Summary
ARTCAL is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.1m and a net result of €374,772. Equity is growing by ~43.1% per year across the filed fiscal years. Its solvency ranks better than 86% of 5585 sector peers (fiscal year 2025). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-07-2025 was due by 28-02-2026 and was filed on 08-09-2025, 173 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
173 d early
2024
22 d early
2023
98 d early
2022
36 d early
2021
35 d early
2020
38 d early
2019
32 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 62 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-07-2026 and is due by 28-02-2027. Nothing is late today. Usually files around 23 January (4 of the last 5 filed years within 61 days of that day).
Companies Code · seven monthsPosition in the running window
31-07-2026 close29-09-2026 today28-02-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.1m▲ 54.4%
2024 · €688,522
Net result
€374,772▲ 1,134%
2024 · €30,367
Total assets
€1.2m▲ 57.6%
2024 · €739,766
Solvency
91.2%▼ 1.9pp
2024 · 93.1%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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€88,381▲ 999%€157,183▲ 77.8%€341,466▲ 117%€41,500▼ 87.8%€64,883▲ 56.3%
Net result€55,093within the sector's middle half▼ 16.5%€101,985above the sector's middle half▲ 85.1%€230,326above the sector's middle half▲ 126%€30,367within the sector's middle half▼ 86.8%€374,772above the sector's middle half▲ 1,134%
Equity€244,650within the sector's middle half▲ 29.1%€427,829above the sector's middle half▲ 74.9%€658,155within the sector's middle half▲ 53.8%€688,522within the sector's middle half▲ 4.6%€1.1mwithin the sector's middle half▲ 54.4%
Total assets€339,585within the sector's middle half▲ 22.1%€587,368within the sector's middle half▲ 73.0%€767,842within the sector's middle half▲ 30.7%€739,766within the sector's middle half▼ 3.7%€1.2mwithin the sector's middle half▲ 57.6%
Debt€94,936▲ 7.1%€159,540▲ 68.1%€109,686▼ 31.2%€51,244▼ 53.3%€102,451▲ 99.9%
Working capital-€273within the sector's middle half▲ 99.5%€179,559above the sector's middle half€408,429above the sector's middle half▲ 127%€403,123above the sector's middle half▼ 1.3%€785,744above the sector's middle half▲ 94.9%
Solvency72.0%within the sector's middle half▲ 3.9pp72.8%within the sector's middle half▲ 0.8pp85.7%above the sector's middle half▲ 12.9pp93.1%above the sector's middle half▲ 7.4pp91.2%above the sector's middle half▼ 1.9pp
Current ratio1.00within the sector's middle half▲ 0.682.14within the sector's middle half▲ 1.144.73above the sector's middle half▲ 2.608.95above the sector's middle half▲ 4.228.69above the sector's middle half▼ 0.26
Return on assets (ROA)16.2%within the sector's middle half▼ 7.5pp17.4%within the sector's middle half▲ 1.1pp30.0%above the sector's middle half▲ 12.6pp4.1%within the sector's middle half▼ 25.9pp32.1%above the sector's middle half▲ 28.0pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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.
Why a figure moved sharply
- 2023 Net result +126% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 56% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€277,824 ▼ 2.8%
Current assets
€887,921 ▲ 95.7%
Equity and liabilities €1.2m
Equity
€1.1m ▲ 54.4%
Debt
€102,451 ▲ 99.9%
Debt's share of the balance-sheet total rises from 6.9% to 8.8%. Equity and debt are higher.
Key figures and ratios
ROE
35.2%▲
2024 · 4.4%
Debt ≤ 1 year
€102,177▲
2024 · €50,704
Income taxes
€56,976▲
2024 · €16,811
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €4,634 | €8,115 | ▲ 75.1% |
| Other operating charges640/8 | - | €659 | €758 | €2,157 | €1,193 | ▼ 44.7% |
| Gross operating margin9900 | €89,031 | €157,842 | €342,224 | €48,290 | €74,190 | ▲ 53.6% |
| Operating profit (loss)9901 | €88,381 | €157,183 | €341,466 | €41,500 | €64,883 | ▲ 56.3% |
| Financial income75/76B | - | - | - | €6,198 | €367,153 | ▲ 5,823% |
| Recurring financial income75 | - | - | - | €6,198 | €367,153 | ▲ 5,823% |
| Financial charges65/66B | - | €4,773 | €938 | €520 | €288 | ▼ 44.6% |
| Recurring financial charges65 | €7,182 | €4,773 | €938 | €520 | €288 | ▼ 44.6% |
| Profit (loss) for the period before taxes9903 | €81,199 | €152,410 | €340,528 | €47,178 | €431,748 | ▲ 815% |
| Income taxes67/77 | €26,106 | €50,425 | €110,202 | €16,811 | €56,976 | ▲ 239% |
| Profit (loss) for the period9904 | €55,093 | €101,985 | €230,326 | €30,367 | €374,772 | ▲ 1,134% |
| Profit (loss) for the period to be appropriated9905 | €55,093 | €101,985 | €230,326 | €30,367 | €374,772 | ▲ 1,134% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €339,585 | €587,368 | €767,842 | €739,766 | €1.2m | ▲ 57.6% |
| Fixed assets21/28 | €250,000 | €250,000 | €250,000 | €285,939 | €277,824 | ▼ 2.8% |
| Tangible fixed assets22/27 | - | - | - | €35,939 | €27,824 | ▼ 22.6% |
| Furniture and vehicles24 | - | - | - | €35,939 | €27,824 | ▼ 22.6% |
| Financial fixed assets28 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Current assets29/58 | €89,585 | €337,368 | €517,842 | €453,827 | €887,921 | ▲ 95.7% |
| Amounts receivable within one year40/41 | €60,322 | €334,487 | €508,965 | €48,641 | €9,647 | ▼ 80.2% |
| Trade receivables40 | - | €333,731 | €504,370 | €39,000 | €9,075 | ▼ 76.7% |
| Other amounts receivable41 | - | €757 | €4,595 | €9,641 | €572 | ▼ 94.1% |
| Current investments50/53 | - | - | - | €390,000 | €450,000 | ▲ 15.4% |
| Cash at bank and in hand54/58 | €29,264 | €2,881 | €8,877 | €14,443 | €428,246 | ▲ 2,865% |
| Deferred charges and accrued income490/1 | - | - | - | €743 | €29 | ▼ 96.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €339,585 | €587,368 | €767,842 | €739,766 | €1.2m | ▲ 57.6% |
| Equity10/15 | €244,650 | €427,829 | €658,155 | €688,522 | €1.1m | ▲ 54.4% |
| Contributions10/11 | - | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Reserves13 | €58,843 | €160,828 | €391,154 | €421,521 | €796,294 | ▲ 88.9% |
| Non-distributable reserves130/1 | - | €3,750 | €3,750 | €3,750 | - | - |
| Reserves not available under the articles1311 | - | €3,750 | €3,750 | €3,750 | - | - |
| Distributable reserves133 | - | €157,078 | €387,404 | €417,771 | €796,294 | ▲ 90.6% |
| Profit (loss) carried forward14 | €148,307 | €229,501 | €229,501 | €229,501 | €229,501 | = |
| Amounts payable17/49 | €94,936 | €159,540 | €109,686 | €51,244 | €102,451 | ▲ 99.9% |
| Amounts payable within one year42/48 | €89,859 | €157,809 | €109,412 | €50,704 | €102,177 | ▲ 102% |
| Trade debts44 | €147 | €23,487 | - | €2,052 | €993 | ▼ 51.6% |
| Suppliers440/4 | - | €23,487 | - | €2,052 | €993 | ▼ 51.6% |
| Taxes, remuneration and social security45 | - | €70,501 | €25,319 | €15,182 | €61,604 | ▲ 306% |
| Taxes450/3 | - | €70,501 | €25,319 | €15,182 | €61,604 | ▲ 306% |
| Other amounts payable47/48 | - | €63,822 | €84,093 | €33,469 | €39,579 | ▲ 18.3% |
| Accrued charges and deferred income492/3 | - | €1,731 | €274 | €540 | €274 | ▼ 49.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,093 | €101,985 | €230,326 | €30,367 | €374,772 | ▲ 1,134% |
| + Depreciation and write-downs630 | - | - | - | €4,634 | €8,115 | ▲ 75.1% |
| Operating cash flow (approximation) | €55,093 | €101,985 | €230,326 | €35,001 | €382,887 | ▲ 994% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€40,572 | €0 | ▲ 100% |
| Change in cash | - | -€26,383 | €5,996 | €5,567 | €413,802 | ▲ 7,334% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
08-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-07
Financial
Highest result since 2019net €374,772 ▲1,134%
Net result €374,772, the highest in the series.
31-07
Financial
Equity above €1mEq €1.1m ▲54.4%
7 profitable years in a row build equity to €1.1m.
06-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
23-11
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-07
Financial
Liquidity doublescurrent ratio 4.73
Current ratio from 2.14 to 4.73; short-term debt falls from €157,809 to €109,412.
31-07
Financial
Equity above €500,000Eq €658,155 ▲53.8%
5 profitable years in a row build equity to €658,155.
23-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-07
Financial
Liquidity doublescurrent ratio 2.14
Current ratio from 1.00 to 2.14.
24-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-07
Financial
Equity above €200,000Eq €244,650 ▲29.1%
3 profitable years in a row build equity to €244,650.
21-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
2020
31-07
Financial
Equity above €150,000Eq €189,557 ▲53.4%
2 profitable years in a row build equity to €189,557.
28-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
22-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Brugge · 1 establishment unit since 2007
Ground area
554 m²
Building footprint
369 m²
Volume, LiDAR
1,928 m³
Parcel 31425C0113/00G010, Flanders · tallest building 11.3 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ARTCAL
since 20072.167.380.965
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31425C0113/00G010 | Flanders | 554 m² | 1 · 369 m² | 11.3 m · 1 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-07-2025 list no shareholders, and no other source names one.
Holdings 1
-
45.03%
According to the annual accounts to 31-07-2025 of ARTCAL and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,800. 12,537 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-12-2007
Fiscal year end31-07
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894122244
Registered
12-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.