ARBOTH
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 34 filings
Turnover
≈ €150,000
Estimated: probably between €110,000 and €230,000
Total assets
€281,737▼ 13.6%
2024 · €326,246
Net result
€17,068▲ 65.7%
2024 · €10,298
Working capital
€239,132▼ 4.0%
2024 · €248,998
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,027
▲ 39.2%
2025
20182025
Net result
€17,068
▲ 65.7%
2025
middle half of the sector
20182025
Equity
€254,891
▲ 7.2%
2025
middle half of the sector
20182025
Total assets
€281,737
▼ 13.6%
2025
middle half of the sector
20182025
Debt
€26,847
▼ 69.6%
2025
20182025
Working capital
€239,132
▼ 4.0%
2025
middle half of the sector
20182025
Solvency
90.5%
▲ 17.6pp
2025
highest quarter of the sector
20182025
Current ratio
9.91
▲ 4.74
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.1%
▲ 2.9pp
2025
middle half of the sector
20182025
Staff (FTE)
1
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
Operating result€89,578-€5,242▼ 94.1%€13,867▲ 165%€32,664▲ 136%€64,257▲ 96.7%€23,967▼ 62.7%€17,262▼ 28.0%€24,027▲ 39.2%
Net result€63,181-€1,353▼ 97.9%€11,616within the sector's middle half▲ 759%€20,550within the sector's middle half▲ 76.9%€44,356within the sector's middle half▲ 116%€15,771within the sector's middle half▼ 64.4%€10,298within the sector's middle half▼ 34.7%€17,068within the sector's middle half▲ 65.7%
Equity€295,579-€276,932▼ 6.3%€268,548above the sector's middle half▼ 3.0%€289,098above the sector's middle half▲ 7.7%€308,454above the sector's middle half▲ 6.7%€227,525within the sector's middle half▼ 26.2%€237,823within the sector's middle half▲ 4.5%€254,891within the sector's middle half▲ 7.2%
Total assets€400,744-€390,671▼ 2.5%€373,086within the sector's middle half▼ 4.5%€382,094within the sector's middle half▲ 2.4%€381,741within the sector's middle half▼ 0.1%€269,890within the sector's middle half▼ 29.3%€326,246within the sector's middle half▲ 20.9%€281,737within the sector's middle half▼ 13.6%
Debt€105,165-€113,739▲ 8.2%€104,538▼ 8.1%€92,996▼ 11.0%€73,287▼ 21.2%€42,365▼ 42.2%€88,423▲ 109%€26,847▼ 69.6%
Working capital€200,014-€182,451▼ 8.8%€162,415above the sector's middle half▼ 11.0%€177,434above the sector's middle half▲ 9.2%€189,322above the sector's middle half▲ 6.7%€204,228above the sector's middle half▲ 7.9%€248,998above the sector's middle half▲ 21.9%€239,132within the sector's middle half▼ 4.0%
Solvency73.8%-70.9%▼ 2.9pp72.0%within the sector's middle half▲ 1.1pp75.7%within the sector's middle half▲ 3.7pp80.8%above the sector's middle half▲ 5.1pp84.3%above the sector's middle half▲ 3.5pp72.9%within the sector's middle half▼ 11.4pp90.5%above the sector's middle half▲ 17.6pp
Current ratio4.92-3.33▼ 1.583.24within the sector's middle half▼ 0.093.31within the sector's middle half▲ 0.073.58within the sector's middle half▲ 0.285.82above the sector's middle half▲ 2.245.17above the sector's middle half▼ 0.659.91above the sector's middle half▲ 4.74
Return on assets (ROA)15.8%-0.3%▼ 15.4pp3.1%within the sector's middle half▲ 2.8pp5.4%within the sector's middle half▲ 2.3pp11.6%within the sector's middle half▲ 6.2pp5.8%within the sector's middle half▼ 5.8pp3.2%within the sector's middle half▼ 2.7pp6.1%within the sector's middle half▲ 2.9pp
Staff (FTE)2.6-2▼ 23.1%1.8within the sector's middle half▼ 10.0%1.4▼ 22.2%1▼ 28.6%1=1within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 39% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €281,737
Fixed assets
€15,759 ▼ 9.9%
Current assets
€265,978 ▼ 13.9%
Equity and liabilities €281,737
Equity
€254,891 ▲ 7.2%
Debt
€26,847 ▼ 69.6%
Debt's share of the balance-sheet total falls from 27.1% to 9.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,761▲
2024 · €19,107
Cash flow
€18,801▲
2024 · €12,143
Debt to equity
0.11▼
2024 · 0.37
ROE
6.7%▲
2024 · 4.3%
Interest coverage
18.20▲
2024 · 5.86
Debt ≤ 1 year
€26,847▼
2024 · €59,756
Income taxes
€6,242▲
2024 · €4,198
Staff costs
€48,402▲
2024 · €66
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.4 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 0 | - | - | 1 |
| Left | 1 | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,299 | €3,098 | €1,652 | - | - |
| Depreciation and write-downs of the year | €11,607 | €11,719 | €5,938 | €1,845 | €1,734 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €1,224 awarded · €1,224 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €556 | €556 |
| 2024 | 1 | €266 | €266 |
| 2023 | 1 | €402 | €402 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,500 | €29,230 | €8,711 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €94,337 | €83,108 | €96,849 | €66 | €48,402 | ▲ 729× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,357 | €19,686 | €11,518 | €11,607 | €11,719 | €5,938 | €1,845 | €1,734 | ▼ 6.0% |
| Other operating charges640/8 | - | - | - | €1,643 | €1,668 | €2,038 | €1,275 | €1,799 | ▲ 41.1% |
| Gross operating margin9900 | €252,580 | €128,918 | €122,500 | €140,251 | €160,751 | €128,792 | €20,449 | €75,962 | ▲ 271% |
| Operating profit (loss)9901 | €89,578 | €5,242 | €13,867 | €32,664 | €64,257 | €23,967 | €17,262 | €24,027 | ▲ 39.2% |
| Financial income75/76B | - | - | - | €50 | €334 | €326 | €496 | €698 | ▲ 40.8% |
| Recurring financial income75 | €351 | €420 | €377 | €50 | €334 | €326 | €496 | €698 | ▲ 40.8% |
| Financial charges65/66B | - | - | - | €1,075 | €1,604 | €4,157 | €3,261 | €1,415 | ▼ 56.6% |
| Recurring financial charges65 | €1,883 | €1,638 | €1,362 | €1,075 | €1,604 | €4,157 | €3,261 | €1,415 | ▼ 56.6% |
| Profit (loss) for the period before taxes9903 | €88,046 | €4,024 | €12,881 | €31,638 | €62,986 | €20,136 | €14,496 | €23,310 | ▲ 60.8% |
| Income taxes67/77 | €24,865 | €2,672 | €1,265 | €11,088 | €18,631 | €4,366 | €4,198 | €6,242 | ▲ 48.7% |
| Profit (loss) for the period9904 | €63,181 | €1,353 | €11,616 | €20,550 | €44,356 | €15,771 | €10,298 | €17,068 | ▲ 65.7% |
| Profit (loss) for the period to be appropriated9905 | €63,181 | €1,353 | €11,616 | €20,550 | €44,356 | €15,771 | €10,298 | €17,068 | ▲ 65.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €400,744 | €390,671 | €373,086 | €382,094 | €381,741 | €269,890 | €326,246 | €281,737 | ▼ 13.6% |
| Fixed assets21/28 | €149,656 | €129,971 | €138,062 | €127,754 | €119,132 | €23,296 | €17,492 | €15,759 | ▼ 9.9% |
| Tangible fixed assets22/27 | €147,496 | €127,811 | €138,062 | €127,754 | €119,132 | €23,296 | €17,492 | €15,759 | ▼ 9.9% |
| Land and buildings22 | - | - | - | €98,042 | €91,550 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,897 | €3,890 | €3,727 | €2,045 | €475 | ▼ 76.8% |
| Furniture and vehicles24 | - | - | - | €27,814 | €23,692 | €19,570 | €15,447 | €15,284 | ▼ 1.1% |
| Financial fixed assets28 | €2,160 | €2,160 | - | - | - | - | - | - | - |
| Current assets29/58 | €251,088 | €260,700 | €235,024 | €254,341 | €262,608 | €246,593 | €308,754 | €265,978 | ▼ 13.9% |
| Amounts receivable within one year40/41 | €107,114 | €122,518 | €99,845 | €127,104 | €103,079 | €105,436 | €167,377 | €112,372 | ▼ 32.9% |
| Trade receivables40 | - | - | - | €125,153 | €88,789 | €94,641 | €161,826 | €112,372 | ▼ 30.6% |
| Other amounts receivable41 | - | - | - | €1,951 | €14,290 | €10,795 | €5,550 | - | - |
| Cash at bank and in hand54/58 | €140,325 | €136,379 | €133,069 | €124,303 | €158,206 | €138,991 | €140,408 | €151,721 | ▲ 8.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,934 | €1,324 | €2,166 | €969 | €1,886 | ▲ 94.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €400,744 | €390,671 | €373,086 | €382,094 | €381,741 | €269,890 | €326,246 | €281,737 | ▼ 13.6% |
| Equity10/15 | €295,579 | €276,932 | €268,548 | €289,098 | €308,454 | €227,525 | €237,823 | €254,891 | ▲ 7.2% |
| Contributions10/11 | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | = |
| Capital10 | - | - | - | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | = |
| Issued capital100 | - | - | - | €80,565 | €80,565 | €80,565 | €80,565 | €80,565 | = |
| Reserves13 | €215,014 | €196,366 | €187,982 | €208,533 | €227,889 | €146,959 | €157,257 | €174,325 | ▲ 10.9% |
| Non-distributable reserves130/1 | - | - | - | €8,057 | €8,057 | €8,057 | €8,057 | €8,057 | = |
| Legal reserve130 | - | - | - | €8,057 | €8,057 | €8,057 | €8,057 | €8,057 | = |
| Distributable reserves133 | - | - | - | €200,476 | €219,832 | €138,903 | €149,201 | €166,269 | ▲ 11.4% |
| Amounts payable17/49 | €105,165 | €113,739 | €104,538 | €92,996 | €73,287 | €42,365 | €88,423 | €26,847 | ▼ 69.6% |
| Amounts payable after more than one year17 | €54,091 | €35,453 | €31,929 | €16,089 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €16,089 | - | - | - | - | - |
| Amounts payable within one year42/48 | €51,074 | €78,249 | €72,609 | €76,907 | €73,287 | €42,365 | €59,756 | €26,847 | ▼ 55.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,840 | €16,089 | - | - | - | - |
| Trade debts44 | €18,077 | €3,655 | €16,919 | €33,016 | €29,283 | €40,465 | €50,918 | €9,553 | ▼ 81.2% |
| Suppliers440/4 | - | - | - | €33,016 | €29,283 | €40,465 | €50,918 | €9,553 | ▼ 81.2% |
| Taxes, remuneration and social security45 | - | - | - | €28,051 | €27,915 | €1,900 | €8,709 | €16,540 | ▲ 89.9% |
| Taxes450/3 | - | - | - | €20,456 | €15,200 | €1,900 | €8,709 | €15,111 | ▲ 73.5% |
| Remuneration and social security454/9 | - | - | - | €7,595 | €12,715 | - | - | €1,429 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €129 | €753 | ▲ 483% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €28,667 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,181 | €1,353 | €11,616 | €20,550 | €44,356 | €15,771 | €10,298 | €17,068 | ▲ 65.7% |
| + Depreciation and write-downs630 | €29,357 | €19,686 | €11,518 | €11,607 | €11,719 | €5,938 | €1,845 | €1,734 | ▼ 6.0% |
| Operating cash flow (approximation) | €92,538 | €21,038 | €23,134 | €32,158 | €56,075 | €21,708 | €12,143 | €18,801 | ▲ 54.8% |
| Investment in fixed assets (approximation) | - | €0 | -€19,609 | -€1,299 | -€3,098 | €89,898 | €3,959 | €0 | ▼ 100% |
| Change in cash | - | -€3,945 | -€3,310 | -€8,766 | €33,903 | -€19,215 | €1,417 | €11,312 | ▲ 698% |
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, 31,368 companies had the same profile as ARBOTH has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARBOTH 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 31,368 companies, not a prediction for ARBOTH. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00193505 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00282598 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00245777 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00231021 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20170685 | |
| 31-12-2020 | micro format | 25-05-2021 | 2021-15200192 | |
| 31-12-2019 | micro format | 17-08-2020 | 2020-42100289 | |
| 31-12-2018 | micro format | 16-07-2019 | 2019-33600420 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58500040 | |
| 31-12-2016 | micro format | 11-07-2017 | 2017-30500321 |