Public limited company · founded 2022 · 4 yrs activeRue des Guillemins 139, 4000 Liège, BelgiumKBO/BCE: BE 0788.642.464
Summary
ARE-MSC has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €291,373 and a net result of €12,080. Equity is growing by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 29% of 4616 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability38▲+1
Solvency41▲+1
Growth78=
Track record94
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.6%Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity short (current ratio 0.33 against 0.13 in 2024; short-term debt: 12.9% and cash: 3.2% of total assets), and 83.8% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 96 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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 18 December (3 of the last 3 filed years within 144 days of that day).
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
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
ARE-MSC was incorporated on 15 July 2022 as a Public limited company.1The board currently has 2 members; ARDENT INVEST has served longest, since 2026.2Total assets went from EUR 1.9 million in 2023 to EUR 1.8 million in 2025.3
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
Net result-€79,998below the sector's middle half-€9,291within the sector's middle half€12,080within the sector's middle half▲ 30.0%
Equity€270,002within the sector's middle half-€279,293within the sector's middle half▲ 3.4%€291,373within the sector's middle half▲ 4.3%
Total assets€1.9mwithin the sector's middle half-€1.8mwithin the sector's middle half▼ 4.5%€1.8mwithin the sector's middle half▼ 0.4%
Debt€1.6m-€1.5m▼ 5.8%€1.5m▼ 1.3%
Working capital-€78,943within the sector's middle half--€119,241within the sector's middle half▼ 51.0%-€156,219within the sector's middle half▼ 31.0%
Solvency14.3%within the sector's middle half-15.4%within the sector's middle half▲ 1.2pp16.2%within the sector's middle half▲ 0.7pp
Current ratio0.32below the sector's middle half-0.13below the sector's middle half▼ 0.190.33below the sector's middle half▲ 0.19
Return on assets (ROA)-4.2%below the sector's middle half-0.5%within the sector's middle half▲ 4.7pp0.7%within the sector's middle half▲ 0.2pp
abovewithinbelowthe middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 0% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
95.8%
Fixed assets€1.7m ▼ 3.7%
Current assets€75,618 ▲ 313%
Equity and liabilities €1.8m
16.2%
83.8%
Equity€291,373 ▲ 4.3%
Debt€1.5m ▼ 1.3%
Debt's share of the balance-sheet total falls from 84.6% to 83.8%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€144,010▼
2024 · €144,151
Cash flow
€77,463▲
2024 · €74,674
Debt to equity
5.18▼
2024 · 5.47
ROE
4.1%▲
2024 · 3.3%
Interest coverage
2.16▲
2024 · 2.07
Debt ≤ 1 year
€231,837▲
2024 · €137,557
Debt > 1 year
€1.3m▼
2024 · €1.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 896 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 98% are still going.
Small
2 to 5 years old
solvency 10 to 30%
a profit under 5% of the balance sheet
1.1%went bankrupt
0.7%stopped otherwise
98%still going
A further 0.1% 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%.
The companies in ten equal groups, from lowest to highest expected share.
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 896 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 35 lines
Balance sheetCode20242025
Assets
Total assets20/58€1.8m€1.8m▼
Fixed assets21/28€1.8m€1.7m▼
Tangible fixed assets22/27€1.8m€1.7m▼
Land and buildings22€1.8m€1.7m▼
Current assets29/58€18,316€75,618▲
Amounts receivable within one year40/41€14,301€15,824▲
Trade receivables40€14,301€15,824▲
Cash at bank and in hand54/58€4,016€57,624▲
Deferred charges and accrued income490/1-€2,170
Equity and liabilities
Total equity and liabilities10/49€1.8m€1.8m▼
Equity10/15€279,293€291,373▲
Contributions10/11€350,000€350,000=
Capital10€350,000€350,000=
Issued capital100€350,000€350,000=
Profit (loss) carried forward14-€70,707-€58,627▲
Amounts payable17/49€1.5m€1.5m▼
Amounts payable after more than one year17€1.4m€1.3m▼
Financial debts170/4€1.4m€1.3m▼
Amounts payable within one year42/48€137,557€231,837▲
Current portion of amounts payable after more than one year42€114,748€114,748=
Trade debts44€2,299€4,954▲
Suppliers440/4€2,299€4,954▲
Other amounts payable47/48€20,510€112,136▲
Accrued charges and deferred income492/3€14,302€14,608▲
Income statementCode20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€65,383€65,383=
Other operating charges640/8€12,060€14,411▲
Gross operating margin9900€156,212€158,420▲
Operating profit (loss)9901€78,768€78,627▼
Financial charges65/66B€69,478€66,547▼
Recurring financial charges65€69,478€66,547▼
Profit (loss) for the period before taxes9903€9,291€12,080▲
Profit (loss) for the period9904€9,291€12,080▲
Profit (loss) for the period to be appropriated9905€9,291€12,080▲
Appropriation of the result
Profit (loss) to be appropriated9906-€70,707-€58,627▲
Profit (loss) brought forward from the previous period14P-€79,998-€70,707▲
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2023
2024
2025
Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€168,205
€65,383
€65,383
=
Other operating charges640/8
€11,704
€12,060
€14,411
▲ 19.5%
Gross operating margin9900
€192,805
€156,212
€158,420
▲ 1.4%
Operating profit (loss)9901
€12,896
€78,768
€78,627
▼ 0.2%
Financial charges65/66B
€92,894
€69,478
€66,547
▼ 4.2%
Recurring financial charges65
€92,894
€69,478
€66,547
▼ 4.2%
Profit (loss) for the period before taxes9903
-€79,998
€9,291
€12,080
▲ 30.0%
Profit (loss) for the period9904
-€79,998
€9,291
€12,080
▲ 30.0%
Profit (loss) for the period to be appropriated9905
-€79,998
€9,291
€12,080
▲ 30.0%
Line
2023
2024
2025
Change
Assets
Total assets20/58
€1.9m
€1.8m
€1.8m
▼ 0.4%
Fixed assets21/28
€1.9m
€1.8m
€1.7m
▼ 3.7%
Tangible fixed assets22/27
€1.9m
€1.8m
€1.7m
▼ 3.7%
Land and buildings22
€1.9m
€1.8m
€1.7m
▼ 3.7%
Current assets29/58
€37,836
€18,316
€75,618
▲ 313%
Amounts receivable within one year40/41
€14,053
€14,301
€15,824
▲ 10.7%
Trade receivables40
€14,053
€14,301
€15,824
▲ 10.7%
Cash at bank and in hand54/58
€23,783
€4,016
€57,624
▲ 1,335%
Deferred charges and accrued income490/1
-
-
€2,170
-
Equity and liabilities
Total equity and liabilities10/49
€1.9m
€1.8m
€1.8m
▼ 0.4%
Equity10/15
€270,002
€279,293
€291,373
▲ 4.3%
Contributions10/11
€350,000
€350,000
€350,000
=
Capital10
€350,000
€350,000
€350,000
=
Issued capital100
€350,000
€350,000
€350,000
=
Profit (loss) carried forward14
-€79,998
-€70,707
-€58,627
▲ 17.1%
Amounts payable17/49
€1.6m
€1.5m
€1.5m
▼ 1.3%
Amounts payable after more than one year17
€1.5m
€1.4m
€1.3m
▼ 8.3%
Financial debts170/4
€1.5m
€1.4m
€1.3m
▼ 8.3%
Amounts payable within one year42/48
€116,779
€137,557
€231,837
▲ 68.5%
Current portion of amounts payable after more than one year42
€114,748
€114,748
€114,748
=
Trade debts44
€2,031
€2,299
€4,954
▲ 115%
Suppliers440/4
€2,031
€2,299
€4,954
▲ 115%
Other amounts payable47/48
-
€20,510
€112,136
▲ 447%
Accrued charges and deferred income492/3
€14,526
€14,302
€14,608
▲ 2.1%
Line
2023
2024
2025
Change
Profit (loss) for the period9904
-€79,998
€9,291
€12,080
▲ 30.0%
+ Depreciation and write-downs630
€168,205
€65,383
€65,383
=
Operating cash flow (approximation)
€88,207
€74,674
€77,463
▲ 3.7%
Investment in fixed assets (approximation)
-
€0
€0
-
Change in cash
-
-€19,767
€53,609
▲ 371%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
What happened to the company over the years, from its founding to recent changes. Many changes in a short time are a reason to ask questions.
Next filing, fiscal year 2026, expected by
31-07-2027
2026
27-07
NBB filingAnnual accounts filed
fiscal year 2025 · full schema
27-03
State Gazette actResignations: SRL GESTBEL, SRL MILE MANAGEMENT and Nicolas LEONARD
Appointments: Emmanuel MEWISSEN (director) and ARDENT INVEST SA (director) · Permanent representative: Nicolas LEONARD · Director discharge14 facts ▸
General meeting, 16/02/2026
Director resignation, SRL GESTBEL (administrateur et de facto d'administrateur délégué)
Director resignation, SRL MILE MANAGEMENT (administrateur et de facto d'administrateur délégué)
Director resignation, Nicolas LEONARD (administrateur et de facto d'administrateur délégué)
Director discharge, SRL GESTBEL
Director discharge, SRL MILE MANAGEMENT
Director discharge, Nicolas LEONARD
Director appointment, Emmanuel MEWISSEN (director)
Mandate compensation, Emmanuel MEWISSEN
Director appointment, ARDENT INVEST SA (director)
Mandate compensation, ARDENT INVEST SA
Permanent representative, Nicolas LEONARD
+2 further facts in this act
2025
31-12
FinancialHighest result since 2023net €12,080 ▲30%
Net result €12,080, the highest in the series.
18-12
NBB filingAnnual accounts filed
fiscal year 2024 · full schema · 140 days late
2024
31-12
FinancialBack to profitnet €9,291
Net result €9,291 after one loss-making year.
31-12
NBB filingAnnual accounts filed
fiscal year 2023 · full schema · 153 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
Permanent representative · since 01-03-2026 · for ARDENT INVEST
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Rue des Guillemins 139, 4000 LiègeRenting and operating of own or leased non-residential real estate, excluding land
since 20222.337.841.342
1 parcel
Wallonia1(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
62814C0393/00V002
Wallonia
4,768 m²
-
-
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
17 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 12,041 companies in sector 68203 we hold annual accounts for 6,007. 4,413 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded15-07-2022
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
E-mailinfo@ardent-re.be
Phone+3242321952
E-invoicing
Reachable via Peppol
Peppol ID0208:0788642464
Also9925:BE0788642464
If you follow this company, Checked tells you the day it leaves the Peppol register.