RAF (0634.908.352): financials and annual accounts

RAF

Ghent ·KBO/BCE: BE 0634.908.352

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Balance sheet: assets
Total assets`20/58`	201,368	175,052	187,978	170,975	176,722	219,229	255,346	272,895	278,910	250,248
Fixed assets`21/28`	22,445	34,184	27,779	37,894	43,478	55,739	69,553	88,103	92,469	57,402
Intangible fixed assets`21`	984	1,505	2,025	2,546	-	0	3,556	9,652	15,747	21,843
Tangible fixed assets`22/27`	13,985	25,495	25,754	35,348	43,478	55,739	65,998	78,452	76,722	35,559
Land and buildings`22`	-	-	-	-	-	-	-	-	48,309	-
Plant, machinery and equipment`23`	12,098	22,090	20,831	28,646	38,814	54,844	64,149	76,540	25,393	31,993
Furniture and vehicles`24`	1,887	3,405	4,923	6,702	4,664	895	1,268	337	449	-
Other tangible fixed assets`26`	-	-	-	-	-	-	580	1,576	2,571	3,566
Financial fixed assets`28`	7,477	7,185	-	-	-	-	-	-	-	-
Current assets`29/58`	178,923	140,867	160,199	133,081	133,244	163,490	185,792	184,792	186,441	192,846
Stocks and contracts in progress`3`	139,005	105,485	123,200	91,411	79,620	138,007	149,341	168,865	169,340	164,054
Stocks`30/36`	139,005	105,485	123,200	91,411	79,620	138,007	149,341	168,865	169,340	164,054
Amounts receivable within one year`40/41`	9,358	9,082	7,364	35,640	22,258	16,981	21,563	13,811	14,466	10,542
Trade receivables`40`	275	-	-	28,277	15,352	10,081	14,639	6,887	14,466	10,250
Other amounts receivable`41`	9,082	9,082	7,364	7,364	6,906	6,900	6,924	6,924	-	292
Cash at bank and in hand`54/58`	30,561	21,963	27,078	5,692	31,367	8,502	14,889	2,116	2,348	18,088
Deferred charges and accrued income`490/1`	-	4,337	2,557	338	-	-	-	-	286	162
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	201,368	175,052	187,978	170,975	176,722	219,229	255,346	272,895	278,910	250,248
Equity`10/15`	125,691	104,755	102,800	31,344	14,590	1,033	-2,909	-7,747	-9,039	9,591
Contributions`10/11`	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	6,200	6,200	6,200	6,200
Reserves`13`	70,936	50,000	50,000	-	-	-	-	-	-	-
Distributable reserves`133`	70,936	50,000	50,000	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	42,355	42,355	40,400	18,944	2,190	-11,367	-15,309	-20,147	-21,439	-2,809
Amounts payable`17/49`	75,677	70,297	85,178	139,631	162,132	218,196	258,255	280,642	287,949	240,657
Amounts payable after more than one year`17`	-	-	9,722	26,389	50,000	-	10,422	25,806	40,897	56,000
Financial debts`170/4`	-	-	9,722	26,389	50,000	-	10,422	25,806	40,897	56,000
Amounts payable within one year`42/48`	75,677	70,297	75,455	113,242	112,132	218,196	247,833	254,836	247,052	184,656
Current portion of amounts payable after more than one year`42`	4,927	8,310	16,667	16,667	-	-	15,384	15,091	15,103	14,521
Financial debts`43`	-	-	-	42,610	-	10,060	42,769	31,000	21,000	31,005
Credit institutions`430/8`	-	-	-	42,610	-	10,060	42,769	31,000	21,000	31,005
Trade debts`44`	39,387	12,435	13,793	36,889	47,633	58,176	73,772	99,488	141,507	28,449
Suppliers`440/4`	39,387	12,435	13,793	36,889	47,633	58,176	73,772	99,488	141,507	28,449
Taxes, remuneration and social security`45`	29,650	47,696	44,996	7,681	31,667	13,308	29,255	22,604	7,808	17,902
Taxes`450/3`	25,209	43,858	42,034	6,670	22,680	11,867	26,314	18,192	4,037	16,221
Remuneration and social security`454/9`	4,441	3,838	2,963	1,011	8,987	1,441	2,941	4,412	3,771	1,681
Other amounts payable`47/48`	1,713	1,856	-	9,395	32,832	136,653	86,653	86,653	61,634	92,779
Income statement
Gross operating margin`9900`	90,878	53,736	158,097	95,127	113,589	77,249	115,283	112,160	58,958	73,365
Remuneration, social security and pensions`62`	46,961	37,079	41,578	65,378	95,016	73,049	111,778	110,209	57,400	50,786
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	12,031	11,191	10,115	11,407	8,739	18,315	23,375	22,410	14,234	18,754
Other operating charges`640/8`	934	644	856	1,416	1,561	3,601	4,264	3,204	1,276	1,770
Operating profit (loss)`9901`	30,952	4,821	105,548	16,926	8,273	-17,716	-24,134	-23,664	-13,952	2,055
Financial income`75/76B`	1	-	-	5,693	8,738	24,689	33,819	30,489	4,158	221
Recurring financial income`75`	1	-	-	5,693	8,738	24,689	33,819	30,489	4,158	221
Financial charges`65/66B`	5,350	1,367	4,592	5,865	3,454	3,031	4,848	5,532	8,836	5,085
Recurring financial charges`65`	5,350	1,367	4,592	5,865	3,454	3,031	4,848	5,532	8,836	5,085
Profit (loss) for the period before taxes`9903`	25,604	3,454	100,956	16,754	13,557	3,942	4,837	1,293	-18,630	-2,809
Income taxes`67/77`	4,667	1,500	29,500	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	20,936	1,954	71,456	16,754	13,557	3,942	4,837	1,293	-18,630	-2,809
Profit (loss) for the period to be appropriated`9905`	20,936	1,954	71,456	16,754	13,557	3,942	4,837	1,293	-18,630	-2,809
Appropriation of the result
Profit (loss) to be appropriated`9906`	63,291	42,355	90,400	18,944	2,190	-11,367	-15,309	-20,147	-21,439	-2,809
Profit (loss) brought forward from the previous period`14P`	42,355	40,400	18,944	2,190	-11,367	-	-	-	-	-
Transfer to equity`691/2`	20,936	-	50,000	-	-	-	-	-	-	-
To other reserves`6921`	20,936	-	50,000	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	1.1	1	1.4	1.5	2.1	2.4	2.7	2.5	1.3	0.9
Hours worked`1013`	1,922	1,947	2,309	2,967	3,920	3,344	4,774	4,629	2,216	2,035
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	12-06-2026	2026-00166707	PDF
31-12-2024	abbreviated format	01-07-2025	2025-00227432	PDF
31-12-2023	abbreviated format	17-07-2024	2024-00260675	PDF
31-12-2022	abbreviated format	28-07-2023	2023-00290365	PDF
31-12-2021	abbreviated format	30-08-2022	2022-20366468	PDF
31-12-2020	abbreviated format	06-07-2021	2021-31500526	PDF
31-12-2019	abbreviated format	28-08-2020	2020-46400075	PDF
31-12-2018	abbreviated format	12-06-2019	2019-17900057	PDF
31-12-2017	abbreviated format	30-07-2018	2018-41400328	PDF
31-12-2016	abbreviated format	12-07-2017	2017-31000534	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EBITDA	42,983	16,013	115,663	28,333	17,012	599	-759	-1,254	282	20,809
Cash flow	32,967	13,146	81,571	28,161	22,296	22,257	28,212	23,703	-4,396	15,945
Investment in fixed assets (approximation)	292	17,597	0	5,823	23,463	4,500	4,825	18,045	49,301	76,156
Change in cash	8,597	-5,115	21,385	-25,674	22,865	-6,387	12,772	-232	-15,740	-
Working capital	103,246	70,570	84,744	19,839	21,113	-54,706	-62,041	-70,044	-60,611	8,190
Solvency	62.4%	59.8%	54.7%	18.3%	8.3%	0.5%	-1.1%	-2.8%	-3.2%	3.8%
Current ratio	2.36	2.00	2.12	1.18	1.19	0.75	0.75	0.73	0.75	1.04
Quick ratio	0.53	0.50	0.49	0.37	0.48	0.12	0.15	0.06	0.07	0.16
Debt to equity	0.60	0.67	0.83	4.45	11.11	-	-	-	-	25.09
ROE	16.7%	1.9%	69.5%	53.5%	92.9%	381.7%	-	-	-	-29.3%
ROA	10.4%	1.1%	38.0%	9.8%	7.7%	1.8%	1.9%	0.5%	-6.7%	-1.1%
Interest coverage	8.03	11.71	25.19	4.83	4.93	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	1	1	1	2	3
full-time	1	-	-	1	1
part-time	-	1	1	1	2
in full-time equivalents	1	0.8	0.8	1.6	1.3
Average over the year, in full-time equivalents	1.1	1	1.4	1.5	2.1
On a permanent contract	1	1	1	1	1
Joined	4	4	4	4	6
Left	4	4	4	5	6

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€10,412	-	€3,220	€23,463
Intangible fixed assets	-	-	-	€2,603	-
Financial fixed assets	€292	€7,185	-	-	-
Depreciation and write-downs of the year	€12,031	€11,191	€10,115	€11,407	€8,739

RAF

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency62.4%

Current ratio2.36

Return on assets10.4%

Staff

Staff cost per FTE€42,692

Joined and left+0

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on RAF

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