ArtEfil
ActiveSummary
ArtEfil has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €39,864 and a net result of €7,991. Equity is growing by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 59% of 838 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability82▲+55
Solvency77▲+4
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 2.26 against 2.26 in 2023; short-term debt: 27.7% and cash: 7.9% of total assets), and 48.4% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
51.6%
Return on assets
10.3%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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 · 7 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
189 d late
2022
35 d late
2021
88 d late
2020
453 d late
2019
284 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 185 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€39,864▲ 25.1%
2023 · €31,873
Total assets
€77,289▲ 16.6%
2023 · €66,283
Net result
€7,991
2023 · -€3,484
Working capital
€26,916▲ 43.1%
2023 · €18,806
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€9,410▼ 43.9%€21,917▲ 133%-€19,507-€1,611▲ 91.7%€11,038
Net result€6,266within the sector's middle half▼ 46.0%€16,808within the sector's middle half▲ 168%-€21,727below the sector's middle half-€3,484below the sector's middle half▲ 84.0%€7,991within the sector's middle half
Equity€40,276within the sector's middle half▲ 18.4%€57,084within the sector's middle half▲ 41.7%€35,357within the sector's middle half▼ 38.1%€31,873within the sector's middle half▼ 9.9%€39,864within the sector's middle half▲ 25.1%
Total assets€60,643below the sector's middle half▲ 6.9%€123,438within the sector's middle half▲ 104%€84,968within the sector's middle half▼ 31.2%€66,283within the sector's middle half▼ 22.0%€77,289within the sector's middle half▲ 16.6%
Debt€20,367▼ 10.4%€66,353▲ 226%€49,611▼ 25.2%€34,410▼ 30.6%€37,425▲ 8.8%
Working capital€34,169within the sector's middle half▲ 32.5%€14,356within the sector's middle half▼ 58.0%€25,619within the sector's middle half▲ 78.5%€18,806within the sector's middle half▼ 26.6%€26,916within the sector's middle half▲ 43.1%
Solvency66.4%within the sector's middle half▲ 6.5pp46.2%within the sector's middle half▼ 20.2pp41.6%within the sector's middle half▼ 4.6pp48.1%within the sector's middle half▲ 6.5pp51.6%within the sector's middle half▲ 3.5pp
Current ratio2.85within the sector's middle half▲ 0.461.22within the sector's middle half▼ 1.642.03within the sector's middle half▲ 0.822.26within the sector's middle half▲ 0.232.26within the sector's middle half=
Return on assets (ROA)10.3%within the sector's middle half▼ 10.1pp13.6%within the sector's middle half▲ 3.3pp-25.6%below the sector's middle half▼ 39.2pp-5.3%below the sector's middle half▲ 20.3pp10.3%within the sector's middle half▲ 15.6pp
above
within
below
the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €11,038 after a loss of €1,611 in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €77,289
Fixed assets
€28,942 ▼ 11.1%
Current assets
€48,347 ▲ 43.3%
Equity and liabilities €77,289
Equity
€39,864 ▲ 25.1%
Debt
€37,425 ▲ 8.8%
Debt's share of the balance-sheet total falls from 51.9% to 48.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,145▲
2023 · €3,032
Cash flow
€13,098▲
2023 · €1,159
Debt to equity
0.94▼
2023 · 1.08
ROE
20.0%▲
2023 · -10.9%
Interest coverage
6.67▲
2023 · 1.81
Debt ≤ 1 year
€21,431▲
2023 · €14,928
Debt > 1 year
€15,866▼
2023 · €19,422
Income taxes
€951▲
2023 · €413
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 26,975 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €202 | - |
| Remuneration, social security and pensions62 | - | €43 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,374 | €5,417 | €6,977 | €4,643 | €5,106 | ▲ 10.0% |
| Other operating charges640/8 | €360 | €348 | €880 | €3,099 | €1,327 | ▼ 57.2% |
| Gross operating margin9900 | €14,144 | €27,724 | -€11,650 | €6,131 | €17,472 | ▲ 185% |
| Operating profit (loss)9901 | €9,410 | €21,917 | -€19,507 | -€1,611 | €11,038 | ▲ 785% |
| Financial income75/76B | €250 | €369 | €258 | €213 | €324 | ▲ 52.3% |
| Recurring financial income75 | €250 | €369 | €258 | €213 | €324 | ▲ 52.3% |
| Financial charges65/66B | €833 | €328 | €2,354 | €1,673 | €2,420 | ▲ 44.7% |
| Recurring financial charges65 | €833 | €328 | €2,354 | €1,673 | €2,420 | ▲ 44.7% |
| Profit (loss) for the period before taxes9903 | €8,828 | €21,957 | -€21,603 | -€3,071 | €8,942 | ▲ 391% |
| Income taxes67/77 | €2,561 | €5,149 | €125 | €413 | €951 | ▲ 130% |
| Profit (loss) for the period9904 | €6,266 | €16,808 | -€21,727 | -€3,484 | €7,991 | ▲ 329% |
| Profit (loss) for the period to be appropriated9905 | €6,266 | €16,808 | -€21,727 | -€3,484 | €7,991 | ▲ 329% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €60,643 | €123,438 | €84,968 | €66,283 | €77,289 | ▲ 16.6% |
| Fixed assets21/28 | €8,041 | €42,728 | €34,551 | €32,549 | €28,942 | ▼ 11.1% |
| Tangible fixed assets22/27 | €6,841 | €41,528 | €34,551 | €32,549 | €28,942 | ▼ 11.1% |
| Plant, machinery and equipment23 | €2,143 | €857 | - | - | €1,335 | - |
| Furniture and vehicles24 | €4,699 | €3,199 | €942 | €1,059 | €358 | ▼ 66.2% |
| Other tangible fixed assets26 | - | €37,473 | €33,610 | €31,490 | €27,249 | ▼ 13.5% |
| Financial fixed assets28 | €1,200 | €1,200 | - | - | - | - |
| Current assets29/58 | €52,602 | €80,709 | €50,416 | €33,734 | €48,347 | ▲ 43.3% |
| Amounts receivable after more than one year29 | €6,500 | €17,500 | €6,472 | €6,472 | €6,472 | = |
| Other amounts receivable291 | €6,500 | €17,500 | €6,472 | €6,472 | €6,472 | = |
| Amounts receivable within one year40/41 | €15,359 | €23,234 | €22,251 | €24,446 | €34,354 | ▲ 40.5% |
| Trade receivables40 | €15,322 | €15,161 | €16,841 | €15,506 | €23,976 | ▲ 54.6% |
| Other amounts receivable41 | €37 | €8,073 | €5,411 | €8,940 | €10,377 | ▲ 16.1% |
| Current investments50/53 | €1 | €1 | - | - | - | - |
| Cash at bank and in hand54/58 | €29,779 | €38,791 | €18,529 | €2,485 | €6,077 | ▲ 145% |
| Deferred charges and accrued income490/1 | €963 | €1,183 | €3,165 | €331 | €1,444 | ▲ 336% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €60,643 | €123,438 | €84,968 | €66,283 | €77,289 | ▲ 16.6% |
| Equity10/15 | €40,276 | €57,084 | €35,357 | €31,873 | €39,864 | ▲ 25.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €19,360 | €35,860 | €35,860 | €35,860 | €43,760 | ▲ 22.0% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €17,500 | €34,000 | €34,000 | €34,000 | €41,900 | ▲ 23.2% |
| Profit (loss) carried forward14 | €2,316 | €2,624 | -€19,103 | -€22,587 | -€22,496 | ▲ 0.4% |
| Amounts payable17/49 | €20,367 | €66,353 | €49,611 | €34,410 | €37,425 | ▲ 8.8% |
| Amounts payable after more than one year17 | €1,934 | - | €24,814 | €19,422 | €15,866 | ▼ 18.3% |
| Financial debts170/4 | €1,934 | - | €24,814 | €19,422 | €15,866 | ▼ 18.3% |
| Amounts payable within one year42/48 | €18,433 | €66,353 | €24,797 | €14,928 | €21,431 | ▲ 43.6% |
| Current portion of amounts payable after more than one year42 | €2,265 | €1,934 | €5,325 | €5,392 | €7,114 | ▲ 31.9% |
| Trade debts44 | €4,354 | €52,281 | €6,462 | €3,484 | €10,270 | ▲ 195% |
| Suppliers440/4 | €4,354 | €52,281 | €6,462 | €3,484 | €10,270 | ▲ 195% |
| Taxes, remuneration and social security45 | €9,785 | €7,711 | €13,010 | €6,052 | €4,046 | ▼ 33.1% |
| Taxes450/3 | €9,785 | €7,711 | €13,010 | €6,052 | €4,046 | ▼ 33.1% |
| Other amounts payable47/48 | €2,030 | €4,428 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €60 | €128 | ▲ 114% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,266 | €16,808 | -€21,727 | -€3,484 | €7,991 | ▲ 329% |
| + Depreciation and write-downs630 | €4,374 | €5,417 | €6,977 | €4,643 | €5,106 | ▲ 10.0% |
| Operating cash flow (approximation) | €10,640 | €22,225 | -€14,750 | €1,159 | €13,098 | ▲ 1,030% |
| Investment in fixed assets (approximation) | - | -€40,104 | €1,200 | -€2,640 | -€1,500 | ▲ 43.2% |
| Change in cash | - | €9,013 | -€20,263 | -€16,044 | €3,592 | ▲ 122% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
05-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 189 days late
2024
31-12
Financial
Back to profitnet €7,991
Net result €7,991 after 2 loss-making years.
2023
04-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 35 days late
2022
31-12
Financial
Weakest financial yearnet -€21,727
Net result drops to -€21,727, the lowest in the series; recovery starts the following year.
27-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 88 days late
27-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 453 days late
2021
31-12
Financial
Highest result since 2018net €16,808 ▲168%
Operating result €21,917, net result €16,808, both a record.
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 284 days late
2019
10-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 71 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Walcourt · 1 establishment unit since 2017
Ground area
1,186 m²
Building footprint
80 m²
Parcel 93037A0339/00G000, Wallonia. Linked by address, not a title deed.
1 establishment unit
ArtEfil
since 20172.269.108.231
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 93037A0339/00G000 | Wallonia | 1,186 m² | 1 · 80 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.
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Of 1,248 companies in this sector we hold annual accounts for 694. 443 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded14-09-2017
Fiscal year end31-12
Activities, NACEBEL 2025
32500Manufacture of medical and dental instruments and supplies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0681404214
Also
9925:BE0681404214
Registered
02-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.