AREUM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-12-2025 PDF all 18 filings
Turnover
≈ €820,000
Estimated: probably between €630,000 and €1.4m
Total assets
€4.3m▼ 2.2%
2024 · €4.4m
Net result
€177,800▼ 5.8%
2024 · €188,765
Working capital
€176,714▲ 81.0%
2024 · €97,622
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€288,087
▼ 2.0%
2025
20192025
Net result
€177,800
▼ 5.8%
2025
highest quarter of the sector
20192025
Equity
€2.9m
▲ 6.6%
2025
highest quarter of the sector
20192025
Total assets
€4.3m
▼ 2.2%
2025
highest quarter of the sector
20192025
Debt
€1.3m
▼ 17.2%
2025
20192025
Working capital
€176,714
▲ 81.0%
2025
middle half of the sector
20192025
Solvency
67.4%
▲ 5.5pp
2025
highest quarter of the sector
20192025
Current ratio
1.53
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
4.2%
▼ 0.2pp
2025
middle half of the sector
20192025
Staff (FTE)
0
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.08m--€0.003m▲ 96.6%€0.07m€0.1m▲ 61.0%€0.3m▲ 112%€0.3m▲ 15.8%€0.3m▼ 2.0%
Net result€0.03m--€0.02mbelow the sector's middle half€0.05mwithin the sector's middle half€0.07mwithin the sector's middle half▲ 35.8%€0.2mabove the sector's middle half▲ 140%€0.2mabove the sector's middle half▲ 6.3%€0.2mabove the sector's middle half▼ 5.8%
Equity€2.2m-€2.2mabove the sector's middle half▼ 0.7%€2.3mabove the sector's middle half▲ 2.5%€2.3mabove the sector's middle half▲ 3.3%€2.5mabove the sector's middle half▲ 7.6%€2.7mabove the sector's middle half▲ 7.5%€2.9mabove the sector's middle half▲ 6.6%
Total assets€3.7m-€3.4mwithin the sector's middle half▼ 5.9%€3.7mwithin the sector's middle half▲ 7.7%€3.7mwithin the sector's middle half▼ 0.4%€4.1mwithin the sector's middle half▲ 12.0%€4.4mwithin the sector's middle half▲ 5.9%€4.3mabove the sector's middle half▼ 2.2%
Debt€1.2m-€1.0m▼ 15.7%€1.3m▲ 20.7%€1.2m▼ 6.2%€1.5m▲ 23.4%€1.5m▲ 4.6%€1.3m▼ 17.2%
Working capital€0.4m-€0.4mwithin the sector's middle half▼ 11.5%€0.06mwithin the sector's middle half▼ 83.6%€0.3mwithin the sector's middle half▲ 466%€0.09mwithin the sector's middle half▼ 74.4%€0.1mwithin the sector's middle half▲ 11.2%€0.2mwithin the sector's middle half▲ 81.0%
Solvency61.0%-64.4%above the sector's middle half▲ 3.4pp61.3%within the sector's middle half▼ 3.1pp63.5%above the sector's middle half▲ 2.3pp61.0%within the sector's middle half▼ 2.5pp61.9%within the sector's middle half▲ 0.9pp67.4%above the sector's middle half▲ 5.5pp
Current ratio2.51-2.70within the sector's middle half▲ 0.191.11within the sector's middle half▼ 1.592.38within the sector's middle half▲ 1.271.13within the sector's middle half▼ 1.241.27within the sector's middle half▲ 0.141.53within the sector's middle half▲ 0.25
Return on assets (ROA)0.9%--0.4%within the sector's middle half▼ 1.3pp1.5%within the sector's middle half▲ 1.9pp2.0%within the sector's middle half▲ 0.5pp4.3%within the sector's middle half▲ 2.3pp4.3%within the sector's middle half=4.2%within the sector's middle half▼ 0.2pp
Staff (FTE)1.5-1.5within the sector's middle half=2.3within the sector's middle half▲ 53.3%2within the sector's middle half▼ 13.0%0within the sector's middle half▼ 100%0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 2% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€3.8m ▼ 3.9%
Current assets
€510,891 ▲ 12.7%
Equity and liabilities €4.3m
Equity
€2.9m ▲ 6.6%
Provisions
€129,254 ▼ 7.9%
Debt
€1.3m ▼ 17.2%
Debt's share of the balance-sheet total falls from 34.9% to 29.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€440,762▲
2024 · €434,354
Cash flow
€330,475▲
2024 · €329,104
Debt to equity
0.44▼
2024 · 0.56
ROE
6.2%▼
2024 · 7.0%
Interest coverage
14.25▼
2024 · 16.52
Debt ≤ 1 year
€334,178▼
2024 · €355,573
Debt > 1 year
€928,352▼
2024 · €1.2m
Income taxes
€90,427▼
2024 · €91,017
Staff costs
€1,724▲
2024 · €1,417
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 |
|---|---|
| Average over the year, in full-time equivalents | 2 |
| Joined | 1 |
| Left | 4 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €104,549 | €394,959 | €678,222 | - |
| Financial fixed assets | €4,577 | - | - | - |
| Depreciation and write-downs of the year | €104,212 | €105,662 | €140,339 | €152,675 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €27,481 | €3,200 | €10,000 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €96,945 | -€9,347 | €1,417 | €1,724 | ▲ 21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €113,547 | €109,343 | €98,762 | €104,212 | €105,662 | €140,339 | €152,675 | ▲ 8.8% |
| Other operating charges640/8 | - | - | - | €18,140 | €13,705 | €25,263 | €22,551 | ▼ 10.7% |
| Non-recurring operating charges66A | - | - | - | €682 | €0 | - | - | - |
| Gross operating margin9900 | €234,822 | €269,861 | €295,782 | €339,918 | €363,930 | €461,034 | €465,037 | ▲ 0.9% |
| Operating profit (loss)9901 | -€82,653 | -€2,806 | €74,478 | €119,939 | €253,911 | €294,015 | €288,087 | ▼ 2.0% |
| Financial income75/76B | - | - | - | €4,789 | €1,569 | €987 | €0 | ▼ 100.0% |
| Recurring financial income75 | €155,522 | €4,818 | €4,237 | €4,789 | €1,569 | €987 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €13,867 | €16,037 | €26,285 | €30,926 | ▲ 17.7% |
| Recurring financial charges65 | €18,440 | €14,105 | €12,583 | €13,867 | €16,037 | €26,285 | €30,926 | ▲ 17.7% |
| Profit (loss) for the period before taxes9903 | €54,430 | -€12,093 | €66,133 | €110,861 | €239,443 | €268,717 | €257,161 | ▼ 4.3% |
| Transfer from deferred taxes780 | - | - | - | €11,066 | €11,066 | €11,066 | €11,066 | = |
| Income taxes67/77 | €29,826 | €10,747 | €19,194 | €47,943 | €72,969 | €91,017 | €90,427 | ▼ 0.6% |
| Profit (loss) for the period9904 | €32,137 | -€15,307 | €54,472 | €73,983 | €177,539 | €188,765 | €177,800 | ▼ 5.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €21,490 | €21,490 | €21,490 | €21,490 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €105,250 | - |
| Profit (loss) for the period to be appropriated9905 | €46,766 | -€678 | €69,101 | €95,473 | €199,029 | €210,255 | €94,040 | ▼ 55.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.7m | €3.4m | €3.7m | €3.7m | €4.1m | €4.4m | €4.3m | ▼ 2.2% |
| Fixed assets21/28 | €3.0m | €2.8m | €3.1m | €3.1m | €3.4m | €3.9m | €3.8m | ▼ 3.9% |
| Intangible fixed assets21 | €0.04m | €0.01m | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.9m | €2.8m | €3.1m | €3.1m | €3.3m | €3.9m | €3.7m | ▼ 3.9% |
| Land and buildings22 | - | - | - | €3.0m | €3.3m | €3.8m | €3.7m | ▼ 3.2% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.07m | €0.1m | €0.07m | ▼ 29.4% |
| Leasing and similar rights25 | - | - | - | - | €0.02m | €0.01m | €0.009m | ▼ 28.8% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.7m | €0.6m | €0.6m | €0.6m | €0.7m | €0.5m | €0.5m | ▲ 12.7% |
| Amounts receivable within one year40/41 | €0.7m | €0.5m | €0.5m | €0.5m | €0.6m | €0.4m | €0.4m | ▼ 5.2% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.1m | €0.07m | ▼ 24.9% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 0.4% |
| Cash at bank and in hand54/58 | €0.003m | €0.02m | €0.07m | €0.005m | €0.06m | €0.001m | €0.08m | ▲ 124× |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.009m | €0.01m | ▲ 22.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.7m | €3.4m | €3.7m | €3.7m | €4.1m | €4.4m | €4.3m | ▼ 2.2% |
| Equity10/15 | €2.2m | €2.2m | €2.3m | €2.3m | €2.5m | €2.7m | €2.9m | ▲ 6.6% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €2.2m | €2.2m | €2.2m | €2.3m | €2.5m | €2.6m | €2.8m | ▲ 6.7% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 26.5% |
| Distributable reserves133 | - | - | - | €1.9m | €2.1m | €2.3m | €2.4m | ▲ 4.3% |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 0.3% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 7.9% |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 7.9% |
| Amounts payable17/49 | €1.2m | €1.0m | €1.3m | €1.2m | €1.5m | €1.5m | €1.3m | ▼ 17.2% |
| Amounts payable after more than one year17 | €1.0m | €0.8m | €0.7m | €0.9m | €0.8m | €1.2m | €0.9m | ▼ 20.6% |
| Financial debts170/4 | - | - | - | €0.9m | €0.8m | €1.2m | €0.9m | ▼ 20.6% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.5m | €0.2m | €0.7m | €0.4m | €0.3m | ▼ 6.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 0.8% |
| Trade debts44 | €0.03m | €0.02m | €0.3m | €0.06m | €0.3m | €0.02m | €0.001m | ▼ 94.5% |
| Suppliers440/4 | - | - | - | €0.06m | €0.3m | €0.02m | €0.001m | ▼ 94.5% |
| Advances received on contracts in progress46 | - | - | - | - | €0.1m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.03m | €0.002m | ▼ 92.9% |
| Taxes450/3 | - | - | - | €0.009m | €0.02m | €0.03m | €0.002m | ▼ 92.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.02m | €0.07m | €0.09m | ▲ 38.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €176 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,137 | -€15,307 | €54,472 | €73,983 | €177,539 | €188,765 | €177,800 | ▼ 5.8% |
| + Depreciation and write-downs630 | €113,547 | €109,343 | €98,762 | €104,212 | €105,662 | €140,339 | €152,675 | ▲ 8.8% |
| Operating cash flow (approximation) | €145,684 | €94,036 | €153,234 | €178,196 | €283,201 | €329,104 | €330,475 | ▲ 0.4% |
| Investment in fixed assets (approximation) | - | €0 | -€344,435 | -€100,944 | -€394,959 | -€678,222 | €0 | - |
| Change in cash | - | €21,752 | €46,760 | -€66,291 | €49,964 | -€54,684 | €78,708 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,049 companies had the same profile as AREUM has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of AREUM itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,049 companies, not a prediction for AREUM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 17-12-2025 | 2025-00588627 | |
| 30-06-2024 | abbreviated format | 04-02-2025 | 2025-00027534 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00021179 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00018113 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-03900251 | |
| 30-06-2020 | abbreviated format | 06-01-2021 | 2021-00500185 | |
| 30-06-2019 | abbreviated format | 17-01-2020 | 2020-01700179 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-03700255 | |
| 30-06-2017 | abbreviated format | 05-01-2018 | 2018-00700472 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-02900100 |