HERTOGEN RAF
ActiveHERTOGEN RAF has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €50k and a net result of €13k. Equity is growing by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 79% of 16426 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
98
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability98▲+8
Solvency100▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days acceptable
Liquidity ample (current ratio 6.94 against 2.71 in 2024; short-term debt: 12.9% and cash: 81.3% of total assets), and 12.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Sector 86
lower
← 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
87.1%
Return on assets
23.2%
Age of the figures
9 mo
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 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
3 d early
2023
on the day
2022
6 d early
2021
5 d early
2020
2 d early
2019
39 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€50k▲ 36.3%
2024 · €37k
2018: €32k
2019: €32k
2020: €30k
2021: €25k
2022: €24k
2023: €35k
2024: €37k
2018 → 2025
Total assets
€58k▲ 6.8%
2024 · €54k
2018: €45k
2019: €44k
2020: €39k
2021: €37k
2022: €44k
2023: €49k
2024: €54k
2018 → 2025
Net result
€13k▲ 45.4%
2024 · €9k
2018: €3k
2019: €3k
2020: €-11k
2021: €6k
2022: €10k
2023: €11k
2024: €9k
2018 → 2025
Working capital
€44k▲ 50.4%
2024 · €29k
2018: €29k
2019: €30k
2020: €29k
2021: €25k
2022: €17k
2023: €31k
2024: €29k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€25k-€24k▼ 4.5%€35k▲ 44.5%€37k▲ 6.7%€50k▲ 36.3%
Operating result€8k-€14k▲ 90.0%€16k▲ 15.0%€14k▼ 15.5%€19k▲ 34.1%
Net result€6k-€10k▲ 68.2%€11k▲ 18.1%€9k▼ 19.6%€13k▲ 45.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 34% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €58k
Fixed assets
€6k▼ 18.8%
Current assets
€51k▲ 11.0%
Equity and liabilities €58k
Equity
€50k▲ 36.3%
Debt
€7k▼ 56.6%
The debt ratio falls from 31.7% to 12.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21k▲
2024 · €17k
Cash flow
€16k▲
2024 · €12k
Solvency
87.1%▲
2024 · 68.3%
Current ratio
6.94▲
2024 · 2.71
Quick ratio
6.94▲
2024 · 2.71
Debt / equity
0.15▼
2024 · 0.46
ROE
26.6%▲
2024 · 24.9%
ROA
23.2%▲
2024 · 17.0%
Interest coverage
49.83▼
2024 · 95.75
Debt
€7k▼
2024 · €17k
Debt ≤ 1 year
€7k▼
2024 · €17k
Income taxes
€5k▲
2024 · €5k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€54k€58k▲
Fixed assets21/28€8k€6k▼
Tangible fixed assets22/27€8k€6k▼
Land and buildings22€5k€5k▲
Furniture and vehicles24€2k€731▼
Current assets29/58€46k€51k▲
Amounts receivable within one year40/41€2k€1k▼
Trade receivables40€2k€785▼
Other amounts receivable41€448€448=
Cash at bank and in hand54/58€42k€47k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€54k€58k▲
Equity10/15€37k€50k▲
Contributions10/11€12k€12k=
Reserves13€24k€38k▲
Distributable reserves133€24k€38k▲
Profit (loss) carried forward14€113€113=
Amounts payable17/49€17k€7k▼
Amounts payable within one year42/48€17k€7k▼
Trade debts44€6k€3k▼
Suppliers440/4€6k€3k▼
Taxes, remuneration and social security45€4k€4k▼
Taxes450/3€3k€2k▼
Remuneration and social security454/9€2k€2k=
Other amounts payable47/48€7k€412▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k▼
Other operating charges640/8€4k€2k▼
Gross operating margin9900€21k€23k▲
Operating profit (loss)9901€14k€19k▲
Financial income75/76B€18€215▲
Recurring financial income75€18€215▲
Financial charges65/66B€179€428▲
Recurring financial charges65€179€428▲
Profit (loss) for the period before taxes9903€14k€18k▲
Income taxes67/77€5k€5k▲
Profit (loss) for the period9904€9k€13k▲
Profit (loss) for the period to be appropriated9905€9k€13k▲
Appropriation of the result
Profit (loss) to be appropriated9906€9k€13k▲
Profit (loss) brought forward from the previous period14P€26€113▲
Transfer from equity791/2€7k€0▼
Transfer to equity691/2€9k€13k▲
To other reserves6921€9k€13k▲
Profit to be distributed694/7€7k€0▼
Return on contributions (dividend)694€7k€0▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €13k ▲45.4%
Operating result €19k, net result €13k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 6.94
Current ratio from 2.71 to 6.94; short-term debt falls from €17k to €7k.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-11k ▼445%
Net result drops to €-11k, the lowest in the series; recovery starts the following year.
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zonhoven · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Lange Schouwenstraat 31 C3520 ZonhovenGround area
1,312 m²
Building footprint
268 m²
Volume, LiDAR
1,753 m³
2 parcels, Flanders · tallest building 10.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Hertogen Raf
since 20152.243.531.212
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71443F0164/00D000 | Flanders | 961 m² | 1 · 171 m² | 9.3 m · 2 fl. |
| 71323C0044/00A003 | Flanders | 351 m² | 1 · 97 m² | 10.5 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 10,463 companies in sector 86995 we hold annual accounts for 885. 684 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded25-06-2015
Fiscal year end31-12
Activities, NACEBEL
86909Human health activities
86995Nutrition and dietetics services
85599Other education
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.