R.A. IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-06-2026 at the NBB all 24 filings
Turnover
€21,735
2019 · €0
EBIT margin
23.5%
Net result
-€27,835▼ 365%
2024 · -€5,988
Working capital
-€103,678▼ 37.6%
2024 · -€75,371
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€27,342
▼ 648%
2025
20182025
Net result
-€27,835
▼ 365%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€103,222
▼ 36.9%
2025
lowest quarter of the sector
20182025
Total assets
€58,272
▼ 36.7%
2025
lowest quarter of the sector
20182025
Debt
€161,494
▼ 3.6%
2025
20182025
Working capital
-€103,678
▼ 37.6%
2025
lowest quarter of the sector
20182025
Solvency
-177.1%
▼ 95.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.36
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-47.8%
▼ 41.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0€21,735
Operating result-€9,215-€3,042€5,113▲ 68.1%€3,078▼ 39.8%€4,315▲ 40.2%-€639-€3,656▼ 472%-€27,342▼ 648%
Net result-€9,375--€984▲ 89.5%€676within the sector's middle half€49within the sector's middle half▼ 92.8%€3,922within the sector's middle half▲ 81×-€2,831within the sector's middle half-€5,988below the sector's middle half▼ 112%-€27,835below the sector's middle half▼ 365%
EBIT margin23.5%
Equity-€70,232--€71,216▼ 1.4%-€70,540below the sector's middle half▲ 0.9%-€70,491below the sector's middle half▲ 0.1%-€66,569below the sector's middle half▲ 5.6%-€69,400below the sector's middle half▼ 4.3%-€75,388below the sector's middle half▼ 8.6%-€103,222below the sector's middle half▼ 36.9%
Total assets€207,870-€207,346▼ 0.3%€206,028within the sector's middle half▼ 0.6%€144,218within the sector's middle half▼ 30.0%€149,183within the sector's middle half▲ 3.4%€145,476within the sector's middle half▼ 2.5%€92,113within the sector's middle half▼ 36.7%€58,272below the sector's middle half▼ 36.7%
Debt€278,103-€278,562▲ 0.2%€276,568▼ 0.7%€214,709▼ 22.4%€215,752▲ 0.5%€214,876▼ 0.4%€167,501▼ 22.0%€161,494▼ 3.6%
Working capital-€71,496--€72,256▼ 1.1%-€71,790below the sector's middle half▲ 0.6%-€71,498below the sector's middle half▲ 0.4%-€68,427below the sector's middle half▲ 4.3%-€70,756below the sector's middle half▼ 3.4%-€75,371below the sector's middle half▼ 6.5%-€103,678below the sector's middle half▼ 37.6%
Solvency-33.8%--34.3%▼ 0.6pp-34.2%below the sector's middle half▲ 0.1pp-48.9%below the sector's middle half▼ 14.6pp-44.6%below the sector's middle half▲ 4.3pp-47.7%below the sector's middle half▼ 3.1pp-81.8%below the sector's middle half▼ 34.1pp-177.1%below the sector's middle half▼ 95.3pp
Current ratio0.74-0.74=0.74below the sector's middle half=0.67below the sector's middle half▼ 0.070.68below the sector's middle half▲ 0.020.67below the sector's middle half▼ 0.010.55below the sector's middle half▼ 0.120.36below the sector's middle half▼ 0.19
Return on assets (ROA)-4.5%--0.5%▲ 4.0pp0.3%within the sector's middle half▲ 0.8pp0.0%within the sector's middle half▼ 0.3pp2.6%within the sector's middle half▲ 2.6pp-1.9%within the sector's middle half▼ 4.6pp-6.5%below the sector's middle half▼ 4.6pp-47.8%below the sector's middle half▼ 41.3pp
Staff (FTE)0.3-0.3=0below the sector's middle half▼ 100%0
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €27,342, larger than the loss of €3,656 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €58,272
Fixed assets
€455 ▼ 46.8%
Current assets
€57,817 ▼ 36.6%
Equity and liabilities
Equity-€103,222
Debt€161,494
Equity is negative. Debt (€161,494) exceeds the balance-sheet total (€58,272).
Key figures and ratios
EBITDA
-€26,942▼
2024 · -€3,154
Cash flow
-€27,435▼
2024 · -€5,487
Quick ratio
0.01▼
2024 · 0.21
Interest coverage
-54.63▼
2024 · -1.35
Debt ≤ 1 year
€161,494▼
2024 · €166,628
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0 |
| Joined | 0 |
| Left | 0 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,288 | - | - | - |
| Financial fixed assets | €0 | €0 | - | - | - |
| Depreciation and write-downs of the year | €244 | €437 | €501 | €501 | €400 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €0 | €21,735 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133 | €133 | €234 | €244 | €437 | €501 | €501 | €400 | ▼ 20.2% |
| Other operating charges640/8 | - | - | - | €1,873 | €428 | €464 | €467 | €530 | ▲ 13.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €29,112 | - |
| Gross operating margin9900 | €1,212 | €14,353 | €10,523 | €5,194 | €5,180 | €326 | -€2,687 | €2,700 | - |
| Operating profit (loss)9901 | -€9,215 | €3,042 | €5,113 | €3,078 | €4,315 | -€639 | -€3,656 | -€27,342 | ▼ 648% |
| Financial charges65/66B | - | - | - | €3,029 | €393 | €2,191 | €2,332 | €493 | ▼ 78.9% |
| Recurring financial charges65 | €159 | €4,025 | €4,437 | €3,029 | €393 | €2,191 | €2,332 | €493 | ▼ 78.9% |
| Profit (loss) for the period before taxes9903 | -€9,375 | -€984 | €676 | €49 | €3,922 | -€2,831 | -€5,988 | -€27,835 | ▼ 365% |
| Profit (loss) for the period9904 | -€9,375 | -€984 | €676 | €49 | €3,922 | -€2,831 | -€5,988 | -€27,835 | ▼ 365% |
| Profit (loss) for the period to be appropriated9905 | -€9,375 | -€984 | €676 | €49 | €3,922 | -€2,831 | -€5,988 | -€27,835 | ▼ 365% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €207,870 | €207,346 | €206,028 | €144,218 | €149,183 | €145,476 | €92,113 | €58,272 | ▼ 36.7% |
| Fixed assets21/28 | €1,264 | €1,131 | €1,250 | €1,006 | €1,858 | €1,356 | €855 | €455 | ▼ 46.8% |
| Tangible fixed assets22/27 | €1,066 | €932 | €1,250 | €1,006 | €1,858 | €1,356 | €855 | €455 | ▼ 46.8% |
| Plant, machinery and equipment23 | - | - | - | €1,006 | €1,858 | €1,356 | €855 | €455 | ▼ 46.8% |
| Furniture and vehicles24 | - | - | - | €0 | €0 | - | - | - | - |
| Financial fixed assets28 | €198 | €198 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €206,606 | €206,215 | €204,778 | €143,211 | €147,326 | €144,120 | €91,258 | €57,817 | ▼ 36.6% |
| Stocks and contracts in progress3 | €105,153 | €104,122 | €93,753 | €81,200 | €68,917 | €58,105 | €56,076 | €55,759 | ▼ 0.6% |
| Stocks30/36 | - | - | - | €81,200 | €68,917 | €58,105 | €56,076 | €55,759 | ▼ 0.6% |
| Amounts receivable within one year40/41 | €101,453 | €91,995 | €111,025 | €59,224 | €78,372 | €86,015 | €35,182 | €1,191 | ▼ 96.6% |
| Trade receivables40 | - | - | - | €59,224 | €78,372 | €84,415 | €35,178 | €1,191 | ▼ 96.6% |
| Other amounts receivable41 | - | - | - | €0 | €0 | €1,600 | €4 | - | - |
| Cash at bank and in hand54/58 | €0 | - | - | €1,143 | €37 | - | - | €867 | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,643 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €207,870 | €207,346 | €206,028 | €144,218 | €149,183 | €145,476 | €92,113 | €58,272 | ▼ 36.7% |
| Equity10/15 | -€70,232 | -€71,216 | -€70,540 | -€70,491 | -€66,569 | -€69,400 | -€75,388 | -€103,222 | ▼ 36.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€90,692 | -€91,676 | -€91,000 | -€90,951 | -€87,029 | -€89,860 | -€95,848 | -€123,682 | ▼ 29.0% |
| Amounts payable17/49 | €278,103 | €278,562 | €276,568 | €214,709 | €215,752 | €214,876 | €167,501 | €161,494 | ▼ 3.6% |
| Amounts payable within one year42/48 | €278,103 | €278,472 | €276,568 | €214,709 | €215,752 | €214,876 | €166,628 | €161,494 | ▼ 3.1% |
| Financial debts43 | - | - | - | - | - | €7,964 | €409 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €7,964 | €409 | - | - |
| Trade debts44 | €528 | €1,422 | €1,070 | €1,547 | €121 | €692 | €1,203 | €183 | ▼ 84.8% |
| Suppliers440/4 | - | - | - | €1,547 | €121 | €692 | €1,203 | €183 | ▼ 84.8% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €10,746 | €11,315 | €13,880 | €5,552 | €253 | ▼ 95.4% |
| Taxes450/3 | - | - | - | €738 | €1,308 | €3,873 | €544 | €253 | ▼ 53.5% |
| Remuneration and social security454/9 | - | - | - | €10,008 | €10,008 | €10,008 | €5,008 | - | - |
| Other amounts payable47/48 | - | - | - | €202,416 | €204,316 | €192,340 | €159,464 | €161,058 | ▲ 1.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €872 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,375 | -€984 | €676 | €49 | €3,922 | -€2,831 | -€5,988 | -€27,835 | ▼ 365% |
| + Depreciation and write-downs630 | €133 | €133 | €234 | €244 | €437 | €501 | €501 | €400 | ▼ 20.2% |
| Operating cash flow (approximation) | -€9,241 | -€850 | €910 | €292 | €4,359 | -€2,329 | -€5,487 | -€27,435 | ▼ 400% |
| Investment in fixed assets (approximation) | - | €0 | -€354 | €0 | -€1,288 | €0 | €0 | €0 | - |
| Change in cash | - | - | - | - | -€1,106 | - | - | - | - |
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, 6,619 companies had the same profile as R.A. IMMO has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of R.A. IMMO itself: 2.3% within 12 months.
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 6,619 companies, not a prediction for R.A. IMMO. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-06-2026 | 2026-00208071 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00416227 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00424283 | |
| 31-12-2022 | micro format | 04-06-2023 | 2023-00112717 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20297314 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-49500026 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27900360 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37600432 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-34800464 | |
| 31-12-2016 | micro format | 20-06-2017 | 2017-18800589 |