ARCHIPEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-07-2026 at the NBB all 29 filings
Turnover
≈ €240,000
Estimated: probably between €110,000 and €350,000
Total assets
€125,181▼ 17.2%
2024 · €151,179
Net result
-€6,421▲ 36.9%
2024 · -€10,183
Working capital
€60,966▲ 27.6%
2024 · €47,769
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,305
▲ 38.3%
2025
20182025
Net result
-€6,421
▲ 36.9%
2025
lowest quarter of the sector
20182025
Equity
€95,553
▼ 6.3%
2025
middle half of the sector
20182025
Total assets
€125,181
▼ 17.2%
2025
middle half of the sector
20182025
Debt
€29,628
▼ 39.8%
2025
20182025
Working capital
€60,966
▲ 27.6%
2025
middle half of the sector
20182025
Solvency
76.3%
▲ 8.9pp
2025
highest quarter of the sector
20182025
Current ratio
3.06
▲ 1.09
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.1%
▲ 1.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,326-€8,914-€7,321€2,708-€3,931€14,409-€10,219-€6,305▲ 38.3%
Net result-€6,398-€8,045-€7,061below the sector's middle half€2,258within the sector's middle half-€3,966below the sector's middle half€9,828within the sector's middle half-€10,183below the sector's middle half-€6,421below the sector's middle half▲ 36.9%
Equity€122,052-€130,097▲ 6.6%€123,036above the sector's middle half▼ 5.4%€125,294above the sector's middle half▲ 1.8%€102,328within the sector's middle half▼ 18.3%€112,156within the sector's middle half▲ 9.6%€101,973within the sector's middle half▼ 9.1%€95,553within the sector's middle half▼ 6.3%
Total assets€182,963-€164,266▼ 10.2%€142,063within the sector's middle half▼ 13.5%€168,907within the sector's middle half▲ 18.9%€160,573within the sector's middle half▼ 4.9%€185,983within the sector's middle half▲ 15.8%€151,179within the sector's middle half▼ 18.7%€125,181within the sector's middle half▼ 17.2%
Debt€60,911-€34,169▼ 43.9%€19,027▼ 44.3%€43,613▲ 129%€58,245▲ 33.5%€73,827▲ 26.8%€49,205▼ 33.4%€29,628▼ 39.8%
Working capital€35,535-€48,216▲ 35.7%€53,846within the sector's middle half▲ 11.7%€63,563within the sector's middle half▲ 18.0%€54,060within the sector's middle half▼ 14.9%€38,334within the sector's middle half▼ 29.1%€47,769within the sector's middle half▲ 24.6%€60,966within the sector's middle half▲ 27.6%
Solvency66.7%-79.2%▲ 12.5pp86.6%above the sector's middle half▲ 7.4pp74.2%above the sector's middle half▼ 12.4pp63.7%within the sector's middle half▼ 10.5pp60.3%within the sector's middle half▼ 3.4pp67.5%within the sector's middle half▲ 7.1pp76.3%above the sector's middle half▲ 8.9pp
Current ratio1.58-2.41▲ 0.833.83above the sector's middle half▲ 1.422.46within the sector's middle half▼ 1.371.93within the sector's middle half▼ 0.531.52within the sector's middle half▼ 0.411.97within the sector's middle half▲ 0.453.06within the sector's middle half▲ 1.09
Return on assets (ROA)-3.5%-4.9%▲ 8.4pp-5.0%below the sector's middle half▼ 9.9pp1.3%within the sector's middle half▲ 6.3pp-2.5%below the sector's middle half▼ 3.8pp5.3%within the sector's middle half▲ 7.8pp-6.7%below the sector's middle half▼ 12.0pp-5.1%below the sector's middle half▲ 1.6pp
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 a loss of €6,305, smaller than the loss of €10,219 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €125,181
Fixed assets
€34,587 ▼ 36.2%
Current assets
€90,594 ▼ 6.6%
Equity and liabilities €125,181
Equity
€95,553 ▼ 6.3%
Debt
€29,628 ▼ 39.8%
Debt's share of the balance-sheet total falls from 32.5% to 23.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,313▲
2024 · €9,399
Cash flow
€13,197▲
2024 · €9,434
Quick ratio
2.16▲
2024 · 1.43
Debt to equity
0.31▼
2024 · 0.48
ROE
-6.7%▲
2024 · -10.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€29,628▼
2024 · €49,205
Staff costs
€889
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,367 | - | €40,031 | - | - |
| Depreciation and write-downs of the year | €12,826 | €13,464 | €13,167 | €19,617 | €19,617 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €889 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,576 | €13,007 | €12,690 | €12,826 | €13,464 | €13,167 | €19,617 | €19,617 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,262 | - | - | - | €1,685 | - |
| Other operating charges640/8 | - | - | - | €3,189 | €2,340 | €2,377 | €3,098 | €8,717 | ▲ 181% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | - | - | - |
| Gross operating margin9900 | €7,302 | €25,495 | €7,570 | €17,461 | €11,872 | €29,953 | €12,497 | €24,605 | ▲ 96.9% |
| Operating profit (loss)9901 | -€6,326 | €8,914 | -€7,321 | €2,708 | -€3,931 | €14,409 | -€10,219 | -€6,305 | ▲ 38.3% |
| Financial income75/76B | - | - | - | €8 | €39 | €0 | €6 | €0 | ▼ 97.8% |
| Recurring financial income75 | €0 | €1 | €345 | €8 | €39 | €0 | €6 | €0 | ▼ 97.8% |
| Non-recurring financial income76B | - | - | - | - | €0 | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €225 | €74 | €119 | €70 | €116 | ▲ 64.6% |
| Recurring financial charges65 | €72 | €170 | €85 | €225 | €74 | €119 | €70 | €116 | ▲ 64.6% |
| Profit (loss) for the period before taxes9903 | -€6,398 | €8,745 | -€7,061 | €2,492 | -€3,966 | €14,291 | -€10,283 | -€6,421 | ▲ 37.6% |
| Income taxes67/77 | - | €700 | - | €234 | - | €4,462 | -€100 | - | - |
| Profit (loss) for the period9904 | -€6,398 | €8,045 | -€7,061 | €2,258 | -€3,966 | €9,828 | -€10,183 | -€6,421 | ▲ 36.9% |
| Profit (loss) for the period to be appropriated9905 | -€6,398 | €8,045 | -€7,061 | €2,258 | -€3,966 | €9,828 | -€10,183 | -€6,421 | ▲ 36.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €182,963 | €164,266 | €142,063 | €168,907 | €160,573 | €185,983 | €151,179 | €125,181 | ▼ 17.2% |
| Fixed assets21/28 | €86,517 | €81,881 | €69,190 | €61,731 | €48,268 | €73,822 | €54,204 | €34,587 | ▼ 36.2% |
| Tangible fixed assets22/27 | €86,247 | €81,611 | €68,920 | €61,461 | €47,998 | €73,552 | €53,934 | €34,317 | ▼ 36.4% |
| Land and buildings22 | - | - | - | €52,882 | €42,165 | €31,628 | €21,090 | €10,552 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | €23,879 | €18,965 | €14,051 | ▼ 25.9% |
| Furniture and vehicles24 | - | - | - | €8,580 | €5,832 | €18,045 | €13,880 | €9,714 | ▼ 30.0% |
| Financial fixed assets28 | €270 | €270 | €270 | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €96,446 | €82,385 | €72,873 | €107,176 | €112,305 | €112,162 | €96,974 | €90,594 | ▼ 6.6% |
| Stocks and contracts in progress3 | €12,831 | €8,557 | €7,113 | €21,449 | €25,711 | €27,458 | €26,533 | €26,720 | ▲ 0.7% |
| Stocks30/36 | - | - | - | €16,095 | €20,357 | €22,105 | €16,179 | €21,720 | ▲ 34.2% |
| Contracts in progress37 | - | - | - | €5,354 | €5,354 | €5,354 | €10,354 | €5,000 | ▼ 51.7% |
| Amounts receivable within one year40/41 | €47,816 | €45,369 | €33,681 | €53,204 | €71,969 | €61,474 | €31,959 | €43,522 | ▲ 36.2% |
| Trade receivables40 | - | - | - | €49,185 | €71,476 | €51,102 | €31,389 | €40,338 | ▲ 28.5% |
| Other amounts receivable41 | - | - | - | €4,020 | €493 | €10,372 | €570 | €3,183 | ▲ 458% |
| Cash at bank and in hand54/58 | €29,654 | €22,314 | €25,333 | €31,731 | €14,626 | €23,229 | €38,483 | €20,353 | ▼ 47.1% |
| Deferred charges and accrued income490/1 | - | - | - | €792 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €182,963 | €164,266 | €142,063 | €168,907 | €160,573 | €185,983 | €151,179 | €125,181 | ▼ 17.2% |
| Equity10/15 | €122,052 | €130,097 | €123,036 | €125,294 | €102,328 | €112,156 | €101,973 | €95,553 | ▼ 6.3% |
| Contributions10/11 | €61,999 | €61,999 | - | €61,999 | €61,999 | €61,999 | €61,999 | €61,999 | = |
| Reserves13 | €44,377 | €51,477 | €51,477 | €51,477 | €32,477 | €41,477 | €41,477 | €41,477 | = |
| Non-distributable reserves130/1 | - | - | - | €5,477 | €5,477 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,477 | €5,477 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Distributable reserves133 | - | - | - | €26,000 | €7,000 | €21,477 | €21,477 | €21,477 | = |
| Profit (loss) carried forward14 | €15,676 | €16,621 | €9,560 | €11,818 | €7,852 | €8,680 | -€1,503 | -€7,924 | ▼ 427% |
| Amounts payable17/49 | €60,911 | €34,169 | €19,027 | €43,613 | €58,245 | €73,827 | €49,205 | €29,628 | ▼ 39.8% |
| Amounts payable within one year42/48 | €60,911 | €34,169 | €19,027 | €43,613 | €58,245 | €73,827 | €49,205 | €29,628 | ▼ 39.8% |
| Trade debts44 | €16,376 | €22,171 | €5,949 | €31,757 | €5,776 | €10,250 | €13,657 | €5,256 | ▼ 61.5% |
| Suppliers440/4 | - | - | - | €31,757 | €5,776 | €10,250 | €13,657 | €5,256 | ▼ 61.5% |
| Advances received on contracts in progress46 | - | - | - | €17 | - | €359 | - | €2,300 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,181 | €1,179 | €6,411 | €5,827 | €425 | ▼ 92.7% |
| Taxes450/3 | - | - | - | €1,937 | €1,179 | €6,411 | €5,827 | - | - |
| Remuneration and social security454/9 | - | - | - | €2,244 | - | - | - | €425 | - |
| Other amounts payable47/48 | - | - | - | €7,658 | €51,290 | €56,807 | €29,721 | €21,648 | ▼ 27.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,398 | €8,045 | -€7,061 | €2,258 | -€3,966 | €9,828 | -€10,183 | -€6,421 | ▲ 36.9% |
| + Depreciation and write-downs630 | €11,576 | €13,007 | €12,690 | €12,826 | €13,464 | €13,167 | €19,617 | €19,617 | = |
| Operating cash flow (approximation) | €5,178 | €21,051 | €5,630 | €15,083 | €9,497 | €22,995 | €9,434 | €13,197 | ▲ 39.9% |
| Investment in fixed assets (approximation) | - | -€8,370 | €0 | -€5,367 | €0 | -€38,721 | €0 | €0 | - |
| Change in cash | - | -€7,341 | €3,019 | €6,398 | -€17,105 | €8,604 | €15,253 | -€18,130 | - |
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, 12,322 companies had the same profile as ARCHIPEL has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARCHIPEL itself: 0.2% 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 12,322 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-07-2026 | 2026-00264886 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00211415 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00231088 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00215270 | |
| 31-12-2021 | micro format | 23-06-2022 | 2022-20085226 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48000570 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36500460 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41400493 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41600350 | |
| 31-12-2016 | micro format | 07-08-2017 | 2017-41600505 |