CarRaph
ActiveSummary
CarRaph has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €74,167 and a net result of €11,025. Its solvency ranks better than 86% of 11,772 sector peers (NACE 71, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-05-2024 Normal situation
- Activity
- Engineering and related technical consultancy, excluding land surveyors NACE 71121and 5 others
- Establishment unit
- 2.361.728.779 2060 Antwerpen, since 28-05-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 09-05-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
Annual accounts 2025
- Gross margin
- €14,539
- ▼ 82.3%
- Turnover
- ≈ €76,000
- estimated
- Profit
- €11,025
- ▼ 82.0%
- Equity
- €74,167
- ▲ 17.5%
- Total assets
- €86,142
- ▲ 5.6%
Score breakdownraises riskFounded in 2024lowers riskLiquidity: current ratio 7.12, cash €67,622Sector: Architectural and engineering activities; technical testing and analysis (NACE 71)Equity €74,167 (86.1% of total assets)Show the evidence
Checked score
Score 2025
97
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 75% of micro companies in architecture and engineering (NACE 71)
Financial strength · tick: 2024
Strong
Solvency
100=
equity 86.1% of total assets
Liquidity
98+20
short-term debt 13.9% · cash 78.5%
Profitability
85-15
return on assets 12.8%
Bankruptcy probability within 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
06-2025: 0.5%highest value
07-2025: 0.5%● unchanged vs 06-2025highest value
08-2025: < 0.1%▼ -0.5 percentage points vs 07-2025
09-2025: 0.1%▲ +0.1 percentage points vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: < 0.1%▼ -0.1 percentage points vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Credit of up to €7,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Liquidity is ample, with a current ratio of 7.12 (4.36 in 2024), above the usual 1.5. Short-term debt is 13.9% and cash 78.5% of total assets. 13.9% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 71, micro). It does better than 87% of them on solvency, 91% on liquidity, 56% on profitability and 65% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 06-07-2026, 25 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
25 days early
2024
9 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 17 days before the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 2 filings
Turnover
≈ €76,000
Estimated: probably between €45,000 and €180,000
Total assets
€86,142▲ 5.6%
2024 · €81,567
Net result
€11,025▼ 82.0%
2024 · €61,142
Working capital
€73,244▲ 18.2%
2024 · €61,982
Multi-year overview
2024 to 2025, 2 financial yearsOperating result
€12,409
▼ 84.8%
2025
20242025
Net result
€11,025
▼ 82.0%
2025
middle half of the sector
20242025
Equity
€74,167
▲ 17.5%
2025
middle half of the sector
20242025
Total assets
€86,142
▲ 5.6%
2025
middle half of the sector
20242025
Debt
€11,974
▼ 35.0%
2025
20242025
Working capital
€73,244
▲ 18.2%
2025
middle half of the sector
20242025
Solvency
86.1%
▲ 8.7pp
2025
highest quarter of the sector
20242025
Current ratio
7.12
▲ 2.75
2025
highest quarter of the sector
20242025
Return on assets (ROA)
12.8%
▼ 62.2pp
2025
middle half of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20242025
Operating result€81,501-€12,409▼ 84.8%
Net result€61,142above the sector's middle half-€11,025within the sector's middle half▼ 82.0%
Equity€63,142within the sector's middle half-€74,167within the sector's middle half▲ 17.5%
Total assets€81,567within the sector's middle half-€86,142within the sector's middle half▲ 5.6%
Debt€18,425-€11,974▼ 35.0%
Working capital€61,982within the sector's middle half-€73,244within the sector's middle half▲ 18.2%
Solvency77.4%above the sector's middle half-86.1%above the sector's middle half▲ 8.7pp
Current ratio4.36above the sector's middle half-7.12above the sector's middle half▲ 2.75
Return on assets (ROA)75.0%above the sector's middle half-12.8%within the sector's middle half▼ 62.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 85% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,142
Fixed assets
€923 ▼ 20.4%
Current assets
€85,218 ▲ 6.0%
Equity and liabilities €86,142
Equity
€74,167 ▲ 17.5%
Debt
€11,974 ▼ 35.0%
Debt's share of the balance-sheet total falls from 22.6% to 13.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,344▼
2024 · €82,353
Cash flow
€11,960▼
2024 · €61,994
Debt to equity
0.16▼
2024 · 0.29
ROE
14.9%▼
2024 · 96.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€11,974▼
2024 · €18,425
Income taxes
€3,000▼
2024 · €20,462
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €2,012 | €698 |
| Depreciation and write-downs of the year | €852 | €934 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €852 | €934 | ▲ 9.7% |
| Other operating charges640/8 | - | €1,195 | - |
| Gross operating margin9900 | €82,353 | €14,539 | ▼ 82.3% |
| Operating profit (loss)9901 | €81,501 | €12,409 | ▼ 84.8% |
| Financial income75/76B | €131 | €1,680 | ▲ 13× |
| Recurring financial income75 | €131 | €1,680 | ▲ 13× |
| Financial charges65/66B | €28 | €64 | ▲ 125% |
| Recurring financial charges65 | €28 | €64 | ▲ 125% |
| Profit (loss) for the period before taxes9903 | €81,604 | €14,025 | ▼ 82.8% |
| Income taxes67/77 | €20,462 | €3,000 | ▼ 85.3% |
| Profit (loss) for the period9904 | €61,142 | €11,025 | ▼ 82.0% |
| Profit (loss) for the period to be appropriated9905 | €61,142 | €11,025 | ▼ 82.0% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €81,567 | €86,142 | ▲ 5.6% |
| Fixed assets21/28 | €1,160 | €923 | ▼ 20.4% |
| Tangible fixed assets22/27 | €1,160 | €923 | ▼ 20.4% |
| Plant, machinery and equipment23 | €276 | €631 | ▲ 129% |
| Furniture and vehicles24 | €884 | €292 | ▼ 67.0% |
| Current assets29/58 | €80,407 | €85,218 | ▲ 6.0% |
| Amounts receivable after more than one year29 | €30,000 | - | - |
| Other amounts receivable291 | €30,000 | - | - |
| Amounts receivable within one year40/41 | €26,674 | €15,272 | ▼ 42.7% |
| Trade receivables40 | €26,674 | €14,272 | ▼ 46.5% |
| Other amounts receivable41 | - | €1,000 | - |
| Cash at bank and in hand54/58 | €23,601 | €67,622 | ▲ 187% |
| Deferred charges and accrued income490/1 | €131 | €2,324 | ▲ 18× |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €81,567 | €86,142 | ▲ 5.6% |
| Equity10/15 | €63,142 | €74,167 | ▲ 17.5% |
| Contributions10/11 | €2,000 | €2,000 | = |
| Reserves13 | €61,142 | €72,167 | ▲ 18.0% |
| Distributable reserves133 | €61,142 | €72,167 | ▲ 18.0% |
| Amounts payable17/49 | €18,425 | €11,974 | ▼ 35.0% |
| Amounts payable within one year42/48 | €18,425 | €11,974 | ▼ 35.0% |
| Trade debts44 | €215 | €1,024 | ▲ 377% |
| Suppliers440/4 | €215 | €1,024 | ▲ 377% |
| Taxes, remuneration and social security45 | €18,101 | €10,437 | ▼ 42.3% |
| Taxes450/3 | €18,101 | €8,437 | ▼ 53.4% |
| Remuneration and social security454/9 | - | €2,000 | - |
| Other amounts payable47/48 | €109 | €513 | ▲ 371% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €61,142 | €11,025 | ▼ 82.0% |
| + Depreciation and write-downs630 | €852 | €934 | ▲ 9.7% |
| Operating cash flow (approximation) | €61,994 | €11,960 | ▼ 80.7% |
| Investment in fixed assets (approximation) | - | -€698 | - |
| Change in cash | - | €44,021 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as CarRaph has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CarRaph itself is lower: < 0.1% within 12 months. It rests on far more data about CarRaph than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 39,278 companies, not a prediction for CarRaph. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Board & ownership
Directors
Directors
2 directors, no change since 2024
Carmen Van Maercke
Current
Director (not named in the articles) · appointed in the act of 30-05-2024 · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 06-07-2026
DEN DOOVEN Raphaël
Current
Director (not named in the articles) · appointed in the act of 30-05-2024 · listed in the 2025 annual accounts, filed on 06-07-2026
Owners and capital
Shareholders
At incorporation
act of 30-05-2024 ↗
- VAN MAERCKE Carmen Magdalena Romain 80 shares (80%) · €1,600 in cash
- DEN DOOVEN Raphaël 20 shares (20%) · €400 in cash
Capital transactions
Capital over time
- 30-05-2024 Incorporation · €2,000 · 100 shares
Mandate history
2 people, 2 in office
- Board
| Name | Functions and periods |
|---|---|
| Carmen Van Maercke |
|
| DEN DOOVEN Raphaël |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “1, afzonderlijk indien meerdere bestuurders benoemd”
Articles of association, deed of 30-05-2024 (in Dutch)
Network & group
Companies at the same address
1 other companyConnections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
BRINKs
via Carmen Van Maercke · Director
→
Breekijzer
via Carmen Van Maercke · Director
former→
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
06-07
micro format · 25 days before the deadline
2025
22-07
micro format · 9 days before the deadline
2024
30-05
Gazette deed
IncorporationStarting capital €2,000 · Appointments: VAN MAERCKE Carmen Magdalena Romain (director) and DEN DOOVEN Raphaël (director) · Founder6 points ▸
Gazette deed
Incorporation
Starting capital €2,000 · Appointments: VAN MAERCKE Carmen Magdalena Romain (director) and DEN DOOVEN Raphaël (director) · Founder6 points ▸
- Incorporation, 27-05-2024
- Founder, VAN MAERCKE Carmen Magdalena Romain
- Founder, DEN DOOVEN Raphaël
- Founding capital, €2,000
- Director appointment, VAN MAERCKE Carmen Magdalena Romain (director (not named in the articles))
- Director appointment, DEN DOOVEN Raphaël (director (not named in the articles))
Gazette deedNBB filing
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
CarRaph in Dutch
Enterprise number
1009.745.650
Legal form
Private limited company
Status
Active, normale toestand
Founded
28-05-2024
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 30-05-2024 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaamse Gewest, 2060 Antwerpen,Kerkstraat 195”
deed of 30-05-2024 (in Dutch)Registered office and establishments
Registered office
Kerkstraat 195, 2060 Antwerpen, Belgium
Establishment unit
CarRaph, Kerkstraat 195, 2060 Antwerpen since 28-05-2024 · unit number 2.361.728.779
Activities
NACEBEL 202571121
Engineering and related technical consultancy, excluding land surveyors main activity
62200
Computer consultancy and computer facilities management
63920
Other information service activities
70200
Business and other management consultancy
71113
Urban planning and landscape architecture
73200
Market research and public opinion polling
Codes under NACEBEL 2008
71121
Engineering activities main activity
62020
IT consultancy
63990
Computing infrastructure, data processing, hosting and other information service activities
70220
Business consulting
71113
Architectural and engineering activities; technical testing and analysis
73200
Advertising, market research and public relations activities
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 30-05-2024 (in Dutch)
“Verlenen van adviezen en hulp aan het bedrijfsleven en de overheid op het gebied van planning,organisatie,efficiëntie en toezicht,het…”
27 activities
- Verlenen van adviezen en hulp aan het bedrijfsleven en de overheid op het gebied van planning,organisatie,efficiëntie en toezicht,het verschaffen van informatie aan de bedrijfsleiding,enz.
- Ingenieurs en aanverwante technische adviseurs,exclusief landmeters
- Overige gespecialiseerde wetenschappelijke en technische activiteiten
- Uitvoeren van studies en verlenen van advies i.v.m. stedenbouwkundige planning,landschappen,publieke ruimtes,enz.
- Ontwerpen van tuinen,parken,enz.
- Overige zakelijke dienstverlening,in de ruimste zin
- Binnenhuisinrichting,in de ruimste zin
- Lesopdrachten,in de ruimste zin
- Onderzoek,in de ruimste zin
- Illustratie,graphic design
- Cartografie
- ICT,software,ontwikkeling en consulting in de ruimste zin
- Mechanisch design
- Gids,reisleider,incentive reizen
- Maken van keramiek en verkopen
- Fotografie,in de ruimste zin
- Lederbewerking,in de ruimste zin
- Meubelontwerp,in de ruimste zin
- Aankopen m.b.t bovenstaande activiteiten die noodzakelijk zijn voor de uitoefening en detailhandel (verkoop)
- Managementvennootschap in de ruimste zin van het woord
- Consulting en advies op het gebied van management,marketing,aankoop,beheer,rekrutering en selectie,communicatie,productontwikkeling,distributie,trading,alle financiële producten en verzekeringen,media,engineering,verkoop en commerciële support evenals de marketing,introductie en uitoefening ervan,zowel in binnen als in buitenland
- Het geven van adviezen,het maken van studies,het voorbereiden en opgang brengen van organisatiesystemen,het in toepassing brengen van systemen voor gegevensverwerking en alle technieken in verband met het commercieel,technisch,administratief,economisch en algemeen beheer van ondernemingen,zowel in binnen als in buitenland
- Studie,organisatie- en raadgevend bureau inzake financiële,handels,economische of sociale aangelegenheden
- Organiseren van opleidingen en seminaries
- Import/export van alle soorten goederen m.b.t. bovenstaande activiteiten
- Het voorlichten,opzetten coördineren en beheren van handelingen gericht op het ontwikkelen van projecten in de ruimste zin van het woord
- Het publiceren en uitgeven van boeken,handleidingen,eindwerken en dergelijke
Invoicing and payment
VAT number
BE 1009.745.650
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of May at 19:00
deed of 30-05-2024 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
63 m²
Building footprint
45 m²
Building volume
529 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11805E0732/00H000 | Flanders | 62 m² | 1 · 45 m² | 14.9 m · 4 |