ART - GREEN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 34 filings
Turnover
≈ €1.7m
Estimated: probably between €1.2m and €2.6m
EBIT margin
Not included in this filing
Net result
€98,869▼ 7.0%
2024 · €106,359
Working capital
€154,378▼ 7.8%
2024 · €167,445
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€163,063
▲ 0.9%
2025
20182025
Net result
€98,869
▼ 7.0%
2025
middle half of the sector
20182025
Equity
€644,400
▲ 17.2%
2025
middle half of the sector
20182025
Total assets
€2.1m
▲ 5.7%
2025
middle half of the sector
20182025
Debt
€1.5m
▲ 1.4%
2025
20182025
Working capital
€154,378
▼ 7.8%
2025
middle half of the sector
20182025
Solvency
30.0%
▲ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.39
▲ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
4.6%
▼ 0.6pp
2025
middle half of the sector
20182025
Staff (FTE)
13.4
▲ 1.5%
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-€0.03m--€0.08m▼ 139%€0.09m€0.1m▲ 65.7%€0.08m▼ 44.6%€0.2m▲ 108%€0.2m▼ 0.6%€0.2m▲ 0.9%
Net result-€0.04m--€0.08m▼ 104%€0.07mwithin the sector's middle half€0.2mabove the sector's middle half▲ 131%€0.07mwithin the sector's middle half▼ 55.7%€0.1mwithin the sector's middle half▲ 39.8%€0.1mwithin the sector's middle half▲ 2.1%€0.1mwithin the sector's middle half▼ 7.0%
Equity€0.3m-€0.2m▼ 31.9%€0.3mwithin the sector's middle half▲ 40.4%€0.5mwithin the sector's middle half▲ 81.0%€0.5mwithin the sector's middle half▲ 15.7%€0.7mwithin the sector's middle half▲ 25.2%€0.5mwithin the sector's middle half▼ 16.9%€0.6mwithin the sector's middle half▲ 17.2%
Total assets€0.8m-€1.5m▲ 87.5%€1.6mwithin the sector's middle half▲ 6.8%€1.7mwithin the sector's middle half▲ 7.3%€2.0mwithin the sector's middle half▲ 13.0%€1.9mwithin the sector's middle half▼ 1.2%€2.0mwithin the sector's middle half▲ 4.8%€2.1mwithin the sector's middle half▲ 5.7%
Debt€0.5m-€1.3m▲ 145%€1.4m▲ 2.3%€1.3m▼ 6.3%€1.4m▲ 12.1%€1.3m▼ 10.9%€1.5m▲ 16.0%€1.5m▲ 1.4%
Working capital€0.3m-€0.3m▼ 10.9%€0.2mwithin the sector's middle half▼ 9.1%€0.5mabove the sector's middle half▲ 84.3%€0.3mwithin the sector's middle half▼ 22.8%€0.3mwithin the sector's middle half▼ 13.5%€0.2mwithin the sector's middle half▼ 44.4%€0.2mwithin the sector's middle half▼ 7.8%
Solvency32.6%-11.8%▼ 20.8pp15.6%below the sector's middle half▲ 3.7pp26.3%within the sector's middle half▲ 10.7pp26.9%within the sector's middle half▲ 0.6pp34.1%within the sector's middle half▲ 7.2pp27.0%within the sector's middle half▼ 7.0pp30.0%within the sector's middle half▲ 3.0pp
Current ratio2.25-1.98▼ 0.261.77within the sector's middle half▼ 0.212.83above the sector's middle half▲ 1.052.01within the sector's middle half▼ 0.811.90within the sector's middle half▼ 0.111.34within the sector's middle half▼ 0.561.39within the sector's middle half▲ 0.05
Return on assets (ROA)-5.0%--5.5%▼ 0.5pp4.5%within the sector's middle half▲ 10.0pp9.7%within the sector's middle half▲ 5.2pp3.8%within the sector's middle half▼ 5.9pp5.4%within the sector's middle half▲ 1.6pp5.2%within the sector's middle half▼ 0.1pp4.6%within the sector's middle half▼ 0.6pp
Staff (FTE)12.9-12.8▼ 0.8%12.5within the sector's middle half▼ 2.3%13.8within the sector's middle half▲ 10.4%14.3within the sector's middle half▲ 3.6%14within the sector's middle half▼ 2.1%13.2within the sector's middle half▼ 5.7%13.4within the sector's middle half▲ 1.5%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 1% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.6m ▲ 16.4%
Current assets
€549,552 ▼ 16.7%
Equity and liabilities €2.1m
Equity
€644,400 ▲ 17.2%
Debt
€1.5m ▲ 1.4%
Debt's share of the balance-sheet total falls from 73.0% to 70.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€374,852▲
2024 · €328,393
Cash flow
€310,658▲
2024 · €273,205
Quick ratio
1.25▲
2024 · 1.15
Debt to equity
2.33▼
2024 · 2.70
ROE
15.3%▼
2024 · 19.4%
Interest coverage
8.93▲
2024 · 7.89
Debt ≤ 1 year
€395,174▼
2024 · €492,591
Debt > 1 year
€1.1m▲
2024 · €988,066
Income taxes
€28,502▼
2024 · €33,401
Staff costs
€491,149▼
2024 · €532,030
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 15 | 14 | 13 | 12 |
| full-time | 10 | 12 | 11 | 10 | 9 |
| part-time | 4 | 3 | 3 | 3 | 3 |
| in full-time equivalents | 12 | 13.8 | 13.1 | 12.1 | 11.1 |
| Average over the year, in full-time equivalents | 13.8 | 14.3 | 14 | 13.2 | 13.4 |
| On a permanent contract | 12 | 15 | 14 | 13 | 12 |
| Joined | 5 | 9 | 6 | 5 | 8 |
| Left | 6 | 8 | 7 | 6 | 9 |
| Training hours | 223 | 261 | - | - | 18,280 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €145,877 | €364,018 | €194,262 | €237,208 | €437,568 |
| Depreciation and write-downs of the year | €164,594 | €131,212 | €161,379 | €166,846 | €211,789 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,420 awarded · €2,420 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €633 | €2,720 | ▲ 330% |
| Remuneration, social security and pensions62 | - | - | - | €455,899 | €534,653 | €571,299 | €532,030 | €491,149 | ▼ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €158,527 | €183,358 | €139,771 | €164,594 | €131,212 | €161,379 | €166,846 | €211,789 | ▲ 26.9% |
| Other operating charges640/8 | - | - | - | €8,295 | €7,775 | €8,413 | €9,527 | €8,938 | ▼ 6.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €3,050 | €166 | ▼ 94.6% |
| Gross operating margin9900 | €590,378 | €564,766 | €646,370 | €769,826 | €751,719 | €903,636 | €873,000 | €875,105 | ▲ 0.2% |
| Operating profit (loss)9901 | -€31,780 | -€75,946 | €85,104 | €141,038 | €78,079 | €162,545 | €161,547 | €163,063 | ▲ 0.9% |
| Financial income75/76B | - | - | - | €47,227 | €17,419 | €6,584 | €19,856 | €6,304 | ▼ 68.3% |
| Recurring financial income75 | €5,184 | €1,704 | €489 | €44,715 | €2,847 | €3,514 | €19,856 | €6,304 | ▼ 68.3% |
| Non-recurring financial income76B | - | - | - | €2,512 | €14,572 | €3,070 | - | - | - |
| Financial charges65/66B | - | - | - | €15,538 | €13,388 | €33,627 | €41,643 | €41,996 | ▲ 0.8% |
| Recurring financial charges65 | €18,775 | €9,780 | €12,920 | €12,010 | €11,611 | €33,615 | €41,643 | €41,996 | ▲ 0.8% |
| Non-recurring financial charges66B | - | - | - | €3,528 | €1,777 | €12 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€40,524 | -€82,833 | €73,302 | €172,727 | €82,110 | €135,502 | €139,760 | €127,371 | ▼ 8.9% |
| Income taxes67/77 | - | - | €535 | €4,515 | €7,604 | €31,356 | €33,401 | €28,502 | ▼ 14.7% |
| Profit (loss) for the period9904 | -€40,524 | -€82,833 | €72,767 | €168,212 | €74,506 | €104,146 | €106,359 | €98,869 | ▼ 7.0% |
| Profit (loss) for the period to be appropriated9905 | -€40,524 | -€82,833 | €72,767 | €168,212 | €74,506 | €104,146 | €106,359 | €98,869 | ▼ 7.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €1.5m | €1.6m | €1.7m | €2.0m | €1.9m | €2.0m | €2.1m | ▲ 5.7% |
| Fixed assets21/28 | €0.3m | €1.0m | €1.1m | €1.0m | €1.3m | €1.3m | €1.4m | €1.6m | ▲ 16.4% |
| Tangible fixed assets22/27 | €0.3m | €1.0m | €1.1m | €1.0m | €1.3m | €1.3m | €1.4m | €1.6m | ▲ 16.5% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €0.3m | €0.5m | €0.6m | €0.7m | €0.9m | ▲ 30.3% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.07m | €0.05m | €0.04m | €0.07m | ▲ 85.1% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €0.7m | €0.7m | €0.6m | €0.7m | €0.5m | ▼ 16.7% |
| Stocks and contracts in progress3 | €0.1m | €0.09m | €0.01m | €0.05m | €0.04m | €0.02m | €0.09m | €0.05m | ▼ 41.5% |
| Stocks30/36 | - | - | - | €0.05m | €0.04m | €0.02m | €0.09m | €0.05m | ▼ 41.5% |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 17.3% |
| Trade receivables40 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 7.4% |
| Other amounts receivable41 | - | - | - | - | €0.03m | €0.03m | €0.03m | €0.002m | ▼ 95.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.06m | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▼ 8.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €1.5m | €1.6m | €1.7m | €2.0m | €1.9m | €2.0m | €2.1m | ▲ 5.7% |
| Equity10/15 | €0.3m | €0.2m | €0.3m | €0.5m | €0.5m | €0.7m | €0.5m | €0.6m | ▲ 17.2% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 26.1% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | - | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | - | €0.006m | - | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.006m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 30.1% |
| Profit (loss) carried forward14 | -€0.06m | -€0.1m | -€0.07m | €0.06m | €0.06m | €0.06m | €0.08m | €0.09m | ▲ 6.0% |
| Investment grants15 | - | - | - | €0.04m | €0.03m | €0.06m | €0.04m | €0.04m | ▼ 9.2% |
| Amounts payable17/49 | €0.5m | €1.3m | €1.4m | €1.3m | €1.4m | €1.3m | €1.5m | €1.5m | ▲ 1.4% |
| Amounts payable after more than one year17 | €0.3m | €1.1m | €1.0m | €1.0m | €1.1m | €0.9m | €1.0m | €1.1m | ▲ 11.9% |
| Financial debts170/4 | - | - | - | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | ▲ 10.1% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.3m | €0.2m | €0.4m | €0.4m | ▲ 14.9% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | €0.5m | €0.4m | ▼ 19.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.1% |
| Trade debts44 | €0.03m | €0.1m | €0.1m | €0.02m | €0.09m | €0.05m | €0.1m | €0.06m | ▼ 50.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.09m | €0.05m | €0.1m | €0.06m | ▼ 50.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 16.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.05m | €0.04m | €0.05m | ▲ 30.7% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.08m | €0.06m | €0.07m | €0.08m | ▲ 9.2% |
| Other amounts payable47/48 | - | - | - | - | - | €0.01m | €0.07m | €0.01m | ▼ 80.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,524 | -€82,833 | €72,767 | €168,212 | €74,506 | €104,146 | €106,359 | €98,869 | ▼ 7.0% |
| + Depreciation and write-downs630 | €158,527 | €183,358 | €139,771 | €164,594 | €131,212 | €161,379 | €166,846 | €211,789 | ▲ 26.9% |
| Operating cash flow (approximation) | €118,003 | €100,525 | €212,538 | €332,806 | €205,718 | €265,525 | €273,205 | €310,658 | ▲ 13.7% |
| Investment in fixed assets (approximation) | - | -€892,596 | -€224,330 | -€145,878 | -€364,018 | -€194,262 | -€236,106 | -€437,568 | ▼ 85.3% |
| Change in cash | - | -€130,330 | €143,931 | €133,272 | €82,877 | -€125,620 | -€49,154 | -€19,713 | ▲ 59.9% |
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, 4,685 companies had the same profile as ART - GREEN has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of ART - GREEN itself: 0.2% 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 4,685 companies, not a prediction for ART - GREEN. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00172698 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00212151 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00399391 | |
| 31-12-2022 | full format | 21-08-2023 | 2023-00337912 | |
| 31-12-2021 | full format | 09-08-2022 | 2022-20278904 | |
| 31-12-2020 | full format | 30-04-2021 | 2021-12700189 | |
| 31-12-2019 | full format | 08-07-2020 | 2020-27900020 | |
| 31-12-2018 | full format | 27-08-2019 | 2019-53700299 | |
| 31-12-2017 | full format | 08-08-2018 | 2018-44400100 | |
| 31-12-2016 | full format | 08-08-2017 | 2017-42900443 |