OPAL-SYSTEMS
ActiveSummary
OPAL-SYSTEMS has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €771,692 and a net result of -€84,152. Equity is growing by ~19.1% per year across the filed fiscal years. Its solvency ranks better than 92% of 299 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability8▼-69
Solvency100▲+1
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 5.62 against 3.88 in 2024; short-term debt: 16.7% and cash: 6.5% of total assets), and 18.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+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 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
81.7%
Return on assets
-8.9%
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 13-05-2026, 79 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
79 d early
2024
55 d early
2023
62 d early
2022
35 d early
2021
74 d early
2020
58 d early
2019
45 d early
← 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 58 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% 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, full schema
In the rankings
#5 company by equity in Arlon, Construction sector#9 company by total assets in Arlon, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€84,152
2024 · €78,396
Working capital
€728,837▼ 9.9%
2024 · €808,888
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, 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€216,306▲ 43.1%€233,852▲ 8.1%€179,552▼ 23.2%€67,864▼ 62.2%-€97,892
Net result€161,616within the sector's middle half▲ 39.2%€177,414within the sector's middle half▲ 9.8%€147,336within the sector's middle half▼ 17.0%€78,396within the sector's middle half▼ 46.8%-€84,152below the sector's middle half
Equity€557,698within the sector's middle half▲ 40.8%€735,111within the sector's middle half▲ 31.8%€854,448within the sector's middle half▲ 16.2%€855,844within the sector's middle half▲ 0.2%€771,692within the sector's middle half▼ 9.8%
Total assets€702,781below the sector's middle half▲ 27.4%€955,918below the sector's middle half▲ 36.0%€1.1mbelow the sector's middle half▲ 10.8%€1.1mbelow the sector's middle half▲ 8.6%€944,685below the sector's middle half▼ 17.8%
Debt€145,083▼ 6.8%€220,807▲ 52.2%€204,696▼ 7.3%€293,912▲ 43.6%€172,994▼ 41.1%
Working capital€519,490▲ 40.8%€681,766▲ 31.2%€807,016▲ 18.4%€808,888▲ 0.2%€728,837▼ 9.9%
Solvency79.4%above the sector's middle half▲ 7.6pp76.9%above the sector's middle half▼ 2.5pp80.7%above the sector's middle half▲ 3.8pp74.4%above the sector's middle half▼ 6.2pp81.7%above the sector's middle half▲ 7.3pp
Staff (FTE)4.3below the sector's middle half=5.5below the sector's middle half▲ 27.9%5.5below the sector's middle half=4.3below the sector's middle half▼ 21.8%3.5below the sector's middle half▼ 18.6%
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €97,892 after €67,864 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €944,685
Fixed assets
€58,085 ▼ 3.7%
Current assets
€886,601 ▼ 18.6%
Equity and liabilities €944,685
Equity
€771,692 ▼ 9.8%
Debt
€172,994 ▼ 41.1%
Debt's share of the balance-sheet total falls from 25.6% to 18.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€80,908▼
2024 · €84,251
Cash flow
-€67,168▼
2024 · €94,784
Current ratio
5.62▲
2024 · 3.88
Quick ratio
5.45▲
2024 · 3.78
Debt to equity
0.22▼
2024 · 0.34
ROE
-10.9%▼
2024 · 9.2%
ROA
-8.9%▼
2024 · 6.8%
Interest coverage
-51.67▼
2024 · 56.81
Debt ≤ 1 year
€157,764▼
2024 · €280,574
Income taxes
€440▼
2024 · €10,932
Staff costs
€175,985▼
2024 · €225,674
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,916 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 6,916 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 | €2,000 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €151,989 | €195,287 | €221,259 | €225,674 | €175,985 | ▼ 22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,461 | €12,671 | €12,966 | €16,387 | €16,984 | ▲ 3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€3,926 | -€2,750 | €5,588 | - | - | - |
| Other operating charges640/8 | €3,037 | €2,416 | €5,210 | €8,097 | €2,596 | ▼ 67.9% |
| Gross operating margin9900 | €373,867 | €441,476 | €424,575 | €318,022 | €97,673 | ▼ 69.3% |
| Operating profit (loss)9901 | €216,306 | €233,852 | €179,552 | €67,864 | -€97,892 | ▼ 244% |
| Financial income75/76B | €2,039 | €4,233 | €17,254 | €22,948 | €15,746 | ▼ 31.4% |
| Recurring financial income75 | €2,039 | €4,233 | €17,254 | €22,948 | €15,746 | ▼ 31.4% |
| Financial charges65/66B | €1,750 | €1,678 | €1,577 | €1,483 | €1,566 | ▲ 5.6% |
| Recurring financial charges65 | €1,750 | €1,678 | €1,577 | €1,483 | €1,566 | ▲ 5.6% |
| Profit (loss) for the period before taxes9903 | €216,596 | €236,407 | €195,229 | €89,328 | -€83,712 | ▼ 194% |
| Income taxes67/77 | €54,979 | €58,994 | €47,893 | €10,932 | €440 | ▼ 96.0% |
| Profit (loss) for the period9904 | €161,616 | €177,414 | €147,336 | €78,396 | -€84,152 | ▼ 207% |
| Profit (loss) for the period to be appropriated9905 | €161,616 | €177,414 | €147,336 | €78,396 | -€84,152 | ▼ 207% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €702,781 | €955,918 | €1.1m | €1.1m | €944,685 | ▼ 17.8% |
| Formation expenses20 | €654 | - | - | - | - | - |
| Fixed assets21/28 | €50,443 | €74,336 | €65,917 | €60,294 | €58,085 | ▼ 3.7% |
| Intangible fixed assets21 | €607 | - | - | - | - | - |
| Tangible fixed assets22/27 | €23,926 | €48,426 | €40,007 | €34,384 | €32,175 | ▼ 6.4% |
| Plant, machinery and equipment23 | €354 | €270 | €186 | €103 | €19 | ▼ 81.7% |
| Furniture and vehicles24 | €23,572 | €48,156 | €39,820 | €34,282 | €17,381 | ▼ 49.3% |
| Assets under construction and advance payments27 | - | - | - | - | €14,775 | - |
| Financial fixed assets28 | €25,910 | €25,910 | €25,910 | €25,910 | €25,910 | = |
| Current assets29/58 | €651,685 | €881,582 | €993,227 | €1.1m | €886,601 | ▼ 18.6% |
| Stocks and contracts in progress3 | €26,991 | €28,772 | €22,041 | €29,646 | €26,029 | ▼ 12.2% |
| Stocks30/36 | €26,991 | €23,572 | €19,058 | €29,646 | €26,029 | ▼ 12.2% |
| Contracts in progress37 | - | €5,200 | €2,983 | - | - | - |
| Amounts receivable within one year40/41 | €171,795 | €176,999 | €96,830 | €165,489 | €179,720 | ▲ 8.6% |
| Trade receivables40 | €151,661 | €164,693 | €86,016 | €113,614 | €133,256 | ▲ 17.3% |
| Other amounts receivable41 | €20,134 | €12,306 | €10,814 | €51,875 | €46,464 | ▼ 10.4% |
| Current investments50/53 | - | - | €750,000 | €825,000 | €600,000 | ▼ 27.3% |
| Cash at bank and in hand54/58 | €444,334 | €665,926 | €94,591 | €53,462 | €61,024 | ▲ 14.1% |
| Deferred charges and accrued income490/1 | €8,565 | €9,885 | €29,764 | €15,865 | €19,827 | ▲ 25.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €702,781 | €955,918 | €1.1m | €1.1m | €944,685 | ▼ 17.8% |
| Equity10/15 | €557,698 | €735,111 | €854,448 | €855,844 | €771,692 | ▼ 9.8% |
| Contributions10/11 | €352,000 | €352,000 | €352,000 | €352,000 | €352,000 | = |
| Capital10 | €352,000 | €352,000 | €352,000 | €352,000 | €352,000 | = |
| Issued capital100 | €352,000 | €352,000 | €352,000 | €352,000 | €352,000 | = |
| Reserves13 | €35,200 | €35,200 | €35,200 | €35,200 | €35,200 | = |
| Non-distributable reserves130/1 | €35,200 | €35,200 | €35,200 | €35,200 | €35,200 | = |
| Legal reserve130 | €35,200 | €35,200 | €35,200 | €35,200 | €35,200 | = |
| Profit (loss) carried forward14 | €170,498 | €347,911 | €467,248 | €468,644 | €384,492 | ▼ 18.0% |
| Amounts payable17/49 | €145,083 | €220,807 | €204,696 | €293,912 | €172,994 | ▼ 41.1% |
| Amounts payable within one year42/48 | €132,195 | €199,816 | €186,211 | €280,574 | €157,764 | ▼ 43.8% |
| Trade debts44 | €17,505 | €17,446 | €69,890 | €38,578 | €18,006 | ▼ 53.3% |
| Suppliers440/4 | €17,505 | €17,446 | €69,890 | €38,578 | €18,006 | ▼ 53.3% |
| Advances received on contracts in progress46 | €80,147 | €160,918 | €78,674 | €156,506 | €116,409 | ▼ 25.6% |
| Taxes, remuneration and social security45 | €34,543 | €21,452 | €9,647 | €8,490 | €3,348 | ▼ 60.6% |
| Taxes450/3 | €26,287 | €3,994 | €2,920 | €8,490 | €3,348 | ▼ 60.6% |
| Remuneration and social security454/9 | €8,257 | €17,459 | €6,726 | - | - | - |
| Other amounts payable47/48 | - | - | €28,000 | €77,000 | €20,000 | ▼ 74.0% |
| Accrued charges and deferred income492/3 | €12,888 | €20,991 | €18,485 | €13,339 | €15,230 | ▲ 14.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €161,616 | €177,414 | €147,336 | €78,396 | -€84,152 | ▼ 207% |
| + Depreciation and write-downs630 | €6,461 | €12,671 | €12,966 | €16,387 | €16,984 | ▲ 3.6% |
| Operating cash flow (approximation) | €168,077 | €190,084 | €160,302 | €94,784 | -€67,168 | ▼ 171% |
| Investment in fixed assets (approximation) | - | -€36,564 | -€4,546 | -€10,765 | -€14,775 | ▼ 37.3% |
| Change in cash | - | €221,593 | -€571,335 | -€41,129 | €7,562 | ▲ 118% |
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
13-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€84,152
Net result drops to -€84,152, the lowest in the series.
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €500,000Eq €557,698 ▲40.8%
3 profitable years in a row build equity to €557,698.
03-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €191,857
Net result €191,857 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €279,978 ▲218%
Equity rises from €88,120 to €279,978.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
15-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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
Registered office, Arlon · 2 establishment units since 2010
Ground area
1,045 m²
Building footprint
209 m²
2 parcels, Wallonia. Linked by address, not a title deed.
2 establishment units
Avenue de Mersch 127, 6700 Arlon
since 20102.184.315.482
OPAL-SYSTEMS
since 20182.275.922.975
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81006D0764/00L005 | Wallonia | 748 m² | 1 · 74 m² | - |
| 56033A0630/00L003 | Wallonia | 297 m² | 1 · 135 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 owners · 1 holdingOwners 2
-
14.2%
- Sourceaccounts GESVAL 202110.37%
Holdings 1
- OPAL-Systems Luxembourg S.à.r.l.LUsubsidiarySourceown accounts 2025Equity ETB 80,631Result ETB 15,688100%
According to the 2025 annual accounts of OPAL-SYSTEMS and those 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.
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Of 337 companies in sector 42219 we hold annual accounts for 149. 76 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded17-12-2009
Fiscal year end31-12
Activities, NACEBEL 2025
42219
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
Website
www.opal-systems.be
E-mail
py.franck@opal-systems.be
Phone
0496826434
E-mail
info@opal-systems.beArlon
Phone
0475/930.168Arlon
E-invoicing
Reachable via Peppol
Peppol ID
0208:0821605044
Registered
20-11-2020
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.