ARES
ActiveSummary
ARES has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €10,847 and a net result of -€9,058. Equity is shrinking by ~5.8% per year across the filed fiscal years. Its solvency ranks better than 15% of 37951 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability58▲+58
Solvency36▼-5
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.34 against 0.37 in 2023; short-term debt: 87.7% and cash: 1.9% of total assets), and 89.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
10.8%
Return on assets
-9%
Age of the figures
21 mo
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 -€9,058
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 37951 sector peers (2024).
NBB · sector comparisonPosition among 37951 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-10-2025, 90 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
not confirmed
2024
90 d late
2023
68 d late
2022
64 d late
2021
28 d late
2020
51 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 33 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€10,847▼ 45.5%
2023 · €19,905
Total assets
€100,811▼ 18.0%
2023 · €122,989
Net result
-€9,058▲ 70.5%
2023 · -€30,755
Working capital
-€58,176▼ 2.4%
2023 · -€56,835
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€9,932▲ 506%€9,896▼ 0.4%€5,707▼ 42.3%-€28,828-€8,040▲ 72.1%
Net result€7,750€8,185▲ 5.6%€3,448▼ 57.9%-€30,755-€9,058▲ 70.5%
Equity€39,027▲ 24.8%€47,211▲ 21.0%€50,660▲ 7.3%€19,905▼ 60.7%€10,847▼ 45.5%
Total assets€51,921▼ 16.0%€91,168▲ 75.6%€118,807▲ 30.3%€122,989▲ 3.5%€100,811▼ 18.0%
Debt€12,894▼ 57.7%€43,957▲ 241%€68,147▲ 55.0%€103,084▲ 51.3%€89,964▼ 12.7%
Working capital€26,316▲ 124%-€12,488€8,431-€56,835-€58,176▼ 2.4%
Staff (FTE)1.3▼ 13.3%1▼ 23.1%1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8,040 in 2024 against €28,828 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €100,811
Fixed assets
€70,582 ▼ 21.7%
Current assets
€30,229 ▼ 8.0%
Equity and liabilities €100,811
Equity
€10,847 ▼ 45.5%
Debt
€89,964 ▼ 12.7%
Debt's share of the balance-sheet total rises from 83.8% to 89.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12,336▲
2023 · -€10,281
Cash flow
€11,318▲
2023 · -€12,207
Current ratio
0.34▼
2023 · 0.37
Debt to equity
8.29▲
2023 · 5.18
ROE
-83.5%▲
2023 · -154.5%
ROA
-9.0%▲
2023 · -25.0%
Interest coverage
12.05▲
2023 · -6.88
Debt ≤ 1 year
€88,405▼
2023 · €89,691
Staff costs
€43,815▲
2023 · €31,132
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €13,754 | €11,724 | €31,132 | €43,815 | ▲ 40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,606 | €9,237 | €15,046 | €18,548 | €20,376 | ▲ 9.9% |
| Other operating charges640/8 | - | €9,852 | €4,804 | €5,138 | €5,138 | = |
| Gross operating margin9900 | €37,669 | €42,739 | €37,281 | €25,989 | €61,290 | ▲ 136% |
| Operating profit (loss)9901 | €9,932 | €9,896 | €5,707 | -€28,828 | -€8,040 | ▲ 72.1% |
| Financial income75/76B | - | €14 | €189 | €42 | €6 | ▼ 85.7% |
| Recurring financial income75 | - | €14 | €189 | €42 | €6 | ▼ 85.7% |
| Financial charges65/66B | - | €1,247 | €668 | €1,494 | €1,024 | ▼ 31.5% |
| Recurring financial charges65 | €576 | €1,247 | €668 | €1,494 | €1,024 | ▼ 31.5% |
| Profit (loss) for the period before taxes9903 | €9,356 | €8,662 | €5,228 | -€30,280 | -€9,058 | ▲ 70.1% |
| Income taxes67/77 | €1,606 | €478 | €1,779 | €475 | - | - |
| Profit (loss) for the period9904 | €7,750 | €8,185 | €3,448 | -€30,755 | -€9,058 | ▲ 70.5% |
| Profit (loss) for the period to be appropriated9905 | €7,750 | €8,185 | €3,448 | -€30,755 | -€9,058 | ▲ 70.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,921 | €91,168 | €118,807 | €122,989 | €100,811 | ▼ 18.0% |
| Fixed assets21/28 | €12,711 | €61,110 | €49,738 | €90,133 | €70,582 | ▼ 21.7% |
| Intangible fixed assets21 | - | - | - | €3,786 | €3,406 | ▼ 10.0% |
| Tangible fixed assets22/27 | €9,811 | €58,210 | €49,738 | €86,346 | €67,176 | ▼ 22.2% |
| Plant, machinery and equipment23 | - | €49,712 | €39,527 | €66,030 | €54,532 | ▼ 17.4% |
| Furniture and vehicles24 | - | €1,293 | €4,283 | €15,667 | €9,272 | ▼ 40.8% |
| Other tangible fixed assets26 | - | €7,205 | €5,927 | €4,650 | €3,372 | ▼ 27.5% |
| Financial fixed assets28 | €2,900 | €2,900 | - | - | - | - |
| Current assets29/58 | €39,210 | €30,058 | €69,069 | €32,856 | €30,229 | ▼ 8.0% |
| Amounts receivable within one year40/41 | €35,308 | €27,311 | €57,586 | €30,629 | €28,269 | ▼ 7.7% |
| Trade receivables40 | - | €26,100 | €56,921 | €27,867 | €27,487 | ▼ 1.4% |
| Other amounts receivable41 | - | €1,211 | €664 | €2,762 | €782 | ▼ 71.7% |
| Cash at bank and in hand54/58 | €3,902 | €2,451 | €10,712 | €2,227 | €1,960 | ▼ 12.0% |
| Deferred charges and accrued income490/1 | - | €295 | €771 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,921 | €91,168 | €118,807 | €122,989 | €100,811 | ▼ 18.0% |
| Equity10/15 | €39,027 | €47,211 | €50,660 | €19,905 | €10,847 | ▼ 45.5% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €20,427 | €28,611 | €32,060 | €32,060 | €32,060 | = |
| Distributable reserves133 | - | €28,611 | €32,060 | €32,060 | €32,060 | = |
| Profit (loss) carried forward14 | -€4,268 | - | - | -€30,755 | -€39,813 | ▼ 29.5% |
| Amounts payable17/49 | €12,894 | €43,957 | €68,147 | €103,084 | €89,964 | ▼ 12.7% |
| Amounts payable within one year42/48 | €12,894 | €42,546 | €60,638 | €89,691 | €88,405 | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,184 | €2,165 | ▼ 69.9% |
| Trade debts44 | - | €16,758 | €17,707 | €12,166 | €4,046 | ▼ 66.7% |
| Suppliers440/4 | - | €16,758 | €17,707 | €12,166 | €4,046 | ▼ 66.7% |
| Taxes, remuneration and social security45 | - | €8,675 | €10,130 | €11,738 | €14,808 | ▲ 26.2% |
| Taxes450/3 | - | €5,881 | €1,779 | €1,779 | €137 | ▼ 92.3% |
| Remuneration and social security454/9 | - | €2,794 | €8,350 | €9,959 | €14,671 | ▲ 47.3% |
| Other amounts payable47/48 | - | €17,112 | €32,801 | €58,602 | €67,386 | ▲ 15.0% |
| Accrued charges and deferred income492/3 | - | €1,411 | €7,509 | €13,393 | €1,559 | ▼ 88.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,750 | €8,185 | €3,448 | -€30,755 | -€9,058 | ▲ 70.5% |
| + Depreciation and write-downs630 | €3,606 | €9,237 | €15,046 | €18,548 | €20,376 | ▲ 9.9% |
| Operating cash flow (approximation) | €11,356 | €17,422 | €18,495 | -€12,207 | €11,318 | ▲ 193% |
| Investment in fixed assets (approximation) | - | -€57,637 | -€3,674 | -€58,943 | -€826 | ▲ 98.6% |
| Change in cash | - | -€1,450 | €8,261 | -€8,485 | -€267 | ▲ 96.9% |
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
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 90 days late
2024
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
2023
31-12
Financial
Weakest financial yearnet -€30,755
Net result drops to -€30,755, the lowest in the series; recovery starts the following year.
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 64 days late
2022
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 28 days late
2021
31-12
Financial
Highest result since 2018net €8,185 ▲5.6%
Net result €8,185, the highest in the series.
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €7,750
Net result €7,750 after 2 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 3.04
Current ratio from 1.39 to 3.04; short-term debt falls from €30,510 to €12,894.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
06-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Heusden-Zolder · 1 establishment unit since 2000
Ground area
3,219 m²
Building footprint
127 m²
Volume, LiDAR
749 m³
Parcel 71502B0019/00V002, Flanders · tallest building 9.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ARES
since 20002.097.670.134
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71502B0019/00V002 | Flanders | 3,219 m² | 1 · 127 m² | 9.8 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 1,140 EUR awarded · 1,140 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,140 EUR | 1,140 EUR |
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,583. 23,833 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
Founded14-11-2000
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.