ArMau
ActiveSummary
ArMau is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €530k and a net result of €-91k. Equity is shrinking by ~38% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 14% of 8048 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 8048 sector peers (2025).
NBB · sector comparisonPosition among 8048 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
on the day
2022
27 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€530k▼ 14.7%
2024 · €621k
2023: €1.00Mhighest in 3 years
2024: €621k▼ -38.0% vs 2023
2025: €530k▼ -14.7% vs 2024lowest in 3 years
2023 → 2025
Net result
€-91k
2024 · €779k
2023: €-254klowest in 3 years
2024: €779k▲ +407% vs 2023highest in 3 years
2025: €-91k▼ -112% vs 2024
2023 → 2025
Total assets
€6.87M▼ 6.5%
2024 · €7.34M
2023: €6.28Mlowest in 3 years
2024: €7.34M▲ +17.0% vs 2023highest in 3 years
2025: €6.87M▼ -6.5% vs 2024
2023 → 2025
Solvency
7.7%▼ 0.7pp
2024 · 8.5%
2023: 16.0%highest in 3 years
2024: 8.5%▼ -47.1% vs 2023
2025: 7.7%▼ -8.8% vs 2024lowest in 3 years
2023 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€1.00M-€621k▼ 38.0%€530k▼ 14.7%
2023: €1.00Mhighest in 3 years
2024: €621k▼ -38.0% vs 2023
2025: €530k▼ -14.7% vs 2024lowest in 3 years
Operating result€-164k-€970k€-91k
2023: €-164klowest in 3 years
2024: €970k▲ +692% vs 2023highest in 3 years
2025: €-91k▼ -109% vs 2024
Net result€-254k-€779k€-91k
2023: €-254klowest in 3 years
2024: €779k▲ +407% vs 2023highest in 3 years
2025: €-91k▼ -112% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €91k after €970k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.87M
Fixed assets
€6.66M ▼ 5.9%
Current assets
€209k ▼ 20.8%
Equity and liabilities €6.87M
Equity
€530k ▼ 14.7%
Provisions
€30k ▼ 3.3%
Debt
€6.31M ▼ 5.7%
Debt's share of the balance-sheet total rises from 91.1% to 91.9%. Equity and debt are lower.
Key figures and ratios
ROE
-17.2%▼
2024 · 125.5%
ROA
-1.3%▼
2024 · 10.6%
Debt ≤ 1 year
€1.65M▲
2024 · €1.64M
Debt > 1 year
€4.66M▼
2024 · €5.05M
Income taxes
€19
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€7.34M€6.87M▼
Fixed assets21/28€7.08M€6.66M▼
Tangible fixed assets22/27€6.90M€6.48M▼
Land and buildings22€234k€199k▼
Leasing and similar rights25€6.59M€6.13M▼
Other tangible fixed assets26€74k€154k▲
Financial fixed assets28€180k€180k=
Current assets29/58€263k€209k▼
Amounts receivable within one year40/41€213k€146k▼
Trade receivables40€108k€34k▼
Other amounts receivable41€105k€112k▲
Cash at bank and in hand54/58€50k€50k=
Deferred charges and accrued income490/1-€12k
Equity and liabilities
Total equity and liabilities10/49€7.34M€6.87M▼
Equity10/15€621k€530k▼
Contributions10/11€55k€55k=
Reserves13€57k€52k▼
Non-distributable reserves130/1€24k€24k=
Reserves not available under the articles1311€24k€24k=
Tax-exempt reserves132€33k€28k▼
Distributable reserves133€729€729=
Profit (loss) carried forward14€509k€423k▼
Provisions and deferred taxes16€31k€30k▼
Deferred taxes168€31k€30k▼
Amounts payable17/49€6.69M€6.31M▼
Amounts payable after more than one year17€5.05M€4.66M▼
Financial debts170/4€5.05M€4.66M▼
Amounts payable within one year42/48€1.64M€1.65M▲
Current portion of amounts payable after more than one year42€395k€394k▼
Trade debts44€733k€30k▼
Suppliers440/4€733k€30k▼
Taxes, remuneration and social security45€22k€3k▼
Taxes450/3€22k€3k▼
Other amounts payable47/48€492k€1.23M▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€388k€473k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€16k-
Other operating charges640/8€379k€38k▼
Non-recurring operating charges66A€8k-
Gross operating margin9900€1.76M€421k▼
Operating profit (loss)9901€970k€-91k▼
Financial income75/76B€88€248▲
Recurring financial income75€88€248▲
Financial charges65/66B€192k€1k▼
Recurring financial charges65€192k€1k▼
Profit (loss) for the period before taxes9903€778k€-92k▼
Transfer from deferred taxes780€1k€1k=
Income taxes67/77-€19
Profit (loss) for the period9904€779k€-91k▼
Transfer from tax-exempt reserves789€5k€5k=
Profit (loss) for the period to be appropriated9905€784k€-86k▼
Appropriation of the result
Profit (loss) to be appropriated9906€509k€423k▼
Profit (loss) brought forward from the previous period14P€-275k€509k▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €125 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €132k | €388k | €473k | ▲ 22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €16k | - | - |
| Other operating charges640/8 | €29k | €379k | €38k | ▼ 89.8% |
| Non-recurring operating charges66A | €87k | €8k | - | - |
| Gross operating margin9900 | €84k | €1.76M | €421k | ▼ 76.1% |
| Operating profit (loss)9901 | €-164k | €970k | €-91k | ▼ 109% |
| Financial income75/76B | €52 | €88 | €248 | ▲ 183% |
| Recurring financial income75 | €52 | €88 | €248 | ▲ 183% |
| Financial charges65/66B | €91k | €192k | €1k | ▼ 99.2% |
| Recurring financial charges65 | €91k | €192k | €1k | ▼ 99.2% |
| Profit (loss) for the period before taxes9903 | €-255k | €778k | €-92k | ▼ 112% |
| Transfer from deferred taxes780 | €1k | €1k | €1k | = |
| Income taxes67/77 | - | - | €19 | - |
| Profit (loss) for the period9904 | €-254k | €779k | €-91k | ▼ 112% |
| Transfer from tax-exempt reserves789 | €5k | €5k | €5k | = |
| Profit (loss) for the period to be appropriated9905 | €-249k | €784k | €-86k | ▼ 111% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €6.28M | €7.34M | €6.87M | ▼ 6.5% |
| Fixed assets21/28 | €5.97M | €7.08M | €6.66M | ▼ 5.9% |
| Tangible fixed assets22/27 | €5.79M | €6.90M | €6.48M | ▼ 6.1% |
| Land and buildings22 | €5.75M | €234k | €199k | ▼ 14.8% |
| Plant, machinery and equipment23 | €33k | - | - | - |
| Leasing and similar rights25 | - | €6.59M | €6.13M | ▼ 7.1% |
| Other tangible fixed assets26 | - | €74k | €154k | ▲ 108% |
| Financial fixed assets28 | €180k | €180k | €180k | = |
| Current assets29/58 | €308k | €263k | €209k | ▼ 20.8% |
| Amounts receivable within one year40/41 | €136k | €213k | €146k | ▼ 31.4% |
| Trade receivables40 | €113k | €108k | €34k | ▼ 68.4% |
| Other amounts receivable41 | €23k | €105k | €112k | ▲ 7.0% |
| Cash at bank and in hand54/58 | €172k | €50k | €50k | = |
| Deferred charges and accrued income490/1 | - | - | €12k | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €6.28M | €7.34M | €6.87M | ▼ 6.5% |
| Equity10/15 | €1.00M | €621k | €530k | ▼ 14.7% |
| Contributions10/11 | €55k | €55k | €55k | = |
| Revaluation surpluses12 | €1.12M | - | - | - |
| Reserves13 | €101k | €57k | €52k | ▼ 8.7% |
| Non-distributable reserves130/1 | €24k | €24k | €24k | = |
| Reserves not available under the articles1311 | €24k | €24k | €24k | = |
| Tax-exempt reserves132 | €38k | €33k | €28k | ▼ 15.1% |
| Distributable reserves133 | €39k | €729 | €729 | = |
| Profit (loss) carried forward14 | €-275k | €509k | €423k | ▼ 16.9% |
| Provisions and deferred taxes16 | €32k | €31k | €30k | ▼ 3.3% |
| Deferred taxes168 | €32k | €31k | €30k | ▼ 3.3% |
| Amounts payable17/49 | €5.24M | €6.69M | €6.31M | ▼ 5.7% |
| Amounts payable after more than one year17 | €4.91M | €5.05M | €4.66M | ▼ 7.8% |
| Financial debts170/4 | €4.91M | €5.05M | €4.66M | ▼ 7.8% |
| Amounts payable within one year42/48 | €329k | €1.64M | €1.65M | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | €12k | €395k | €394k | ▼ 0.3% |
| Trade debts44 | €9k | €733k | €30k | ▼ 96.0% |
| Suppliers440/4 | €9k | €733k | €30k | ▼ 96.0% |
| Taxes, remuneration and social security45 | €127k | €22k | €3k | ▼ 87.0% |
| Taxes450/3 | €127k | €22k | €3k | ▼ 87.0% |
| Other amounts payable47/48 | €182k | €492k | €1.23M | ▲ 150% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €-254k | €779k | €-91k | ▼ 112% |
| + Depreciation and write-downs630 | €132k | €388k | €473k | ▲ 22.1% |
| Operating cash flow (approximation) | €-122k | €1.17M | €383k | ▼ 67.2% |
| Investment in fixed assets (approximation) | - | €-1.50M | €-54k | ▲ 96.4% |
| Change in cash | - | €-121k | €-18 | ▲ 100.0% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Back to profitnet €779k
Net result €779k after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Ninove · 1 establishment unit since 2020
Ground area
8,785 m²
Building footprint
3,201 m²
Volume, LiDAR
17,225 m³
Parcel 41362B1913/00A000, Flanders · tallest building 9.8 m, ±2 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
1 establishment unit
ArMau
since 20202.329.270.797
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41362B1913/00A000 | Flanders | 8,785 m² | 1 · 3,201 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.
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Of 24,727 companies in sector 64210 we hold annual accounts for 19,768. 13,592 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
Founded17-12-2020
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.