Equity
€253,928 from €438,835 in 2021
Equity fell by 42% in 4 years.
ARROWING
Lifetime
18 annual accounts with figures on one time axispeak €167,872 (2018)
-€14,701▼ €40,407
lowest -€77,378 (2022)
-€24,368▲ €4,766
peak €438,835 (2021)
€253,928▼ 8.8%
€636,216▼ 0.8%
Board1 name since 2006
1 directorErrygers Ilse
Documentsfilings and deeds
29-09-202532 days before the deadline
2025micro format
Gross margin from €25,706 to -€14,701Loss of €24,368Cash from €19,585 to €37,537
Key points
from the 2025 annual accountsLosses
-€184,907 in four years
Every financial year from 2022 to 2025 closed with a loss. 2022 was the heaviest.
Debts
€636,216 71% of the balance sheet
Suppliers 3%Taxes and wages 4%Other 94%
2026 accounts not filed, 9 days past the deadlineTurnover not published (micro format)
Checked score
84
Excellent
Financially stronger than 32% of micro companies in publishing (NACE 58)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,282 companies (NACE 58, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.3%▲ +0.1 percentage points vs 09-2025highest value
11-2025: 0.1%▼ -0.2 percentage points vs 10-2025lowest value
12-2025: 0.1%● unchanged vs 11-2025lowest value
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.2%▲ +0.1 percentage points vs 09-2026
11-2026: 0.3%▲ +0.1 percentage points vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Figures for financial year 2025 (filed on 03-10-2025)
1 financial year not filed after the legal deadline
lowers risk
Size: total assets €890,144
Sector: Publishing activities (NACE 58)
Calculation
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 58, micro). It does better than 38% of them on solvency, 11% on liquidity, 45% on profitability and 33% on growth.
The bankruptcy probability was computed on 08-11-2026 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 31-03-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 1,423 companies had the same profile as ARROWING has now. Each dot stands for 4 companies, two years later.
96.5%
were still trading
2.2%
stopped another way
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARROWING itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,447 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 1,423 companies, not a prediction for ARROWING. 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.
Credit verdict
Credit of up to €21,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.12 (0.09 in 2024), below 1. Short-term debt is 71.5% and cash 4.2% of total assets. 71.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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
19202122232425
2019 to 2025 · latest year -€24,368
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 29-09-2025, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
not filed
2025
32 days early
2024
1 day early
2023
30 days late
2022
395 days late
2021
3 days late
2020
30 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 71 days after the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0885292769
Incorporation
published on 06-12-2006 · Gazette deed
First establishment
I2-Management, Piet Verhaertstraat 38, Koksijde
Comparable companies
same main activity, similar in size and ageThese companies have the same main activity as ARROWING: book publishing (NACE 58110). They are comparable in size and age: total assets between €347,000 and €1.1m, founded between 1996 and 2008.
Official details
Source: KBO- Status
- Active since 28-11-2006Normal situation
- Activity
- Book publishingNACE 58110and 15 others
- Establishment unit
- 2.158.430.2418670 Koksijde, since 28-11-2006
- Financial year end
- 31 March
- Peppol
- Reachable since 03-10-2025
Insights on ARROWING
ARROWING files the micro format. That format states no turnover. The gross margin fell from €108,608 in 2008 to -€14,701 in 2025.
The balance sheet grew most from 2018 to 2020 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about ARROWING
- What is the company number of ARROWING?
- The company number of ARROWING is 0885.292.769. The VAT number is the same number with BE in front: BE 0885.292.769.
- Where is ARROWING based?
- The registered office is at Piet Verhaertstraat 38, 8670 Koksijde.Company details
- What does ARROWING do?
- According to the KBO register, the main activity is book publishing (NACE 58110).
- What is the legal form of ARROWING?
- ARROWING is a private limited company (pre-2019) (BVBA).
- When was ARROWING founded?
- ARROWING was founded on 28-11-2006.
- Is ARROWING still active?
- Yes, ARROWING is an active enterprise in the KBO register.
- What is the turnover of ARROWING?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is ARROWING profitable?
- In financial year 2025, ARROWING made a loss of €24,368.
- Where can I find the annual accounts of ARROWING?
- ARROWING filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed
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