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ARSV

Active
Public limited companyfounded 200521 yrs activeChaussée de Tongres 438, 4000 Liège, BelgiumKBO/BCE: BE 0871.256.770
Summary

The annual accounts of ARSV for fiscal year 2025 show a net loss of 58% of the equity at the start of that year. The 2025 annual accounts show equity of €454 and a net result of -€618. Equity is shrinking by ~25.1% per year across the filed fiscal years. Its solvency ranks better than 24% of 1065 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.5% (low).

Checked score

Score 2025
Axes · tick = 2024
Profitability35▲+2
Solvency26▼-1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5% Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 11.28 against 12.08 in 2024; short-term debt: 8.9% and cash: 14.1% of total assets), but 99.4% of the assets are financed with debt.
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Signals

Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 21 years 0 30 y
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
0.6%
Return on assets
-0.9%
Age of the figures
9 mo
raises risk · Higher-failure-rate region
In this region companies fail more often than in the rest of the country.
KBO · registered office
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 1065 sector peers (2025).
NBB · sector comparison
Position among 1065 sector peers
Solvency
better than 24%
← weakest strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-08-2026, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filings
Deviation from the deadline
2025
4 d late
2024
56 d late
2023
30 d late
2022
45 d early
2021
5 d late
2020
60 d late
2019
31 d early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 11 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 48% of the sector filed late.

Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven months
Position in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

History

ARSV was incorporated on 7 January 2005.1 Total assets fell from EUR 96,336 in 2018 to EUR 70,727 in 2025.2

  1. 1Crossroads Bank for Enterprises
  2. 2National Bank, annual accounts 2018 and 2025

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Financials · fiscal year 2025, abbreviated schema

Equity
€454▼ 57.6%
2024 · €1,072
Total assets
€70,727▼ 0.3%
2024 · €70,945
Net result
-€618▲ 52.1%
2024 · -€1,289
Working capital
€64,454▼ 0.9%
2024 · €65,072
Trend over the years

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before
favourable unfavourable
Line20212022202320242025
Operating result-€1,410▼ 7.7%-€344▲ 75.6%-€64▲ 81.5%-€1,289▼ 1,926%-€617▲ 52.1%
Net result-€1,410within the sector's middle half▲ 2.7%-€344within the sector's middle half▲ 75.6%-€64within the sector's middle half▲ 81.5%-€1,289within the sector's middle half▼ 1,922%-€618within the sector's middle half▲ 52.1%
Equity€2,768within the sector's middle half▼ 33.8%€2,425within the sector's middle half▼ 12.4%€2,361within the sector's middle half▼ 2.6%€1,072within the sector's middle half▼ 54.6%€454below the sector's middle half▼ 57.6%
Total assets€72,765within the sector's middle half▼ 1.6%€72,297within the sector's middle half▼ 0.6%€72,234within the sector's middle half▼ 0.1%€70,945within the sector's middle half▼ 1.8%€70,727within the sector's middle half▼ 0.3%
Debt€12,216▲ 2.2%€12,093▼ 1.0%€12,093=€12,093=€12,493▲ 3.3%
Working capital€66,548▼ 2.1%€66,425▼ 0.2%€66,361▼ 0.1%€65,072▼ 1.9%€64,454▼ 0.9%
Solvency3.8%within the sector's middle half▼ 1.8pp3.4%within the sector's middle half▼ 0.5pp3.3%within the sector's middle half▼ 0.1pp1.5%within the sector's middle half▼ 1.8pp0.6%below the sector's middle half▼ 0.9pp
above within below the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
-€1,500-€1,000-€500€0Operating result 2021: -€1,410-€1,410Net result 2021: -€1,410-€1,410Operating result 2022: -€344-€344Net result 2022: -€344-€344Operating result 2023: -€64-€64Net result 2023: -€64-€64Operating result 2024: -€1,289-€1,289Net result 2024: -€1,289-€1,289Operating result 2025: -€617-€617Net result 2025: -€618-€61820212022202320242025-€1,500-€1,000-€500€0Operating result 2023: -€64-€64Net result 2023: -€64-€64Operating result 2024: -€1,289-€1,290Net result 2024: -€1,289-€1,290Operating result 2025: -€617-€617Net result 2025: -€618-€618202320242025
The operating result stays negative: a loss of €617 in 2025 against €1,289 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €70,727
Equity €454 ▼ 57.6%
Provisions €57,780 =
Debt €12,493 ▲ 3.3%
Debt's share of the balance-sheet total rises from 17.0% to 17.7%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
Current ratio
11.28▼
2024 · 12.08
ROA
-0.9%▲
2024 · -1.8%
Debt ≤ 1 year
€6,273▲
2024 · €5,873
Equity ratios withheld: equity of €454 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 974 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 93% are still going.

  • Micro
  • 20 years or older
  • solvency under 10%
  • a small loss
2.1% went bankrupt
4.5% stopped otherwise
93% still going

A further 0.8% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.

The companies in ten equal groups, from lowest to highest expected share.
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.4%
3 0.5% 0.5%
4 0.6% 0.7%
5 0.8% 0.9%
6 1.2% 1.3%
7 1.5% 1.6%
8 1.7% 1.7%
9 2.7% 2.8%
10 5.3% 5.7%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 974 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.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines
Balance sheet Code20242025
Assets
Total assets20/58€70,945€70,727▼
Current assets29/58€70,945€70,727▼
Amounts receivable after more than one year29€23,400€23,400=
Other amounts receivable291€23,400€23,400=
Amounts receivable within one year40/41€37,358€37,358=
Other amounts receivable41€37,358€37,358=
Cash at bank and in hand54/58€10,187€9,969▼
Equity and liabilities
Total equity and liabilities10/49€70,945€70,727▼
Equity10/15€1,072€454▼
Contributions10/11€100,000€100,000=
Capital10€100,000€100,000=
Issued capital100€100,000€100,000=
Reserves13€15,000€15,000=
Non-distributable reserves130/1€5,000€5,000=
Legal reserve130€5,000€5,000=
Distributable reserves133€10,000€10,000=
Profit (loss) carried forward14-€113,928-€114,546▼
Provisions and deferred taxes16€57,780€57,780=
Provisions for liabilities and charges160/5€57,780€57,780=
Other liabilities and charges164/5€57,780€57,780=
Amounts payable17/49€12,093€12,493▲
Amounts payable within one year42/48€5,873€6,273▲
Trade debts44-€400
Suppliers440/4-€400
Other amounts payable47/48€5,873€5,873=
Accrued charges and deferred income492/3€6,220€6,220=
Income statement Code20242025
Other operating charges640/8€1,289€400▼
Gross operating margin9900--€218
Operating profit (loss)9901-€1,289-€617▲
Financial charges65/66B€0€0=
Recurring financial charges65€0€0=
Profit (loss) for the period before taxes9903-€1,289-€618▲
Profit (loss) for the period9904-€1,289-€618▲
Profit (loss) for the period to be appropriated9905-€1,289-€618▲
Appropriation of the result
Profit (loss) to be appropriated9906-€113,928-€114,546▼
Profit (loss) brought forward from the previous period14P-€112,639-€113,928▼
Line20212022202320242025Change
Other operating charges640/8€220€220-€1,289€400▼ 69.0%
Gross operating margin9900-€1,190-€124-€64--€218-
Operating profit (loss)9901-€1,410-€344-€64-€1,289-€617▲ 52.1%
Financial charges65/66B€0€0€0€0€0=
Recurring financial charges65€0€0€0€0€0=
Profit (loss) for the period before taxes9903-€1,410-€344-€64-€1,289-€618▲ 52.1%
Profit (loss) for the period9904-€1,410-€344-€64-€1,289-€618▲ 52.1%
Profit (loss) for the period to be appropriated9905-€1,410-€344-€64-€1,289-€618▲ 52.1%
Line20212022202320242025Change
Assets
Total assets20/58€72,765€72,297€72,234€70,945€70,727▼ 0.3%
Current assets29/58€72,765€72,297€72,234€70,945€70,727▼ 0.3%
Amounts receivable after more than one year29€23,400€23,400€23,400€23,400€23,400=
Other amounts receivable291€23,400€23,400€23,400€23,400€23,400=
Amounts receivable within one year40/41€37,358€37,358€37,358€37,358€37,358=
Other amounts receivable41€37,358€37,358€37,358€37,358€37,358=
Cash at bank and in hand54/58€12,007€11,539€11,475€10,187€9,969▼ 2.1%
Equity and liabilities
Total equity and liabilities10/49€72,765€72,297€72,234€70,945€70,727▼ 0.3%
Equity10/15€2,768€2,425€2,361€1,072€454▼ 57.6%
Contributions10/11€100,000€100,000€100,000€100,000€100,000=
Capital10€100,000€100,000€100,000€100,000€100,000=
Issued capital100€100,000€100,000€100,000€100,000€100,000=
Reserves13€15,000€15,000€15,000€15,000€15,000=
Non-distributable reserves130/1€5,000€5,000€5,000€5,000€5,000=
Legal reserve130€5,000€5,000€5,000€5,000€5,000=
Distributable reserves133€10,000€10,000€10,000€10,000€10,000=
Profit (loss) carried forward14-€112,232-€112,575-€112,639-€113,928-€114,546▼ 0.5%
Provisions and deferred taxes16€57,780€57,780€57,780€57,780€57,780=
Provisions for liabilities and charges160/5€57,780€57,780€57,780€57,780€57,780=
Other liabilities and charges164/5€57,780€57,780€57,780€57,780€57,780=
Amounts payable17/49€12,216€12,093€12,093€12,093€12,493▲ 3.3%
Amounts payable within one year42/48€6,216€5,873€5,873€5,873€6,273▲ 6.8%
Trade debts44€344---€400-
Suppliers440/4€344---€400-
Other amounts payable47/48€5,873€5,873€5,873€5,873€5,873=
Accrued charges and deferred income492/3€6,000€6,220€6,220€6,220€6,220=
Line20212022202320242025Change
Profit (loss) for the period9904-€1,410-€344-€64-€1,289-€618▲ 52.1%
Operating cash flow (approximation)-€1,410-€344-€64-€1,289-€618▲ 52.1%
Change in cash--€467-€64-€1,289-€218▲ 83.1%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
04-08
NBB filing Annual accounts filed
fiscal year 2025 · abbreviated schema · 4 days late
2025
25-09
NBB filing Annual accounts filed
fiscal year 2024 · micro schema · 56 days late
2024
30-08
NBB filing Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
16-06
NBB filing Annual accounts filed
fiscal year 2022 · micro schema
2022
05-08
NBB filing Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
29-09
NBB filing Annual accounts filed
fiscal year 2020 · micro schema · 60 days late
2020
30-06
NBB filing Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial Back to profitnet €3,347
Net result €3,347 after one loss-making year.
31-12
Financial Liquidity doublescurrent ratio 13.66
Current ratio from 6.31 to 13.66; short-term debt falls from €15,272 to €5,481.
19-09
NBB filing Annual accounts filed
fiscal year 2018 · micro schema · 50 days late
2018
30-08
NBB filing Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
31-08
NBB filing Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

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Directors · office · real estate

Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2005
seat establishment The establishment unit on the map
Ground area
601 m²
Building footprint
116 m²
Volume, LiDAR
897 m³
Parcel 62087B0163/00S003, Wallonia · tallest building 9.7 m, ±3 floors. Linked by address, not a title deed.
2 companies at this address See who is registered here
1 establishment unit
ARSV
Chaussée de Tongres 438, 4000 LiègeNACE 93040
since 20052.145.528.647
1 parcel
Wallonia 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
62087B0163/00S003 Wallonia 601 m² 1 · 116 m² 9.7 m · 3 fl.
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Similar companies · same sector, comparable size

Of 6,709 companies in sector 96230 we hold annual accounts for 628. 80 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPublic limited company
Founded07-01-2005
Fiscal year end31-12
Activities, NACEBEL 2025
96230Day spas, saunas and steam baths
77229Renting and leasing of other personal and household goods
E-invoicing
Not found in the Peppol register

No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.

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Register as of 27 September 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.