ARDENNE SYSTEMS

Active

Private limited companyfounded 20224 yrs activeRue de Botrange,Sourbrodt 62, 4950 Waimes, BelgiumKBO/BCE: BE 0787.537.357

Summary

The computed 12-month bankruptcy probability of ARDENNE SYSTEMS is 2.3% (moderate). The 2024 annual accounts show equity of €179k and a net result of €54k. Equity is growing by ~55.8% per year across the filed fiscal years. Its solvency ranks better than 20% of 2437 sector peers (fiscal year 2024). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

54 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability73▼-7

Solvency41▲+3

Growth78=

Track record94

Bankruptcy probability, 12 months

2.3% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €9k at 30 days acceptable

Liquidity short (current ratio 0.87 against 0.93 in 2023; short-term debt: 24.4% and cash: 9.1% of total assets), and 84% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 25

Relative position

BE, all sectors

reference

Sector 25

higher

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2437 sector peers (2024).

NBB · sector comparison

Position among 2437 sector peers

Solvency

better than 20%

← weakest strongest →

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 15-10-2025, 76 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 3 filings

Deviation from the deadline

2025

not confirmed

2024

76 d late

2023

68 d late

2022

78 d late

← before the deadline after the deadline →

Checked, nothing found (1)

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, micro schema

Equity

€179k▲ 42.8%

2023 · €125k

2022: €39k 2023: €125k

2022 → 2024

Total assets

€1.11M▲ 16.9%

2023 · €954k

2022: €750k 2023: €954k

2022 → 2024

Net result

€54k▼ 37.9%

2023 · €86k

2022: €9k 2023: €86k

2022 → 2024

Working capital

€-34k▼ 155%

2023 · €-13k

2022: €-32k 2023: €-13k

2022 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line202220232024Trend

Equity€39k-€125k▲ 221%€179k▲ 42.8%

Operating result€12k-€131k▲ 974%€96k▼ 27.1%

Net result€9k-€86k▲ 862%€54k▼ 37.9%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result falls in 2024; 2024 is 27% below 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €1.11M

78.7%

21.3%

Fixed assets €878k ▲ 14.5%

Current assets €237k ▲ 26.6%

Equity and liabilities €1.11M

16.0%

84.0%

Equity €179k ▲ 42.8%

Debt €936k ▲ 13.0%

Debt's share of the balance-sheet total falls from 86.9% to 84.0%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€173k▼

2023 · €182k

Cash flow

€130k▼

2023 · €137k

Current ratio

0.87▼

2023 · 0.93

Quick ratio

0.86▼

2023 · 0.91

Debt to equity

5.23▼

2023 · 6.62

ROE

30.0%▼

2023 · 68.9%

ROA

4.8%▼

2023 · 9.0%

Interest coverage

5.78▼

2023 · 7.19

Debt ≤ 1 year

€271k▲

2023 · €201k

Debt > 1 year

€664k▲

2023 · €628k

Income taxes

€12k▼

2023 · €20k

Staff costs

€178k▲

2023 · €59k

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2024 against 2023 · 47 lines

Balance sheet Code20232024

Assets

Total assets20/58€954k€1.11M▲

Fixed assets21/28€766k€878k▲

Tangible fixed assets22/27€765k€876k▲

Land and buildings22€649k€669k▲

Plant, machinery and equipment23€84k€77k▼

Furniture and vehicles24€12k€83k▲

Leasing and similar rights25€20k€47k▲

Financial fixed assets28€1k€1k=

Current assets29/58€187k€237k▲

Stocks and contracts in progress3€4k€4k=

Stocks30/36€4k€4k=

Amounts receivable within one year40/41€86k€132k▲

Trade receivables40€68k€118k▲

Other amounts receivable41€17k€14k▼

Cash at bank and in hand54/58€96k€101k▲

Deferred charges and accrued income490/1€2k€588▼

Equity and liabilities

Total equity and liabilities10/49€954k€1.11M▲

Equity10/15€125k€179k▲

Contributions10/11€30k€30k=

Profit (loss) carried forward14€95k€149k▲

Amounts payable17/49€828k€936k▲

Amounts payable after more than one year17€628k€664k▲

Financial debts170/4€628k€664k▲

Amounts payable within one year42/48€201k€271k▲

Current portion of amounts payable after more than one year42€73k€119k▲

Trade debts44€70k€59k▼

Suppliers440/4€70k€59k▼

Taxes, remuneration and social security45€30k€78k▲

Taxes450/3€20k€41k▲

Remuneration and social security454/9€10k€37k▲

Other amounts payable47/48€28k€15k▼

Income statement Code20232024

Remuneration, social security and pensions62€59k€178k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€50k€77k▲

Other operating charges640/8-€5k

Non-recurring operating charges66A€215-

Gross operating margin9900€241k€356k▲

Operating profit (loss)9901€131k€96k▼

Financial income75/76B€0€0▲

Recurring financial income75€0€0▲

Financial charges65/66B€25k€30k▲

Recurring financial charges65€25k€30k▲

Profit (loss) for the period before taxes9903€106k€66k▼

Income taxes67/77€20k€12k▼

Profit (loss) for the period9904€86k€54k▼

Profit (loss) for the period to be appropriated9905€86k€54k▼

Appropriation of the result

Profit (loss) to be appropriated9906€95k€149k▲

Profit (loss) brought forward from the previous period14P€9k€95k▲

The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 6Financial 3Filings 3

2025

15-10

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 76 days late

2024

31-12

Financial Equity above €150kEq €179k ▲42.8%

3 profitable years in a row build equity to €179k.

07-10

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 68 days late

2023

31-12

Financial Highest result since 2022net €86k ▲862%

Operating result €131k, net result €86k, both a record.

31-12

Financial Equity above €100kEq €125k ▲221%

2 profitable years in a row build equity to €125k.

17-10

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 78 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

3 acts for this company are 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, Waimes · 1 establishment unit since 2022

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Rue de Botrange,Sourbrodt 624950 Waimes

Ground area

482 m²

Building footprint

376 m²

Volume, LiDAR

2,550 m³

Parcel 63553C0218/00B000, Wallonia · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.

1 establishment unit

ARDENNE SYSTEMS

Rue de Botrange,Sourbrodt 62, 4950 WaimesManufacture of metal structures and parts of structures

since 20222.332.463.384

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
63553C0218/00B000	Wallonia	482 m²	1 · 376 m²	9.1 m · 2 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Similar companies · same sector, comparable size

V D P

BE 0459.315.784

Putte · Eq €178,768

Konstruktiewerkhuis Jos Janssens

BE 0413.697.872

Schoten · Eq €178,935

WTI

BE 0645.899.838

Herk-de-Stad · Eq €178,584

Moorslede · Eq €179,178

Of 3,986 companies in sector 25110 we hold annual accounts for 2,147. 1,665 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPrivate limited company

Founded22-06-2022

Fiscal year end31-12

Activities, NACEBEL 2025

25110Manufacture of metal structures and parts of structures

33200Installation of industrial machinery and equipment

25999Manufacture of fabricated metal products, except machinery and equipment

33120Repair and maintenance of machinery

33190Repair, maintenance and installation of machinery and equipment

Sources

Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.