ARBONEO
ActiveSummary
ARBONEO has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €2.1m and a net result of €97,057. Equity is growing by ~38.9% per year across the filed fiscal years. Its solvency ranks better than 59% of 7461 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability44▼-6
Solvency75▼-13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity ample (current ratio 1.63 against 2.13 in 2023; short-term debt: 48.3% and cash: 1.4% of total assets), and 49.8% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
50.2%
Return on assets
2.3%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-07-2025, 22 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
22 d early
2023
22 d early
2022
51 d late
2021
107 d late
2020
58 d late
2019
30 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 24 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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 trust this company with building work?Contractor check 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 What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#5 company by total assets in Malle, Construction sector#5 company by equity in Malle, Construction sector
Equity
€2.1m▲ 4.7%
2023 · €2.1m
Total assets
€4.3m▲ 30.7%
2023 · €3.3m
Net result
€97,057▼ 92.0%
2023 · €1.2m
Working capital
€1.3m▲ 4.6%
2023 · €1.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€221,545▼ 43.7%-€47,746-€10,594▲ 77.8%-€455,662▼ 4,201%€108,319
Net result€273,525above the sector's middle half▼ 41.4%€4,441below the sector's middle half▼ 98.4%-€9,939below the sector's middle half€1.2mabove the sector's middle half€97,057within the sector's middle half▼ 92.0%
Equity€841,289above the sector's middle half▲ 48.2%€845,729above the sector's middle half▲ 0.5%€835,790above the sector's middle half▼ 1.2%€2.1mabove the sector's middle half▲ 146%€2.1mabove the sector's middle half▲ 4.7%
Total assets€1.4mwithin the sector's middle half▲ 9.2%€3.7mabove the sector's middle half▲ 167%€4.1mabove the sector's middle half▲ 9.0%€3.3mabove the sector's middle half▼ 19.4%€4.3mabove the sector's middle half▲ 30.7%
Debt€552,627▼ 22.0%€2.9m▲ 422%€3.2m▲ 12.0%€1.2m▼ 62.2%€2.1m▲ 74.3%
Working capital€892,700above the sector's middle half▲ 16.9%€895,541above the sector's middle half▲ 0.3%€129,512within the sector's middle half▼ 85.5%€1.2mabove the sector's middle half▲ 865%€1.3mabove the sector's middle half▲ 4.6%
Solvency60.4%within the sector's middle half▲ 15.9pp22.7%within the sector's middle half▼ 37.7pp20.6%below the sector's middle half▼ 2.1pp62.7%within the sector's middle half▲ 42.1pp50.2%within the sector's middle half▼ 12.4pp
Current ratio2.95above the sector's middle half▲ 0.321.33within the sector's middle half▼ 1.621.05below the sector's middle half▼ 0.292.13within the sector's middle half▲ 1.091.63within the sector's middle half▼ 0.50
Return on assets (ROA)19.6%above the sector's middle half▼ 16.9pp0.1%below the sector's middle half▼ 19.5pp-0.2%below the sector's middle half▼ 0.4pp37.2%above the sector's middle half▲ 37.4pp2.3%within the sector's middle half▼ 34.9pp
Staff (FTE)6.6within the sector's middle half▲ 50.0%7.7within the sector's middle half▲ 16.7%7within the sector's middle half▼ 9.1%5.6within the sector's middle half▼ 20.0%6within the sector's middle half▲ 7.1%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €108,319 after a loss of €455,662 in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.3m
Fixed assets
€904,066 ▼ 2.2%
Current assets
€3.4m ▲ 43.6%
Equity and liabilities €4.3m
Equity
€2.1m ▲ 4.7%
Debt
€2.1m ▲ 74.3%
Debt's share of the balance-sheet total rises from 37.3% to 49.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€148,921▲
2023 · -€421,498
Cash flow
€137,659▼
2023 · €1.3m
Quick ratio
1.48▼
2023 · 1.79
Debt to equity
0.99▲
2023 · 0.60
ROE
4.5%▼
2023 · 59.3%
Interest coverage
2.73▲
2023 · -7.01
Debt ≤ 1 year
€2.1m▲
2023 · €1.1m
Income taxes
€869▼
2023 · €2,339
Staff costs
€465,606▲
2023 · €437,663
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 10,905 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €481,373 | €456,976 | €437,663 | €465,606 | ▲ 6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,086 | €23,086 | €37,096 | €34,164 | €40,602 | ▲ 18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€19,531 | - | - | - |
| Other operating charges640/8 | - | €3,769 | €21,300 | €3,125 | €6,718 | ▲ 115% |
| Gross operating margin9900 | €605,137 | €460,481 | €485,248 | €19,290 | €621,245 | ▲ 3,121% |
| Operating profit (loss)9901 | €221,545 | -€47,746 | -€10,594 | -€455,662 | €108,319 | ▲ 124% |
| Financial income75/76B | - | €83,350 | €108,372 | €1.7m | €44,184 | ▼ 97.5% |
| Recurring financial income75 | €56,133 | €83,350 | €108,372 | €127,111 | €44,184 | ▼ 65.2% |
| Non-recurring financial income76B | - | - | - | €1.6m | - | - |
| Financial charges65/66B | - | €22,558 | €97,606 | €60,145 | €54,577 | ▼ 9.3% |
| Recurring financial charges65 | €3,442 | €22,558 | €97,606 | €60,145 | €54,577 | ▼ 9.3% |
| Profit (loss) for the period before taxes9903 | €274,235 | €13,046 | €173 | €1.2m | €97,926 | ▼ 92.0% |
| Income taxes67/77 | €710 | €8,606 | €10,112 | €2,339 | €869 | ▼ 62.8% |
| Profit (loss) for the period9904 | €273,525 | €4,441 | -€9,939 | €1.2m | €97,057 | ▼ 92.0% |
| Profit (loss) for the period to be appropriated9905 | €273,525 | €4,441 | -€9,939 | €1.2m | €97,057 | ▼ 92.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €3.7m | €4.1m | €3.3m | €4.3m | ▲ 30.7% |
| Fixed assets21/28 | €43,144 | €136,517 | €1.1m | €924,247 | €904,066 | ▼ 2.2% |
| Intangible fixed assets21 | €11,495 | €84,790 | €98,801 | €75,237 | €61,440 | ▼ 18.3% |
| Tangible fixed assets22/27 | €31,648 | €41,727 | €21,705 | €40,661 | €42,626 | ▲ 4.8% |
| Plant, machinery and equipment23 | - | €27,868 | €20,789 | €31,969 | €36,383 | ▲ 13.8% |
| Furniture and vehicles24 | - | €13,858 | €916 | €7,080 | €5,007 | ▼ 29.3% |
| Other tangible fixed assets26 | - | - | - | €1,611 | €1,236 | ▼ 23.3% |
| Financial fixed assets28 | - | €10,000 | €1.0m | €808,350 | €800,000 | ▼ 1.0% |
| Current assets29/58 | €1.4m | €3.6m | €2.9m | €2.4m | €3.4m | ▲ 43.6% |
| Stocks and contracts in progress3 | €14,208 | €211,562 | €133,937 | €376,475 | €314,468 | ▼ 16.5% |
| Stocks30/36 | - | €124,796 | €99,737 | €76,555 | €65,461 | ▼ 14.5% |
| Contracts in progress37 | - | €86,765 | €34,199 | €299,921 | €249,007 | ▼ 17.0% |
| Amounts receivable within one year40/41 | €1.2m | €2.9m | €2.3m | €1.6m | €2.8m | ▲ 73.1% |
| Trade receivables40 | - | €2.1m | €1.9m | €603,946 | €1.5m | ▲ 147% |
| Other amounts receivable41 | - | €811,628 | €455,878 | €1.0m | €1.3m | ▲ 28.4% |
| Cash at bank and in hand54/58 | €128,110 | €316,999 | €48,886 | €91,875 | €61,081 | ▼ 33.5% |
| Deferred charges and accrued income490/1 | - | €153,602 | €437,031 | €274,923 | €217,448 | ▼ 20.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €3.7m | €4.1m | €3.3m | €4.3m | ▲ 30.7% |
| Equity10/15 | €841,289 | €845,729 | €835,790 | €2.1m | €2.1m | ▲ 4.7% |
| Contributions10/11 | €850,000 | €850,000 | €850,000 | €850,000 | €850,000 | = |
| Capital10 | - | €850,000 | €850,000 | €850,000 | €850,000 | = |
| Issued capital100 | - | €850,000 | €850,000 | €850,000 | €850,000 | = |
| Reserves13 | €2,500 | €2,500 | €2,500 | €62,519 | €67,500 | ▲ 8.0% |
| Non-distributable reserves130/1 | - | €2,500 | €2,500 | €62,519 | €67,500 | ▲ 8.0% |
| Legal reserve130 | - | €2,500 | €2,500 | €62,519 | €67,500 | ▲ 8.0% |
| Profit (loss) carried forward14 | -€11,211 | -€6,771 | -€16,710 | €1.1m | €1.2m | ▲ 8.1% |
| Amounts payable17/49 | €552,627 | €2.9m | €3.2m | €1.2m | €2.1m | ▲ 74.3% |
| Amounts payable within one year42/48 | €458,072 | €2.7m | €2.8m | €1.1m | €2.1m | ▲ 87.8% |
| Financial debts43 | - | €500,000 | €2.1m | €500,000 | €475,000 | ▼ 5.0% |
| Credit institutions430/8 | - | €500,000 | €2.1m | €500,000 | €475,000 | ▼ 5.0% |
| Trade debts44 | €316,120 | €482,889 | €335,482 | €538,336 | €1.1m | ▲ 110% |
| Suppliers440/4 | - | €482,889 | €335,482 | €538,336 | €1.1m | ▲ 110% |
| Taxes, remuneration and social security45 | - | €63,056 | €74,156 | €62,903 | €84,209 | ▲ 33.9% |
| Taxes450/3 | - | €9,339 | €31,269 | €23,080 | €18,114 | ▼ 21.5% |
| Remuneration and social security454/9 | - | €53,717 | €42,888 | €39,822 | €66,095 | ▲ 66.0% |
| Other amounts payable47/48 | - | €1.7m | €304,870 | - | €380,000 | - |
| Accrued charges and deferred income492/3 | - | €186,328 | €414,228 | €120,550 | €60,947 | ▼ 49.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €273,525 | €4,441 | -€9,939 | €1.2m | €97,057 | ▼ 92.0% |
| + Depreciation and write-downs630 | €16,086 | €23,086 | €37,096 | €34,164 | €40,602 | ▲ 18.8% |
| Operating cash flow (approximation) | €289,612 | €27,527 | €27,157 | €1.3m | €137,659 | ▼ 89.0% |
| Investment in fixed assets (approximation) | - | -€116,459 | -€1.0m | €162,095 | -€20,420 | ▼ 113% |
| Change in cash | - | €188,888 | -€268,113 | €42,989 | -€30,794 | ▼ 172% |
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
2026
17-07
State Gazette act
Resignation: Mintjens Group (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur)Permanent representatives: MINTJENS Carl and VERZELEN Karel · Appointment: Phar Lap (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur) · Name change8 facts ▸
State Gazette act
Resignation: Mintjens Group (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur)
Permanent representatives: MINTJENS Carl and VERZELEN Karel · Appointment: Phar Lap (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur) · Name change8 facts ▸
- General meeting, 14-07-2026
- Name change, ARBONEO
- Other statement, opdracht tot opmaak en ondertekening van coördinatie van de statuten en neerlegging in vennootschapsdossier
- Board meeting, raad van bestuur
- Director resignation, Mintjens Group (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur)
- Permanent representative, MINTJENS Carl (permanent representative)
- Director appointment, Phar Lap (gedelegeerde bestuurder/persoon gelast met het dagelijks bestuur)
- Permanent representative, VERZELEN Karel (permanent representative)
09-02
State Gazette act
RestructuringResignation: Phar Lap (director) · Permanent representative: VERZELEN Karel · Merger7 facts ▸
State Gazette act
Restructuring
Resignation: Phar Lap (director) · Permanent representative: VERZELEN Karel · Merger7 facts ▸
- General meeting, 13-01-2026
- Merger, fusion by absorption, ontbinding zonder vereffening
- Accounting effect, 01-01-2026
- Director resignation, Phar Lap (director)
- Director discharge, Phar Lap
- Permanent representative, VERZELEN Karel
- Power of attorney, JESPERS Gerd
2025
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €1.2m
Net result €1.2m after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 2.13
Current ratio from 1.05 to 2.13; short-term debt falls from €2.8m to €1.1m.
31-12
Financial
Equity above €2mEq €2.1m ▲146%
Equity rises from €835,790 to €2.1m.
20-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 51 days late
2022
15-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 107 days late
2021
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 58 days late
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €466,707
Net result €466,707 after one loss-making year.
Show earlier events
31-12
Financial
Liquidity doublescurrent ratio 2.63
Current ratio from 1.10 to 2.63; short-term debt falls from €1.4m to €469,125.
31-12
Financial
Equity above €500,000Eq €567,763 ▲462%
Equity rises from €101,057 to €567,763.
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
10-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 10 days late
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 2 have been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
1 office holder, last change in 2026
Day-to-day management 1
Phar Lap
CurrentGedelegeerde bestuurder/persoon gelast met het dagelijks bestuur · since 17-07-2026 · Private limited company · perm. rep.: VERZELEN Karel
Permanent representatives 1
VERZELEN Karel
CurrentPermanent representative · since 17-07-2026 · for Phar Lap
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
9 of this company's 11 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, Malle · 1 establishment unit since 2015
Ground area
17.1 ha
Building footprint
4.3 ha
Volume, LiDAR
289,672 m³
Parcel 11049C0064/00P000, Flanders · tallest building 26.6 m, ±2 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
1 establishment unit
CLT-S
since 20152.246.889.885
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11049C0064/00P000 | Flanders | 17.1 ha | 1 · 4.3 ha | 26.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 1 in office
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Phar Lap |
|
| Mintjens Group |
|
Articles of association
Name clause
Structure & network
Owners and holdings
2 owners · 1 holdingOwners 2
-
37.5%
-
12.5%
Holdings 1
-
80%
According to the 2024 annual accounts of ARBONEO and those 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
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Acquisitions and mergers
1 transactionTook over:THE RENEWABLE ENGINEERS
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 2,391 EUR awarded · 2,391 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,957 EUR | 1,957 EUR |
| 2022 | 1 | 434 EUR | 434 EUR |
Recognitions · licences · registrations
Recognised contractor
4 categoriesCLT-S NV45757
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Identification & contact
Identification
Legal formPublic limited company
Founded18-09-2015
Fiscal year end31-12
Legal name NL
CLT-S
Activities, NACEBEL 2025
41001General construction of residential buildings
43990Other specialised construction activities
41002Construction of residential and non-residential buildings
43320Joinery installation
43333Wallpapering and laying of floor and wall coverings in other materials
E-invoicing
Reachable via Peppol
Peppol ID
0208:0637866951
Also
9925:BE0637866951
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.