Equity
€4.9m ▲ 16.1%
A.R.W. paid out €399,591 in dividends. That is 37% of the 2026 profit.
A.R.W.
Lifetime
19 annual accounts with figures on one time axis, 35 filings since 1991peak €69.6m (2013)
€38.1m▲ 9.8%
lowest -€128,715 (2018)
€1.1m▲ 183%
peak €4.9m (2026)
€4.9m▲ 16.1%
€3.8m▲ 62.4%
peak 32.3 FTE (2015)
22 FTE▼ 7.6%
Board7 names since 2018
3 directorsNE.ST and 2 others
Owners2 names in the annual accounts
Documentsfilings and deeds
30-09-202692 days before the deadline
2026financial year
Result from €378,379 to €1.1mReappointment: SD Bedrijfsrevisoren BV (statutory auditor) 07-01Dividend €399,591Equity from €4.2m to €4.9mDebts from €2.3m to €3.8mInvestments €266,065
Key points
from the 2026 annual accountsResult
€1.1m ▲ 183%
The result rose in 2026 from €378,379 to €1.1m.
Debts
€3.8m ▲ 62.4%
Debts rose by €1.5m in 2026. A dividend stands under other debts on the balance sheet date until it is paid.
Investments
€266,065 2.0 × depreciation
Green is investment, beige is depreciation.
Staff
22 FTE from 32.3 in 2015
Between 2015 and 2026, 32% of the full-time equivalents disappeared.
Filings
35 annual accounts since 1991
The last five annual accounts were filed 48 to 92 days before the end of the period.
Checked score
95
Excellent
Financially stronger than 60% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025lowest value
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025highest value
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 2.48, cash €327,456
lowers risk
Founded in 1990
Profit of €1.1m (financial year 2026)
Equity €4.9m (56.1% of total assets)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small). It does better than 65% of them on solvency, 40% on liquidity, 58% on profitability and 77% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-05-2026.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 20,137 companies had the same profile as A.R.W. has now. Each dot stands for 51 companies, two years later.
95.0%
were still trading
4.7%
stopped another way
0.2%
went bankrupt
That fits the bankruptcy probability of A.R.W. itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 20,137 companies, not a prediction for A.R.W.. 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.
Credit verdict
Credit of up to €460,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.48 (3.27 in 2025), above the usual 1.5. Short-term debt is 38% and cash 3.8% of total assets. 43.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-05-2026 was due by 31-12-2026 and was filed on 30-09-2026, 92 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
92 days early
2025
48 days early
2024
89 days early
2023
53 days early
2022
72 days early
2021
63 days early
2020
62 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 68 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-05-2027 and is due by 31-12-2027. Nothing is late today. The company usually files around 20 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-05-2027 year end31-12-2027 deadline
Board and ownership
SB
SD Bedrijfsrevisoren BV
Auditor, Kristien Stevens
- W.L. INVEST 99%equity €24.5m (2025) · 30-09-2025 annual accounts of W.L. INVEST
Recent changes
Reappointment: SD Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Henricus Wouters · General meeting of 06-11-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0439676155
2 directors appointed
NE.ST (managing director) and W.L. INVEST (managing director) · Permanent representatives: WOUTERS Isabelle and WOUTERS Henricus · Board meeting of 06-03-2023 · Gazette deed
2 directors appointed, 3 resignations
Resignations: WOUTERS Henricus, W.L. Invest and MARRAS · Appointments: W.L. Invest (director) and NE.ST (director) · Permanent representatives: WOUTERS Henricus and WOUTERS Isabelle · General meeting of 18-07-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| A.R.W. Brussels | €38.1m | 4.2% | 56.1% | 22 |
| FASHION CLUB 70 Antwerp | €18.7m | -4.4% | 69.6% | 28.3 |
| STUDIO 10 Zele | €5.1m | 6.0% | 12.6% | 8.6 |
| ALSICO HIGH TECH Ronse | €31.5m | 14.3% | 68.8% | 35.7 |
| VENTURA Merchtem | - | - | 22.7% | 24.5 |
| BRANDS & FASHION Mechelen | €43.2m | 12.5% | 91.7% | 11.5 |
| GERCA Ardooie | - | - | 92.9% | 13.8 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as A.R.W.: agents in the wholesale of textiles, clothing, fur, footwear and leather goods (NACE 46160). They are comparable in size and age: total assets between €4.3m and €31m, founded between 1973 and 2007.
Official details
Source: KBO- Status
- Active since 04-01-1990Normal situation
- Activity
- Agents in the wholesale of textiles, clothing, fur, footwear and leather goodsNACE 46160and 2 others
- Joint committees
- 215White-collar workers in the clothing and garment industry
- 109Clothing and garment industry · annual accounts 31-05-2026
- Establishment unit
- 2.046.850.7451020 Brussels, since 01-02-1990
- Financial year end
- 31 May
- Peppol
- Reachable since 02-10-2025
Annual accounts to 31-05-2026
- €8.6m▲ 32.7%
- Employeeson 31-05-2026
- 22▼ 8.3%
- Filing
- Filed on 30-09-2026, 92 days before the end of the filing period
Insights on A.R.W.
Solvency fell in 2026 from 64.1% to 56.1% because of higher debts to suppliers.
W.L. INVEST holds 99% of the shares. In April 2023, the Official Gazette published the appointment of NE.ST as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about A.R.W.
- What is the company number of A.R.W.?
- The company number of A.R.W. is 0439.676.155. The VAT number is the same number with BE in front: BE 0439.676.155.
- Where is A.R.W. based?
- The registered office is at Atomiumlaan 9, 1020 Brussels.Company details
- What does A.R.W. do?
- According to the KBO register, the main activity is agents in the wholesale of textiles, clothing, fur, footwear and leather goods (NACE 46160).
- What is the legal form of A.R.W.?
- A.R.W. is a public limited company (NV).
- When was A.R.W. founded?
- A.R.W. was founded on 04-01-1990.
- Is A.R.W. still active?
- Yes, A.R.W. is an active enterprise in the KBO register.
- How many employees does A.R.W. have?
- A.R.W. had an average of 22 full-time equivalents in financial year 2026, according to the filed annual accounts.Financials
- Which joint committee does A.R.W. fall under?
- In its 31-05-2026 annual accounts, A.R.W. states joint committees 215 (White-collar workers in the clothing and garment industry) and 109 (Clothing and garment industry).
- What is the turnover of A.R.W.?
- The turnover of A.R.W. was €38.1m in financial year 2026, according to the filed annual accounts.
- Is A.R.W. profitable?
- In financial year 2026, A.R.W. made a profit of €1.1m.
- Where can I find the annual accounts of A.R.W.?
- A.R.W. filed 35 annual accounts with the National Bank of Belgium, the latest for financial year 2026.
- When are the next annual accounts of A.R.W. due?
- A.R.W. must file the annual accounts for financial year 2027 by 31-12-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See the other companies in the same group.W.L. INVEST · 11 companies
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