Equity
€11.1m ▲ 884%
Equity rose in 2025: capital increase.
R-GROUP Holding
Lifetime
12 annual accounts with figures on one time axisTurnoverpeak €2.3m (2022)
€856,455▼ 6.6%
Resultlowest -€536,441 (2025)
-€536,441▼ €40,995
Equitypeak €11.1m (2025)
€11.1m▲ 884%
Debts
€20.2m▲ 5.2%
Staffpeak 24.7 FTE (2024)
23.5 FTE▼ 4.9%
Board17 names since 2020all names
8 directorsBEWATT and 7 others
Owners3 names in the annual accounts
30%ECOTIP and 1 other
Documentsfilings and deeds
10-06-202651 days before the deadline
2025financial year
Loss of €536,441Capital increase of €10,499,991.24 to €11,958,201.91 23-09Appointment: SRL 3R, LEBOUTTE & Co (statutory auditor) 14-03Equity from €1.1m to €11.1mCash from €5,556 to €638
Key points
from the 2025 annual accountsLosses
-€1.1m in three years
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Staff
23 employees on 31-12-2025
In 2025, 16 people joined and 15 left.
Payment terms
278 days to suppliers
R-GROUP Holding pays its suppliers 125 days later than in 2024. Customers pay 366 days later.
At the same address
25 companies
Position in the sector
-€536,441
Lower net result than 91% of companies in architecture and engineering. Sector median €35,891 · 893 companies.
Standalone figures, without subsidiaries
Group, consolidated 2025: turnover €53.7m, result €23,000
Checked score
85
Excellent
Financially stronger than 37% of small companies in architecture and engineering (NACE 71)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 690 companies (NACE 71, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.5%▲ +0.1 percentage points vs 12-2024
02-2025: 0.4%▼ -0.1 percentage points vs 01-2025
03-2025: 0.5%▲ +0.1 percentage points vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.2 percentage points vs 06-2025
08-2025: 0.7%● unchanged vs 07-2025highest value
09-2025: 0.5%▼ -0.2 percentage points vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.3%▼ -0.2 percentage points vs 06-2026lowest value
08-2026: 0.3%● unchanged vs 07-2026lowest value
09-2026: 0.3%● unchanged vs 08-2026lowest value
10-2026: 0.3%● unchanged vs 09-2026lowest value
11-2026: 0.3%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.66, cash €638, halved
Loss of €536,441, the second in a row (financial year 2025)
lowers risk
Size: turnover €856,455, 23.5 FTE, total assets €31.3m, files consolidated accounts
Sector: Architectural and engineering activities; technical testing and analysis (NACE 71)
Calculation
The band follows from the bankruptcy probability. 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 71, small). It does better than 42% of them on solvency, 19% on liquidity, 18% on profitability and 67% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,686 companies had the same profile as R-GROUP Holding has now. Each dot stands for 7 companies, two years later.
93.7%
were still trading
5.4%
stopped another way
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of R-GROUP Holding itself: 0.3% 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 2,686 companies, not a prediction for R-GROUP Holding. 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.
Credit verdict
Credit of up to €85,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.66 (1.12 in 2024), above the usual 1.5. Short-term debt is 42.5% and cash 0% of total assets. However, 64.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 10-06-2026, 51 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
51 days early
2024
2 days early
2023
23 days early
2022
29 days late
2021
31 days early
2020
20 days late
2019
19 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 6 days before the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
ER
EODEN RESSOURCES
Director, Elahmi Nicolas, since 10-09-2025
RI
RENO-ISOL
Director, KNAUF Axel, since 10-09-2025
LC
3R LEBOUTTE & CO SRL
Auditor, Samuel RAHIER
- RENO-ISOL 43.91%score 36equity €178,295 (2024) · 2024 annual accounts of RENO-ISOL
- ECOTIP 30%score 87equity €238,122 (2025) · 30-06-2025 annual accounts of ECOTIP
- ARDENT ENERGY 19.31%score 84equity €4.6m (2025) · 2025 annual accounts of ARDENT ENERGY
Shares in 6 companies, including Energy Village Immo and RENO.ENERGY
Board & ownershipRecent changes
Capital increase of €10,499,991.24 to €11,958,201.91
Capital from €1,458,210.67 to €11,958,201.91, 64,825 new shares · Transfer of 7,290 shares from BEWATT SRL · Resignations: DOR Julien, PIETTEUR Raphaël and NOSHAQ PARTNERS · General meeting of 10-09-2025 · Gazette deed
Appointment: SRL 3R, LEBOUTTE & Co (statutory auditor)
Gazette deed
1 director appointed
Permanent representative: TYREKIDIS Joanna · Change of role: MATHUSALEM, from managing director to chair of the board · Appointment: VILAFRA (daily management delegate) · Board meeting of 19-12-2023 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0538922201
Comparable companies
same main activity, similar in size and age| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| R-GROUP Holding Liège | €0.9m | -32.3% | 35.5% | 23.5 |
| FUTERRO Celles (lez-Tournai) | €2.9m | - | 52.1% | 27.7 |
| BORIT Geel | €3.3m | -71.6% | 78.0% | 17.7 |
| Renner Energies Belgium Leuven | €0.9m | - | -3.3% | 12.3 |
| Jeco Energies Herentals | €2.0m | 18.7% | 60.1% | 10 |
| DENYS SUPPORT Ghent | €7.6m | 17.0% | 31.5% | 20.8 |
| AMPACIMON Liège | €3.6m | - | 78.7% | 38.9 |
Grey: the largest companies of the sector (architecture and engineering (NACE 71)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as R-GROUP Holding: engineering and related technical consultancy, excluding land surveyors (NACE 71121). They are comparable in size and age: total assets between €11m and €36m, founded between 2003 and 2012.
Official details
Source: KBO- Status
- Active since 25-09-2013Normal situation
- Registered office
- 26 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 5 November 2026.
- Activity
- Engineering and related technical consultancy, excluding land surveyorsNACE 71121and 1 other
- Joint committees
- 200Auxiliary committee for white-collar workers
- 124Construction · annual accounts 2023
- Establishment unit
- 2.224.192.0834031 Liège, since 18-09-2013
- Financial year end
- 31 December
- Peppol
- Reachable since 21-03-2024
Annual accounts 2025
- Operating revenue
- €7.2m▲ 5.9%
- Total assets
- €31.3m▲ 54.0%
- Employeeson 31-12-2025
- 23▲ 4.5%
- Filing
- Filed on 10-06-2026, 51 days before the end of the filing period
Companies linked to R-GROUP Holding
Shareholders
- NOSHAQ12.05%
Subsidiaries and holdings
Insights on R-GROUP Holding
R-GROUP Holding has existed since 2013. Turnover fell from €2.3m in 2022 to €120,758 in 2023.
Solvency rose in 2025 from 5.6% to 35.5% because of a capital increase.
In September 2025, four directors stepped down. Since December 2023, VILAFRA has been managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about R-GROUP Holding
- What is the company number of R-GROUP Holding?
- The company number of R-GROUP Holding is 0538.922.201. The VAT number is the same number with BE in front: BE 0538.922.201.
- Where is R-GROUP Holding based?
- The registered office is at Rue de Tilff 277, 4031 Liège.Company details
- What does R-GROUP Holding do?
- According to the KBO register, the main activity is engineering and related technical consultancy, excluding land surveyors (NACE 71121).
- What is the legal form of R-GROUP Holding?
- R-GROUP Holding is a public limited company (NV).
- When was R-GROUP Holding founded?
- R-GROUP Holding was founded on 25-09-2013.
- Is R-GROUP Holding still active?
- Yes, R-GROUP Holding is an active enterprise in the KBO register.
- How many employees does R-GROUP Holding have?
- R-GROUP Holding had an average of 23.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does R-GROUP Holding fall under?
- In its 2023 annual accounts, R-GROUP Holding states joint committees 200 (Auxiliary committee for white-collar workers) and 124 (Construction).
- What is the turnover of R-GROUP Holding?
- The turnover of R-GROUP Holding was €856,455 in financial year 2025, according to the filed annual accounts.
- Is R-GROUP Holding profitable?
- In financial year 2025, R-GROUP Holding made a loss of €536,441.
- Where can I find the annual accounts of R-GROUP Holding?
- R-GROUP Holding filed 14 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of R-GROUP Holding due?
- R-GROUP Holding must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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