N'ART
ActiveSummary
N'ART has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €56,086 and a net result of -€17,603. Equity is growing by ~6.5% per year across the filed fiscal years. Its solvency ranks better than 95% of 28374 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-69
Solvency100▲+8
Growth35=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 29.33 against 2.72 in 2024; short-term debt: 2.8% and cash: 1.1% of total assets), and 2.8% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
97.2%
Return on assets
-30.5%
Age of the figures
12 mo
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 06-05-2026, 6 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
6 d late
2024
1 d early
2023
on the day
2022
on the day
2021
on the day
2020
on the day
2019
2 d late
← 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 1 day after 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 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-09-2026 close01-10-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€174,214▼ 55.0%
2018 · €387,212
EBIT margin
39.6%▲ 38.6pp
2018 · 1.1%
Net result
-€17,603
2024 · €89
Working capital
€45,961▼ 24.7%
2024 · €61,037
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€2,007€6,688€4,523▼ 32.4%€449▼ 90.1%-€17,271
Net result€750below the sector's middle half▼ 88.4%€7,148within the sector's middle half▲ 854%€4,238within the sector's middle half▼ 40.7%€89below the sector's middle half▼ 97.9%-€17,603below the sector's middle half
EBIT margin
Equity€62,215within the sector's middle half▲ 1.2%€69,362within the sector's middle half▲ 11.5%€73,600within the sector's middle half▲ 6.1%€73,689within the sector's middle half▲ 0.1%€56,086within the sector's middle half▼ 23.9%
Total assets€69,978within the sector's middle half▼ 24.1%€116,941within the sector's middle half▲ 67.1%€137,897within the sector's middle half▲ 17.9%€109,514within the sector's middle half▼ 20.6%€57,708below the sector's middle half▼ 47.3%
Debt€7,763▼ 74.8%€47,579▲ 513%€64,297▲ 35.1%€35,824▼ 44.3%€1,622▼ 95.5%
Working capital€61,485within the sector's middle half=€70,408within the sector's middle half▲ 14.5%€73,448within the sector's middle half▲ 4.3%€61,037within the sector's middle half▼ 16.9%€45,961within the sector's middle half▼ 24.7%
Solvency88.9%above the sector's middle half▲ 22.3pp59.3%within the sector's middle half▼ 29.6pp53.4%within the sector's middle half▼ 5.9pp67.3%within the sector's middle half▲ 13.9pp97.2%above the sector's middle half▲ 29.9pp
Current ratio9.31above the sector's middle half▲ 6.312.73within the sector's middle half▼ 6.582.15within the sector's middle half▼ 0.582.72within the sector's middle half▲ 0.5729.33above the sector's middle half▲ 26.62
Return on assets (ROA)1.1%within the sector's middle half▼ 5.9pp6.1%within the sector's middle half▲ 5.0pp3.1%within the sector's middle half▼ 3.0pp0.1%below the sector's middle half▼ 3.0pp-30.5%below the sector's middle half▼ 30.6pp
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 turns negative in 2025: a loss of €17,271 after €449 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57,708
Fixed assets
€10,126 ▼ 21.8%
Current assets
€47,583 ▼ 50.7%
Equity and liabilities €57,708
Equity
€56,086 ▼ 23.9%
Debt
€1,622 ▼ 95.5%
Debt's share of the balance-sheet total falls from 32.7% to 2.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€12,755▼
2024 · €2,570
Cash flow
-€13,087▼
2024 · €2,211
Debt to equity
0.03▼
2024 · 0.49
ROE
-31.4%▼
2024 · 0.1%
Interest coverage
-37.10▼
2024 · 11.36
Debt ≤ 1 year
€1,622▼
2024 · €35,534
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,592 companies that looked in July 2024 the way this one looks now, 3.0% went bankrupt within 24 months and 87% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
3.0%
went bankrupt
9.5%
stopped otherwise
87%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 3,592 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €452 | €1,751 | €361 | €2,121 | €4,516 | ▲ 113% |
| Other operating charges640/8 | €597 | €684 | €1,041 | €1,492 | €14,549 | ▲ 875% |
| Gross operating margin9900 | -€958 | €9,123 | €5,924 | €4,062 | €1,794 | ▼ 55.8% |
| Operating profit (loss)9901 | -€2,007 | €6,688 | €4,523 | €449 | -€17,271 | ▼ 3,950% |
| Financial income75/76B | €3,535 | €2,610 | €959 | €58 | €12 | ▼ 80.1% |
| Recurring financial income75 | €3,535 | €2,610 | €959 | €58 | €12 | ▼ 80.1% |
| Financial charges65/66B | €456 | €163 | €194 | €226 | €344 | ▲ 52.0% |
| Recurring financial charges65 | €456 | €163 | €194 | €226 | €344 | ▲ 52.0% |
| Profit (loss) for the period before taxes9903 | €1,072 | €9,135 | €5,288 | €280 | -€17,603 | ▼ 6,381% |
| Income taxes67/77 | €323 | €1,988 | €1,050 | €191 | - | - |
| Profit (loss) for the period9904 | €750 | €7,148 | €4,238 | €89 | -€17,603 | ▼ 19,779% |
| Profit (loss) for the period to be appropriated9905 | €750 | €7,148 | €4,238 | €89 | -€17,603 | ▼ 19,779% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €69,978 | €116,941 | €137,897 | €109,514 | €57,708 | ▼ 47.3% |
| Fixed assets21/28 | €1,090 | €5,744 | €473 | €12,943 | €10,126 | ▼ 21.8% |
| Tangible fixed assets22/27 | €1,090 | €5,744 | €473 | €12,943 | €10,126 | ▼ 21.8% |
| Furniture and vehicles24 | €1,090 | €5,744 | €473 | €12,943 | €10,126 | ▼ 21.8% |
| Current assets29/58 | €68,888 | €111,197 | €137,424 | €96,571 | €47,583 | ▼ 50.7% |
| Amounts receivable within one year40/41 | €64,914 | €103,262 | €135,501 | €94,189 | €46,741 | ▼ 50.4% |
| Trade receivables40 | €15,554 | €56,459 | €114,408 | €92,276 | €34,304 | ▼ 62.8% |
| Other amounts receivable41 | €49,360 | €46,803 | €21,094 | €1,913 | €12,438 | ▲ 550% |
| Cash at bank and in hand54/58 | €722 | €7,890 | €1,901 | €2,382 | €616 | ▼ 74.1% |
| Deferred charges and accrued income490/1 | €3,252 | €45 | €22 | - | €225 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €69,978 | €116,941 | €137,897 | €109,514 | €57,708 | ▼ 47.3% |
| Equity10/15 | €62,215 | €69,362 | €73,600 | €73,689 | €56,086 | ▼ 23.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | €6,200 | - | - | - | - | - |
| Other1109/19 | €6,200 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €54,155 | €61,302 | €65,540 | €65,629 | €48,026 | ▼ 26.8% |
| Amounts payable17/49 | €7,763 | €47,579 | €64,297 | €35,824 | €1,622 | ▼ 95.5% |
| Amounts payable within one year42/48 | €7,403 | €40,789 | €63,977 | €35,534 | €1,622 | ▼ 95.4% |
| Trade debts44 | €7,153 | €38,789 | €62,877 | €35,269 | €1,622 | ▼ 95.4% |
| Suppliers440/4 | €7,153 | €38,789 | €62,877 | €35,269 | €1,622 | ▼ 95.4% |
| Taxes, remuneration and social security45 | €250 | €2,000 | €1,100 | €148 | - | - |
| Taxes450/3 | €250 | €2,000 | €1,100 | €148 | - | - |
| Other amounts payable47/48 | - | - | - | €118 | - | - |
| Accrued charges and deferred income492/3 | €360 | €6,790 | €320 | €291 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €750 | €7,148 | €4,238 | €89 | -€17,603 | ▼ 19,779% |
| + Depreciation and write-downs630 | €452 | €1,751 | €361 | €2,121 | €4,516 | ▲ 113% |
| Operating cash flow (approximation) | €1,201 | €8,898 | €4,598 | €2,211 | -€13,087 | ▼ 692% |
| Investment in fixed assets (approximation) | - | -€6,405 | €4,911 | -€14,591 | -€1,698 | ▲ 88.4% |
| Change in cash | - | €7,168 | -€5,989 | €482 | -€1,766 | ▼ 467% |
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
06-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 6 days late
2025
30-09
Financial
Weakest financial yearnet -€17,603
Net result drops to -€17,603, the lowest in the series.
30-09
Financial
Liquidity times 11current ratio 29.33
Current ratio from 2.72 to 29.33; short-term debt falls from €35,534 to €1,622.
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-10
Financial
Liquidity triplescurrent ratio 9.31
Current ratio from 3.00 to 9.31; short-term debt falls from €30,774 to €7,403.
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 2 days late
2019
31-10
Financial
Highest result since 2018net €46,607 ▲2,017%
Operating result €69,010, net result €46,607, both a record.
31-10
Financial
Liquidity doublescurrent ratio 2.89
Current ratio from 1.25 to 2.89.
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
No directors read yet: 0 of 4 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Erpe-Mere · 1 establishment unit since 2017
Ground area
259 m²
Building footprint
252 m²
Volume, LiDAR
1,038 m³
Parcel 41040B0166/00D000, Flanders · tallest building 7.4 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
DAAFT
since 20172.261.345.855
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41040B0166/00D000indicative | Flanders | 259 m² | 1 · 251 m² | 7.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
0 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 15,518 companies in this sector we hold annual accounts for 7,427. 6,164 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded07-02-2017
Fiscal year end30-09
Activities, NACEBEL 2025
43990Other specialised construction activities
49410Freight transport by road
81220Other building cleaning and industrial cleaning
E-invoicing
Reachable via Peppol
Peppol ID
0208:0670817554
Also
9925:BE0670817554
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.