ARS SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 5 filings
Turnover
≈ €130,000
Estimated: probably between €76,000 and €230,000
Total assets
€71,847▼ 18.7%
2024 · €88,333
Net result
€6,682▲ 13×
2024 · €512
Working capital
€1,656
2024 · -€7,582
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€11,335
▲ 219%
2025
20212025
Net result
€6,682
▲ 13×
2025
middle half of the sector
20212025
Equity
€32,677
▲ 25.7%
2025
middle half of the sector
20212025
Total assets
€71,847
▼ 18.7%
2025
lowest quarter of the sector
20212025
Debt
€39,170
▼ 37.2%
2025
20212025
Working capital
€1,656
2025
middle half of the sector
20212025
Solvency
45.5%
▲ 16.1pp
2025
middle half of the sector
20212025
Current ratio
1.07
▲ 0.28
2025
middle half of the sector
20212025
Return on assets (ROA)
9.3%
▲ 8.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€26,648-€3,426▼ 87.1%-€264€3,558€11,335▲ 219%
Net result€20,185within the sector's middle half-€974within the sector's middle half▼ 95.2%€2,624within the sector's middle half▲ 169%€512within the sector's middle half▼ 80.5%€6,682within the sector's middle half▲ 13×
Equity€21,885below the sector's middle half-€22,859within the sector's middle half▲ 4.4%€25,483within the sector's middle half▲ 11.5%€25,995within the sector's middle half▲ 2.0%€32,677within the sector's middle half▲ 25.7%
Total assets€51,845below the sector's middle half-€89,245within the sector's middle half▲ 72.1%€113,168within the sector's middle half▲ 26.8%€88,333within the sector's middle half▼ 21.9%€71,847below the sector's middle half▼ 18.7%
Debt€29,960-€66,386▲ 122%€87,685▲ 32.1%€62,338▼ 28.9%€39,170▼ 37.2%
Working capital-€2,469below the sector's middle half--€8,148below the sector's middle half▼ 230%-€9,966below the sector's middle half▼ 22.3%-€7,582below the sector's middle half▲ 23.9%€1,656within the sector's middle half
Solvency42.2%within the sector's middle half-25.6%within the sector's middle half▼ 16.6pp22.5%within the sector's middle half▼ 3.1pp29.4%within the sector's middle half▲ 6.9pp45.5%within the sector's middle half▲ 16.1pp
Current ratio0.90below the sector's middle half-0.81below the sector's middle half▼ 0.100.79below the sector's middle half▼ 0.020.78below the sector's middle half=1.07within the sector's middle half▲ 0.28
Return on assets (ROA)38.9%above the sector's middle half-1.1%within the sector's middle half▼ 37.8pp2.3%within the sector's middle half▲ 1.2pp0.6%within the sector's middle half▼ 1.7pp9.3%within the sector's middle half▲ 8.7pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 3.2 times that of 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71,847
Fixed assets
€44,917 ▼ 26.6%
Current assets
€26,929 ▼ 0.9%
Equity and liabilities €71,847
Equity
€32,677 ▲ 25.7%
Debt
€39,170 ▼ 37.2%
Debt's share of the balance-sheet total falls from 70.6% to 54.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29,447▲
2024 · €22,055
Cash flow
€24,794▲
2024 · €19,009
Debt to equity
1.20▼
2024 · 2.40
ROE
20.4%▲
2024 · 2.0%
Interest coverage
19.58▲
2024 · 10.55
Debt ≤ 1 year
€25,273▼
2024 · €34,759
Debt > 1 year
€13,651▼
2024 · €27,576
Income taxes
€2,417▲
2024 · €955
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €44,206 | €41,443 | €38,240 | €3,094 | €2,610 |
| Depreciation and write-downs of the year | €8,930 | €15,126 | €14,616 | €18,497 | €18,112 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,136 | €659 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,930 | €15,126 | €14,616 | €18,497 | €18,112 | ▼ 2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €386 | - | - |
| Other operating charges640/8 | €1,176 | €2,590 | €1,875 | €1,763 | €1,840 | ▲ 4.4% |
| Non-recurring operating charges66A | - | €4,955 | - | - | - | - |
| Gross operating margin9900 | €37,890 | €26,756 | €16,227 | €24,203 | €31,287 | ▲ 29.3% |
| Operating profit (loss)9901 | €26,648 | €3,426 | -€264 | €3,558 | €11,335 | ▲ 219% |
| Financial income75/76B | - | €93 | €6,905 | €0 | €4 | ▲ 214× |
| Recurring financial income75 | - | €93 | €655 | €0 | €4 | ▲ 214× |
| Non-recurring financial income76B | - | - | €6,250 | - | - | - |
| Financial charges65/66B | €738 | €1,522 | €3,304 | €2,091 | €2,240 | ▲ 7.2% |
| Recurring financial charges65 | €738 | €1,522 | €3,304 | €2,091 | €1,504 | ▼ 28.1% |
| Non-recurring financial charges66B | - | - | - | - | €736 | - |
| Profit (loss) for the period before taxes9903 | €25,911 | €1,997 | €3,337 | €1,467 | €9,099 | ▲ 520% |
| Income taxes67/77 | €5,725 | €1,023 | €713 | €955 | €2,417 | ▲ 153% |
| Profit (loss) for the period9904 | €20,185 | €974 | €2,624 | €512 | €6,682 | ▲ 13× |
| Profit (loss) for the period to be appropriated9905 | €20,185 | €974 | €2,624 | €512 | €6,682 | ▲ 13× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,845 | €89,245 | €113,168 | €88,333 | €71,847 | ▼ 18.7% |
| Formation expenses20 | €236 | - | - | - | - | - |
| Fixed assets21/28 | €28,809 | €55,361 | €76,558 | €61,156 | €44,917 | ▼ 26.6% |
| Tangible fixed assets22/27 | €28,809 | €55,361 | €76,558 | €61,156 | €44,917 | ▼ 26.6% |
| Land and buildings22 | €18,136 | €16,933 | €15,730 | €14,527 | €13,324 | ▼ 8.3% |
| Plant, machinery and equipment23 | €2,442 | €1,337 | €4,490 | €4,374 | €4,593 | ▲ 5.0% |
| Furniture and vehicles24 | €5,459 | €2,869 | €837 | €1,354 | €700 | ▼ 48.3% |
| Leasing and similar rights25 | €2,771 | €34,221 | €55,502 | €40,901 | €26,301 | ▼ 35.7% |
| Current assets29/58 | €22,800 | €33,885 | €36,610 | €27,178 | €26,929 | ▼ 0.9% |
| Stocks and contracts in progress3 | - | €2,388 | - | €2,433 | - | - |
| Stocks30/36 | - | - | - | €2,433 | - | - |
| Contracts in progress37 | - | €2,388 | - | - | - | - |
| Amounts receivable within one year40/41 | €13,313 | €29,641 | €33,980 | €22,295 | €17,601 | ▼ 21.1% |
| Trade receivables40 | €12,039 | €22,866 | €32,693 | €19,964 | €15,973 | ▼ 20.0% |
| Other amounts receivable41 | €1,275 | €6,775 | €1,287 | €2,332 | €1,628 | ▼ 30.2% |
| Cash at bank and in hand54/58 | €7,959 | €1,330 | €1,532 | €2,411 | €8,368 | ▲ 247% |
| Deferred charges and accrued income490/1 | €1,528 | €526 | €1,098 | €39 | €961 | ▲ 25× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,845 | €89,245 | €113,168 | €88,333 | €71,847 | ▼ 18.7% |
| Equity10/15 | €21,885 | €22,859 | €25,483 | €25,995 | €32,677 | ▲ 25.7% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €19,385 | €20,359 | €22,983 | €23,495 | €30,177 | ▲ 28.4% |
| Amounts payable17/49 | €29,960 | €66,386 | €87,685 | €62,338 | €39,170 | ▼ 37.2% |
| Amounts payable after more than one year17 | €4,690 | €24,354 | €41,103 | €27,576 | €13,651 | ▼ 50.5% |
| Financial debts170/4 | €4,690 | €24,354 | €41,103 | €27,576 | €13,651 | ▼ 50.5% |
| Amounts payable within one year42/48 | €25,270 | €42,032 | €46,575 | €34,759 | €25,273 | ▼ 27.3% |
| Current portion of amounts payable after more than one year42 | €4,731 | €9,335 | €15,642 | €14,427 | €15,503 | ▲ 7.5% |
| Financial debts43 | - | €1,674 | - | - | - | - |
| Credit institutions430/8 | - | €1,674 | - | - | - | - |
| Trade debts44 | €8,326 | €13,051 | €12,060 | €6,939 | €2,480 | ▼ 64.3% |
| Suppliers440/4 | €8,326 | €13,051 | €12,060 | €6,939 | €2,480 | ▼ 64.3% |
| Taxes, remuneration and social security45 | €2,950 | €4,077 | €5,840 | €4,200 | €1,654 | ▼ 60.6% |
| Taxes450/3 | €950 | €2,577 | €3,590 | €2,450 | €1,654 | ▼ 32.5% |
| Remuneration and social security454/9 | €2,000 | €1,500 | €2,250 | €1,750 | - | - |
| Other amounts payable47/48 | €9,263 | €13,895 | €13,033 | €9,194 | €5,637 | ▼ 38.7% |
| Accrued charges and deferred income492/3 | - | - | €7 | €3 | €245 | ▲ 79× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,185 | €974 | €2,624 | €512 | €6,682 | ▲ 13× |
| + Depreciation and write-downs630 | €8,930 | €15,126 | €14,616 | €18,497 | €18,112 | ▼ 2.1% |
| Operating cash flow (approximation) | €29,115 | €16,100 | €17,239 | €19,009 | €24,794 | ▲ 30.4% |
| Investment in fixed assets (approximation) | - | -€41,678 | -€35,813 | -€3,094 | -€1,874 | ▲ 39.4% |
| Change in cash | - | -€6,629 | €201 | €879 | €5,958 | ▲ 578% |
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, 26,972 companies had the same profile as ARS SERVICES has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ARS SERVICES itself: 0.9% within 12 months.
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 26,972 companies, not a prediction for ARS SERVICES. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00334755 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00320673 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00176497 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00283943 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20073104 |