WATSON GRAY - ARA
ActiveWATSON GRAY - ARA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €20k and a net result of €109k. Equity is growing by ~60.9% per year across the filed fiscal years. Its solvency ranks better than 10% of 1936 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability62▼-14
Solvency27▼-21
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity short (current ratio 0.97 against 1.3 in 2023; short-term debt: 85.2% and cash: 2.5% of total assets), and 98.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Sector 71
lower
← 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 1936 sector peers (2024).
NBB · sector comparisonPosition among 1936 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
236 d late
2022
21 d late
2021
8 d early
2020
84 d late
2019
24 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, abbreviated schema
Equity
€20k▼ 94.1%
2023 · €346k
2018: €21k
2019: €21k
2020: €84k
2021: €92k
2022: €215k
2023: €346k
2018 → 2024
Total assets
€1.11M▼ 25.0%
2023 · €1.49M
2018: €1.35M
2019: €920k
2020: €626k
2021: €882k
2022: €1.29M
2023: €1.49M
2018 → 2024
Net result
€109k▼ 16.5%
2023 · €131k
2018: €186k
2019: €223k
2020: €63k
2021: €8k
2022: €123k
2023: €131k
2018 → 2024
Working capital
€-24k
2023 · €339k
2018: €3k
2019: €7k
2020: €71k
2021: €81k
2022: €312k
2023: €339k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€84k-€92k▲ 9.6%€215k▲ 134%€346k▲ 60.9%€20k▼ 94.1%
Operating result€93k-€26k▼ 72.6%€181k▲ 609%€203k▲ 12.0%€140k▼ 31.2%
Net result€63k-€8k▼ 87.2%€123k▲ 1,426%€131k▲ 6.5%€109k▼ 16.5%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 31% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.11M
Fixed assets
€188k▲ 2,618%
Current assets
€926k▼ 37.4%
Equity and liabilities €1.11M
Equity
€20k▼ 94.1%
Debt
€1.09M▼ 4.0%
The debt ratio rises from 76.7% to 98.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€178k▼
2023 · €204k
Cash flow
€148k▲
2023 · €132k
Solvency
1.8%▼
2023 · 23.3%
Current ratio
0.97▼
2023 · 1.30
Quick ratio
0.40▼
2023 · 0.91
Debt / equity
53.46▲
2023 · 3.30
ROE
534.6%▲
2023 · 37.9%
ROA
9.8%▲
2023 · 8.8%
Interest coverage
3.75▼
2023 · 5.56
Debt
€1.09M▼
2023 · €1.14M
Debt ≤ 1 year
€950k▼
2023 · €1.14M
Debt > 1 year
€142k
Income taxes
€34k▼
2023 · €47k
Staff costs
€30k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€1.49M€1.11M▼
Fixed assets21/28€7k€188k▲
Tangible fixed assets22/27€576€182k▲
Plant, machinery and equipment23€576€0▼
Leasing and similar rights25-€182k
Financial fixed assets28€6k€6k=
Current assets29/58€1.48M€926k▼
Stocks and contracts in progress3€441k€546k▲
Stocks30/36€441k€546k▲
Amounts receivable within one year40/41€983k€348k▼
Trade receivables40€498k€254k▼
Other amounts receivable41€485k€93k▼
Cash at bank and in hand54/58€54k€28k▼
Deferred charges and accrued income490/1€732€5k▲
Equity and liabilities
Total equity and liabilities10/49€1.49M€1.11M▼
Equity10/15€346k€20k▼
Contributions10/11€19k€19k=
Reserves13€327k€2k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€325k€0▼
Profit (loss) carried forward14-€0
Amounts payable17/49€1.14M€1.09M▼
Amounts payable after more than one year17-€142k
Financial debts170/4-€142k
Amounts payable within one year42/48€1.14M€950k▼
Current portion of amounts payable after more than one year42€341k€405k▲
Trade debts44€617k€380k▼
Suppliers440/4€617k€380k▼
Taxes, remuneration and social security45€63k€35k▼
Taxes450/3€63k€32k▼
Remuneration and social security454/9-€3k
Other amounts payable47/48€119k€129k▲
Accrued charges and deferred income492/3-€2k
Income statement
Code20232024
Non-recurring operating income76A-€93k
Remuneration, social security and pensions62-€30k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€39k▲
Other operating charges640/8€16k€18k▲
Non-recurring operating charges66A-€14k
Gross operating margin9900€220k€240k▲
Operating profit (loss)9901€203k€140k▼
Financial income75/76B€12k€51k▲
Recurring financial income75€12k€51k▲
Financial charges65/66B€37k€47k▲
Recurring financial charges65€37k€47k▲
Profit (loss) for the period before taxes9903€178k€143k▼
Income taxes67/77€47k€34k▼
Profit (loss) for the period9904€131k€109k▼
Profit (loss) for the period to be appropriated9905€131k€109k▼
Appropriation of the result
Profit (loss) to be appropriated9906€131k€109k▼
Transfer from equity791/2-€435k
Transfer to equity691/2€131k€109k▼
To other reserves6921€131k€109k▼
Profit to be distributed694/7-€435k
Return on contributions (dividend)694-€435k
Social balance
Average headcount (FTE)9087-1.0
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
24-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 236 days late
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 21 days late
2022
31-12
Financial
Equity above €200kEq €215k ▲134%
5 profitable years in a row build equity to €215k.
23-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €8k ▼87.2%
Net result drops to €8k, the lowest in the series; recovery starts the following year.
23-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 84 days late
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 24 days late
2019
31-12
Financial
Highest result since 2018net €223k ▲19.6%
Operating result €324k, net result €223k, both a record.
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
01-03
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2020
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
30-11-2020
Tex & Co BV: Resigned as Director
26-06-2020
Geert Verhaeghe: Resigned as Director
18-12-2015
Philippe Tournicourt: Resigned as Manager
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2012
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Sint-Aldegondiskaai 382000 AntwerpenGround area
2,233 m²
Building footprint
259 m²
Volume, LiDAR
5,500 m³
2 parcels, Flanders · tallest building 39.7 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
WATSON GRAY - ARA
since 20122.208.345.253
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11807G1609/13N000 | Flanders | 1,452 m² | - | - |
| 11002A0037/00X000 | Flanders | 781 m² | 1 · 259 m² | 39.7 m · 8 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
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Of 2,145 companies in sector 71209 we hold annual accounts for 1,085. 641 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-02-2012
Fiscal year end31-12
Activities, NACEBEL
71209Other technical testing and analysis
52241Warehousing and support activities for transportation
52250Logistics services
52290Warehousing and support activities for transportation
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.