AREÔS
ActiveSummary
AREÔS has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €8.6m and a net result of -€427,396. Equity remains stable across the filed fiscal years (±0.4% per year). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability28▼-40
Solvency68▼-17
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €490,000 at 30 days acceptable
Liquidity tight (current ratio 1.17 against 1.69 in 2023; short-term debt: 24.5% and cash: 2.6% of total assets), and 57.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€427,396
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 15-05-2025, 77 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
77 d early
2023
36 d early
2022
19 d early
2021
30 d early
2020
24 d early
2019
22 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 35 days before 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 (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€8.6m▼ 29.0%
2023 · €12.1m
Total assets
€20.2m▲ 0.3%
2023 · €20.2m
Net result
-€427,396▼ 122%
2023 · -€192,904
Working capital
€862,374▼ 75.4%
2023 · €3.5m
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
Line20202021202220232024
Operating result-€239,159€57,359€49,286▼ 14.1%-€222,696-€257,765▼ 15.7%
Net result-€204,181€58,247€24,717▼ 57.6%-€192,904-€427,396▼ 122%
Equity€8.4m▼ 2.4%€8.5m▲ 0.7%€8.5m▲ 0.3%€12.1m▲ 42.3%€8.6m▼ 29.0%
Total assets€9.9m▼ 4.3%€10.5m▲ 6.6%€10.7m▲ 1.6%€20.2m▲ 88.4%€20.2m▲ 0.3%
Debt€949,720▼ 17.3%€1.6m▲ 66.8%€1.8m▲ 11.3%€7.3m▲ 313%€11.3m▲ 54.7%
Working capital€5.2m▼ 20.3%€6.2m▲ 20.3%€6.4m▲ 3.2%€3.5m▼ 45.1%€862,374▼ 75.4%
Staff (FTE)1.8▼ 10.0%00
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2024 Net result -122% on 2023. The previous fiscal year ran 15 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €257,765 in 2024 against €222,696 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €20.2m
Fixed assets
€14.4m ▲ 24.4%
Current assets
€5.8m ▼ 32.3%
Equity and liabilities €20.2m
Equity
€8.6m ▼ 29.0%
Provisions
€347,710 ▼ 54.3%
Debt
€11.3m ▲ 54.7%
Debt's share of the balance-sheet total rises from 36.1% to 55.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€395,323▼
2023 · €686,939
Cash flow
€225,692▼
2023 · €716,731
Current ratio
1.17▼
2023 · 1.69
Quick ratio
1.08▼
2023 · 1.15
Debt to equity
1.31▲
2023 · 0.60
ROE
-5.0%▼
2023 · -1.6%
ROA
-2.1%▼
2023 · -1.0%
Interest coverage
1.42▼
2023 · 8.28
Debt ≤ 1 year
€5.0m▼
2023 · €5.1m
Debt > 1 year
€5.7m▲
2023 · €1.7m
Income taxes
€3,866▼
2023 · €14,056
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 825 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 96% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
2.8%
stopped otherwise
96%
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 0.8% 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 825 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €33,481 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €534,445 | €356,984 | €335,807 | €909,635 | €653,088 | ▼ 28.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €859 | €252 | ▼ 70.6% |
| Other operating charges640/8 | - | - | €48,018 | €129,493 | €141,178 | ▲ 9.0% |
| Non-recurring operating charges66A | - | - | - | €299,562 | €0 | ▼ 100% |
| Gross operating margin9900 | €354,805 | €463,237 | €433,110 | €1.1m | €536,753 | ▼ 51.9% |
| Operating profit (loss)9901 | -€239,159 | €57,359 | €49,286 | -€222,696 | -€257,765 | ▼ 15.7% |
| Financial income75/76B | - | - | €0 | €32,061 | €53,210 | ▲ 66.0% |
| Recurring financial income75 | €3,334 | €1,522 | €0 | €32,061 | €53,210 | ▲ 66.0% |
| Financial charges65/66B | - | - | €13,748 | €82,962 | €277,864 | ▲ 235% |
| Recurring financial charges65 | €15,381 | €14,070 | €13,748 | €82,962 | €277,864 | ▲ 235% |
| Profit (loss) for the period before taxes9903 | -€251,205 | €44,811 | €35,538 | -€273,598 | -€482,419 | ▼ 76.3% |
| Transfer from deferred taxes780 | - | - | €39,744 | €94,749 | €58,889 | ▼ 37.8% |
| Income taxes67/77 | - | €26,308 | €50,565 | €14,056 | €3,866 | ▼ 72.5% |
| Profit (loss) for the period9904 | -€204,181 | €58,247 | €24,717 | -€192,904 | -€427,396 | ▼ 122% |
| Transfer from tax-exempt reserves789 | - | - | €119,230 | €284,247 | €166,649 | ▼ 41.4% |
| Profit (loss) for the period to be appropriated9905 | -€92,232 | €177,477 | €143,947 | €91,343 | -€260,747 | ▼ 385% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.9m | €10.5m | €10.7m | €20.2m | €20.2m | ▲ 0.3% |
| Fixed assets21/28 | €4.3m | €3.8m | €3.5m | €11.6m | €14.4m | ▲ 24.4% |
| Intangible fixed assets21 | - | - | - | €12,506 | €7,432 | ▼ 40.6% |
| Tangible fixed assets22/27 | €4.3m | €3.8m | €3.5m | €11.6m | €7.8m | ▼ 32.8% |
| Land and buildings22 | - | - | €2.2m | €8.5m | €5.0m | ▼ 41.0% |
| Plant, machinery and equipment23 | - | - | €43,127 | €414,641 | €244,172 | ▼ 41.1% |
| Furniture and vehicles24 | - | - | €45,999 | €108,311 | €70,900 | ▼ 34.5% |
| Leasing and similar rights25 | - | - | €563,140 | €2.2m | €2.0m | ▼ 5.8% |
| Other tangible fixed assets26 | - | - | €598,485 | €399,008 | €411,308 | ▲ 3.1% |
| Financial fixed assets28 | €12,770 | €270 | €270 | €135 | €6.6m | ▲ 4,906,557% |
| Current assets29/58 | €5.6m | €6.8m | €7.2m | €8.6m | €5.8m | ▼ 32.3% |
| Amounts receivable after more than one year29 | - | - | €650 | €650 | €3.8m | ▲ 576,892% |
| Other amounts receivable291 | - | - | €650 | €650 | €3.8m | ▲ 576,892% |
| Stocks and contracts in progress3 | €273,553 | €404,737 | €1.1m | €2.7m | €477,948 | ▼ 82.5% |
| Stocks30/36 | - | - | €1.1m | €2.7m | €297,021 | ▼ 89.1% |
| Contracts in progress37 | - | - | - | - | €180,927 | - |
| Amounts receivable within one year40/41 | €766,461 | €967,264 | €1.6m | €2.0m | €985,388 | ▼ 50.3% |
| Trade receivables40 | - | - | €1.5m | €1.9m | €931,917 | ▼ 50.3% |
| Other amounts receivable41 | - | - | €18,563 | €107,592 | €53,472 | ▼ 50.3% |
| Cash at bank and in hand54/58 | €4.5m | €5.4m | €4.6m | €3.9m | €527,830 | ▼ 86.3% |
| Deferred charges and accrued income490/1 | - | - | €3,408 | €19,965 | €73,451 | ▲ 268% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.9m | €10.5m | €10.7m | €20.2m | €20.2m | ▲ 0.3% |
| Equity10/15 | €8.4m | €8.5m | €8.5m | €12.1m | €8.6m | ▼ 29.0% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €600,000 | €439,922 | ▼ 26.7% |
| Capital10 | - | - | €500,000 | €600,000 | €439,922 | ▼ 26.7% |
| Issued capital100 | - | - | €500,000 | €600,000 | €439,922 | ▼ 26.7% |
| Reserves13 | €2.0m | €1.9m | €1.8m | €3.4m | €8.2m | ▲ 139% |
| Non-distributable reserves130/1 | - | - | €50,000 | €486,694 | €356,846 | ▼ 26.7% |
| Legal reserve130 | - | - | €50,000 | €486,694 | €356,846 | ▼ 26.7% |
| Tax-exempt reserves132 | - | - | €719,045 | €1.7m | €1.2m | ▼ 27.6% |
| Distributable reserves133 | - | - | €1.0m | €1.3m | €6.6m | ▲ 418% |
| Profit (loss) carried forward14 | €5.9m | €6.1m | €6.3m | €8.1m | €547 | ▼ 100.0% |
| Provisions and deferred taxes16 | €494,007 | €454,263 | €414,519 | €760,174 | €347,710 | ▼ 54.3% |
| Deferred taxes168 | - | - | €414,519 | €760,174 | €347,710 | ▼ 54.3% |
| Amounts payable17/49 | €949,720 | €1.6m | €1.8m | €7.3m | €11.3m | ▲ 54.7% |
| Amounts payable after more than one year17 | €528,481 | €477,108 | €424,424 | €1.7m | €5.7m | ▲ 231% |
| Financial debts170/4 | - | - | €424,424 | €1.7m | €5.7m | ▲ 231% |
| Amounts payable within one year42/48 | €420,701 | €555,535 | €826,296 | €5.1m | €5.0m | ▼ 2.5% |
| Current portion of amounts payable after more than one year42 | - | - | €52,685 | €131,399 | €511,357 | ▲ 289% |
| Trade debts44 | €284,886 | €419,942 | €682,720 | €635,470 | €566,509 | ▼ 10.9% |
| Suppliers440/4 | - | - | €682,720 | €635,470 | €566,509 | ▼ 10.9% |
| Advances received on contracts in progress46 | - | - | - | €3.8m | €52,233 | ▼ 98.6% |
| Taxes, remuneration and social security45 | - | - | €50,565 | €498,846 | €11,876 | ▼ 97.6% |
| Taxes450/3 | - | - | €50,565 | €498,846 | €11,876 | ▼ 97.6% |
| Other amounts payable47/48 | - | - | €40,326 | €62,016 | €3.8m | ▲ 6,045% |
| Accrued charges and deferred income492/3 | - | - | €511,903 | €472,000 | €589,683 | ▲ 24.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€204,181 | €58,247 | €24,717 | -€192,904 | -€427,396 | ▼ 122% |
| + Depreciation and write-downs630 | €534,445 | €356,984 | €335,807 | €909,635 | €653,088 | ▼ 28.2% |
| Operating cash flow (approximation) | €330,264 | €415,231 | €360,523 | €716,731 | €225,692 | ▼ 68.5% |
| Investment in fixed assets (approximation) | - | €169,250 | -€33,301 | -€9.0m | -€3.5m | ▲ 61.4% |
| Change in cash | - | €858,410 | -€804,574 | -€713,556 | -€3.3m | ▼ 366% |
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
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€427,396
Net result drops to -€427,396, the lowest in the series.
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €10mEq €12.1m ▲42.3%
Equity rises from €8.5m to €12.1m.
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Back to profitnet €58,247
Net result €58,247 after one loss-making year.
06-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
08-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Highest result since 2018net €98,562 ▲284%
Operating result €70,143, net result €98,562, both a record.
02-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2015
05-06
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 21 acts read
About the unread acts
We know of 21 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
21 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, Nazareth-De Pinte · 1 establishment unit since 2003
Ground area
1,019 m²
Building footprint
517 m²
Volume, LiDAR
2,473 m³
Parcel 44012B0721/00B000, Flanders · tallest building 7.3 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Kunstschildersweg 5B, 9840 Nazareth-De Pinte
since 20032.133.534.794
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44012B0721/00B000 | Flanders | 1,019 m² | 1 · 517 m² | 7.3 m · 2 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 ownerChain of control
- Hermeias
- AREÔS
Highest known parent: Hermeias. The sources do not say who stands above it.
Owners 1
- HermeiasparentSourceaccounts Hermeias 2024100%
Holdings 0
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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 2 entries · 30,000 EUR awarded · 30,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 0 EUR | 30,000 EUR |
| 2022 | 1 | 30,000 EUR | 0 EUR |
Schemes
Recognitions · licences · registrations
Recognised contractor
5 categoriesAREÔS NV28964
Food safety, FASFC
1 siteNazareth-De Pinte2.133.534.794
Identification & contact
Identification
Legal formPublic limited company
Founded19-08-2003
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
43990Other specialised construction activities
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0860136612
Registered
27-03-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.