Army Recognition Group
ActiveArmy Recognition Group has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €48k and a net result of €3k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 24% of 878 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability52▲+22
Solvency34▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity short (current ratio 0.9 against 0.93 in 2023; short-term debt: 47% and cash: 1.2% of total assets), and 90.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 58
Relative position
BE, all sectors
reference
Sector 58
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
9.4%
Return on assets
0.5%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 878 sector peers (2024).
NBB · sector comparisonPosition among 878 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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
not confirmed
2024
61 d late
2023
79 d late
2022
29 d late
2021
31 d late
2020
31 d late
2019
94 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Equity
€48k▼ 17.7%
2023 · €59k
2018: €75k
2019: €43k
2020: €-43k
2021: €-67k
2022: €18k
2023: €59k
2018 → 2024
Total assets
€517k▼ 3.1%
2023 · €533k
2018: €352k
2019: €624k
2020: €634k
2021: €571k
2022: €640k
2023: €533k
2018 → 2024
Net result
€3k
2023 · €-14k
2018: €45k
2019: €-32k
2020: €-86k
2021: €-24k
2022: €85k
2023: €-14k
2018 → 2024
Working capital
€-25k▼ 51.5%
2023 · €-16k
2018: €-52k
2019: €-79k
2020: €-135k
2021: €-121k
2022: €-30k
2023: €-16k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€-43k-€-67k▼ 56.1%€18k€59k▲ 228%€48k▼ 17.7%
Operating result€-77k-€-14k▲ 82.2%€98k€-16k€-2k▲ 89.9%
Net result€-86k-€-24k▲ 71.9%€85k€-14k€3k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2k in 2024 against €16k in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €517k
Fixed assets
€298k▼ 6.8%
Current assets
€218k▲ 2.4%
Equity and liabilities €517k
Equity
€48k▼ 17.7%
Debt
€468k▼ 1.3%
The debt ratio rises from 89.0% to 90.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€34k▲
2023 · €18k
Cash flow
€38k▲
2023 · €21k
Solvency
9.4%▼
2023 · 11.0%
Current ratio
0.90▼
2023 · 0.93
Quick ratio
0.63▼
2023 · 0.65
Debt / equity
9.68▲
2023 · 8.07
ROE
5.3%▲
2023 · -23.3%
ROA
0.5%▲
2023 · -2.6%
Interest coverage
3.92▲
2023 · 1.77
Debt
€468k▼
2023 · €475k
Debt ≤ 1 year
€243k▲
2023 · €230k
Debt > 1 year
€225k▼
2023 · €245k
Income taxes
€174▲
2023 · €164
Staff costs
€357k▲
2023 · €209k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€533k€517k▼
Fixed assets21/28€320k€298k▼
Intangible fixed assets21€46k€33k▼
Tangible fixed assets22/27€273k€264k▼
Land and buildings22€198k€187k▼
Plant, machinery and equipment23€64k€60k▼
Furniture and vehicles24€7k€18k▲
Assets under construction and advance payments27€4k-
Financial fixed assets28€1k€1k=
Current assets29/58€213k€218k▲
Stocks and contracts in progress3€65k€65k=
Contracts in progress37€65k€65k=
Amounts receivable within one year40/41€136k€147k▲
Trade receivables40€106k€92k▼
Other amounts receivable41€30k€56k▲
Cash at bank and in hand54/58€10k€6k▼
Deferred charges and accrued income490/1€3k-
Equity and liabilities
Total equity and liabilities10/49€533k€517k▼
Equity10/15€59k€48k▼
Contributions10/11€30k€30k=
Reserves13€33k€33k=
Non-distributable reserves130/1€33k€33k=
Reserves not available under the articles1311€33k€33k=
Profit (loss) carried forward14€-59k€-56k▲
Investment grants15€55k€42k▼
Amounts payable17/49€475k€468k▼
Amounts payable after more than one year17€245k€225k▼
Financial debts170/4€245k€225k▼
Amounts payable within one year42/48€230k€243k▲
Current portion of amounts payable after more than one year42€21k€20k▼
Financial debts43-€25k
Credit institutions430/8-€25k
Trade debts44€70k€69k▼
Suppliers440/4€70k€69k▼
Taxes, remuneration and social security45€55k€82k▲
Taxes450/3€3k€18k▲
Remuneration and social security454/9€52k€63k▲
Other amounts payable47/48€84k€47k▼
Accrued charges and deferred income492/3-€214
Income statement
Code20232024
Remuneration, social security and pensions62€209k€357k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€35k€35k▲
Other operating charges640/8€7k€4k▼
Gross operating margin9900€233k€395k▲
Operating profit (loss)9901€-16k€-2k▲
Financial income75/76B€13k€13k▼
Recurring financial income75€13k€13k▼
Financial charges65/66B€10k€9k▼
Recurring financial charges65€10k€9k▼
Profit (loss) for the period before taxes9903€-14k€3k▲
Income taxes67/77€164€174▲
Profit (loss) for the period9904€-14k€3k▲
Profit (loss) for the period to be appropriated9905€-14k€3k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-59k€-56k▲
Profit (loss) brought forward from the previous period14P€-45k€-59k▼
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
18-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 79 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Back to profitnet €85k
Net result €85k after 3 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-86k
Net result drops to €-86k, the lowest in the series; recovery starts the following year.
02-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 94 days late
2019
13-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 105 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Andenne · 1 establishment unit since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Promenade des Ours 115300 AndenneGround area
901 m²
Building footprint
101 m²
Parcel 92003H0496/00G002, Wallonia. Linked by address, not a title deed.
1 establishment unit
Army Recognition Group
since 20172.271.645.374
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92003H0496/00G002 | Wallonia | 901 m² | 1 · 101 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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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BE 0804.879.571
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CONTACT MAGAZINE
BE 0426.664.693
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10X
BE 0756.507.354
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Middernacht & Alexander
BE 0756.552.686
Aalst · Eq €47k
Of 500 companies in sector 58130 we hold annual accounts for 248. 168 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded27-12-2017
Fiscal year end31-12
Activities, NACEBEL
58130Publishing activities
58140Publishing activities
73200Market research and public opinion polling
46491Wholesale trade
47120Other non-specialised retail sale
47620Retail trade
47621Retail sale of newspapers and periodicals
47910Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:aservaes@recognition.com
Phone:081567367
Fax:081567367