Equity
ARCADE has made a profit without a break since 2018.
ARCADE has made a profit without a break since 2018.
The result fell in 2025 from €262,304 to €41,494.
Of this, €3.1m falls due within a year.
Green is investment, beige is depreciation. Land and buildings stand 30.7% higher than in 2024.
In 2025, 4 people joined and 4 left.
Five of the last ten came late. The 2021 accounts came latest: 74 days after the end of the period.
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).
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).
In July 2024, 3,984 companies had the same profile as ARCADE has now. Each dot stands for 10 companies, two years later.
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.
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.
| 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.
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.
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.
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.
Shares in 1 company, VD IMMO LUX
Board & ownership| 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.
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.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.1m. Estimated: probably between €1.0m and €1.2m.
Higher than 37% of 5,810 companies in 2025.
Higher than 30% of 5,561 companies in 2025.
Higher than 45% of 5,784 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 4 people joined and 4 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
10.3m | 8.0m | 6.7m | 6.8m | 5.5m | 5.2m | 3.2m | 3.1m | 3.3m | 3.4m | 3.5m | 2.2m | 2.2m | 1.9m | 1.9m | 2.0m | 1.9m | 1.8m | 1.5m | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | - | - | - | |
21/28 |
8.4m | 6.1m | 6.0m | 6.2m | 4.7m | 4.7m | 2.8m | 2.9m | 3.1m | 3.1m | 3.2m | 2.1m | 2.1m | 1.7m | 1.8m | 1.9m | 1.9m | 1.6m | 1.5m | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | - | - | - | |
22/27 |
6.0m | 4.6m | 4.5m | 4.7m | 4.7m | 4.7m | 2.8m | 2.9m | 3.1m | 3.1m | 3.2m | 2.1m | 2.1m | 1.7m | 1.8m | 1.9m | 1.9m | 1.6m | 1.5m | |
22 |
5.9m | 4.5m | 4.5m | 4.6m | 4.3m | 4.6m | 2.8m | 2.9m | 3.1m | 3.1m | 3.2m | 2.1m | 2.0m | 1.7m | 1.8m | 1.9m | 1.8m | 1.6m | 1.5m | |
23 |
23,462 | 25,519 | - | 1,490 | 3,989 | 6,489 | - | - | - | 3,367 | 6,667 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
24 |
50,909 | 60,310 | 17,002 | 17,801 | 4,829 | 6,187 | 3,998 | 4,558 | 3,123 | - | - | - | - | - | 0 | 67 | 134 | 201 | 267 | |
26 |
72,395 | 48,567 | 44,763 | 49,579 | 53,291 | 13,331 | 340 | 408 | 476 | 612 | 887 | 1,806 | 5,503 | 9,191 | 12,879 | 16,567 | 20,255 | 23,943 | 27,631 | |
27 |
- | - | - | - | 333,854 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
28 |
2.4m | 1.5m | 1.5m | 1.5m | 1,600 | 800 | 400 | 400 | 770 | 645 | 1,863 | 1,863 | 1,218 | 1,218 | 1,218 | 818 | 818 | 818 | 818 | |
29/58 |
1.9m | 1.9m | 623,517 | 627,818 | 790,502 | 527,008 | 425,793 | 215,519 | 183,885 | 330,628 | 237,887 | 129,399 | 162,464 | 162,813 | 115,919 | 102,849 | 90,360 | 110,092 | 47,956 | |
29 |
1.4m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
291 |
1.4m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
3 |
- | - | - | - | - | - | - | - | - | 16,500 | 16,500 | 16,500 | - | - | - | - | - | - | - | |
30/36 |
- | - | - | - | - | - | - | - | - | 16,500 | 16,500 | 16,500 | - | - | - | - | - | - | - | |
40/41 |
398,383 | 1.8m | 589,785 | 557,823 | 598,690 | 304,171 | 315,829 | 146,862 | 123,779 | 202,831 | 156,901 | 74,691 | 98,446 | 111,665 | 60,658 | 60,650 | 85,127 | 80,828 | 15,918 | |
40 |
165,111 | 126,777 | 234,667 | 212,282 | 285,283 | 95,973 | 37,369 | 19,610 | 25,641 | 65,978 | 84,357 | 64,691 | 98,439 | 111,650 | 6,978 | 6,978 | 80,844 | 76,470 | 13,543 | |
41 |
233,273 | 1.6m | 355,118 | 345,541 | 313,407 | 208,198 | 278,461 | 127,252 | 98,138 | 136,853 | 72,544 | 10,000 | 7 | 15 | 53,680 | 53,672 | 4,283 | 4,358 | 2,375 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,233 | - | - | |
54/58 |
5,190 | 27,531 | 9,873 | 29,948 | 128,641 | 106,972 | 17,547 | 11,619 | 12,962 | 21,069 | 13,309 | 18,060 | 39,882 | 32,764 | 14,291 | 27,791 | - | 25,164 | 2,518 | |
490/1 |
54,394 | 65,271 | 23,859 | 40,047 | 63,170 | 115,865 | 92,417 | 57,038 | 47,144 | 90,228 | 51,177 | 20,148 | 24,135 | 18,384 | 40,970 | 14,409 | - | 4,100 | 29,520 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
10.3m | 8.0m | 6.7m | 6.8m | 5.5m | 5.2m | 3.2m | 3.1m | 3.3m | 3.4m | 3.5m | 2.2m | 2.2m | 1.9m | 1.9m | 2.0m | 1.9m | 1.8m | 1.5m | |
10/15 |
2.5m | 2.4m | 2.2m | 1.9m | 1.4m | 979,528 | 340,008 | 223,204 | 159,558 | 69,160 | 71,249 | 98,255 | 48,175 | 20,824 | -47,873 | -53,535 | -61,495 | -56,258 | -4,445 | |
10/11 |
142,565 | 142,565 | 142,565 | 142,565 | 142,565 | 142,565 | 80,592 | 80,592 | 80,592 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
10 |
142,565 | 142,565 | 142,565 | 142,565 | 142,565 | 142,565 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
142,565 | 142,565 | 142,565 | 142,565 | 142,565 | 142,565 | 80,592 | 80,592 | 80,592 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
13 |
349,823 | 360,336 | 283,054 | 163,673 | 170,592 | 162,389 | 8,059 | 8,059 | 8,059 | 6,200 | 6,200 | 6,200 | 1,505 | 137 | 137 | 137 | 137 | 137 | 137 | |
130/1 |
14,257 | 14,257 | 14,257 | 14,257 | 14,257 | 14,257 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
14,257 | 14,257 | 14,257 | 14,257 | 14,257 | 14,257 | 8,059 | 8,059 | 8,059 | 6,200 | 6,200 | 6,200 | 1,505 | 137 | 137 | 137 | 137 | 137 | 137 | |
132 |
335,566 | 346,079 | 268,798 | 149,417 | 156,335 | 148,132 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
2.0m | 1.9m | 1.8m | 1.6m | 1.1m | 674,574 | 251,357 | 134,553 | 70,907 | 960 | 3,049 | 30,055 | -15,330 | -41,313 | -110,011 | -115,672 | -123,632 | -118,395 | -66,582 | |
16 |
63,010 | 68,521 | 72,098 | 75,674 | 79,250 | 78,702 | - | - | - | - | 34,825 | - | - | - | - | - | - | - | - | |
160/5 |
- | - | - | - | - | 916 | - | - | - | - | 34,825 | - | - | - | - | - | - | - | - | |
164/5 |
- | - | - | - | - | 916 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
168 |
63,010 | 68,521 | 72,098 | 75,674 | 79,250 | 77,786 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
7.8m | 5.5m | 4.4m | 4.8m | 4.0m | 4.1m | 2.9m | 2.9m | 3.1m | 3.4m | 3.4m | 2.1m | 2.2m | 1.9m | 2.0m | 2.1m | 2.0m | 1.8m | 1.5m | |
17 |
4.7m | 2.6m | 1.7m | 2.5m | 2.5m | 2.7m | 2.0m | 2.1m | 2.2m | 2.4m | 2.2m | 1.4m | 1.5m | 1.3m | 1.4m | 1.5m | 1.6m | 1.5m | 291,260 | |
170/4 |
4.7m | 2.6m | 1.7m | 2.5m | 2.5m | 2.6m | 2.0m | 2.1m | 2.2m | 2.4m | 2.2m | 1.4m | 1.5m | 1.3m | 1.4m | 1.5m | 1.6m | 1.5m | 291,260 | |
178/9 |
18,167 | 17,027 | 9,610 | 14,080 | 13,580 | 13,280 | 9,000 | 8,760 | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
3.1m | 2.8m | 2.7m | 2.2m | 1.4m | 1.4m | 912,937 | 826,176 | 825,468 | 911,558 | 1.1m | 740,950 | 699,076 | 575,543 | 594,521 | 533,012 | 396,133 | 355,236 | 1.3m | |
42 |
617,814 | 457,970 | 1.0m | 388,281 | 759,327 | 813,033 | 262,704 | 230,125 | 226,744 | 236,621 | 270,260 | 188,292 | 171,000 | 151,036 | 138,744 | 138,744 | 138,744 | 117,074 | 1.2m | |
43 |
1.4m | 2.1m | 704,197 | 903,000 | - | - | - | - | - | 225,000 | 236,428 | 132,500 | 125,000 | - | 29,587 | 0 | 32,496 | 31,271 | 18,905 | |
430/8 |
1.4m | 2.1m | 704,197 | 903,000 | - | - | - | - | - | 225,000 | 236,428 | 132,500 | 125,000 | - | - | - | 32,496 | 31,271 | 18,905 | |
439 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 29,587 | - | - | - | - | |
44 |
137,276 | 85,228 | 106,846 | 25,139 | 33,044 | 13,887 | 104,403 | 93,951 | 136,715 | 107,646 | 171,405 | 46,855 | 58,160 | 61,169 | 60,809 | 47,495 | 73,113 | 42,274 | 36,115 | |
440/4 |
137,276 | 85,228 | 106,846 | 25,139 | 33,044 | 13,887 | 104,403 | 93,951 | 136,715 | 107,646 | 171,405 | 46,855 | 58,160 | 61,169 | 60,809 | 47,495 | 73,113 | 42,274 | 36,115 | |
46 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 684 | 684 | - | - | |
45 |
48,454 | 55,878 | 24,690 | 110,776 | 97,044 | 45,981 | 100,147 | 25,965 | 11,976 | - | 23,949 | 23,949 | 1,098 | 1,425 | 1,716 | 0 | - | - | - | |
450/3 |
39,904 | 49,900 | 21,872 | 108,027 | 97,044 | 45,981 | 95,318 | 21,807 | 8,256 | - | 23,949 | 23,949 | 1,098 | 1,425 | 1,716 | - | - | - | - | |
454/9 |
8,550 | 5,978 | 2,817 | 2,749 | - | - | 4,830 | 4,157 | 3,720 | - | - | - | - | - | - | - | - | - | - | |
47/48 |
839,499 | 158,415 | 863,216 | 808,819 | 560,282 | 545,034 | 445,683 | 476,135 | 450,033 | 342,291 | 428,608 | 349,354 | 343,818 | 361,913 | 363,666 | 346,089 | 151,096 | 164,617 | 34,271 | |
492/3 |
29,904 | 25,533 | 13,852 | 59,527 | 52,983 | 43,593 | 18,765 | 24,659 | 56,353 | 20,032 | 20,398 | 9,612 | 11,667 | 2,562 | 553 | 63 | - | - | 1,840 | |
| Income statement | ||||||||||||||||||||
76A |
4,913 | - | - | - | - | 75 | 1,151 | 2,333 | - | 97,525 | 9,800 | - | 1,210 | - | - | - | - | - | - | |
9900 |
1.1m | 1.2m | 1.1m | 1.2m | 1.1m | 936,199 | 582,974 | 415,286 | 389,290 | 621,805 | 379,050 | 320,030 | 276,079 | 279,427 | 241,029 | 284,549 | 232,162 | 124,723 | 86,850 | |
60/61 |
- | - | - | - | - | 177,039 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
62 |
52,621 | 57,456 | 38,620 | 8,092 | 1,185 | 15,340 | 42,394 | 33,884 | 31,765 | - | - | - | - | - | - | 759 | - | - | - | |
630 |
656,848 | 404,732 | 360,942 | 330,894 | 347,004 | 328,757 | 184,757 | 180,954 | 205,625 | 169,983 | 168,794 | 130,092 | 131,229 | 119,542 | 141,266 | 141,621 | 136,199 | 100,745 | 88,387 | |
631/4 |
- | - | - | - | - | - | -500 | 7,280 | 47,309 | - | - | - | - | - | - | - | - | - | - | |
635/8 |
- | - | - | - | -916 | -19,574 | - | - | - | -34,824 | 33,387 | 1,437 | 17,541 | - | - | - | - | - | - | |
640/8 |
135,760 | 164,303 | 131,577 | 115,514 | 112,819 | 105,674 | 63,082 | 61,811 | 70,470 | 60,293 | 103,230 | 20,957 | 16,516 | 14,684 | 21,450 | 50,634 | 11,271 | 11,233 | 11,513 | |
66A |
- | - | 10,805 | 8,381 | 1,875 | 19,534 | 638 | - | 39 | 6,390 | - | 4,076 | 1,439 | - | - | 29,100 | - | - | - | |
9901 |
254,709 | 545,706 | 534,004 | 693,250 | 627,664 | 486,468 | 292,603 | 131,357 | 34,082 | 426,353 | 73,639 | 167,544 | 110,794 | 145,201 | 78,312 | 91,535 | 84,692 | 12,745 | -13,050 | |
75/76B |
16,869 | 6,228 | 6,911 | 25,070 | 2,880 | 1,883 | 3,757 | 1,354 | 926 | 2,252 | 1,386 | 183 | 85 | 300 | 85 | 16,118 | 33,103 | 33,903 | 6 | |
75 |
16,869 | 6,228 | 6,911 | 25,070 | 2,880 | 1,883 | 3,757 | 1,354 | 926 | 2,252 | 1,386 | 183 | 85 | 300 | 85 | 16,118 | 33,103 | 33,903 | 6 | |
65/66B |
212,632 | 204,099 | 158,737 | 104,000 | 72,165 | 77,215 | 45,997 | 47,306 | 50,643 | 521,690 | 111,831 | 89,613 | 83,300 | 76,803 | 72,736 | 70,599 | 123,032 | 98,455 | 53,117 | |
65 |
212,632 | 204,099 | 158,737 | 104,000 | 72,165 | 77,215 | 45,997 | 47,306 | 50,643 | 521,690 | 111,831 | 89,613 | 83,300 | 76,803 | 72,736 | 70,599 | 123,032 | 98,455 | 53,117 | |
9903 |
58,946 | 347,835 | 382,177 | 614,320 | 558,379 | 411,136 | 250,364 | 85,404 | -15,636 | -1,950 | -27,006 | 74,038 | 27,351 | 68,697 | 5,662 | 7,954 | -5,237 | -51,807 | -66,161 | |
780 |
5,512 | 3,576 | 3,576 | 3,576 | 3,387 | 3,334 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
680 |
- | - | - | - | 4,851 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
67/77 |
22,963 | 89,107 | 102,835 | 146,793 | 113,179 | 116,770 | 133,559 | 21,758 | - | 139 | - | 23,957 | - | - | 0 | -5 | - | 6 | 1 | |
9904 |
41,494 | 262,304 | 282,918 | 471,104 | 443,736 | 297,700 | 116,805 | 63,646 | -15,636 | -2,089 | -27,006 | 50,081 | 27,351 | 68,697 | 5,662 | 7,959 | -5,237 | -51,813 | -66,162 | |
789 |
10,513 | 6,919 | 6,919 | 6,919 | 6,350 | 6,191 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
689 |
0 | 84,200 | 126,300 | - | 14,553 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9905 |
52,007 | 185,023 | 163,537 | 478,022 | 435,533 | 303,891 | 116,805 | 63,646 | -15,636 | -2,089 | -27,006 | 50,081 | 27,351 | 68,697 | 5,662 | 7,959 | -5,237 | -51,813 | -66,162 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
2.0m | 1.9m | 1.8m | 1.6m | 1.1m | 674,574 | 251,357 | 134,553 | 70,907 | 960 | 3,049 | 34,751 | -13,962 | -41,313 | -110,011 | -115,672 | -123,632 | -118,395 | -66,582 | |
14P |
1.9m | 1.8m | 1.6m | 1.1m | 674,574 | 370,683 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 4,696 | 1,368 | - | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 4,696 | 1,368 | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
1 | 1 | 0.7 | - | - | - | - | 1.4 | 1 | - | - | - | - | - | - | - | - | - | - | |
Hours worked1013 |
1,792 | 1,965 | 1,145 | - | - | - | - | 1,527 | 1,322 | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
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.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-07-2026 | 2026-00312778 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00425359 | |
| 31-12-2023 | full format | 18-07-2024 | 2024-00264621 | |
| 31-12-2022 | full format | 25-07-2023 | 2023-00266922 | |
| 31-12-2021 | full format | 13-10-2022 | 2022-20459238 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53900403 | |
| 31-12-2019 | micro format | 10-06-2020 | 2020-15800232 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68600195 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-46300467 | |
| 31-12-2016 | micro format | 28-06-2017 | 2017-22900009 | |
| 31-12-2015 | full format | 14-06-2016 | 2016-17600509 | |
| 31-12-2014 | full format | 29-09-2015 | 2015-61500589 | |
| 31-12-2013 | full format | 28-08-2014 | 2014-51100261 | |
| 31-12-2012 | full format | 30-08-2013 | 2013-53800521 | |
| 31-12-2011 | full format | 15-11-2012 | 2012-64100582 | |
| 31-12-2010 | full format | 02-12-2011 | 2011-62900223 | |
| 31-12-2009 | full format | 29-11-2010 | 2010-61700188 | |
| 31-12-2008 | full format | 21-12-2009 | 2009-90600010 | |
| 31-12-2007 | full format | 31-12-2008 | 2008-88100029 | |
| 31-12-2006 | full format | 29-02-2008 | 2008-06000354 | |
| 31-12-2005 | full format | 29-08-2006 | 2006-72304436 | |
| 31-12-2004 | full format | 15-06-2005 | 2005-26503016 | |
| 31-12-2003 | full format | 26-10-2004 | 2004-75403691 | |
| 31-12-2002 | full format | 07-07-2003 | 2003-40702410 | |
| 31-12-2001 | full format | 24-06-2002 | 2002-27304581 | |
| 31-12-2000 | full format | 28-06-2001 | 2001-29502765 | |
| 31-12-1999 | full format | 07-07-2000 | 2000-35500285 | |
| 31-12-1998 | full format | 31-08-1999 | 1999-42904824 | |
| 31-12-1997 | full format | 23-06-1998 | 1998-20704637 | |
| 31-12-1996 | full format | 26-06-1997 | 1997-20801506 | |
| 31-12-1995 | full format | 27-06-1996 | 1996-22501140 | |
| 31-12-1994 | full format | 29-06-1995 | 1995-31503173 | |
| 31-12-1993 | full format | 20-06-1994 | 1994-16802598 | |
| 31-12-1992 | full format | 23-06-1993 | 1993-16103753 | |
| 31-12-1991 | full format | 24-06-1992 | 1992-14304449 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 911,557 | 950,438 | 894,945 | 1.0m | 974,669 | 815,225 | 477,360 | 312,310 | 239,707 | 596,336 | 242,433 | 297,636 | 242,023 | 264,744 | 219,578 | 233,156 | 220,891 | 113,490 | 75,337 | ||
| 698,342 | 667,036 | 643,860 | 801,998 | 790,740 | 626,457 | 301,562 | 244,600 | 189,990 | 167,894 | 141,788 | 180,173 | 158,580 | 188,240 | 146,928 | 149,580 | 130,962 | 48,932 | 22,225 | ||
| 3.0m | 511,186 | 286,121 | 1.7m | 431,346 | 3.0m | 69,174 | 6,237 | 115,804 | 47,013 | 1.4m | 153,851 | 462,019 | 31,386 | 57,113 | 179,346 | 354,537 | 250,102 | 808,641 | ||
| -22,341 | 17,658 | -20,075 | -98,693 | 21,669 | 89,425 | 5,927 | -1,343 | - | 7,760 | -4,751 | -21,822 | 7,118 | 18,473 | -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% | ||
| 0.61 | 0.66 | 0.23 | 0.28 | 0.55 | 0.37 | 0.47 | 0.26 | 0.22 | 0.36 | 0.21 | 0.17 | 0.23 | 0.28 | 0.19 | 0.19 | 0.23 | 0.31 | 0.04 | ||
| 0.61 | 0.66 | 0.23 | 0.28 | 0.55 | 0.37 | 0.47 | 0.26 | 0.22 | 0.34 | 0.20 | 0.15 | 0.23 | 0.28 | 0.19 | 0.19 | 0.23 | 0.31 | 0.04 | ||
| 3.13 | 2.24 | 2.03 | 2.54 | 2.83 | 4.21 | 8.52 | 13.08 | 19.60 | 48.81 | 47.44 | 21.47 | 45.02 | 89.61 | - | - | - | - | - | ||
| 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% | ||
| 4.29 | 4.66 | 5.64 | 9.85 | 13.51 | 10.56 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | 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.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 1 | 1 | - |
| part-time | 0 | - | - |
| in full-time equivalents | 1 | 1 | - |
| 1 | 1 | 0.7 | |
| On a permanent contract | 1 | 1 | - |
| Joined | 4 | 8 | 0 |
| Left | 4 | 7 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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)
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.
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.
| 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 |
| Name | 2023 | 2024 |
|---|---|---|
| VD IMMO LUXLU | 50% | |
Source: list of holdings in its own accounts
The network starts from the directors of ARCADE. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
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
| Establishment | Since | Unit number |
|---|---|---|
| Quai Timmermans 14 registered office 4000 Liège | 21-05-1991 | 2.052.760.718 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62078A0558/00D037 | 3,884 m² | 1 · 280 m² | 26.2 m · 7 |
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