ARSIMA PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-06-2026 PDF all 17 filings
Turnover
≈ €120,000
Estimated: probably between €95,000 and €160,000
Total assets
€71,995▼ 0.9%
2024 · €72,663
Net result
€22,005▼ 25.6%
2024 · €29,568
Working capital
€25,140▲ 27.6%
2024 · €19,703
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€30,042
▼ 1.8%
2025
20182025
Net result
€22,005
▼ 25.6%
2025
middle half of the sector
20182025
Equity
€35,019
▲ 25.0%
2025
middle half of the sector
20182025
Total assets
€71,995
▼ 0.9%
2025
middle half of the sector
20182025
Debt
€36,975
▼ 17.2%
2025
20182025
Working capital
€25,140
▲ 27.6%
2025
middle half of the sector
20182025
Solvency
48.6%
▲ 10.1pp
2025
middle half of the sector
20182025
Current ratio
1.74
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
30.6%
▼ 10.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,846-€11,082▼ 53.5%€20,914▲ 88.7%€2,186▼ 89.5%-€50,801€14,516€30,599▲ 111%€30,042▼ 1.8%
Net result€18,232-€9,400▼ 48.4%€15,028within the sector's middle half▲ 59.9%€465below the sector's middle half▼ 96.9%-€55,566below the sector's middle half€13,103within the sector's middle half€29,568within the sector's middle half▲ 126%€22,005within the sector's middle half▼ 25.6%
Equity€52,748-€62,148▲ 17.8%€67,445within the sector's middle half▲ 8.5%€67,910within the sector's middle half▲ 0.7%€12,344below the sector's middle half▼ 81.8%€25,447within the sector's middle half▲ 106%€28,015within the sector's middle half▲ 10.1%€35,019within the sector's middle half▲ 25.0%
Total assets€86,458-€109,680▲ 26.9%€113,421within the sector's middle half▲ 3.4%€107,292within the sector's middle half▼ 5.4%€32,624below the sector's middle half▼ 69.6%€29,657below the sector's middle half▼ 9.1%€72,663within the sector's middle half▲ 145%€71,995within the sector's middle half▼ 0.9%
Debt€33,711-€47,532▲ 41.0%€45,975▼ 3.3%€39,383▼ 14.3%€20,280▼ 48.5%€4,210▼ 79.2%€44,648▲ 960%€36,975▼ 17.2%
Working capital€32,292-€60,013▲ 85.8%€57,499within the sector's middle half▼ 4.2%€53,322within the sector's middle half▼ 7.3%€8,245below the sector's middle half▼ 84.5%€22,768within the sector's middle half▲ 176%€19,703within the sector's middle half▼ 13.5%€25,140within the sector's middle half▲ 27.6%
Solvency61.0%-56.7%▼ 4.3pp59.5%within the sector's middle half▲ 2.8pp63.3%within the sector's middle half▲ 3.8pp37.8%within the sector's middle half▼ 25.5pp85.8%above the sector's middle half▲ 48.0pp38.6%within the sector's middle half▼ 47.2pp48.6%within the sector's middle half▲ 10.1pp
Current ratio2.50-2.41▼ 0.102.25within the sector's middle half▼ 0.163.23within the sector's middle half▲ 0.981.41within the sector's middle half▼ 1.837.43above the sector's middle half▲ 6.031.52within the sector's middle half▼ 5.911.74within the sector's middle half▲ 0.22
Return on assets (ROA)21.1%-8.6%▼ 12.5pp13.2%within the sector's middle half▲ 4.7pp0.4%below the sector's middle half▼ 12.8pp-170.3%below the sector's middle half▼ 170.8pp44.2%above the sector's middle half▲ 214.5pp40.7%above the sector's middle half▼ 3.5pp30.6%within the sector's middle half▼ 10.1pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2% lower than in 2024.
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 €71,995
Fixed assets
€12,746 ▼ 14.3%
Current assets
€59,249 ▲ 2.5%
Equity and liabilities €71,995
Equity
€35,019 ▲ 25.0%
Debt
€36,975 ▼ 17.2%
Debt's share of the balance-sheet total falls from 61.4% to 51.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32,424▲
2024 · €31,193
Cash flow
€24,387▼
2024 · €30,162
Debt to equity
1.06▼
2024 · 1.59
ROE
62.8%▼
2024 · 105.5%
Interest coverage
27.40▼
2024 · 28.88
Debt ≤ 1 year
€34,109▼
2024 · €38,082
Debt > 1 year
€2,867▼
2024 · €6,566
Income taxes
€7,510
Staff costs
€1,550
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 | €23,998 | - | - | €11,912 | - |
| Financial fixed assets | €250 | - | - | €210 | €250 |
| Depreciation and write-downs of the year | €4,114 | €3,049 | €684 | €594 | €2,382 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €1,550 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,507 | €11,667 | €2,847 | €4,114 | €3,049 | €684 | €594 | €2,382 | ▲ 301% |
| Other operating charges640/8 | - | - | - | €653 | €535 | €500 | €671 | €984 | ▲ 46.7% |
| Gross operating margin9900 | €43,086 | €37,298 | €25,191 | €6,953 | -€47,217 | €15,701 | €31,864 | €34,958 | ▲ 9.7% |
| Operating profit (loss)9901 | €23,846 | €11,082 | €20,914 | €2,186 | -€50,801 | €14,516 | €30,599 | €30,042 | ▼ 1.8% |
| Financial income75/76B | - | - | - | €690 | €952 | - | €49 | €656 | ▲ 13× |
| Recurring financial income75 | €3,060 | €3,862 | €986 | €690 | €952 | - | €49 | €656 | ▲ 13× |
| Financial charges65/66B | - | - | - | €1,343 | €5,693 | €1,414 | €1,080 | €1,183 | ▲ 9.6% |
| Recurring financial charges65 | €1,736 | €1,019 | €1,586 | €1,343 | €1,448 | €1,414 | €1,080 | €1,183 | ▲ 9.6% |
| Non-recurring financial charges66B | - | - | - | - | €4,245 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €25,170 | €13,925 | €20,314 | €1,533 | -€55,542 | €13,103 | €29,568 | €29,514 | ▼ 0.2% |
| Income taxes67/77 | €6,938 | €4,525 | €5,286 | €1,069 | €24 | - | - | €7,510 | - |
| Profit (loss) for the period9904 | €18,232 | €9,400 | €15,028 | €465 | -€55,566 | €13,103 | €29,568 | €22,005 | ▼ 25.6% |
| Profit (loss) for the period to be appropriated9905 | €18,232 | €9,400 | €15,028 | €465 | -€55,566 | €13,103 | €29,568 | €22,005 | ▼ 25.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €86,458 | €109,680 | €113,421 | €107,292 | €32,624 | €29,657 | €72,663 | €71,995 | ▼ 0.9% |
| Fixed assets21/28 | €32,707 | €6,981 | €9,947 | €30,081 | €4,099 | €3,350 | €14,878 | €12,746 | ▼ 14.3% |
| Intangible fixed assets21 | €22,600 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €9,542 | €6,916 | €9,882 | €29,766 | €3,784 | €3,100 | €14,418 | €12,036 | ▼ 16.5% |
| Plant, machinery and equipment23 | - | - | - | €1,589 | €684 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €28,177 | €3,100 | €3,100 | €14,418 | €12,036 | ▼ 16.5% |
| Financial fixed assets28 | €565 | €65 | €65 | €315 | €315 | €250 | €460 | €710 | ▲ 54.4% |
| Current assets29/58 | €53,751 | €102,699 | €103,474 | €77,212 | €28,525 | €26,307 | €57,784 | €59,249 | ▲ 2.5% |
| Amounts receivable after more than one year29 | - | - | - | €12,185 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €12,185 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €28,749 | €33,112 | €39,443 | €26,084 | €10,950 | €8,292 | €16,231 | €48,607 | ▲ 199% |
| Trade receivables40 | - | - | - | €844 | €7,295 | €7,674 | €15,597 | €26,016 | ▲ 66.8% |
| Other amounts receivable41 | - | - | - | €25,240 | €3,656 | €617 | €634 | €22,591 | ▲ 36× |
| Cash at bank and in hand54/58 | €22,347 | €15,004 | €43,056 | €33,373 | €17,120 | €17,793 | €40,641 | €10,641 | ▼ 73.8% |
| Deferred charges and accrued income490/1 | - | - | - | €5,569 | €454 | €223 | €912 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €86,458 | €109,680 | €113,421 | €107,292 | €32,624 | €29,657 | €72,663 | €71,995 | ▼ 0.9% |
| Equity10/15 | €52,748 | €62,148 | €67,445 | €67,910 | €12,344 | €25,447 | €28,015 | €35,019 | ▲ 25.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | - | - | - | €12,400 | - | - |
| Issued capital100 | - | - | - | - | - | - | €12,400 | - | - |
| Reserves13 | €40,348 | €49,748 | €55,045 | €55,510 | €42,000 | €42,000 | €15,000 | €22,000 | ▲ 46.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €53,650 | €42,000 | €42,000 | €15,000 | €22,000 | ▲ 46.7% |
| Profit (loss) carried forward14 | - | - | - | - | -€42,056 | -€28,953 | €615 | €619 | ▲ 0.7% |
| Amounts payable17/49 | €33,711 | €47,532 | €45,975 | €39,383 | €20,280 | €4,210 | €44,648 | €36,975 | ▼ 17.2% |
| Amounts payable after more than one year17 | €12,252 | €4,845 | - | €15,492 | - | - | €6,566 | €2,867 | ▼ 56.3% |
| Financial debts170/4 | - | - | - | €15,492 | - | - | €6,566 | €2,867 | ▼ 56.3% |
| Amounts payable within one year42/48 | €21,459 | €42,687 | €45,975 | €23,890 | €20,280 | €3,540 | €38,082 | €34,109 | ▼ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,341 | - | - | €3,564 | €3,699 | ▲ 3.8% |
| Trade debts44 | €1,180 | €12,885 | €9,593 | €15,553 | - | €360 | €1,311 | €3,861 | ▲ 195% |
| Suppliers440/4 | - | - | - | €15,553 | - | €360 | €1,311 | €3,861 | ▲ 195% |
| Taxes, remuneration and social security45 | - | - | - | €2,996 | €2,257 | €3,179 | €6,207 | €11,548 | ▲ 86.1% |
| Taxes450/3 | - | - | - | €1,196 | €2,257 | €3,179 | €6,207 | €11,548 | ▲ 86.1% |
| Remuneration and social security454/9 | - | - | - | €1,800 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €18,023 | - | €27,000 | €15,000 | ▼ 44.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €671 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,232 | €9,400 | €15,028 | €465 | -€55,566 | €13,103 | €29,568 | €22,005 | ▼ 25.6% |
| + Depreciation and write-downs630 | €16,507 | €11,667 | €2,847 | €4,114 | €3,049 | €684 | €594 | €2,382 | ▲ 301% |
| Operating cash flow (approximation) | €34,739 | €21,067 | €17,875 | €4,578 | -€52,517 | €13,787 | €30,162 | €24,387 | ▼ 19.1% |
| Investment in fixed assets (approximation) | - | €14,060 | -€5,813 | -€24,248 | €22,933 | €65 | -€12,122 | -€250 | ▲ 97.9% |
| Change in cash | - | -€7,343 | €28,052 | -€9,683 | -€16,253 | €672 | €22,848 | -€30,000 | - |
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, 34,693 companies had the same profile as ARSIMA PROJECTS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ARSIMA PROJECTS itself: 0.1% 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 34,693 companies, not a prediction for ARSIMA PROJECTS. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-06-2026 | 2026-00134086 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00117556 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00116890 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00126598 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20287932 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47300081 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-46100092 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58700504 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51000124 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49800471 |