ARPEC
ActiveSummary
The computed 12-month bankruptcy probability of ARPEC is 1.6% (moderate). The 2025 annual accounts show equity of €20,291 and a net result of -€1,108. Equity is shrinking by ~34.6% per year across the filed fiscal years. Its solvency ranks better than 16% of 28254 sector peers (fiscal year 2025). The company has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability68▼-5
Solvency37▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity short (current ratio 0.97 against 0.95 in 2024; short-term debt: 87.6% and cash: 1.3% of total assets), and 87.6% of the assets are financed with debt.
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Signals
Six 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
12.4%
Return on assets
-0.7%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 28254 sector peers (2025).
NBB · sector comparisonPosition among 28254 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 11-02-2026, 11 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
11 d late
2024
2 d early
2023
23 d late
2022
3 d late
2021
4 d late
2020
9 d late
2018
7 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 8 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€20,291▼ 5.2%
2024 · €21,399
Total assets
€163,126▼ 19.9%
2024 · €203,653
Net result
-€1,108
2024 · €7,483
Working capital
-€3,817▲ 59.0%
2024 · -€9,311
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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€6,699-€91,767€1,407€7,664▲ 445%-€259
Net result-€2,702below the sector's middle half▲ 73.8%-€92,067below the sector's middle half▼ 3,308%€1,240within the sector's middle half€7,483within the sector's middle half▲ 504%-€1,108below the sector's middle half
Equity€164,743above the sector's middle half▼ 1.6%€72,676within the sector's middle half▼ 55.9%€73,916within the sector's middle half▲ 1.7%€21,399within the sector's middle half▼ 71.0%€20,291below the sector's middle half▼ 5.2%
Total assets€333,317above the sector's middle half▼ 30.8%€254,255within the sector's middle half▼ 23.7%€162,378within the sector's middle half▼ 36.1%€203,653within the sector's middle half▲ 25.4%€163,126within the sector's middle half▼ 19.9%
Debt€168,574▼ 46.4%€181,579▲ 7.7%€88,462▼ 51.3%€182,254▲ 106%€142,836▼ 21.6%
Working capital€143,334above the sector's middle half▼ 9.6%€74,188within the sector's middle half▼ 48.2%€64,749within the sector's middle half▼ 12.7%-€9,311below the sector's middle half-€3,817below the sector's middle half▲ 59.0%
Solvency49.4%within the sector's middle half▲ 14.7pp28.6%within the sector's middle half▼ 20.8pp45.5%within the sector's middle half▲ 16.9pp10.5%below the sector's middle half▼ 35.0pp12.4%below the sector's middle half▲ 1.9pp
Current ratio1.85within the sector's middle half▲ 0.351.45within the sector's middle half▼ 0.401.73within the sector's middle half▲ 0.280.95below the sector's middle half▼ 0.780.97below the sector's middle half▲ 0.02
Return on assets (ROA)-0.8%below the sector's middle half▲ 1.3pp-36.2%below the sector's middle half▼ 35.4pp0.8%within the sector's middle half▲ 37.0pp3.7%within the sector's middle half▲ 2.9pp-0.7%below the sector's middle half▼ 4.4pp
Staff (FTE)1=0.51▲ 100%1=
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €259 after €7,664 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €163,126
Fixed assets
€24,108 ▼ 21.5%
Current assets
€139,018 ▼ 19.6%
Equity and liabilities €163,126
Equity
€20,291 ▼ 5.2%
Debt
€142,836 ▼ 21.6%
Debt's share of the balance-sheet total falls from 89.5% to 87.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10,776▼
2024 · €14,426
Cash flow
€9,927▼
2024 · €14,246
Debt to equity
7.04▼
2024 · 8.52
ROE
-5.5%▼
2024 · 35.0%
Interest coverage
14.66▼
2024 · 79.74
Debt ≤ 1 year
€142,836▼
2024 · €182,254
Income taxes
€114
Staff costs
€26,455▼
2024 · €27,054
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,448 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 497,662 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% | 1.7% |
| 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 75% 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 2,448 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €18,261 | €11,529 | €27,054 | €26,455 | ▼ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,079 | €6,121 | €6,121 | €6,762 | €11,035 | ▲ 63.2% |
| Other operating charges640/8 | - | €248 | €369 | €2,368 | €901 | ▼ 61.9% |
| Non-recurring operating charges66A | - | €84,654 | - | - | - | - |
| Gross operating margin9900 | €41,746 | €17,516 | €19,426 | €43,849 | €38,132 | ▼ 13.0% |
| Operating profit (loss)9901 | €6,699 | -€91,767 | €1,407 | €7,664 | -€259 | ▼ 103% |
| Financial income75/76B | - | - | €0 | €0 | €0 | ▼ 55.6% |
| Recurring financial income75 | €317 | - | €0 | €0 | €0 | ▼ 55.6% |
| Financial charges65/66B | - | €300 | €167 | €181 | €735 | ▲ 306% |
| Recurring financial charges65 | €9,506 | €300 | €167 | €181 | €735 | ▲ 306% |
| Profit (loss) for the period before taxes9903 | -€2,490 | -€92,067 | €1,240 | €7,483 | -€994 | ▼ 113% |
| Income taxes67/77 | €211 | - | - | - | €114 | - |
| Profit (loss) for the period9904 | -€2,702 | -€92,067 | €1,240 | €7,483 | -€1,108 | ▼ 115% |
| Profit (loss) for the period to be appropriated9905 | -€2,702 | -€92,067 | €1,240 | €7,483 | -€1,108 | ▼ 115% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €333,317 | €254,255 | €162,378 | €203,653 | €163,126 | ▼ 19.9% |
| Fixed assets21/28 | €21,409 | €15,288 | €9,167 | €30,710 | €24,108 | ▼ 21.5% |
| Intangible fixed assets21 | €3,275 | €1,637 | - | - | - | - |
| Tangible fixed assets22/27 | €18,135 | €13,651 | €9,167 | €30,710 | €24,108 | ▼ 21.5% |
| Plant, machinery and equipment23 | - | €2,014 | €881 | €441 | €4,434 | ▲ 906% |
| Furniture and vehicles24 | - | €11,637 | €8,285 | €30,269 | €19,674 | ▼ 35.0% |
| Current assets29/58 | €311,908 | €238,967 | €153,211 | €172,944 | €139,018 | ▼ 19.6% |
| Stocks and contracts in progress3 | €11,656 | €9,325 | €7,460 | €3,730 | - | - |
| Stocks30/36 | - | €9,325 | €7,460 | €3,730 | - | - |
| Amounts receivable within one year40/41 | €298,159 | €222,260 | €142,767 | €152,842 | €136,941 | ▼ 10.4% |
| Trade receivables40 | - | €178,784 | €87,774 | €105,432 | €107,256 | ▲ 1.7% |
| Other amounts receivable41 | - | €43,477 | €54,993 | €47,410 | €29,685 | ▼ 37.4% |
| Cash at bank and in hand54/58 | €2,093 | €7,381 | €2,984 | €16,371 | €2,078 | ▼ 87.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €333,317 | €254,255 | €162,378 | €203,653 | €163,126 | ▼ 19.9% |
| Equity10/15 | €164,743 | €72,676 | €73,916 | €21,399 | €20,291 | ▼ 5.2% |
| Contributions10/11 | - | €120,000 | €120,000 | €60,000 | €60,000 | = |
| Reserves13 | €184,972 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Non-distributable reserves130/1 | - | €12,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | €12,000 | - | - | - | - |
| Distributable reserves133 | - | - | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | -€140,228 | -€59,324 | -€58,084 | -€50,601 | -€51,709 | ▼ 2.2% |
| Amounts payable17/49 | €168,574 | €181,579 | €88,462 | €182,254 | €142,836 | ▼ 21.6% |
| Amounts payable within one year42/48 | €168,574 | €164,779 | €88,462 | €182,254 | €142,836 | ▼ 21.6% |
| Trade debts44 | €51,964 | €13,985 | €8,103 | €49,509 | €22,959 | ▼ 53.6% |
| Suppliers440/4 | - | €13,985 | €8,103 | €49,509 | €22,959 | ▼ 53.6% |
| Taxes, remuneration and social security45 | - | €161 | €1,693 | €3,890 | €3,874 | ▼ 0.4% |
| Taxes450/3 | - | €161 | €16 | €16 | - | - |
| Remuneration and social security454/9 | - | - | €1,677 | €3,874 | €3,874 | = |
| Other amounts payable47/48 | - | €150,633 | €78,666 | €128,856 | €116,002 | ▼ 10.0% |
| Accrued charges and deferred income492/3 | - | €16,800 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,702 | -€92,067 | €1,240 | €7,483 | -€1,108 | ▼ 115% |
| + Depreciation and write-downs630 | €4,079 | €6,121 | €6,121 | €6,762 | €11,035 | ▲ 63.2% |
| Operating cash flow (approximation) | €1,378 | -€85,946 | €7,361 | €14,246 | €9,927 | ▼ 30.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€28,305 | -€4,434 | ▲ 84.3% |
| Change in cash | - | €5,289 | -€4,397 | €13,387 | -€14,294 | ▼ 207% |
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
11-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
2025
29-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Highest result since 2020net €7,483 ▲504%
Operating result €7,664, net result €7,483, both a record.
23-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 23 days late
2023
30-06
Financial
Back to profitnet €1,240
Net result €1,240 after 3 loss-making years.
03-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 3 days late
2022
30-06
Financial
Weakest financial yearnet -€92,067
Net result drops to -€92,067, the lowest in the series; recovery starts the following year.
04-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 4 days late
2021
09-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 9 days late
2019
07-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 7 days late
2018
22-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 3 days late
2016
27-01
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Etterbeek · 1 establishment unit since 2000
Ground area
287 m²
Building footprint
276 m²
Volume, LiDAR
1,728 m³
Parcel 21362B0225/00L004, Brussels · tallest building 16.3 m, ±1 floor. Linked by address, not a title deed.
56
companies at this address
See who is registered here
1 establishment unit
Sint-Pieterssteenweg 387, 1040 Etterbeek
since 20002.096.476.044
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21362B0225/00L004 | Brussels | 287 m² | 1 · 276 m² | 16.3 m · 1 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.
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Of 22,831 companies in sector 43211 we hold annual accounts for 10,335. 7,226 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
Founded23-12-1999
Fiscal year end30-06
Activities, NACEBEL 2025
43211General electrical installation work
43350Other building finishing work
43230Insulation installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0468628279
Registered
04-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.