Summary
ARSER has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €673,101 and a net result of €33,346. Equity is growing by about 4.4% per year across the filed financial years. Its solvency ranks better than 89% of 10,789 sector peers (NACE 70, financial year 2025). The company has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (42 days) Filed on 11 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513583.
Turnover
≈ €130,000
Estimated: probably between €77,000 and €180,000
EBIT margin
Not included in this filing
Net result
€33,346▲ 10.8%
2024 · €30,089
Working capital
€180,903▼ 10.5%
2024 · €202,147
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 7% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€39,976
2025
Net result€33,346
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€722,839
2025
Equity€673,101
2025
Debt€49,738
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€180,903
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)4.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency93.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio5.79
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,516-€24,628▲ 49.1%€28,709▲ 16.6%€38,651▲ 34.6%€29,727▼ 23.1%€35,783▲ 20.4%€42,777▲ 19.5%€39,976▼ 6.5%
Net result€4,764-€39,078▲ 720%€22,063within the sector's middle half▼ 43.5%€29,502within the sector's middle half▲ 33.7%€22,096within the sector's middle half▼ 25.1%€25,804within the sector's middle half▲ 16.8%€30,089within the sector's middle half▲ 16.6%€33,346within the sector's middle half▲ 10.8%
Equity€486,124-€520,202▲ 7.0%€542,265within the sector's middle half▲ 4.2%€571,766within the sector's middle half▲ 5.4%€593,862within the sector's middle half▲ 3.9%€619,666within the sector's middle half▲ 4.3%€644,755within the sector's middle half▲ 4.0%€673,101within the sector's middle half▲ 4.4%
Total assets€764,392-€719,905▼ 5.8%€661,590within the sector's middle half▼ 8.1%€660,577within the sector's middle half▼ 0.2%€654,894within the sector's middle half▼ 0.9%€676,968within the sector's middle half▲ 3.4%€683,694within the sector's middle half▲ 1.0%€722,839within the sector's middle half▲ 5.7%
Debt€278,268-€199,703▼ 28.2%€119,325▼ 40.2%€88,811▼ 25.6%€61,032▼ 31.3%€57,302▼ 6.1%€38,939▼ 32.0%€49,738▲ 27.7%
Working capital€231,069-€213,484▼ 7.6%€131,745within the sector's middle half▼ 38.3%€130,515within the sector's middle half▼ 0.9%€143,473within the sector's middle half▲ 9.9%€174,332within the sector's middle half▲ 21.5%€202,147within the sector's middle half▲ 16.0%€180,903within the sector's middle half▼ 10.5%
Solvency63.6%-72.3%▲ 8.7pp82.0%above the sector's middle half▲ 9.7pp86.6%above the sector's middle half▲ 4.6pp90.7%above the sector's middle half▲ 4.1pp91.5%above the sector's middle half▲ 0.9pp94.3%above the sector's middle half▲ 2.8pp93.1%above the sector's middle half▼ 1.2pp
Current ratio5.46-5.42▼ 0.052.71within the sector's middle half▼ 2.713.79above the sector's middle half▲ 1.085.17above the sector's middle half▲ 1.376.17above the sector's middle half▲ 1.0011.98above the sector's middle half▲ 5.825.79above the sector's middle half▼ 6.19
Return on assets (ROA)0.6%-5.4%▲ 4.8pp3.3%within the sector's middle half▼ 2.1pp4.5%within the sector's middle half▲ 1.1pp3.4%within the sector's middle half▼ 1.1pp3.8%within the sector's middle half▲ 0.4pp4.4%within the sector's middle half▲ 0.6pp4.6%within the sector's middle half▲ 0.2pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy 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.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €722,839
Fixed assets
€504,175 ▲ 8.9%
Current assets
€218,664 ▼ 0.9%
Equity and liabilities €722,839
Equity
€673,101 ▲ 4.4%
Debt
€49,738 ▲ 27.7%
Debt's share of the balance-sheet total rises from 5.7% to 6.9%. Equity and debt are higher.
Key figures and ratios
ROE
5.0%▲
2024 · 4.7%
Debt ≤ 1 year
€37,761▲
2024 · €18,403
Debt > 1 year
€11,977▼
2024 · €20,536
Income taxes
€16,818▲
2024 · €15,124
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,381 | €16,954 | €8,449 | €13,063 | €10,088 | €11,273 | €7,545 | €7,226 | ▼ 4.2% |
| Other operating charges640/8 | - | - | - | €1,767 | €1,340 | €1,620 | €2,052 | €1,409 | ▼ 31.3% |
| Gross operating margin9900 | €35,934 | €43,174 | €38,896 | €53,481 | €41,155 | €48,676 | €52,374 | €48,611 | ▼ 7.2% |
| Operating profit (loss)9901 | €16,516 | €24,628 | €28,709 | €38,651 | €29,727 | €35,783 | €42,777 | €39,976 | ▼ 6.5% |
| Financial income75/76B | - | - | - | €3,356 | €4,198 | €3,261 | €2,761 | €11,126 | ▲ 303% |
| Recurring financial income75 | €9,313 | €4,056 | €3,840 | €3,356 | €4,198 | €3,261 | €2,761 | €11,126 | ▲ 303% |
| Financial charges65/66B | - | - | - | €1,392 | €895 | €447 | €325 | €938 | ▲ 189% |
| Recurring financial charges65 | €4,761 | €3,403 | €2,100 | €1,392 | €895 | €447 | €325 | €938 | ▲ 189% |
| Profit (loss) for the period before taxes9903 | €9,692 | €46,701 | €30,449 | €40,615 | €33,030 | €38,597 | €45,213 | €50,164 | ▲ 11.0% |
| Income taxes67/77 | €4,928 | €7,623 | €8,386 | €11,113 | €10,934 | €12,793 | €15,124 | €16,818 | ▲ 11.2% |
| Profit (loss) for the period9904 | €4,764 | €39,078 | €22,063 | €29,502 | €22,096 | €25,804 | €30,089 | €33,346 | ▲ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €2,535 | €36,904 | €22,063 | €29,502 | €22,096 | €25,804 | €30,089 | €33,346 | ▲ 10.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €764,392 | €719,905 | €661,590 | €660,577 | €654,894 | €676,968 | €683,694 | €722,839 | ▲ 5.7% |
| Fixed assets21/28 | €481,568 | €458,102 | €452,673 | €483,306 | €476,978 | €468,906 | €463,144 | €504,175 | ▲ 8.9% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €40,880 | €17,414 | €11,985 | €23,863 | €17,535 | €9,463 | €3,701 | €44,732 | ▲ 12× |
| Plant, machinery and equipment23 | - | - | - | €1,972 | €3,647 | €2,007 | €783 | €268 | ▼ 65.8% |
| Furniture and vehicles24 | - | - | - | €20,791 | €13,008 | €6,796 | €2,478 | €44,244 | ▲ 18× |
| Other tangible fixed assets26 | - | - | - | €1,100 | €880 | €660 | €440 | €220 | ▼ 50.0% |
| Financial fixed assets28 | €440,688 | €440,688 | €440,688 | €459,443 | €459,443 | €459,443 | €459,443 | €459,443 | = |
| Current assets29/58 | €282,824 | €261,803 | €208,917 | €177,271 | €177,916 | €208,062 | €220,550 | €218,664 | ▼ 0.9% |
| Stocks and contracts in progress3 | €2,674 | €2,979 | €3,158 | €3,859 | €7,362 | €6,058 | €4,286 | €12,119 | ▲ 183% |
| Stocks30/36 | - | - | - | €3,859 | €7,362 | €6,058 | €4,286 | €12,119 | ▲ 183% |
| Amounts receivable within one year40/41 | €50,329 | €26,822 | €10,733 | €8,779 | €42,152 | €66,524 | €69,728 | €73,183 | ▲ 5.0% |
| Trade receivables40 | - | - | - | €7,988 | €9,885 | €41,474 | €19,355 | €22,674 | ▲ 17.1% |
| Other amounts receivable41 | - | - | - | €791 | €32,267 | €25,050 | €50,373 | €50,509 | ▲ 0.3% |
| Current investments50/53 | €228,081 | €207,960 | €180,361 | €162,270 | €126,770 | €126,770 | €126,771 | €126,771 | = |
| Cash at bank and in hand54/58 | - | €22,290 | €12,884 | €743 | - | €6,813 | €17,946 | €152 | ▼ 99.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,620 | €1,632 | €1,897 | €1,819 | €6,439 | ▲ 254% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €764,392 | €719,905 | €661,590 | €660,577 | €654,894 | €676,968 | €683,694 | €722,839 | ▲ 5.7% |
| Equity10/15 | €486,124 | €520,202 | €542,265 | €571,766 | €593,862 | €619,666 | €644,755 | €673,101 | ▲ 4.4% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €72,410 | €76,759 | €78,959 | €81,158 | €101,158 | €125,158 | €150,158 | €178,158 | ▲ 18.6% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Tax-exempt reserves132 | - | - | - | €8,379 | €8,379 | €8,379 | €8,379 | €8,379 | = |
| Distributable reserves133 | - | - | - | €70,779 | €90,779 | €114,779 | €139,779 | €167,779 | ▲ 20.0% |
| Profit (loss) carried forward14 | €393,714 | €423,443 | €443,306 | €470,608 | €472,704 | €474,508 | €474,597 | €474,943 | ▲ 0.1% |
| Amounts payable17/49 | €278,268 | €199,703 | €119,325 | €88,811 | €61,032 | €57,302 | €38,939 | €49,738 | ▲ 27.7% |
| Amounts payable after more than one year17 | €226,513 | €151,384 | €42,153 | €42,055 | €26,580 | €23,570 | €20,536 | €11,977 | ▼ 41.7% |
| Financial debts170/4 | - | - | - | €23,300 | €7,825 | €4,815 | €1,781 | €11,977 | ▲ 572% |
| Other amounts payable178/9 | - | - | - | €18,755 | €18,755 | €18,755 | €18,755 | - | - |
| Amounts payable within one year42/48 | €51,755 | €48,319 | €77,172 | €46,756 | €34,443 | €33,730 | €18,403 | €37,761 | ▲ 105% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,078 | €17,964 | €3,010 | €3,034 | €6,646 | ▲ 119% |
| Financial debts43 | - | - | - | - | €304 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €304 | - | - | - | - |
| Trade debts44 | €1,397 | €4,865 | €651 | €3,895 | €4,849 | €17,557 | €963 | €9,237 | ▲ 859% |
| Suppliers440/4 | - | - | - | €3,895 | €4,849 | €17,557 | €963 | €9,237 | ▲ 859% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €5,000 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,157 | €10,574 | €13,163 | €9,190 | €11,221 | ▲ 22.1% |
| Taxes450/3 | - | - | - | €7,157 | €10,574 | €13,163 | €9,190 | €11,221 | ▲ 22.1% |
| Other amounts payable47/48 | - | - | - | €626 | €752 | - | €5,216 | €5,657 | ▲ 8.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €9 | €2 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,764 | €39,078 | €22,063 | €29,502 | €22,096 | €25,804 | €30,089 | €33,346 | ▲ 10.8% |
| + Depreciation and write-downs630 | €17,381 | €16,954 | €8,449 | €13,063 | €10,088 | €11,273 | €7,545 | €7,226 | ▼ 4.2% |
| Operating cash flow (approximation) | €22,145 | €56,032 | €30,512 | €42,565 | €32,184 | €37,077 | €37,634 | €40,572 | ▲ 7.8% |
| Investment in fixed assets (approximation) | - | €6,512 | -€3,020 | -€43,696 | -€3,760 | -€3,201 | -€1,783 | -€48,257 | ▼ 2,607% |
| Change in cash | - | - | -€9,406 | -€12,141 | - | - | €11,133 | -€17,794 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-09-2026 | 2026-00513583 |
| 31-12-2024 | full format | 29-08-2025 | 2025-00462245 |
| 31-12-2023 | full format | 29-08-2024 | 2024-00417162 |
| 31-12-2022 | full format | 28-08-2023 | 2023-00386879 |
| 31-12-2021 | full format | 01-07-2022 | 2022-20128743 |
| 31-12-2020 | full format | 01-07-2021 | 2021-28900243 |
| 31-12-2019 | full format | 03-06-2020 | 2020-14300223 |
| 31-12-2018 | full format | 03-06-2019 | 2019-15600163 |
| 31-12-2017 | full format | 01-06-2018 | 2018-15400134 |
| 31-12-2016 | full format | 01-06-2017 | 2017-14400190 |
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Of the 82,509 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 54,646. 32,425 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.