CALAY RAPHAEL
ActiveSummary
CALAY RAPHAEL has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €686,147 and a net result of €37,573. Equity is growing by ~13% per year across the filed fiscal years. Its solvency ranks better than 94% of 8061 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+8
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity ample (current ratio 5.54 against 3.73 in 2024; short-term debt: 10.9% and cash: 26.2% of total assets), and 10.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
89.1%
Return on assets
4.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
41 d early
2023
30 d late
2022
31 d early
2021
30 d late
2020
44 d early
2019
11 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 8 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 23 July (4 of the last 5 filed years within 38 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€37,573
2024 · -€12,272
Working capital
€381,960▲ 30.6%
2024 · €292,401
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€162,221▲ 20.6%€97,468▼ 39.9%€118,009▲ 21.1%-€15,846€39,418
Net result€115,067above the sector's middle half▼ 4.1%€72,261within the sector's middle half▼ 37.2%€85,140within the sector's middle half▲ 17.8%-€12,272below the sector's middle half€37,573within the sector's middle half
Equity€532,682within the sector's middle half▲ 29.3%€602,858within the sector's middle half▲ 13.2%€686,011within the sector's middle half▲ 13.8%€641,954within the sector's middle half▼ 6.4%€686,147above the sector's middle half▲ 6.9%
Total assets€900,019within the sector's middle half▲ 7.0%€889,452within the sector's middle half▼ 1.2%€874,098within the sector's middle half▼ 1.7%€767,250within the sector's middle half▼ 12.2%€770,305within the sector's middle half▲ 0.4%
Debt€367,336▼ 14.3%€286,593▼ 22.0%€188,087▼ 34.4%€125,295▼ 33.4%€84,158▼ 32.8%
Working capital€394,224above the sector's middle half▲ 78.2%€387,931within the sector's middle half▼ 1.6%€314,836within the sector's middle half▼ 18.8%€292,401within the sector's middle half▼ 7.1%€381,960within the sector's middle half▲ 30.6%
Solvency59.2%above the sector's middle half▲ 10.2pp67.8%above the sector's middle half▲ 8.6pp78.5%above the sector's middle half▲ 10.7pp83.7%above the sector's middle half▲ 5.2pp89.1%above the sector's middle half▲ 5.4pp
Current ratio2.86above the sector's middle half▲ 1.043.11above the sector's middle half▲ 0.263.44above the sector's middle half▲ 0.333.73above the sector's middle half▲ 0.305.54above the sector's middle half▲ 1.80
Return on assets (ROA)12.8%above the sector's middle half▼ 1.5pp8.1%within the sector's middle half▼ 4.7pp9.7%within the sector's middle half▲ 1.6pp-1.6%below the sector's middle half▼ 11.3pp4.9%within the sector's middle half▲ 6.5pp
Staff (FTE)2.8below the sector's middle half2below the sector's middle half▼ 28.6%2.3below the sector's middle half▲ 15.0%3.5below the sector's middle half▲ 52.2%3within the sector's middle half▼ 14.3%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €39,418 after a loss of €15,846 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €770,305
Fixed assets
€304,188 ▼ 17.3%
Current assets
€466,117 ▲ 16.7%
Equity and liabilities €770,305
Equity
€686,147 ▲ 6.9%
Debt
€84,158 ▼ 32.8%
Debt's share of the balance-sheet total falls from 16.3% to 10.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€166,727▲
2024 · €112,570
Cash flow
€164,881▲
2024 · €116,144
Quick ratio
5.27▲
2024 · 3.20
Debt to equity
0.12▼
2024 · 0.20
ROE
5.5%▲
2024 · -1.9%
Interest coverage
136.90▲
2024 · 65.18
Debt ≤ 1 year
€84,158▼
2024 · €106,934
Income taxes
€8,132▲
2024 · €452
Staff costs
€124,439▲
2024 · €95,143
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.7%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 10,905 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €535 | €90,204 | - | €1,835 | - |
| Remuneration, social security and pensions62 | €119,278 | €89,682 | €90,949 | €95,143 | €124,439 | ▲ 30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €92,373 | €77,877 | €113,324 | €128,416 | €127,308 | ▼ 0.9% |
| Other operating charges640/8 | €4,958 | €5,029 | €5,040 | €5,132 | €5,997 | ▲ 16.8% |
| Non-recurring operating charges66A | €17 | - | - | €273 | - | - |
| Gross operating margin9900 | €378,848 | €270,056 | €327,323 | €213,118 | €297,162 | ▲ 39.4% |
| Operating profit (loss)9901 | €162,221 | €97,468 | €118,009 | -€15,846 | €39,418 | ▲ 349% |
| Financial income75/76B | €8,099 | €3,630 | €2,975 | €5,754 | €7,505 | ▲ 30.4% |
| Recurring financial income75 | €8,099 | €3,630 | €2,975 | €5,754 | €7,505 | ▲ 30.4% |
| Financial charges65/66B | €8,487 | €6,470 | €6,276 | €1,727 | €1,218 | ▼ 29.5% |
| Recurring financial charges65 | €8,487 | €6,470 | €6,276 | €1,727 | €1,218 | ▼ 29.5% |
| Profit (loss) for the period before taxes9903 | €161,834 | €94,629 | €114,708 | -€11,820 | €45,705 | ▲ 487% |
| Income taxes67/77 | €46,767 | €22,368 | €29,568 | €452 | €8,132 | ▲ 1,698% |
| Profit (loss) for the period9904 | €115,067 | €72,261 | €85,140 | -€12,272 | €37,573 | ▲ 406% |
| Profit (loss) for the period to be appropriated9905 | €115,067 | €72,261 | €85,140 | -€12,272 | €37,573 | ▲ 406% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €900,019 | €889,452 | €874,098 | €767,250 | €770,305 | ▲ 0.4% |
| Fixed assets21/28 | €293,516 | €317,970 | €430,173 | €367,915 | €304,188 | ▼ 17.3% |
| Tangible fixed assets22/27 | €289,497 | €317,536 | €429,740 | €364,834 | €300,647 | ▼ 17.6% |
| Land and buildings22 | €112,692 | €101,496 | €90,349 | €79,202 | €73,251 | ▼ 7.5% |
| Plant, machinery and equipment23 | €21,886 | €16,243 | €203,361 | €201,645 | €186,333 | ▼ 7.6% |
| Furniture and vehicles24 | €43,540 | €122,977 | €87,610 | €63,967 | €41,063 | ▼ 35.8% |
| Leasing and similar rights25 | €111,380 | €76,820 | €48,420 | €20,020 | - | - |
| Financial fixed assets28 | €4,018 | €434 | €434 | €3,081 | €3,540 | ▲ 14.9% |
| Current assets29/58 | €606,503 | €571,482 | €443,925 | €399,335 | €466,117 | ▲ 16.7% |
| Stocks and contracts in progress3 | €34,812 | €33,556 | €29,976 | €57,536 | €22,996 | ▼ 60.0% |
| Stocks30/36 | €34,812 | €33,556 | €29,976 | €42,536 | €22,996 | ▼ 45.9% |
| Contracts in progress37 | - | - | - | €15,000 | - | - |
| Amounts receivable within one year40/41 | €453,133 | €450,252 | €203,280 | €221,644 | €235,203 | ▲ 6.1% |
| Trade receivables40 | €452,278 | €434,982 | €199,848 | €200,096 | €211,722 | ▲ 5.8% |
| Other amounts receivable41 | €855 | €15,270 | €3,432 | €21,548 | €23,482 | ▲ 9.0% |
| Cash at bank and in hand54/58 | €118,559 | €70,465 | €202,051 | €102,778 | €201,879 | ▲ 96.4% |
| Deferred charges and accrued income490/1 | - | €17,209 | €8,618 | €17,378 | €6,039 | ▼ 65.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €900,019 | €889,452 | €874,098 | €767,250 | €770,305 | ▲ 0.4% |
| Equity10/15 | €532,682 | €602,858 | €686,011 | €641,954 | €686,147 | ▲ 6.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €443,392 | €515,653 | €600,793 | €570,793 | €608,366 | ▲ 6.6% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €441,532 | €513,793 | €598,933 | €568,933 | €606,506 | ▲ 6.6% |
| Profit (loss) carried forward14 | €61,020 | €60,220 | €59,420 | €46,349 | €45,549 | ▼ 1.7% |
| Investment grants15 | €9,670 | €8,386 | €7,198 | €6,213 | €13,633 | ▲ 119% |
| Amounts payable17/49 | €367,336 | €286,593 | €188,087 | €125,295 | €84,158 | ▼ 32.8% |
| Amounts payable after more than one year17 | €154,734 | €102,439 | €57,281 | €18,362 | - | - |
| Financial debts170/4 | €154,734 | €102,439 | €57,281 | €18,362 | - | - |
| Amounts payable within one year42/48 | €212,279 | €183,551 | €129,089 | €106,934 | €84,158 | ▼ 21.3% |
| Current portion of amounts payable after more than one year42 | €51,341 | €52,295 | €45,158 | €38,920 | €18,362 | ▼ 52.8% |
| Trade debts44 | €16,105 | €51,443 | €10,683 | €19,536 | €21,610 | ▲ 10.6% |
| Suppliers440/4 | €16,105 | €51,443 | €10,683 | €19,536 | €21,610 | ▲ 10.6% |
| Taxes, remuneration and social security45 | €73,542 | €8,562 | €25,017 | €18,437 | €17,664 | ▼ 4.2% |
| Taxes450/3 | €70,577 | €6,351 | €21,880 | €15,331 | €13,704 | ▼ 10.6% |
| Remuneration and social security454/9 | €2,965 | €2,210 | €3,137 | €3,106 | €3,961 | ▲ 27.5% |
| Other amounts payable47/48 | €71,292 | €71,251 | €48,230 | €30,040 | €26,521 | ▼ 11.7% |
| Accrued charges and deferred income492/3 | €323 | €603 | €1,717 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €115,067 | €72,261 | €85,140 | -€12,272 | €37,573 | ▲ 406% |
| + Depreciation and write-downs630 | €92,373 | €77,877 | €113,324 | €128,416 | €127,308 | ▼ 0.9% |
| Operating cash flow (approximation) | €207,440 | €150,138 | €198,464 | €116,144 | €164,881 | ▲ 42.0% |
| Investment in fixed assets (approximation) | - | -€102,331 | -€225,527 | -€66,157 | -€63,581 | ▲ 3.9% |
| Change in cash | - | -€48,093 | €131,586 | -€99,274 | €99,101 | ▲ 200% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €37,573
Net result €37,573 after one loss-making year.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€12,272
Net result drops to -€12,272, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Equity above €500,000Eq €532,682 ▲29.3%
4 profitable years in a row build equity to €532,682.
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €120,025 ▲34%
Net result €120,025, the highest in the series.
11-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 11 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2016
17-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 17 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
No directors read yet: 0 of 5 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Bastogne · 1 establishment unit since 2012
Ground area
5,257 m²
Building footprint
125 m²
Volume, LiDAR
895 m³
Parcel 82017D0587/00L000, Wallonia · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Arloncourt 153, 6600 Bastogne
since 20122.206.309.342
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 82017D0587/00L000 | Wallonia | 5,257 m² | 1 · 125 m² | 8.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Ecologistique
BE 0788.513.988
Wevelgem · Eq €688,482
TOITURES GILLE FRANK
BE 0542.774.881
Assesse · Eq €689,009
VAN DE BOEL
BE 0437.974.497
Dilsen-Stokkem · Eq €682,406
DECUYPER SIMON
BE 0894.546.866
Aalter · Eq €681,771
MOENENS MARINO
BE 0437.763.572
Izegem · Eq €691,229
Of 11,128 companies in this sector we hold annual accounts for 5,494. 3,096 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded09-01-2012
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
43910Bricklaying and masonry work
43120Site preparation
43990Other specialised construction activities
Contact
Phone
061/21.74.70Bastogne
Fax
0472/63.50.56Bastogne
E-invoicing
Reachable via Peppol
Peppol ID
0208:0842503495
Registered
03-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.