Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 7 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2022.
Financials
Financial year 2025
ARSA from Lokeren, company number BE0861805804, closed financial year 2025 with a result of € 1.5 million after tax. For that financial year ARSA recorded a gross margin of € 362,115 and equity of € 28.6 million. Compared with financial year 2024, the result moved from € 5.4 million to € 1.5 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on March 30, 2026.
€ 28.6 million
▲ 5% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.5 million
▼ 73% vs 2024
Profit after tax over the fiscal year.
€ 304,082
▲ 61% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 17.5 million.
People and assets in 2025
0
Average over the fiscal year, from the social balance sheet.
Debts at end 2025
€ 10.1 million
▼ 31% vs 2024
€ 2.8 million is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 31,506
▼ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 1,680
▼ 55% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 480,000 | € 480,000 | - | - | |
| Gross margin | - | - | € 442,988 | € 362,115 | ▼ 18% |
| Profit after taxes | € 413,166 | € 257,009 | € 5,443,273 | € 1,452,905 | ▼ 73% |
| Equity | € 21,400,066 | € 21,657,075 | € 27,146,227 | € 28,599,132 | ▲ 5% |
| Total debts | € 8,937,347 | € 9,867,293 | € 20,854,158 | € 20,315,236 | ▼ 3% |
| Cash | € 110,742 | € 135,144 | € 188,330 | € 304,082 | ▲ 61% |
| Land & buildings | € 1,385,739 | € 1,347,748 | € 1,355,469 | € 1,316,645 | ▼ 3% |
| Retained profit | € 10,358,475 | € 10,615,484 | € 16,042,117 | € 17,495,022 | ▲ 9% |
| Bank debt | € 4,891,939 | € 3,869,003 | € 14,736,547 | € 10,148,137 | ▼ 31% |
| Balance sheet total | € 30,337,413 | € 31,524,368 | € 48,000,385 | € 48,914,369 | ▲ 2% |
Key figures of ARSA, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 April 2027.
What happened to ARSA?
What happened at ARSA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 1.5 million (▼ 73% vs 2024). Source: NBB ↗
- Start of the company according to the CBE. KBO
- New establishment in Lokeren. KBO
In short
From € 413,166 profit in 2022 to € 1.5 million profit in 2025.
Paid € 236,428 in corporate taxes since 2022.
Best year ever: 2024, with € 5.4 million profit.
A new publication or filing at ARSA? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind ARSA are Salih Demirci, Umit Demirci, Selami Top and Semih Top. The shares are held by Salih Demirci, Semiha Top, Umit Demirci, Selami Top and Semih Top. It owns 100% of Aertsen & De Vylder, 100% of Vamaro nv, 100% of Samet Infra bv, 100% of Elta bv, 100% of Elta Vastgoed bv and 100% of Ahibo bv itself.
Directors
According to the 2025 annual accounts
Selami Top
Director
Is a shareholder
Also active at: Hardo, BAYRO, AHIBO, ELTA, ELTA VASTGOED, TACT-CONCEPT, TOP, MNF-Tech +2 more
Shareholders
Salih Demirci · director
Semiha Top
Umit Demirci · director
Selami Top · director
Semih Top · director
Participations
100%
100%
100%
100%
100%
100%
100%
99.7%
99.3%
97.8%
95%
Establishments
Establishment units
Physical locations of this company
Spieveldstraat 6
9160 Lokeren
Louis Herbertstraat 16
9160 Lokeren
Active since 22 October 2003
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0861.805.804
- VAT number
- BE 0861.805.804
- Registered office
- Spieveldstraat 6, 9160 Lokeren
- Names & denominations
- ARSA
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 24 November 2003
- Peppol
- Active · Active since 8 Oct 2025
- Activities · NACE
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies
Overige adviesbureaus op het gebied van bedrijfsvoering en beheer
Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering
Activiteiten van holdings
Algemene bouw van residentiële gebouwen
Overige zakelijke dienstverlening, neg
Handel in eigen onroerend goed
Overige zakelijke dienstverlening, n.e.g.
+2