ARCHIPEL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 21 filings
Turnover
€24,106▲ 20.5%
2019 · €20,009
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€31,558▲ 235%
2024 · €9,434
Working capital
€593,271▼ 7.5%
2024 · €641,332
In the rankings
#3 employer in Elsene, Other services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€28,483
▲ 116%
2025
20182025
Net result
€31,558
▲ 235%
2025
middle half of the sector
20182025
Equity
€1.1m
▲ 2.9%
2025
middle half of the sector
20182025
Total assets
€2.5m
▲ 3.9%
2025
middle half of the sector
20182025
Debt
€1.4m
▲ 4.7%
2025
20182025
Working capital
€593,271
▼ 7.5%
2025
middle half of the sector
20182025
Solvency
44.5%
▼ 0.4pp
2025
middle half of the sector
20182025
Current ratio
1.54
▼ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.2%
▲ 0.9pp
2025
middle half of the sector
20182025
Staff (FTE)
94.6
▲ 1.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.02m-€0.02m▲ 2.8%€0.02m▲ 20.5%
Operating result€0.03m-€0.2m▲ 541%€0.2m▲ 19.0%€0.06m▼ 74.9%-€0.02m-€0.02m▼ 1.8%€0.01m€0.03m▲ 116%
Net result€0.03m-€0.2m▲ 564%€0.2mabove the sector's middle half▲ 22.0%€0.04mwithin the sector's middle half▼ 80.6%-€0.04mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 25.8%€0.009mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 235%
Equity€0.7m-€0.9m▲ 26.3%€1.1mwithin the sector's middle half▲ 25.4%€1.2mwithin the sector's middle half▲ 3.9%€1.1mwithin the sector's middle half▼ 3.6%€1.1mwithin the sector's middle half▼ 2.8%€1.1mwithin the sector's middle half▲ 0.9%€1.1mwithin the sector's middle half▲ 2.9%
Total assets€3.0m-€2.6m▼ 11.2%€2.6mwithin the sector's middle half▲ 0.1%€2.6mwithin the sector's middle half▼ 2.2%€2.7mwithin the sector's middle half▲ 4.8%€2.6mwithin the sector's middle half▼ 5.4%€2.4mwithin the sector's middle half▼ 4.3%€2.5mwithin the sector's middle half▲ 3.9%
Debt€2.1m-€1.5m▼ 25.2%€1.5m▼ 1.4%€1.4m▼ 6.7%€1.6m▲ 11.7%€1.5m▼ 7.2%€1.3m▼ 8.1%€1.4m▲ 4.7%
Working capital€0.5m-€0.7m▲ 37.3%€0.7mwithin the sector's middle half▼ 3.9%€0.8mwithin the sector's middle half▲ 8.7%€0.7mwithin the sector's middle half▼ 5.3%€0.6mwithin the sector's middle half▼ 15.8%€0.6mwithin the sector's middle half▲ 4.6%€0.6mwithin the sector's middle half▼ 7.5%
Solvency23.8%-33.9%▲ 10.1pp42.5%within the sector's middle half▲ 8.6pp45.1%within the sector's middle half▲ 2.6pp41.5%within the sector's middle half▼ 3.6pp42.6%within the sector's middle half▲ 1.1pp44.9%within the sector's middle half▲ 2.3pp44.5%within the sector's middle half▼ 0.4pp
Current ratio1.39-1.83▲ 0.441.73below the sector's middle half▼ 0.101.84below the sector's middle half▲ 0.111.66below the sector's middle half▼ 0.181.59below the sector's middle half▼ 0.071.65below the sector's middle half▲ 0.061.54below the sector's middle half▼ 0.11
Return on assets (ROA)0.9%-7.1%▲ 6.1pp8.6%above the sector's middle half▲ 1.5pp1.7%within the sector's middle half▼ 6.9pp-1.6%within the sector's middle half▼ 3.3pp-1.2%within the sector's middle half▲ 0.3pp0.4%within the sector's middle half▲ 1.6pp1.2%within the sector's middle half▲ 0.9pp
Staff (FTE)129-110▼ 14.7%99above the sector's middle half▼ 10.0%94.1above the sector's middle half▼ 4.9%91.6above the sector's middle half▼ 2.7%92.3above the sector's middle half▲ 0.8%93.2above the sector's middle half▲ 1.0%94.6above the sector's middle half▲ 1.5%
above
within
below
The sector band is the middle half of the companies in Activities of membership organisations (NACE 94). 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 116% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2021 Net result -81% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€845,660 ▲ 2.8%
Current assets
€1.7m ▲ 4.4%
Equity and liabilities €2.5m
Equity
€1.1m ▲ 2.9%
Debt
€1.4m ▲ 4.7%
Debt's share of the balance-sheet total rises from 55.1% to 55.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€95,536▼
2024 · €99,121
Cash flow
€98,611▲
2024 · €95,347
Debt to equity
1.25▲
2024 · 1.23
ROE
2.8%▲
2024 · 0.9%
Interest coverage
12.18▲
2024 · 10.43
Debt ≤ 1 year
€1.1m▲
2024 · €983,071
Debt > 1 year
€302,637▼
2024 · €363,818
Income taxes
€1,124▲
2024 · €1,106
Staff costs
€6.4m▲
2024 · €6.1m
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 106 | 109 | 106 | 109 | 110 |
| full-time | 70 | 71 | 68 | 79 | 79 |
| part-time | 36 | 38 | 38 | 30 | 31 |
| in full-time equivalents | 90.4 | 91.8 | 88.9 | 94.8 | 95.3 |
| Average over the year, in full-time equivalents | 94.1 | 91.6 | 92.3 | 93.2 | 94.6 |
| On a permanent contract | 92 | 97 | 97 | 94 | 98 |
| Joined | 25 | 40 | 34 | 32 | 18 |
| Left | 30 | 37 | 36 | 29 | 17 |
| Training hours | 176 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €281,727 | €235,157 | €189,960 |
| Pledge on other assets, amount secured | - | - | €650,000 | €650,000 | €650,000 |
| Carrying value of the other pledged assets | - | - | €889,109 | €812,565 | €794,732 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,605 | €51,907 | €107,511 | €3,567 | €89,799 |
| Depreciation and write-downs of the year | €71,244 | €72,389 | €74,638 | €85,912 | €67,053 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Wallonia-Brussels Federation
2023 to 2025 · 37 entries · €3.6m in total| Year | Entries | Paid |
|---|---|---|
| 2025 | 13 | €1.3m |
| 2024 | 9 | €1.2m |
| 2023 | 15 | €1.1m |
Budget allocations
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.02m | €0.02m | €0.02m | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.01m | - | €0.01m | €41 | €0.004m | ▲ 96× |
| Remuneration, social security and pensions62 | - | - | - | €5.1m | €5.5m | €5.9m | €6.1m | €6.4m | ▲ 5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.09m | €0.07m | ▼ 22.0% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.003m | €0.001m | €0.001m | €0.001m | ▲ 5.1% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.001m | €0.02m | €3 | €0.001m | ▲ 301× |
| Gross operating margin9900 | - | - | - | €5.3m | €5.5m | €6.0m | €6.2m | €6.5m | ▲ 5.8% |
| Operating profit (loss)9901 | €0.03m | €0.2m | €0.2m | €0.06m | -€0.02m | -€0.02m | €0.01m | €0.03m | ▲ 116% |
| Financial income75/76B | - | - | - | €27 | €31 | €0.002m | €0.007m | €0.01m | ▲ 76.3% |
| Recurring financial income75 | €53 | €53 | €53 | €27 | €31 | €0.002m | €0.007m | €0.01m | ▲ 76.3% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.01m | €0.009m | €0.008m | ▼ 17.5% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | €0.008m | ▼ 17.5% |
| Debt charges650 | €0.02m | €0.02m | €0.01m | - | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | €0.001m | €0.006m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.2m | €0.2m | €0.04m | -€0.04m | -€0.03m | €0.01m | €0.03m | ▲ 210% |
| Income taxes67/77 | - | - | - | - | €361 | €0.001m | €0.001m | €0.001m | ▲ 1.6% |
| Profit (loss) for the period9904 | €0.03m | €0.2m | €0.2m | €0.04m | -€0.04m | -€0.03m | €0.009m | €0.03m | ▲ 235% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.2m | €0.2m | €0.04m | -€0.04m | -€0.03m | €0.009m | €0.03m | ▲ 235% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.0m | €2.6m | €2.6m | €2.6m | €2.7m | €2.6m | €2.4m | €2.5m | ▲ 3.9% |
| Formation expenses20 | - | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | ▲ 2.8% |
| Intangible fixed assets21 | - | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | ▲ 2.8% |
| Land and buildings22 | - | - | - | €0.9m | €0.8m | €0.9m | €0.8m | €0.8m | ▼ 2.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.01m | €0.007m | €0.01m | ▲ 47.2% |
| Assets under construction and advance payments27 | - | - | - | - | €0.04m | - | - | €0.04m | - |
| Financial fixed assets28 | €0.004m | €0.01m | €0.01m | €0.009m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €1.9m | €1.6m | €1.7m | €1.7m | €1.8m | €1.7m | €1.6m | €1.7m | ▲ 4.4% |
| Stocks and contracts in progress3 | - | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 17.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 12.8% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.9% |
| Current investments50/53 | - | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.3m | €1.2m | €1.4m | €1.4m | €1.4m | €1.1m | €1.1m | €1.2m | ▲ 12.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.03m | €0.06m | €0.06m | €0.07m | ▲ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.0m | €2.6m | €2.6m | €2.6m | €2.7m | €2.6m | €2.4m | €2.5m | ▲ 3.9% |
| Equity10/15 | €0.7m | €0.9m | €1.1m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 2.9% |
| Contributions10/11 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 6.4% |
| Profit (loss) carried forward14 | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €2.1m | €1.5m | €1.5m | €1.4m | €1.6m | €1.5m | €1.3m | €1.4m | ▲ 4.7% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 16.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 26.7% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.4% |
| Amounts payable within one year42/48 | €1.4m | €0.9m | €1.0m | €0.9m | €1.1m | €1.0m | €1.0m | €1.1m | ▲ 12.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | ▲ 3.5% |
| Financial debts43 | - | - | - | - | - | - | - | €145 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €145 | - |
| Trade debts44 | €0.4m | €0.03m | €0.06m | €0.08m | €0.2m | €0.2m | €0.07m | €0.2m | ▲ 130% |
| Suppliers440/4 | - | - | - | €0.08m | €0.2m | €0.2m | €0.07m | €0.2m | ▲ 132% |
| Bills of exchange payable441 | - | - | - | €0.006m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | ▲ 1.5% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.004m | €0.2m | ▲ 39× |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.7m | €0.6m | €0.8m | €0.7m | ▼ 18.0% |
| Accrued charges and deferred income492/3 | - | - | - | €16 | €0.02m | €0.003m | €0.001m | €0.006m | ▲ 313% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,946 | €185,672 | €226,509 | €44,017 | -€42,295 | -€31,364 | €9,434 | €31,558 | ▲ 235% |
| + Depreciation and write-downs630 | €68,038 | €67,815 | €69,281 | €71,244 | €72,389 | €74,638 | €85,912 | €67,053 | ▼ 22.0% |
| Operating cash flow (approximation) | €95,984 | €253,487 | €295,791 | €115,261 | €30,094 | €43,274 | €95,347 | €98,611 | ▲ 3.4% |
| Investment in fixed assets (approximation) | - | -€9,652 | -€19,862 | -€10,173 | -€45,501 | -€107,367 | -€3,567 | -€89,799 | ▼ 2,418% |
| Change in cash | - | -€71,459 | €132,351 | €2,331 | €1,122 | -€227,622 | -€41,704 | €139,414 | - |
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, 1,887 companies had the same profile as ARCHIPEL has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of ARCHIPEL 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 1,887 companies, not a prediction for ARCHIPEL. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00217862 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00440376 | |
| 31-12-2023 | full format | 19-08-2024 | 2024-00349511 | |
| 31-12-2022 | full format | 10-10-2023 | 2023-00481924 | |
| 31-12-2021 | full format | 30-01-2023 | 2023-00019912 | |
| 31-12-2021 | abbreviated format | 06-10-2022 | 2022-20452658 | |
| 31-12-2020 | abbreviated format | 11-06-2021 | 2021-21100009 | |
| 31-12-2019 | abbreviated format | 10-07-2020 | 2020-29900105 | |
| 31-12-2018 | abbreviated format | 12-06-2019 | 2019-17700575 | |
| 31-12-2017 | abbreviated format | 01-06-2018 | 2018-14900453 |