ARTNOG
ActiveSummary
ARTNOG has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67,613 and a net result of €16,418. Equity is shrinking by ~18.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 42% of 11472 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability53▲+53
Solvency56▲+5
Growth32=
Track record94
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 1.51 against 1.39 in 2024; short-term debt: 65.8% and cash: 32.2% of total assets), but 68.6% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% 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
31.4%
Return on assets
7.6%
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 17-07-2026, 14 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
14 d early
2024
3 d early
2023
30 d late
2022
31 d late
2021
6 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 8 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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, micro schema
Equity
€67,613▲ 32.1%
2024 · €51,195
Total assets
€215,446▲ 8.6%
2024 · €198,301
Net result
€16,418
2024 · -€108,323
Working capital
€72,662▲ 31.3%
2024 · €55,335
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€146,470-€7,912▼ 94.6%€1,950▼ 75.4%-€97,144€25,203
Net result€105,863within the sector's middle half-€2,396below the sector's middle half▼ 97.7%-€5,642below the sector's middle half-€108,323below the sector's middle half▼ 1,820%€16,418within the sector's middle half
Equity€165,863within the sector's middle half-€168,259within the sector's middle half▲ 1.4%€159,518within the sector's middle half▼ 5.2%€51,195within the sector's middle half▼ 67.9%€67,613within the sector's middle half▲ 32.1%
Total assets€406,396below the sector's middle half-€343,733below the sector's middle half▼ 15.4%€291,675below the sector's middle half▼ 15.1%€198,301within the sector's middle half▼ 32.0%€215,446within the sector's middle half▲ 8.6%
Debt€240,532-€175,474▼ 27.0%€132,158▼ 24.7%€147,106▲ 11.3%€147,833▲ 0.5%
Working capital€166,458-€167,869▲ 0.8%€159,834▼ 4.8%€55,335▼ 65.4%€72,662▲ 31.3%
Solvency40.8%within the sector's middle half-49.0%within the sector's middle half▲ 8.1pp54.7%within the sector's middle half▲ 5.7pp25.8%within the sector's middle half▼ 28.9pp31.4%within the sector's middle half▲ 5.6pp
Staff (FTE)0below the sector's middle half0.1
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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.
Why a figure moved sharply
- 2024 Net result -1,820% on 2023. The accounts now follow the micro schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €25,203 after a loss of €97,144 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €215,446
Fixed assets
€923 ▼ 60.8%
Current assets
€214,523 ▲ 9.5%
Equity and liabilities €215,446
Equity
€67,613 ▲ 32.1%
Debt
€147,833 ▲ 0.5%
Debt's share of the balance-sheet total falls from 74.2% to 68.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€26,635▲
2024 · -€95,425
Cash flow
€17,851▲
2024 · -€106,604
Current ratio
1.51▲
2024 · 1.39
Quick ratio
0.73▲
2024 · 0.58
Debt to equity
2.19▼
2024 · 2.87
ROE
24.3%▲
2024 · -211.6%
ROA
7.6%▲
2024 · -54.6%
Interest coverage
2.94▲
2024 · -8.54
Debt ≤ 1 year
€141,861▲
2024 · €140,610
Staff costs
€0▼
2024 · €5,564
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% 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
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% 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 497,058 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 26,964 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 | - | - | €576 | €0 | - | - |
| Remuneration, social security and pensions62 | €9,070 | €308 | -€229 | €5,564 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,010 | €1,673 | €1,414 | €1,719 | €1,432 | ▼ 16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €33,128 | €0 | €120,697 | €0 | ▼ 100% |
| Other operating charges640/8 | €2,248 | €1,698 | €1,045 | €513 | €528 | ▲ 2.8% |
| Gross operating margin9900 | €159,798 | €44,719 | €4,181 | €31,349 | €27,163 | ▼ 13.4% |
| Operating profit (loss)9901 | €146,470 | €7,912 | €1,950 | -€97,144 | €25,203 | ▲ 126% |
| Financial income75/76B | €563 | €5 | €298 | €1 | €285 | ▲ 40,619% |
| Recurring financial income75 | €563 | €5 | €298 | €1 | €285 | ▲ 40,619% |
| Financial charges65/66B | €11,325 | €5,521 | €7,890 | €11,180 | €9,070 | ▼ 18.9% |
| Recurring financial charges65 | €11,325 | €5,521 | €7,890 | €11,180 | €9,070 | ▼ 18.9% |
| Profit (loss) for the period before taxes9903 | €135,707 | €2,396 | -€5,642 | -€108,323 | €16,418 | ▲ 115% |
| Income taxes67/77 | €29,844 | €0 | €0 | - | - | - |
| Profit (loss) for the period9904 | €105,863 | €2,396 | -€5,642 | -€108,323 | €16,418 | ▲ 115% |
| Transfer from tax-exempt reserves789 | - | - | €0 | - | - | - |
| Transfer to tax-exempt reserves689 | €29,923 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €75,940 | €2,396 | -€5,642 | -€108,323 | €16,418 | ▲ 115% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €406,396 | €343,733 | €291,675 | €198,301 | €215,446 | ▲ 8.6% |
| Fixed assets21/28 | €6,355 | €4,682 | €4,074 | €2,355 | €923 | ▼ 60.8% |
| Intangible fixed assets21 | €6,355 | €4,682 | €2,533 | €1,123 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | €1,541 | €1,232 | €923 | ▼ 25.1% |
| Plant, machinery and equipment23 | - | - | €1,541 | €1,232 | €923 | ▼ 25.1% |
| Current assets29/58 | €400,041 | €339,051 | €287,601 | €195,946 | €214,523 | ▲ 9.5% |
| Stocks and contracts in progress3 | €297,264 | €244,046 | €232,818 | €114,188 | €110,419 | ▼ 3.3% |
| Stocks30/36 | €297,264 | €244,046 | €232,818 | €114,188 | €110,419 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €47,318 | €24,801 | €14,925 | €35,502 | €33,571 | ▼ 5.4% |
| Trade receivables40 | €34,951 | €22,799 | €12,924 | €33,474 | €32,446 | ▼ 3.1% |
| Other amounts receivable41 | €12,367 | €2,002 | €2,002 | €2,027 | €1,125 | ▼ 44.5% |
| Cash at bank and in hand54/58 | €54,069 | €70,013 | €39,330 | €45,626 | €69,380 | ▲ 52.1% |
| Deferred charges and accrued income490/1 | €1,390 | €191 | €528 | €630 | €1,154 | ▲ 83.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €406,396 | €343,733 | €291,675 | €198,301 | €215,446 | ▲ 8.6% |
| Equity10/15 | €165,863 | €168,259 | €159,518 | €51,195 | €67,613 | ▲ 32.1% |
| Contributions10/11 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Reserves13 | €105,863 | €108,259 | €105,160 | €105,160 | €105,160 | = |
| Tax-exempt reserves132 | €29,923 | €29,923 | - | - | - | - |
| Distributable reserves133 | €75,940 | €78,336 | €105,160 | €105,160 | €105,160 | = |
| Profit (loss) carried forward14 | - | - | -€5,642 | -€113,965 | -€97,547 | ▲ 14.4% |
| Amounts payable17/49 | €240,532 | €175,474 | €132,158 | €147,106 | €147,833 | ▲ 0.5% |
| Amounts payable within one year42/48 | €233,582 | €171,182 | €127,767 | €140,610 | €141,861 | ▲ 0.9% |
| Financial debts43 | €85,000 | €22,000 | €0 | - | - | - |
| Credit institutions430/8 | €85,000 | €22,000 | €0 | - | - | - |
| Trade debts44 | €2,506 | €4,818 | €6,302 | €13,609 | €13,279 | ▼ 2.4% |
| Suppliers440/4 | €2,506 | €4,818 | €6,302 | €13,609 | €13,279 | ▼ 2.4% |
| Taxes, remuneration and social security45 | €35,076 | €34,499 | €7,308 | €9,741 | €4,826 | ▼ 50.5% |
| Taxes450/3 | €35,076 | €34,499 | €7,308 | €9,741 | €4,826 | ▼ 50.5% |
| Other amounts payable47/48 | €111,000 | €109,865 | €114,157 | €117,260 | €123,756 | ▲ 5.5% |
| Accrued charges and deferred income492/3 | €6,950 | €4,292 | €4,391 | €6,496 | €5,972 | ▼ 8.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €105,863 | €2,396 | -€5,642 | -€108,323 | €16,418 | ▲ 115% |
| + Depreciation and write-downs630 | €2,010 | €1,673 | €1,414 | €1,719 | €1,432 | ▼ 16.7% |
| Operating cash flow (approximation) | €107,873 | €4,069 | -€4,228 | -€106,604 | €17,851 | ▲ 117% |
| Investment in fixed assets (approximation) | - | €0 | -€806 | €0 | €0 | - |
| Change in cash | - | €15,944 | -€30,683 | €6,295 | €23,754 | ▲ 277% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €16,418
Net result €16,418 after 2 loss-making years.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€108,323
Net result drops to -€108,323, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Kortrijk · 1 establishment unit since 2020
Ground area
713 m²
Building footprint
480 m²
Volume, LiDAR
2,366 m³
Parcel 34005A0534/00S002, Flanders · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ARTNOG
since 20202.308.358.092
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34005A0534/00S002 | Flanders | 713 m² | 1 · 480 m² | 9.5 m · 2 fl. |
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 472 companies in sector 46442 we hold annual accounts for 336. 198 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
Founded09-10-2020
Fiscal year end31-12
Activities, NACEBEL 2025
46442Wholesale trade
47783Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0755963362
Also
9925:BE0755963362
Registered
31-10-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.