ACTIVE

ARSU

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Financial year 2025 · closed on 31/12/2025

Net result

232,5 k €

-97.8% YoY

Revenue

584,1 k €

+34.7% YoY

Equity

27,4 M €

+0.9% YoY

Workforce

13,5 ETP

+29.8% YoY

What does ARSU do?

ARSU is a Public limited company incorporated in 1994. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Gistel. It employs on average 13,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0452.991.681

Incorporation

28/06/1994

Legal form

Public limited company

Registered office

Zevekoteheirweg 89
8470 Gistel · FlandreSee on map

Contributed capital

6 325 000,00 €

Latest accounts

31/12/2025

Average workforce

13,5 ETP

Activities (NACE)

68203Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate 70201Management consultancy activities 70203Management consultancy activities 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate+3

Joint committees (8)

100
112
124
1240
200
2000
20018
218

Signals

ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	584,1 k €	+34.7%	433,8 k €		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	1,2 M €	-2.9%	1,2 M €	-0.8%	1,2 M €	-4.9%	1,3 M €	-65.6%	3,7 M €	+465%	662,5 k €	-9.5%	732 k €	-17.0%	882,4 k €	+14.6%	770 k €	+47.2%	523,1 k €	+51.1%	346,3 k €	-14.0%	402,7 k €	-26.0%	544,5 k €	-55.0%	1,2 M €	-25.3%	1,6 M €	+15.6%	1,4 M €	-9.0%	1,5 M €	+26.8%	1,2 M €
Operating result	583 k €	-7.0%	626,7 k €	-13.5%	724,5 k €	-10.6%	810,1 k €	-75.3%	3,3 M €	+1376%	222,5 k €	-0.7%	224,2 k €	-36.3%	351,7 k €	+58.1%	222,5 k €	+10375%	-2,2 k €	+98.9%	-197,7 k €	-22.9%	-160,8 k €	-669%	-20,9 k €	-103%	648,3 k €	-40.9%	1,1 M €	+25.0%	877,6 k €	-16.0%	1 M €	+36.0%	768,2 k €
Net result	232,5 k €	-97.8%	10,5 M €	+3489%	292,4 k €	-55.2%	652,5 k €	-80.8%	3,4 M €	+1809%	178,1 k €	-15.4%	210,6 k €	+12.9%	186,5 k €	-57.6%	439,4 k €	+274%	-252,4 k €	-77.7%	-142,1 k €	-119%	744,3 k €	+2015%	35,2 k €	-83.9%	218,6 k €	-72.0%	780,7 k €	+32.9%	587,6 k €	-11.5%	663,6 k €	+40.0%	474 k €
Balance sheet
Equity	27,4 M €	+0.9%	27,1 M €	+63.0%	16,6 M €	+1.8%	16,4 M €	+2.2%	16 M €	+22.5%	13,1 M €	+1.4%	12,9 M €	-26.3%	17,5 M €	+1.1%	17,3 M €	+2.6%	16,8 M €	-1.5%	17,1 M €	-0.8%	17,2 M €	+4.5%	16,5 M €	+0.2%	16,5 M €	+1.3%	16,2 M €	+5.0%	15,5 M €	+3.9%	14,9 M €	+4.7%	14,2 M €
Total assets	38,4 M €	+2.0%	37,7 M €	+3.5%	36,4 M €	+44.0%	25,3 M €	-1.5%	25,6 M €	+12.3%	22,8 M €	-0.4%	22,9 M €	-1.7%	23,3 M €	+4.9%	22,2 M €	-0.5%	22,3 M €	-3.0%	23 M €	-3.3%	23,8 M €	+3.0%	23,1 M €	-0.7%	23,3 M €	+21.4%	19,2 M €	-1.1%	19,4 M €	+4.8%	18,5 M €	+0.6%	18,4 M €
Cash	177,5 €	-48.1%	342,2 €	-98.0%	17,3 k €	-96.1%	449 k €	-10.0%	498,7 k €		0 €		–		–		–		–		–		–		–		–		–		–		–		7,4 k €
Debts	10,1 M €	+8.1%	9,3 M €	-49.7%	18,6 M €	+140%	7,8 M €	-8.5%	8,5 M €	-7.6%	9,2 M €	-6.3%	9,8 M €	+78.1%	5,5 M €	+19.8%	4,6 M €	-12.8%	5,3 M €	-10.4%	5,9 M €	-8.5%	6,4 M €	-0.5%	6,4 M €	-2.7%	6,6 M €	+142%	2,7 M €	-25.3%	3,7 M €	+8.6%	3,4 M €	-13.4%	3,9 M €
Other
Workforce	13,5 ETP	+29.8%	10,4 ETP	+40.5%	7,4 ETP	+2.8%	7,2 ETP	+24.1%	5,8 ETP	-13.4%	6,7 ETP	+11.7%	6,0 ETP	-25.0%	8,0 ETP	+11.1%	7,2 ETP	0.0%	7,2 ETP	+1.4%	7,1 ETP	+44.9%	4,9 ETP	-2.0%	5,0 ETP	0.0%	5,0 ETP	0.0%	5,0 ETP	-16.7%	6,0 ETP	-18.9%	7,4 ETP	+32.1%	5,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 27 ended

Active mandates

Jan SPEGELAERE

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Kristof SPEGELAERE

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Stefaan Spegelaere

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Ended mandates

Jan SPEGELAERE

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

Kristof Spegelaere

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

Stefaan Spegelaere

Chairman of the board of directors · since 05 mai 2017 · until 05 mai 2023

Ended

Stefaan Spegelaere

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

At this address

Other companies at this address

Company	CBE no.
BTW Eenheid Spegelaere● Active	0800.438.852
FRESH SPEGELAERE● Active	0452.992.275

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/07/2026	18/07/2025	18/07/2024	12/06/2023	16/06/2022	13/07/2021
General meeting	17/07/2026	30/06/2025	30/06/2024	05/05/2023	06/05/2022	30/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	17/07/2026	31/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	18/07/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	18/07/2024	Dutch	PDF
Abridged model	31/12/2022	05/05/2023	12/06/2023	Dutch	PDF
Abridged model	31/12/2021	06/05/2022	16/06/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	13/07/2021	Dutch	PDF
Abridged model	31/12/2019	26/06/2020	11/08/2020	Dutch	PDF
Abridged model	31/12/2018	28/06/2019	15/07/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	23/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	03/07/2017	Dutch	PDF
Abridged model	31/12/2015	06/05/2016	15/06/2016	Dutch	PDF
Abridged model	31/12/2014	15/06/2015	29/06/2015	Dutch	PDF
Abridged model	31/12/2013	02/05/2014	10/06/2014	Dutch	PDF
Abridged model	31/12/2012	03/05/2013	25/06/2013	Dutch	PDF
Abridged model	31/12/2011	29/05/2012	04/07/2012	Dutch	PDF
Abridged model	31/12/2010	29/05/2011	09/06/2011	Dutch	PDF
Abridged model	31/12/2009	29/05/2010	18/06/2010	Dutch	PDF
Abridged model	31/12/2008	29/05/2009	01/06/2009	Dutch	PDF
Abridged model	31/12/2007	30/05/2008	16/06/2008	Dutch	PDF
Abridged model	31/12/2006	30/05/2007	06/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 27 ended

Active mandates

Jan SPEGELAERE

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Kristof SPEGELAERE

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Stefaan Spegelaere

Managing director · since 05 mai 2017 · until 04 mai 2029

Active

Ended mandates

Jan SPEGELAERE

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

Kristof Spegelaere

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

Stefaan Spegelaere

Chairman of the board of directors · since 05 mai 2017 · until 05 mai 2023

Ended

Stefaan Spegelaere

Managing director · since 05 mai 2017 · until 05 mai 2023

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/06/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares16/01/2018
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates04/10/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/07/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/01/2012
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Registered office08/07/2011
MAATSCHAPPELIJKE ZETEL
PDF
Mandates22/06/2010
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring21/04/2005
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025232,5 k €↓
2024
Annual accounts 202410,5 M €↑
2023
Annual accounts 2023292,4 k €↓
2022
Annual accounts 2022652,5 k €↓
2021
Annual accounts 20213,4 M €↑
2018
Annual accounts 2018178,1 k €↓
2017
Annual accounts 2017210,6 k €↑
2016
Annual accounts 2016186,5 k €↓
2015
Annual accounts 2015439,4 k €↑
2014
Annual accounts 2014-252,4 k €↓
2013
Annual accounts 2013-142,1 k €↓
2012
Annual accounts 2012744,3 k €↑
2011
Annual accounts 201135,2 k €↓
2010
Annual accounts 2010218,6 k €↓
2009
Annual accounts 2009780,7 k €↑
2008
Annual accounts 2008587,6 k €↓
2007
Annual accounts 2007663,6 k €↑
2006
Annual accounts 2006474 k €
28/06/1994
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ARSU

Overview

What does ARSU do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline