Ardeel Electrics
ActiveSummary
The computed 12-month bankruptcy probability of Ardeel Electrics is 2.2% (moderate). The 2025 annual accounts show equity of €1.8m and a net result of €659,090. Equity is growing by ~54.2% per year across the filed fiscal years. Its solvency ranks better than 61% of 7967 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability92▲+2
Solvency78▲+7
Growth78=
Track record94
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity ample (current ratio 2.06 against 1.78 in 2024; short-term debt: 46.8% and cash: 11.2% of total assets), and 46.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
53.2%
Return on assets
19%
Age of the figures
9 mo
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 09-07-2026, 22 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
22 d early
2024
29 d late
2023
1 d early
2022
7 d late
2021
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 8 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#9 company by equity in Merelbeke-Melle, Construction sector
Equity
€1.8m▲ 55.4%
2024 · €1.2m
Total assets
€3.5m▲ 35.2%
2024 · €2.6m
Net result
€659,090▲ 49.6%
2024 · €440,613
Working capital
€1.7m▲ 59.9%
2024 · €1.1m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€446,702-€246,860▼ 44.7%€330,999▲ 34.1%€567,482▲ 71.4%€849,144▲ 49.6%
Net result€315,733above the sector's middle half-€185,836above the sector's middle half▼ 41.1%€238,312above the sector's middle half▲ 28.2%€440,613above the sector's middle half▲ 84.9%€659,090above the sector's middle half▲ 49.6%
Equity€325,733above the sector's middle half-€511,568above the sector's middle half▲ 57.1%€749,880above the sector's middle half▲ 46.6%€1.2mabove the sector's middle half▲ 58.8%€1.8mabove the sector's middle half▲ 55.4%
Total assets€1.5mabove the sector's middle half-€2.1mabove the sector's middle half▲ 36.1%€2.2mabove the sector's middle half▲ 7.9%€2.6mabove the sector's middle half▲ 15.1%€3.5mabove the sector's middle half▲ 35.2%
Debt€1.2m-€1.6m▲ 30.4%€1.5m▼ 4.8%€1.4m▼ 7.0%€1.6m▲ 17.9%
Working capital€234,439above the sector's middle half-€362,744above the sector's middle half▲ 54.7%€607,677above the sector's middle half▲ 67.5%€1.1mabove the sector's middle half▲ 77.1%€1.7mabove the sector's middle half▲ 59.9%
Solvency21.4%below the sector's middle half-24.7%within the sector's middle half▲ 3.3pp33.6%within the sector's middle half▲ 8.9pp46.3%within the sector's middle half▲ 12.7pp53.2%within the sector's middle half▲ 6.9pp
Current ratio1.20within the sector's middle half-1.23within the sector's middle half▲ 0.041.41within the sector's middle half▲ 0.181.78within the sector's middle half▲ 0.372.06within the sector's middle half▲ 0.28
Return on assets (ROA)20.8%above the sector's middle half-9.0%within the sector's middle half▼ 11.8pp10.7%within the sector's middle half▲ 1.7pp17.1%within the sector's middle half▲ 6.5pp19.0%above the sector's middle half▲ 1.8pp
Staff (FTE)1-1.2▲ 20.0%2▲ 66.7%1.5▼ 25.0%1.3below the sector's middle half▼ 13.3%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 50% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€128,925 ▲ 12.9%
Current assets
€3.3m ▲ 36.3%
Equity and liabilities €3.5m
Equity
€1.8m ▲ 55.4%
Debt
€1.6m ▲ 17.9%
Debt's share of the balance-sheet total falls from 53.7% to 46.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€908,582▲
2024 · €617,667
Cash flow
€718,527▲
2024 · €490,798
Quick ratio
0.88▼
2024 · 0.95
Debt to equity
0.88▼
2024 · 1.16
ROE
35.6%▼
2024 · 37.0%
Interest coverage
240.11▼
2024 · 3911.76
Debt ≤ 1 year
€1.6m▲
2024 · €1.4m
Income taxes
€227,020▲
2024 · €147,835
Staff costs
€84,383▼
2024 · €158,835
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,975 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €118,278 | €77,118 | €124,903 | €158,835 | €84,383 | ▼ 46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,343 | €31,824 | €44,404 | €50,185 | €59,437 | ▲ 18.4% |
| Other operating charges640/8 | €770 | €681 | €1,231 | €1,322 | €1,452 | ▲ 9.9% |
| Gross operating margin9900 | €579,093 | €356,484 | €501,537 | €777,824 | €994,417 | ▲ 27.8% |
| Operating profit (loss)9901 | €446,702 | €246,860 | €330,999 | €567,482 | €849,144 | ▲ 49.6% |
| Financial income75/76B | €14,558 | €12,878 | €19,727 | €21,124 | €40,750 | ▲ 92.9% |
| Recurring financial income75 | €14,558 | €12,878 | €19,727 | €21,124 | €40,750 | ▲ 92.9% |
| Financial charges65/66B | €91 | €547 | €342 | €158 | €3,784 | ▲ 2,296% |
| Recurring financial charges65 | €91 | €547 | €342 | €158 | €3,784 | ▲ 2,296% |
| Profit (loss) for the period before taxes9903 | €461,168 | €259,190 | €350,385 | €588,448 | €886,110 | ▲ 50.6% |
| Income taxes67/77 | €145,436 | €73,354 | €112,073 | €147,835 | €227,020 | ▲ 53.6% |
| Profit (loss) for the period9904 | €315,733 | €185,836 | €238,312 | €440,613 | €659,090 | ▲ 49.6% |
| Profit (loss) for the period to be appropriated9905 | €315,733 | €185,836 | €238,312 | €440,613 | €659,090 | ▲ 49.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €2.1m | €2.2m | €2.6m | €3.5m | ▲ 35.2% |
| Fixed assets21/28 | €91,296 | €148,827 | €142,284 | €114,209 | €128,925 | ▲ 12.9% |
| Intangible fixed assets21 | €17,978 | €36,848 | €44,310 | €50,601 | €99,992 | ▲ 97.6% |
| Tangible fixed assets22/27 | €73,318 | €111,979 | €97,973 | €63,608 | €28,894 | ▼ 54.6% |
| Plant, machinery and equipment23 | €48,667 | €37,129 | €32,426 | €19,489 | €7,513 | ▼ 61.4% |
| Furniture and vehicles24 | €24,651 | €74,850 | €65,548 | €44,119 | €21,381 | ▼ 51.5% |
| Financial fixed assets28 | - | - | - | - | €40 | - |
| Current assets29/58 | €1.4m | €1.9m | €2.1m | €2.5m | €3.3m | ▲ 36.3% |
| Stocks and contracts in progress3 | €436,142 | €763,023 | €775,988 | €1.1m | €1.9m | ▲ 67.3% |
| Stocks30/36 | €172,661 | €198,655 | €206,650 | €392,302 | €335,583 | ▼ 14.5% |
| Contracts in progress37 | €263,481 | €564,368 | €569,338 | €755,843 | €1.6m | ▲ 110% |
| Amounts receivable within one year40/41 | €544,063 | €769,761 | €602,172 | €958,270 | €1.0m | ▲ 4.4% |
| Trade receivables40 | €474,372 | €698,054 | €355,400 | €759,105 | €767,954 | ▲ 1.2% |
| Other amounts receivable41 | €69,692 | €71,708 | €246,772 | €199,165 | €232,585 | ▲ 16.8% |
| Cash at bank and in hand54/58 | €444,131 | €369,179 | €695,475 | €327,911 | €390,286 | ▲ 19.0% |
| Deferred charges and accrued income490/1 | €5,430 | €19,052 | €17,185 | €21,086 | €34,898 | ▲ 65.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €2.1m | €2.2m | €2.6m | €3.5m | ▲ 35.2% |
| Equity10/15 | €325,733 | €511,568 | €749,880 | €1.2m | €1.8m | ▲ 55.4% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Outside capital11 | €10,000 | - | - | - | - | - |
| Other1109/19 | €10,000 | - | - | - | - | - |
| Reserves13 | €315,733 | €501,568 | €739,880 | €1.2m | €1.8m | ▲ 55.8% |
| Non-distributable reserves130/1 | €315,733 | €501,568 | €739,880 | - | - | - |
| Other1319 | €315,733 | €501,568 | €739,880 | - | - | - |
| Distributable reserves133 | - | - | - | €1.2m | €1.8m | ▲ 55.8% |
| Amounts payable17/49 | €1.2m | €1.6m | €1.5m | €1.4m | €1.6m | ▲ 17.9% |
| Amounts payable within one year42/48 | €1.2m | €1.6m | €1.5m | €1.4m | €1.6m | ▲ 17.9% |
| Trade debts44 | €436,069 | €868,469 | €877,587 | €761,468 | €973,179 | ▲ 27.8% |
| Suppliers440/4 | €436,069 | €868,469 | €877,587 | €761,468 | €973,179 | ▲ 27.8% |
| Advances received on contracts in progress46 | - | - | - | €1,416 | - | - |
| Taxes, remuneration and social security45 | €158,956 | €239,499 | €215,253 | €15,940 | €52,357 | ▲ 228% |
| Taxes450/3 | €145,436 | €219,220 | €191,230 | - | €22,613 | - |
| Remuneration and social security454/9 | €13,520 | €20,279 | €24,024 | €15,940 | €29,744 | ▲ 86.6% |
| Other amounts payable47/48 | €600,303 | €450,303 | €390,303 | €600,303 | €600,000 | ▼ 0.1% |
| Accrued charges and deferred income492/3 | €2 | €3 | €81 | - | €91 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €315,733 | €185,836 | €238,312 | €440,613 | €659,090 | ▲ 49.6% |
| + Depreciation and write-downs630 | €13,343 | €31,824 | €44,404 | €50,185 | €59,437 | ▲ 18.4% |
| Operating cash flow (approximation) | €329,075 | €217,660 | €282,716 | €490,798 | €718,527 | ▲ 46.4% |
| Investment in fixed assets (approximation) | - | -€89,356 | -€37,861 | -€22,110 | -€74,153 | ▼ 235% |
| Change in cash | - | -€74,952 | €326,296 | -€367,564 | €62,375 | ▲ 117% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2021net €659,090 ▲49.6%
Operating result €849,144, net result €659,090, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Equity above €1mEq €1.2m ▲58.8%
4 profitable years in a row build equity to €1.2m.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
07-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 7 days late
2022
31-12
Financial
Weakest financial yearnet €185,836 ▼41.1%
Net result drops to €185,836, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €500,000Eq €511,568 ▲57.1%
2 profitable years in a row build equity to €511,568.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 2 establishment units since 2020
Ground area
3.1 ha
Building footprint
7,514 m²
Volume, LiDAR
18,551 m³
2 parcels, Flanders · tallest building 26.2 m. Linked by address, not a title deed.
6
companies at this address
See who is registered here
2 establishment units
Ardeel Electrics
since 20202.310.679.956
Ardeel Electrics Office / Warehouse
since 20262.390.117.513
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44074C0577/00F000 | Flanders | 1.9 ha | 1 · 5,995 m² | 10.8 m |
| 44402B0132/00R002 | Flanders | 1.1 ha | 1 · 1,519 m² | 26.2 m |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 308 EUR awarded · 308 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 87 EUR | 87 EUR |
| 2023 | 1 | 75 EUR | 221 EUR |
| 2022 | 1 | 146 EUR | 0 EUR |
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Of 22,827 companies in sector 43211 we hold annual accounts for 10,338. 3,071 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-12-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
80090Investigation and security activities
Contact
Website
www.ardeel.com
E-mail
nick@ardeel.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0758974025
Registered
23-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.