Arternative
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00531840.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 10 filings
Turnover
€18.6m
EBIT margin
8.5%
Net result
€870,614▼ 28.2%
2024 · €1.2m
Working capital
€2.1m▲ 42.5%
2024 · €1.5m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€18.6m
2025
20182025
Operating result
€1.6m
▼ 21.2%
2025
20182025
Net result
€870,614
▼ 28.2%
2025
highest quarter of the sector
20182025
EBIT margin
8.5%
2025
20182025
Equity
€2.5m
▲ 53.8%
2025
highest quarter of the sector
20182025
Total assets
€8.1m
▲ 25.7%
2025
highest quarter of the sector
20182025
Debt
€5.7m
▲ 16.3%
2025
20182025
Working capital
€2.1m
▲ 42.5%
2025
highest quarter of the sector
20182025
Solvency
30.5%
▲ 5.6pp
2025
middle half of the sector
20182025
Current ratio
1.39
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
10.7%
▼ 8.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
25.2
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€18.6m
Operating result€0.2m-€0.09m▼ 53.5%€0.2m▲ 69.0%€0.2m▲ 9.3%€0.3m▲ 66.5%€1.1m▲ 306%€2.0m▲ 78.9%€1.6m▼ 21.2%
Net result€0.2m-€0.05m▼ 68.7%€0.09mwithin the sector's middle half▲ 60.3%€0.07mwithin the sector's middle half▼ 23.1%-€0.009mbelow the sector's middle half€0.5mabove the sector's middle half€1.2mabove the sector's middle half▲ 125%€0.9mabove the sector's middle half▼ 28.2%
EBIT margin8.5%
Equity€0.05m-€0.1m▲ 107%€0.2mwithin the sector's middle half▲ 82.9%€0.3mwithin the sector's middle half▲ 34.9%€0.2mwithin the sector's middle half▼ 3.4%€0.8mabove the sector's middle half▲ 220%€1.6mabove the sector's middle half▲ 106%€2.5mabove the sector's middle half▲ 53.8%
Total assets€0.4m-€0.5m▲ 16.0%€0.7mwithin the sector's middle half▲ 53.1%€1.4mwithin the sector's middle half▲ 87.3%€2.8mabove the sector's middle half▲ 101%€5.3mabove the sector's middle half▲ 91.6%€6.5mabove the sector's middle half▲ 21.6%€8.1mabove the sector's middle half▲ 25.7%
Debt€0.4m-€0.4m▲ 3.6%€0.6m▲ 45.0%€1.1m▲ 105%€2.5m▲ 125%€4.5m▲ 79.2%€4.9m▲ 7.0%€5.7m▲ 16.3%
Working capital€0.2m-€0.3m▲ 23.2%€0.4mwithin the sector's middle half▲ 26.0%€0.3mwithin the sector's middle half▼ 8.5%€0.3mwithin the sector's middle half▼ 8.2%€1.2mabove the sector's middle half▲ 318%€1.5mabove the sector's middle half▲ 17.7%€2.1mabove the sector's middle half▲ 42.5%
Solvency12.0%-21.4%▲ 9.4pp25.5%within the sector's middle half▲ 4.2pp18.4%within the sector's middle half▼ 7.1pp8.8%below the sector's middle half▼ 9.6pp14.7%below the sector's middle half▲ 5.9pp25.0%within the sector's middle half▲ 10.2pp30.5%within the sector's middle half▲ 5.6pp
Current ratio2.32-2.48▲ 0.151.98within the sector's middle half▼ 0.501.40within the sector's middle half▼ 0.581.13within the sector's middle half▼ 0.261.32within the sector's middle half▲ 0.191.33within the sector's middle half▲ 0.011.39within the sector's middle half▲ 0.06
Return on assets (ROA)40.9%-11.1%▼ 29.9pp11.6%above the sector's middle half▲ 0.5pp4.8%within the sector's middle half▼ 6.8pp-0.3%below the sector's middle half▼ 5.1pp10.1%within the sector's middle half▲ 10.4pp18.7%above the sector's middle half▲ 8.6pp10.7%above the sector's middle half▼ 8.0pp
Staff (FTE)2.3-2.7▲ 17.4%3.5within the sector's middle half▲ 29.6%8.7above the sector's middle half▲ 149%13.9above the sector's middle half▲ 59.8%35.4above the sector's middle half▲ 155%25.2above the sector's middle half▼ 28.8%25.2above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 21% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.1m
Fixed assets
€763,377 ▲ 14.9%
Current assets
€7.4m ▲ 26.9%
Equity and liabilities €8.1m
Equity
€2.5m ▲ 53.8%
Debt
€5.7m ▲ 16.3%
Debt's share of the balance-sheet total falls from 75.0% to 69.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.7m▼
2024 · €2.1m
Cash flow
€963,772▼
2024 · €1.3m
Quick ratio
0.34▼
2024 · 0.53
Debt to equity
2.27▼
2024 · 3.01
ROE
35.0%▼
2024 · 74.9%
Interest coverage
36.31▲
2024 · 5.90
Debt ≤ 1 year
€5.3m▲
2024 · €4.4m
Debt > 1 year
€311,153▼
2024 · €500,802
Income taxes
€312,754▼
2024 · €464,706
Customer credit
18 days
Supplier credit
132 days
Staff costs
€2.0m▲
2024 · €1.4m
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 | 16 | 25 | 27 | 28 | 28 |
| full-time | 5 | 10 | 16 | 20 | 20 |
| part-time | 11 | 15 | 11 | 8 | 8 |
| in full-time equivalents | 11.5 | 18.6 | 23 | 25.5 | 25.5 |
| Average over the year, in full-time equivalents | 8.7 | 13.9 | 21.8 | 25.2 | 25.2 |
| On a permanent contract | 11 | 12 | 20 | 25 | 25 |
| Joined | 16 | 30 | 55 | 22 | 22 |
| Left | 7 | 21 | 45 | 21 | 21 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €200,742 | €48,584 | €33,431 | €488,547 | €147,846 |
| Financial fixed assets | €36,000 | - | €12,250 | - | - |
| Depreciation and write-downs of the year | €16,467 | €29,259 | €34,485 | €64,482 | €93,158 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | - | €18.6m | - |
| Turnover70 | - | - | - | - | - | - | - | €18.6m | - |
| Other operating income74 | - | - | - | - | - | - | - | €0.01m | - |
| Operating charges60/66A | - | - | - | - | - | - | - | €17.1m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | - | €7.2m | - |
| Purchases600/8 | - | - | - | - | - | - | - | €9.6m | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | - | -€2.4m | - |
| Services and other goods61 | - | - | - | - | - | - | - | €7.1m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.7m | €0.9m | €1.4m | €2.0m | ▲ 46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.003m | €0.002m | €0.02m | €0.03m | €0.03m | €0.06m | €0.09m | ▲ 44.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.3m | €0.2m | ▼ 11.5% |
| Other operating charges640/8 | - | - | - | €0.08m | €0.07m | €0.01m | €0.01m | €0.07m | ▲ 661% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.3m | - |
| Gross operating margin9900 | €0.3m | €0.2m | €0.3m | €0.7m | €1.0m | €2.1m | €3.7m | - | - |
| Operating profit (loss)9901 | €0.2m | €0.09m | €0.2m | €0.2m | €0.3m | €1.1m | €2.0m | €1.6m | ▼ 21.2% |
| Financial income75/76B | - | - | - | €0.002m | €8 | €0.01m | €0.03m | €0.01m | ▼ 52.9% |
| Recurring financial income75 | €0.002m | €162 | €0.01m | €0.002m | €8 | €0.01m | €0.03m | €0.01m | ▼ 52.9% |
| Income from current assets751 | - | - | - | - | - | - | - | €0 | - |
| Other financial income752/9 | - | - | - | - | - | - | - | €0.01m | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 16.0% |
| Recurring financial charges65 | €0.005m | €0.008m | €0.05m | €0.1m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 16.0% |
| Debt charges650 | - | - | - | - | - | - | - | €0.05m | - |
| Other financial charges652/9 | - | - | - | - | - | - | - | €0.4m | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.08m | €0.1m | €0.07m | €170 | €0.7m | €1.7m | €1.2m | ▼ 29.4% |
| Income taxes67/77 | €0.02m | €0.03m | €0.03m | €0.004m | €0.009m | €0.2m | €0.5m | €0.3m | ▼ 32.7% |
| Taxes670/3 | - | - | - | - | - | - | - | €0.3m | - |
| Profit (loss) for the period9904 | €0.2m | €0.05m | €0.09m | €0.07m | -€0.009m | €0.5m | €1.2m | €0.9m | ▼ 28.2% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.05m | €0.09m | €0.07m | -€0.009m | €0.5m | €1.2m | €0.9m | ▼ 28.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.5m | €0.7m | €1.4m | €2.8m | €5.3m | €6.5m | €8.1m | ▲ 25.7% |
| Fixed assets21/28 | €0.02m | €0.01m | €0.03m | €0.2m | €0.2m | €0.2m | €0.7m | €0.8m | ▲ 14.9% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.01m | €0.2m | €0.2m | €0.2m | €0.6m | €0.7m | ▲ 8.7% |
| Land and buildings22 | - | - | - | €0.008m | €0.006m | €0.02m | €0.05m | €0.09m | ▲ 88.4% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.003m | €0.004m | ▲ 3.1% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 9.1% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.6m | €0.6m | ▲ 2.4% |
| Financial fixed assets28 | €0.003m | €0.001m | €0.02m | €0.05m | €0.02m | €0.03m | €0.03m | €0.07m | ▲ 159% |
| Other financial fixed assets284/8 | - | - | - | - | - | - | - | €0.07m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | - | €0.07m | - |
| Current assets29/58 | €0.4m | €0.5m | €0.7m | €1.1m | €2.6m | €5.1m | €5.8m | €7.4m | ▲ 26.9% |
| Stocks and contracts in progress3 | €0.07m | €0.1m | €0.5m | €0.3m | €1.1m | €2.7m | €3.5m | €5.6m | ▲ 58.6% |
| Stocks30/36 | - | - | - | €0.3m | €1.1m | €2.7m | €3.5m | €5.6m | ▲ 58.6% |
| Goods purchased for resale34 | - | - | - | - | - | - | - | €5.6m | - |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.09m | €0.8m | €0.5m | €1.5m | €1.0m | €1.1m | ▲ 9.5% |
| Trade receivables40 | - | - | - | €0.7m | €0.4m | €1.4m | €1.0m | €0.9m | ▼ 2.8% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.04m | €0.05m | €0.03m | €0.2m | ▲ 388% |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Own shares50 | - | - | - | - | - | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.09m | €0.07m | €0.1m | €0.1m | €1.0m | €0.7m | €1.1m | €0.5m | ▼ 57.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.02m | €0.02m | €0.04m | €0.07m | ▲ 45.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.5m | €0.7m | €1.4m | €2.8m | €5.3m | €6.5m | €8.1m | ▲ 25.7% |
| Equity10/15 | €0.05m | €0.1m | €0.2m | €0.3m | €0.2m | €0.8m | €1.6m | €2.5m | ▲ 53.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.2m | €0.2m | €0.2m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Own shares acquired1312 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.03m | €0.08m | €0.2m | €0.2m | €0.2m | €0.6m | €1.4m | €2.3m | ▲ 61.2% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.6m | €1.1m | €2.5m | €4.5m | €4.9m | €5.7m | ▲ 16.3% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.7m | €0.5m | €0.3m | ▼ 37.9% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.7m | €0.5m | €0.3m | ▼ 37.9% |
| Credit institutions173 | - | - | - | - | - | - | - | €0.3m | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.8m | €2.3m | €3.9m | €4.4m | €5.3m | ▲ 21.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.1m | €0.1m | €1.3m | ▲ 14× |
| Financial debts43 | - | - | - | €0.2m | €0.6m | €0.6m | €0.1m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.6m | €0.6m | €0.1m | €0 | ▼ 100% |
| Trade debts44 | €0.02m | €0.01m | €0.2m | €0.06m | €0.9m | €2.0m | €2.3m | €2.6m | ▲ 14.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.9m | €2.0m | €2.3m | €2.6m | ▲ 14.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 59.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.7m | €1.1m | €1.4m | €1.0m | ▼ 29.6% |
| Taxes450/3 | - | - | - | €0.3m | €0.5m | €1.0m | €1.3m | €0.8m | ▼ 36.0% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 26.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.09m | €0.4m | €0.2m | ▼ 44.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.007m | €0 | €0.04m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.05m | €0.09m | €0.07m | -€0.009m | €0.5m | €1.2m | €0.9m | ▼ 28.2% |
| + Depreciation and write-downs630 | €0.003m | €0.003m | €0.002m | €0.02m | €0.03m | €0.03m | €0.06m | €0.09m | ▲ 44.5% |
| Operating cash flow (approximation) | €0.2m | €0.06m | €0.09m | €0.08m | €0.02m | €0.6m | €1.3m | €1.0m | ▼ 24.5% |
| Investment in fixed assets (approximation) | - | €0.001m | -€0.02m | -€0.2m | -€0.01m | -€0.05m | -€0.5m | -€0.2m | ▲ 60.7% |
| Change in cash | - | -€0.02m | €0.06m | -€0.01m | €0.9m | -€0.3m | €0.4m | -€0.6m | - |
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, 17,811 companies had the same profile as Arternative has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
The bankruptcy probability of Arternative itself is higher: 0.9% within 12 months. It rests on far more data about Arternative than the profile alone.
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 17,811 companies, not a prediction for Arternative. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-09-2026 | 2026-00531840 | |
| 31-12-2024 | abbreviated format | 31-10-2025 | 2025-00561433 | |
| 31-12-2023 | abbreviated format | 21-10-2024 | 2024-00513669 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00424904 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20406121 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43700182 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-47500532 | |
| 31-12-2018 | abbreviated format | 23-08-2019 | 2019-50300080 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-42300102 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-24400423 |