AREF
ActiveSummary
AREF has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€72,379) and a net result of €983,456. Equity is shrinking by ~8.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+78
Solvency19▲+19
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.9 against 0.0 in 2024; short-term debt: 71.2% and cash: 39.5% of total assets), and equity is negative.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
-5.7%
Return on assets
76.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-08-2026, 11 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 · 9 filingsDeviation from the deadline
2025
11 d late
2024
on the day
2023
62 d late
2022
49 d late
2021
6 d early
2020
37 d early
2019
83 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 23 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€72,379▲ 93.1%
2024 · -€1.1m
Total assets
€1.3m▼ 60.1%
2024 · €3.2m
Net result
€983,456
2024 · -€133,746
Working capital
-€89,944▲ 95.8%
2024 · -€2.1m
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-€1,250▲ 95.7%€6,753-€2,462-€61,386▼ 2,393%€1.1m
Net result-€47,774▲ 38.3%-€30,914▲ 35.3%-€91,880▼ 197%-€133,746▼ 45.6%€983,456
Equity-€799,295▼ 6.4%-€830,209▼ 3.9%-€922,089▼ 11.1%-€1.1m▼ 14.5%-€72,379▲ 93.1%
Total assets€3.7m▼ 4.1%€3.5m▼ 4.6%€3.3m▼ 4.4%€3.2m▼ 4.1%€1.3m▼ 60.1%
Debt€4.5m▼ 2.3%€4.3m▼ 3.1%€4.3m▼ 1.5%€4.3m=€1.4m▼ 68.3%
Working capital-€1.9m▼ 6.7%-€1.9m▼ 1.2%-€2.0m▼ 2.3%-€2.1m▼ 6.9%-€89,944▲ 95.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1.1m after a loss of €61,386 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€458,503 ▼ 85.7%
Current assets
€821,642 ▲ 10,106%
Key figures and ratios
EBITDA
€1.1m▲
2024 · €71,668
Cash flow
€1.0m▲
2024 · -€691
Solvency
-5.7%▲
2024 · -32.9%
Current ratio
0.90▲
2024 · 0.00
Debt to equity
-18.69▼
2024 · -4.04
ROA
76.8%▲
2024 · -4.2%
Interest coverage
15.39▲
2024 · 0.99
Debt ≤ 1 year
€911,586▼
2024 · €2.1m
Debt > 1 year
€440,937▼
2024 · €2.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 268 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Small
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 268 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1.1m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €148,102 | €153,379 | €155,154 | €133,054 | €61,946 | ▼ 53.4% |
| Other operating charges640/8 | €10,203 | €9,420 | €10,863 | €10,980 | €13,247 | ▲ 20.6% |
| Gross operating margin9900 | €157,055 | €169,552 | €163,555 | €82,649 | €1.1m | ▲ 1,269% |
| Operating profit (loss)9901 | -€1,250 | €6,753 | -€2,462 | -€61,386 | €1.1m | ▲ 1,820% |
| Financial income75/76B | €0 | €210 | €176 | - | €35 | - |
| Recurring financial income75 | €0 | €210 | €176 | - | €35 | - |
| Financial charges65/66B | €46,524 | €37,877 | €89,594 | €72,360 | €72,635 | ▲ 0.4% |
| Recurring financial charges65 | €46,524 | €37,877 | €89,594 | €72,360 | €72,635 | ▲ 0.4% |
| Profit (loss) for the period before taxes9903 | -€47,774 | -€30,914 | -€91,880 | -€133,746 | €983,456 | ▲ 835% |
| Profit (loss) for the period9904 | -€47,774 | -€30,914 | -€91,880 | -€133,746 | €983,456 | ▲ 835% |
| Profit (loss) for the period to be appropriated9905 | -€47,774 | -€30,914 | -€91,880 | -€133,746 | €983,456 | ▲ 835% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.7m | €3.5m | €3.3m | €3.2m | €1.3m | ▼ 60.1% |
| Fixed assets21/28 | €3.6m | €3.5m | €3.3m | €3.2m | €458,503 | ▼ 85.7% |
| Tangible fixed assets22/27 | €3.6m | €3.5m | €3.3m | €3.2m | €458,503 | ▼ 85.7% |
| Land and buildings22 | €3.6m | €3.5m | €3.3m | €3.2m | - | - |
| Plant, machinery and equipment23 | €4,753 | €464 | €2 | - | - | - |
| Furniture and vehicles24 | €37,846 | €21,752 | €56 | - | - | - |
| Leasing and similar rights25 | - | - | - | - | €271,111 | - |
| Other tangible fixed assets26 | - | - | - | - | €187,392 | - |
| Current assets29/58 | €25,040 | €10,890 | €10,521 | €8,050 | €821,642 | ▲ 10,106% |
| Amounts receivable within one year40/41 | - | - | - | - | €316,114 | - |
| Other amounts receivable41 | - | - | - | - | €316,114 | - |
| Cash at bank and in hand54/58 | €25,040 | €10,890 | €10,521 | €8,050 | €505,528 | ▲ 6,180% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.7m | €3.5m | €3.3m | €3.2m | €1.3m | ▼ 60.1% |
| Equity10/15 | -€799,295 | -€830,209 | -€922,089 | -€1.1m | -€72,379 | ▲ 93.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€817,895 | -€848,809 | -€940,689 | -€1.1m | -€90,979 | ▲ 91.5% |
| Amounts payable17/49 | €4.5m | €4.3m | €4.3m | €4.3m | €1.4m | ▼ 68.3% |
| Amounts payable after more than one year17 | €2.5m | €2.4m | €2.3m | €2.1m | €440,937 | ▼ 79.3% |
| Financial debts170/4 | €2.5m | €2.4m | €2.3m | €2.1m | €440,937 | ▼ 79.3% |
| Amounts payable within one year42/48 | €1.9m | €2.0m | €2.0m | €2.1m | €911,586 | ▼ 57.3% |
| Current portion of amounts payable after more than one year42 | €148,968 | €145,084 | €131,218 | €135,710 | €30,032 | ▼ 77.9% |
| Trade debts44 | €0 | €3,353 | €400 | - | €5,275 | - |
| Suppliers440/4 | €0 | €3,353 | €400 | - | €5,275 | - |
| Other amounts payable47/48 | €1.8m | €1.8m | €1.9m | €2.0m | €876,279 | ▼ 56.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€47,774 | -€30,914 | -€91,880 | -€133,746 | €983,456 | ▲ 835% |
| + Depreciation and write-downs630 | €148,102 | €153,379 | €155,154 | €133,054 | €61,946 | ▼ 53.4% |
| Operating cash flow (approximation) | €100,328 | €122,464 | €63,274 | -€691 | €1.0m | ▲ 151,331% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €2.7m | - |
| Change in cash | - | -€14,150 | -€368 | -€2,471 | €497,477 | ▲ 20,232% |
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
11-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
2025
31-12
Financial
Back to profitnet €983,456
Net result €983,456 after 7 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
01-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 62 days late
2023
18-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 49 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 83 days late
2019
31-12
Financial
Weakest financial yearnet -€157,611
Net result drops to -€157,611, the lowest in the series; recovery starts the following year.
16-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Antwerpen · 1 establishment unit since 2016
Ground area
339 m²
Building footprint
339 m²
Parcel 11804D3320/00C000, Flanders. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
AREF
since 20162.250.818.979
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11804D3320/00C000 | Flanders | 339 m² | 1 · 339 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded15-02-2016
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0648886844
Also
9925:BE0648886844
Registered
14-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.