AREC-projects
ActiveSummary
AREC-projects has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €51k and a net result of €33k. Equity is growing by ~49.6% per year across the filed fiscal years. Its solvency ranks better than 34% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▲+36
Solvency41▲+10
Growth76▲+21
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity short (current ratio 0.94 against 0.74 in 2024; short-term debt: 34.6% and cash: 20.5% of total assets), and 84.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
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
15.6%
Return on assets
10%
Age of the figures
9 mo
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 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
11 d late
2023
37 d late
2022
39 d late
2021
31 d late
2020
48 d late
2019
9 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€339k▲ 40.9%
2024 · €241k
2018: €154klowest in 8 years
2019: €251k▲ +63.2% vs 2018
2020: €183k▼ -26.9% vs 2019
2021: €255k▲ +39.2% vs 2020
2022: €260k▲ +2.0% vs 2021
2023: €246k▼ -5.4% vs 2022
2024: €241k▼ -2.1% vs 2023
2025: €339k▲ +40.9% vs 2024highest in 8 years
2018 → 2025
EBIT margin
15.9%▲ 13.3pp
2024 · 2.6%
2018: 10.2%
2019: 30.6%▲ +201% vs 2018highest in 8 years
2020: 10.0%▼ -67.3% vs 2019
2021: 23.8%▲ +138% vs 2020
2022: 9.3%▼ -60.8% vs 2021
2023: 1.5%▼ -84.1% vs 2022lowest in 8 years
2024: 2.6%▲ +78.7% vs 2023
2025: 15.9%▲ +501% vs 2024
2018 → 2025
Net result
€33k▲ 1,105%
2024 · €3k
2018: €12k
2019: €75k▲ +511% vs 2018highest in 8 years
2020: €16k▼ -79.0% vs 2019
2021: €58k▲ +269% vs 2020
2022: €18k▼ -69.3% vs 2021
2023: €-17k▼ -193% vs 2022lowest in 8 years
2024: €3k▲ +116% vs 2023
2025: €33k▲ +1105% vs 2024
2018 → 2025
Working capital
€-7k▲ 72.7%
2024 · €-25k
2018: €-144klowest in 8 years
2019: €-62k▲ +56.9% vs 2018
2020: €-59k▲ +5.5% vs 2019
2021: €-5k▲ +91.8% vs 2020
2022: €13k▲ +375% vs 2021highest in 8 years
2023: €-31k▼ -335% vs 2022
2024: €-25k▲ +19.3% vs 2023
2025: €-7k▲ +72.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€255k-€260k▲ 2.0%€246k▼ 5.4%€241k▼ 2.1%€339k▲ 40.9%
2021: €255k
2022: €260k▲ +2.0% vs 2021
2023: €246k▼ -5.4% vs 2022
2024: €241k▼ -2.1% vs 2023lowest in 5 years
2025: €339k▲ +40.9% vs 2024highest in 5 years
Equity€14k-€32k▲ 124%€16k▼ 51.7%€18k▲ 17.4%€51k▲ 179%
2021: €14klowest in 5 years
2022: €32k▲ +124% vs 2021
2023: €16k▼ -51.7% vs 2022
2024: €18k▲ +17.4% vs 2023
2025: €51k▲ +179% vs 2024highest in 5 years
Operating result€61k-€24k▼ 60.1%€4k▼ 84.9%€6k▲ 75.0%€54k▲ 747%
2021: €61khighest in 5 years
2022: €24k▼ -60.1% vs 2021
2023: €4k▼ -84.9% vs 2022lowest in 5 years
2024: €6k▲ +75.0% vs 2023
2025: €54k▲ +747% vs 2024
Net result€58k-€18k▼ 69.3%€-17k€3k€33k▲ 1,105%
2021: €58khighest in 5 years
2022: €18k▼ -69.3% vs 2021
2023: €-17k▼ -193% vs 2022lowest in 5 years
2024: €3k▲ +116% vs 2023
2025: €33k▲ +1105% vs 2024
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 747% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €328k
Fixed assets
€221k ▲ 1.6%
Current assets
€106k ▲ 51.1%
Equity and liabilities €328k
Equity
€51k ▲ 179%
Debt
€277k ▲ 2.5%
Debt's share of the balance-sheet total falls from 93.6% to 84.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€74k▲
2024 · €26k
Cash flow
€53k▲
2024 · €23k
Current ratio
0.94▲
2024 · 0.74
Debt to equity
5.40▼
2024 · 14.70
ROE
64.1%▲
2024 · 14.8%
ROA
10.0%▲
2024 · 0.9%
Interest coverage
9.33▲
2024 · 3.08
Debt ≤ 1 year
€113k▲
2024 · €96k
Debt > 1 year
€163k▼
2024 · €174k
Income taxes
€13k▲
2024 · €-5k
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 · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€288k€328k▲
Fixed assets21/28€218k€221k▲
Tangible fixed assets22/27€218k€221k▲
Land and buildings22€208k€215k▲
Plant, machinery and equipment23€3k€3k▼
Furniture and vehicles24€7k€4k▼
Current assets29/58€70k€106k▲
Amounts receivable within one year40/41€62k€39k▼
Trade receivables40€62k€39k▼
Other amounts receivable41€405-
Cash at bank and in hand54/58€8k€67k▲
Deferred charges and accrued income490/1€481-
Equity and liabilities
Total equity and liabilities10/49€288k€328k▲
Equity10/15€18k€51k▲
Contributions10/11€6k€6k=
Reserves13€2k€34k▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133-€32k
Profit (loss) carried forward14€10k€11k▲
Amounts payable17/49€270k€277k▲
Amounts payable after more than one year17€174k€163k▼
Financial debts170/4€174k€163k▼
Amounts payable within one year42/48€96k€113k▲
Current portion of amounts payable after more than one year42€11k€11k▲
Trade debts44€849€2k▲
Suppliers440/4€849€2k▲
Taxes, remuneration and social security45€3k€14k▲
Taxes450/3€3k€14k▲
Other amounts payable47/48€82k€86k▲
Income statement
Code20242025
Turnover70€241k€339k▲
Goods, raw materials, services and sundry goods60/61€207k€264k▲
Remuneration, social security and pensions62€10k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€20k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€-4k-
Other operating charges640/8€984€1k▲
Gross operating margin9900€33k€75k▲
Operating profit (loss)9901€6k€54k▲
Financial charges65/66B€9k€8k▼
Recurring financial charges65€9k€8k▼
Profit (loss) for the period before taxes9903€-2k€46k▲
Income taxes67/77€-5k€13k▲
Profit (loss) for the period9904€3k€33k▲
Profit (loss) for the period to be appropriated9905€3k€33k▲
Appropriation of the result
Profit (loss) to be appropriated9906€10k€43k▲
Profit (loss) brought forward from the previous period14P€8k€10k▲
Transfer to equity691/2-€32k
To other reserves6921-€32k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €255k | €260k | €246k | €241k | €339k | ▲ 40.9% |
| Goods, raw materials, services and sundry goods60/61 | €183k | €196k | €195k | €207k | €264k | ▲ 27.3% |
| Remuneration, social security and pensions62 | - | €29k | €33k | €10k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €11k | €14k | €20k | €20k | ▲ 1.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €-4k | - | - |
| Other operating charges640/8 | €572 | €501 | €811 | €984 | €1k | ▲ 4.4% |
| Gross operating margin9900 | €71k | €64k | €51k | €33k | €75k | ▲ 125% |
| Operating profit (loss)9901 | €61k | €24k | €4k | €6k | €54k | ▲ 747% |
| Financial charges65/66B | €2k | €1k | €6k | €9k | €8k | ▼ 6.7% |
| Recurring financial charges65 | €2k | €1k | €6k | €9k | €8k | ▼ 6.7% |
| Non-recurring financial charges66B | - | €230 | €45 | - | - | - |
| Profit (loss) for the period before taxes9903 | €58k | €23k | €-2k | €-2k | €46k | ▲ 2,246% |
| Income taxes67/77 | - | €5k | €15k | €-5k | €13k | ▲ 371% |
| Profit (loss) for the period9904 | €58k | €18k | €-17k | €3k | €33k | ▲ 1,105% |
| Profit (loss) for the period to be appropriated9905 | €58k | €18k | €-17k | €3k | €33k | ▲ 1,105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €143k | €144k | €278k | €288k | €328k | ▲ 13.7% |
| Fixed assets21/28 | €37k | €28k | €195k | €218k | €221k | ▲ 1.6% |
| Tangible fixed assets22/27 | €37k | €28k | €195k | €218k | €221k | ▲ 1.6% |
| Land and buildings22 | - | - | €176k | €208k | €215k | ▲ 3.5% |
| Plant, machinery and equipment23 | €5k | €6k | €5k | €3k | €3k | ▼ 19.4% |
| Furniture and vehicles24 | €32k | €22k | €14k | €7k | €4k | ▼ 44.8% |
| Current assets29/58 | €106k | €116k | €83k | €70k | €106k | ▲ 51.1% |
| Amounts receivable within one year40/41 | €28k | €46k | €67k | €62k | €39k | ▼ 36.7% |
| Trade receivables40 | €27k | €45k | €66k | €62k | €39k | ▼ 36.3% |
| Other amounts receivable41 | €2k | €677 | €868 | €405 | - | - |
| Cash at bank and in hand54/58 | €77k | €70k | €14k | €8k | €67k | ▲ 764% |
| Deferred charges and accrued income490/1 | - | - | €2k | €481 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €143k | €144k | €278k | €288k | €328k | ▲ 13.7% |
| Equity10/15 | €14k | €32k | €16k | €18k | €51k | ▲ 179% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €34k | ▲ 1,720% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | - | - | - | €32k | - |
| Profit (loss) carried forward14 | €6k | €24k | €8k | €10k | €11k | ▲ 8.3% |
| Amounts payable17/49 | €128k | €112k | €262k | €270k | €277k | ▲ 2.5% |
| Amounts payable after more than one year17 | €18k | €9k | €148k | €174k | €163k | ▼ 6.3% |
| Financial debts170/4 | €18k | €9k | €148k | €174k | €163k | ▼ 6.3% |
| Amounts payable within one year42/48 | €110k | €103k | €114k | €96k | €113k | ▲ 18.6% |
| Current portion of amounts payable after more than one year42 | €9k | €9k | €19k | €11k | €11k | ▲ 4.1% |
| Trade debts44 | €12k | €4k | €5k | €849 | €2k | ▲ 100% |
| Suppliers440/4 | €12k | €4k | €5k | €849 | €2k | ▲ 100% |
| Taxes, remuneration and social security45 | - | €9k | €17k | €3k | €14k | ▲ 454% |
| Taxes450/3 | - | €6k | €11k | €3k | €14k | ▲ 454% |
| Remuneration and social security454/9 | - | €4k | €6k | - | - | - |
| Other amounts payable47/48 | €89k | €80k | €72k | €82k | €86k | ▲ 5.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58k | €18k | €-17k | €3k | €33k | ▲ 1,105% |
| + Depreciation and write-downs630 | €10k | €11k | €14k | €20k | €20k | ▲ 1.5% |
| Operating cash flow (approximation) | €69k | €29k | €-2k | €23k | €53k | ▲ 135% |
| Investment in fixed assets (approximation) | - | €-2k | €-181k | €-43k | €-24k | ▲ 44.6% |
| Change in cash | - | €-7k | €-56k | €-6k | €59k | ▲ 1,078% |
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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
11-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 11 days late
2024
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
06-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 37 days late
2023
31-12
Financial
Weakest financial yearnet €-17k
Net result drops to €-17k, the lowest in the series; recovery starts the following year.
08-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 39 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
17-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 48 days late
2020
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €75k ▲511%
Operating result €77k, net result €75k, both a record.
07-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 99 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Ciney · 1 establishment unit since 2004
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.
Ch. du Forbot de Jannée(Pessoux) 35590 Ciney1 establishment unit
AREC-PROJECTS
since 20042.242.728.189
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Of 462 companies in sector 47783 we hold annual accounts for 214. 168 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
47783Retail trade
Scores and ratios are computed by Checked and are not a credit decision.