ARTIALIS
Open bankruptcyA bankruptcy procedure is open for ARTIALIS according to publications in the Belgian State Gazette. The file additionally contains 1 judicial reorganisation. The 2024 annual accounts show equity of €236k and a net result of €-1.23M.
Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€1.2M
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 242 sector peers (2024).
NBB · sector comparisonPosition among 242 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 14-05-2025, 78 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
78 d early
2023
6 d late
2022
16 d late
2021
31 d late
2020
31 d late
2019
91 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-1.23M▲ 27.7%
2023 · €-1.69M
2018: €-248k
2019: €-2.06M
2020: €899k
2021: €430k
2022: €21k
2023: €-1.69M
2018 → 2024
Working capital
€-486k▼ 29.9%
2023 · €-374k
2018: €-944k
2019: €-2.00M
2020: €205k
2021: €1.07M
2022: €1.02M
2023: €-374k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€1.70M-€2.13M▲ 25.2%€2.15M▲ 1.0%€459k▼ 78.7%€236k▼ 48.7%
Operating result€978k-€419k▼ 57.1%€10k▼ 97.6%€-1.72M€-1.26M▲ 26.6%
Net result€899k-€430k▼ 52.2%€21k▼ 95.0%€-1.69M€-1.23M▲ 27.7%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.26M in 2024 against €1.72M in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.70M
Fixed assets
€713k▼ 14.8%
Current assets
€992k▼ 24.6%
Equity and liabilities €1.72M
Equity
€236k▼ 48.7%
Debt
€1.48M▼ 13.3%
The debt ratio rises from 78.8% to 86.3%: equity shrinks faster than debt is paid down.
Key figures and ratios
EBITDA
€-880k▲
2023 · €-1.31M
Cash flow
€-845k▲
2023 · €-1.29M
Solvency
13.7%▼
2023 · 21.2%
Current ratio
0.67▼
2023 · 0.78
Quick ratio
0.66▲
2023 · 0.66
Debt / equity
6.28▲
2023 · 3.72
ROE
-519.9%▼
2023 · -369.0%
ROA
-71.4%▲
2023 · -78.2%
Interest coverage
-85.87▲
2023 · -200.34
Debt
€1.48M▼
2023 · €1.71M
Debt ≤ 1 year
€1.48M▼
2023 · €1.69M
Debt > 1 year
€0▼
2023 · €14k
Income taxes
€-45k▼
2023 · €-27k
Staff costs
€1.17M▲
2023 · €1.16M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€2.17M€1.72M▼
Formation expenses20€14k€11k▼
Fixed assets21/28€837k€713k▼
Intangible fixed assets21€806k€688k▼
Tangible fixed assets22/27€29k€24k▼
Plant, machinery and equipment23€20k€19k▼
Furniture and vehicles24€9k€5k▼
Other tangible fixed assets26€0-
Financial fixed assets28€1k€476▼
Current assets29/58€1.32M€992k▼
Stocks and contracts in progress3€206k€10k▼
Stocks30/36€7k€6k▼
Contracts in progress37€200k€4k▼
Amounts receivable within one year40/41€591k€523k▼
Trade receivables40€457k€65k▼
Other amounts receivable41€134k€458k▲
Cash at bank and in hand54/58€103k€99k▼
Deferred charges and accrued income490/1€415k€360k▼
Equity and liabilities
Total equity and liabilities10/49€2.17M€1.72M▼
Equity10/15€459k€236k▼
Contributions10/11€803k€1.81M▲
Capital10€803k€1.81M▲
Issued capital100€803k€1.81M▲
Reserves13€851k€851k=
Non-distributable reserves130/1€26k€26k=
Legal reserve130€26k€26k=
Tax-exempt reserves132€825k€825k=
Profit (loss) carried forward14€-1.20M€-2.42M▼
Amounts payable17/49€1.71M€1.48M▼
Amounts payable after more than one year17€14k€0▼
Financial debts170/4€14k€0▼
Amounts payable within one year42/48€1.69M€1.48M▼
Current portion of amounts payable after more than one year42€75k€14k▼
Financial debts43€55€250k▲
Credit institutions430/8€55€250k▲
Trade debts44€835k€198k▼
Suppliers440/4€835k€198k▼
Advances received on contracts in progress46€164k€383k▲
Taxes, remuneration and social security45€192k€209k▲
Taxes450/3€24k€38k▲
Remuneration and social security454/9€168k€171k▲
Other amounts payable47/48€424k€424k=
Accrued charges and deferred income492/3€4k€2k▼
Income statement
Code20232024
Remuneration, social security and pensions62€1.16M€1.17M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€406k€381k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€250k€0▼
Other operating charges640/8€36k€27k▼
Non-recurring operating charges66A€1k€2k▲
Gross operating margin9900€136k€320k▲
Operating profit (loss)9901€-1.72M€-1.26M▲
Financial income75/76B€2k€52▼
Recurring financial income75€2k€52▼
Financial charges65/66B€7k€10k▲
Recurring financial charges65€7k€10k▲
Profit (loss) for the period before taxes9903€-1.72M€-1.27M▲
Income taxes67/77€-27k€-45k▼
Profit (loss) for the period9904€-1.69M€-1.23M▲
Transfer from tax-exempt reserves789€0-
Profit (loss) for the period to be appropriated9905€-1.69M€-1.23M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.20M€-2.42M▼
Profit (loss) brought forward from the previous period14P€499k€-1.20M▼
Transfer to equity691/2€0-
To the legal reserve6920€0-
Social balance
Average headcount (FTE)908715.213.6▼
The notes to these accounts (24 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
17-04
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · ARTIALIS SA AVENUE HIPPOCRATE 5, 4000 LIEGE 1 · event 13-04-2026
2025
14-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
06-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 6 days late
2023
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 16 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 2.72
Current ratio from 1.34 to 2.72.
31-12
Financial
Equity above €2MEq €2.13M ▲25.2%
2 profitable years in a row build equity to €2.13M.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Back to profitnet €899k
Net result €899k after 2 loss-making years.
31-12
Financial
Liquidity quadruplescurrent ratio 1.34
Current ratio from 0.33 to 1.34; short-term debt falls from €2.99M to €605k.
31-12
Financial
Equity above €1MEq €1.70M
Equity rises from €-1.23M to €1.70M.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
04-02
Judicial reorganisation
Opening
Tribunal de l’entreprise de Liège · collectif · event 28-01-2020
2019
31-12
Financial
Weakest financial yearnet €-2.06M
Net result drops to €-2.06M, the lowest in the series.
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
10-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 10 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
16 acts for this company are 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, Liège · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Avenue Hippocrate 54000 LiègeGround area
956 m²
Building footprint
540 m²
Volume, LiDAR
11,227 m³
Parcel 62826D0504/00C003, Wallonia · tallest building 21.4 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Avenue Hippocrate 5, 4000 Liège
since 20102.193.276.205
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62826D0504/00C003 | Wallonia | 955 m² | 1 · 540 m² | 21.4 m · 7 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | LAURA NICOLINI RUE HAUTE ROGNAC 169,
4400 FLEMALLE |
13-04-2026 → present |
| Curator | VIOLAINE DEVYVER QUAI
MARCELLIS 7, 4020 LIEGE 2 |
13-04-2026 → present |
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Of 1,174 companies in sector 72109 we hold annual accounts for 712. 479 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded25-10-2010
Fiscal year end31-12
Activities, NACEBEL
72109Other research and development on natural sciences
74909Other professional, scientific and technical activities
74999Other professional, scientific and technical activities
Sources
Crossroads Bank for EnterprisesNational Bank · 14 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:benedikt.vannieuwenhove@artialis.com