ARO
ActiveSummary
ARO has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €700,362 and a net result of -€54,746. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 36% of 276 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▲+7
Solvency52▲+6
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.4 against 1.19 in 2024; short-term debt: 42.8% and cash: 9.9% of total assets), and 72.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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 16
Relative position
BE, all sectors
reference
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
about 8% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€54,746
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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 · 10 filingsDeviation from the deadline
2025
27 d late
2024
21 d late
2023
22 d late
2022
29 d late
2021
3 d early
2020
2 d early
2019
25 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 17 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#3 employer in the province of Antwerp, Wood and cork sector
Equity
€700,362▼ 8.1%
2024 · €762,100
Total assets
€2.6m▼ 30.1%
2024 · €3.7m
Net result
-€54,746▲ 37.6%
2024 · -€87,723
Working capital
€440,140▲ 26.3%
2024 · €348,612
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€203,227▲ 41.5%€135,499▼ 33.3%€13,725▼ 89.9%€18,030▲ 31.4%€32,912▲ 82.5%
Net result€20,883▼ 41.7%€3,237▼ 84.5%-€81,392-€87,723▼ 7.8%-€54,746▲ 37.6%
Equity€806,791▲ 2.7%€945,199▲ 17.2%€856,815▼ 9.4%€762,100▼ 11.1%€700,362▼ 8.1%
Total assets€4.2m▲ 6.9%€4.9m▲ 16.9%€4.2m▼ 13.7%€3.7m▼ 12.8%€2.6m▼ 30.1%
Debt€3.2m▲ 8.5%€3.7m▲ 16.4%€3.2m▼ 14.4%€2.8m▼ 13.4%€1.8m▼ 36.7%
Working capital€859,907▲ 26.9%€935,308▲ 8.8%€785,437▼ 16.0%€348,612▼ 55.6%€440,140▲ 26.3%
Staff (FTE)52▲ 14.0%54.3▲ 4.4%47.2▼ 13.1%40.4▼ 14.4%33.9▼ 16.1%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 83% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€948,370 ▼ 36.5%
Current assets
€1.5m ▼ 28.9%
Equity and liabilities €2.6m
Equity
€700,362 ▼ 8.1%
Provisions
€130,459 ▼ 18.7%
Debt
€1.8m ▼ 36.7%
Debt's share of the balance-sheet total falls from 75.0% to 67.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€445,766▼
2024 · €489,950
Cash flow
€358,107▼
2024 · €384,197
Current ratio
1.40▲
2024 · 1.19
Quick ratio
0.62▲
2024 · 0.55
Debt to equity
2.50▼
2024 · 3.64
ROE
-7.8%▲
2024 · -11.5%
ROA
-2.1%▲
2024 · -2.4%
Interest coverage
4.65▲
2024 · 3.81
Debt ≤ 1 year
€1.1m▼
2024 · €1.8m
Debt > 1 year
€646,443▼
2024 · €931,835
Income taxes
€32,447▲
2024 · €3,012
Staff costs
€2.1m▼
2024 · €2.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 2,501 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,500 | - | €3,625 | €5,561 | €44 | ▼ 99.2% |
| Remuneration, social security and pensions62 | €2.9m | €3.0m | €2.6m | €2.5m | €2.1m | ▼ 15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €345,616 | €411,988 | €463,122 | €471,920 | €412,854 | ▼ 12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €5,995 | €9,612 | - | €1,992 | -€14,574 | ▼ 832% |
| Other operating charges640/8 | €32,178 | €33,760 | €37,628 | €21,744 | €18,984 | ▼ 12.7% |
| Non-recurring operating charges66A | - | - | - | - | €14,194 | - |
| Gross operating margin9900 | €3.5m | €3.6m | €3.1m | €3.0m | €2.5m | ▼ 14.5% |
| Operating profit (loss)9901 | €203,227 | €135,499 | €13,725 | €18,030 | €32,912 | ▲ 82.5% |
| Financial income75/76B | €9,876 | €12,446 | €18,289 | €8,652 | €10,536 | ▲ 21.8% |
| Recurring financial income75 | €9,876 | €12,446 | €18,289 | €8,652 | €10,536 | ▲ 21.8% |
| Financial charges65/66B | €188,695 | €142,514 | €158,105 | €128,610 | €95,844 | ▼ 25.5% |
| Recurring financial charges65 | €188,695 | €142,514 | €158,105 | €128,610 | €95,844 | ▼ 25.5% |
| Profit (loss) for the period before taxes9903 | €24,408 | €5,431 | -€126,091 | -€101,928 | -€52,396 | ▲ 48.6% |
| Transfer from deferred taxes780 | - | €1,556 | €47,462 | €17,217 | €30,096 | ▲ 74.8% |
| Income taxes67/77 | €3,525 | €3,750 | €2,764 | €3,012 | €32,447 | ▲ 977% |
| Profit (loss) for the period9904 | €20,883 | €3,237 | -€81,392 | -€87,723 | -€54,746 | ▲ 37.6% |
| Transfer from tax-exempt reserves789 | - | - | €135,395 | €44,659 | €83,297 | ▲ 86.5% |
| Profit (loss) for the period to be appropriated9905 | €20,883 | €3,237 | €54,003 | -€43,063 | €28,551 | ▲ 166% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.2m | €4.9m | €4.2m | €3.7m | €2.6m | ▼ 30.1% |
| Formation expenses20 | €203,324 | €140,767 | €82,061 | €25,376 | €89,667 | ▲ 253% |
| Fixed assets21/28 | €1.2m | €1.8m | €1.8m | €1.5m | €948,370 | ▼ 36.5% |
| Intangible fixed assets21 | €106,445 | €59,706 | €95,375 | €68,158 | €46,942 | ▼ 31.1% |
| Tangible fixed assets22/27 | €887,466 | €1.6m | €1.5m | €1.3m | €885,673 | ▼ 29.7% |
| Land and buildings22 | €51,079 | €454,254 | €435,857 | €412,093 | €388,329 | ▼ 5.8% |
| Plant, machinery and equipment23 | €238,056 | €386,000 | €307,292 | €295,582 | €185,672 | ▼ 37.2% |
| Furniture and vehicles24 | €99,603 | €195,402 | €298,353 | €230,891 | €128,513 | ▼ 44.3% |
| Leasing and similar rights25 | €422,319 | €312,715 | €206,724 | €121,042 | €59,412 | ▼ 50.9% |
| Other tangible fixed assets26 | €76,409 | €222,623 | €276,760 | €200,078 | €123,747 | ▼ 38.2% |
| Financial fixed assets28 | €168,000 | €168,000 | €168,000 | €166,000 | €15,755 | ▼ 90.5% |
| Current assets29/58 | €2.8m | €3.0m | €2.4m | €2.2m | €1.5m | ▼ 28.9% |
| Amounts receivable after more than one year29 | €50,000 | €50,000 | €62,719 | €62,719 | €62,719 | = |
| Other amounts receivable291 | €50,000 | €50,000 | €62,719 | €62,719 | €62,719 | = |
| Stocks and contracts in progress3 | €2.2m | €2.3m | €1.7m | €1.2m | €865,268 | ▼ 26.1% |
| Stocks30/36 | €2.2m | €2.3m | €1.7m | €1.2m | €865,268 | ▼ 26.1% |
| Amounts receivable within one year40/41 | €359,645 | €414,303 | €475,942 | €349,238 | €324,436 | ▼ 7.1% |
| Trade receivables40 | €359,645 | €339,723 | €444,165 | €349,238 | €324,436 | ▼ 7.1% |
| Other amounts receivable41 | - | €74,580 | €31,777 | - | - | - |
| Cash at bank and in hand54/58 | €182,110 | €149,507 | €61,624 | €558,220 | €256,436 | ▼ 54.1% |
| Deferred charges and accrued income490/1 | €55,907 | €37,083 | €25,505 | €34,204 | €37,657 | ▲ 10.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.2m | €4.9m | €4.2m | €3.7m | €2.6m | ▼ 30.1% |
| Equity10/15 | €806,791 | €945,199 | €856,815 | €762,100 | €700,362 | ▼ 8.1% |
| Contributions10/11 | €54,600 | €54,600 | €54,600 | €54,600 | €54,600 | = |
| Reserves13 | €556,858 | €556,858 | €421,463 | €376,803 | €293,506 | ▼ 22.1% |
| Non-distributable reserves130/1 | €5,460 | €5,460 | €5,460 | €5,460 | €5,460 | = |
| Reserves not available under the articles1311 | €5,460 | €5,460 | €5,460 | €5,460 | €5,460 | = |
| Tax-exempt reserves132 | €540,533 | €540,533 | €405,138 | €360,478 | €277,181 | ▼ 23.1% |
| Distributable reserves133 | €10,865 | €10,865 | €10,865 | €10,865 | €10,865 | = |
| Profit (loss) carried forward14 | €195,333 | €198,570 | €252,573 | €209,510 | €238,060 | ▲ 13.6% |
| Investment grants15 | - | €135,171 | €128,179 | €121,187 | €114,196 | ▼ 5.8% |
| Provisions and deferred taxes16 | €180,178 | €225,235 | €177,772 | €160,555 | €130,459 | ▼ 18.7% |
| Deferred taxes168 | €180,178 | €225,235 | €177,772 | €160,555 | €130,459 | ▼ 18.7% |
| Amounts payable17/49 | €3.2m | €3.7m | €3.2m | €2.8m | €1.8m | ▼ 36.7% |
| Amounts payable after more than one year17 | €1.2m | €1.7m | €1.6m | €931,835 | €646,443 | ▼ 30.6% |
| Financial debts170/4 | €589,353 | €841,189 | €953,736 | €505,835 | €220,443 | ▼ 56.4% |
| Other amounts payable178/9 | €638,000 | €838,000 | €634,000 | €426,000 | €426,000 | = |
| Amounts payable within one year42/48 | €2.0m | €2.0m | €1.6m | €1.8m | €1.1m | ▼ 39.5% |
| Current portion of amounts payable after more than one year42 | €157,766 | €215,444 | €266,281 | €473,836 | €285,392 | ▼ 39.8% |
| Financial debts43 | €917,359 | €652,698 | €632,629 | €666,409 | €330,459 | ▼ 50.4% |
| Credit institutions430/8 | €917,359 | €652,698 | €632,629 | €666,409 | €330,459 | ▼ 50.4% |
| Trade debts44 | €392,866 | €431,453 | €303,767 | €181,308 | €182,381 | ▲ 0.6% |
| Suppliers440/4 | €392,866 | €431,453 | €303,767 | €181,308 | €182,381 | ▲ 0.6% |
| Taxes, remuneration and social security45 | €505,012 | €585,957 | €376,154 | €305,045 | €307,420 | ▲ 0.8% |
| Taxes450/3 | €104,403 | €129,493 | €116,252 | €107,016 | €107,914 | ▲ 0.8% |
| Remuneration and social security454/9 | €400,609 | €456,464 | €259,902 | €198,029 | €199,506 | ▲ 0.7% |
| Other amounts payable47/48 | €1,223 | €148,723 | €723 | €200,723 | €723 | ▼ 99.6% |
| Accrued charges and deferred income492/3 | €10,821 | €25,153 | €33,536 | €13,340 | €913 | ▼ 93.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,883 | €3,237 | -€81,392 | -€87,723 | -€54,746 | ▲ 37.6% |
| + Depreciation and write-downs630 | €345,616 | €411,988 | €463,122 | €471,920 | €412,854 | ▼ 12.5% |
| Operating cash flow (approximation) | €366,499 | €415,224 | €381,730 | €384,197 | €358,107 | ▼ 6.8% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€452,783 | -€177,401 | €132,619 | ▲ 175% |
| Change in cash | - | -€32,604 | -€87,883 | €496,596 | -€301,784 | ▼ 161% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 21 days late
2024
31-12
Financial
Weakest financial yearnet -€87,723
Net result drops to -€87,723, the lowest in the series; recovery starts the following year.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 22 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €35,801
Net result €35,801 after one loss-making year.
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 25 days late
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
05-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial 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.
Have them read with priority
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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, Malle · 2 establishment units since 1997
Ground area
1.4 ha
Building footprint
6,943 m²
Volume, LiDAR
41,202 m³
2 parcels, Flanders · tallest building 16.7 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
RECYCLE COMPACT
since 19972.082.676.508
Energieweg 11, 2390 Malle
since 20162.262.448.982
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11032D0065/00L000 | Flanders | 1.3 ha | 1 · 6,642 m² | 10.4 m · 2 fl. |
| 22004C0706/00H005 | Flanders | 633 m² | 1 · 301 m² | 16.7 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
Highest known parent: MAGISTRA BUILDING COMPANY. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 6,309 EUR awarded · 6,309 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 531 EUR | 531 EUR |
| 2024 | 2 | 4,850 EUR | 4,850 EUR |
| 2022 | 1 | 928 EUR | 928 EUR |
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Of 1,599 companies in sector 16230 we hold annual accounts for 784. 505 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
Founded09-05-1997
Fiscal year end31-12
Activities, NACEBEL 2025
16230Manufacture of other builders' carpentry and joinery
16250Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
43240Other construction installation
31002Manufacture of furniture
31004Manufacture of dining room, living room, bedroom and bathroom furniture
E-invoicing
Reachable via Peppol
Peppol ID
0208:0460641914
Also
9925:BE0460641914
Registered
04-11-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.