R-Com
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 29-09-2025 PDF all 7 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €500,000
Estimated: probably between €350,000 and €860,000
Total assets
€216,460▲ 46.6%
2023 · €147,660
Net result
€34,871▼ 31.7%
2023 · €51,038
Working capital
€72,702▲ 87.9%
2023 · €38,687
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€52,518
▼ 8.4%
2024
20182024
Net result
€34,871
▼ 31.7%
2024
highest quarter of the sector
20182024
Equity
€57,128
▲ 157%
2024
middle half of the sector
20182024
Total assets
€216,460
▲ 46.6%
2024
middle half of the sector
20182024
Debt
€159,332
▲ 27.1%
2024
20182024
Working capital
€72,702
▲ 87.9%
2024
middle half of the sector
20182024
Solvency
26.4%
▲ 11.3pp
2024
middle half of the sector
20182024
Current ratio
1.56
▲ 0.16
2024
middle half of the sector
20182024
Return on assets (ROA)
16.1%
▼ 18.5pp
2024
middle half of the sector
20182024
Staff (FTE)
1
▲ 400%
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€15,843--€49,448▼ 212%-€179▲ 99.6%-€13,932▼ 7,667%€40,896€57,317▲ 40.2%€52,518▼ 8.4%
Net result-€15,283--€51,018▼ 234%-€304within the sector's middle half▲ 99.4%-€10,431below the sector's middle half▼ 3,326%€40,156above the sector's middle half€51,038above the sector's middle half▲ 27.1%€34,871above the sector's middle half▼ 31.7%
Equity-€9,083--€58,201▼ 541%-€58,505below the sector's middle half▼ 0.5%-€68,936below the sector's middle half▼ 17.8%-€28,780below the sector's middle half▲ 58.3%€22,258within the sector's middle half€57,128within the sector's middle half▲ 157%
Total assets€77,975-€11,937▼ 84.7%€10,050below the sector's middle half▼ 15.8%€5below the sector's middle half▼ 100.0%€52,387below the sector's middle half▲ 10,713×€147,660within the sector's middle half▲ 182%€216,460within the sector's middle half▲ 46.6%
Debt€87,058-€70,138▼ 19.4%€68,555▼ 2.3%€68,941▲ 0.6%€81,167▲ 17.7%€125,403▲ 54.5%€159,332▲ 27.1%
Working capital-€59,583--€25,583▲ 57.1%-€32,935below the sector's middle half▼ 28.7%-€50,088below the sector's middle half▼ 52.1%€15,869within the sector's middle half€38,687within the sector's middle half▲ 144%€72,702within the sector's middle half▲ 87.9%
Solvency-11.6%--487.6%▼ 475.9pp-582.1%below the sector's middle half▼ 94.6pp-54.9%below the sector's middle half15.1%below the sector's middle half▲ 70.0pp26.4%within the sector's middle half▲ 11.3pp
Current ratio0.32-0.31▼ 0.010.22below the sector's middle half▼ 0.081.43within the sector's middle half1.40within the sector's middle half▼ 0.031.56within the sector's middle half▲ 0.16
Return on assets (ROA)-19.6%--427.4%▼ 407.8pp-3.0%below the sector's middle half▲ 424.4pp76.7%above the sector's middle half34.6%above the sector's middle half▼ 42.1pp16.1%within the sector's middle half▼ 18.5pp
Staff (FTE)0.6-0.21▲ 400%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 2024 is 8% lower than in 2023.
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
2024 in colour, 2023 as the grey bar beneath
Assets €216,460
Fixed assets
€14,334 ▲ 15.7%
Current assets
€202,126 ▲ 49.4%
Equity and liabilities €216,460
Equity
€57,128 ▲ 157%
Debt
€159,332 ▲ 27.1%
Debt's share of the balance-sheet total falls from 84.9% to 73.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€58,839▼
2023 · €61,826
Cash flow
€41,192▼
2023 · €55,547
Debt to equity
2.79▼
2023 · 5.63
ROE
61.0%▼
2023 · 229.3%
Interest coverage
77.02▼
2023 · 86.39
Debt ≤ 1 year
€129,424▲
2023 · €96,582
Debt > 1 year
€7,734▲
2023 · €3,863
Income taxes
€17,007▲
2023 · €5,601
Staff costs
€30,047▲
2023 · €6,323
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.1 | 0.5 |
| On a permanent contract | 1 | 1 |
| Joined | 1 | - |
| Left | 0 | - |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
| Item | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €16,900 | €8,264 |
| Depreciation and write-downs of the year | - | - | - | €4,509 | €6,321 |
Source: notes to the 2020 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €347 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €6,323 | €30,047 | ▲ 375% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €4,509 | €6,321 | ▲ 40.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €9,550 | - | - | - | - |
| Other operating charges640/8 | - | - | €341 | €3,962 | €2,426 | €2,750 | €980 | ▼ 64.4% |
| Non-recurring operating charges66A | - | - | - | €500 | - | €364 | €5,883 | ▲ 16× |
| Gross operating margin9900 | €3,751 | -€6,791 | €161 | €80 | €43,322 | €71,262 | €95,748 | ▲ 34.4% |
| Operating profit (loss)9901 | -€15,843 | -€49,448 | -€179 | -€13,932 | €40,896 | €57,317 | €52,518 | ▼ 8.4% |
| Financial income75/76B | - | - | €986 | €4,296 | €0 | €38 | €124 | ▲ 229% |
| Recurring financial income75 | €787 | - | €986 | €4,296 | €0 | €38 | €124 | ▲ 229% |
| Non-recurring financial income76B | - | - | - | €4,296 | - | - | - | - |
| Financial charges65/66B | - | - | €1,111 | €794 | €740 | €716 | €764 | ▲ 6.7% |
| Recurring financial charges65 | €227 | €1,570 | €1,111 | €794 | €740 | €716 | €764 | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | -€15,283 | -€51,018 | -€304 | -€10,431 | €40,156 | €56,639 | €51,877 | ▼ 8.4% |
| Income taxes67/77 | - | - | - | - | - | €5,601 | €17,007 | ▲ 204% |
| Profit (loss) for the period9904 | -€15,283 | -€51,018 | -€304 | -€10,431 | €40,156 | €51,038 | €34,871 | ▼ 31.7% |
| Profit (loss) for the period to be appropriated9905 | -€15,283 | -€51,018 | -€304 | -€10,431 | €40,156 | €51,038 | €34,871 | ▼ 31.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €77,975 | €11,937 | €10,050 | €5 | €52,387 | €147,660 | €216,460 | ▲ 46.6% |
| Fixed assets21/28 | €50,500 | €500 | €500 | - | - | €12,391 | €14,334 | ▲ 15.7% |
| Intangible fixed assets21 | €50,000 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €500 | €500 | €500 | - | - | €12,391 | €14,334 | ▲ 15.7% |
| Furniture and vehicles24 | - | - | €500 | - | - | €12,391 | €14,334 | ▲ 15.7% |
| Current assets29/58 | €27,475 | €11,437 | €9,550 | €5 | €52,387 | €135,269 | €202,126 | ▲ 49.4% |
| Stocks and contracts in progress3 | €9,550 | €9,550 | €9,550 | - | - | - | - | - |
| Stocks30/36 | - | - | €9,550 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €17,577 | €1,636 | - | - | €15,402 | €20,296 | €82,019 | ▲ 304% |
| Trade receivables40 | - | - | - | - | €7,202 | - | €75,051 | - |
| Other amounts receivable41 | - | - | - | - | €8,200 | €20,296 | €6,968 | ▼ 65.7% |
| Cash at bank and in hand54/58 | €347 | €251 | - | €5 | €36,985 | €114,973 | €120,107 | ▲ 4.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €77,975 | €11,937 | €10,050 | €5 | €52,387 | €147,660 | €216,460 | ▲ 46.6% |
| Equity10/15 | -€9,083 | -€58,201 | -€58,505 | -€68,936 | -€28,780 | €22,258 | €57,128 | ▲ 157% |
| Contributions10/11 | €6,200 | €8,100 | €8,100 | €8,100 | €8,100 | €8,100 | €8,100 | = |
| Capital10 | - | - | €8,100 | - | - | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | €10,500 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€15,283 | -€66,301 | -€66,605 | -€77,036 | -€36,880 | €14,158 | €49,028 | ▲ 246% |
| Amounts payable17/49 | €87,058 | €70,138 | €68,555 | €68,941 | €81,167 | €125,403 | €159,332 | ▲ 27.1% |
| Amounts payable after more than one year17 | - | €33,118 | €26,070 | €18,848 | €11,447 | €3,863 | €7,734 | ▲ 100% |
| Financial debts170/4 | - | - | €26,070 | €18,848 | €11,447 | €3,863 | €7,734 | ▲ 100% |
| Amounts payable within one year42/48 | €87,058 | €37,020 | €42,485 | €50,092 | €36,518 | €96,582 | €129,424 | ▲ 34.0% |
| Current portion of amounts payable after more than one year42 | - | - | €11,720 | €11,118 | €23,948 | €24,021 | €9,645 | ▼ 59.8% |
| Financial debts43 | - | - | €17,602 | €13,681 | - | - | €9,667 | - |
| Credit institutions430/8 | - | - | €17,602 | €13,681 | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | €9,667 | - |
| Trade debts44 | €6,648 | €5,313 | €4,408 | - | €8,587 | €19,856 | €42,768 | ▲ 115% |
| Suppliers440/4 | - | - | €4,408 | - | €8,587 | €19,856 | €42,768 | ▲ 115% |
| Taxes, remuneration and social security45 | - | - | - | - | €80 | €21,579 | €52,060 | ▲ 141% |
| Taxes450/3 | - | - | - | - | €80 | €13,467 | €32,062 | ▲ 138% |
| Remuneration and social security454/9 | - | - | - | - | - | €8,113 | €19,998 | ▲ 146% |
| Other amounts payable47/48 | - | - | €8,754 | €25,294 | €3,903 | €31,126 | €15,283 | ▼ 50.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €33,202 | €24,958 | €22,174 | ▼ 11.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,283 | -€51,018 | -€304 | -€10,431 | €40,156 | €51,038 | €34,871 | ▼ 31.7% |
| + Depreciation and write-downs630 | - | - | - | - | - | €4,509 | €6,321 | ▲ 40.2% |
| Operating cash flow (approximation) | -€15,283 | -€51,018 | -€304 | -€10,431 | €40,156 | €55,547 | €41,192 | ▼ 25.8% |
| Investment in fixed assets (approximation) | - | €50,000 | €0 | - | - | - | -€8,264 | - |
| Change in cash | - | -€96 | - | - | €36,980 | €77,988 | €5,134 | ▼ 93.4% |
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, 6,713 companies had the same profile as R-Com has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of R-Com itself is higher: 3.6% within 12 months. It rests on far more data about R-Com 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 6,713 companies, not a prediction for R-Com. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 29-09-2025 | 2025-00529280 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00485602 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00274399 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20448381 | |
| 31-12-2020 | micro format | 07-07-2022 | 2022-20155973 | |
| 31-12-2019 | micro format | 31-10-2020 | 2020-67600277 | |
| 31-12-2018 | micro format | 28-09-2019 | 2019-67200224 |