ARTISAN
ActiveSummary
ARTISAN has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €466,308 and a net result of €75,298. Equity is growing by ~9.2% per year across the filed fiscal years. Its solvency ranks better than 76% of 7900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+11
Solvency92▲+1
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 2.05 against 1.76 in 2024; short-term debt: 24.8% and cash: 36.1% of total assets), and 33.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
66.5%
Return on assets
10.7%
Age of the figures
9 mo
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
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
84 d early
2023
50 d late
2022
74 d late
2021
24 d late
2020
32 d early
2019
45 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 6 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€466,308▲ 19.3%
2024 · €391,010
Total assets
€701,128▲ 18.4%
2024 · €592,398
Net result
€75,298▲ 684%
2024 · €9,602
Working capital
€182,681▲ 99.5%
2024 · €91,573
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€83,674▲ 58.8%€26,353▼ 68.5%€118,452▲ 349%€18,300▼ 84.6%€108,052▲ 490%
Net result€60,649within the sector's middle half▲ 51.5%€13,505within the sector's middle half▼ 77.7%€80,419within the sector's middle half▲ 495%€9,602within the sector's middle half▼ 88.1%€75,298within the sector's middle half▲ 684%
Equity€362,660within the sector's middle half▲ 20.1%€365,190within the sector's middle half▲ 0.7%€445,610within the sector's middle half▲ 22.0%€391,010within the sector's middle half▼ 12.3%€466,308within the sector's middle half▲ 19.3%
Total assets€522,616within the sector's middle half▲ 11.7%€544,303within the sector's middle half▲ 4.1%€563,050within the sector's middle half▲ 3.4%€592,398within the sector's middle half▲ 5.2%€701,128within the sector's middle half▲ 18.4%
Debt€159,957▼ 3.5%€179,113▲ 12.0%€117,441▼ 34.4%€201,388▲ 71.5%€234,820▲ 16.6%
Working capital€130,423▲ 64.2%€99,141▼ 24.0%€156,467▲ 57.8%€91,573▼ 41.5%€182,681▲ 99.5%
Solvency69.4%above the sector's middle half▲ 4.8pp67.1%above the sector's middle half▼ 2.3pp79.1%above the sector's middle half▲ 12.0pp66.0%above the sector's middle half▼ 13.1pp66.5%above the sector's middle half▲ 0.5pp
Staff (FTE)3.8within the sector's middle half▼ 2.6%3.1within the sector's middle half▼ 18.4%2.7within the sector's middle half▼ 12.9%3within the sector's middle half▲ 11.1%3within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 490% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €701,128
Fixed assets
€344,391 ▼ 9.3%
Current assets
€356,737 ▲ 67.9%
Equity and liabilities €701,128
Equity
€466,308 ▲ 19.3%
Debt
€234,820 ▲ 16.6%
Debt's share of the balance-sheet total falls from 34.0% to 33.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€165,522▲
2024 · €66,662
Cash flow
€132,769▲
2024 · €57,964
Current ratio
2.05▲
2024 · 1.76
Debt to equity
0.50▼
2024 · 0.52
ROE
16.1%▲
2024 · 2.5%
ROA
10.7%▲
2024 · 1.6%
Interest coverage
41.90▲
2024 · 17.65
Debt ≤ 1 year
€174,056▲
2024 · €120,928
Debt > 1 year
€58,662▼
2024 · €80,460
Income taxes
€29,831▲
2024 · €5,226
Staff costs
€215,932▲
2024 · €195,256
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 34,672 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €695 | €31,560 | - | - | - |
| Remuneration, social security and pensions62 | €185,586 | €203,832 | €187,503 | €195,256 | €215,932 | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,714 | €28,445 | €38,171 | €48,362 | €57,470 | ▲ 18.8% |
| Other operating charges640/8 | €10,550 | €1,915 | €2,533 | €8,526 | €2,482 | ▼ 70.9% |
| Non-recurring operating charges66A | - | - | - | €500 | - | - |
| Gross operating margin9900 | €293,524 | €260,545 | €346,659 | €270,944 | €383,936 | ▲ 41.7% |
| Operating profit (loss)9901 | €83,674 | €26,353 | €118,452 | €18,300 | €108,052 | ▲ 490% |
| Financial income75/76B | €6 | €63 | €622 | €305 | €1,028 | ▲ 237% |
| Recurring financial income75 | €6 | €63 | €622 | €305 | €1,028 | ▲ 237% |
| Financial charges65/66B | €2,917 | €2,111 | €2,515 | €3,777 | €3,950 | ▲ 4.6% |
| Recurring financial charges65 | €2,917 | €2,111 | €2,515 | €3,777 | €3,950 | ▲ 4.6% |
| Profit (loss) for the period before taxes9903 | €80,763 | €24,305 | €116,558 | €14,828 | €105,129 | ▲ 609% |
| Income taxes67/77 | €20,114 | €10,801 | €36,139 | €5,226 | €29,831 | ▲ 471% |
| Profit (loss) for the period9904 | €60,649 | €13,505 | €80,419 | €9,602 | €75,298 | ▲ 684% |
| Profit (loss) for the period to be appropriated9905 | €60,649 | €13,505 | €80,419 | €9,602 | €75,298 | ▲ 684% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €522,616 | €544,303 | €563,050 | €592,398 | €701,128 | ▲ 18.4% |
| Fixed assets21/28 | €336,716 | €354,591 | €362,734 | €379,896 | €344,391 | ▼ 9.3% |
| Tangible fixed assets22/27 | €336,716 | €354,591 | €362,734 | €379,896 | €344,391 | ▼ 9.3% |
| Land and buildings22 | €317,978 | €288,379 | €268,551 | €246,682 | €228,436 | ▼ 7.4% |
| Plant, machinery and equipment23 | €5,990 | €3,922 | €35,916 | €69,834 | €68,845 | ▼ 1.4% |
| Furniture and vehicles24 | €12,748 | €62,290 | €58,267 | €63,380 | €47,110 | ▼ 25.7% |
| Current assets29/58 | €185,900 | €189,712 | €200,316 | €212,502 | €356,737 | ▲ 67.9% |
| Amounts receivable within one year40/41 | €48,254 | €154,470 | €81,931 | €85,480 | €103,096 | ▲ 20.6% |
| Trade receivables40 | €38,957 | €110,316 | €32,325 | €29,877 | €95,707 | ▲ 220% |
| Other amounts receivable41 | €9,297 | €44,154 | €49,606 | €55,603 | €7,389 | ▼ 86.7% |
| Cash at bank and in hand54/58 | €128,136 | €26,556 | €113,561 | €126,494 | €253,304 | ▲ 100% |
| Deferred charges and accrued income490/1 | €9,511 | €8,685 | €4,824 | €528 | €338 | ▼ 36.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €522,616 | €544,303 | €563,050 | €592,398 | €701,128 | ▲ 18.4% |
| Equity10/15 | €362,660 | €365,190 | €445,610 | €391,010 | €466,308 | ▲ 19.3% |
| Contributions10/11 | €99,550 | €99,550 | €99,550 | €99,550 | €99,550 | = |
| Reserves13 | €73,743 | €87,247 | €167,667 | €113,067 | €188,365 | ▲ 66.6% |
| Non-distributable reserves130/1 | €9,541 | €9,541 | €9,541 | - | - | - |
| Reserves not available under the articles1311 | €9,541 | €9,541 | €9,541 | - | - | - |
| Distributable reserves133 | €64,202 | €77,707 | €158,126 | €113,067 | €188,365 | ▲ 66.6% |
| Profit (loss) carried forward14 | €189,367 | €178,393 | €178,393 | €178,393 | €178,393 | = |
| Amounts payable17/49 | €159,957 | €179,113 | €117,441 | €201,388 | €234,820 | ▲ 16.6% |
| Amounts payable after more than one year17 | €103,660 | €88,542 | €73,147 | €80,460 | €58,662 | ▼ 27.1% |
| Financial debts170/4 | €103,660 | €88,542 | €73,147 | €80,460 | €58,662 | ▼ 27.1% |
| Amounts payable within one year42/48 | €55,477 | €90,571 | €43,849 | €120,928 | €174,056 | ▲ 43.9% |
| Current portion of amounts payable after more than one year42 | €14,848 | €15,119 | €15,394 | €21,310 | €21,798 | ▲ 2.3% |
| Trade debts44 | €35,880 | €59,554 | €9,121 | €35,465 | €104,257 | ▲ 194% |
| Suppliers440/4 | €35,880 | €59,554 | €9,121 | €35,465 | €104,257 | ▲ 194% |
| Taxes, remuneration and social security45 | - | €6,269 | €7,108 | €2,285 | €3,260 | ▲ 42.6% |
| Taxes450/3 | - | €2,997 | €3,836 | €2,285 | €3,260 | ▲ 42.6% |
| Remuneration and social security454/9 | - | €3,272 | €3,272 | - | - | - |
| Other amounts payable47/48 | €4,749 | €9,630 | €12,225 | €61,868 | €44,741 | ▼ 27.7% |
| Accrued charges and deferred income492/3 | €820 | - | €445 | - | €2,102 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60,649 | €13,505 | €80,419 | €9,602 | €75,298 | ▲ 684% |
| + Depreciation and write-downs630 | €13,714 | €28,445 | €38,171 | €48,362 | €57,470 | ▲ 18.8% |
| Operating cash flow (approximation) | €74,363 | €41,950 | €118,590 | €57,964 | €132,769 | ▲ 129% |
| Investment in fixed assets (approximation) | - | -€46,321 | -€46,314 | -€65,524 | -€21,965 | ▲ 66.5% |
| Change in cash | - | -€101,579 | €87,005 | €12,933 | €126,810 | ▲ 880% |
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
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
08-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 50 days late
2023
31-12
Financial
Highest result since 2018net €80,419 ▲495%
Operating result €118,452, net result €80,419, both a record.
31-12
Financial
Liquidity doublescurrent ratio 4.57
Current ratio from 2.09 to 4.57; short-term debt falls from €90,571 to €43,849.
13-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 74 days late
2022
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 24 days late
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €7,151 ▼64.9%
Net result drops to €7,151, the lowest in the series; recovery starts the following year.
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Leuven · 2 establishment units since 2007
Ground area
620 m²
Building footprint
293 m²
Volume, LiDAR
2,170 m³
2 parcels, Flanders · tallest building 13.8 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
ARTISAN
since 20072.168.007.507
ARTISAN
since 20242.365.844.351
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24126D0102/00L000 | Flanders | 376 m² | 1 · 213 m² | 13.8 m · 2 fl. |
| 24504D1215/00Z002 | Flanders | 244 m² | 1 · 79 m² | 13.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 to 2025 · 2 entries · 1,237 EUR awarded · 1,237 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 682 EUR | 682 EUR |
| 2024 | 1 | 555 EUR | 555 EUR |
Recognitions · licences · registrations
Dual-learning approval
4 endedMonteur centrale verwarming (so)
Monteur sanitaire en verwarmingsinstallaties duaal (so)
Sanitaire en verwarmingsinstallaties duaal (so)
Vakman installatietechnieken (vwo)
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 4,107 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
Founded17-12-2007
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
43410Roofing work
46842Wholesale trade
95290Repair and maintenance of other personal and household goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894323667
Also
9925:BE0894323667
Registered
23-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.