Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
The 2023 accounts came latest: 68 days after the end of the period.
Lower solvency than 92% of companies in specialised construction. Sector median 46.7% · 35,074 companies.
The dashed line is the sector median: 0.7% across 47,695 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 43, micro). It does better than 7% of them on solvency, 7% on liquidity, 85% on profitability and 88% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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).
In July 2024, 2,180 companies had the same profile as ARM.CONSTRUCT has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARM.CONSTRUCT itself: 3.2% within 12 months.
The method was tested on the 497,447 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 2,180 companies, not a prediction for ARM.CONSTRUCT. 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.
Liquidity is insufficient, with a current ratio of 0.77 (0.5 in 2024), below 1. Short-term debt is 110.5% and cash 9.1% of total assets. Equity is negative.
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.
The company filed its last 5 accounts on average 54 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| ARM.CONSTRUCT Wemmel | €33,219 | €11,060 | -10.5% | - |
| I'M PRO GROUP Zaventem | €36,247 | €10,514 | 56.0% | - |
| MALOFA Sint-Gillis (bij-Brussel) | €37,240 | €11,087 | 61.1% | - |
| FYM CONCEPT Anderlecht | €35,596 | €12,340 | 40.0% | - |
| OBANIC Antwerp | €36,895 | €12,352 | 75.6% | - |
| KH montage Oudsbergen | €35,281 | €12,581 | 4.4% | - |
| H&M PLAFONNAGE Ecaussinnes | €32,301 | €9,388 | 15.1% | - |
These companies have the same main activity as ARM.CONSTRUCT: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €32,300 and €37,200, founded in 2021.
ARM.CONSTRUCT files the micro format. That format states no turnover. The gross margin fell from €11,720 in 2021 to €11,060 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €150,000. Estimated: probably between €79,000 and €290,000.
Higher than 8% of 35,074 companies in 2025.
Higher than 13% of 34,450 companies in 2025.
Higher than 83% of 34,650 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
33,219 | 20,159 | 25,496 | 40,634 | 96,729 | |
20 |
0 | 0 | 0 | 0 | - | |
21/28 |
4,968 | 4,057 | 4,249 | 6,141 | 3,911 | |
22/27 |
3,468 | 2,557 | 2,749 | 4,641 | 2,411 | |
23 |
2,619 | 2,480 | 2,362 | 3,945 | 2,411 | |
24 |
849 | 77 | 387 | 696 | - | |
28 |
1,500 | 1,500 | 1,500 | 1,500 | 1,500 | |
29/58 |
28,252 | 16,103 | 21,247 | 34,493 | 92,819 | |
40/41 |
25,233 | 7,166 | 20,324 | 32,576 | 87,905 | |
40 |
24,960 | - | 17,162 | 29,635 | 87,745 | |
41 |
273 | 7,166 | 3,163 | 2,940 | 160 | |
54/58 |
3,019 | 8,936 | 923 | 1,190 | 4,862 | |
490/1 |
- | - | - | 727 | 51 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
33,219 | 20,159 | 25,496 | 40,634 | 96,729 | |
10/15 |
-3,477 | -11,762 | -14,196 | 22,028 | 14,704 | |
10/11 |
7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |
14 |
-10,477 | -18,762 | -21,196 | 15,028 | 7,704 | |
17/49 |
36,696 | 31,921 | 39,693 | 18,606 | 82,025 | |
42/48 |
36,696 | 31,921 | 39,693 | 18,606 | 82,025 | |
44 |
448 | 12,188 | 20,531 | 4,116 | 66,004 | |
440/4 |
448 | 12,188 | 20,531 | 4,116 | 66,004 | |
45 |
607 | 3,078 | 7,499 | 1,895 | 983 | |
450/3 |
607 | 1,378 | 3,099 | 1,895 | 983 | |
454/9 |
- | 1,700 | 4,400 | - | - | |
47/48 |
35,642 | 16,655 | 11,663 | 12,595 | 15,038 | |
| Income statement | ||||||
9900 |
11,060 | 5,981 | -31,898 | 12,089 | 11,720 | |
630 |
1,851 | 2,079 | 2,212 | 1,543 | 1,645 | |
640/8 |
313 | 843 | 1,343 | 381 | 103 | |
9901 |
8,897 | 3,058 | -35,454 | 10,166 | 9,971 | |
75/76B |
19 | - | 43 | 1 | - | |
75 |
19 | - | 43 | 1 | - | |
65/66B |
631 | 624 | 813 | 947 | 520 | |
65 |
631 | 624 | 813 | 947 | 520 | |
9903 |
8,285 | 2,435 | -36,224 | 9,219 | 9,451 | |
67/77 |
- | - | - | 1,895 | 1,747 | |
9904 |
8,285 | 2,435 | -36,224 | 7,324 | 7,704 | |
9905 |
8,285 | 2,435 | -36,224 | 7,324 | 7,704 | |
| Appropriation of the result | ||||||
9906 |
-10,477 | -18,762 | -21,196 | 15,028 | 7,704 | |
14P |
-18,762 | -21,196 | 15,028 | 7,704 | - | |
| Document | ||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-09-2026.
2025 annual accounts filed 60 days after the deadline. Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00529398.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-09-2026 | 2026-00529398 | |
| 31-12-2024 | micro format | 25-09-2025 | 2025-00502503 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00496578 | |
| 31-12-2022 | micro format | 26-09-2023 | 2023-00454071 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371823 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 10,748 | 5,138 | -33,241 | 11,708 | 11,617 | ||
| 10,135 | 4,514 | -34,012 | 8,866 | 9,350 | ||
| 2,762 | 1,887 | 320 | 3,773 | 5,556 | ||
| -5,917 | 8,013 | -267 | -3,672 | - | ||
| -8,445 | -15,818 | -18,445 | 15,886 | 10,793 | ||
| -10.5% | -58.3% | -55.7% | 54.2% | 15.2% | ||
| 0.77 | 0.50 | 0.54 | 1.85 | 1.13 | ||
| - | - | - | 0.84 | 5.58 | ||
| - | - | - | 33.2% | 52.4% | ||
| 24.9% | 12.1% | -142.1% | 18.0% | 8.0% | ||
| 17.02 | 8.24 | -40.88 | 12.36 | 22.33 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,762 | €1,887 | €320 | €3,773 | €4,056 |
| Financial fixed assets | - | - | - | - | €1,500 |
| €1,851 | €2,079 | €2,212 | €1,543 | €1,645 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 191% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€36,696) exceeds the balance-sheet total (€33,219).
ARM.CONSTRUCT has no parent and no holdings in its annual accounts. AVETISYAN Armen Agvan is the only director. ARM.CONSTRUCT shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
ARM.CONSTRUCT was incorporated on 7 April 2021 as a private limited company by three natural persons, with a starting capital of €7,000.12 Since 2021, AVETISYAN Armen Agvan has served as director.3 Total assets fell from €96,729 in 2021 to €33,219 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Steenweg op Brussel 320 registered office 1780 Wemmel | 06-05-2021 | 2.316.683.563 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 22662B0414/00P000 | 308 m² | 1 · 90 m² | 10.5 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0766.445.203
If something looks wrong or is missing, please tell us.