | €1,503 | - | - | €1,638 | - |
| Financial charges65/66B | €7,260 | €10,515 | €10,042 | €6,520 | €13,998 | ▲ 115% |
| Recurring financial charges65 | €7,260 | €10,515 | €10,042 | €6,520 | €13,998 | ▲ 115% |
| Profit (loss) for the period before taxes9903 | -€91,361 | -€229,901 | -€196,894 | -€329,298 | -€8,226 | ▲ 97.5% |
| Income taxes67/77 | €187 | €186 | €74 | - | - | - |
| Profit (loss) for the period9904 | -€91,548 | -€230,087 | -€196,968 | -€329,298 | -€8,226 | ▲ 97.5% |
| Profit (loss) for the period to be appropriated9905 | -€91,548 | -€230,087 | -€196,968 | -€329,298 | -€8,226 | ▲ 97.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €304,538 | €154,308 | €89,430 | €286,386 | €865,798 | ▲ 202% |
| Fixed assets21/28 | €152,877 | €91,452 | €39,131 | €165,816 | €727,617 | ▲ 339% |
| Intangible fixed assets21 | €1,710 | €1,335 | €2,409 | €8,268 | €100,985 | ▲ 1,121% |
| Tangible fixed assets22/27 | €151,167 | €90,117 | €36,722 | €157,548 | €626,632 | ▲ 298% |
| Plant, machinery and equipment23 | €41,535 | €21,202 | €868 | - | €23,219 | - |
| Furniture and vehicles24 | €35,446 | €25,654 | €23,533 | €1,827 | €19,193 | ▲ 951% |
| Other tangible fixed assets26 | €74,186 | €43,262 | €12,321 | €155,722 | €584,219 | ▲ 275% |
| Current assets29/58 | €151,661 | €62,856 | €50,299 | €120,570 | €138,181 | ▲ 14.6% |
| Stocks and contracts in progress3 | €21,146 | €23,943 | €28,812 | €10,201 | €5,131 | ▼ 49.7% |
| Stocks30/36 | €21,146 | €23,943 | €28,812 | €10,201 | €5,131 | ▼ 49.7% |
| Amounts receivable within one year40/41 | €3,809 | €5,200 | €9,088 | €108,345 | €79,694 | ▼ 26.4% |
| Trade receivables40 | €3,809 | €5,200 | €8,597 | €42,579 | €51,934 | ▲ 22.0% |
| Other amounts receivable41 | - | - | €491 | €65,766 | €27,760 | ▼ 57.8% |
| Cash at bank and in hand54/58 | €126,706 | €32,902 | €8,877 | - | - | - |
| Deferred charges and accrued income490/1 | - | €812 | €3,522 | €2,024 | €53,356 | ▲ 2,536% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €304,538 | €154,308 | €89,430 | €286,386 | €865,798 | ▲ 202% |
| Equity10/15 | -€281,189 | -€511,276 | -€708,244 | -€1.0m | -€1.0m | ▼ 0.8% |
| Contributions10/11 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Capital10 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Issued capital100 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Reserves13 | €2,385 | €2,385 | €2,385 | €2,385 | €2,385 | = |
| Non-distributable reserves130/1 | €2,385 | €2,385 | €2,385 | - | €2,385 | - |
| Legal reserve130 | €2,385 | €2,385 | €2,385 | - | €2,385 | - |
| Distributable reserves133 | - | - | - | €2,385 | - | - |
| Profit (loss) carried forward14 | -€363,574 | -€593,661 | -€790,630 | -€1.1m | -€1.1m | ▼ 0.7% |
| Amounts payable17/49 | €585,727 | €665,584 | €797,674 | €1.3m | €1.9m | ▲ 44.4% |
| Amounts payable after more than one year17 | €360,283 | €356,840 | - | €135,387 | €463,969 | ▲ 243% |
| Financial debts170/4 | €360,283 | €356,840 | - | €135,387 | €463,969 | ▲ 243% |
| Amounts payable within one year42/48 | €220,477 | €308,744 | €797,674 | €1.2m | €1.4m | ▲ 18.0% |
| Current portion of amounts payable after more than one year42 | €3,696 | €3,443 | €3,066 | €19,580 | €62,934 | ▲ 221% |
| Trade debts44 | €103,038 | €122,410 | €65,772 | €285,957 | €275,695 | ▼ 3.6% |
| Suppliers440/4 | €103,038 | €122,410 | €65,772 | €285,957 | €275,695 | ▼ 3.6% |
| Taxes, remuneration and social security45 | €93,534 | €79,682 | €62,633 | €30,110 | €758 | ▼ 97.5% |
| Taxes450/3 | €21,483 | €17,190 | €10,984 | €11,673 | - | - |
| Remuneration and social security454/9 | €72,051 | €62,492 | €51,649 | €18,437 | €758 | ▼ 95.9% |
| Other amounts payable47/48 | €20,209 | €103,209 | €666,204 | €845,078 | €1.1m | ▲ 24.6% |
| Accrued charges and deferred income492/3 | €4,967 | - | - | €7,817 | €54,929 | ▲ 603% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€91,548 | -€230,087 | -€196,968 | -€329,298 | -€8,226 | ▲ 97.5% |
| + Depreciation and write-downs630 | €65,665 | €63,591 | €62,967 | €4,866 | €40,883 | ▲ 740% |
| Operating cash flow (approximation) | -€25,883 | -€166,496 | -€134,002 | -€324,431 | €32,656 | ▲ 110% |
| Investment in fixed assets (approximation) | - | -€2,166 | -€10,646 | -€131,552 | -€602,683 | ▼ 358% |
| Change in cash | - | -€93,804 | -€24,025 | - | - | - |
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
2026
20-07
State Gazette act
Resignation: Xavier Suin SRL (director)Permanent representative: Xavier Suin4 facts ▸
State Gazette act
Resignation: Xavier Suin SRL (director)
Permanent representative: Xavier Suin4 facts ▸
- General meeting, 26-06-2026
- Director resignation, Xavier Suin SRL (director)
- Permanent representative, Xavier Suin (représentantpermanent)
- Other statement, exercicedumandatdurantl'année2025, officer discharge
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€329,298
Net result drops to -€329,298, the lowest in the series; recovery starts the following year.
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 61 days late
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 69 days late
2019
31-12
Financial
Back to profitnet €63,316
Net result €63,316 after one loss-making year.
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
7 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 3 establishment units since 2024
Ground area
2.1 ha
Building footprint
1.0 ha
Volume, LiDAR
122,674 m³
2 parcels, Brussels · tallest building 20.1 m, ±5 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
3 establishment units
ARBEAL
since 20242.362.937.717
ARBEAL
since 20252.382.421.156
ARBEAL
since 20262.392.741.164
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21382C0221/00E003 | Brussels | 2.1 ha | 1 · 9,720 m² | 20.1 m · 4 fl. |
| 21807G0092/00V002 | Brussels | 411 m² | 1 · 354 m² | 18.8 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Xavier Suin SRL |
|
Structure & network
Part of the group
MATHIMMO
31 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- MATHIMMO
- RLE INVEST
- ARBEAL
Highest known parent: MATHIMMO. The sources do not say who stands above it.
Owners 2
- RLE INVESTparentSourceaccounts RLE INVEST 2025100%
- TERO INVESTparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Identification & contact
Identification
Legal formPublic limited company
Founded01-04-2014
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0550744818
Also
9925:BE0550744818
Registered
03-12-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.