ARROW ECS
ActiveSummary
ARROW ECS has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €25.5m and a net result of €6.0m. Equity is growing by ~28.9% per year across the filed fiscal years. Its solvency ranks better than 23% of 5998 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability60▲+14
Solvency44=
Growth69▲+2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,400,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.23 in 2023; short-term debt: 81.3% and cash: 0% of total assets), and 81.4% 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
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
18.6%
Return on assets
4.4%
Age of the figures
21 mo
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 →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 5998 sector peers (2024).
NBB · sector comparisonPosition among 5998 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-08-2025, 28 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 · 5 filingsDeviation from the deadline
2025
not confirmed
2024
28 d late
2023
31 d late
2022
29 d late
2021
5 d early
2020
11 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 14 days after 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 (1)
History
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Financials · fiscal year 2024, full schema, statutory accounts
Turnover
€317.5m▲ 16.7%
2023 · €272.2m
EBIT margin
2.5%▲ 0.2pp
2023 · 2.2%
Net result
€6.0m▲ 25.8%
2023 · €4.8m
Working capital
€24.3m▲ 29.7%
2023 · €18.8m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€221.5m▲ 12.0%€212.2m▼ 4.2%€246.6m▲ 16.2%€272.2m▲ 10.3%€317.5m▲ 16.7%
Operating result€2.4m▲ 965%€2.6m▲ 7.3%€5.4m▲ 110%€6.1m▲ 12.6%€7.9m▲ 28.8%
Net result€1.3m▲ 133%€1.7m▲ 28.6%€4.6m▲ 171%€4.8m▲ 3.8%€6.0m▲ 25.8%
EBIT margin1.1%▲ 1.0pp1.2%▲ 0.1pp2.2%▲ 1.0pp2.2%=2.5%▲ 0.2pp
Equity€8.4m▲ 18.8%€10.1m▲ 20.3%€14.7m▲ 45.7%€19.4m▲ 32.6%€25.5m▲ 30.9%
Total assets€90.4m▲ 15.8%€95.9m▲ 6.0%€94.9m▼ 1.0%€103.6m▲ 9.2%€136.9m▲ 32.1%
Debt€82.0m▲ 15.4%€85.8m▲ 4.6%€80.2m▼ 6.5%€84.1m▲ 4.9%€111.4m▲ 32.4%
Working capital€8.1m▲ 29.4%€9.1m▲ 12.1%€13.4m▲ 46.3%€18.8m▲ 40.6%€24.3m▲ 29.7%
Staff (FTE)54.7▼ 2.7%54.5▼ 0.4%55.2▲ 1.3%57.2▲ 3.6%55.3▼ 3.3%
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 29% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €136.9m
Fixed assets
€1.3m ▼ 5.6%
Current assets
€135.5m ▲ 32.6%
Equity and liabilities €136.9m
Equity
€25.5m ▲ 30.9%
Debt
€111.4m ▲ 32.4%
Debt's share of the balance-sheet total rises from 81.2% to 81.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€8.0m▲
2023 · €6.2m
Cash flow
€6.1m▲
2023 · €4.9m
Current ratio
1.22▼
2023 · 1.23
Quick ratio
1.20▼
2023 · 1.22
Debt to equity
4.38▲
2023 · 4.33
ROE
23.6%▼
2023 · 24.6%
ROA
4.4%▼
2023 · 4.6%
Interest coverage
339.06▲
2023 · 3.64
Debt ≤ 1 year
€111.2m▲
2023 · €83.4m
Income taxes
€2.2m▲
2023 · €1.7m
Staff costs
€7.1m▼
2023 · €7.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 719 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.8%
went bankrupt
1.4%
stopped otherwise
97%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 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 719 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €213.1m | €247.8m | €273.5m | €318.9m | ▲ 16.6% |
| Turnover70 | €221.5m | €212.2m | €246.6m | €272.2m | €317.5m | ▲ 16.7% |
| Other operating income74 | - | €901,296 | €1.1m | €1.3m | €1.4m | ▲ 6.3% |
| Operating charges60/66A | - | €210.5m | €242.4m | €267.4m | €311.1m | ▲ 16.3% |
| Goods for resale, raw materials and consumables60 | - | €200.0m | €231.7m | €254.2m | €297.8m | ▲ 17.2% |
| Purchases600/8 | - | €199.9m | €231.7m | €254.6m | €299.0m | ▲ 17.5% |
| Change in stocks: decrease (increase)609 | - | €170,322 | -€24,979 | -€350,008 | -€1.2m | ▼ 243% |
| Services and other goods61 | - | €3.6m | €4.1m | €5.1m | €5.3m | ▲ 2.8% |
| Remuneration, social security and pensions62 | - | €5.5m | €6.5m | €7.9m | €7.1m | ▼ 10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €1.4m | €126,850 | €111,256 | €96,204 | ▼ 13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €20,741 | - | - | €13,433 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €40,766 | - | - | - | - |
| Other operating charges640/8 | - | €2,785 | - | - | €745,147 | - |
| Operating profit (loss)9901 | €2.4m | €2.6m | €5.4m | €6.1m | €7.9m | ▲ 28.8% |
| Financial income75/76B | - | €1.5m | €3.6m | €2.1m | €2.9m | ▲ 37.2% |
| Recurring financial income75 | €974,437 | €1.5m | €3.6m | €2.1m | €2.9m | ▲ 37.2% |
| Income from current assets751 | - | - | €70,006 | €310,714 | €388,281 | ▲ 25.0% |
| Other financial income752/9 | - | €1.5m | €3.5m | €1.8m | €2.5m | ▲ 39.3% |
| Financial charges65/66B | - | €1.6m | €2.8m | €1.7m | €2.5m | ▲ 47.7% |
| Recurring financial charges65 | €1.6m | €1.6m | €2.8m | €1.7m | €2.5m | ▲ 47.7% |
| Debt charges650 | - | - | - | - | €23,467 | - |
| Other financial charges652/9 | - | €1.6m | €2.8m | €1.7m | €2.5m | ▲ 46.3% |
| Profit (loss) for the period before taxes9903 | €1.8m | €2.4m | €6.2m | €6.5m | €8.2m | ▲ 26.5% |
| Income taxes67/77 | €455,434 | €720,212 | €1.6m | €1.7m | €2.2m | ▲ 28.5% |
| Taxes670/3 | - | €720,212 | €1.6m | €1.7m | €2.2m | ▲ 28.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | €8,682 | - | - | - |
| Profit (loss) for the period9904 | €1.3m | €1.7m | €4.6m | €4.8m | €6.0m | ▲ 25.8% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €1.7m | €4.6m | €4.8m | €6.0m | ▲ 25.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €90.4m | €95.9m | €94.9m | €103.6m | €136.9m | ▲ 32.1% |
| Fixed assets21/28 | €2.4m | €1.0m | €1.5m | €1.4m | €1.3m | ▼ 5.6% |
| Intangible fixed assets21 | €1.2m | €0 | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €201,660 | €126,649 | €626,216 | €545,691 | €467,965 | ▼ 14.2% |
| Plant, machinery and equipment23 | - | €20,818 | €424,037 | €386,322 | €344,285 | ▼ 10.9% |
| Furniture and vehicles24 | - | €60,269 | €202,179 | €31,950 | €13,845 | ▼ 56.7% |
| Other tangible fixed assets26 | - | €45,563 | - | €127,419 | €109,836 | ▼ 13.8% |
| Financial fixed assets28 | €922,882 | €922,882 | €922,882 | €842,882 | €842,882 | = |
| Affiliated companies280/1 | - | €842,882 | €842,882 | €842,882 | €842,882 | = |
| Participating interests280 | - | €842,882 | €842,882 | €842,882 | €842,882 | = |
| Other financial fixed assets284/8 | - | €80,000 | €80,000 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €80,000 | €80,000 | - | - | - |
| Current assets29/58 | €88.0m | €94.8m | €93.3m | €102.2m | €135.5m | ▲ 32.6% |
| Stocks and contracts in progress3 | €220,923 | €391,245 | €416,224 | €766,231 | €2.0m | ▲ 157% |
| Stocks30/36 | - | €391,245 | €416,224 | €766,231 | €2.0m | ▲ 157% |
| Goods purchased for resale34 | - | €391,245 | €416,224 | €766,231 | €2.0m | ▲ 157% |
| Amounts receivable within one year40/41 | €80.2m | €93.6m | €92.2m | €100.6m | €128.2m | ▲ 27.4% |
| Trade receivables40 | - | €86.0m | €80.4m | €84.8m | €108.3m | ▲ 27.7% |
| Other amounts receivable41 | - | €7.6m | €11.8m | €15.8m | €19.9m | ▲ 25.7% |
| Cash at bank and in hand54/58 | €4.9m | €1,823 | €203,112 | €10,028 | €40,698 | ▲ 306% |
| Deferred charges and accrued income490/1 | - | €834,987 | €493,062 | €769,081 | €5.3m | ▲ 591% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €90.4m | €95.9m | €94.9m | €103.6m | €136.9m | ▲ 32.1% |
| Equity10/15 | €8.4m | €10.1m | €14.7m | €19.4m | €25.5m | ▲ 30.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €8.3m | €10.0m | €14.6m | €19.4m | €25.4m | ▲ 31.0% |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | €10.0m | €14.6m | €19.4m | €25.4m | ▲ 31.0% |
| Provisions and deferred taxes16 | €40,766 | - | - | - | - | - |
| Amounts payable17/49 | €82.0m | €85.8m | €80.2m | €84.1m | €111.4m | ▲ 32.4% |
| Amounts payable within one year42/48 | €79.9m | €85.7m | €80.0m | €83.4m | €111.2m | ▲ 33.3% |
| Financial debts43 | - | €7 | €22 | - | - | - |
| Credit institutions430/8 | - | €7 | €22 | - | - | - |
| Trade debts44 | €69.7m | €76.7m | €69.6m | €73.9m | €100.3m | ▲ 35.7% |
| Suppliers440/4 | - | €76.7m | €69.6m | €73.9m | €100.3m | ▲ 35.7% |
| Taxes, remuneration and social security45 | - | €9.0m | €10.4m | €9.5m | €10.9m | ▲ 14.8% |
| Taxes450/3 | - | €7.9m | €9.1m | €8.4m | €9.6m | ▲ 14.8% |
| Remuneration and social security454/9 | - | €1.0m | €1.2m | €1.1m | €1.3m | ▲ 14.6% |
| Accrued charges and deferred income492/3 | - | €112,872 | €232,762 | €716,029 | €192,264 | ▼ 73.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €1.7m | €4.6m | €4.8m | €6.0m | ▲ 25.8% |
| + Depreciation and write-downs630 | €1.3m | €1.4m | €126,850 | €111,256 | €96,204 | ▼ 13.5% |
| Operating cash flow (approximation) | €2.7m | €3.1m | €4.7m | €4.9m | €6.1m | ▲ 24.9% |
| Investment in fixed assets (approximation) | - | -€33,591 | -€626,416 | €49,269 | -€18,478 | ▼ 138% |
| Change in cash | - | -€4.9m | €201,289 | -€193,084 | €30,670 | ▲ 116% |
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
2026
03-08
State Gazette act
Resignation: llias KHOMSI (director)Appointment: Jerry BAETENS (director) · Power of attorney6 facts ▸
State Gazette act
Resignation: llias KHOMSI (director)
Appointment: Jerry BAETENS (director) · Power of attorney6 facts ▸
- Director resignation, llias KHOMSI (director)
- Director appointment, Jerry BAETENS (director)
- Power of attorney, Adriaan Dauwe
- Director resignation, llias KHOMSI (managing director)
- Director appointment, Jerry BAETENS (day-to-day manager)
- Power of attorney, Adriaan Dauwe
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated · 28 days late
2024
31-12
Financial
Highest result since 2018net €6.0m ▲25.8%
Operating result €7.9m, net result €6.0m, both a record.
31-12
Financial
Equity above €25mEq €25.5m ▲30.9%
7 profitable years in a row build equity to €25.5m.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated · 31 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated · 29 days late
2022
14-11
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €10mEq €10.1m ▲20.3%
4 profitable years in a row build equity to €10.1m.
14-12
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 21 acts read
About the unread acts
Of the 21 Belgian State Gazette acts we know for this company, 1 has been read. The other 20 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, 1 in day-to-day management, last change in 2026
Board 1
Jerry BAETENS
CurrentDirector · since 31-08-2026
Day-to-day management 1
Jerry BAETENS
CurrentDay-to-day manager · since 31-08-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
20 of this company's 21 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Machelen (Brab.) · 1 establishment unit since 2002
Ground area
3.7 ha
Building footprint
1.0 ha
Volume, LiDAR
33,263 m³
Parcel 23015B0092/00R000, Flanders · tallest building 23.9 m, ±7 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
ARROW ECS
since 20022.113.771.738
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23015B0092/00R000 | Flanders | 3.7 ha | 2 · 1.0 ha | 23.9 m · 7 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.
Mandate history
2 people since 2026, 1 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Jerry BAETENS |
|
| llias KHOMSI |
|
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- Arrow ECS SASFR
- ARROW ECS
Highest known parent: Arrow ECS SAS (France). The sources do not say who stands above it.
Owners 1
- Arrow ECS SASFRparentSourceown accounts 2024100%
Holdings 1
-
91.83%
According to the 2024 annual accounts of ARROW ECS 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
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
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Shareholding
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Recognitions · licences · registrations
Legal Entity Identifier
5493008H4QPJ7GNQYL14
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Identification & contact
Identification
Legal formPublic limited company
Founded14-04-1998
Fiscal year end31-12
Activities, NACEBEL 2025
46500Wholesale of information and communication equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0463043851
Registered
31-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.