ARPAN
ActiveSummary
ARPAN has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €251,195 and a net result of -€33,368. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 94% of 8737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability3▼-1
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days acceptable
Liquidity ample (current ratio 25.17 against 20.56 in 2024; short-term debt: 3.2% and cash: 32.4% of total assets), and 3.4% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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 -€33,368
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 16-04-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
6 d early
2023
on the day
2022
6 d early
2021
1 d early
2020
11 d early
2019
6 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 6 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€251,195▼ 11.7%
2024 · €284,563
Total assets
€260,137▼ 12.3%
2024 · €296,591
Net result
-€33,368▲ 2.4%
2024 · -€34,186
Working capital
€203,219▼ 7.2%
2024 · €218,946
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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€64,155▲ 62.3%€61,291▼ 4.5%€56,338▼ 8.1%-€35,706-€34,414▲ 3.6%
Net result€42,485within the sector's middle half▲ 54.2%€43,744within the sector's middle half▲ 3.0%€40,853within the sector's middle half▼ 6.6%-€34,186below the sector's middle half-€33,368below the sector's middle half▲ 2.4%
Equity€234,152within the sector's middle half▲ 22.2%€277,896within the sector's middle half▲ 18.7%€318,749within the sector's middle half▲ 14.7%€284,563within the sector's middle half▼ 10.7%€251,195within the sector's middle half▼ 11.7%
Total assets€264,329within the sector's middle half▲ 24.5%€302,486below the sector's middle half▲ 14.4%€335,533below the sector's middle half▲ 10.9%€296,591below the sector's middle half▼ 11.6%€260,137below the sector's middle half▼ 12.3%
Debt€30,177▲ 46.0%€24,590▼ 18.5%€16,784▼ 31.7%€12,028▼ 28.3%€8,942▼ 25.7%
Working capital€227,620▲ 23.3%€272,711▲ 19.8%€235,939▼ 13.5%€218,946▼ 7.2%€203,219▼ 7.2%
Solvency88.6%above the sector's middle half▼ 1.7pp91.9%above the sector's middle half▲ 3.3pp95.0%above the sector's middle half▲ 3.1pp95.9%above the sector's middle half▲ 0.9pp96.6%above the sector's middle half▲ 0.6pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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 €34,414 in 2025 against €35,706 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €260,137
Fixed assets
€48,509 ▼ 27.0%
Current assets
€211,628 ▼ 8.0%
Equity and liabilities €260,137
Equity
€251,195 ▼ 11.7%
Debt
€8,942 ▼ 25.7%
Debt's share of the balance-sheet total falls from 4.1% to 3.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€16,477▲
2024 · -€17,658
Cash flow
-€15,431▲
2024 · -€16,139
Current ratio
25.17▲
2024 · 20.56
Debt to equity
0.04▼
2024 · 0.04
ROE
-13.3%▼
2024 · -12.0%
ROA
-12.8%▼
2024 · -11.5%
Interest coverage
-243.92▼
2024 · -37.34
Debt ≤ 1 year
€8,409▼
2024 · €11,194
Income taxes
€344▲
2024 · €294
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.9%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 4,815 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,290 | €1,301 | €8,129 | €18,047 | €17,937 | ▼ 0.6% |
| Other operating charges640/8 | €838 | €1,380 | €1,249 | €1,186 | €952 | ▼ 19.7% |
| Gross operating margin9900 | €66,283 | €63,972 | €65,715 | -€16,473 | -€15,525 | ▲ 5.8% |
| Operating profit (loss)9901 | €64,155 | €61,291 | €56,338 | -€35,706 | -€34,414 | ▲ 3.6% |
| Financial income75/76B | €0 | €560 | €0 | €2,286 | €1,457 | ▼ 36.3% |
| Recurring financial income75 | €0 | €560 | €0 | €2,286 | €1,457 | ▼ 36.3% |
| Financial charges65/66B | €337 | €361 | €470 | €473 | €68 | ▼ 85.7% |
| Recurring financial charges65 | €337 | €361 | €470 | €473 | €68 | ▼ 85.7% |
| Profit (loss) for the period before taxes9903 | €63,818 | €61,490 | €55,868 | -€33,892 | -€33,024 | ▲ 2.6% |
| Income taxes67/77 | €21,333 | €17,746 | €15,015 | €294 | €344 | ▲ 17.1% |
| Profit (loss) for the period9904 | €42,485 | €43,744 | €40,853 | -€34,186 | -€33,368 | ▲ 2.4% |
| Profit (loss) for the period to be appropriated9905 | €42,485 | €43,744 | €40,853 | -€34,186 | -€33,368 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €264,329 | €302,486 | €335,533 | €296,591 | €260,137 | ▼ 12.3% |
| Fixed assets21/28 | €7,129 | €5,828 | €83,612 | €66,451 | €48,509 | ▼ 27.0% |
| Tangible fixed assets22/27 | €7,124 | €5,823 | €83,607 | €66,446 | €48,509 | ▼ 27.0% |
| Land and buildings22 | €4,182 | €4,013 | €3,844 | €3,674 | €3,505 | ▼ 4.6% |
| Plant, machinery and equipment23 | €2,137 | €1,521 | €905 | €289 | €0 | ▼ 100% |
| Furniture and vehicles24 | €804 | €289 | €78,858 | €62,483 | €45,005 | ▼ 28.0% |
| Financial fixed assets28 | €5 | €5 | €5 | €5 | €0 | ▼ 100% |
| Current assets29/58 | €257,201 | €296,658 | €251,921 | €230,141 | €211,628 | ▼ 8.0% |
| Amounts receivable within one year40/41 | €41,727 | €49,889 | €32,501 | €12,840 | €3,288 | ▼ 74.4% |
| Trade receivables40 | €41,727 | €49,889 | €32,336 | €2,029 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €165 | €10,810 | €3,288 | ▼ 69.6% |
| Current investments50/53 | €58,749 | €74,140 | €89,140 | €104,595 | €120,491 | ▲ 15.2% |
| Cash at bank and in hand54/58 | €155,055 | €166,383 | €125,892 | €110,939 | €84,311 | ▼ 24.0% |
| Deferred charges and accrued income490/1 | €1,671 | €6,246 | €4,387 | €1,767 | €3,538 | ▲ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €264,329 | €302,486 | €335,533 | €296,591 | €260,137 | ▼ 12.3% |
| Equity10/15 | €234,152 | €277,896 | €318,749 | €284,563 | €251,195 | ▼ 11.7% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €214,152 | €257,896 | €298,749 | €264,563 | €254,898 | ▼ 3.7% |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | €212,152 | €255,896 | €298,749 | €264,563 | €254,898 | ▼ 3.7% |
| Profit (loss) carried forward14 | - | - | - | - | -€23,702 | - |
| Amounts payable17/49 | €30,177 | €24,590 | €16,784 | €12,028 | €8,942 | ▼ 25.7% |
| Amounts payable within one year42/48 | €29,581 | €23,947 | €15,981 | €11,194 | €8,409 | ▼ 24.9% |
| Trade debts44 | €2,110 | €1,759 | €2,830 | €5,178 | €2,766 | ▼ 46.6% |
| Suppliers440/4 | €2,110 | €1,759 | €2,830 | €5,178 | €2,766 | ▼ 46.6% |
| Taxes, remuneration and social security45 | €19,639 | €14,750 | €7,639 | €0 | €25 | - |
| Taxes450/3 | €19,639 | €14,750 | €7,639 | €0 | €25 | - |
| Other amounts payable47/48 | €7,831 | €7,437 | €5,512 | €6,016 | €5,618 | ▼ 6.6% |
| Accrued charges and deferred income492/3 | €597 | €643 | €802 | €834 | €533 | ▼ 36.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,485 | €43,744 | €40,853 | -€34,186 | -€33,368 | ▲ 2.4% |
| + Depreciation and write-downs630 | €1,290 | €1,301 | €8,129 | €18,047 | €17,937 | ▼ 0.6% |
| Operating cash flow (approximation) | €43,775 | €45,044 | €48,982 | -€16,139 | -€15,431 | ▲ 4.4% |
| Investment in fixed assets (approximation) | - | €0 | -€85,912 | -€886 | €5 | ▲ 101% |
| Change in cash | - | €11,328 | -€40,491 | -€14,953 | -€26,628 | ▼ 78.1% |
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
16-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
24-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Weakest financial yearnet -€34,186
Net result drops to -€34,186, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
24-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Highest result since 2018net €43,744 ▲3%
Net result €43,744, the highest in the series.
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €200,000Eq €234,152 ▲22.2%
4 profitable years in a row build equity to €234,152.
19-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Equity above €150,000Eq €164,117 ▲12.5%
2 profitable years in a row build equity to €164,117.
18-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
03-04
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 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, De Panne · 1 establishment unit since 2013
Ground area
1,570 m²
Building footprint
287 m²
Volume, LiDAR
2,424 m³
Parcel 38352D0347/00D000, Flanders · tallest building 12.5 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ARPAN
since 20132.219.710.386
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38352D0347/00D000 | Flanders | 1,570 m² | 1 · 287 m² | 12.5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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PERCEPTION
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PRO MODUS
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,589. 38,895 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
Founded30-05-2013
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0534816230
Also
9925:BE0534816230
Registered
19-05-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.