AVENUE ARIANE
InactiveAVENUE ARIANE was declared bankrupt on 02-12-2024 (Tribunal de l’entreprise francophone de Bruxelles); the bankruptcy was closed by liquidation by judgment of 03-02-2026, published in the Belgian State Gazette on 16-02-2026.
Summary
Inactive; last annual accounts for fiscal year 2023.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline30-09-2026 today
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 06-10-2024, 67 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
67 d late
2022
13 d early
2021
on the day
2020
40 d early
2019
17 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 6 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2023, full schema
Turnover
€1.8m▲ 3.1%
2022 · €1.7m
EBIT margin
-14.4%▼ 0.8pp
2022 · -13.6%
Net result
-€288,301▼ 21.4%
2022 · -€237,563
Working capital
-€44,768
2022 · €84,831
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20192020202120222023
Turnover€933,105€1.7m▲ 85.0%€1.8m▲ 3.1%
Operating result€50,147▲ 51.1%€994,615▲ 1,883%-€296,685-€235,391▲ 20.7%-€257,009▼ 9.2%
Net result€47,930▲ 79.5%€724,100▲ 1,411%-€286,325-€237,563▲ 17.0%-€288,301▼ 21.4%
EBIT margin-31.8%-13.6%▲ 18.2pp-14.4%▼ 0.8pp
Equity€1.3m▲ 3.9%€1.0m▼ 18.5%€761,123▼ 27.3%€523,560▼ 31.2%€235,258▼ 55.1%
Total assets€1.3m▲ 0.1%€1.3m▲ 0.4%€1.5m▲ 9.2%€1.3m▼ 13.8%€963,610▼ 23.9%
Debt€53,408▼ 46.7%€38,329▼ 28.2%€470,722▲ 1,128%€528,573▲ 12.3%€514,864▼ 2.6%
Working capital€96,319▼ 3.6%€740,770▲ 669%€284,584▼ 61.6%€84,831▼ 70.2%-€44,768
Staff (FTE)23.5▲ 75.0%6▲ 71.4%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €257,009 in 2023 against €235,391 in 2022; the loss grows.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €963,610
Fixed assets
€497,594 ▼ 23.7%
Current assets
€466,016 ▼ 24.0%
Equity and liabilities €963,610
Equity
€235,258 ▼ 55.1%
Provisions
€213,488 =
Debt
€514,864 ▼ 2.6%
Debt's share of the balance-sheet total rises from 41.8% to 53.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€138,386▼
2022 · -€108,245
Cash flow
-€169,679▼
2022 · -€110,417
Current ratio
0.91▼
2022 · 1.16
Quick ratio
0.71▼
2022 · 0.98
Debt to equity
2.19▲
2022 · 1.01
ROE
-122.5%▼
2022 · -45.4%
ROA
-29.9%▼
2022 · -18.8%
Interest coverage
-4.50▲
2022 · -4.59
Debt ≤ 1 year
€510,784▼
2022 · €528,573
Income taxes
€843▲
2022 · €839
Staff costs
€328,571▲
2022 · €200,260
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €933,105 | €1.7m | €1.8m | ▲ 3.1% |
| Non-recurring operating income76A | - | - | €3,000 | €260 | €6,920 | ▲ 2,562% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €1.1m | €1.7m | €1.6m | ▼ 6.5% |
| Remuneration, social security and pensions62 | - | - | €73,874 | €200,260 | €328,571 | ▲ 64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,363 | €31,135 | €124,611 | €127,146 | €118,623 | ▼ 6.7% |
| Other operating charges640/8 | - | - | €88,792 | €53,472 | €58,917 | ▲ 10.2% |
| Non-recurring operating charges66A | - | - | - | €640 | €46,000 | ▲ 7,082% |
| Gross operating margin9900 | €104,933 | €1.1m | -€9,408 | €146,127 | €295,102 | ▲ 102% |
| Operating profit (loss)9901 | €50,147 | €994,615 | -€296,685 | -€235,391 | -€257,009 | ▼ 9.2% |
| Financial income75/76B | - | - | €4 | €207 | €270 | ▲ 30.1% |
| Recurring financial income75 | €442 | €18 | €4 | €207 | €270 | ▲ 30.1% |
| Financial charges65/66B | - | - | €11,665 | €23,599 | €30,720 | ▲ 30.2% |
| Recurring financial charges65 | €2,662 | €4,494 | €11,665 | €23,599 | €30,720 | ▲ 30.2% |
| Profit (loss) for the period before taxes9903 | €47,927 | €990,139 | -€308,345 | -€258,783 | -€287,459 | ▼ 11.1% |
| Transfer from deferred taxes780 | - | - | €22,059 | €22,059 | - | - |
| Income taxes67/77 | -€3 | €8,434 | €39 | €839 | €843 | ▲ 0.4% |
| Profit (loss) for the period9904 | €47,930 | €724,100 | -€286,325 | -€237,563 | -€288,301 | ▼ 21.4% |
| Transfer from tax-exempt reserves789 | - | - | €66,176 | €66,176 | - | - |
| Profit (loss) for the period to be appropriated9905 | €47,930 | -€48,715 | -€220,150 | -€171,388 | -€288,301 | ▼ 68.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.3m | €1.5m | €1.3m | €963,610 | ▼ 23.9% |
| Fixed assets21/28 | €1.2m | €564,283 | €741,220 | €652,217 | €497,594 | ▼ 23.7% |
| Intangible fixed assets21 | - | - | - | €46,000 | - | - |
| Tangible fixed assets22/27 | €1.2m | €500,923 | €441,220 | €306,217 | €187,594 | ▼ 38.7% |
| Plant, machinery and equipment23 | - | - | €215,385 | €158,095 | €121,656 | ▼ 23.0% |
| Furniture and vehicles24 | - | - | €117,532 | €73,317 | €37,625 | ▼ 48.7% |
| Leasing and similar rights25 | - | - | €53,304 | €37,078 | - | - |
| Other tangible fixed assets26 | - | - | €54,998 | €37,727 | €28,313 | ▼ 25.0% |
| Financial fixed assets28 | €27,000 | €63,360 | €300,000 | €300,000 | €310,000 | ▲ 3.3% |
| Current assets29/58 | €149,727 | €779,099 | €726,171 | €613,403 | €466,016 | ▼ 24.0% |
| Stocks and contracts in progress3 | - | - | €88,003 | €95,718 | €103,912 | ▲ 8.6% |
| Stocks30/36 | - | - | €88,003 | €95,718 | €103,912 | ▲ 8.6% |
| Amounts receivable within one year40/41 | €50,217 | €49,255 | €349,168 | €375,378 | €294,839 | ▼ 21.5% |
| Trade receivables40 | - | - | €321,792 | €368,782 | €294,839 | ▼ 20.1% |
| Other amounts receivable41 | - | - | €27,376 | €6,596 | - | - |
| Current investments50/53 | €10,414 | €10,414 | - | - | - | - |
| Cash at bank and in hand54/58 | €69,351 | €719,381 | €263,531 | €115,212 | €40,265 | ▼ 65.1% |
| Deferred charges and accrued income490/1 | - | - | €25,469 | €27,096 | €27,000 | ▼ 0.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.5m | €1.3m | €963,610 | ▼ 23.9% |
| Equity10/15 | €1.3m | €1.0m | €761,123 | €523,560 | €235,258 | ▼ 55.1% |
| Contributions10/11 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Capital10 | - | - | €124,000 | €124,000 | €124,000 | = |
| Issued capital100 | - | - | €124,000 | €124,000 | €124,000 | = |
| Reserves13 | €113,059 | €885,874 | €819,699 | €753,523 | €753,523 | = |
| Non-distributable reserves130/1 | - | - | €17,383 | €17,383 | €17,383 | = |
| Legal reserve130 | - | - | €17,383 | €17,383 | €17,383 | = |
| Tax-exempt reserves132 | - | - | €95,676 | €95,676 | €95,676 | = |
| Distributable reserves133 | - | - | €706,639 | €640,464 | €640,464 | = |
| Profit (loss) carried forward14 | €86,289 | €37,574 | -€182,576 | -€353,963 | -€642,265 | ▼ 81.4% |
| Provisions and deferred taxes16 | - | €257,605 | €235,546 | €213,488 | €213,488 | = |
| Deferred taxes168 | - | - | €235,546 | €213,488 | €213,488 | = |
| Amounts payable17/49 | €53,408 | €38,329 | €470,722 | €528,573 | €514,864 | ▼ 2.6% |
| Amounts payable after more than one year17 | - | - | €29,135 | - | - | - |
| Financial debts170/4 | - | - | €29,135 | - | - | - |
| Amounts payable within one year42/48 | €53,408 | €38,329 | €441,587 | €528,573 | €510,784 | ▼ 3.4% |
| Current portion of amounts payable after more than one year42 | - | - | €20,550 | €29,135 | - | - |
| Trade debts44 | €14,114 | €38,329 | €292,324 | €326,641 | €313,787 | ▼ 3.9% |
| Suppliers440/4 | - | - | €292,324 | €326,641 | €313,787 | ▼ 3.9% |
| Taxes, remuneration and social security45 | - | - | €6,579 | €22,680 | €45,528 | ▲ 101% |
| Taxes450/3 | - | - | €1,774 | €10,615 | €21,172 | ▲ 99.4% |
| Remuneration and social security454/9 | - | - | €4,805 | €12,065 | €24,356 | ▲ 102% |
| Other amounts payable47/48 | - | - | €122,135 | €150,117 | €151,469 | ▲ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,080 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,930 | €724,100 | -€286,325 | -€237,563 | -€288,301 | ▼ 21.4% |
| + Depreciation and write-downs630 | €16,363 | €31,135 | €124,611 | €127,146 | €118,623 | ▼ 6.7% |
| Operating cash flow (approximation) | €64,293 | €755,234 | -€161,714 | -€110,417 | -€169,679 | ▼ 53.7% |
| Investment in fixed assets (approximation) | - | €593,345 | -€301,548 | -€38,143 | €36,000 | ▲ 194% |
| Change in cash | - | €650,031 | -€455,850 | -€148,320 | -€74,947 | ▲ 49.5% |
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
2026
16-02
Bankruptcy
Bankruptcy closure (by liquidation)
Tribunal de l’entreprise francophone de Bruxelles · event 03-02-2026
2024
10-12
Bankruptcy
Opening
Tribunal de l’entreprise francophone de Bruxelles · event 02-12-2024
06-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 67 days late
2023
31-12
Financial
Weakest financial yearnet -€288,301
Net result drops to -€288,301, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €724,100 ▲1,411%
Operating result €994,615, net result €724,100, both a record.
31-12
Financial
Liquidity times 7current ratio 20.33
Current ratio from 2.80 to 20.33; short-term debt falls from €53,408 to €38,329.
17-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 17 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Show earlier events
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
2016
18-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 18 days late
2015
28-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 28 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | NICOLAS VAN DER BORGHT AVENUE DE FRE 229,
1180 FR BRUXELLES 18 |
02-12-2024 → 03-02-2026 |
Structure & network
Owners and holdings
2 ownersChain of control
- IMAGE - SERVICES
- AVENUE ARIANE
Highest known parent: IMAGE - SERVICES. The sources do not say who stands above it.
Owners 2
- IMAGE - SERVICESparent74.98%
-
24%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.