Equity
ARPON ENGINEERING has made a profit in every financial year since 2020.
ARPON ENGINEERING has made a profit in every financial year since 2020.
The accounts state no turnover.
Short-term debts fell from €172,373 to €48,348.
2025 accounts not filed: deadline was 31-07-2026.
A confirmed filing finding caps the score at 59.
The dashed line is the sector median: 0.1% across 14,829 companies (NACE 71, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 71, micro). It does better than 70% of them on solvency, 43% on liquidity, 56% on profitability and 69% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as ARPON ENGINEERING has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARPON ENGINEERING itself: 0.6% within 12 months.
The method was tested on the 497,448 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 26,972 companies, not a prediction for ARPON ENGINEERING. 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.
Liquidity is ample, with a current ratio of 3.33 (1.51 in 2023), above the usual 1.5. Short-term debt is 29.4% and cash 15.6% of total assets. 29.4% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 26 days before the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| ARPON ENGINEERING Sint-Gillis (bij-Brussel) | €164,258 | €69,817 | 70.6% | - |
| IGIS-TECH Berchem-Sainte-Agathe | €177,414 | €62,796 | 59.6% | - |
| VABENE WERFLEIDING Malle | €160,166 | €67,465 | 85.3% | - |
| BRIMEZ Halle | €161,397 | €66,445 | 40.3% | - |
| ADMZ Hoogstraten | €152,268 | €71,955 | 75.2% | - |
| GEERTS TECHNICS Arendonk | €145,374 | €78,379 | 0.7% | - |
| TAKING WAVES Leuven | €139,417 | €74,165 | 59.5% | - |
These companies have the same main activity as ARPON ENGINEERING: engineering and related technical consultancy, excluding land surveyors (NACE 71121). They are comparable in size and age: total assets between €139,000 and €177,000, founded between 2019 and 2020.
ARPON ENGINEERING has existed since 2019. The gross margin fell from €243,663 in 2020 to €69,817 in 2024.
The gross margin has fallen every year since 2021. Solvency rose in 2024 from 35.4% to 70.6% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 11 November 2026.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €150,000. Estimated: probably between €120,000 and €230,000.
Higher than 77% of 1,116 companies in 2024.
Higher than 77% of 1,105 companies in 2024.
Higher than 72% of 1,116 companies in 2024.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2024, nobody joined and 1 person left.
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
164,258 | 266,989 | 358,013 | 821,651 | 514,863 | |
21/28 |
3,401 | 7,297 | 12,446 | 16,193 | - | |
22/27 |
- | 3,896 | 9,045 | 14,195 | - | |
24 |
- | 3,896 | 9,045 | 14,195 | - | |
28 |
3,401 | 3,401 | 3,401 | 1,998 | - | |
29/58 |
160,857 | 259,693 | 345,567 | 805,458 | 514,863 | |
40/41 |
134,570 | 200,373 | 258,518 | 245,496 | 192,593 | |
40 |
16,989 | 72,585 | 159,815 | 245,496 | 192,593 | |
41 |
117,581 | 127,788 | 98,703 | - | - | |
54/58 |
25,649 | 57,386 | 82,984 | 556,878 | 320,963 | |
490/1 |
638 | 1,934 | 4,065 | 3,083 | 1,307 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
164,258 | 266,989 | 358,013 | 821,651 | 514,863 | |
10/15 |
115,910 | 94,616 | 93,662 | 115,047 | 138,561 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
14 |
110,910 | 89,616 | 88,662 | 110,047 | 133,561 | |
17/49 |
48,348 | 172,373 | 264,351 | 706,604 | 376,302 | |
42/48 |
48,348 | 172,373 | 264,351 | 706,604 | 376,302 | |
44 |
21,991 | 21,589 | 88,066 | 452,808 | 221,557 | |
440/4 |
21,991 | 21,589 | 88,066 | 452,808 | 221,557 | |
45 |
11,474 | 26,334 | 66,043 | 141,436 | 119,840 | |
450/3 |
8,992 | 18,723 | 56,176 | 119,850 | 98,083 | |
454/9 |
2,482 | 7,612 | 9,867 | 21,586 | 21,757 | |
47/48 |
14,883 | 124,449 | 110,243 | 112,360 | 34,905 | |
| Income statement | ||||||
9900 |
69,817 | 148,184 | 281,783 | 293,759 | 243,663 | |
62 |
41,759 | 124,086 | 157,568 | 165,604 | 49,019 | |
630 |
3,896 | 5,150 | 5,150 | 1,256 | - | |
640/8 |
173 | 1,772 | 206 | 5,797 | - | |
66A |
- | 19,510 | - | - | - | |
9901 |
23,989 | -2,334 | 118,860 | 121,103 | 194,644 | |
75/76B |
6,994 | 5,506 | 1,194 | 0 | 0 | |
75 |
6,994 | 5,496 | 58 | - | - | |
76B |
- | 10 | 1,136 | 0 | 0 | |
65/66B |
698 | 902 | 665 | 3,301 | 4,974 | |
65 |
698 | 900 | 665 | 3,301 | 4,974 | |
66B |
- | 2 | -0 | - | - | |
9903 |
30,286 | 2,270 | 119,389 | 117,802 | 189,670 | |
67/77 |
8,992 | 1,315 | 30,775 | 31,316 | 56,110 | |
9904 |
21,294 | 955 | 88,615 | 86,486 | 133,561 | |
9905 |
21,294 | 955 | 88,615 | 86,486 | 133,561 | |
| Appropriation of the result | ||||||
9906 |
110,910 | 89,616 | 198,662 | 220,047 | 133,561 | |
14P |
89,616 | 88,662 | 110,047 | 133,561 | - | |
694/7 |
- | - | 110,000 | 110,000 | - | |
694 |
- | - | 110,000 | 110,000 | - | |
| Social balance sheet | ||||||
9087 |
0.6 | 1.7 | 2.6 | 3.8 | 1.2 | |
Hours worked1013 |
995 | 2,812 | 4,195 | 6,212 | 2,035 | |
| Document | ||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 18-04-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | full format | 18-04-2025 | 2025-00073660 | |
| 31-12-2023 | full format | 05-04-2024 | 2024-00060081 | |
| 31-12-2022 | full format | 12-09-2023 | 2023-00445615 | |
| 31-12-2021 | full format | 26-06-2022 | 2022-20102066 | |
| 31-12-2020 | micro format | 20-10-2021 | 2021-72400245 |
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| 27,885 | 2,816 | 124,010 | 122,359 | - | ||
| 25,190 | 6,104 | 93,765 | 87,742 | - | ||
| 0 | 0 | 3,401 | 17,449 | - | ||
| -31,737 | -25,598 | -473,895 | 235,916 | - | ||
| 112,509 | 87,320 | 81,216 | 98,854 | 138,561 | ||
| 70.6% | 35.4% | 26.2% | 14.0% | 26.9% | ||
| 3.33 | 1.51 | 1.31 | 1.14 | 1.37 | ||
| 0.42 | 1.82 | 2.82 | 6.14 | 2.72 | ||
| 18.4% | 1.0% | 94.6% | 75.2% | 96.4% | ||
| 13.0% | 0.4% | 24.8% | 10.5% | 25.9% | ||
| 39.98 | 3.13 | over 100 | 37.07 | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 2 | 4 |
| full-time | - | 1 | 2 | 4 |
| in full-time equivalents | - | 1 | 2 | 4 |
| 0.6 | 1.7 | 2.6 | 3.8 | |
| On a permanent contract | - | 1 | 2 | 4 |
| Joined | 0 | 0 | 2 | 4 |
| Left | 1 | 1 | 4 | 3 |
| Training hours | - | - | - | 117 |
Source: social balance sheet in the 2021 to 2024 annual accounts
| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €15,451 |
| Financial fixed assets | - | - | €3,401 | €1,998 |
| €3,896 | €5,150 | €5,150 | €1,256 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a profit of €23,989, after a loss of €2,334 in 2023.
Debt's share of the balance-sheet total falls from 64.6% to 29.4%. Equity is higher and debt is lower.
Source: parent in its own accounts
| THI FACTORY
establishment since 29-03-2017 · founded in 2013 · group SOCIETE NATIONALE SNCF |
363 FTE (2025) 0541.696.005 |
| ALSTOM Belgium
establishment since 28-03-2013 · founded in 1988 |
1,669 FTE (2026) 0436.195.241 |
| CELIO INTERNATIONAL
registered office since 09-05-2006 · founded in 2006 |
total assets €373.5m (2026) 0880.793.256 |
| Colisée Belgium
registered office since 01-04-2019 · founded in 2019 · negative equity (2025) |
total assets €210.6m (2025) 0723.858.144 |
| W.A.G. payment solutions BE
registered office since 22-02-2016 · founded in 2016 · accounts filed late |
turnover €76.3m (2024) 0648.861.506 |
| BELSORG
registered office since 11-09-2008 · founded in 2007 |
total assets €65.8m (2025) 0891.985.274 |
| LAURINA
registered office since 19-12-2006 · founded in 2006 |
total assets €60.2m (2025) 0885.757.181 |
| SL BELGIUM
establishment since 15-10-2013 · founded in 2010 |
34 FTE (2025) 0831.920.104 |
| AVA Consulting Belgium
registered office since 04-05-2015 · founded in 2015 · accounts filed late |
total assets €37.8m (2024) 0629.752.902 |
| B&B Hotels Belgium
registered office since 29-03-2018 · founded in 2018 · negative equity (2024) · accounts filed late |
85 FTE (2024) 0693.764.388 |
The network starts from the directors of ARPON ENGINEERING. Every other company they run is a node.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 26 September 2019, ARPON ENGINEERING was incorporated as a private limited company by ARPON TECHNOLOGIES, with a starting capital of €5,000.12 In 2020 the registered office moved to Saint-Gilles.3 ARPON TECHNOLOGIES has served as director since 2019.4 Total assets went from €514,863 in 2020 to €164,258 in 2024 and headcount from 1.2 to 0.6 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| Marcel Broodthaersplein 8 registered office 1060 Sint-Gillis (bij-Brussel) | 26-09-2019 | 2.294.455.222 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21562A0411/00A002 | 2,707 m² | 1 · 2,234 m² | 49.4 m · 10 |
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