Ets André RAFHAY
ActiveSummary
The computed 12-month bankruptcy probability of Ets André RAFHAY is 4.1% (elevated). The 2024 annual accounts show equity of €766,505 and a net result of €37,516. Equity is growing by about 18% per year across the filed financial years. Its solvency ranks better than 49% of 25,566 sector peers (NACE 47, financial year 2024). The company has been active since 1991 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- ≈ 4.2 FTE, estimated
- Equity
- €766,505
- Profit
- €37,516
Why 48raises riskLiquidity: current ratio 0.94, cash €1,659Figures for financial year 2024 (filed 15-01-2026)1 financial year not filed after the legal deadline; last filed accounts filed 165 days late; 2 of the last 3 latelowers riskFounded in 1991Show the evidence
Checked score
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 47, small): better than 50% on solvency, 25% on liquidity, 33% on profitability and 60% on growth.
The bankruptcy probability was computed on 29-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 6 accounts on average 43 days after the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · micro…
- Annual accounts filedfinancial year 2023 · micro…
- Annual accounts filedfinancial year 2022 · full…
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 30 October 2026.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result recovers in 2024; 2024 is 8% above 2023.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
- 2023 Net result -85% on 2022. The accounts now follow the micro format, last year the full format.
Peer companies
Historical observationOf the 14,766 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96.2% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 4.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 14,766 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €2.5m | €2.7m | €3.5m | €4.0m | €4.4m | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €0.009m | €0.01m | ▲ 33.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €3.3m | €3.6m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.09m | ▼ 79.8% |
| Other operating charges640/8 | - | - | - | - | - | €0.006m | €0.5m | ▲ 78× |
| Non-recurring operating charges66A | - | - | - | €432 | - | €90 | - | - |
| Gross operating margin9900 | €0.5m | €0.6m | €0.5m | €0.7m | €0.9m | €0.9m | €0.9m | ▲ 3.2% |
| Operating profit (loss)9901 | €0.01m | €0.07m | -€0.05m | €0.1m | €0.3m | €0.1m | €0.1m | ▲ 7.9% |
| Financial income75/76B | - | - | - | €0.03m | - | - | - | - |
| Recurring financial income75 | - | - | - | €0.03m | - | - | - | - |
| Non-recurring financial income76B | - | - | - | €0.03m | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.06m | €0.06m | ▼ 3.8% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.06m | €0.06m | ▼ 3.8% |
| Non-recurring financial charges66B | - | - | - | - | €0.001m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.06m | -€0.05m | €0.1m | €0.3m | €0.05m | €0.06m | ▲ 21.4% |
| Income taxes67/77 | €0.004m | €0.005m | €0.001m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 70.2% |
| Profit (loss) for the period9904 | €0.03m | €0.05m | -€0.05m | €0.1m | €0.2m | €0.04m | €0.04m | ▲ 2.4% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.05m | -€0.05m | €0.1m | €0.2m | €0.04m | €0.04m | ▲ 2.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.7m | €1.6m | €1.7m | €1.9m | €2.3m | €2.5m | €2.5m | ▲ 1.0% |
| Fixed assets21/28 | €0.7m | €0.8m | €0.9m | €0.9m | €1.4m | €1.4m | €1.4m | ▼ 5.6% |
| Tangible fixed assets22/27 | €0.7m | €0.8m | €0.9m | €0.9m | €1.4m | €1.4m | €1.4m | ▼ 5.6% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.5m | €0.5m | ▼ 2.6% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €1.1m | €0.8m | €0.8m | ▼ 5.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 22.4% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.009m | €0 | - | - |
| Financial fixed assets28 | €238 | €238 | €238 | €238 | €238 | €238 | €238 | = |
| Current assets29/58 | €1.0m | €0.8m | €0.9m | €1.0m | €0.9m | €1.0m | €1.2m | ▲ 10.1% |
| Stocks and contracts in progress3 | €0.5m | €0.4m | €0.4m | €0.4m | €0.2m | €0.5m | €0.2m | ▼ 55.7% |
| Stocks30/36 | - | - | - | €0.4m | €0.2m | €0.5m | €0.2m | ▼ 55.7% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.4m | €0.6m | €0.7m | €0.5m | €0.9m | ▲ 73.7% |
| Trade receivables40 | - | - | - | €0.6m | €0.7m | €0.5m | €0.8m | ▲ 62.1% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.02m | €0.04m | €0.1m | ▲ 207% |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.005m | €0.02m | €0.04m | €0 | €0.002m | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.02m | €0.02m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.7m | €1.6m | €1.7m | €1.9m | €2.3m | €2.5m | €2.5m | ▲ 1.0% |
| Equity10/15 | €0.3m | €0.4m | €0.3m | €0.4m | €0.7m | €0.7m | €0.8m | ▲ 7.2% |
| Contributions10/11 | €0.08m | €0.08m | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.008m | €0.008m | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.008m | €0.008m | = |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.2m | €0.3m | €0.6m | €0.6m | €0.7m | ▲ 8.3% |
| Amounts payable17/49 | €1.4m | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €1.7m | ▼ 1.5% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €0.4m | €0.5m | €0.4m | €0.8m | €0.5m | ▼ 34.3% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.8m | €0.5m | ▼ 34.3% |
| Amounts payable within one year42/48 | €0.9m | €0.8m | €1.0m | €0.9m | €1.2m | €1.0m | €1.2m | ▲ 24.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 33.2% |
| Financial debts43 | - | - | - | - | €0.05m | €0.07m | €0.08m | ▲ 11.7% |
| Credit institutions430/8 | - | - | - | - | €0.05m | €0.07m | €0.08m | ▲ 11.7% |
| Trade debts44 | €0.6m | €0.3m | €0.4m | €0.6m | €0.9m | €0.6m | €0.7m | ▲ 22.2% |
| Suppliers440/4 | - | - | - | €0.6m | €0.9m | €0.6m | €0.7m | ▲ 22.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.06m | €0.07m | €0.08m | ▲ 25.1% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 73.8% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.04m | €0.05m | €0.06m | ▲ 9.9% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,894 | €53,042 | -€50,340 | €132,117 | €241,277 | €36,633 | €37,516 | ▲ 2.4% |
| + Depreciation and write-downs630 | €346,918 | €346,923 | €267,937 | €285,278 | €317,133 | €449,426 | €90,901 | ▼ 79.8% |
| Operating cash flow (approximation) | €374,813 | €399,965 | €217,597 | €417,395 | €558,411 | €486,059 | €128,417 | ▼ 73.6% |
| Investment in fixed assets (approximation) | - | -€510,240 | -€301,485 | -€348,652 | -€775,874 | -€495,179 | -€10,470 | ▲ 97.9% |
| Change in cash | - | €7,813 | -€26,788 | €14,072 | €21,261 | -€40,624 | €1,659 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | micro format | 12-01-2026 | 2026-00007592 |
| 31-12-2023 | micro format | 21-10-2024 | 2024-00510422 |
| 31-12-2022 | full format | 18-08-2023 | 2023-00334210 |
| 31-12-2021 | full format | 31-08-2022 | 2022-20361279 |
| 31-12-2020 | full format | 23-08-2021 | 2021-51700191 |
| 31-12-2019 | full format | 02-06-2020 | 2020-14000540 |
| 31-12-2018 | full format | 24-07-2019 | 2019-37100126 |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29500192 |
| 31-12-2016 | full format | 06-06-2017 | 2017-15500186 |
| 31-12-2015 | full format | 07-06-2016 | 2016-16000005 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| RAFHAY Michaël |
|
| André RAFHAY |
|
Owners and capital
Capital and shareholders
- 14-07-2023 Converted to unavailable equity · €91,300
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
14-07
Gazette deed
Appointment: RAFHAY Michaël (director)Resignation: André RAFHAY (director) · Registered office clause · Director discharge11 facts ▸
- Registered office clause, “6470 Grandrieu, rue Plagne”, 2, “annexes du Moniteur Belge par les soins de l'administrateur” (deed in French)
- Director appointment, RAFHAY Michaël (director)
- Director resignation, André RAFHAY (director)
- Director discharge, André RAFHAY
- Other provision, “unanimité, convocations à l'assemblée générale” (deed in French)
- Power of attorney
- General meeting, 12-07-2023
- Amendment of the articles (2 times)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Capital conversion, “formes et majorités de la modification des statuts, compte de capitaux propres statutairement indisponible” (deed in French)
- Capital (2 times)
Show earlier events
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 56032C0327/00A000 | Wallonia | 691 m² | 1 · 123 m² | 8.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L’entreprise de travaux agricoles,horticoles,pour compte de tiers; La vente à l’état neuf ou d’occasion de véhicules automobiles et de…” (deed in French)
9 activities (deed in French)
- L’entreprise de travaux agricoles,horticoles,pour compte de tiers
- La vente à l’état neuf ou d’occasion de véhicules automobiles et de machines agricoles
- Commerce de détail en pièces et accessoires
- Garage
- Atelier de réparation d’autos et de machines agricoles
- L’exploitation des terres et terrains agricoles
- Les constructions métalliques
- Le commerce de détail en produits d’entretien,vêtements de travail et chaussures
- Forge de maréchal ferrant et forgeron
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- Ets André Rafhay
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, Belgique” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Trois ans avec tacite reconduction sauf avis exprès ou démission, un ou plusieurs administrateurs parmi actionnaires ou en dehors” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Actions nominatives, exercice des droits suspendu jusqu'à représentation” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Taux légal en vigueur à l'époque à compter de la même date, trois années par fractions semestrielles,première fois six mois après fixation” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Saturday of March at 10:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Pouvoirs les plus étendus, administrateur ou administrateurs en fonction ou collège si plus de deux” (deed in French)