Arcelar
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 48 filings
Turnover
≈ €2.9m
Estimated: probably between €2.2m and €3.8m
Total assets
€1.2m▲ 10.4%
2024 · €1.1m
Net result
€72,475▲ 37.9%
2024 · €52,540
Working capital
€459,228▼ 40.1%
2024 · €766,512
In the rankings
#2 oldest company in Aartselaar, Construction sector#3 employer in Aartselaar, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€118,773
▲ 8.4%
2025
20192025
Net result
€72,475
▲ 37.9%
2025
middle half of the sector
20192025
Equity
€480,611
▼ 40.5%
2025
middle half of the sector
20192025
Total assets
€1.2m
▲ 10.4%
2025
middle half of the sector
20192025
Debt
€685,298
▲ 177%
2025
20192025
Working capital
€459,228
▼ 40.1%
2025
highest quarter of the sector
20192025
Solvency
41.2%
▼ 35.3pp
2025
middle half of the sector
20192025
Current ratio
1.67
▼ 2.42
2025
middle half of the sector
20192025
Return on assets (ROA)
6.2%
▲ 1.2pp
2025
middle half of the sector
20192025
Staff (FTE)
13.9
▼ 48.5%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.4m-€0.09m▼ 74.7%€0.09m▲ 2.8%€0.08m▼ 15.1%€0.09m▲ 14.7%€0.1m▲ 21.2%€0.1m▲ 8.4%
Net result€0.2m-€0.05mwithin the sector's middle half▼ 79.2%€0.07mwithin the sector's middle half▲ 30.5%€0.06mwithin the sector's middle half▼ 11.9%€0.05mwithin the sector's middle half▼ 19.4%€0.05mwithin the sector's middle half▲ 11.2%€0.07mwithin the sector's middle half▲ 37.9%
Equity€0.6m-€0.6mwithin the sector's middle half▲ 1.9%€0.6mabove the sector's middle half▲ 11.4%€0.7mabove the sector's middle half▲ 9.0%€0.8mabove the sector's middle half▲ 6.7%€0.8mabove the sector's middle half▲ 7.0%€0.5mwithin the sector's middle half▼ 40.5%
Total assets€1.2m-€1.4mwithin the sector's middle half▲ 13.2%€1.4mwithin the sector's middle half▲ 0.5%€1.4mwithin the sector's middle half▲ 2.6%€1.0mwithin the sector's middle half▼ 28.5%€1.1mwithin the sector's middle half▲ 3.8%€1.2mwithin the sector's middle half▲ 10.4%
Debt€0.6m-€0.8m▲ 23.2%€0.7m▼ 7.4%€0.7m▼ 3.0%€0.3m▼ 63.3%€0.2m▼ 5.4%€0.7m▲ 177%
Working capital€0.8m-€1.1mabove the sector's middle half▲ 32.2%€1.2mabove the sector's middle half▲ 10.2%€1.2mabove the sector's middle half▲ 4.7%€0.7mabove the sector's middle half▼ 44.6%€0.8mabove the sector's middle half▲ 12.3%€0.5mabove the sector's middle half▼ 40.1%
Solvency47.0%-42.3%within the sector's middle half▼ 4.7pp46.9%within the sector's middle half▲ 4.6pp49.8%within the sector's middle half▲ 2.9pp74.2%above the sector's middle half▲ 24.5pp76.5%above the sector's middle half▲ 2.3pp41.2%within the sector's middle half▼ 35.3pp
Current ratio3.02-4.49above the sector's middle half▲ 1.486.70above the sector's middle half▲ 2.217.71above the sector's middle half▲ 1.013.62above the sector's middle half▼ 4.094.09above the sector's middle half▲ 0.471.67within the sector's middle half▼ 2.42
Return on assets (ROA)20.1%-3.7%within the sector's middle half▼ 16.4pp4.8%within the sector's middle half▲ 1.1pp4.1%within the sector's middle half▼ 0.7pp4.6%within the sector's middle half▲ 0.5pp5.0%within the sector's middle half▲ 0.3pp6.2%within the sector's middle half▲ 1.2pp
Staff (FTE)12above the sector's middle half12above the sector's middle half=13.9above the sector's middle half▲ 15.8%27above the sector's middle half▲ 94.2%13.9above the sector's middle half▼ 48.5%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 8% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €1.2m
Fixed assets
€21,383 ▼ 48.6%
Current assets
€1.1m ▲ 12.8%
Equity and liabilities €1.2m
Equity
€480,611 ▼ 40.5%
Debt
€685,298 ▲ 177%
Debt's share of the balance-sheet total rises from 23.5% to 58.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€125,114▼
2024 · €128,121
Cash flow
€78,816▲
2024 · €71,141
Debt to equity
1.43▲
2024 · 0.31
ROE
15.1%▲
2024 · 6.5%
Interest coverage
11.52▼
2024 · 21.55
Debt ≤ 1 year
€685,298▲
2024 · €247,838
Income taxes
€36,077▼
2024 · €51,036
Staff costs
€890,065▼
2024 · €1.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 14 | 27 | 14 |
| full-time | 11 | 13 | 27 | 13 |
| part-time | - | 1 | - | 1 |
| in full-time equivalents | 11 | 13.9 | 27 | 13.9 |
| Average over the year, in full-time equivalents | 11 | 13.9 | 27 | 13.9 |
| On a permanent contract | 11 | 14 | 27 | 14 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,597 | €72,268 | €63,964 | - |
| Depreciation and write-downs of the year | €895 | €3,625 | €18,601 | €6,341 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.006m | - | €0.01m | €0.006m | ▼ 49.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €1.5m | €0.9m | ▼ 39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.001m | €0.002m | €0.001m | €0.004m | €0.02m | €0.006m | ▼ 65.9% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.02m | €0.01m | €0.005m | ▼ 63.4% |
| Non-recurring operating charges66A | - | - | - | €0.001m | - | €0.03m | €0.001m | ▼ 95.5% |
| Gross operating margin9900 | €0.8m | €0.7m | €0.7m | €0.8m | €0.9m | €1.6m | €1.0m | ▼ 37.7% |
| Operating profit (loss)9901 | €0.4m | €0.09m | €0.09m | €0.08m | €0.09m | €0.1m | €0.1m | ▲ 8.4% |
| Financial income75/76B | - | - | - | - | - | €0 | €0.001m | ▲ 5,828× |
| Recurring financial income75 | - | - | €182 | - | - | €0 | €0.001m | ▲ 5,828× |
| Financial charges65/66B | - | - | - | €0.005m | €0.005m | €0.006m | €0.01m | ▲ 82.7% |
| Recurring financial charges65 | €0.001m | €0.007m | €0.003m | €0.005m | €0.005m | €0.006m | €0.01m | ▲ 82.7% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.08m | €0.09m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 4.8% |
| Income taxes67/77 | €0.1m | €0.03m | €0.02m | €0.02m | €0.04m | €0.05m | €0.04m | ▼ 29.3% |
| Profit (loss) for the period9904 | €0.2m | €0.05m | €0.07m | €0.06m | €0.05m | €0.05m | €0.07m | ▲ 37.9% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.05m | €0.07m | €0.06m | €0.05m | €0.05m | €0.07m | ▲ 37.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.4m | €1.4m | €1.4m | €1.0m | €1.1m | €1.2m | ▲ 10.4% |
| Fixed assets21/28 | €0.009m | €0.005m | €0.003m | €0.007m | €0.08m | €0.04m | €0.02m | ▼ 48.6% |
| Tangible fixed assets22/27 | €0.009m | €0.005m | €0.003m | €0.007m | €0.08m | €0.04m | €0.02m | ▼ 48.6% |
| Land and buildings22 | - | - | - | €222 | - | €0.02m | €0.02m | ▼ 11.5% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.08m | €0.02m | €0.005m | ▼ 78.1% |
| Current assets29/58 | €1.2m | €1.4m | €1.4m | €1.4m | €0.9m | €1.0m | €1.1m | ▲ 12.8% |
| Amounts receivable within one year40/41 | €1.0m | €1.2m | €0.6m | €0.6m | €0.4m | €0.5m | €0.9m | ▲ 99.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.4m | €0.5m | €0.5m | ▲ 14.0% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.001m | €43 | €0.4m | ▲ 9,259× |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.7m | €0.8m | €0.5m | €0.5m | €0.2m | ▼ 61.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.009m | €476 | ▼ 94.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.4m | €1.4m | €1.4m | €1.0m | €1.1m | €1.2m | ▲ 10.4% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.5m | ▼ 40.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.4% |
| Profit (loss) carried forward14 | €0.08m | €0.09m | €0.2m | €0.2m | €0.3m | €0.3m | €0.02m | ▼ 93.7% |
| Amounts payable17/49 | €0.6m | €0.8m | €0.7m | €0.7m | €0.3m | €0.2m | €0.7m | ▲ 177% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.5m | €0.5m | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.5m | - | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.7m | ▲ 177% |
| Trade debts44 | €0.05m | €0.1m | €0.05m | €0.05m | €0.09m | €0.02m | €0.07m | ▲ 260% |
| Suppliers440/4 | - | - | - | €0.05m | €0.09m | €0.02m | €0.07m | ▲ 260% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 4.3% |
| Taxes450/3 | - | - | - | €0.03m | €0.06m | €0.09m | €0.1m | ▲ 22.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.4% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | - | €0.4m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.002m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €245,310 | €50,942 | €66,487 | €58,602 | €47,249 | €52,540 | €72,475 | ▲ 37.9% |
| + Depreciation and write-downs630 | €2,570 | €981 | €1,807 | €895 | €3,625 | €18,601 | €6,341 | ▼ 65.9% |
| Operating cash flow (approximation) | €247,880 | €51,924 | €68,293 | €59,497 | €50,875 | €71,141 | €78,816 | ▲ 10.8% |
| Investment in fixed assets (approximation) | - | €3,658 | €0 | -€4,765 | -€72,268 | €15,139 | €13,899 | ▼ 8.2% |
| Change in cash | - | -€16,039 | €553,930 | €66,644 | -€279,733 | €39,112 | -€327,446 | - |
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, 20,136 companies had the same profile as Arcelar has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Arcelar 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 20,136 companies, not a prediction for Arcelar. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00368580 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00311688 | |
| 31-03-2023 | abbreviated format | 19-11-2023 | 2023-00515892 | |
| 31-03-2022 | abbreviated format | 21-10-2022 | 2022-20471132 | |
| 31-03-2021 | abbreviated format | 27-10-2021 | 2021-75700484 | |
| 31-03-2020 | abbreviated format | 07-10-2020 | 2020-60900534 | |
| 31-03-2019 | abbreviated format | 29-10-2019 | 2019-72500214 | |
| 31-03-2018 | abbreviated format | 29-10-2018 | 2018-70900101 | |
| 31-03-2017 | abbreviated format | 30-09-2017 | 2017-66000104 | |
| 31-03-2016 | abbreviated format | 26-09-2016 | 2016-62100339 |