ARO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 27 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6.1m▲ 56×
2024 · €109,106
Working capital
€3.2m
2024 · -€34.7m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€163,331
▼ 50.2%
2025
20182025
Net result
€6.1m
▲ 56×
2025
20182025
Equity
€42.5m
▲ 16.7%
2025
20182025
Total assets
€71.6m
▼ 7.3%
2025
20182025
Debt
€29.1m
▼ 28.6%
2025
20182025
Working capital
€3.2m
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.02m--€0.02m▼ 14.7%-€0.02m▼ 3.4%-€0.6m▼ 3,004%-€0.1m▲ 74.9%-€0.2m▼ 49.3%-€0.1m▲ 48.3%-€0.2m▼ 50.2%
Net result€2.4m-€1.5m▼ 39.0%€0.005m▼ 99.6%€22.7m▲ 4,220×€3.3m▼ 85.3%€0.5m▼ 83.8%€0.1m▼ 79.9%€6.1m▲ 56×
Equity€8.2m-€9.7m▲ 17.7%€9.7m▲ 0.1%€32.4m▲ 235%€35.8m▲ 10.3%€36.3m▲ 1.5%€36.4m▲ 0.3%€42.5m▲ 16.7%
Total assets€8.2m-€9.7m▲ 17.5%€11.3m▲ 16.2%€63.5m▲ 465%€65.5m▲ 3.0%€71.6m▲ 9.3%€77.2m▲ 7.9%€71.6m▼ 7.3%
Debt€0.02m-€0.003m▼ 80.0%€1.6m▲ 471×€31.1m▲ 20×€29.7m▼ 4.6%€35.3m▲ 18.8%€40.8m▲ 15.7%€29.1m▼ 28.6%
Working capital€2.8m-€3.8m▲ 35.5%€1.0m▼ 72.9%€1.8m▲ 81.3%-€25.7m-€31.3m▼ 21.6%-€34.7m▼ 10.9%€3.2m
The operating result for 2025 is a loss of €163,331, larger than the loss of €108,745 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71.6m
Fixed assets
€64.3m ▼ 9.5%
Current assets
€7.3m ▲ 18.8%
Equity and liabilities €71.6m
Equity
€42.5m ▲ 16.7%
Debt
€29.1m ▼ 28.6%
Debt's share of the balance-sheet total falls from 52.8% to 40.7%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
1.77▲
2024 · 0.15
Debt to equity
0.69▼
2024 · 1.12
ROE
14.3%▲
2024 · 0.3%
ROA
8.5%▲
2024 · 0.1%
Debt ≤ 1 year
€4.1m▼
2024 · €40.8m
Debt > 1 year
€25.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €34.6m | €31.3m | €6.1m | €2.5m | €350,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.1m | - | - | - | €0.002m | - |
| Other operating income74 | - | - | - | €0.1m | - | - | - | €0.002m | - |
| Operating charges60/66A | - | - | - | €0.7m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 52.3% |
| Services and other goods61 | - | - | - | €0.6m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 52.8% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 2.7% |
| Operating profit (loss)9901 | -€0.02m | -€0.02m | -€0.02m | -€0.6m | -€0.1m | -€0.2m | -€0.1m | -€0.2m | ▼ 50.2% |
| Financial income75/76B | - | - | - | €23.4m | €3.9m | €2.5m | €1.9m | €7.9m | ▲ 307% |
| Recurring financial income75 | €2.4m | €2.0m | €0.03m | €2.2m | €3.9m | €2.5m | €1.9m | €5.0m | ▲ 160% |
| Income from financial fixed assets750 | - | - | - | €2.0m | €2.4m | €1.7m | €0.03m | €4.1m | ▲ 144× |
| Income from current assets751 | - | - | - | €0.1m | €1.0m | €0.7m | €1.4m | €0.2m | ▼ 86.7% |
| Other financial income752/9 | - | - | - | - | €0.5m | €0.05m | €0.5m | €0.7m | ▲ 35.6% |
| Non-recurring financial income76B | - | - | - | €21.2m | - | - | - | €2.9m | - |
| Financial charges65/66B | - | - | - | €0.07m | €0.4m | €1.7m | €1.7m | €1.6m | ▼ 4.9% |
| Recurring financial charges65 | €0.001m | €0.002m | €0.009m | €0.07m | €0.3m | €1.7m | €1.5m | €1.6m | ▲ 5.8% |
| Debt charges650 | - | €0.001m | €0.003m | €0.06m | €0.3m | €1.6m | €1.5m | €1.0m | ▼ 35.1% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.007m | €0.1m | €0.01m | €0.6m | ▲ 60× |
| Non-recurring financial charges66B | - | - | - | - | €0.1m | - | €0.2m | - | - |
| Profit (loss) for the period before taxes9903 | €2.4m | €1.5m | €0.005m | €22.7m | €3.3m | €0.5m | €0.1m | €6.1m | ▲ 56× |
| Profit (loss) for the period9904 | €2.4m | €1.5m | €0.005m | €22.7m | €3.3m | €0.5m | €0.1m | €6.1m | ▲ 56× |
| Profit (loss) for the period to be appropriated9905 | €2.4m | €1.5m | €0.005m | €22.7m | €3.3m | €0.5m | €0.1m | €6.1m | ▲ 56× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.2m | €9.7m | €11.3m | €63.5m | €65.5m | €71.6m | €77.2m | €71.6m | ▼ 7.3% |
| Fixed assets21/28 | €5.4m | €5.9m | €8.7m | €30.6m | €61.5m | €67.6m | €71.1m | €64.3m | ▼ 9.5% |
| Financial fixed assets28 | €5.4m | €5.9m | €8.7m | €30.6m | €61.5m | €67.6m | €71.1m | €64.3m | ▼ 9.5% |
| Affiliated companies280/1 | - | - | - | €8.5m | €27.0m | €27.0m | €22.2m | €22.2m | = |
| Participating interests280 | - | - | - | €8.5m | €27.0m | €27.0m | €22.2m | €22.2m | = |
| Companies linked by participating interests282/3 | - | - | - | €2.0m | €1.8m | €1.8m | €6.2m | €6.6m | ▲ 5.6% |
| Participating interests282 | - | - | - | €2.0m | €1.8m | €1.8m | €6.2m | €6.6m | ▲ 5.6% |
| Other financial fixed assets284/8 | - | - | - | €20.1m | €32.7m | €38.8m | €42.6m | €35.5m | ▼ 16.7% |
| Shares284 | - | - | - | €16.7m | €29.3m | €35.3m | €39.1m | €35.3m | ▼ 9.8% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €3.4m | €3.4m | €3.5m | €3.5m | €0.2m | ▼ 93.5% |
| Current assets29/58 | €2.8m | €3.8m | €2.6m | €33.0m | €4.0m | €4.0m | €6.1m | €7.3m | ▲ 18.8% |
| Amounts receivable after more than one year29 | - | - | - | €2.2m | €2.5m | €3.0m | €5.1m | €5.0m | ▼ 2.7% |
| Other amounts receivable291 | - | - | - | €2.2m | €2.5m | €3.0m | €5.1m | €5.0m | ▼ 2.7% |
| Amounts receivable within one year40/41 | €1.0m | €1.7m | - | €0.6m | €0.02m | €0.2m | €0.5m | €0.5m | ▲ 15.2% |
| Trade receivables40 | - | - | - | €0.1m | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.5m | €0.02m | €0.2m | €0.5m | €0.5m | ▲ 15.2% |
| Current investments50/53 | €0.3m | €0.3m | €0.08m | €0.08m | €0.06m | €0.2m | €0.06m | €1.4m | ▲ 24× |
| Other investments51/53 | - | - | - | €0.08m | €0.06m | €0.2m | €0.06m | €1.4m | ▲ 24× |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.3m | €30.0m | €1.3m | €0.4m | €0.3m | €0.3m | ▼ 13.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.07m | ▼ 64.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.2m | €9.7m | €11.3m | €63.5m | €65.5m | €71.6m | €77.2m | €71.6m | ▼ 7.3% |
| Equity10/15 | €8.2m | €9.7m | €9.7m | €32.4m | €35.8m | €36.3m | €36.4m | €42.5m | ▲ 16.7% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €8.0m | €9.5m | €9.5m | €32.2m | €35.6m | €36.1m | €36.2m | €42.3m | ▲ 16.8% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Distributable reserves133 | - | - | - | €32.2m | €35.5m | €36.1m | €36.2m | €42.3m | ▲ 16.8% |
| Amounts payable17/49 | €0.02m | €0.003m | €1.6m | €31.1m | €29.7m | €35.3m | €40.8m | €29.1m | ▼ 28.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €25.0m | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €25.0m | - |
| Amounts payable within one year42/48 | €0.02m | €0.003m | €1.6m | €31.1m | €29.7m | €35.3m | €40.8m | €4.1m | ▼ 89.9% |
| Trade debts44 | €0.009m | €0.003m | €0.003m | €0.5m | €0.04m | €0.04m | €0.009m | €0.02m | ▲ 134% |
| Suppliers440/4 | - | - | - | €0.5m | €0.04m | €0.04m | €0.009m | €0.02m | ▲ 134% |
| Other amounts payable47/48 | - | - | - | €30.6m | €29.7m | €35.2m | €40.8m | €4.1m | ▼ 90.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €435 | €0.006m | €0.006m | €0.005m | ▼ 7.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.4m | €1.5m | €0.005m | €22.7m | €3.3m | €0.5m | €0.1m | €6.1m | ▲ 56× |
| Operating cash flow (approximation) | €2.4m | €1.5m | €0.005m | €22.7m | €3.3m | €0.5m | €0.1m | €6.1m | ▲ 56× |
| Investment in fixed assets (approximation) | - | -€0.5m | -€2.7m | -€21.9m | -€30.9m | -€6.1m | -€3.5m | €6.8m | - |
| Change in cash | - | -€0.06m | €0.2m | €29.6m | -€28.7m | -€0.9m | -€0.1m | -€0.04m | ▲ 65.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00323001 | |
| 31-12-2024 | full format | 04-07-2025 | 2025-00231638 | |
| 31-12-2023 | full format | 24-07-2024 | 2024-00283860 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00287687 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20165751 | |
| 31-12-2020 | full format | 17-08-2021 | 2021-50400427 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-31500201 | |
| 31-12-2018 | full format | 24-07-2019 | 2019-38200100 | |
| 31-12-2017 | full format | 20-07-2018 | 2018-36500243 | |
| 31-12-2016 | full format | 25-07-2017 | 2017-36000573 |