ARPAGE
ActiveSummary
ARPAGE has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €168,843 and a net result of €45,934. Equity is growing by ~47.7% per year across the filed fiscal years. Its solvency ranks better than 41% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability62▲+32
Solvency60▲+9
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity short (current ratio 0.0 against 0.04 in 2024; short-term debt: 31.3% and cash: 0% of total assets), and 64.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
35.4%
Return on assets
9.6%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
17 d early
2024
69 d early
2023
8 d early
2022
33 d early
2021
31 d late
2020
33 d early
2019
2 d early
← 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 19 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€168,843▲ 37.4%
2024 · €122,909
Total assets
€477,632▼ 0.8%
2024 · €481,467
Net result
€45,934▲ 8.6%
2024 · €42,290
Working capital
-€148,987▼ 34.9%
2024 · -€110,419
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,977▲ 31.2%-€5,920▼ 98.8%-€4,025▲ 32.0%-€5,363▼ 33.2%-€4,715▲ 12.1%
Net result-€12,672below the sector's middle half▲ 2.7%€31,555within the sector's middle half€26,612within the sector's middle half▼ 15.7%€42,290within the sector's middle half▲ 58.9%€45,934within the sector's middle half▲ 8.6%
Equity€22,451below the sector's middle half▼ 36.1%€54,006below the sector's middle half▲ 141%€80,619below the sector's middle half▲ 49.3%€122,909below the sector's middle half▲ 52.5%€168,843within the sector's middle half▲ 37.4%
Total assets€483,941below the sector's middle half▼ 0.1%€487,784below the sector's middle half▲ 0.8%€483,023below the sector's middle half▼ 1.0%€481,467below the sector's middle half▼ 0.3%€477,632within the sector's middle half▼ 0.8%
Debt€461,489▲ 2.7%€433,777▼ 6.0%€402,404▼ 7.2%€358,558▼ 10.9%€308,788▼ 13.9%
Working capital-€80,045below the sector's middle half▼ 95.2%-€80,913below the sector's middle half▼ 1.1%-€87,877below the sector's middle half▼ 8.6%-€110,419below the sector's middle half▼ 25.7%-€148,987below the sector's middle half▼ 34.9%
Solvency4.6%below the sector's middle half▼ 2.6pp11.1%below the sector's middle half▲ 6.4pp16.7%below the sector's middle half▲ 5.6pp25.5%within the sector's middle half▲ 8.8pp35.4%within the sector's middle half▲ 9.8pp
Current ratio0.05below the sector's middle half▼ 0.030.11below the sector's middle half▲ 0.050.06below the sector's middle half▼ 0.050.04below the sector's middle half▼ 0.020.00below the sector's middle half▼ 0.03
Return on assets (ROA)-2.6%below the sector's middle half▲ 0.1pp6.5%within the sector's middle half▲ 9.1pp5.5%within the sector's middle half▼ 1.0pp8.8%within the sector's middle half▲ 3.3pp9.6%within the sector's middle half▲ 0.8pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €4,715 in 2025 against €5,363 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €477,632
Fixed assets
€477,333 =
Current assets
€299 ▼ 92.8%
Equity and liabilities €477,632
Equity
€168,843 ▲ 37.4%
Debt
€308,788 ▼ 13.9%
Debt's share of the balance-sheet total falls from 74.5% to 64.6%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
1.83▼
2024 · 2.92
ROE
27.2%▼
2024 · 34.4%
Debt ≤ 1 year
€149,286▲
2024 · €114,553
Debt > 1 year
€159,503▼
2024 · €244,005
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,401 | €1,401 | €817 | €0 | - | - |
| Other operating charges640/8 | €222 | €3,708 | €499 | €513 | €528 | ▲ 2.8% |
| Non-recurring operating charges66A | - | €2,396 | €0 | - | - | - |
| Gross operating margin9900 | -€1,355 | €1,585 | -€2,709 | -€4,850 | -€4,187 | ▲ 13.7% |
| Operating profit (loss)9901 | -€2,977 | -€5,920 | -€4,025 | -€5,363 | -€4,715 | ▲ 12.1% |
| Financial income75/76B | €4 | €48,039 | €41,160 | €58,800 | €58,800 | = |
| Recurring financial income75 | €4 | €48,039 | €41,160 | €58,800 | €58,800 | = |
| Financial charges65/66B | €9,699 | €10,564 | €10,522 | €11,147 | €8,150 | ▼ 26.9% |
| Recurring financial charges65 | €9,699 | €10,564 | €10,522 | €11,147 | €8,150 | ▼ 26.9% |
| Profit (loss) for the period before taxes9903 | -€12,672 | €31,555 | €26,612 | €42,290 | €45,934 | ▲ 8.6% |
| Profit (loss) for the period9904 | -€12,672 | €31,555 | €26,612 | €42,290 | €45,934 | ▲ 8.6% |
| Profit (loss) for the period to be appropriated9905 | -€12,672 | €31,555 | €26,612 | €42,290 | €45,934 | ▲ 8.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €483,941 | €487,784 | €483,023 | €481,467 | €477,632 | ▼ 0.8% |
| Formation expenses20 | €2,218 | €817 | €0 | - | - | - |
| Fixed assets21/28 | €477,333 | €477,333 | €477,333 | €477,333 | €477,333 | = |
| Financial fixed assets28 | €477,333 | €477,333 | €477,333 | €477,333 | €477,333 | = |
| Current assets29/58 | €4,390 | €9,634 | €5,690 | €4,134 | €299 | ▼ 92.8% |
| Stocks and contracts in progress3 | €2,371 | €1,673 | €447 | €447 | €0 | ▼ 100% |
| Stocks30/36 | €2,371 | €1,673 | €447 | €447 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €659 | €4,543 | €2,224 | €83 | €136 | ▲ 63.6% |
| Trade receivables40 | €0 | €2,896 | €0 | - | - | - |
| Other amounts receivable41 | €659 | €1,648 | €2,224 | €83 | €136 | ▲ 63.6% |
| Cash at bank and in hand54/58 | €1,360 | €3,418 | €3,017 | €3,604 | €161 | ▼ 95.5% |
| Deferred charges and accrued income490/1 | - | - | €3 | €0 | €2 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €483,941 | €487,784 | €483,023 | €481,467 | €477,632 | ▼ 0.8% |
| Equity10/15 | €22,451 | €54,006 | €80,619 | €122,909 | €168,843 | ▲ 37.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €47,806 | €74,419 | €116,709 | €162,643 | ▲ 39.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | €45,946 | €72,559 | €116,709 | €162,643 | ▲ 39.4% |
| Profit (loss) carried forward14 | €14,391 | €0 | - | - | - | - |
| Amounts payable17/49 | €461,489 | €433,777 | €402,404 | €358,558 | €308,788 | ▼ 13.9% |
| Amounts payable after more than one year17 | €377,054 | €343,230 | €308,837 | €244,005 | €159,503 | ▼ 34.6% |
| Financial debts170/4 | €377,054 | €343,230 | €308,837 | €244,005 | €159,503 | ▼ 34.6% |
| Amounts payable within one year42/48 | €84,435 | €90,547 | €93,567 | €114,553 | €149,286 | ▲ 30.3% |
| Current portion of amounts payable after more than one year42 | €33,264 | €33,824 | €34,393 | €64,832 | €99,503 | ▲ 53.5% |
| Trade debts44 | €961 | €3,215 | €393 | €131 | €675 | ▲ 415% |
| Suppliers440/4 | €961 | €3,215 | €393 | €131 | €675 | ▲ 415% |
| Taxes, remuneration and social security45 | €641 | €641 | €641 | €641 | €626 | ▼ 2.3% |
| Taxes450/3 | €641 | €641 | €641 | €641 | €626 | ▼ 2.3% |
| Other amounts payable47/48 | €49,569 | €52,867 | €58,141 | €48,949 | €48,482 | ▼ 1.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,672 | €31,555 | €26,612 | €42,290 | €45,934 | ▲ 8.6% |
| + Depreciation and write-downs630 | €1,401 | €1,401 | €817 | €0 | - | - |
| Operating cash flow (approximation) | -€11,271 | €32,956 | €27,430 | €42,290 | €45,934 | ▲ 8.6% |
| Investment in fixed assets (approximation) | - | -€1,401 | -€817 | €0 | €0 | - |
| Change in cash | - | €2,058 | -€401 | €587 | -€3,443 | ▼ 686% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €45,934 ▲8.6%
Net result €45,934, the highest in the series.
31-12
Financial
Equity above €150,000Eq €168,843 ▲37.4%
4 profitable years in a row build equity to €168,843.
23-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €100,000Eq €122,909 ▲52.5%
3 profitable years in a row build equity to €122,909.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €31,555
Net result €31,555 after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€13,020
Net result drops to -€13,020, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €43,456
Net result €43,456 after one loss-making year.
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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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, Knokke-Heist · 1 establishment unit since 2018
Ground area
162 m²
Building footprint
63 m²
Volume, LiDAR
608 m³
Parcel 31336B0471/00N000, Flanders · tallest building 12.6 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
ARPAGE
since 20182.279.577.105
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31336B0471/00N000 | Flanders | 162 m² | 1 · 63 m² | 12.6 m · 3 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
98%
According to the 2025 annual accounts of ARPAGE and those 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.
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HET WIJNHUIS SINT-NIKLAAS
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Of 1,049 companies in sector 46341 we hold annual accounts for 538. 375 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
Founded07-09-2018
Fiscal year end31-12
Activities, NACEBEL 2025
46341Wholesale of wines and spirits
E-invoicing
Reachable via Peppol
Peppol ID
0208:0702940588
Also
9925:BE0702940588
Registered
19-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.