ARREDOR
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 6 days after the deadline Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00391062.
Annual accounts 2025 filed on 06-08-2026 at the NBB all 27 filings
Turnover
€21,015▲ 400%
2021 · €4,205
EBIT margin
3.9%▲ 567.5pp
2021 · -563.6%
Net result
€9,440▲ 701%
2024 · €1,179
Working capital
€4,084
2024 · -€356
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€9,482
▲ 678%
2025
20182025
Net result
€9,440
▲ 701%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€16,916
▲ 35.8%
2025
lowest quarter of the sector
20182025
Total assets
€6,076
▼ 24.6%
2025
lowest quarter of the sector
20182025
Debt
€22,992
▼ 33.2%
2025
20182025
Working capital
€4,084
2025
middle half of the sector
20182025
Solvency
-278.4%
▲ 48.7pp
2025
lowest quarter of the sector
20182025
Current ratio
3.05
▲ 2.09
2025
middle half of the sector
20182025
Return on assets (ROA)
155.4%
▲ 140.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€36,232-€42,138▲ 16.3%€18,883▼ 55.2%€4,205▼ 77.7%€21,015▲ 400%
Operating result€6,701-€5,035▼ 24.9%-€11,690-€23,699▼ 103%€824-€11,763€1,219€9,482▲ 678%
Net result€4,165-€4,497▲ 8.0%-€10,056below the sector's middle half-€23,742below the sector's middle half▼ 136%€1,127within the sector's middle half-€11,802below the sector's middle half€1,179within the sector's middle half€9,440within the sector's middle half▲ 701%
EBIT margin18.5%-11.9%▼ 6.5pp-61.9%▼ 73.9pp-563.6%▼ 501.7pp3.9%▲ 567.5pp
Equity€15,441-€16,938▲ 9.7%€6,882below the sector's middle half▼ 59.4%-€16,860below the sector's middle half-€15,733below the sector's middle half▲ 6.7%-€27,535below the sector's middle half▼ 75.0%-€26,356below the sector's middle half▲ 4.3%-€16,916below the sector's middle half▲ 35.8%
Total assets€28,736-€31,724▲ 10.4%€15,888below the sector's middle half▼ 49.9%€12,065below the sector's middle half▼ 24.1%€27,974below the sector's middle half▲ 132%€3,072below the sector's middle half▼ 89.0%€8,058below the sector's middle half▲ 162%€6,076below the sector's middle half▼ 24.6%
Debt€13,295-€14,786▲ 11.2%€9,006▼ 39.1%€28,925▲ 221%€43,707▲ 51.1%€30,607▼ 30.0%€34,414▲ 12.4%€22,992▼ 33.2%
Working capital€15,323-€16,938▲ 10.5%€6,882within the sector's middle half▼ 59.4%€9,140within the sector's middle half▲ 32.8%€10,267within the sector's middle half▲ 12.3%-€1,535within the sector's middle half-€356within the sector's middle half▲ 76.8%€4,084within the sector's middle half
Solvency53.7%-53.4%▼ 0.3pp43.3%within the sector's middle half▼ 10.1pp-139.7%below the sector's middle half▼ 183.1pp-56.2%below the sector's middle half▲ 83.5pp-327.1%below the sector's middle half-278.4%below the sector's middle half▲ 48.7pp
Current ratio2.15-2.15▼ 0.011.76within the sector's middle half▼ 0.384.12above the sector's middle half▲ 2.361.58within the sector's middle half▼ 2.540.96within the sector's middle half3.05within the sector's middle half▲ 2.09
Return on assets (ROA)14.5%-14.2%▼ 0.3pp-63.3%below the sector's middle half▼ 77.5pp-196.8%below the sector's middle half▼ 133.5pp4.0%within the sector's middle half▲ 200.8pp14.6%within the sector's middle half155.4%above the sector's middle half▲ 140.7pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 7.8 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Key figures and ratios
Debt ≤ 1 year
€1,992▼
2024 · €8,414
Debt > 1 year
€21,000▼
2024 · €26,000
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €36,232 | €42,138 | €18,883 | €4,205 | €21,015 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €24,072 | €19,925 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €422 | €118 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €833 | €266 | €932 | €1,085 | €1,194 | ▲ 10.0% |
| Gross operating margin9900 | €7,937 | €5,761 | -€11,039 | -€22,866 | €1,090 | -€10,831 | €2,304 | €10,676 | ▲ 363% |
| Operating profit (loss)9901 | €6,701 | €5,035 | -€11,690 | -€23,699 | €824 | -€11,763 | €1,219 | €9,482 | ▲ 678% |
| Financial income75/76B | - | - | - | - | €347 | - | - | - | - |
| Recurring financial income75 | - | - | - | - | €347 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €347 | - | - | - | - |
| Financial charges65/66B | - | - | - | €43 | €44 | €39 | €40 | €42 | ▲ 5.0% |
| Recurring financial charges65 | €41 | €37 | €41 | €43 | €44 | €39 | €40 | €42 | ▲ 5.0% |
| Profit (loss) for the period before taxes9903 | €6,660 | €4,998 | -€11,731 | -€23,742 | €1,127 | -€11,802 | €1,179 | €9,440 | ▲ 701% |
| Income taxes67/77 | €2,495 | €501 | -€1,675 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €4,165 | €4,497 | -€10,056 | -€23,742 | €1,127 | -€11,802 | €1,179 | €9,440 | ▲ 701% |
| Profit (loss) for the period to be appropriated9905 | €4,165 | €4,497 | -€10,056 | -€23,742 | €1,127 | -€11,802 | €1,179 | €9,440 | ▲ 701% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €28,736 | €31,724 | €15,888 | €12,065 | €27,974 | €3,072 | €8,058 | €6,076 | ▼ 24.6% |
| Fixed assets21/28 | €118 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €118 | - | - | €0 | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €0 | - | - | - | - |
| Current assets29/58 | €28,618 | €31,724 | €15,888 | €12,065 | €27,974 | €3,072 | €8,058 | €6,076 | ▼ 24.6% |
| Amounts receivable within one year40/41 | €3,506 | €269 | €2,174 | €2,038 | €23,716 | €2,246 | €1,913 | €3,209 | ▲ 67.7% |
| Trade receivables40 | - | - | - | €1,300 | €22,315 | €1,300 | €1,325 | €2,948 | ▲ 122% |
| Other amounts receivable41 | - | - | - | €738 | €1,401 | €946 | €588 | €261 | ▼ 55.6% |
| Cash at bank and in hand54/58 | €25,112 | €31,455 | €13,714 | €10,027 | €4,258 | €826 | €6,059 | €2,867 | ▼ 52.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €86 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €28,736 | €31,724 | €15,888 | €12,065 | €27,974 | €3,072 | €8,058 | €6,076 | ▼ 24.6% |
| Equity10/15 | €15,441 | €16,938 | €6,882 | -€16,860 | -€15,733 | -€27,535 | -€26,356 | -€16,916 | ▲ 35.8% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€5,010 | -€3,513 | -€13,569 | -€37,311 | -€36,184 | -€47,986 | -€46,807 | -€37,367 | ▲ 20.2% |
| Amounts payable17/49 | €13,295 | €14,786 | €9,006 | €28,925 | €43,707 | €30,607 | €34,414 | €22,992 | ▼ 33.2% |
| Amounts payable after more than one year17 | - | - | - | €26,000 | €26,000 | €26,000 | €26,000 | €21,000 | ▼ 19.2% |
| Financial debts170/4 | - | - | - | €26,000 | €26,000 | €26,000 | €26,000 | €21,000 | ▼ 19.2% |
| Amounts payable within one year42/48 | €13,295 | €14,786 | €9,006 | €2,925 | €17,707 | €4,607 | €8,414 | €1,992 | ▼ 76.3% |
| Trade debts44 | €3,144 | €1,223 | €2,176 | €2,034 | €57 | €160 | €1,772 | €780 | ▼ 56.0% |
| Suppliers440/4 | - | - | - | €2,034 | €57 | €160 | €1,772 | €780 | ▼ 56.0% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €273 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €273 | - |
| Other amounts payable47/48 | - | - | - | €891 | €17,650 | €4,447 | €6,642 | €939 | ▼ 85.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,165 | €4,497 | -€10,056 | -€23,742 | €1,127 | -€11,802 | €1,179 | €9,440 | ▲ 701% |
| + Depreciation and write-downs630 | €422 | €118 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €4,587 | €4,615 | -€10,056 | -€23,742 | €1,127 | -€11,802 | €1,179 | €9,440 | ▲ 701% |
| Change in cash | - | €6,343 | -€17,741 | -€3,687 | -€5,769 | -€3,432 | €5,233 | -€3,192 | - |
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, 3,794 companies had the same profile as ARREDOR has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ARREDOR itself is lower: 0.2% within 12 months. It rests on far more data about ARREDOR than the profile alone.
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 3,794 companies, not a prediction for ARREDOR. 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.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-08-2026 | 2026-00391062 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00335196 | |
| 31-12-2023 | full format | 16-08-2024 | 2024-00356455 | |
| 31-12-2022 | full format | 05-08-2023 | 2023-00325710 | |
| 31-12-2021 | micro format | 06-08-2022 | 2022-20274014 | |
| 31-12-2020 | micro format | 25-07-2021 | 2021-40400280 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-34000429 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800423 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47800168 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-36100183 |