AREC
ActiveSummary
AREC has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €212,548 and a net result of -€11,120. Equity is shrinking by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 70% of 3221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-39
Solvency100▲+1
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity short (current ratio 0.35 against 0.51 in 2024; short-term debt: 17.8% and cash: 3.7% of total assets), and 24.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
21 d late
2023
28 d late
2022
30 d late
2021
30 d late
2020
24 d late
2019
41 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 29 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€11,120
2024 · €8,485
Working capital
-€32,702▲ 16.7%
2024 · -€39,265
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€63,915€22,796▼ 64.3%€43,744▲ 91.9%€19,518▼ 55.4%-€4,025
Net result€38,877€10,311▼ 73.5%-€35,323€8,485-€11,120
Equity€248,766▲ 9.6%€250,506▲ 0.7%€215,183▼ 14.1%€223,668▲ 3.9%€212,548▼ 5.0%
Total assets€381,694▼ 1.1%€346,471▼ 9.2%€289,677▼ 16.4%€303,569▲ 4.8%€282,742▼ 6.9%
Debt€132,928▼ 16.4%€95,965▼ 27.8%€74,494▼ 22.4%€79,901▲ 7.3%€70,194▼ 12.1%
Working capital-€82,631▲ 0.1%-€88,529▼ 7.1%-€52,078▲ 41.2%-€39,265▲ 24.6%-€32,702▲ 16.7%
Staff (FTE)0000.1
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €4,025 after €19,518 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €282,742
Fixed assets
€265,143 ▲ 0.8%
Current assets
€17,599 ▼ 56.7%
Equity and liabilities €282,742
Equity
€212,548 ▼ 5.0%
Debt
€70,194 ▼ 12.1%
Debt's share of the balance-sheet total falls from 26.3% to 24.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€393▼
2024 · €22,940
Cash flow
-€7,488▼
2024 · €11,907
Current ratio
0.35▼
2024 · 0.51
Debt to equity
0.33▼
2024 · 0.36
ROE
-5.2%▼
2024 · 3.8%
ROA
-3.9%▼
2024 · 2.8%
Interest coverage
-0.06▼
2024 · 3.68
Debt ≤ 1 year
€50,300▼
2024 · €79,901
Debt > 1 year
€19,894
Income taxes
€176▼
2024 · €4,873
Staff costs
€9,686▼
2024 · €54,793
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €58,572 | €58,920 | €69,592 | €54,793 | €9,686 | ▼ 82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,533 | €3,676 | €3,677 | €3,422 | €3,632 | ▲ 6.1% |
| Other operating charges640/8 | €1,556 | €2,169 | €1,236 | €1,583 | €1,258 | ▼ 20.5% |
| Non-recurring operating charges66A | - | - | - | €500 | €0 | ▼ 100% |
| Gross operating margin9900 | €127,575 | €87,562 | €118,248 | €79,816 | €10,551 | ▼ 86.8% |
| Operating profit (loss)9901 | €63,915 | €22,796 | €43,744 | €19,518 | -€4,025 | ▼ 121% |
| Financial income75/76B | €0 | - | €7 | €72 | €1 | ▼ 99.2% |
| Recurring financial income75 | €0 | - | €7 | €72 | €1 | ▼ 99.2% |
| Financial charges65/66B | €5,122 | €4,641 | €66,942 | €6,232 | €6,919 | ▲ 11.0% |
| Recurring financial charges65 | €5,122 | €4,641 | €5,597 | €6,232 | €6,919 | ▲ 11.0% |
| Non-recurring financial charges66B | €0 | - | €61,345 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €58,792 | €18,155 | -€23,191 | €13,358 | -€10,944 | ▼ 182% |
| Income taxes67/77 | €19,915 | €7,844 | €12,132 | €4,873 | €176 | ▼ 96.4% |
| Profit (loss) for the period9904 | €38,877 | €10,311 | -€35,323 | €8,485 | -€11,120 | ▼ 231% |
| Profit (loss) for the period to be appropriated9905 | €38,877 | €10,311 | -€35,323 | €8,485 | -€11,120 | ▼ 231% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €381,694 | €346,471 | €289,677 | €303,569 | €282,742 | ▼ 6.9% |
| Fixed assets21/28 | €342,711 | €339,035 | €267,261 | €262,933 | €265,143 | ▲ 0.8% |
| Tangible fixed assets22/27 | €157,411 | €153,735 | €150,058 | €145,729 | €147,940 | ▲ 1.5% |
| Land and buildings22 | €155,233 | €152,065 | €148,897 | €145,729 | €145,568 | ▼ 0.1% |
| Furniture and vehicles24 | €2,178 | €1,669 | €1,161 | €0 | €2,372 | - |
| Financial fixed assets28 | €185,300 | €185,300 | €117,203 | €117,203 | €117,203 | = |
| Current assets29/58 | €38,983 | €7,436 | €22,416 | €40,636 | €17,599 | ▼ 56.7% |
| Amounts receivable within one year40/41 | €34,118 | €0 | €20,162 | €36,308 | €6,324 | ▼ 82.6% |
| Trade receivables40 | €11,937 | €0 | €20,162 | €31,183 | €2,000 | ▼ 93.6% |
| Other amounts receivable41 | €22,181 | €0 | - | €5,125 | €4,324 | ▼ 15.6% |
| Cash at bank and in hand54/58 | €2,419 | €4,406 | €901 | €3,193 | €10,406 | ▲ 226% |
| Deferred charges and accrued income490/1 | €2,446 | €3,030 | €1,354 | €1,135 | €869 | ▼ 23.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €381,694 | €346,471 | €289,677 | €303,569 | €282,742 | ▼ 6.9% |
| Equity10/15 | €248,766 | €250,506 | €215,183 | €223,668 | €212,548 | ▼ 5.0% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €186,793 | €188,533 | €153,210 | €161,694 | €150,574 | ▼ 6.9% |
| Non-distributable reserves130/1 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Distributable reserves133 | €180,596 | €182,335 | €147,012 | €155,497 | €144,377 | ▼ 7.2% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €132,928 | €95,965 | €74,494 | €79,901 | €70,194 | ▼ 12.1% |
| Amounts payable after more than one year17 | €11,314 | €0 | - | - | €19,894 | - |
| Financial debts170/4 | €11,314 | €0 | - | - | €19,894 | - |
| Amounts payable within one year42/48 | €121,614 | €95,965 | €74,494 | €79,901 | €50,300 | ▼ 37.0% |
| Current portion of amounts payable after more than one year42 | €22,629 | €11,314 | €0 | - | €5,631 | - |
| Financial debts43 | €17,737 | €28,165 | €17,911 | €18,283 | €23,584 | ▲ 29.0% |
| Credit institutions430/8 | €17,737 | €28,165 | €17,911 | €18,283 | €23,584 | ▲ 29.0% |
| Trade debts44 | €44,106 | €24,257 | €2,833 | €1,704 | €2,673 | ▲ 56.9% |
| Suppliers440/4 | €44,106 | €24,257 | €2,833 | €1,704 | €2,673 | ▲ 56.9% |
| Taxes, remuneration and social security45 | €26,840 | €22,772 | €22,977 | €19,868 | €567 | ▼ 97.1% |
| Taxes450/3 | €19,487 | €16,983 | €12,740 | €5,877 | €567 | ▼ 90.3% |
| Remuneration and social security454/9 | €7,353 | €5,789 | €10,237 | €13,992 | €0 | ▼ 100% |
| Other amounts payable47/48 | €10,302 | €9,457 | €30,773 | €40,046 | €17,845 | ▼ 55.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,877 | €10,311 | -€35,323 | €8,485 | -€11,120 | ▼ 231% |
| + Depreciation and write-downs630 | €3,533 | €3,676 | €3,677 | €3,422 | €3,632 | ▲ 6.1% |
| Operating cash flow (approximation) | €42,410 | €13,987 | -€31,646 | €11,907 | -€7,488 | ▼ 163% |
| Investment in fixed assets (approximation) | - | €0 | €68,097 | €906 | -€5,843 | ▼ 745% |
| Change in cash | - | €1,987 | -€3,505 | €2,292 | €7,213 | ▲ 215% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 21 days late
2024
31-12
Financial
Back to profitnet €8,485
Net result €8,485 after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
31-12
Financial
Back to profitnet €38,877
Net result €38,877 after 2 loss-making years.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 24 days late
2020
31-12
Financial
Weakest financial yearnet -€39,469
Net result drops to -€39,469, the lowest in the series; recovery starts the following year.
10-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 41 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 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, Knokke-Heist · 1 establishment unit since 2000
Ground area
532 m²
Building footprint
481 m²
Volume, LiDAR
7,771 m³
Parcel 31013A0262/00A000, Flanders · tallest building 26.5 m, ±7 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Zwaluwenlaan 12, 8300 Knokke-Heist
since 20002.097.139.109
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31013A0262/00A000 | Flanders | 532 m² | 1 · 481 m² | 26.5 m · 7 fl. |
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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
50%
According to the 2025 annual accounts of AREC 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.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 39,597 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
Founded19-11-1999
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
71209Other technical testing and analysis
E-invoicing
Reachable via Peppol
Peppol ID
0208:0467379850
Also
9925:BE0467379850
Registered
26-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.