Equity
ARSA CONSTRUCT has made a profit without a break since 2019.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
Fewer than 1 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 70, micro). It does better than 86% of them on solvency, 59% on liquidity, 34% on profitability and 46% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
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).
Liquidity is ample, with a current ratio of 2.49 (0.76 in 2024), above the usual 1.5. Short-term debt is 5.9% and cash 13.2% of total assets. 13.8% 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 7 accounts on average 9 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| ARSA CONSTRUCT Temse | €397,998 | €35,567 | 86.2% | - |
| Ogma Consulting Oosterzele | €443,226 | €38,741 | 47.0% | - |
| STATUS Ghent | €415,275 | €38,708 | 70.9% | - |
| LT-BEHEER Oosterzele | €330,712 | €32,901 | 74.5% | - |
| FAINGNAERT MANAGEMENT Beveren-Kruibeke-Zwijndrecht | €322,085 | €38,433 | 70.0% | 0 |
| CLINCKAERT MANAGEMENT CONSULTING Waasmunster | €451,296 | €31,316 | 99.2% | - |
| Tilde Consulting Beveren-Kruibeke-Zwijndrecht | €362,180 | €39,653 | 91.8% | - |
These companies have the same main activity as ARSA CONSTRUCT: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €322,000 and €451,000, founded between 2005 and 2010.
ARSA CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from -€10,861 in 2008 to €35,567 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €100,000. Estimated: probably between €62,000 and €140,000.
Higher than 85% of 39,368 companies in 2025.
Higher than 56% of 38,051 companies in 2025.
Higher than 24% of 38,523 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
397,998 | 421,822 | 392,137 | 557,148 | 557,944 | 572,069 | 536,618 | 486,492 | 11,304 | 12,094 | 9,315 | 16,600 | 13,942 | 7,204 | 10,229 | 11,743 | 14,071 | 2,542 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 190 | 380 | 570 | 760 | |
21/28 |
339,836 | 395,131 | 366,075 | 495,121 | 506,765 | 518,609 | 474,950 | 474,950 | - | - | 95 | 394 | 1,037 | 1,159 | 3,441 | 4,127 | 570 | 760 | |
22/27 |
33,624 | 38,918 | 9,862 | 20,171 | 31,815 | 43,659 | - | - | - | - | 95 | 394 | 1,037 | 1,159 | 3,251 | 3,747 | - | - | |
22 |
4,072 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
24 |
29,552 | 38,918 | 9,862 | 20,171 | 31,815 | 43,659 | - | - | - | - | 95 | 394 | 1,037 | 1,159 | 3,251 | 3,747 | - | - | |
28 |
306,212 | 356,213 | 356,213 | 474,950 | 474,950 | 474,950 | 474,950 | 474,950 | - | - | - | - | - | - | - | - | - | - | |
29/58 |
58,162 | 26,691 | 26,062 | 62,027 | 51,179 | 53,459 | 61,668 | 11,542 | 11,304 | 12,094 | 9,220 | 16,206 | 12,905 | 6,046 | 6,789 | 7,617 | 13,501 | 1,782 | |
40/41 |
3,233 | 18,862 | 19,645 | 40,698 | 21,401 | - | - | 355 | 11,038 | 10,769 | 4 | 10,769 | - | - | 4,644 | - | 9,075 | - | |
40 |
565 | 16,335 | 18,762 | 22,458 | 19,735 | - | - | - | 10,769 | 10,769 | - | 10,769 | - | - | 2,844 | - | 9,075 | - | |
41 |
2,668 | 2,527 | 883 | 18,240 | 1,666 | - | - | 355 | 269 | - | 4 | - | - | - | 1,800 | - | - | - | |
54/58 |
52,505 | 7,829 | 6,417 | 21,329 | 29,778 | 53,459 | 61,668 | 11,187 | 265 | 907 | 8,797 | 5,022 | 12,510 | 5,651 | 1,750 | 7,222 | 4,426 | 1,387 | |
490/1 |
2,424 | - | - | - | - | - | - | - | - | 418 | 418 | 415 | 395 | 395 | 395 | 395 | - | 395 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
397,998 | 421,822 | 392,137 | 557,148 | 557,944 | 572,069 | 536,618 | 486,492 | 11,304 | 12,094 | 9,315 | 16,600 | 13,942 | 7,204 | 10,229 | 11,743 | 14,071 | 2,542 | |
10/15 |
342,981 | 335,799 | 335,799 | 289,382 | 218,783 | 155,015 | 82,403 | -11,909 | -9,079 | -7,472 | -7,146 | -8,857 | -8,361 | -7,958 | -8,080 | -9,440 | -7,384 | -8,029 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 15,600 | 15,600 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,000 | 3,000 | 12,400 | 12,400 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
322,521 | 315,339 | 315,339 | 268,922 | 198,323 | 134,555 | 61,943 | -30,509 | -27,679 | -26,072 | -25,746 | -27,457 | -26,961 | -26,558 | -23,680 | -25,040 | -13,584 | -14,229 | |
17/49 |
55,017 | 86,023 | 56,338 | 267,766 | 339,161 | 417,054 | 454,215 | 498,401 | 20,383 | 19,567 | 16,461 | 25,457 | 22,303 | 15,162 | 18,309 | 21,183 | 21,455 | 10,571 | |
17 |
31,622 | 41,449 | 17,000 | 143,665 | 221,949 | 300,080 | 325,488 | 376,375 | 3,200 | 3,200 | 3,200 | 3,200 | 3,200 | 3,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
170/4 |
31,622 | 41,449 | 17,000 | 143,665 | 221,949 | 300,080 | 325,488 | 376,375 | 3,200 | 3,200 | 3,200 | 3,200 | 3,200 | 3,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
42/48 |
23,395 | 35,241 | 31,165 | 120,074 | 113,185 | 111,972 | 122,908 | 121,815 | 16,972 | 16,147 | 13,035 | 22,031 | 14,610 | 7,257 | 7,429 | 10,511 | 10,481 | 4,371 | |
42 |
9,827 | 9,436 | 7,927 | 78,284 | 78,131 | 77,980 | 67,850 | 101,775 | - | - | - | - | - | - | - | - | - | - | |
43 |
- | - | 13,428 | - | 13,534 | 13,300 | 19,250 | - | - | - | - | - | - | - | - | - | - | - | |
430/8 |
- | - | 13,428 | - | 13,534 | 13,300 | 19,250 | - | - | - | - | - | - | - | - | - | - | - | |
44 |
8,644 | 6,713 | 7,515 | 5,348 | 5,674 | 4,783 | 1,154 | 1,775 | 6,269 | 5,248 | 4,897 | 9,969 | 5,434 | 1,088 | 577 | 5,184 | 3,563 | 18 | |
440/4 |
8,644 | 6,713 | 7,515 | 5,348 | 5,674 | 4,783 | 1,154 | 1,775 | 6,269 | 5,248 | 4,897 | 9,969 | 5,434 | 1,088 | 577 | 5,184 | 3,563 | 18 | |
45 |
4,924 | 3,011 | 2,295 | 36,442 | 15,847 | 15,677 | 14,562 | 8,948 | 5,178 | 6,386 | 5,444 | 10,764 | 7,532 | 6,169 | 6,802 | 5,253 | 6,918 | 4,353 | |
450/3 |
4,924 | 3,011 | 2,295 | 36,442 | 10,560 | 13,749 | 12,633 | 7,020 | 3,250 | 4,458 | 5,444 | 4,569 | 5,591 | 6,169 | 6,802 | 5,253 | 4,912 | 4,353 | |
454/9 |
- | - | - | - | 5,287 | 1,928 | 1,928 | 1,928 | 1,928 | 1,928 | - | 6,195 | 1,942 | - | - | - | 2,006 | - | |
47/48 |
- | 16,081 | - | - | - | 232 | 20,093 | 9,317 | 5,525 | 4,512 | 2,694 | 1,298 | 1,644 | - | 50 | 74 | - | - | |
492/3 |
- | 9,333 | 8,173 | 4,027 | 4,027 | 5,002 | 5,819 | 211 | 211 | 220 | 226 | 226 | 4,493 | 4,705 | 4,680 | 4,472 | 4,774 | - | |
| Income statement | |||||||||||||||||||
76A |
- | 1,641 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
35,567 | 40,866 | 97,078 | 121,641 | 120,781 | 124,816 | 176,864 | 2,788 | 3,686 | 8,365 | 7,668 | 5,347 | 8,913 | 5,905 | 12,828 | 3,852 | 5,037 | -10,861 | |
630 |
9,573 | 9,946 | 12,206 | 11,844 | 11,844 | 3,278 | - | - | - | 95 | 299 | 643 | 973 | 1,255 | 2,461 | 2,688 | 190 | 190 | |
640/8 |
1,135 | 4,191 | 1,641 | 1,185 | 1,549 | 2,571 | 785 | 1,313 | 1,417 | 1,768 | 1,274 | 1,203 | 1,935 | 1,691 | 1,914 | 6,576 | 253 | 266 | |
66A |
- | - | - | - | - | - | 568 | - | - | - | - | - | 1,268 | 645 | - | 809 | - | - | |
9901 |
24,859 | 26,729 | 83,231 | 108,612 | 107,387 | 118,967 | 175,510 | 1,476 | 2,269 | 6,502 | 6,095 | 3,501 | 6,005 | 2,959 | 8,453 | -5,412 | 4,594 | -11,317 | |
75/76B |
144 | 91 | - | - | - | - | - | - | - | - | 10 | 13 | - | - | - | - | - | - | |
75 |
144 | 91 | - | - | - | - | - | - | - | - | 10 | 13 | - | - | - | - | - | - | |
65/66B |
1,502 | 2,739 | 11,460 | 14,013 | 17,272 | 19,915 | 39,869 | 536 | 717 | 3,968 | 616 | 838 | 1,137 | 1,476 | 2,129 | 3,854 | 2,000 | 2,913 | |
65 |
1,502 | 2,739 | 11,460 | 14,013 | 17,272 | 19,915 | 39,869 | 536 | 717 | 1,723 | 616 | 838 | 1,137 | 1,476 | 2,129 | 3,854 | 2,000 | 2,913 | |
66B |
- | - | - | - | - | - | - | - | - | 2,246 | - | - | - | - | - | - | - | - | |
9903 |
23,501 | 24,081 | 71,771 | 94,599 | 90,116 | 99,052 | 135,642 | 940 | 1,553 | 2,534 | 5,489 | 2,676 | 3,600 | 838 | 6,324 | -10,075 | 2,593 | -14,229 | |
67/77 |
16,319 | 8,000 | 25,354 | 24,000 | 26,348 | 26,441 | 41,329 | 3,770 | 3,160 | 2,860 | 3,778 | 3,172 | 4,004 | 3,717 | 4,963 | 1,381 | 1,948 | - | |
9904 |
7,182 | 16,081 | 46,417 | 70,599 | 63,768 | 72,612 | 94,312 | -2,830 | -1,607 | -326 | 1,711 | -496 | -403 | -2,878 | 1,360 | -11,456 | 645 | -14,229 | |
9905 |
7,182 | 16,081 | 46,417 | 70,599 | 63,768 | 72,612 | 94,312 | -2,830 | -1,607 | -326 | 1,711 | -496 | -403 | -2,878 | 1,360 | -11,456 | 645 | -14,229 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
322,521 | 331,420 | 315,339 | 268,922 | 198,323 | 134,555 | 63,803 | -30,509 | -27,679 | -26,072 | -25,746 | -27,457 | -26,961 | -26,558 | -23,680 | -25,040 | -13,584 | -14,229 | |
14P |
315,339 | 315,339 | 268,922 | 198,323 | 134,555 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | 16,081 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
- | 16,081 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 12-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-07-2026 | 2026-00292272 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00351264 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00321224 | |
| 31-12-2022 | abbreviated format | 27-11-2023 | 2023-00519678 | |
| 31-12-2021 | abbreviated format | 30-09-2022 | 2022-20451898 | |
| 31-12-2020 | abbreviated format | 02-07-2021 | 2021-29900594 | |
| 31-12-2019 | abbreviated format | 27-05-2020 | 2020-13500118 | |
| 31-12-2018 | micro format | 26-04-2019 | 2019-10800537 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-32600125 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-20300539 | |
| 31-12-2015 | abbreviated format | 19-07-2016 | 2016-32900587 | |
| 31-12-2014 | abbreviated format | 30-06-2015 | 2015-23700402 | |
| 31-12-2013 | abbreviated format | 23-07-2014 | 2014-33200207 | |
| 31-12-2012 | abbreviated format | 29-07-2013 | 2013-36000084 | |
| 31-12-2011 | abbreviated format | 20-07-2012 | 2012-31800003 | |
| 31-12-2010 | abbreviated format | 11-07-2011 | 2011-27700277 | |
| 31-12-2009 | abbreviated format | 09-07-2010 | 2010-29000142 | |
| 31-12-2008 | abbreviated format | 09-07-2009 | 2009-40000005 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 34,432 | 36,675 | 95,437 | 120,456 | 119,232 | 122,245 | - | - | - | 6,597 | 6,394 | 4,144 | 6,978 | 4,214 | 10,914 | -2,724 | 4,784 | -11,127 | ||
| 16,755 | 26,027 | 58,623 | 82,443 | 75,612 | 75,889 | - | - | - | -231 | 2,010 | 147 | 570 | -1,624 | 3,822 | -8,768 | 835 | -14,039 | ||
| 4,279 | 43,332 | 1,897 | 200 | 0 | 46,937 | 6,268 | 474,950 | - | 0 | 0 | 0 | 12,120 | 617 | 1,775 | 16,054 | 0 | - | ||
| 44,676 | 1,412 | -14,912 | -8,449 | -23,682 | -8,209 | 50,481 | 10,922 | -642 | -7,890 | 3,775 | -7,488 | 6,859 | 3,900 | -5,471 | 2,796 | 3,039 | - | ||
| 34,767 | -8,550 | -5,103 | -58,047 | -62,006 | -58,513 | -61,240 | -110,273 | -5,668 | -4,052 | -3,815 | -5,825 | -1,706 | -1,212 | -641 | -2,894 | 3,020 | -2,589 | ||
| 86.2% | 79.6% | 85.6% | 51.9% | 39.2% | 27.1% | 15.4% | -2.4% | -80.3% | -61.8% | -76.7% | -53.4% | -60.0% | -110.5% | -79.0% | -80.4% | -52.5% | - | ||
| 2.49 | 0.76 | 0.84 | 0.52 | 0.45 | 0.48 | 0.50 | 0.09 | 0.67 | 0.75 | 0.71 | 0.74 | 0.88 | 0.83 | 0.91 | 0.72 | 1.29 | - | ||
| 0.16 | 0.26 | 0.17 | 0.93 | 1.55 | 2.69 | 5.51 | - | - | - | - | - | - | - | - | - | - | - | ||
| 2.1% | 4.8% | 13.8% | 24.4% | 29.1% | 46.8% | 114.5% | - | - | - | - | - | - | - | - | - | - | - | ||
| 1.8% | 3.8% | 11.8% | 12.7% | 11.4% | 12.7% | 17.6% | -0.6% | -14.2% | -2.7% | 18.4% | -3.0% | -2.9% | -40.0% | 13.3% | -97.6% | 4.6% | - | ||
| 22.92 | 13.39 | 8.33 | 8.60 | 6.90 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,279 | €43,332 | €1,897 | €200 | - |
| €9,573 | €9,946 | €12,206 | €11,844 | €11,844 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 7% lower than in 2024 and the lowest since 2018. It is the third fall in a row.
Debt's share of the balance-sheet total falls from 20.4% to 13.8%. Equity is higher and debt is lower.
Source: list of holdings in its own 2021 accounts. Every holding stands with its own latest accounts.
| Name | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| STEIGERS INVEST | 11.67% | |||
Source: list of holdings in its own accounts
The network starts from the directors of ARSA CONSTRUCT. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Begonialaan 13 registered office 9140 Temse | 30-12-2007 | 2.167.603.075 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 46023C0279/00F000 | 742 m² | 1 · 219 m² | 8.2 m · 2 |
If something looks wrong or is missing, please tell us.