Armacon
ActiveSummary
The computed 12-month bankruptcy probability of Armacon is 2.2% (moderate). The 2025 annual accounts show equity of €34,575 and a net result of €131,448. Equity is growing by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 15% of 7940 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency39▼-6
Growth78=
Track record92
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity tight (current ratio 1.08 against 1.12 in 2024; short-term debt: 86.3% and cash: 3.6% of total assets), and 86.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
13.7%
Return on assets
52%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 7940 sector peers (2025).
NBB · sector comparisonPosition among 7940 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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 · 7 filingsDeviation from the deadline
2025
28 d late
2024
45 d early
2023
29 d late
2022
30 d late
2021
89 d late
2020
138 d late
2019
122 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 56 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
Checked, nothing found (1)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 30 August (4 of the last 5 filed years within 59 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, abbreviated schema
Equity
€34,575▼ 9.3%
2024 · €38,127
Total assets
€252,731▲ 34.2%
2024 · €188,378
Net result
€131,448▲ 39.3%
2024 · €94,370
Working capital
€17,678▼ 2.0%
2024 · €18,041
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,508▼ 47.5%€66,892▲ 331%€81,420▲ 21.7%€94,470▲ 16.0%€127,522▲ 35.0%
Net result€11,221within the sector's middle half▼ 49.3%€70,257above the sector's middle half▲ 526%€83,383above the sector's middle half▲ 18.7%€94,370within the sector's middle half▲ 13.2%€131,448above the sector's middle half▲ 39.3%
Equity€38,117within the sector's middle half▲ 41.7%€38,374within the sector's middle half▲ 0.7%€38,757within the sector's middle half▲ 1.0%€38,127below the sector's middle half▼ 1.6%€34,575below the sector's middle half▼ 9.3%
Total assets€65,716below the sector's middle half▲ 1.0%€120,440within the sector's middle half▲ 83.3%€61,357below the sector's middle half▼ 49.1%€188,378below the sector's middle half▲ 207%€252,731within the sector's middle half▲ 34.2%
Debt€27,599▼ 27.7%€82,066▲ 197%€22,600▼ 72.5%€150,251▲ 565%€218,156▲ 45.2%
Working capital€32,428within the sector's middle half▲ 26.5%€103,832above the sector's middle half▲ 220%€38,295within the sector's middle half▼ 63.1%€18,041below the sector's middle half▼ 52.9%€17,678within the sector's middle half▼ 2.0%
Solvency58.0%within the sector's middle half▲ 16.7pp31.9%within the sector's middle half▼ 26.1pp63.2%within the sector's middle half▲ 31.3pp20.2%below the sector's middle half▼ 42.9pp13.7%below the sector's middle half▼ 6.6pp
Current ratio2.19within the sector's middle half▲ 0.519.61above the sector's middle half▲ 7.423.11within the sector's middle half▼ 6.501.12below the sector's middle half▼ 1.991.08below the sector's middle half▼ 0.04
Return on assets (ROA)17.1%above the sector's middle half▼ 16.9pp58.3%above the sector's middle half▲ 41.3pp135.9%above the sector's middle half▲ 77.6pp50.1%above the sector's middle half▼ 85.8pp52.0%above the sector's middle half▲ 1.9pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 35% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €252,731
Fixed assets
€16,896 ▼ 15.9%
Current assets
€235,835 ▲ 40.1%
Equity and liabilities €252,731
Equity
€34,575 ▼ 9.3%
Debt
€218,156 ▲ 45.2%
Debt's share of the balance-sheet total rises from 79.8% to 86.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€132,645▲
2024 · €96,558
Cash flow
€136,571▲
2024 · €96,458
Debt to equity
6.31▲
2024 · 3.94
ROE
380.2%▲
2024 · 247.5%
Interest coverage
87.02▲
2024 · 85.56
Debt ≤ 1 year
€218,156▲
2024 · €150,251
Income taxes
€197▼
2024 · €1,204
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,713 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.8%
went bankrupt
2.2%
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 2.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,713 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,078 | €1,495 | €1,349 | €2,088 | €5,123 | ▲ 145% |
| Other operating charges640/8 | €1,341 | €1,157 | €1,444 | €2,958 | €349 | ▼ 88.2% |
| Gross operating margin9900 | €17,927 | €69,545 | €84,213 | €99,515 | €132,994 | ▲ 33.6% |
| Operating profit (loss)9901 | €15,508 | €66,892 | €81,420 | €94,470 | €127,522 | ▲ 35.0% |
| Financial income75/76B | €3 | €4,745 | €4,624 | €2,232 | €5,647 | ▲ 153% |
| Recurring financial income75 | €3 | €4,745 | €4,624 | €2,232 | €5,647 | ▲ 153% |
| Financial charges65/66B | €61 | €387 | €1,602 | €1,129 | €1,524 | ▲ 35.1% |
| Recurring financial charges65 | €61 | €387 | €1,602 | €1,129 | €1,524 | ▲ 35.1% |
| Profit (loss) for the period before taxes9903 | €15,450 | €71,250 | €84,442 | €95,573 | €131,645 | ▲ 37.7% |
| Income taxes67/77 | €4,229 | €993 | €1,059 | €1,204 | €197 | ▼ 83.6% |
| Profit (loss) for the period9904 | €11,221 | €70,257 | €83,383 | €94,370 | €131,448 | ▲ 39.3% |
| Profit (loss) for the period to be appropriated9905 | €11,221 | €70,257 | €83,383 | €94,370 | €131,448 | ▲ 39.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65,716 | €120,440 | €61,357 | €188,378 | €252,731 | ▲ 34.2% |
| Fixed assets21/28 | €6,037 | €4,542 | €4,892 | €20,086 | €16,896 | ▼ 15.9% |
| Tangible fixed assets22/27 | €6,037 | €4,542 | €4,892 | €19,036 | €15,846 | ▼ 16.8% |
| Plant, machinery and equipment23 | €336 | €134 | €82 | €3,890 | €4,763 | ▲ 22.4% |
| Furniture and vehicles24 | €5,701 | €4,408 | €4,810 | €15,145 | €11,083 | ▼ 26.8% |
| Financial fixed assets28 | - | - | - | €1,050 | €1,050 | = |
| Current assets29/58 | €59,679 | €115,898 | €56,465 | €168,292 | €235,835 | ▲ 40.1% |
| Amounts receivable within one year40/41 | €53,789 | €112,451 | €42,963 | €149,525 | €226,649 | ▲ 51.6% |
| Trade receivables40 | €7,952 | €17,872 | - | €6,312 | €66,150 | ▲ 948% |
| Other amounts receivable41 | €45,837 | €94,579 | €42,963 | €143,213 | €160,499 | ▲ 12.1% |
| Cash at bank and in hand54/58 | €4,985 | €3,447 | €13,502 | €17,647 | €9,186 | ▼ 47.9% |
| Deferred charges and accrued income490/1 | €905 | - | - | €1,120 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65,716 | €120,440 | €61,357 | €188,378 | €252,731 | ▲ 34.2% |
| Equity10/15 | €38,117 | €38,374 | €38,757 | €38,127 | €34,575 | ▼ 9.3% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | €36,617 | €36,874 | €37,257 | €36,627 | €33,075 | ▼ 9.7% |
| Distributable reserves133 | €36,617 | €36,874 | €37,257 | €36,627 | €33,075 | ▼ 9.7% |
| Amounts payable17/49 | €27,599 | €82,066 | €22,600 | €150,251 | €218,156 | ▲ 45.2% |
| Amounts payable after more than one year17 | - | €70,000 | €4,430 | - | - | - |
| Other amounts payable178/9 | - | €70,000 | €4,430 | - | - | - |
| Amounts payable within one year42/48 | €27,252 | €12,066 | €18,170 | €150,251 | €218,156 | ▲ 45.2% |
| Trade debts44 | €14,554 | €3,578 | €14,814 | €58,208 | €43,378 | ▼ 25.5% |
| Suppliers440/4 | €14,554 | €3,578 | €14,814 | €58,208 | €43,378 | ▼ 25.5% |
| Taxes, remuneration and social security45 | €12,698 | €8,488 | €3,356 | €4,538 | €3,879 | ▼ 14.5% |
| Taxes450/3 | €12,698 | €8,488 | €3,356 | €4,538 | €3,879 | ▼ 14.5% |
| Other amounts payable47/48 | - | - | - | €87,505 | €170,900 | ▲ 95.3% |
| Accrued charges and deferred income492/3 | €348 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,221 | €70,257 | €83,383 | €94,370 | €131,448 | ▲ 39.3% |
| + Depreciation and write-downs630 | €1,078 | €1,495 | €1,349 | €2,088 | €5,123 | ▲ 145% |
| Operating cash flow (approximation) | €12,299 | €71,752 | €84,732 | €96,458 | €136,571 | ▲ 41.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1,700 | -€17,281 | -€1,934 | ▲ 88.8% |
| Change in cash | - | -€1,538 | €10,055 | €4,144 | -€8,461 | ▼ 304% |
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
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
31-12
Financial
Highest result since 2019net €131,448 ▲39.3%
Operating result €127,522, net result €131,448, both a record.
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
23-02
KBO administration
Address struck
event 13-12-2023
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Liquidity quadruplescurrent ratio 9.61
Current ratio from 2.19 to 9.61; short-term debt falls from €27,252 to €12,066.
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 89 days late
2021
16-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 138 days late
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Maldegem · 1 establishment unit since 2018
Ground area
7,759 m²
Building footprint
3,227 m²
Volume, LiDAR
22,912 m³
Parcel 43010C0273/00D000, Flanders · tallest building 9.1 m, ±3 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Armacon
since 20182.282.572.128
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43010C0273/00D000 | Flanders | 7,759 m² | 1 · 3,227 m² | 9.1 m · 3 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.
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Of 11,142 companies in sector 43910 we hold annual accounts for 5,493. 4,478 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 (pre-2019)
Founded30-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
43221Plumbing work
43990Other specialised construction activities
81210General cleaning of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0714981159
Also
9925:BE0714981159
Registered
23-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.