ACTIVE

ARHS Developments Belgium

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Financial year 2025 · closed on 31/08/2025

Net result

18,4 k €

-96.4% YoY

Revenue

33,1 M €

+26.5% YoY

Equity

4,3 M €

+0.4% YoY

Workforce

244,0 ETP

+3.0% YoY

What does ARHS Developments Belgium do?

ARHS Developments Belgium is a Public limited company incorporated in 2006. Its main activity is: Computer programming activities. Its registered office is in Zaventem. It employs on average 244,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0878.848.308

Incorporation

24/01/2006

Legal form

Public limited company

Registered office

Ikaroslaan 53
1930 Zaventem · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/08/2025

Average workforce

244,0 ETP

Activities (NACE)

62010Computer programming activities· main 62090Other information technology and computer service activities 62100Computer programming, consultancy and related activities 62900Computer programming, consultancy and related activities 72220Research and experimental development on social sciences and humanities 72600Scientific research and development

Joint committees (2)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	33,1 M €	+26.5%	26,1 M €	+8.9%	24 M €	+12.0%	21,4 M €	+13.2%	18,9 M €	+13.4%	16,7 M €	+19.6%	14 M €	+18.6%	11,8 M €	-18.9%	14,5 M €	+33.6%	10,9 M €	+8.3%	10 M €	+7.5%	9,3 M €		–		–		–		–		–		–
EBITDA	805 k €	-46.3%	1,5 M €	-11.4%	1,7 M €	-19.2%	2,1 M €	-10.0%	2,3 M €	+77.1%	1,3 M €	+44.1%	911,3 k €	-11.9%	1 M €	-2.4%	1,1 M €	+77.5%	597,1 k €	+4.4%	571,9 k €	+1.1%	565,5 k €	+2.8%	550,1 k €	+20.0%	458,3 k €	+29.9%	352,8 k €	-13.9%	409,7 k €	-1.6%	416,4 k €	+27.7%	326 k €
Operating result	548,9 k €	-55.1%	1,2 M €	-13.0%	1,4 M €	-25.7%	1,9 M €	-13.4%	2,2 M €	+90.7%	1,1 M €	+54.1%	742,9 k €	-15.2%	875,6 k €	-9.7%	969,9 k €	+92.2%	504,6 k €	+5.3%	479,2 k €	-2.3%	490,3 k €	+3.5%	473,8 k €	+17.5%	403,3 k €	+24.0%	325,3 k €	-15.7%	385,6 k €	-2.9%	397,2 k €	+24.0%	320,4 k €
Net result	18,4 k €	-96.4%	518,4 k €	-38.9%	848,7 k €	-27.4%	1,2 M €	-19.5%	1,5 M €	+132%	627,4 k €	+52.0%	412,9 k €	-10.0%	458,6 k €	-14.2%	534,7 k €	+127%	235,2 k €	+6.8%	220,2 k €	+0.3%	219,4 k €	+12.3%	195,5 k €	+5.1%	186,1 k €	+10.1%	169 k €	-2.5%	173,3 k €	-14.9%	203,8 k €	+19.2%	171 k €
Balance sheet
Equity	4,3 M €	+0.4%	4,3 M €	+13.9%	3,7 M €	+10.3%	3,4 M €	+52.6%	2,2 M €	+75.1%	1,3 M €	+21.8%	1 M €	+25.7%	828,8 k €	+44.1%	575,1 k €	+6.4%	540,4 k €	+18.7%	455,3 k €	+18.2%	385,1 k €	-17.3%	465,7 k €	-1.0%	470,2 k €	+22.4%	384,1 k €	-37.6%	615,2 k €	+39.2%	441,8 k €	+85.6%	238,1 k €
Total assets	18 M €	+16.0%	15,5 M €	+29.0%	12 M €	+8.5%	11,1 M €	+21.6%	9,1 M €	+37.1%	6,7 M €	+41.4%	4,7 M €	-4.4%	4,9 M €	+10.5%	4,5 M €	+38.7%	3,2 M €	+18.4%	2,7 M €	+6.8%	2,5 M €	-9.0%	2,8 M €	+28.4%	2,2 M €	+36.0%	1,6 M €	-14.6%	1,9 M €	+10.0%	1,7 M €	+62.9%	1 M €
Cash	3,3 M €	+1138%	266,1 k €	-46.4%	496,8 k €	-55.7%	1,1 M €	+397%	225,7 k €	-74.7%	892,8 k €	+42.0%	628,8 k €	-16.1%	749 k €	+12.0%	669,1 k €	+301%	166,8 k €	-55.8%	377,2 k €	+49.5%	252,2 k €	-42.4%	438,1 k €	+2727590%	16,1 €	-100.0%	183,8 k €	-60.2%	462,1 k €	+959%	43,6 k €	-75.6%	178,7 k €
Debts	13,7 M €	+21.8%	11,3 M €	+35.7%	8,3 M €	+7.8%	7,7 M €	+11.6%	6,9 M €	+28.1%	5,4 M €	+47.1%	3,7 M €	-10.5%	4,1 M €	+5.8%	3,9 M €	+44.8%	2,7 M €	+19.0%	2,2 M €	+4.3%	2,2 M €	-6.8%	2,3 M €	+36.0%	1,7 M €	+40.3%	1,2 M €	-3.5%	1,3 M €	-0.3%	1,3 M €	+56.2%	806,8 k €
Other
Workforce	244,0 ETP	+3.0%	236,8 ETP	+4.3%	227,1 ETP	+13.7%	199,8 ETP	+12.2%	178,1 ETP	+13.7%	156,6 ETP	+18.4%	132,3 ETP	+23.3%	107,3 ETP	+4.0%	103,2 ETP	+25.4%	82,3 ETP	+6.7%	77,1 ETP	-1.0%	77,9 ETP	-5.7%	82,6 ETP	+29.3%	63,9 ETP	+26.0%	50,7 ETP	-2.5%	52,0 ETP	+13.3%	45,9 ETP	+71.3%	26,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/08/2025 · 2 active · 27 ended

Active mandates

CATHARINA GASBEEK

Director · since 30 janvier 2025 · until 20 février 2026

Active

KARLIEN GLADINE

Director · since 30 janvier 2025 · until 20 février 2026

Active

Ended mandates

KARLIEN GLADINE

Managing director · since 12 juillet 2024 · until 29 janvier 2025

Ended

CATHARINA GAASBEEK

Director · since 05 juillet 2024 · until 29 janvier 2025

Ended

KARLIEN GLADINE

Director · since 07 novembre 2013 · until 09 juin 2016

Ended

KARLIEN GLADINE

Director · since 07 novembre 2013 · until 26 janvier 2022

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/08/2024	01/08/2023	01/08/2022	01/08/2021	01/08/2020	01/08/2019
Closing of the financial year	31/08/2025	31/07/2024	31/07/2023	31/07/2022	31/07/2021	31/07/2020
Length of the financial year	13 months	12 months	12 months	12 months	12 months	12 months
Filing date	13/03/2026	24/02/2025	27/02/2024	22/02/2023	04/02/2022	22/02/2021
General meeting	20/02/2026	30/01/2025	29/01/2024	24/01/2023	26/01/2022	21/01/2021
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	31/08/2025	20/02/2026	13/03/2026	Dutch	PDF
Full model	31/07/2024	30/01/2025	24/02/2025	Dutch	PDF
Full model	31/07/2023	29/01/2024	27/02/2024	Dutch	PDF
Full model	31/07/2022	24/01/2023	22/02/2023	Dutch	PDF
Full model	31/07/2021	26/01/2022	04/02/2022	Dutch	PDF
Full model	31/07/2020	21/01/2021	22/02/2021	Dutch	PDF
Full model	31/07/2019	13/01/2020	28/02/2020	Dutch	PDF
Full model	31/07/2018	15/01/2019	29/03/2019	Dutch	PDF
Full model	31/07/2017	30/01/2018	27/02/2018	Dutch	PDF
Full model	31/07/2016	09/01/2017	24/02/2017	Dutch	PDF
Full model	31/07/2015	29/01/2016	26/02/2016	Dutch	PDF
Full model	31/07/2014	29/01/2015	26/02/2015	Dutch	PDF
Full model	31/07/2013	30/01/2014	27/02/2014	Dutch	PDF
Abridged model	31/07/2012	31/01/2013	28/02/2013	Dutch	PDF
Abridged model	31/07/2011	27/01/2012	29/02/2012	Dutch	PDF
Abridged model	31/07/2010	31/01/2011	25/02/2011	French	PDF
Abridged model	31/07/2009	22/12/2009	26/02/2010	French	PDF
Abridged model	31/07/2008	29/01/2009	26/02/2009	French	PDF
Abridged model	31/07/2007	29/01/2008	29/02/2008	French	PDF
Abridged model	31/07/2006	29/01/2007	27/02/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 31/08/2025 · 2 active · 27 ended

Active mandates

CATHARINA GASBEEK

Director · since 30 janvier 2025 · until 20 février 2026

Active

KARLIEN GLADINE

Director · since 30 janvier 2025 · until 20 février 2026

Active

Ended mandates

KARLIEN GLADINE

Managing director · since 12 juillet 2024 · until 29 janvier 2025

Ended

CATHARINA GAASBEEK

Director · since 05 juillet 2024 · until 29 janvier 2025

Ended

KARLIEN GLADINE

Director · since 07 novembre 2013 · until 09 juin 2016

Ended

KARLIEN GLADINE

Director · since 07 novembre 2013 · until 26 janvier 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring14/10/2025
DOEL - KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring14/10/2025
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other04/09/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ALGEMENE VERGADERING - BOEKJAAR
PDF
Restructuring07/08/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring07/08/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates24/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/07/2025
ONTSLAGEN - BENOEMINGEN
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 202518,4 k €↓
2024
Annual accounts 2024518,4 k €↓
2023
Annual accounts 2023848,7 k €↓
2022
Annual accounts 20221,2 M €↓
2021
Annual accounts 20211,5 M €↑
2020
Annual accounts 2020627,4 k €↑
2019
Annual accounts 2019412,9 k €↓
2018
Annual accounts 2018458,6 k €↓
2016
Annual accounts 2016534,7 k €↑
2015
Annual accounts 2015235,2 k €↑
2014
Annual accounts 2014220,2 k €↑
2013
Annual accounts 2013219,4 k €↑
2012
Annual accounts 2012195,5 k €↑
2011
Annual accounts 2011186,1 k €↑
2010
Annual accounts 2010169 k €↓
2009
Annual accounts 2009173,3 k €↓
2008
Annual accounts 2008203,8 k €↑
2007
Annual accounts 2007171 k €
24/01/2006
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

ARHS Developments Belgium

Overview

What does ARHS Developments Belgium do?

Trend over 18 financial years

Indicative valuation

Board of directors

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