Checked.be
Active
BE 0443.398.282Private limited company
Ets André RAFHAY
Plagne 2 ·6470 Sivry-Rance, Belgium· 35 yrs active
Sector: Retail trade
(47812)
Conclusion
Ets André RAFHAY has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €767k and a net result of €38k. Equity is growing by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 48% of 26065 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €767k |
| Net result | €38k |
| Better than sector | 48% |
| Active | 35 yrs |
Financial profile
56
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
59
Profitability
24
Solvency
47
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1991, 35 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
59
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€45k
estimate, not credit advice
Score history
66
2022
61
2023
59
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.94 (< 1.0)
-10
Profitability
ROE 5%
+3
Interest coverage
Interest coverage 3.7× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 12-01-2026 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~6.2%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 47, Retail trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 30.6% | 32.3% | |
| Net result | €38k | €4k | |
| Equity | €767k | €39k | |
| Gross operating margin | €913k | €31k | |
| Staff costs | €227k | €38k |
€4.44M
-
22-24
€210k
-62.5%
22-24
€38k
+2.4%
22-24
€128k
-73.6%
22-24
€2.50M
+1.0%
22-24
€767k
+7.2%
22-24
€-77k
-
22-24
7
-
22-24
€227k
-28.8%
22-24
€24k
+70.2%
22-24
€1.74M
-1.5%
22-24
€1.23M
+24.2%
22-24
€509k
-34.3%
22-24
0.94
-11.4%
22-24
0.76
+34.9%
22-24
30.6%
+6.2%
22-24
2.27
-8.2%
22-24
4.9%
-4.5%
22-24
1.5%
+1.4%
22-24
5.4%
-
22-24
13.5%
-
22-24
3.69
-61.1%
22-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Deposit | micro schema | micro schema | full schema |
| Revenue | - | - | €4.44M |
| EBITDA | €210k | €559k | €600k |
| Net profit | €38k | €37k | €241k |
| Cash flow | €128k | €486k | €558k |
| Staff costs | €227k | €319k | €281k |
| Income taxes | €24k | €14k | €21k |
| Dividends | - | - | - |
| Total assets | €2.50M | €2.48M | €2.33M |
| Equity | €767k | €715k | €678k |
| Debt | €1.74M | €1.76M | €1.65M |
| of which ≤ 1y | €1.23M | €989k | €1.24M |
| of which > 1y | €509k | €775k | €408k |
| Working capital | €-77k | €57k | €-302k |
| Employees (FTE) | - | - | 6.7 |
Note: these years are not on the same basis. The filed schemas differ (micro schema, full schema), so the columns are not directly comparable.
Ratios (computed)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Current ratio | 0.94 | 1.06 | 0.76 |
| Quick ratio | 0.76 | 0.56 | 0.63 |
| Working capital ratio | -3.1% | 2.3% | -13.0% |
| Solvency | 30.6% | 28.8% | 29.1% |
| Debt / equity | 2.27 | 2.47 | 2.43 |
| Long-term debt ratio | 0.66 | 1.08 | 0.60 |
| Interest coverage | 3.69 | 9.48 | 30.11 |
| Gross margin | - | - | 19.8% |
| Net margin | - | - | 5.4% |
| ROA | 1.5% | 1.5% | 10.4% |
| ROE | 4.9% | 5.1% | 35.6% |
| EBITDA margin | - | - | 13.5% |
| Days sales outstanding | - | - | 58d |
| Days payable outstanding | - | - | 93d |
| Inventory turnover | - | - | 22.29 |
| Days inventory (DSI) | - | - | 16d |
Balance-sheet composition 2024
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €2.50M | €2.48M | €2.33M |
| Fixed assets | 21/28 | €1.35M | €1.43M | €1.39M |
| Tangible fixed assets | 22/27 | €1.35M | €1.43M | €1.39M |
| Financial fixed assets | 28 | €238 | €238 | €238 |
| Current assets | 29/58 | €1.15M | €1.05M | €939k |
| Stocks & contracts in progress | 3 | €216k | €488k | €160k |
| Amounts receivable within one year | 40/41 | €933k | €537k | €718k |
| Cash & bank | 54/58 | €2k | €0 | €41k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €2.50M | €2.48M | €2.33M |
| Equity | 10/15 | €767k | €715k | €678k |
| Contributions / capital | 10/11 | €83k | €83k | €83k |
| Reserves | 13 | €8k | €8k | €8k |
| Accumulated profits (losses) | 14 | €675k | €623k | €587k |
| Amounts payable | 17/49 | €1.74M | €1.76M | €1.65M |
| Amounts payable after one year | 17 | €509k | €775k | €408k |
| Amounts payable within one year | 42/48 | €1.23M | €989k | €1.24M |
| Trade debts payable within one year | 44 | €722k | €591k | €904k |
| Income statement | ||||
| Turnover | 70 | - | - | €4.44M |
| Gross operating margin | 9900 | €913k | €885k | €881k |
| Operating result | 9901 | €119k | €110k | €282k |
| Financial charges | 65 | €57k | €59k | €20k |
| Result before taxes | 9903 | €62k | €51k | €262k |
| Income taxes | 67/77 | €24k | €14k | €21k |
| Net result for the period | 9904 | €38k | €37k | €241k |
| Result to be appropriated | 9905 | €38k | €37k | €241k |
Legal Structure
| NACE primary | Retail trade(47812) |
| Legal form | Private limited company(610) |
| Incorporation | 23-02-1991 |
| Status | Active |
| Postal code | 6470 |
Establishment units
Plagne 2, 6470 Sivry-Rance
since 19912.052.049.648
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56032C0327/00A000 | Wallonia | 691 m² | 1 · 123 m² | 8.5 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2026
12-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 165 days late
2024
21-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 82 days late
2023
31-12
Financial
Weakest financial yearnet €37k ▼84.8%
Net result drops to €37k, the lowest in the series; recovery starts the following year.
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 18 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 23 days late
2020
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
07-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Retail trade47812Wholesale trade466105188029322Repair and maintenance of machinery33120Retail sale of cars and light vans (up to 3.5 tonnes)47811General maintenance and repair of cars and light vans (up to 3.5 tonnes)95311Retail sale of motor vehicle parts and accessories47820501035020050302
Names & trade names
| Legal nameFR | Ets André RAFHAY |
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