ARSENAAL CONSTRUCT
ActiveSummary
The annual accounts of ARSENAAL CONSTRUCT for financial year 2025 show a net loss of 73% of the equity at the start of that year. The 2025 annual accounts show equity of €2.1m and a net result of -€569,379. Equity is growing by about 47% per year across the filed financial years. Its solvency ranks better than 62% of 5,718 sector peers (NACE 68, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
- Equity
- €2.1m
- Loss
- -€569,379
- Largest shareholder
- AIUPO · 42.5%
- QUVA INVESTDirector · permanent representative NELISSEN Jan Elvire Lambert
Why 55raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLiquidity: current ratio 2.11, cash €12,0501 of the last 3 latelowers riskSize: total assets €4.0mSector: Real estate activities (NACE 68)Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 68, small): better than 70% on solvency, 21% on liquidity, 1% on profitability and 96% on growth.
The bankruptcy probability was computed on 17-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 4 accounts on average 11 days after the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Weakest financial yearnet -€569,379
- Equity above €2mequity €2.1m ▲175%
Financials · financial year 2025, full format
2022 to 2025, 4 financial years
The operating result stays negative: a loss of €573,118 in 2025 against €474,312 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
- 2025 Equity +175%, Total assets +56% on 2024. Capital increase of €2,500,000 (Official Gazette 21-10-2025).
Peer companies
Historical observationOf the 132 companies that looked in July 2024 the way this one looks now, 3.0% went bankrupt within 24 months and 93.9% are still going.
- Small
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 132 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.
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €239 | - | - | - | - |
| Other operating charges640/8 | - | €3,510 | €246 | €248 | ▲ 0.8% |
| Gross operating margin9900 | -€135,972 | -€315,009 | -€474,066 | -€572,870 | ▼ 20.8% |
| Operating profit (loss)9901 | -€136,211 | -€318,519 | -€474,312 | -€573,118 | ▼ 20.8% |
| Financial income75/76B | €30 | €3,357 | €5,075 | €2,866 | ▼ 43.5% |
| Recurring financial income75 | €30 | €3,357 | €5,075 | €2,866 | ▼ 43.5% |
| Financial charges65/66B | €100 | €150 | €188 | €639 | ▲ 240% |
| Recurring financial charges65 | €100 | €150 | €188 | €639 | ▲ 240% |
| Profit (loss) for the period before taxes9903 | -€136,281 | -€315,312 | -€469,425 | -€570,891 | ▼ 21.6% |
| Income taxes67/77 | - | €1,007 | €1,365 | -€1,512 | - |
| Profit (loss) for the period9904 | -€136,281 | -€316,319 | -€470,790 | -€569,379 | ▼ 20.9% |
| Profit (loss) for the period to be appropriated9905 | -€136,281 | -€316,319 | -€470,790 | -€569,379 | ▼ 20.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.8m | €3.1m | €2.6m | €4.0m | ▲ 55.9% |
| Fixed assets21/28 | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tangible fixed assets22/27 | - | - | €0.004m | €0.004m | = |
| Plant, machinery and equipment23 | - | - | €0.004m | €0.004m | = |
| Financial fixed assets28 | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Current assets29/58 | €0.8m | €3.0m | €2.5m | €3.9m | ▲ 57.1% |
| Stocks and contracts in progress3 | €0.6m | €2.0m | €2.5m | €3.0m | ▲ 21.4% |
| Stocks30/36 | €0.6m | €2.0m | €2.5m | €3.0m | ▲ 21.4% |
| Amounts receivable within one year40/41 | €0.03m | €0.3m | €0.04m | €0.2m | ▲ 258% |
| Trade receivables40 | - | €0.002m | €0.001m | €0.1m | ▲ 12,985% |
| Other amounts receivable41 | €0.03m | €0.3m | €0.04m | €0.02m | ▼ 48.0% |
| Current investments50/53 | - | €0.7m | - | €0.8m | - |
| Cash at bank and in hand54/58 | €0.08m | €0.005m | €0.01m | €0.01m | ▲ 3.8% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.8m | €3.1m | €2.6m | €4.0m | ▲ 55.9% |
| Equity10/15 | €0.6m | €1.2m | €0.8m | €2.1m | ▲ 175% |
| Contributions10/11 | €0.8m | €1.7m | €1.7m | €3.6m | ▲ 113% |
| Capital10 | €0.8m | €1.7m | €1.7m | €3.6m | ▲ 113% |
| Issued capital100 | €3.0m | €3.0m | €3.0m | €5.5m | ▲ 83.3% |
| Uncalled capital101 | €2.3m | €1.3m | €1.3m | €1.9m | ▲ 44.2% |
| Profit (loss) carried forward14 | -€0.1m | -€0.5m | -€0.9m | -€1.5m | ▼ 61.7% |
| Amounts payable17/49 | €0.2m | €1.8m | €1.8m | €1.9m | ▲ 4.5% |
| Amounts payable within one year42/48 | €0.2m | €1.8m | €1.8m | €1.9m | ▲ 4.5% |
| Trade debts44 | €0.2m | €0.2m | €0.08m | €0.3m | ▲ 230% |
| Suppliers440/4 | €0.2m | €0.2m | €0.08m | €0.3m | ▲ 230% |
| Advances received on contracts in progress46 | - | €1.6m | €1.6m | €1.6m | = |
| Other amounts payable47/48 | - | - | €0.1m | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€136,281 | -€316,319 | -€470,790 | -€569,379 | ▼ 20.9% |
| Operating cash flow (approximation) | -€136,281 | -€316,319 | -€470,790 | -€569,379 | ▼ 20.9% |
| Investment in fixed assets (approximation) | - | €0 | -€4,000 | €0 | - |
| Change in cash | - | -€72,506 | €7,073 | €445 | ▼ 93.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (4)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 08-07-2026 | 2026-00280124 |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00470617 |
| 31-12-2023 | abbreviated format | 27-08-2024 | 2024-00386606 |
| 31-12-2022 | abbreviated format | 07-08-2023 | 2023-00322104 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| QUVA INVEST |
|
| QUVA |
|
Owners and capital
Owners
2 ownersOwners 2
- Sourceaccounts AIUPO 202542.5%
-
15%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 21-10-2025 Capital increase of €2,500,000 · to €5,500,000 · no new shares · in cash
Group and network
Connections & network
10 connected companiesShow 6 more companies with a shared director
History
Acts, filings and financial milestones
21-10
Gazette deed
Resignation: QUVA (director)Permanent representative: NELISSEN Jan Elvire Lambert · Appointment: QUVA INVEST (director) · Director discharge17 facts ▸
- General meeting, 03-10-2025
- Director resignation, QUVA (director)
- Permanent representative, NELISSEN Jan Elvire Lambert (2 times)
- Director discharge, QUVA (director)
- Director appointment, QUVA INVEST (director)
- Other provision, “geen verbodsbepaling bestuursmandaat, niet getroffen door enige verbodsbepaling voor uitoefenen bestuursmandaat” (deed in Dutch)
- Other provision, “verzaking vereiste verslagen, TWEEDE BESLUIT” (deed in Dutch)
- Capital increase, €2,500,000
- Other provision, “voorkeurrecht eerst aan houders aandelen uit te geven soort, individueel voorkeurrecht” (deed in Dutch)
- Other provision, “artikel 7:155 WVV geen rol, kapitaalverhoging niet gepaard met uitgifte nieuwe aandelen” (deed in Dutch)
- Bank account, “dossier van de notaris, storting inbrengen in geld” (deed in Dutch)
- Other provision, “geen nieuwe aandelen als vergoeding, inbreng door alle aandeelhouders gezamenlijk ieder per gelijke verhouding tot aandelenbezit” (deed in Dutch)
- +5 further facts in this act
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 17 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0783.973.301
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 36007B0904/00R000 | Flanders | 2.3 ha | 1 · 1,637 m² | 11.1 m · 2 |
How the parcels are linked
Articles of association
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “5, 30000” (deed in Dutch)
Read from the deeds: 1 provision, deed of 21-10-2025