ARO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 9 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €180,000
EBIT margin
Not included in this filing
Net result
€40,672▼ 75.4%
2024 · €165,031
Working capital
€354,953▼ 25.0%
2024 · €473,562
In the rankings
#5 company by total assets in Limbourg, Professional and technical services sector#5 company by equity in Limbourg, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,013
▼ 92.9%
2025
20182025
Net result
€40,672
▼ 75.4%
2025
middle half of the sector
20182025
Equity
€601,553
▼ 9.0%
2025
middle half of the sector
20182025
Total assets
€959,839
▼ 2.8%
2025
middle half of the sector
20182025
Debt
€358,286
▲ 9.6%
2025
20182025
Working capital
€354,953
▼ 25.0%
2025
highest quarter of the sector
20182025
Solvency
62.7%
▼ 4.2pp
2025
middle half of the sector
20182025
Current ratio
2.19
▼ 0.77
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 12.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€32,092-€6,886▼ 78.5%€96,156▲ 14×€236,429▲ 146%€217,431▼ 8.0%€255,010▲ 17.3%€239,885▼ 5.9%€17,013▼ 92.9%
Net result€28,256-€8,740▼ 69.1%€76,894within the sector's middle half▲ 780%€179,059within the sector's middle half▲ 133%€164,779within the sector's middle half▼ 8.0%€196,758within the sector's middle half▲ 19.4%€165,031within the sector's middle half▼ 16.1%€40,672within the sector's middle half▼ 75.4%
Equity€40,931-€49,671▲ 21.4%€126,565within the sector's middle half▲ 155%€305,624within the sector's middle half▲ 141%€426,604within the sector's middle half▲ 39.6%€523,362within the sector's middle half▲ 22.7%€660,881within the sector's middle half▲ 26.3%€601,553within the sector's middle half▼ 9.0%
Total assets€171,381-€189,119▲ 10.4%€420,497within the sector's middle half▲ 122%€530,890within the sector's middle half▲ 26.3%€726,451within the sector's middle half▲ 36.8%€852,350within the sector's middle half▲ 17.3%€987,779within the sector's middle half▲ 15.9%€959,839within the sector's middle half▼ 2.8%
Debt€130,450-€139,448▲ 6.9%€293,932▲ 111%€225,265▼ 23.4%€299,847▲ 33.1%€328,988▲ 9.7%€326,898▼ 0.6%€358,286▲ 9.6%
Working capital€58,377-€67,009▲ 14.8%€173,669within the sector's middle half▲ 159%€279,626within the sector's middle half▲ 61.0%€387,043within the sector's middle half▲ 38.4%€477,357within the sector's middle half▲ 23.3%€473,562within the sector's middle half▼ 0.8%€354,953above the sector's middle half▼ 25.0%
Solvency23.9%-26.3%▲ 2.4pp30.1%within the sector's middle half▲ 3.8pp57.6%within the sector's middle half▲ 27.5pp58.7%within the sector's middle half▲ 1.2pp61.4%within the sector's middle half▲ 2.7pp66.9%within the sector's middle half▲ 5.5pp62.7%within the sector's middle half▼ 4.2pp
Current ratio6.59-4.45▼ 2.142.95above the sector's middle half▼ 1.503.12above the sector's middle half▲ 0.173.00within the sector's middle half▼ 0.122.99within the sector's middle half▼ 0.012.96within the sector's middle half▼ 0.032.19within the sector's middle half▼ 0.77
Return on assets (ROA)16.5%-4.6%▼ 11.9pp18.3%above the sector's middle half▲ 13.7pp33.7%above the sector's middle half▲ 15.4pp22.7%above the sector's middle half▼ 11.0pp23.1%above the sector's middle half▲ 0.4pp16.7%above the sector's middle half▼ 6.4pp4.2%within the sector's middle half▼ 12.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 93% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2025 Net result -75% on 2024. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €959,839
Fixed assets
€305,939 ▲ 12.2%
Current assets
€653,900 ▼ 8.6%
Equity and liabilities €959,839
Equity
€601,553 ▼ 9.0%
Debt
€358,286 ▲ 9.6%
Debt's share of the balance-sheet total rises from 33.1% to 37.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27,654▼
2024 · €252,290
Cash flow
€51,313▼
2024 · €177,436
Debt to equity
0.60▲
2024 · 0.49
ROE
6.8%▼
2024 · 25.0%
Interest coverage
16.06▼
2024 · 18.99
Debt ≤ 1 year
€298,947▲
2024 · €241,637
Debt > 1 year
€59,339▼
2024 · €73,962
Income taxes
-€14,433▼
2024 · €64,955
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €91,510 | €85,249 | - | - | - |
| Mortgages, amount registered | €25,000 | €25,000 | - | - | - |
| Carrying value of the mortgaged assets | €88,500 | €88,500 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €37,217 | - | - | - |
| Financial fixed assets | €25 | - | €5,000 | €200,000 | €44,000 |
| Depreciation and write-downs of the year | €38,432 | €10,575 | €12,603 | €12,404 | €10,641 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €685 | €883 | €5,473 | €38,432 | €10,575 | €12,603 | €12,404 | €10,641 | ▼ 14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €78,016 | €70,496 | €1,655 | €32,253 | €17,596 | ▼ 45.4% |
| Other operating charges640/8 | - | - | - | €646 | €2,035 | €736 | €782 | €701 | ▼ 10.4% |
| Gross operating margin9900 | €33,124 | €31,751 | €258,711 | €353,523 | €300,537 | €270,004 | €285,325 | €45,951 | ▼ 83.9% |
| Operating profit (loss)9901 | €32,092 | €6,886 | €96,156 | €236,429 | €217,431 | €255,010 | €239,885 | €17,013 | ▼ 92.9% |
| Financial income75/76B | - | - | - | - | - | €5,237 | €3,388 | €10,949 | ▲ 223% |
| Recurring financial income75 | €3,256 | €4,071 | €2,442 | - | - | €5,237 | €3,388 | €10,949 | ▲ 223% |
| Financial charges65/66B | - | - | - | €1,850 | €2,604 | €2,751 | €13,287 | €1,722 | ▼ 87.0% |
| Recurring financial charges65 | €97 | €89 | €1,528 | €1,850 | €2,604 | €2,751 | €13,287 | €1,722 | ▼ 87.0% |
| Profit (loss) for the period before taxes9903 | €35,250 | €10,868 | €97,070 | €234,579 | €214,827 | €257,497 | €229,986 | €26,239 | ▼ 88.6% |
| Income taxes67/77 | €6,995 | €2,127 | €20,177 | €55,520 | €50,047 | €60,739 | €64,955 | -€14,433 | - |
| Profit (loss) for the period9904 | €28,256 | €8,740 | €76,894 | €179,059 | €164,779 | €196,758 | €165,031 | €40,672 | ▼ 75.4% |
| Profit (loss) for the period to be appropriated9905 | €28,256 | €8,740 | €76,894 | €179,059 | €164,779 | €196,758 | €165,031 | €40,672 | ▼ 75.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €171,381 | €189,119 | €420,497 | €530,890 | €726,451 | €852,350 | €987,779 | €959,839 | ▼ 2.8% |
| Fixed assets21/28 | €102,554 | €102,662 | €157,689 | €119,281 | €145,924 | €134,984 | €272,580 | €305,939 | ▲ 12.2% |
| Tangible fixed assets22/27 | €2,740 | €2,848 | €139,275 | €100,842 | €127,485 | €111,545 | €99,141 | €88,500 | ▼ 10.7% |
| Land and buildings22 | - | - | - | €88,500 | €88,500 | €88,500 | €88,500 | €88,500 | = |
| Furniture and vehicles24 | - | - | - | €12,342 | €38,985 | €23,045 | €10,641 | - | - |
| Financial fixed assets28 | €99,814 | €99,814 | €18,414 | €18,439 | €18,439 | €23,439 | €173,439 | €217,439 | ▲ 25.4% |
| Current assets29/58 | €68,827 | €86,457 | €262,809 | €411,608 | €580,527 | €717,365 | €715,199 | €653,900 | ▼ 8.6% |
| Amounts receivable within one year40/41 | €47,748 | €66,830 | €83,205 | €87,851 | €63,125 | €125,170 | €209,957 | €282,481 | ▲ 34.5% |
| Trade receivables40 | - | - | - | €21,945 | €27,195 | €65,895 | €132,935 | €200,765 | ▲ 51.0% |
| Other amounts receivable41 | - | - | - | €65,906 | €35,930 | €59,275 | €77,022 | €81,716 | ▲ 6.1% |
| Current investments50/53 | - | - | - | - | - | €135,000 | €125,499 | €106,305 | ▼ 15.3% |
| Cash at bank and in hand54/58 | €21,079 | €19,627 | €177,162 | €323,757 | €517,402 | €455,806 | €378,286 | €263,649 | ▼ 30.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,389 | €1,456 | €1,465 | ▲ 0.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €171,381 | €189,119 | €420,497 | €530,890 | €726,451 | €852,350 | €987,779 | €959,839 | ▼ 2.8% |
| Equity10/15 | €40,931 | €49,671 | €126,565 | €305,624 | €426,604 | €523,362 | €660,881 | €601,553 | ▼ 9.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €26,671 | €35,411 | €112,305 | €291,364 | €406,144 | €502,902 | €640,421 | €581,093 | ▼ 9.3% |
| Amounts payable17/49 | €130,450 | €139,448 | €293,932 | €225,265 | €299,847 | €328,988 | €326,898 | €358,286 | ▲ 9.6% |
| Amounts payable after more than one year17 | €120,000 | €120,000 | €204,793 | €93,283 | €106,363 | €88,980 | €73,962 | €59,339 | ▼ 19.8% |
| Financial debts170/4 | - | - | - | €93,283 | €106,363 | €88,980 | €73,962 | €59,339 | ▼ 19.8% |
| Amounts payable within one year42/48 | €10,450 | €19,448 | €89,140 | €131,982 | €193,484 | €240,008 | €241,637 | €298,947 | ▲ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,510 | €48,944 | €14,684 | €15,018 | €14,622 | ▼ 2.6% |
| Trade debts44 | €70 | €991 | €8,932 | €3,491 | €3,896 | €2,130 | €1,538 | €1,913 | ▲ 24.4% |
| Suppliers440/4 | - | - | - | €3,491 | €3,896 | €2,130 | €1,538 | €1,913 | ▲ 24.4% |
| Taxes, remuneration and social security45 | - | - | - | €82,600 | €77,122 | €80,657 | €57,796 | €23,600 | ▼ 59.2% |
| Taxes450/3 | - | - | - | €82,600 | €77,122 | €80,657 | €57,796 | €23,600 | ▼ 59.2% |
| Other amounts payable47/48 | - | - | - | €34,382 | €63,523 | €142,537 | €167,285 | €258,812 | ▲ 54.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €11,300 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,256 | €8,740 | €76,894 | €179,059 | €164,779 | €196,758 | €165,031 | €40,672 | ▼ 75.4% |
| + Depreciation and write-downs630 | €685 | €883 | €5,473 | €38,432 | €10,575 | €12,603 | €12,404 | €10,641 | ▼ 14.2% |
| Operating cash flow (approximation) | €28,941 | €9,624 | €82,367 | €217,492 | €175,354 | €209,361 | €177,436 | €51,313 | ▼ 71.1% |
| Investment in fixed assets (approximation) | - | -€992 | -€60,500 | -€25 | -€37,217 | -€1,663 | -€150,000 | -€44,000 | ▲ 70.7% |
| Change in cash | - | -€1,452 | €157,535 | €146,596 | €193,645 | -€61,596 | -€77,520 | -€114,637 | ▼ 47.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,639 companies had the same profile as ARO has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,639 companies, not a prediction for ARO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00365820 | |
| 31-12-2024 | full format | 30-08-2025 | 2025-00449164 | |
| 31-12-2023 | full format | 31-08-2024 | 2024-00426555 | |
| 31-12-2022 | full format | 31-07-2023 | 2023-00292869 | |
| 31-12-2021 | full format | 31-07-2022 | 2022-20264011 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-61400099 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-50700528 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56100147 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-60500590 |