ARE Projects
Open bankruptcyFinancials · financial year 2023, abbreviated format
2023 annual accounts filed 61 days after the deadline Filed on 30 September 2024, deadline 31 July 2024 (7 months after the close on 31 December 2023, Companies Code art. 3:10). Source: NBB, 2024-00499673.
Annual accounts 2023 filed on 30-09-2024 PDF all 5 filings
Turnover
≈ €110,000
Estimated: probably between €61,000 and €230,000
Total assets
€5.0m▲ 18.4%
2022 · €4.2m
Net result
-€1.2m
2022 · €225,594
Working capital
€860,719▼ 15.3%
2022 · €1.0m
Multi-year overview
2019 to 2023, 5 financial yearsOperating result
-€997,730
2023
20192023
Net result
-€1.2m
2023
lowest quarter of the sector
20192023
Equity
-€988,318
2023
lowest quarter of the sector
20192023
Total assets
€5.0m
▲ 18.4%
2023
highest quarter of the sector
20192023
Debt
€6.0m
▲ 48.3%
2023
20192023
Working capital
€860,719
▼ 15.3%
2023
highest quarter of the sector
20192023
Solvency
-19.8%
▼ 24.2pp
2023
lowest quarter of the sector
20192023
Current ratio
1.21
▼ 0.11
2023
middle half of the sector
20192023
Return on assets (ROA)
-23.5%
▼ 28.9pp
2023
lowest quarter of the sector
20192023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023
Operating result-€0.1m-€0.2m€0.02m▼ 85.4%€0.4m▲ 15×-€1.0m
Net result-€0.1m-€0.1mabove the sector's middle half-€0.1mbelow the sector's middle half€0.2mabove the sector's middle half-€1.2mbelow the sector's middle half
Equity-€0.06m-€0.09mwithin the sector's middle half-€0.04mbelow the sector's middle half€0.2mwithin the sector's middle half-€1.0mbelow the sector's middle half
Total assets€0.5m-€2.1mwithin the sector's middle half▲ 370%€4.1mwithin the sector's middle half▲ 92.3%€4.2mwithin the sector's middle half▲ 2.6%€5.0mabove the sector's middle half▲ 18.4%
Debt€0.5m-€2.0m▲ 300%€4.1m▲ 103%€4.0m▼ 2.9%€6.0m▲ 48.3%
Working capital€0.07m-€0.6mabove the sector's middle half▲ 780%€0.8mabove the sector's middle half▲ 35.4%€1.0mabove the sector's middle half▲ 22.0%€0.9mabove the sector's middle half▼ 15.3%
Solvency-12.6%-4.2%below the sector's middle half▲ 16.8pp-1.0%below the sector's middle half▼ 5.2pp4.4%below the sector's middle half▲ 5.4pp-19.8%below the sector's middle half▼ 24.2pp
Current ratio1.18-1.41within the sector's middle half▲ 0.221.25within the sector's middle half▼ 0.151.32within the sector's middle half▲ 0.061.21within the sector's middle half▼ 0.11
Return on assets (ROA)-26.2%-6.8%above the sector's middle half▲ 33.0pp-3.2%below the sector's middle half▼ 10.0pp5.4%within the sector's middle half▲ 8.5pp-23.5%below the sector's middle half▼ 28.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2023 is a loss of €997,730, after a profit of €363,680 in 2022. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Quick ratio
0.10▼
2022 · 0.51
Debt ≤ 1 year
€4.1m▲
2022 · €3.2m
Debt > 1 year
€1.8m▲
2022 · €826,300
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Debts secured on the company's own assets | €868,382 | €826,300 | €1.8m |
| Mortgages, amount registered | €50,000 | €25,000 | €75,000 |
| Mortgage mandates | €4.6m | €2.7m | €4.9m |
| Carrying value of the mortgaged assets | €1.9m | €565,749 | €1.2m |
Source: notes to the 2021 to 2023 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1.0m | - |
| Other operating charges640/8 | - | - | €0.002m | €0.004m | €0.004m | ▲ 7.3% |
| Gross operating margin9900 | -€0.1m | €0.2m | €0.03m | €0.4m | €0.04m | ▼ 88.9% |
| Operating profit (loss)9901 | -€0.1m | €0.2m | €0.02m | €0.4m | -€1.0m | - |
| Financial income75/76B | - | - | €0.02m | €0.02m | €0.08m | ▲ 210% |
| Recurring financial income75 | €10 | €0.004m | €0.02m | €0.02m | €0.08m | ▲ 210% |
| Financial charges65/66B | - | - | €0.2m | €0.1m | €0.2m | ▲ 96.8% |
| Recurring financial charges65 | €0.003m | €0.02m | €0.2m | €0.1m | €0.2m | ▲ 96.8% |
| Profit (loss) for the period before taxes9903 | -€0.1m | €0.2m | -€0.1m | €0.3m | -€1.2m | - |
| Income taxes67/77 | - | €0.009m | - | €0.04m | - | - |
| Profit (loss) for the period9904 | -€0.1m | €0.1m | -€0.1m | €0.2m | -€1.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | €0.1m | -€0.1m | €0.2m | -€1.2m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.5m | €2.1m | €4.1m | €4.2m | €5.0m | ▲ 18.4% |
| Current assets29/58 | €0.5m | €2.1m | €4.1m | €4.2m | €5.0m | ▲ 18.4% |
| Stocks and contracts in progress3 | €0.4m | €1.2m | €1.9m | €2.6m | €4.6m | ▲ 76.7% |
| Contracts in progress37 | - | - | €1.9m | €2.6m | €4.6m | ▲ 76.7% |
| Amounts receivable within one year40/41 | €0.04m | €0.9m | €2.1m | €1.6m | €0.4m | ▼ 76.4% |
| Trade receivables40 | - | - | €1.0m | €0.3m | €0.04m | ▼ 87.6% |
| Other amounts receivable41 | - | - | €1.1m | €1.2m | €0.3m | ▼ 73.4% |
| Cash at bank and in hand54/58 | €0.001m | €0.03m | €0.1m | €0.07m | €0.04m | ▼ 39.8% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | - | €0.002m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.5m | €2.1m | €4.1m | €4.2m | €5.0m | ▲ 18.4% |
| Equity10/15 | -€0.06m | €0.09m | -€0.04m | €0.2m | -€1.0m | - |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | - | €0.03m | €0.03m | €0.1m | €0.006m | ▼ 94.9% |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | €0.02m | €0.1m | - | - |
| Profit (loss) carried forward14 | -€0.1m | €0.001m | -€0.1m | €0.001m | -€1.1m | - |
| Amounts payable17/49 | €0.5m | €2.0m | €4.1m | €4.0m | €6.0m | ▲ 48.3% |
| Amounts payable after more than one year17 | €0.1m | €0.5m | €0.9m | €0.8m | €1.8m | ▲ 121% |
| Financial debts170/4 | - | - | €0.9m | €0.8m | €1.8m | ▲ 121% |
| Amounts payable within one year42/48 | €0.4m | €1.5m | €3.3m | €3.2m | €4.1m | ▲ 29.1% |
| Trade debts44 | €0.03m | €0.4m | €0.5m | €0.3m | €0.3m | ▲ 14.0% |
| Suppliers440/4 | - | - | €0.5m | €0.3m | €0.3m | ▲ 14.0% |
| Advances received on contracts in progress46 | - | - | - | €0.1m | €0.2m | ▲ 63.9% |
| Taxes, remuneration and social security45 | - | - | €0.009m | €0.08m | €0.04m | ▼ 56.3% |
| Taxes450/3 | - | - | €0.009m | €0.08m | €0.04m | ▼ 56.3% |
| Other amounts payable47/48 | - | - | €2.7m | €2.7m | €3.6m | ▲ 31.8% |
| Accrued charges and deferred income492/3 | - | - | €0.007m | €0.007m | €0.02m | ▲ 232% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | €0.1m | -€0.1m | €0.2m | -€1.2m | - |
| Operating cash flow (approximation) | -€0.1m | €0.1m | -€0.1m | €0.2m | -€1.2m | - |
| Change in cash | - | €0.02m | €0.1m | -€0.07m | -€0.03m | ▲ 64.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00499673 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00436608 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20387912 | |
| 31-12-2020 | abbreviated format | 17-08-2021 | 2021-51100396 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48600362 |