Active BE 0423.380.947Public limited company

ARESCO

Hoveniersstraat 55 ·2018 Antwerpen, Belgium· 43 yrs active

Sector: Retail sale of watches and jewellery (47770)

Conclusion Checked

ARESCO has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67k and a net result of €4k. Equity is shrinking by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 42% of 480 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€67k
Net result	€4k
Better than sector	42%
Active	43 yrs

Financial profile 5 of 5 axes measured · computed by Checked

46 / 100

Mixed profile: strong on stability, weaker on solvency.

All 5 axes are computed from data Checked has read.

Health 26

Profitability 31

Solvency 15

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.4% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1982, 43 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

26 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€2k

estimate, not credit advice

Score history

5 2023

10 2024

26 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.68 (< 1.0) -10

Quick ratio Quick ratio 0.44 (< 0.6) -5

Leverage Debt/equity 4.92 (> 3.0) -10

Profitability ROE 6% +3

Interest coverage Interest coverage 1.2× (< 1.5×) -10

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview42 NBB filings

Annual accounts filed on 06-07-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~3.6%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	16.9%	21.2%	better than 42% of 480 sector peers
Net result	€4k	€32k	better than 32% of 478 sector peers
Equity	€67k	€163k	better than 32% of 480 sector peers
Gross operating margin	€39k	€281k	better than 13% of 480 sector peers
Total assets	€398k	€900k	better than 19% of 480 sector peers

EBITDA

€27k

+434.9% 23-25

Net profit

€4k

- 23-25

Cash flow

€4k

- 23-25

Total assets

€398k

+7.0% 23-25

Equity

€67k

+6.6% 23-25

Working capital

€-94k

+22.3% 23-25

Debt

€331k

+7.1% 23-25

Debt ≤ 1y

€295k

-0.2% 23-25

Debt > 1y

€6k

0.0% 23-25

Current ratio

0.68

+15.2% 23-25

Quick ratio

0.44

+27.6% 23-25

Solvency

16.9%

-0.4% 23-25

Debt / equity

4.92

+0.5% 23-25

ROE

6.2%

- 23-25

ROA

1.0%

- 23-25

Interest coverage

1.19

+244.6% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	abbreviated schema	micro schema	micro schema
Revenue	-	-	-
EBITDA	€27k	€5k	€-22k
Net profit	€4k	€-9k	€-33k
Cash flow	€4k	€-9k	€-33k
Staff costs	-	-	-
Income taxes	-	-	-
Dividends	-	-	-
Total assets	€398k	€372k	€384k
Equity	€67k	€63k	€72k
Debt	€331k	€309k	€312k
of which ≤ 1y	€295k	€296k	€295k
of which > 1y	€6k	€6k	€4k
Working capital	€-94k	€-121k	€-108k
Employees (FTE)	-	-	-

Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023
Current ratio	0.68	0.59	0.63
Quick ratio	0.44	0.34	0.37
Working capital ratio	-23.5%	-32.4%	-28.1%
Solvency	16.9%	17.0%	18.8%
Debt / equity	4.92	4.90	4.33
Long-term debt ratio	0.09	0.10	0.06
Interest coverage	1.19	0.35	-2.01
Gross margin	-	-	-
Net margin	-	-	-
ROA	1.0%	-2.4%	-8.7%
ROE	6.2%	-14.3%	-46.1%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €197k · 49.5% Current assets €201k · 50.6%

Equity & liabilities

Equity €67k · 16.9% Debt €331k · 83.1%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€398k	€372k	€384k
Fixed assets	21/28	€197k	€197k	€197k
Tangible fixed assets	22/27	€196k	€196k	€196k
Financial fixed assets	28	€863	€863	€863
Current assets	29/58	€201k	€175k	€187k
Stocks & contracts in progress	3	€72k	€73k	€77k
Amounts receivable within one year	40/41	€71k	€61k	€64k
Investments	50/53	€50k	-	-
Cash & bank	54/58	€9k	€41k	€46k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€398k	€372k	€384k
Equity	10/15	€67k	€63k	€72k
Contributions / capital	10/11	€131k	€131k	€131k
Reserves	13	€159k	€159k	€159k
Accumulated profits (losses)	14	€-223k	€-227k	€-218k
Amounts payable	17/49	€331k	€309k	€312k
Amounts payable after one year	17	€6k	€6k	€4k
Amounts payable within one year	42/48	€295k	€296k	€295k
Trade debts payable within one year	44	€61	€35	€212
Income statement
Gross operating margin	9900	€39k	€18k	€-8k
Operating result	9901	€27k	€5k	€-22k
Financial income	75	€0	€612	€0
Financial charges	65	€23k	€15k	€11k
Result before taxes	9903	€4k	€-9k	€-33k
Net result for the period	9904	€4k	€-9k	€-33k
Result to be appropriated	9905	€4k	€-9k	€-33k

Legal Structure

NACE primary	Retail sale of watches and jewellery(47770)
Legal form	Public limited company(014)
Incorporation	16-12-1982
Status	Active
Postal code	2018

Establishment units 1 location

Hoveniersstraat 55, 2018 Antwerpen

Wholesale of perfume and cosmetics

since 19822.021.488.809

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11808H1183/00Z002	Flanders	1,776 m²	1 · 2,191 m²	48.3 m · 14 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 12Financial 1Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

06-07

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

31-12

Financial Back to profitnet €4k

Net result €4k after 2 loss-making years.

25-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

30-09

State Gazette act Director changes

26-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

26-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

13-07

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

14-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

17-07

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

22-07

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

2018

25-07

NBB filing Annual accounts filed

fiscal year 2017 · micro schema

2017

19-07

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 7 acts read

We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 1 year ago

2024

30-09-2024 5 reappointed Director changes

Emile Schwarz, Bestuurder
Annette Gitler, Bestuurder
Katia Schwarz, Bestuurder
Olivia Schwarz, Bestuurder
Emile Schwarz, Gedelegeerd bestuurder

Original publication ↗

Technical details

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      "role": "bestuurder",
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    {
      "kind": "director_renew",
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    {
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  "notary": {
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  "act_meta": {
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  "decisions": [
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      "body": "algemene_vergadering",
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  "is_correction": false,
  "subject_company": {
    "kbo": "0423.380.947",
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Retail sale of watches and jewellery4777052484Wholesale of other household goods46499Buying and selling of own real estate68110

Names & trade names

Legal nameNL

ARESCO

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