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ARCADE

Active Public limited companyfounded 1991active for 35 yearsQuai Timmermans 14, 4000 LiègeKBO/BCE: BE 0444.013.243

Overview

Lifetime

19 annual accounts with figures on one time axis, 35 filings since 1991
peak €1.2m (2024)
€1.1m▼ 6.2%
lowest -€66,162 (2006)
€41,494▼ 84.2%
peak €2.5m (2025)
€2.5m▲ 1.7%
€7.8m▲ 42.0%
peak 1.4 FTE (2018)
1 FTEunchanged
Board3 names since 2001
3 directorsSCHUMACHER Martine and 2 others
Documentsfilings and deeds
17-07-202614 days before the deadline
2025financial year
Result from €262,304 to €41,494Registered office moved within Liège 16-06Debts from €5.5m to €7.8mInvestments €3.0mCash from €27,531 to €5,190

Key points

from the 2025 annual accounts

Equity

€2.5m ▲ 1.7%

ARCADE has made a profit without a break since 2018.

Result

€41,494 ▼ 84.2%
€262,0002024€41,5002025

The result fell in 2025 from €262,304 to €41,494.

Debts

€7.8m 75% of the balance sheet
Financial debts 78%Suppliers 2%Taxes and wages 1%Other 19%

Of this, €3.1m falls due within a year.

Investments

€2.0m 3.1 × depreciation
20212022202320242025

Green is investment, beige is depreciation. Land and buildings stand 30.7% higher than in 2024.

Staff

1 employees on 31-12-2025
012023872024442025

In 2025, 4 people joined and 4 left.

Filings

35 annual accounts since 1991
AprilJune31 JulyOctober200020102020

Five of the last ten came late. The 2021 accounts came latest: 74 days after the end of the period.

Checked score

69
Healthy
Financially stronger than 43% of micro companies in real estate (NACE 68)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).

About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.2% 01-2025: 0.2%● unchanged vs 12-2024 02-2025: 0.2%● unchanged vs 01-2025 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025lowest value 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.6%▲ +0.4 percentage points vs 06-2025 08-2025: 0.9%▲ +0.3 percentage points vs 07-2025highest value 09-2025: 0.3%▼ -0.6 percentage points vs 08-2025 10-2025: 0.3%● unchanged vs 09-2025 11-2025: 0.3%● unchanged vs 10-2025 12-2025: 0.3%● unchanged vs 11-2025 01-2026: 0.3%● unchanged vs 12-2025 02-2026: 0.3%● unchanged vs 01-2026 03-2026: 0.3%● unchanged vs 02-2026 04-2026: 0.3%● unchanged vs 03-2026 05-2026: 0.4%▲ +0.1 percentage points vs 04-2026 06-2026: 0.4%● unchanged vs 05-2026 07-2026: 0.4%● unchanged vs 06-2026 08-2026: 0.6%▲ +0.2 percentage points vs 07-2026 09-2026: 0.6%● unchanged vs 08-2026 10-2026: 0.6%● unchanged vs 09-2026 11-2026: 0.6%● unchanged vs 10-2026

Financial strength
Average

49-7equity 24.1% of total assets
38+3short-term debt 29.7% · cash 0.1%
55-7return on assets 0.4%

Score breakdown

raises risk
Liquidity: current ratio 0.61, cash €5,190, halved
1 change of registered office in 24 months
lowers risk
Founded in 1991
Size: 1 FTE, total assets €10.3m
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 44% of them on solvency, 30% on liquidity, 45% on profitability and 51% on growth.

The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 3,984 companies had the same profile as ARCADE has now. Each dot stands for 10 companies, two years later.

96.5%
were still trading
2.3%
stopped another way
1.1%
went bankrupt
  • Micro
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of ARCADE itself: 0.6% within 12 months.

Test of the method

The method was tested on the 497,447 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 3,984 companies, not a prediction for ARCADE. 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.

Credit verdict

Credit of up to €170,000 on 30-day terms is acceptable

Liquidity is insufficient, with a current ratio of 0.61 (0.66 in 2024), below 1. Short-term debt is 29.7% and cash 0.1% of total assets. 75.9% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 0.61, cash €5,190, halved
NBB · annual accounts
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
lowers risk · Founded in 1991
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Size: 1 FTE, total assets €10.3m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
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 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
14 days early
2024
28 days late
2023
13 days early
2022
6 days early
2021
74 days late
2020
26 days late
2019
51 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 6 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 25 July (4 of the last 5 accounts filed within 34 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

SM
Managing director
AV
Director, since 15-11-2012
NV
Director, since 15-11-2012
  • TRAVHYDRO-IMMOBILIEREdeed of 06-08-2020
  • VALENTINY Philippe Willy Paul 403 sharesdeed of 06-08-2020
  • SCHUMACHER Martine Elisabeth Annette 405 sharesdeed of 06-08-2020

Shares in 1 company, VD IMMO LUX

Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0444013243
Registered office moved within Liège New registered office: Quai Timmermans, 14 à 4000 Liège · Previous registered office: Boulevard de la Sauvenière 137 à 4000 Liège · Board meeting of 08-05-2025 · Gazette deed
3 directors reappointed SCHUMACHER Martine (managing director), Alexandre VALENTINY and Noémie VALENTINY · General meeting of 15-11-2024 · Gazette deed
Merger: ARCADE takes over L.D.M.S. Capital increase of €61,973.38 to €142,565.39 · Capital from €80,592.01 to €142,565.39, 365 new shares · Capital contribution: apport, 28-12-1989 · General meeting of 17-07-2020 · Gazette deed
All 51 events

Comparable companies

same main activity, similar in size and age
Company
ARCADE Liège €10.3m €1.1m 24.1% 1
MARTINVEST Knokke-Heist €10.3m €0.9m 68.6% 1
GESTION - ACHATS - VENTES - COMMERCES Liège €11.4m €1.5m 57.5% 1.2
ENTREPOTS LIBRAMONTOIS Fléron €11.6m €1.0m 14.4% 1.5
FRANIM Verlaine €15.2m €1.3m 82.8% 1
COMPAGNIE FINANCIERE DE NEUFCOUR Fléron €9.5m €1.4m 80.0% 1.5
IMMOBILIERE LANCELOT Ans €6.7m €0.8m 23.6% 1

These companies have the same main activity as ARCADE: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €6.7m and €15m, founded between 1986 and 1995.

Official details

Source: KBO
Status
Active since 30-04-1991Normal situation
Registered office
12 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
Activity
Renting and operating of own or leased residential real estate, excluding social housingNACE 68201and 2 others
Joint committee
323Building management, estate agents and domestic staff · annual accounts 2025
Establishment unit
2.052.760.7184000 Liège, since 21-05-1991
Financial year end
31 December
Peppol
Reachable since 06-01-2026
Company details

Annual accounts 2025

€1.1m▼ 6.2%
≈ €1.1mestimated
€41,494▼ 84.2%
€2.5m▲ 1.7%
€10.3m▲ 29.2%
Employeeson 31-12-2025
1=
Filing
Filed on 17-07-2026, 14 days before the end of the filing period
Financials

Insights on ARCADE

ARCADE has existed since 1991. The gross margin grew from €86,850 in 2006 to €1.1m in 2025.

Solvency fell in 2025 from 30.6% to 24.1% because of higher long-term debts.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 17-07-2026, 14 days before the deadline
€1.1m
▼ 6.2%
€254,709
▼ 53.3%
€41,494
▼ 84.2%
-€1.2m
▼ €229,180
24.1%
▼ 6.5 percentage points
0.61
▼ 0.05

The turnover shown is an estimate from the gross margin.

Turnover ≈ €1.1m. Estimated: probably between €1.0m and €1.2m.

Balance sheet

balance sheet total €10.3m on 31-12-2025
What the company ownsHow it is paid for

in €m

in €m

Position in the sector

24.1%

Higher than 37% of 5,810 companies in 2025.

0.61

Higher than 30% of 5,561 companies in 2025.

0.4%

Higher than 45% of 5,784 companies in 2025.

ARCADE Middle half of the sector 80% of the sector Full accounts in real estate (NACE 68)

Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half

Staff

€52,621

Staff costs divided by the average number of full-time equivalents.

level

people who joined people who left

In 2025, 4 people joined and 4 left.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172015201420132012201120102009200820072006
Balance sheet: assets
20/58 10.3m8.0m6.7m6.8m5.5m5.2m3.2m3.1m3.3m3.4m3.5m2.2m2.2m1.9m1.9m2.0m1.9m1.8m1.5m
20 --------------00---
21/28 8.4m6.1m6.0m6.2m4.7m4.7m2.8m2.9m3.1m3.1m3.2m2.1m2.1m1.7m1.8m1.9m1.9m1.6m1.5m
21 --------------00---
22/27 6.0m4.6m4.5m4.7m4.7m4.7m2.8m2.9m3.1m3.1m3.2m2.1m2.1m1.7m1.8m1.9m1.9m1.6m1.5m
22 5.9m4.5m4.5m4.6m4.3m4.6m2.8m2.9m3.1m3.1m3.2m2.1m2.0m1.7m1.8m1.9m1.8m1.6m1.5m
23 23,46225,519-1,4903,9896,489---3,3676,66710,00010,00010,00010,00010,00010,00010,00010,000
24 50,90960,31017,00217,8014,8296,1873,9984,5583,123-----067134201267
26 72,39548,56744,76349,57953,29113,3313404084766128871,8065,5039,19112,87916,56720,25523,94327,631
27 ----333,854--------------
28 2.4m1.5m1.5m1.5m1,6008004004007706451,8631,8631,2181,2181,218818818818818
29/58 1.9m1.9m623,517627,818790,502527,008425,793215,519183,885330,628237,887129,399162,464162,813115,919102,84990,360110,09247,956
29 1.4m------------------
291 1.4m------------------
3 ---------16,50016,50016,500-------
30/36 ---------16,50016,50016,500-------
40/41 398,3831.8m589,785557,823598,690304,171315,829146,862123,779202,831156,90174,69198,446111,66560,65860,65085,12780,82815,918
40 165,111126,777234,667212,282285,28395,97337,36919,61025,64165,97884,35764,69198,439111,6506,9786,97880,84476,47013,543
41 233,2731.6m355,118345,541313,407208,198278,461127,25298,138136,85372,54410,00071553,68053,6724,2834,3582,375
50/53 ----------------5,233--
54/58 5,19027,5319,87329,948128,641106,97217,54711,61912,96221,06913,30918,06039,88232,76414,29127,791-25,1642,518
490/1 54,39465,27123,85940,04763,170115,86592,41757,03847,14490,22851,17720,14824,13518,38440,97014,409-4,10029,520
Balance sheet: equity and liabilities
10/49 10.3m8.0m6.7m6.8m5.5m5.2m3.2m3.1m3.3m3.4m3.5m2.2m2.2m1.9m1.9m2.0m1.9m1.8m1.5m
10/15 2.5m2.4m2.2m1.9m1.4m979,528340,008223,204159,55869,16071,24998,25548,17520,824-47,873-53,535-61,495-56,258-4,445
10/11 142,565142,565142,565142,565142,565142,56580,59280,59280,59262,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
10 142,565142,565142,565142,565142,565142,565-------------
100 142,565142,565142,565142,565142,565142,56580,59280,59280,59262,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
13 349,823360,336283,054163,673170,592162,3898,0598,0598,0596,2006,2006,2001,505137137137137137137
130/1 14,25714,25714,25714,25714,25714,257-------------
130 14,25714,25714,25714,25714,25714,2578,0598,0598,0596,2006,2006,2001,505137137137137137137
132 335,566346,079268,798149,417156,335148,132-------------
14 2.0m1.9m1.8m1.6m1.1m674,574251,357134,55370,9079603,04930,055-15,330-41,313-110,011-115,672-123,632-118,395-66,582
16 63,01068,52172,09875,67479,25078,702----34,825--------
160/5 -----916----34,825--------
164/5 -----916-------------
168 63,01068,52172,09875,67479,25077,786-------------
17/49 7.8m5.5m4.4m4.8m4.0m4.1m2.9m2.9m3.1m3.4m3.4m2.1m2.2m1.9m2.0m2.1m2.0m1.8m1.5m
17 4.7m2.6m1.7m2.5m2.5m2.7m2.0m2.1m2.2m2.4m2.2m1.4m1.5m1.3m1.4m1.5m1.6m1.5m291,260
170/4 4.7m2.6m1.7m2.5m2.5m2.6m2.0m2.1m2.2m2.4m2.2m1.4m1.5m1.3m1.4m1.5m1.6m1.5m291,260
178/9 18,16717,0279,61014,08013,58013,2809,0008,760-----------
42/48 3.1m2.8m2.7m2.2m1.4m1.4m912,937826,176825,468911,5581.1m740,950699,076575,543594,521533,012396,133355,2361.3m
42 617,814457,9701.0m388,281759,327813,033262,704230,125226,744236,621270,260188,292171,000151,036138,744138,744138,744117,0741.2m
43 1.4m2.1m704,197903,000-----225,000236,428132,500125,000-29,587032,49631,27118,905
430/8 1.4m2.1m704,197903,000-----225,000236,428132,500125,000---32,49631,27118,905
439 --------------29,587----
44 137,27685,228106,84625,13933,04413,887104,40393,951136,715107,646171,40546,85558,16061,16960,80947,49573,11342,27436,115
440/4 137,27685,228106,84625,13933,04413,887104,40393,951136,715107,646171,40546,85558,16061,16960,80947,49573,11342,27436,115
46 --------------0684684--
45 48,45455,87824,690110,77697,04445,981100,14725,96511,976-23,94923,9491,0981,4251,7160---
450/3 39,90449,90021,872108,02797,04445,98195,31821,8078,256-23,94923,9491,0981,4251,716----
454/9 8,5505,9782,8172,749--4,8304,1573,720----------
47/48 839,499158,415863,216808,819560,282545,034445,683476,135450,033342,291428,608349,354343,818361,913363,666346,089151,096164,61734,271
492/3 29,90425,53313,85259,52752,98343,59318,76524,65956,35320,03220,3989,61211,6672,56255363--1,840
Income statement
76A 4,913----751,1512,333-97,5259,800-1,210------
9900 1.1m1.2m1.1m1.2m1.1m936,199582,974415,286389,290621,805379,050320,030276,079279,427241,029284,549232,162124,72386,850
60/61 -----177,039-------------
62 52,62157,45638,6208,0921,18515,34042,39433,88431,765------759---
630 656,848404,732360,942330,894347,004328,757184,757180,954205,625169,983168,794130,092131,229119,542141,266141,621136,199100,74588,387
631/4 -------5007,28047,309----------
635/8 -----916-19,574----34,82433,3871,43717,541------
640/8 135,760164,303131,577115,514112,819105,67463,08261,81170,47060,293103,23020,95716,51614,68421,45050,63411,27111,23311,513
66A --10,8058,3811,87519,534638-396,390-4,0761,439--29,100---
9901 254,709545,706534,004693,250627,664486,468292,603131,35734,082426,35373,639167,544110,794145,20178,31291,53584,69212,745-13,050
75/76B 16,8696,2286,91125,0702,8801,8833,7571,3549262,2521,386183853008516,11833,10333,9036
75 16,8696,2286,91125,0702,8801,8833,7571,3549262,2521,386183853008516,11833,10333,9036
65/66B 212,632204,099158,737104,00072,16577,21545,99747,30650,643521,690111,83189,61383,30076,80372,73670,599123,03298,45553,117
65 212,632204,099158,737104,00072,16577,21545,99747,30650,643521,690111,83189,61383,30076,80372,73670,599123,03298,45553,117
9903 58,946347,835382,177614,320558,379411,136250,36485,404-15,636-1,950-27,00674,03827,35168,6975,6627,954-5,237-51,807-66,161
780 5,5123,5763,5763,5763,3873,334-------------
680 ----4,851--------------
67/77 22,96389,107102,835146,793113,179116,770133,55921,758-139-23,957--0-5-61
9904 41,494262,304282,918471,104443,736297,700116,80563,646-15,636-2,089-27,00650,08127,35168,6975,6627,959-5,237-51,813-66,162
789 10,5136,9196,9196,9196,3506,191-------------
689 084,200126,300-14,553--------------
9905 52,007185,023163,537478,022435,533303,891116,80563,646-15,636-2,089-27,00650,08127,35168,6975,6627,959-5,237-51,813-66,162
Appropriation of the result
9906 2.0m1.9m1.8m1.6m1.1m674,574251,357134,55370,9079603,04934,751-13,962-41,313-110,011-115,672-123,632-118,395-66,582
14P 1.9m1.8m1.6m1.1m674,574370,683-------------
691/2 -----------4,6961,368------
6920 -----------4,6961,368------
Social balance sheet
9087 110.7----1.41----------
Hours worked1013 1,7921,9651,145----1,5271,322----------
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 15 older financial years (1991-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 17-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 17-07-2026 2026-00312778 PDF
31-12-2024 full format 28-08-2025 2025-00425359 PDF
31-12-2023 full format 18-07-2024 2024-00264621 PDF
31-12-2022 full format 25-07-2023 2023-00266922 PDF
31-12-2021 full format 13-10-2022 2022-20459238 PDF
31-12-2020 micro format 26-08-2021 2021-53900403 PDF
31-12-2019 micro format 10-06-2020 2020-15800232 PDF
31-12-2018 micro format 30-09-2019 2019-68600195 PDF
31-12-2017 micro format 17-08-2018 2018-46300467 PDF
31-12-2016 micro format 28-06-2017 2017-22900009 PDF
31-12-2015 full format 14-06-2016 2016-17600509 PDF
31-12-2014 full format 29-09-2015 2015-61500589 PDF
31-12-2013 full format 28-08-2014 2014-51100261 PDF
31-12-2012 full format 30-08-2013 2013-53800521 PDF
31-12-2011 full format 15-11-2012 2012-64100582 PDF
31-12-2010 full format 02-12-2011 2011-62900223 PDF
31-12-2009 full format 29-11-2010 2010-61700188 PDF
31-12-2008 full format 21-12-2009 2009-90600010 PDF
31-12-2007 full format 31-12-2008 2008-88100029 PDF
31-12-2006 full format 29-02-2008 2008-06000354 PDF
31-12-2005 full format 29-08-2006 2006-72304436 PDF
31-12-2004 full format 15-06-2005 2005-26503016 PDF
31-12-2003 full format 26-10-2004 2004-75403691 PDF
31-12-2002 full format 07-07-2003 2003-40702410 PDF
31-12-2001 full format 24-06-2002 2002-27304581 PDF
31-12-2000 full format 28-06-2001 2001-29502765 PDF
31-12-1999 full format 07-07-2000 2000-35500285 PDF
31-12-1998 full format 31-08-1999 1999-42904824 PDF
31-12-1997 full format 23-06-1998 1998-20704637 PDF
31-12-1996 full format 26-06-1997 1997-20801506 PDF
31-12-1995 full format 27-06-1996 1996-22501140 PDF
31-12-1994 full format 29-06-1995 1995-31503173 PDF
31-12-1993 full format 20-06-1994 1994-16802598 PDF
31-12-1992 full format 23-06-1993 1993-16103753 PDF
31-12-1991 full format 24-06-1992 1992-14304449 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172015201420132012201120102009200820072006
911,557950,438894,9451.0m974,669815,225477,360312,310239,707596,336242,433297,636242,023264,744219,578233,156220,891113,49075,337
698,342667,036643,860801,998790,740626,457301,562244,600189,990167,894141,788180,173158,580188,240146,928149,580130,96248,93222,225
3.0m511,186286,1211.7m431,3463.0m69,1746,237115,80447,0131.4m153,851462,01931,38657,113179,346354,537250,102808,641
-22,34117,658-20,075-98,69321,66989,4255,927-1,343-7,760-4,751-21,8227,11818,473-13,500--22,646-
-1.2m-956,571-2.1m-1.6m-659,195-890,927-487,145-610,657-641,583-580,930-892,763-611,551-536,612-412,731-478,602-430,163-305,773-245,144-1.2m
24.1%30.6%32.6%27.9%25.7%18.9%10.5%7.1%4.9%2.0%2.0%4.5%2.2%1.1%-2.5%-2.7%-3.2%-3.2%-0.3%
0.610.660.230.280.550.370.470.260.220.360.210.170.230.280.190.190.230.310.04
0.610.660.230.280.550.370.470.260.220.340.200.150.230.280.190.190.230.310.04
3.132.242.032.542.834.218.5213.0819.6048.8147.4421.4745.0289.61-----
1.7%10.8%13.0%24.9%31.2%30.4%34.4%28.5%-9.8%-3.0%-37.9%51.0%56.8%329.9%-----
0.4%3.3%4.2%6.9%8.0%5.7%3.6%2.0%-0.5%-0.1%-0.8%2.3%1.2%3.6%0.3%0.4%-0.3%-3.0%-4.3%
4.294.665.649.8513.5110.56-------------
-----29 days-------------

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-2023
Employees at the balance-sheet date11-
full-time11-
part-time0--
in full-time equivalents11-
110.7
On a permanent contract11-
Joined480
Left471

Source: social balance sheet in the 2023 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20252024202320222021
Debts secured on the company's own assets-€5.1m€3.4m€3.8m-
Mortgages, amount registered€880,000€880,000€880,000€880,000€880,000
€5.0m€5.0m€5.0m€5.0m€5.0m
Carrying value of the mortgaged assets€2.1m€2.1m€2.1m€2.3m€2.5m
Pledge on other assets, amount secured-€17,174---
Carrying value of the other pledged assets-€18,630--€95,400

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€2.0m€511,186€264,489€244,966€430,546
Financial fixed assets€912,713-€21,632€1.5m€800
€656,848€404,732€360,942€330,894€347,004

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on ARCADE

The operating result for 2025 is 53% lower than in 2024 and the lowest since 2018.

Debt's share of the balance-sheet total rises from 68.6% to 75.3%. Equity and debt are higher.

Board & ownership

Board

3 directors, 1 in day-to-day management, last change in 2024
Managing director
managing director since 06-03-2001 managing director in office according to the deed of 31-12-2024 6-year term from 2024
listed in the 2025 annual accounts, filed on 17-07-2026
Director
since 15-11-2012 6-year term from 2024
listed in the 2025 annual accounts, filed on 17-07-2026
Director
since 15-11-2012 6-year term from 2024
listed in the 2025 annual accounts, filed on 17-07-2026
SCHUMACHER Martine
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“ARTICLE 17-REPRESENTATION DE LA SOCIETE Sans préjudice aux pouvoirs conférés aux mandataires spéciaux et à ce qui est prévu pour la gestion…”
deed of 06-08-2020

Office holders in the KBO →

Mandates through the years

3 names, the dashed line is today
SCHUMACHER Martine
Managing director
LeadershipBoardRest of the termmandate already running before its first mention
Mandates as a list
  • SCHUMACHER Martine
    • Managing director, from 06-03-2001 to date
    • Managing director, since before 25-11-2019
  • Alexandre VALENTINY
    • Director, from 15-11-2012 to date
  • Noémie VALENTINY
    • Director, from 15-11-2012 to date

See the board, name and registered office on a given date →

Control

Shareholders
VALENTINY Philippe Willy Paul, SCHUMACHER Martine Elisabeth Annette
This company
ARCADE
Equity €2.5m
Profit €41,494 in 2025

Capital

Capital
€142,565.39
Shares
1,173
Contribution per share
€122
Equity per share
€2,115 in 2025
Source
deed of 06-08-2020

Articles of association

deed of 06-08-2020 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
“Conseil d'administration, six ans”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Monday of May

Shareholders

After the capital increase deed of 06-08-2020 ↗
  • TRAVHYDRO-IMMOBILIERE “apport”
Stated in the deed deed of 06-08-2020 ↗
  • VALENTINY Philippe Willy Paul 403 shares
  • SCHUMACHER Martine Elisabeth Annette 405 shares

Capital transactions

Capital over time
  1. 06-08-2020 Capital increase of €61,973.38 · to €142,565.39 · 365 new shares, 31.1% of the 1,173 shares after the increase
  2. 03-06-2020 Capital stated in the deed · €80,592.01 · 808 shares

Network & group

Holdings

own 2024 accounts
This companyARCADE1 holding, 1 country 2024 accounts

Europe 1 Equity Result

  • LU VD IMMO LUX50% -€216,708 result -€62,345

Source: list of holdings in its own 2024 accounts. The amounts are in that list and come from the holdings' accounts at 31-12-2023, in their own currency.

At the same address

Quai Timmermans 14, 4000 Liège · 11 other companies
SPIE BELGIUM
establishment since 01-07-2024 · founded in 1988 · group SPIE SA
1,375 FTE (2025)
0434.499.028
VALENTINY ARCHITECTES SRL
establishment since 22-11-1999 · founded in 1999
1 FTE (2025)
0467.969.471
VAL INVEST
registered office since 08-11-2024 · founded in 2024 · negative equity (2025)
total assets €1.4m (2025)
1016.045.306
ESPACE NEUF
registered office since 17-11-1989 · founded in 1988
total assets €1.2m (2025)
0435.023.719
MICROBUS
registered office since 21-04-1986 · founded in 1986
7.9 FTE (2025)
0432.063.833
COMPAGNIE POUR L'ENTRAINEMENT ET LA COMMUNICATION-BELGIUM
establishment since 01-02-1985 · founded in 1985
total assets €60,095 (2025)
0426.978.756
STARTER WALLONIA LIÈGE
establishment since 15-10-2026
founded in 2026
1040.663.609
Société Simple-Tram Liège Construction
establishment since 22-01-2019
founded in 2019
0724.622.365
Patrimoine de l'Université de Liège
establishment since 01-03-2014
founded in 1920
0325.777.171
Université de Liège - Communauté française
establishment since 01-03-2014
founded in 1989
0807.970.507
and 1 more

Holdings and subsidiaries

1 holding

Holdings 1

Share, source and own figures per holding (1)
Holdings through the years 2023 to 2024
Holdings through the years
Name20232024
VD IMMO LUXLU 50%

Source: list of holdings in its own accounts

Acquisitions and mergers

1 transaction
Took over:L.D.M.S.
BE 0453.332.072merger by absorption · Gazette deed of 06-08-2020 (4 deeds) · effective 01-01-2020

Connections & network

3 current directors
Depth

The network starts from the directors of ARCADE. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

51 events since 1991

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 14 days before the deadline
Registered in the Peppol Directory Reachable for e-invoices through 0208:0444013243
2025
Annual accounts 2024 filed PDFfull format · 28 days late
Registered office moved within LiègeNew registered office: Quai Timmermans, 14 à 4000 Liège · Previous registered office: Boulevard de la Sauvenière 137 à 4000 Liège · Board meeting of 08-05-20252 points ▸
  • Board meeting, 08-05-2025
  • Registered-office move, Quai Timmermans, 14 à 4000 Liège

Open the deed in the Belgian Official Gazette

2024
3 directors reappointedSCHUMACHER Martine (managing director), Alexandre VALENTINY and Noémie VALENTINY · General meeting of 15-11-20244 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFfull format · 13 days before the deadline
2023
Equity above €2m equity €2.2m ▲14.9% After 6 profitable years in a row, equity reaches €2.2m.
Annual accounts 2022 filed PDFfull format · 6 days before the deadline
2022
Highest result from 2006 to 2025 net €471,104 ▲6.2% The operating result of €693,250 and the net result of €471,104 are both a record.
Annual accounts 2021 filed PDFfull format · 74 days late
2021
Equity above €1m equity €1.4m ▲45.3% After 4 profitable years in a row, equity reaches €1.4m.
Annual accounts 2020 filed PDFmicro format · 26 days late
2020
Equity above €500,000 equity €979,528 ▲188% After 3 profitable years in a row, equity reaches €979,528.
Merger: ARCADE takes over L.D.M.S.Capital increase of €61,973.38 to €142,565.39 · Capital from €80,592.01 to €142,565.39, 365 new shares · Capital contribution: apport, 28-12-1989 · General meeting of 17-07-202016 points ▸
  • General meeting, 17-07-2020
  • VALENTINY Philippe Willy Paul holds 403 shares
  • SCHUMACHER Martine Elisabeth Annette holds 405 shares
  • 808 shares
  • Auditor report, 13-07-2020
  • Capital increase, €61,973.38, mentioned twice in the deed
  • Real estate, 06-03-2001
  • Real estate, 14-10-2005
  • Real estate, 27-03-1985
  • Real estate, 20-04-2006
  • Real estate, 62,063, no, mentioned 3 times in the deed
  • VALENTINY Philippe Willy Paul holds 182 shares
  • SCHUMACHER Martine Elisabeth Annette holds 183 shares
  • Capital, €142,565.39, 1,173 shares, mentioned twice in the deed
  • Registered office clause, 137, 4000 Liège Boulevard de la Sauvenière
  • Real estate, no, no
  • The deed holds 46 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2019 filed PDFmicro format · 51 days before the deadline
Merger proposal: ARCADE takes over L.D.M.S.10 points ▸
  • Incorporation, 30-04-1991
  • Board composition, Martine SCHUMACHER (managing director)
  • Board composition, Alexandre VALENTINY (director)
  • Board composition, Noémie VALENTINY (director)
  • Capital, €80,592.01, 808 shares
  • Incorporation, 05-09-1994
  • Board composition, Martine SCHUMACHER (director)
  • Board composition, Alexandre VALENTINY (managing director)
  • Capital, €61,973.38, 250 shares
  • Accounting effect, 01-01-2020, mentioned twice in the deed
  • The deed holds 15 more points.

Open the deed in the Belgian Official Gazette

2019
3 directors reappointedSCHUMACHER Martine (managing director), VALENTINY Alexandre and VALENTINY Noémie · General meeting of 01-08-20184 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2018 filed PDFmicro format · 61 days late
2018
Back to profit net €63,646 The net result is €63,646, after 3 loss-making years.
Equity above €200,000 equity €223,204 ▲39.9% Equity rises from €159,558 to €223,204.
Annual accounts 2017 filed PDFmicro format · 17 days late
2017
Equity above €150,000 equity €159,558 ▲131% Equity rises from €69,160 to €159,558.
Annual accounts 2016 filed PDFmicro format · 33 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 47 days before the deadline
2015
Annual accounts 2014 filed PDFfull format · 60 days late
2014
Annual accounts 2013 filed PDFfull format · 28 days late
2013
Annual accounts 2012 filed PDFfull format · 30 days late
2012
Annual accounts 2011 filed PDFfull format · 107 days late
2011
Annual accounts 2010 filed PDFfull format · 124 days late
2010
Annual accounts 2009 filed PDFfull format · 121 days late
2009
Back to profit net €7,959 The net result is €7,959, after 3 loss-making years.
Annual accounts 2008 filed PDFfull format · 143 days late
2008
Annual accounts 2007 filed PDFfull format · 153 days late
Annual accounts 2006 filed PDFfull format · 213 days late
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2004
Annual accounts 2003 filed PDFfull format
2003
Annual accounts 2002 filed PDFfull format
2002
Annual accounts 2001 filed PDFfull format
2001
Annual accounts 2000 filed PDFfull format
2000
Annual accounts 1999 filed PDFfull format
1999
Annual accounts 1998 filed PDFfull format
1998
Annual accounts 1997 filed PDFfull format
1997
Annual accounts 1996 filed PDFfull format
1996
Annual accounts 1995 filed PDFfull format
1995
Annual accounts 1994 filed PDFfull format
1994
Annual accounts 1993 filed PDFfull format
1993
Annual accounts 1992 filed PDFfull format
1992
Annual accounts 1991 filed PDFfull format
1991
First establishment Quai Timmermans 14, Liège
Incorporation published on 25-05-1991

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

ARCADE was incorporated on 30 April 1991.1 In 2020 the capital was increased by €61,973 to €142,565.2 L.D.M.S. was merged into the company in 2020.3 The registered office was moved to Liège in 2025.4 Total assets rose from €5.2m in 2020 to €10.3m in 2025 and headcount from 0.7 full-time equivalents in 2023 to 1 in 2025.5

  1. 1KBO register
  2. 2Belgian Official Gazette, 06-08-2020
  3. 3Belgian Official Gazette, 06-08-2020
  4. 4Belgian Official Gazette, 16-06-2025
  5. 5National Bank, annual accounts 2020, 2023 and 2025

Company details

Identity

Enterprise number
0444.013.243
VAT number
BE 0444.013.243
Peppol ID
0208:0444013243
Other Peppol ID
9925:BE0444013243
Legal form
Public limited company
Status
Active, normal situation
Founded
30-04-1991
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Monday of May
deed of 06-08-2020 (in French)
Peppol
Reachable since 06-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
ARCADE in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 06-08-2020 (in French)

Activities

NACEBEL 2025
VAT activities
Social security (RSZ) activities
Joint committees annual accounts 2025
JC 323 Building management, estate agents and domestic staff
Codes under NACEBEL 2008
VAT activities
68201 Real estate activities main activity
68203 Real estate rental
Social security (RSZ) activities
68100 Real estate activities main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“1)Tous travaux de C.A.O.(Conception Assistée par Ordinateur)et d'infographie,y compris(sans que la présente énumération soit limitative)la…”
10 activities
  1. 1)Tous travaux de C.A.O.(Conception Assistée par Ordinateur)et d'infographie,y compris(sans que la présente énumération soit limitative)la réalisation d'images de synthèse fixes et d'animation virtuelle,la conception de logos et toutes études publicitaires en général.
  2. 2)La réalisation de relevés topographiques.
  3. 3)La conception de maquettes physiques en divers matériaux,y compris par procédé de prototypage rapide.
  4. 4)La prestation de services portant sur l'objet social et sur l'informatique en général,et notamment le dépannage informatique de hardware et de software.
  5. 5)Tous services de tirage de plans,de photocopies et de scannérisation.
  6. 6)Achat,vente,en gros ou au détail,importation,exportation de(la présente liste étant exemplative et non limitative):matériel informatique et logiciels,tout matériel bureautique,tout matériel comprenant un microprocesseur,programme informatique,tout support informatique,de tous accessoires relatifs à ce matériel et tous produits nécessaires à leur installation,à leur fonctionnement et à leur entretien.
  7. 7)Toutes opérations de gestion de son patrimoine propre,tant immobilier que mobilier,et notamment,sans que la présente énumération soit limitative:l'accomplissement de toutes opérations immobilières quelconques,l'acquisition,l'aliénation,la réalisation,l'échange,la mise en valeur,le lotissement,la construction,l'aménagement,l'appropriation,la transformation,la gestion la location à loyer,à ferme ou commerciale,ainsi que la négociation,l'achat et la vente de tous droits immobiliers;
  8. La société a également pour objet la conception et la réalisation de tous travaux relatifs à l'aménagement intérieur et à la décoration,toutes prestations de service relatives au dessin d'aménagement intérieur,au dessin informatique,la construction,la production,la vente en gros et/ou en détail de tous mobiliers(y compris mobilier et matériel de cuisine),l'importation,l'exportation,la location de tous ces produits et de tous autres destinés à l'agencement intérieur et extérieur à usage privé,collectif et professionnel,tels que composants d'éclairage,
  9. Tissus,revêtements de sol,les études de projets de décoration intérieure et extérieure,les organisations de foires et d'expositions,la publicité.
  10. Achats,ventes,etc...de tous articles,cadeaux d'entreprises,gadgets,de tous articles similaires en plastique,en cuir et toutes autres matières.
deed of 06-08-2020 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
Quai Timmermans 14 registered office 4000 Liège 21-05-1991 2.052.760.718

Buildings and parcels at the address

Ground area
3,884 m²
Buildings
280 m²
Volume, LiDAR
5,643 m³
Tallest building
26.2 m
Buildings to scale, each on its own parcel
280 m², 26.2 m 280 m², 26.2 m

Location

registered office establishment The establishment unit on the map
12 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
62078A0558/00D0373,884 m² 1 · 280 m² 26.2 m · 7