WHY ART
ActiveSummary
WHY ART has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-41k) and a net result of €12k. Equity is growing by ~7.8% per year across the filed fiscal years. Its solvency ranks better than 9% of 2003 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability93▲+85
Solvency0=
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.41 against 0.14 in 2024; short-term debt: 131.6% of total assets), and equity is negative.
Credit check 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 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer 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
-78.7%
Return on assets
22.6%
Age of the figures
15 mo
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 9% of 2003 sector peers (2025).
NBB · sector comparisonPosition among 2003 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 15-01-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
4 d late
2023
23 d late
2022
4 d early
2021
3 d early
2020
5 d early
2019
1 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-41k▲ 22.3%
2024 · €-53k
Total assets
€53k▲ 22.0%
2024 · €43k
Net result
€12k
2024 · €-11k
Working capital
€-41k▲ 20.7%
2024 · €-51k
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
Line20212022202320242025
Operating result€11k▲ 81.0%€9k▼ 15.4%€14k▲ 56.6%€-7k€17k
Net result€7k▲ 395%€6k▼ 20.2%€10k▲ 88.0%€-11k€12k
Equity€-58k▲ 10.6%€-53k▲ 9.5%€-42k▲ 19.7%€-53k▼ 26.3%€-41k▲ 22.3%
Total assets€90k▲ 35.0%€70k▼ 22.2%€55k▼ 21.2%€43k▼ 21.4%€53k▲ 22.0%
Debt€148k▲ 12.4%€122k▼ 17.2%€97k▼ 20.6%€96k▼ 0.7%€94k▼ 2.5%
Working capital€-52k▲ 5.2%€-47k▲ 10.2%€-38k▲ 17.7%€-51k▼ 33.1%€-41k▲ 20.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €17k after a loss of €7k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53k
Fixed assets
€24k ▼ 30.5%
Current assets
€29k ▲ 232%
Key figures and ratios
EBITDA
€27k▲
2024 · €4k
Cash flow
€22k▲
2024 · €-368
Solvency
-78.7%▲
2024 · -123.6%
Current ratio
0.41▲
2024 · 0.14
Quick ratio
0.38▲
2024 · 0.11
Debt to equity
-2.27▼
2024 · -1.81
ROA
22.6%▲
2024 · -25.7%
Interest coverage
5.54▲
2024 · 0.95
Debt ≤ 1 year
€69k▲
2024 · €60k
Debt > 1 year
€25k▼
2024 · €37k
Income taxes
€176▲
2024 · €134
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9k | €11k | €11k | €11k | €11k | ▼ 1.7% |
| Other operating charges640/8 | - | €1k | €821 | €1k | €1k | ▼ 16.2% |
| Non-recurring operating charges66A | - | - | - | €916 | €0 | ▼ 100% |
| Gross operating margin9900 | €24k | €22k | €26k | €6k | €28k | ▲ 339% |
| Operating profit (loss)9901 | €11k | €9k | €14k | €-7k | €17k | ▲ 352% |
| Financial income75/76B | - | - | €3 | €0 | €360 | ▲ 1,199,833% |
| Recurring financial income75 | - | - | €3 | €0 | €360 | ▲ 1,199,833% |
| Financial charges65/66B | - | €3k | €4k | €4k | €5k | ▲ 12.3% |
| Recurring financial charges65 | €4k | €3k | €4k | €4k | €5k | ▲ 12.3% |
| Profit (loss) for the period before taxes9903 | €7k | €6k | €10k | €-11k | €12k | ▲ 210% |
| Income taxes67/77 | €138 | - | - | €134 | €176 | ▲ 31.5% |
| Profit (loss) for the period9904 | €7k | €6k | €10k | €-11k | €12k | ▲ 207% |
| Profit (loss) for the period to be appropriated9905 | €7k | €6k | €10k | €-11k | €12k | ▲ 207% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €90k | €70k | €55k | €43k | €53k | ▲ 22.0% |
| Fixed assets21/28 | €67k | €55k | €45k | €35k | €24k | ▼ 30.5% |
| Intangible fixed assets21 | €817 | - | - | - | - | - |
| Tangible fixed assets22/27 | €66k | €55k | €45k | €35k | €24k | ▼ 30.5% |
| Land and buildings22 | - | €34k | €29k | €24k | €20k | ▼ 20.0% |
| Furniture and vehicles24 | - | €21k | €16k | €10k | €4k | ▼ 56.0% |
| Current assets29/58 | €23k | €14k | €10k | €9k | €29k | ▲ 232% |
| Stocks and contracts in progress3 | €3k | €3k | €2k | €2k | €2k | = |
| Stocks30/36 | - | €3k | €2k | €2k | €2k | = |
| Amounts receivable within one year40/41 | €18k | €10k | €7k | €5k | €26k | ▲ 403% |
| Trade receivables40 | - | €9k | €7k | €5k | €26k | ▲ 401% |
| Other amounts receivable41 | - | €875 | €43 | €0 | €72 | - |
| Deferred charges and accrued income490/1 | - | €1k | €962 | €1k | €451 | ▼ 66.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €90k | €70k | €55k | €43k | €53k | ▲ 22.0% |
| Equity10/15 | €-58k | €-53k | €-42k | €-53k | €-41k | ▲ 22.3% |
| Contributions10/11 | - | €12k | €12k | €12k | €12k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €-72k | €-67k | €-56k | €-68k | €-56k | ▲ 17.6% |
| Amounts payable17/49 | €148k | €122k | €97k | €96k | €94k | ▼ 2.5% |
| Amounts payable after more than one year17 | €73k | €61k | €49k | €37k | €25k | ▼ 32.3% |
| Financial debts170/4 | - | €61k | €49k | €37k | €25k | ▼ 32.3% |
| Amounts payable within one year42/48 | €75k | €61k | €48k | €60k | €69k | ▲ 15.7% |
| Current portion of amounts payable after more than one year42 | - | €12k | €12k | €12k | €12k | ▼ 4.4% |
| Financial debts43 | - | €12k | €7k | €14k | €13k | ▼ 4.5% |
| Credit institutions430/8 | - | €12k | €7k | €14k | €13k | ▼ 4.5% |
| Trade debts44 | €3k | €5k | €9k | €7k | €12k | ▲ 85.1% |
| Suppliers440/4 | - | €5k | €9k | €7k | €12k | ▲ 85.1% |
| Advances received on contracts in progress46 | - | - | - | €2k | €4k | ▲ 130% |
| Taxes, remuneration and social security45 | - | - | €3k | €1k | €1k | ▼ 17.0% |
| Taxes450/3 | - | - | €3k | €1k | €1k | ▼ 17.0% |
| Other amounts payable47/48 | - | €33k | €17k | €24k | €27k | ▲ 13.3% |
| Accrued charges and deferred income492/3 | - | €34 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7k | €6k | €10k | €-11k | €12k | ▲ 207% |
| + Depreciation and write-downs630 | €9k | €11k | €11k | €11k | €11k | ▼ 1.7% |
| Operating cash flow (approximation) | €16k | €17k | €21k | €-368 | €22k | ▲ 6,207% |
| Investment in fixed assets (approximation) | - | €0 | €-869 | €0 | €0 | - |
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
15-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €12k
Net result €12k after one loss-making year.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
30-06
Financial
Weakest financial yearnet €-11k
Net result drops to €-11k, the lowest in the series; recovery starts the following year.
23-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 23 days late
2023
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Back to profitnet €1k
Net result €1k after one loss-making year.
30-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
08-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
22-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
15-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Poperinge · 1 establishment unit since 2012
Ground area
2,396 m²
Building footprint
2,497 m²
Volume, LiDAR
657 m³
2 parcels, Flanders · tallest building 4.2 m, ±1 floor. Linked by address, not a title deed.
20
companies at this address
See who is registered here
1 establishment unit
WHY ART
since 20122.207.515.805
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33021E0479/00X004 | Flanders | 1,947 m² | 1 · 2,422 m² | 3.5 m |
| 33021E0484/00R000 | Flanders | 449 m² | 1 · 75 m² | 4.2 m · 1 fl. |
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.
Similar companies · same sector and region
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Bredene
This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 1,998 companies in sector 90120 we hold annual accounts for 210. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded20-02-2012
Fiscal year end30-06
Activities, NACEBEL 2025
90120Visual arts creation
90399Other support activities for arts and performing arts
Scores and ratios are computed by Checked and are not a credit decision.