ARTE MA
ActiveSummary
ARTE MA has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-723k) and a net result of €85k. Equity is shrinking by ~25.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+1
Solvency16▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01 against 0.15 in 2024; short-term debt: 7% and cash: 0.1% of total assets), and equity is negative.
Credit check for your own amount and term
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 dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-8.9%
Return on assets
1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
30 d early
2023
21 d early
2022
29 d late
2021
29 d late
2020
17 d late
2019
13 d late
← before the deadline
after the deadline →
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 monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€85k▼ 26.1%
2024 · €115k
2018: €-295k
2019: €-11k▲ +96.3% vs 2018
2020: €-356k▼ -3203% vs 2019lowest in 8 years
2021: €-230k▲ +35.4% vs 2020
2022: €-154k▲ +32.8% vs 2021
2023: €-216k▼ -39.8% vs 2022
2024: €115k▲ +153% vs 2023highest in 8 years
2025: €85k▼ -26.1% vs 2024
2018 → 2025
Working capital
€-559k▼ 37.7%
2024 · €-406k
2018: €-845klowest in 8 years
2019: €29k▲ +103% vs 2018highest in 8 years
2020: €-353k▼ -1328% vs 2019
2021: €-441k▼ -25.2% vs 2020
2022: €-430k▲ +2.6% vs 2021
2023: €-515k▼ -19.7% vs 2022
2024: €-406k▲ +21.0% vs 2023
2025: €-559k▼ -37.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-552k-€-707k▼ 28.0%€-923k▼ 30.6%€-808k▲ 12.5%€-723k▲ 10.5%
2021: €-552khighest in 5 years
2022: €-707k▼ -28.0% vs 2021
2023: €-923k▼ -30.6% vs 2022lowest in 5 years
2024: €-808k▲ +12.5% vs 2023
2025: €-723k▲ +10.5% vs 2024
Operating result€-60k-€72k€54k▼ 25.5%€357k▲ 566%€300k▼ 16.0%
2021: €-60klowest in 5 years
2022: €72k▲ +221% vs 2021
2023: €54k▼ -25.5% vs 2022
2024: €357k▲ +566% vs 2023highest in 5 years
2025: €300k▼ -16.0% vs 2024
Net result€-230k-€-154k▲ 32.8%€-216k▼ 39.8%€115k€85k▼ 26.1%
2021: €-230klowest in 5 years
2022: €-154k▲ +32.8% vs 2021
2023: €-216k▼ -39.8% vs 2022
2024: €115k▲ +153% vs 2023highest in 5 years
2025: €85k▼ -26.1% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 16% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.14M
Fixed assets
€8.13M ▼ 3.0%
Current assets
€8k ▼ 88.2%
Key figures and ratios
EBITDA
€651k▼
2024 · €703k
Cash flow
€435k▼
2024 · €461k
Solvency
-8.9%▲
2024 · -9.5%
Current ratio
0.01▼
2024 · 0.15
Debt to equity
-12.18▼
2024 · -11.39
ROA
1.0%▼
2024 · 1.4%
Interest coverage
2.98▲
2024 · 2.87
Debt
€8.80M▼
2024 · €9.20M
Debt ≤ 1 year
€567k▲
2024 · €475k
Debt > 1 year
€8.24M▼
2024 · €8.72M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.46M€8.14M▼
Fixed assets21/28€8.39M€8.13M▼
Tangible fixed assets22/27€8.39M€8.13M▼
Land and buildings22€8.01M€7.85M▼
Other tangible fixed assets26€374k€285k▼
Current assets29/58€69k€8k▼
Amounts receivable within one year40/41€67k-
Trade receivables40€67k-
Cash at bank and in hand54/58€880€5k▲
Deferred charges and accrued income490/1€1k€3k▲
Equity and liabilities
Total equity and liabilities10/49€8.46M€8.14M▼
Equity10/15€-808k€-723k▲
Contributions10/11€125k€125k=
Capital10€125k€125k=
Issued capital100€125k€125k=
Reserves13€207k€198k▼
Non-distributable reserves130/1€13k€13k=
Legal reserve130€13k€13k=
Tax-exempt reserves132€195k€186k▼
Profit (loss) carried forward14€-1.14M€-1.05M▲
Provisions and deferred taxes16€64k€61k▼
Deferred taxes168€64k€61k▼
Amounts payable17/49€9.20M€8.80M▼
Amounts payable after more than one year17€8.72M€8.24M▼
Financial debts170/4€5.71M€5.23M▼
Other amounts payable178/9€3.02M€3.00M▼
Amounts payable within one year42/48€475k€567k▲
Current portion of amounts payable after more than one year42€469k€478k▲
Trade debts44€6k€90k▲
Suppliers440/4€6k€90k▲
Income statement
Code20242025
Non-recurring operating income76A-€13k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€346k€350k▲
Other operating charges640/8€144k€98k▼
Gross operating margin9900€848k€749k▼
Operating profit (loss)9901€357k€300k▼
Financial income75/76B€1-
Recurring financial income75€1-
Financial charges65/66B€245k€218k▼
Recurring financial charges65€245k€218k▼
Profit (loss) for the period before taxes9903€112k€82k▼
Transfer from deferred taxes780€3k€3k=
Profit (loss) for the period9904€115k€85k▼
Transfer from tax-exempt reserves789€9k€9k=
Profit (loss) for the period to be appropriated9905€124k€94k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-1.14M€-1.05M▲
Profit (loss) brought forward from the previous period14P€-1.26M€-1.14M▲
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €13k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €408k | €343k | €344k | €346k | €350k | ▲ 1.3% |
| Other operating charges640/8 | €78k | €86k | €137k | €144k | €98k | ▼ 32.0% |
| Gross operating margin9900 | €427k | €501k | €535k | €848k | €749k | ▼ 11.7% |
| Operating profit (loss)9901 | €-60k | €72k | €54k | €357k | €300k | ▼ 16.0% |
| Financial income75/76B | - | - | €0 | €1 | - | - |
| Recurring financial income75 | - | - | €0 | €1 | - | - |
| Financial charges65/66B | €175k | €229k | €273k | €245k | €218k | ▼ 11.0% |
| Recurring financial charges65 | €175k | €229k | €273k | €245k | €218k | ▼ 11.0% |
| Profit (loss) for the period before taxes9903 | €-235k | €-157k | €-219k | €112k | €82k | ▼ 26.8% |
| Transfer from deferred taxes780 | €5k | €3k | €3k | €3k | €3k | = |
| Profit (loss) for the period9904 | €-230k | €-154k | €-216k | €115k | €85k | ▼ 26.1% |
| Transfer from tax-exempt reserves789 | €15k | €9k | €9k | €9k | €9k | = |
| Profit (loss) for the period to be appropriated9905 | €-215k | €-146k | €-207k | €124k | €94k | ▼ 24.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.36M | €9.09M | €8.74M | €8.46M | €8.14M | ▼ 3.7% |
| Fixed assets21/28 | €9.36M | €9.06M | €8.73M | €8.39M | €8.13M | ▼ 3.0% |
| Tangible fixed assets22/27 | €9.36M | €9.06M | €8.73M | €8.39M | €8.13M | ▼ 3.0% |
| Land and buildings22 | €8.71M | €8.50M | €8.27M | €8.01M | €7.85M | ▼ 2.1% |
| Other tangible fixed assets26 | €641k | €552k | €463k | €374k | €285k | ▼ 23.8% |
| Assets under construction and advance payments27 | €10k | - | - | - | - | - |
| Current assets29/58 | €6k | €32k | €6k | €69k | €8k | ▼ 88.2% |
| Amounts receivable within one year40/41 | - | - | - | €67k | - | - |
| Trade receivables40 | - | - | - | €67k | - | - |
| Cash at bank and in hand54/58 | €6k | €32k | €5k | €880 | €5k | ▲ 521% |
| Deferred charges and accrued income490/1 | - | - | €1k | €1k | €3k | ▲ 143% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.36M | €9.09M | €8.74M | €8.46M | €8.14M | ▼ 3.7% |
| Equity10/15 | €-552k | €-707k | €-923k | €-808k | €-723k | ▲ 10.5% |
| Contributions10/11 | €125k | €125k | €125k | €125k | €125k | = |
| Capital10 | €125k | €125k | €125k | €125k | €125k | = |
| Issued capital100 | €125k | €125k | €125k | €125k | €125k | = |
| Reserves13 | €234k | €225k | €216k | €207k | €198k | ▼ 4.3% |
| Non-distributable reserves130/1 | €13k | €13k | €13k | €13k | €13k | = |
| Legal reserve130 | €13k | €13k | €13k | €13k | €13k | = |
| Tax-exempt reserves132 | €221k | €213k | €204k | €195k | €186k | ▼ 4.6% |
| Profit (loss) carried forward14 | €-911k | €-1.06M | €-1.26M | €-1.14M | €-1.05M | ▲ 8.2% |
| Provisions and deferred taxes16 | €73k | €70k | €67k | €64k | €61k | ▼ 4.6% |
| Deferred taxes168 | €73k | €70k | €67k | €64k | €61k | ▼ 4.6% |
| Amounts payable17/49 | €9.84M | €9.72M | €9.60M | €9.20M | €8.80M | ▼ 4.3% |
| Amounts payable after more than one year17 | €9.40M | €9.26M | €9.06M | €8.72M | €8.24M | ▼ 5.6% |
| Financial debts170/4 | €7.09M | €6.64M | €6.18M | €5.71M | €5.23M | ▼ 8.4% |
| Other amounts payable178/9 | €2.31M | €2.62M | €2.88M | €3.02M | €3.00M | ▼ 0.4% |
| Amounts payable within one year42/48 | €447k | €462k | €521k | €475k | €567k | ▲ 19.4% |
| Current portion of amounts payable after more than one year42 | €445k | €453k | €471k | €469k | €478k | ▲ 1.8% |
| Trade debts44 | €2k | €9k | €50k | €6k | €90k | ▲ 1,352% |
| Suppliers440/4 | €2k | €9k | €50k | €6k | €90k | ▲ 1,352% |
| Other amounts payable47/48 | - | - | €88 | - | - | - |
| Accrued charges and deferred income492/3 | - | €149 | €19k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-230k | €-154k | €-216k | €115k | €85k | ▼ 26.1% |
| + Depreciation and write-downs630 | €408k | €343k | €344k | €346k | €350k | ▲ 1.3% |
| Operating cash flow (approximation) | €178k | €189k | €128k | €461k | €435k | ▼ 5.6% |
| Investment in fixed assets (approximation) | - | €-41k | €-21k | €0 | €-96k | - |
| Change in cash | - | €26k | €-27k | €-4k | €5k | ▲ 206% |
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
2026
17-09
State Gazette act
Reappointment: E-Maprod (director)Permanent representative: Stéphane Benaym · Power of attorney4 facts ▸
State Gazette act
Reappointment: E-Maprod (director)
Permanent representative: Stéphane Benaym · Power of attorney4 facts ▸
- General meeting, 26-06-2026
- Director reappointment, E-Maprod (director)
- Permanent representative, Stéphane Benaym (permanent representative)
- Power of attorney, SRL Fiscalys
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €115k
Net result €115k after 6 loss-making years.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 17 days late
2020
31-12
Financial
Weakest financial yearnet €-356k
Net result drops to €-356k, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 13 days late
2019
31-12
Financial
Liquidity times 247current ratio 1.12
Current ratio from 0.00 to 1.12; short-term debt falls from €849k to €235k.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 9 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
E - MAPROD
CurrentDirector · since 26-06-2026 · Public limited company · perm. rep.: Stéphane Benaym
26-06-2026
Mandate renewed as Director
Not every act has been read: a resignation may be missing here
7 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Gillis (bij-Brussel) · 1 establishment unit since 2003
Ground area
2,754 m²
Parcel 21013B0370/00H010, Brussels. Linked by address, not a title deed.
31
companies at this address
See who is registered here
1 establishment unit
ARTE MA SA
since 20032.123.445.707
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21013B0370/00H010 | Brussels | 2,754 m² | - | - |
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
Connections & network
1 connected companyLinked via shared directors
Shared corporate director
→
Identification & contact
Identification
Legal formPublic limited company
Founded15-10-2002
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.