ARDENNES
ActiveSummary
ARDENNES has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €465,528 and a net result of €9,256. Equity is growing by ~9.6% per year across the filed fiscal years. Its solvency ranks better than 61% of 8190 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70=
Solvency80▲+4
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 2.39 against 2.2 in 2024; short-term debt: 22.8% and cash: 1.9% of total assets), and 45.1% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
54.9%
Return on assets
1.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
29 d early
2023
40 d early
2022
23 d late
2021
6 d early
2020
7 d late
2019
46 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 2 July (4 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
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€9,256▲ 51.8%
2024 · €6,096
Working capital
€267,976▲ 27.6%
2024 · €209,949
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 46, Wholesale trade, 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€140,163▲ 54.3%€48,505▼ 65.4%€30,483▼ 37.2%€37,112▲ 21.7%€40,619▲ 9.5%
Net result€86,990within the sector's middle half▲ 23.1%€30,800within the sector's middle half▼ 64.6%€5,463within the sector's middle half▼ 82.3%€6,096within the sector's middle half▲ 11.6%€9,256within the sector's middle half▲ 51.8%
Equity€427,962within the sector's middle half▲ 23.9%€454,535within the sector's middle half▲ 6.2%€455,771within the sector's middle half▲ 0.3%€457,847above the sector's middle half▲ 0.5%€465,528within the sector's middle half▲ 1.7%
Total assets€846,124within the sector's middle half▼ 7.2%€873,581below the sector's middle half▲ 3.2%€973,786within the sector's middle half▲ 11.5%€891,241above the sector's middle half▼ 8.5%€847,609within the sector's middle half▼ 4.9%
Debt€418,162▼ 26.2%€419,047▲ 0.2%€518,015▲ 23.6%€433,394▼ 16.3%€382,081▼ 11.8%
Working capital€133,686within the sector's middle half▼ 4.2%€131,628within the sector's middle half▼ 1.5%€116,601within the sector's middle half▼ 11.4%€209,949above the sector's middle half▲ 80.1%€267,976within the sector's middle half▲ 27.6%
Solvency50.6%within the sector's middle half▲ 12.7pp52.0%within the sector's middle half▲ 1.5pp46.8%within the sector's middle half▼ 5.2pp51.4%within the sector's middle half▲ 4.6pp54.9%within the sector's middle half▲ 3.6pp
Current ratio1.53within the sector's middle half=1.48within the sector's middle half▼ 0.061.44within the sector's middle half▼ 0.032.20within the sector's middle half▲ 0.762.39within the sector's middle half▲ 0.18
Return on assets (ROA)10.3%within the sector's middle half▲ 2.5pp3.5%within the sector's middle half▼ 6.8pp0.6%within the sector's middle half▼ 3.0pp0.7%within the sector's middle half▲ 0.1pp1.1%within the sector's middle half▲ 0.4pp
Staff (FTE)3.7within the sector's middle half▼ 2.6%3.3below the sector's middle half▼ 10.8%3.6within the sector's middle half▲ 9.1%3.6=3.6within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 9% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €847,609
Fixed assets
€386,712 ▼ 23.7%
Current assets
€460,897 ▲ 20.0%
Equity and liabilities €847,609
Equity
€465,528 ▲ 1.7%
Debt
€382,081 ▼ 11.8%
Debt's share of the balance-sheet total falls from 48.6% to 45.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€205,783▼
2024 · €205,957
Cash flow
€174,420▼
2024 · €174,941
Quick ratio
0.33▼
2024 · 0.35
Debt to equity
0.82▼
2024 · 0.95
ROE
2.0%▲
2024 · 1.3%
Interest coverage
7.45▲
2024 · 6.59
Debt ≤ 1 year
€192,921▲
2024 · €174,248
Debt > 1 year
€185,908▼
2024 · €256,441
Income taxes
€5,755▲
2024 · €3,834
Staff costs
€161,633▲
2024 · €135,098
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
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 17,040 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 | €183,028 | €174,358 | €169,575 | €135,098 | €161,633 | ▲ 19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €102,699 | €86,970 | €138,107 | €168,846 | €165,164 | ▼ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€2,125 | - | - | - | - | - |
| Other operating charges640/8 | €2,791 | €2,740 | €3,099 | €4,861 | €5,509 | ▲ 13.3% |
| Gross operating margin9900 | €426,556 | €312,573 | €341,263 | €345,916 | €372,925 | ▲ 7.8% |
| Operating profit (loss)9901 | €140,163 | €48,505 | €30,483 | €37,112 | €40,619 | ▲ 9.5% |
| Financial income75/76B | €4,485 | €4,231 | €4,392 | €4,086 | €2,010 | ▼ 50.8% |
| Recurring financial income75 | €4,485 | €4,231 | €4,392 | €4,086 | €2,010 | ▼ 50.8% |
| Financial charges65/66B | €21,924 | €15,609 | €28,611 | €31,269 | €27,618 | ▼ 11.7% |
| Recurring financial charges65 | €21,924 | €15,609 | €28,611 | €31,269 | €27,618 | ▼ 11.7% |
| Profit (loss) for the period before taxes9903 | €122,724 | €37,127 | €6,263 | €9,930 | €15,011 | ▲ 51.2% |
| Income taxes67/77 | €35,734 | €6,327 | €799 | €3,834 | €5,755 | ▲ 50.1% |
| Profit (loss) for the period9904 | €86,990 | €30,800 | €5,463 | €6,096 | €9,256 | ▲ 51.8% |
| Profit (loss) for the period to be appropriated9905 | €86,990 | €30,800 | €5,463 | €6,096 | €9,256 | ▲ 51.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €846,124 | €873,581 | €973,786 | €891,241 | €847,609 | ▼ 4.9% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €461,605 | €464,936 | €594,456 | €507,044 | €386,712 | ▼ 23.7% |
| Intangible fixed assets21 | €0 | €0 | €0 | €0 | €7,095 | - |
| Tangible fixed assets22/27 | €461,134 | €464,465 | €593,985 | €506,573 | €379,146 | ▼ 25.2% |
| Land and buildings22 | €201,154 | €182,820 | €373,999 | €345,448 | €278,913 | ▼ 19.3% |
| Plant, machinery and equipment23 | €2,037 | €72,110 | €58,860 | €98,707 | €69,024 | ▼ 30.1% |
| Furniture and vehicles24 | €7,400 | €3,700 | €0 | €62,418 | €31,209 | ▼ 50.0% |
| Leasing and similar rights25 | €250,544 | €205,835 | €161,126 | €0 | - | - |
| Other tangible fixed assets26 | €0 | €0 | €0 | €0 | €0 | - |
| Financial fixed assets28 | €471 | €471 | €471 | €471 | €471 | = |
| Current assets29/58 | €384,518 | €408,645 | €379,330 | €384,197 | €460,897 | ▲ 20.0% |
| Stocks and contracts in progress3 | €305,695 | €295,484 | €296,130 | €322,610 | €396,417 | ▲ 22.9% |
| Stocks30/36 | €305,695 | €295,484 | €296,130 | €322,610 | €396,417 | ▲ 22.9% |
| Amounts receivable within one year40/41 | €46,267 | €84,354 | €67,713 | €36,531 | €43,443 | ▲ 18.9% |
| Trade receivables40 | €41,510 | €71,622 | €62,956 | €33,643 | €40,556 | ▲ 20.5% |
| Other amounts receivable41 | €4,758 | €12,732 | €4,758 | €2,888 | €2,888 | = |
| Cash at bank and in hand54/58 | €25,983 | €17,411 | €1,815 | €17,963 | €16,124 | ▼ 10.2% |
| Deferred charges and accrued income490/1 | €6,573 | €11,396 | €13,672 | €7,094 | €4,913 | ▼ 30.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €846,124 | €873,581 | €973,786 | €891,241 | €847,609 | ▼ 4.9% |
| Equity10/15 | €427,962 | €454,535 | €455,771 | €457,847 | €465,528 | ▲ 1.7% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Capital10 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Issued capital100 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €92,524 | €123,324 | €128,788 | €134,884 | €144,139 | ▲ 6.9% |
| Non-distributable reserves130/1 | €10,295 | €10,295 | €10,594 | €10,594 | €11,101 | ▲ 4.8% |
| Legal reserve130 | €10,295 | €10,295 | €10,594 | €10,594 | €11,101 | ▲ 4.8% |
| Distributable reserves133 | €82,229 | €113,029 | €118,194 | €124,290 | €133,039 | ▲ 7.0% |
| Profit (loss) carried forward14 | €69,814 | €69,814 | €69,814 | €69,814 | €69,814 | = |
| Investment grants15 | €15,624 | €11,397 | €7,170 | €3,150 | €1,575 | ▼ 50.0% |
| Amounts payable17/49 | €418,162 | €419,047 | €518,015 | €433,394 | €382,081 | ▼ 11.8% |
| Amounts payable after more than one year17 | €165,048 | €138,560 | €251,828 | €256,441 | €185,908 | ▼ 27.5% |
| Financial debts170/4 | €165,048 | €138,560 | €251,828 | €256,441 | €185,908 | ▼ 27.5% |
| Amounts payable within one year42/48 | €250,833 | €277,017 | €262,729 | €174,248 | €192,921 | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | €137,905 | €96,594 | €84,150 | €66,148 | €64,533 | ▼ 2.4% |
| Financial debts43 | €35,001 | €73,503 | €132,945 | €43,091 | €50,001 | ▲ 16.0% |
| Credit institutions430/8 | €35,001 | €73,503 | €132,945 | €43,091 | €50,001 | ▲ 16.0% |
| Trade debts44 | €11,887 | €13,861 | €12,483 | €14,284 | €42,038 | ▲ 194% |
| Suppliers440/4 | €11,887 | €13,861 | €12,483 | €14,284 | €42,038 | ▲ 194% |
| Taxes, remuneration and social security45 | €52,721 | €60,045 | €29,461 | €30,511 | €30,953 | ▲ 1.5% |
| Taxes450/3 | €36,187 | €43,769 | €16,565 | €17,845 | €16,795 | ▼ 5.9% |
| Remuneration and social security454/9 | €16,535 | €16,275 | €12,896 | €12,666 | €14,158 | ▲ 11.8% |
| Other amounts payable47/48 | €13,319 | €33,015 | €3,690 | €20,215 | €5,395 | ▼ 73.3% |
| Accrued charges and deferred income492/3 | €2,281 | €3,470 | €3,459 | €2,705 | €3,253 | ▲ 20.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,990 | €30,800 | €5,463 | €6,096 | €9,256 | ▲ 51.8% |
| + Depreciation and write-downs630 | €102,699 | €86,970 | €138,107 | €168,846 | €165,164 | ▼ 2.2% |
| Operating cash flow (approximation) | €189,689 | €117,770 | €143,570 | €174,941 | €174,420 | ▼ 0.3% |
| Investment in fixed assets (approximation) | - | -€90,301 | -€267,626 | -€81,433 | -€44,832 | ▲ 44.9% |
| Change in cash | - | -€8,572 | -€15,595 | €16,147 | -€1,839 | ▼ 111% |
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
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €5,463 ▼82.3%
Net result drops to €5,463, the lowest in the series; recovery starts the following year.
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 23 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €86,990 ▲23.1%
Operating result €140,163, net result €86,990, both a record.
07-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 7 days late
2020
15-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 46 days late
2019
03-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 34 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
20-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
11 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, Lierneux · 3 establishment units since 1998
Ground area
1,925 m²
Building footprint
368 m²
Volume, LiDAR
2,062 m³
3 parcels, Flanders, Wallonia · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
3 establishment units
Hulststraat 6, 3600 Genk
since 19982.087.191.659
Petit-Sart 38, 4990 Lierneux
since 20002.176.519.454
Ardennes
since 20142.230.395.333
3 parcels
Flanders
1
(33.3%)
Wallonia
2
(66.7%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71016I1410/00T045 | Flanders | 1,212 m² | 1 · 151 m² | 6.5 m · 1 fl. |
| 63045C0963/00K000 | Wallonia | 506 m² | 1 · 141 m² | 12.1 m · 3 fl. |
| 82006A1442/00M000 | Wallonia | 207 m² | 1 · 75 m² | - |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
5 ownersOwners 5
- Maurice CELISnatural personSourceown accounts 202379%
-
20%
- Anne-Katrien CELISnatural personSourceown accounts 20230.3%
- Jolande CELISnatural personSourceown accounts 20230.3%
- Rob CELISnatural personSourceown accounts 20230.3%
Holdings 0
The accounts to 31-12-2023 list no holdings, and no other source names one.
According to the 2023 annual accounts of ARDENNES and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
SOHAIR
BE 0881.038.726
Marche-en-Famenne · Eq €470,467
ENVELBAG
BE 0431.217.755
Berlare · Eq €457,420
Toly Belgium
BE 0834.118.242
Ottignies-Louvain-la-Neuve · Eq €479,238
TIP TOP BELTING
BE 0465.725.506
Genk · Eq €452,071
DHK GENK
BE 0818.301.304
Genk · Eq €480,037
Of 432 companies in sector 46869 we hold annual accounts for 244. 174 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-05-1998
Fiscal year end31-12
Activities, NACEBEL 2025
08111Other mining and quarrying
46869Wholesale trade
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0463358706
Also
9925:BE0463358706
Registered
21-10-2025
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.