ARVICO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 17 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€349,717▼ 3.8%
2018 · €363,351
EBIT margin
11.2%▼ 0.2pp
2018 · 11.4%
Net result
€730▼ 97.8%
2024 · €33,843
Working capital
€109,419▼ 43.2%
2024 · €192,509
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€6,474
▼ 87.7%
2025
20182025
Net result
€730
▼ 97.8%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€254,075
▼ 19.6%
2025
highest quarter of the sector
20182025
Total assets
€490,117
▼ 17.7%
2025
highest quarter of the sector
20182025
Debt
€236,042
▼ 15.5%
2025
20182025
Working capital
€109,419
▼ 43.2%
2025
highest quarter of the sector
20182025
Solvency
51.8%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
2.27
▼ 0.44
2025
middle half of the sector
20182025
Return on assets (ROA)
0.1%
▼ 5.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€363,351-€349,717▼ 3.8%
Operating result€41,510-€39,337▼ 5.2%€19,166▼ 51.3%€32,595▲ 70.1%-€3,133€60,936€52,752▼ 13.4%€6,474▼ 87.7%
Net result€27,026-€25,197▼ 6.8%€10,037within the sector's middle half▼ 60.2%€20,007within the sector's middle half▲ 99.3%-€8,153below the sector's middle half€41,884above the sector's middle half€33,843within the sector's middle half▼ 19.2%€730below the sector's middle half▼ 97.8%
EBIT margin11.4%-11.2%▼ 0.2pp
Equity€241,022-€266,218▲ 10.5%€276,256within the sector's middle half▲ 3.8%€248,562above the sector's middle half▼ 10.0%€240,410above the sector's middle half▼ 3.3%€282,294above the sector's middle half▲ 17.4%€316,137above the sector's middle half▲ 12.0%€254,075above the sector's middle half▼ 19.6%
Total assets€337,767-€333,244▼ 1.3%€635,322within the sector's middle half▲ 90.6%€538,239above the sector's middle half▼ 15.3%€501,970above the sector's middle half▼ 6.7%€604,543above the sector's middle half▲ 20.4%€595,507above the sector's middle half▼ 1.5%€490,117above the sector's middle half▼ 17.7%
Debt€96,746-€67,026▼ 30.7%€359,066▲ 436%€289,677▼ 19.3%€261,560▼ 9.7%€322,249▲ 23.2%€279,370▼ 13.3%€236,042▼ 15.5%
Working capital€207,773-€204,976▼ 1.3%€179,445within the sector's middle half▼ 12.5%€157,379above the sector's middle half▼ 12.3%€137,009above the sector's middle half▼ 12.9%€174,004above the sector's middle half▲ 27.0%€192,509above the sector's middle half▲ 10.6%€109,419above the sector's middle half▼ 43.2%
Solvency71.4%-79.9%▲ 8.5pp43.5%within the sector's middle half▼ 36.4pp46.2%within the sector's middle half▲ 2.7pp47.9%within the sector's middle half▲ 1.7pp46.7%within the sector's middle half▼ 1.2pp53.1%within the sector's middle half▲ 6.4pp51.8%within the sector's middle half▼ 1.2pp
Current ratio3.15-4.06▲ 0.912.42within the sector's middle half▼ 1.633.16within the sector's middle half▲ 0.743.22within the sector's middle half▲ 0.052.25within the sector's middle half▼ 0.962.72within the sector's middle half▲ 0.472.27within the sector's middle half▼ 0.44
Return on assets (ROA)8.0%-7.6%▼ 0.4pp1.6%within the sector's middle half▼ 6.0pp3.7%within the sector's middle half▲ 2.1pp-1.6%below the sector's middle half▼ 5.3pp6.9%within the sector's middle half▲ 8.6pp5.7%within the sector's middle half▼ 1.2pp0.1%below the sector's middle half▼ 5.5pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 88% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €490,117
Fixed assets
€294,851 ▲ 1.4%
Current assets
€195,265 ▼ 35.9%
Equity and liabilities €490,117
Equity
€254,075 ▼ 19.6%
Debt
€236,042 ▼ 15.5%
Debt's share of the balance-sheet total rises from 46.9% to 48.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,077▼
2024 · €70,448
Cash flow
€19,332▼
2024 · €51,539
Debt to equity
0.93▲
2024 · 0.88
ROE
0.3%▼
2024 · 10.7%
Interest coverage
5.77▼
2024 · 15.23
Debt ≤ 1 year
€85,846▼
2024 · €112,149
Debt > 1 year
€149,326▼
2024 · €166,351
Income taxes
€1,403▼
2024 · €14,411
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 |
| Mortgage mandates | €195,000 | €195,000 | €195,000 | €195,000 | €195,000 |
| Carrying value of the mortgaged assets | €267,062 | €260,682 | €254,303 | €247,923 | €242,519 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €13,210 | €4,448 | €17,203 | €22,605 |
| Depreciation and write-downs of the year | €21,780 | €18,160 | €16,135 | €17,696 | €18,603 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €363,351 | €349,717 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €28,054 | €5 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,734 | €5,113 | €71,501 | €21,780 | €18,160 | €16,135 | €17,696 | €18,603 | ▲ 5.1% |
| Other operating charges640/8 | - | - | - | €3,025 | €2,871 | €3,534 | €2,895 | €1,422 | ▼ 50.9% |
| Gross operating margin9900 | €49,857 | €45,475 | €91,566 | €57,400 | €17,898 | €80,605 | €73,342 | €26,499 | ▼ 63.9% |
| Operating profit (loss)9901 | €41,510 | €39,337 | €19,166 | €32,595 | -€3,133 | €60,936 | €52,752 | €6,474 | ▼ 87.7% |
| Financial income75/76B | - | - | - | €1,513 | €14 | €256 | €127 | €8 | ▼ 93.7% |
| Recurring financial income75 | €1 | €2 | €1 | €1,513 | €14 | €256 | €127 | €8 | ▼ 93.7% |
| Financial charges65/66B | - | - | - | €4,133 | €4,571 | €5,787 | €4,625 | €4,349 | ▼ 6.0% |
| Recurring financial charges65 | €1,258 | €2,169 | €4,033 | €4,133 | €4,571 | €5,787 | €4,625 | €4,349 | ▼ 6.0% |
| Profit (loss) for the period before taxes9903 | €40,253 | €37,170 | €15,134 | €29,975 | -€7,690 | €55,404 | €48,254 | €2,133 | ▼ 95.6% |
| Income taxes67/77 | €13,227 | €11,974 | €5,096 | €9,968 | €463 | €13,519 | €14,411 | €1,403 | ▼ 90.3% |
| Profit (loss) for the period9904 | €27,026 | €25,197 | €10,037 | €20,007 | -€8,153 | €41,884 | €33,843 | €730 | ▼ 97.8% |
| Profit (loss) for the period to be appropriated9905 | €27,026 | €25,197 | €10,037 | €20,007 | -€8,153 | €41,884 | €33,843 | €730 | ▼ 97.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €337,767 | €333,244 | €635,322 | €538,239 | €501,970 | €604,543 | €595,507 | €490,117 | ▼ 17.7% |
| Fixed assets21/28 | €33,249 | €61,242 | €329,860 | €308,080 | €303,130 | €291,444 | €290,849 | €294,851 | ▲ 1.4% |
| Tangible fixed assets22/27 | €33,249 | €61,242 | €329,860 | €308,080 | €303,130 | €291,444 | €290,849 | €294,851 | ▲ 1.4% |
| Land and buildings22 | - | - | - | €267,062 | €260,682 | €254,303 | €247,923 | €242,519 | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,526 | €1,274 | €1,125 | ▼ 11.7% |
| Furniture and vehicles24 | - | - | - | €6,848 | €14,235 | €13,359 | €24,232 | €27,639 | ▲ 14.1% |
| Other tangible fixed assets26 | - | - | - | €34,171 | €28,213 | €22,256 | €17,420 | €23,568 | ▲ 35.3% |
| Current assets29/58 | €304,518 | €272,002 | €305,461 | €230,159 | €198,840 | €313,099 | €304,658 | €195,265 | ▼ 35.9% |
| Stocks and contracts in progress3 | - | - | €5,455 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €73,460 | €52,096 | €113,761 | €56,249 | €47,892 | €97,466 | €93,781 | €50,242 | ▼ 46.4% |
| Trade receivables40 | - | - | - | €45,894 | €34,010 | €75,236 | €55,243 | €50,107 | ▼ 9.3% |
| Other amounts receivable41 | - | - | - | €10,354 | €13,882 | €22,229 | €38,538 | €135 | ▼ 99.7% |
| Cash at bank and in hand54/58 | €229,988 | €218,781 | €182,542 | €172,534 | €119,119 | €189,442 | €191,168 | €131,932 | ▼ 31.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,377 | €31,828 | €26,191 | €19,709 | €13,092 | ▼ 33.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €337,767 | €333,244 | €635,322 | €538,239 | €501,970 | €604,543 | €595,507 | €490,117 | ▼ 17.7% |
| Equity10/15 | €241,022 | €266,218 | €276,256 | €248,562 | €240,410 | €282,294 | €316,137 | €254,075 | ▼ 19.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €223,672 | €248,869 | €258,906 | €231,213 | €231,213 | €269,894 | €303,737 | €241,675 | ▼ 20.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €229,353 | €229,353 | €269,894 | €303,737 | €241,675 | ▼ 20.4% |
| Profit (loss) carried forward14 | €4,950 | €4,950 | €4,950 | €4,950 | -€3,203 | - | - | - | - |
| Amounts payable17/49 | €96,746 | €67,026 | €359,066 | €289,677 | €261,560 | €322,249 | €279,370 | €236,042 | ▼ 15.5% |
| Amounts payable after more than one year17 | - | - | €232,250 | €216,097 | €199,730 | €183,154 | €166,351 | €149,326 | ▼ 10.2% |
| Financial debts170/4 | - | - | - | €216,097 | €199,730 | €183,154 | €166,351 | €149,326 | ▼ 10.2% |
| Amounts payable within one year42/48 | €96,746 | €67,026 | €126,016 | €72,780 | €61,831 | €139,096 | €112,149 | €85,846 | ▼ 23.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,153 | €16,367 | €16,576 | €16,803 | €17,025 | ▲ 1.3% |
| Financial debts43 | - | - | - | €10,057 | - | - | - | - | - |
| Other loans439 | - | - | - | €10,057 | - | - | - | - | - |
| Trade debts44 | €68,755 | €37,544 | €90,522 | €35,860 | €38,590 | €99,578 | €64,164 | €41,413 | ▼ 35.5% |
| Suppliers440/4 | - | - | - | €35,860 | €38,590 | €99,578 | €64,164 | €41,413 | ▼ 35.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €1,624 | - |
| Taxes, remuneration and social security45 | - | - | - | €10,710 | €6,874 | €22,942 | €31,183 | €14,570 | ▼ 53.3% |
| Taxes450/3 | - | - | - | €9,136 | €6,874 | €21,753 | €31,183 | €13,118 | ▼ 57.9% |
| Remuneration and social security454/9 | - | - | - | €1,574 | - | €1,188 | - | €1,452 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €11,214 | - |
| Accrued charges and deferred income492/3 | - | - | - | €800 | - | - | €870 | €870 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,026 | €25,197 | €10,037 | €20,007 | -€8,153 | €41,884 | €33,843 | €730 | ▼ 97.8% |
| + Depreciation and write-downs630 | €7,734 | €5,113 | €71,501 | €21,780 | €18,160 | €16,135 | €17,696 | €18,603 | ▲ 5.1% |
| Operating cash flow (approximation) | €34,761 | €30,309 | €81,538 | €41,787 | €10,007 | €58,019 | €51,539 | €19,332 | ▼ 62.5% |
| Investment in fixed assets (approximation) | - | -€33,106 | -€340,119 | €0 | -€13,210 | -€4,448 | -€17,101 | -€22,605 | ▼ 32.2% |
| Change in cash | - | -€11,207 | -€36,239 | -€10,008 | -€53,415 | €70,323 | €1,725 | -€59,236 | - |
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, 6,049 companies had the same profile as ARVICO has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of ARVICO itself: < 0.1% within 12 months.
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 6,049 companies, not a prediction for ARVICO. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00168923 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00158702 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00142203 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00145501 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20086838 | |
| 31-12-2020 | abbreviated format | 20-06-2021 | 2021-21900593 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-19900590 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-25700376 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-23300093 | |
| 31-12-2016 | abbreviated format | 23-06-2017 | 2017-21400242 |