ARFA
ActiveSummary
ARFA has been active since 2002 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61,167 and a net result of -€10,261. Equity has been growing by about 5.5% per year since 2018. Its solvency ranks better than 91% of 22,774 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-10-2002 Normal situation
- Activity
- Non-specialised retail sale with food, beverages or tobacco predominating NACE 47110
- Establishment unit
- 2.139.775.656 1040 Etterbeek, since 11-06-2003
- Financial year end
- 31 December
- Peppol
- Reachable since 25-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.9%
- Gross margin
- -€5,434
- Loss
- €10,261
- Equity
- €61,167
- ▼ 14.4%
- Total assets
- €72,277
- ▼ 7.0%
- 2025 accounts filed 75 days after the deadline
Score breakdownraises riskLast filed accounts filed 75 days late; 3 of the last 3 accounts lateLoss of €10,261 (financial year 2025)lowers riskLiquidity: current ratio 6.21, cash €13,696Equity €61,167 (84.6% of total assets)Show the evidence
Checked score
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 92% of them on solvency, 76% on liquidity, 13% on profitability and 23% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 22 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 75 days after the deadline Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00566631.
Annual accounts 2025 filed on 14-10-2026 at the NBB all 23 filings
Every figure per financial year
The operating result for 2025 is a loss of €8,895, after a profit of €11,377 in 2024. It is the lowest result since 2021.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €5,088 | €1,000 | €1,000 | €1,000 | €1,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €297,783 | €298,408 | €393,930 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,138 | €4,088 | €4,087 | €5,088 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Other operating charges640/8 | - | - | - | €1,189 | €497 | €1,009 | €536 | €2,461 | ▲ 359% |
| Non-recurring operating charges66A | - | - | - | €141 | €201 | - | €80 | - | - |
| Gross operating margin9900 | €6,729 | €13,145 | €3,183 | €8,013 | €1,807 | €7,925 | €12,993 | -€5,434 | - |
| Operating profit (loss)9901 | €196 | €8,549 | -€4,519 | €1,595 | €109 | €5,916 | €11,377 | -€8,895 | - |
| Financial income75/76B | - | - | - | €1,979 | €1,730 | €1,898 | €1,666 | €1,550 | ▼ 7.0% |
| Recurring financial income75 | €709 | €782 | €1,668 | €1,979 | €1,730 | €1,898 | €1,666 | €1,550 | ▼ 7.0% |
| Financial charges65/66B | - | - | - | €280 | €261 | €1,540 | €160 | €85 | ▼ 46.9% |
| Recurring financial charges65 | - | - | €26 | €280 | €261 | €1,540 | €160 | €85 | ▼ 46.9% |
| Profit (loss) for the period before taxes9903 | €905 | €9,332 | -€2,877 | €3,294 | €1,578 | €6,274 | €12,883 | -€7,430 | - |
| Income taxes67/77 | - | - | - | - | €706 | €390 | €1,340 | €2,831 | ▲ 111% |
| Profit (loss) for the period9904 | €905 | €9,332 | -€2,877 | €3,294 | €872 | €5,884 | €11,543 | -€10,261 | - |
| Profit (loss) for the period to be appropriated9905 | €905 | €9,332 | -€2,877 | €3,294 | €872 | €5,884 | €11,543 | -€10,261 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €43,380 | €52,712 | €51,165 | €53,223 | €55,472 | €61,436 | €77,680 | €72,277 | ▼ 7.0% |
| Fixed assets21/28 | €15,563 | €11,475 | €7,388 | €7,300 | €6,300 | €5,300 | €4,300 | €3,300 | ▼ 23.3% |
| Tangible fixed assets22/27 | €12,263 | €8,175 | €4,088 | €4,000 | €3,000 | €2,000 | €1,000 | - | - |
| Plant, machinery and equipment23 | - | - | - | €4,000 | - | €2,000 | €1,000 | - | - |
| Furniture and vehicles24 | - | - | - | - | €3,000 | - | - | - | - |
| Financial fixed assets28 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | = |
| Current assets29/58 | €27,817 | €41,237 | €43,777 | €45,923 | €49,172 | €56,136 | €73,380 | €68,977 | ▼ 6.0% |
| Stocks and contracts in progress3 | €23,310 | €3,723 | €6,036 | €4,541 | €5,281 | €5,281 | €5,281 | €5,281 | = |
| Stocks30/36 | - | - | - | €4,541 | €5,281 | €5,281 | €5,281 | €5,281 | = |
| Amounts receivable within one year40/41 | - | - | - | €6,615 | - | - | €50,000 | €50,000 | = |
| Other amounts receivable41 | - | - | - | €6,615 | - | - | €50,000 | €50,000 | = |
| Cash at bank and in hand54/58 | €4,507 | €37,514 | €37,741 | €34,767 | €43,891 | €50,855 | €18,099 | €13,696 | ▼ 24.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €43,380 | €52,712 | €51,165 | €53,223 | €55,472 | €61,436 | €77,680 | €72,277 | ▼ 7.0% |
| Equity10/15 | €43,380 | €52,712 | €49,835 | €53,129 | €54,001 | €59,885 | €71,428 | €61,167 | ▼ 14.4% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Non-distributable reserves130/1 | - | - | - | €1,900 | €1,900 | €1,900 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,900 | €1,900 | €1,900 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,900 | €1,900 | = |
| Profit (loss) carried forward14 | €22,480 | €31,812 | €28,935 | €32,229 | €33,101 | €38,985 | €50,528 | €40,267 | ▼ 20.3% |
| Amounts payable17/49 | - | - | €1,330 | €94 | €1,471 | €1,551 | €6,252 | €11,110 | ▲ 77.7% |
| Amounts payable within one year42/48 | - | - | €1,330 | €94 | €1,471 | €1,551 | €6,252 | €11,110 | ▲ 77.7% |
| Trade debts44 | - | - | €1,330 | - | - | - | €6,252 | €10,760 | ▲ 72.1% |
| Suppliers440/4 | - | - | - | - | - | - | €6,252 | €10,760 | ▲ 72.1% |
| Taxes, remuneration and social security45 | - | - | - | €94 | €1,471 | €1,551 | - | €350 | - |
| Taxes450/3 | - | - | - | €94 | €1,471 | €1,551 | - | €350 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €905 | €9,332 | -€2,877 | €3,294 | €872 | €5,884 | €11,543 | -€10,261 | - |
| + Depreciation and write-downs630 | €5,138 | €4,088 | €4,087 | €5,088 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Operating cash flow (approximation) | €6,043 | €13,419 | €1,210 | €8,382 | €1,872 | €6,884 | €12,543 | -€9,261 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,000 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €33,007 | €227 | -€2,974 | €9,124 | €6,964 | -€32,756 | -€4,403 | ▲ 86.6% |
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, 5,831 companies had the same profile as ARFA has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARFA itself: 0.9% 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 5,831 companies, not a prediction for ARFA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-10-2026 | 2026-00566631 | |
| 31-12-2024 | micro format | 11-09-2025 | 2025-00491888 | |
| 31-12-2023 | micro format | 16-09-2024 | 2024-00463437 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00409625 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20165679 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31500026 | |
| 31-12-2019 | full format | 11-08-2020 | 2020-40800301 | |
| 31-12-2018 | micro format | 05-08-2019 | 2019-43900119 | |
| 31-12-2017 | micro format | 10-08-2018 | 2018-45000559 | |
| 31-12-2016 | micro format | 02-07-2017 | 2017-26100373 |
Board & ownership
Directors
Owners and capital
Shareholders
- AK Ceylan 100 shares
- CEKIC Faruk 100 shares
- AK Ceylan 80 shares
- CEKIC Faruk 10 shares
- ALLAH Hichame 10 shares
- CEKIC Faruk to AK Ceylan 80 shares
- CEKIC Faruk 90 shares
- ALLAH Hichame 10 shares
- AK Ceylan to CEKIC Faruk 90 shares
Capital transactions
- 27-10-2025 Capital stated in the deed · 100 shares
- 13-02-2024 Converted to unavailable equity · €20,900
- 02-05-2022 Capital stated in 2 acts · 100 shares
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| AK Ceylan |
|
| CEKIC Faruk |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “13, sous réserve de ceux que la loi et les statuts réservent à l'assemblée générale”“14, l'assemblée générale décide si le mandat d'administrateur est ou non exercé gratuitement”
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Titulaires peuvent prendre connaissance du registre relatif à leurs titres, 9”“Chaque titulaire peut prendre connaissance du registre relatif à ses titres, 10”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “11, au cas où la société ne compterait plus qu'un actionnaire, celui-ci sera libre de céder tout ou partie de ses actions librement”
Articles of association, deed of 13-02-2024 (in French)
Network & group
Connections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
27-10
Gazette deed
Resignation: CEKIC Faruk (director)Appointment: AK Ceylan (director) · Shareholding · Capital5 points ▸
- General meeting, 10-10-2025
- Director resignation, CEKIC Faruk (director)
- Director appointment, AK Ceylan (director)
- AK Ceylan holds 100 shares
- Capital
01-08
Gazette deed
Resignation: AK Ceylan (director)Appointment: CEKIC Faruk (director) · Shareholding4 points ▸
- General meeting, 22-07-2025
- Director resignation, AK Ceylan (director)
- Director appointment, CEKIC Faruk (director)
- CEKIC Faruk holds 100 shares
13-02
Gazette deed
Resignation: CEKIC Faruk (director)Legal form clause · Capital conversion · Capital9 points ▸
- General meeting, “conformité des statuts au Code des sociétés et des associations, article 39 § 1 de la loi du 23-03-2019” (deed in French)
- Legal form clause, “société à responsabilité limitée (en abrégé SRL)” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- General meeting, “distribution”, EUR (deed in French)
- General meeting, “suppression de l'adjectif « social » ou « sociale » dans l'objet, adopter des statuts complètement nouveaux” (deed in French)
- Capital
- Director in office, AK Ceylan (director)
- Director resignation, CEKIC Faruk (director)
- Power of attorney, mentioned 2 times in the deed
02-05
Gazette deed
Transfer of 80 sharesAppointment: AK Ceylan (director) · Registered office clause · Shareholding9 points ▸
- General meeting, 22-04-2022
- Registered office clause, “RUE DE CHAMPS 5 -1040 BRUXELLES” (deed in French)
- Other provision, “approval as new associate”, 1 (deed in French)
- Share transfer, CEKIC Faruk → AK Ceylan
- Director appointment, AK Ceylan (director)
- AK Ceylan holds 80 shares
- CEKIC Faruk holds 10 shares
- ALLAH Hichame holds 10 shares
- Capital
23-02
Gazette deed
Transfer of 90 sharesResignation: AK Ceylan (director) · Admission: CEKIC Faruk (partner) · Appointment: CEKIC Faruk (director)9 points ▸
- General meeting, 31-12-2021
- Director resignation, AK Ceylan (director)
- Director discharge, AK Ceylan
- Member admission, CEKIC Faruk (partner)
- Share transfer, AK Ceylan → CEKIC Faruk
- Director appointment, CEKIC Faruk (director)
- CEKIC Faruk holds 90 shares
- ALLAH Hichame holds 10 shares
- Capital
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
23 activities
- Alimentation générale
- Exploitation d’une épicerie
- Exploitation de centrales téléphoniques
- Internet
- Transport de marchandises de plus de 500 kg national et international
- Courrier-expresse
- Acquisition, création, aménagement, agencement, installation, achat, vente, location, gestion, gérance, exploitation pour compte propre, pour compte d’autrui, par et avec l’autrui des établissements de type horeca (restaurant, taverne, brasserie, friture, snack, débits de boissons, snack-bar, locaux et salon de consommation, traiteurs)
- Fourniture de tout produit et services de quelque nature que ce soit en rapport direct ou indirect avec l’activité mentionnée
- Toutes activités de secteur horeca dans le sens le plus large
- Achat, vente, distribution, importation, exportation, fabrication, conception, transformation, location, courtage, en gros et en détail, vente sur les marchés et voies publiques ou privés de produits et articles de cadeaux, divers, produits du tabacs, industrie du bois, papier, imprimerie, céramique, industrie verrière et construction
- Tous produits d’alimentation générale, volaille, gibier abattu, produits de la boulangerie, pâtisserie, confiserie
- Véhicules à moteurs, pièces détachées et accessoires de véhicules à moteur
- Tous produits en textiles et en cuirs de vêtements neufs ou usagés pour dames, hommes et enfants
- Chaussures pour dames, hommes et enfants
- Tous produits de maroquinerie et de cuirs
- Produits et matériels de jouets
- Produits et matériels neufs ou occasions de construction, transformation et décoration intérieure d’immeubles
- Électrique, électronique, informatique, téléphonique, télématique, télécommunication, électroménager, électromécanique, sanitaire, chauffage centrale, faux plafonds, isolation, peinture industrielle, communication, antenne parabolique
- Mécanique, robotique, domotique, jouets, imprimeries, articles de cadeaux, porcelaine, verrerie, tapis plain, vinyle, papiers à tapisser, meubles
- Tous biens ou marchandises dont le marché n’est pas actuellement réglementé
- Actes, transactions ou opérations commerciales, industrielles, financières, mobilières, immobilières
- Prestations de services, de conseil, de formation, d’agent de mandataire, d’intermédiaire, de cautionnement, d’aval, de sous-traitance, de fusion, d’acquisition, d’apport en espèces ou en nature, de souscription, d’intervention financière dans les sociétés ou entreprises ayant un objet analogue, connexe, complémentaire ou similaire ou pas au sien
- Toutes opérations de nature quelconque à favoriser la réalisation de son objet
Invoicing and payment
Financial year and general meeting
Accounts at the NBBRecognitions · licences · registrations
Food safety, FASFC
1 siteSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21362B0059/00B002 | Brussels | 123 m² | 1 · 78 m² | 14.4 m · 4 |